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Bitcoin (BTC) holdings on Coinbase have dropped to their lowest point in almost ten years, BlackRock’s most recent spot Bitcoin ETF advertisement refers to Bitcoin as “progress,” and Massachusetts Senator Elizabeth Warren has issued a warning that large sums of money could be spent by pro-crypto lobby groups to undermine her chances of winning reelection in 2024.
$1B is moved by whales off Coinbase.
Whales transferred 18,000 Bitcoin worth around $1 billion off Coinbase over the weekend, with transfer prices ranging from $45 million to $171 million, according to CryptoQuant. Approximately 394,000 Bitcoin are currently held in Coinbase’s public order book, with an estimated value of $20.5 billion. This is the lowest amount since 2015.
Because there is less Bitcoin up for sale, whales shifting their holdings away from centralized exchanges is regarded as a positive indicator. Social media users disagree on the nature of the transfers, though.
Some speculate that the money is being transferred to custodial wallets in case the impending Bitcoin halving, which is less than two months away, causes a supply shock and sparks a price spike. Some, however, think that the transferred money might be utilized as liquidity for over-the-counter (OTC) transactions.
In the newest advertisement for the Bitcoin ETF, BlackRock refers to Bitcoin as “progress.”
For its recently launched spot Bitcoin exchange-traded fund, BlackRock has increased the volume of its media advertising campaign, characterizing the asset as “progress” rather than a currency.
The biggest asset management in the world continued to promote its IBIT fund in a comparatively “boring” manner in its most recent advertisement—at least when compared to those of its rivals.
The yellow advertisement merely shows the silhouette of a runway and an airplane, with the words “Bitcoin ETFs have landed.”
BlackRock did, however, add the message, “Get your share of progress.”
The company also highlights how Bitcoin is standardized by the ETF, making it comparable to stocks and bonds in a portfolio.
Released on January 11, BlackRock’s first ETF advertisement also adopted a measured strategy, focusing on the wealthy “boomer” market. According to Farside, BlackRock’s IBIT fund has had an inflow of $5.3 billion since the product’s introduction.
Super PACs might provide funding for a candidate to unseat anti-crypto lawmakers.
Pro-crypto interest groups might “spend any amount of money needed,” according to anti-crypto Congresswoman Elizabeth Warren, to sabotage her and Rep. Katie Porter’s Senate campaigns.
Warren was asked if “Republican crypto enthusiast” John Deaton was thinking about running against her in 2024 during an interview on February 18.
Interviewer Jon Favreau stated, “Your efforts to regulate [crypto] have seemingly attracted a potential challenger to you in your Senate race.” “It might result in a deluge of funding from cryptocurrency Super PACs [Political Action Committees] such as the one targeting Katie Porter in this California Senate election.”
Warren said that throughout her Senate campaign, she never took “corporate PAC money” and instead depended on modest contributions.
“There are so many holes in the system when it comes to cryptocurrency, and as a result, criminals—including drug and people traffickers, rogue states, and terrorists—now turn to cryptocurrency,” the speaker stated. “Some people in the cryptocurrency space have enormous sums of money to spend, so they employ this army of lobbyists to fight [the Digital Asset Anti-Money Laundering Act].”
