Bitcoin ETF's purchase 19,420 BTC in just 2 days 🔥

Welcome to the daily Coinsauce Newsletter, its good to be back. Lets get straight into today’s newsletter!

📅 Today

🔍️ Market Outlook

• Overall Bias - Leaning Bullish 📈 

• Bitcoin held it’s crucial support at $67,200 so far. As long as we are above this level, things are good, and Bitcoin’s up-trend remains intact.

• There are multiple wicks as resistance for BTC as it is now aiming for new all-time-highs. There is no particular price point to pin-point for a rejection.

• BTC dominance is rejected at 54.7%, which should be good for alts on an intraday basis.

• Overall, BTC looks strong and poised to break ATH soon. We have great ETF inflows, neutral funding rates, ETH ETF approvals, ETF approvals in Australia & Thailand for BTC, liquidation map more or less neutral, and a lot of leverage flushed out of the market during the 3 month consolidation phase.

Bitcoin ETF’s make history ❗️ 

Bitcoin spot ETFs experienced a net inflow of $887 million on June 4, marking the largest single-day inflow since March 12 and the second highest in history. Today, the ETF’s yet again recorded $488 mil in inflows.

This also extends the streak to 17 consecutive days of net inflows.

In just 2 days, while 900 new BTC were mined, U.S. spot ETFs purchased around 19,420 BTC worth $1.4 billion, more than 21 times the daily issuance.

These ETF’s now hold over 862,900 BTC, valued at over $61 billion.

Nvidia surpasses Apple ❗️ 

Nvidia added $150 million to its market value in one day, making it the second most valuable company in the world, surpassing Apple. Now worth $3 trillion, Nvidia is only behind Microsoft, which has a market value of $3.14 trillion.

The shares rallied as it prepares to split its stock ten-for-one, effective on June 7, increasing its appeal to individual investors. The company's revenue more than tripled on a QOQ basis and the shares are trading at a P/E of 39.

Nvidia's stock has surged 147% so far in 2024 and is up over 3265% in the past 5 years.

📕 Educational

🚨Never Marry an Altcoin Bag - A real-life example with Sandbox.

Where Are the Crypto Games?

Despite over $10B in VC investment, successful crypto games are scarce. Traditional game development takes years, so great crypto games might be forthcoming. Meanwhile, let's examine Sandbox ($SAND), a blockchain-based virtual world.

The Sandbox Snapshot

• Token and Market Cap: Released in 2020, $SAND's market cap is around $1B, down 95% from its all-time high.

• Funding: Raised approximately $97M from VCs across five rounds, with the latest in December 2021.

• Token Distribution: 17% to VCs and 35% to team/advisors. VCs likely doubled their money, potentially making over a billion dollars by selling at peak.

Key Insights

• Token Release: By November 2022, 2/3rds of VC tokens were released, suggesting VCs sold while retail investors bought.

• User Engagement: Currently, Sandbox has around 2.3K daily players, with a steady decline since 2022.

• NFT Land Sales: Out of 166,464 land NFTs, 123,000 were sold for at least $150M.

Conclusion

With a dwindling user base and substantial profits already realized by VCs and founders, Sandbox's future looks bleak. Despite its $1B valuation by retail investors, there appears to be little incentive for further development. The point of the write-up is not to diss Sandbox, but to show the reality of how most crypto projects heavily favor VC’s and use retail as exit liquidity.

Lesson

Never marry an altcoin bag & always book profits once your targets are achieved.

Source : Frederick Lund

📊 Stats

📈 Chart of the day

• Rationale :

• 4H supetrend support

• 1H equilibrium zone

• 1H horizontal support

• 3 bullish divergences on 1H

• Bullish orderbook imbalance

• Rising open interest

• Note : None of the content in the newsletter is financial advise. This is for educational purposes only.

• Source : Cointraction 

🤣 Meme of the day

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That concludes our update for today!

We appreciate you joining us for the latest news. Our aim is to provide insights and highlights that keep you well-informed and ready. Remember to follow us on social media for additional updates and giveaways. Happy trading, and see you next time!

📰Nvidia Beats Apple with $3 Trillion Market Cap: