MicroStrategy now holds over 1% of BTC's total supply ❗️

Welcome back to the daily Coinsauce Newsletter, your go-to source for the latest crypto updates 🗞️

📈 Markets

• Overall bias - Negative

• Bitcoin got rejected off its crucial $67,200 resistance & has failed to even reclaim that level ever since.

• BTC needs to break this resistance quickly or risks re-visiting the range lows at ~60,000.

• The 4H & 1H charts are forming a bearish head & shoulders pattern. The invalidation point for this pattern would be a close above $67,200.

• Liquidity is sitting in at around $61,500, which is approximately the range lows.

• The USA ETF’s have had a net outflows since the past 4 trading days, and demand for BTC is lacking, which is translating to weaker Price Action.

• Open interest has also failed to pick up after the last major dip.

• All these are bearish signs, and BTC needs to reclaim $67,200 to change the bias to short/mid-term bullish. The Hong Kong ETF’s went live today, and if substantial demand comes in, that could be a catalyst for the price to break this level. Till then, being cautious is wise.

📅 Today

More Bitcoin for MicroStrategy ❗️ 

MicroStrategy purchased an additional 122 BTC in April, for ~$7.8 mil.

Here are some of the key highlights from April for MSTR 👇️ 

• Reported a net operating loss of $53.1 million, or $3.09 per share, due to a $191.6 million digital asset impairment charge.

• Chose not to adopt the new digital asset fair value accounting standard, contrary to expectations, despite it being much more profitable for the company to do so.

• Added 122 bitcoins in the month, totaling 214,400 bitcoins valued at $13.5 billion.

• Now holds more than 1% of Bitcoin’s total supply at an average cost of $35,372 per BTC.

• Acquired 25,250 bitcoins in 2024 so far, spending $1.65 billion at an average price of $65,232 each.

• Currently in over $6 billion profit (+80%) from its total bitcoin holdings.

Debunking Russia’s Bitcoin ban rumors⚡️ 

Russia has clarified that it has no plans to outlaw cryptocurrency turnover within the country.

Lawmaker Anton Gorelkin, who co-authored the bill targeting crypto exchanges, emphasized the importance of accurate reporting & clarified that only setting up crypto exchanges and OTC services outside the regulated experimental zone will be prohibited, &there will not be a blanket ban on Bitcoin or other cryptos.

Individuals in Russia can still freely use foreign exchanges and OTC services as before.

📊 Stats

Bitcoin Distribution Table👇️ 

Educational 📔 

Everything you need to know about the Hong-Kong BTC Spot ETF’s 👇️ 

Highlights:

• Expected higher trading volume on first day compared to the US.

• Allows direct purchases with cryptocurrency holdings.

• Offers both cash and physical subscriptions.

• Limited to qualified investors, not open to mainland Chinese investors.

• Unaffected by US classification of Ethereum as a security.

Trading Volume: 3 Hong Kong ETF’s went live today. (ChinaAMC, Bosera, and Harvest Fund). Total trading volume was an insignificant $6.3M in 12 hours, compared to USA’s $4.6 billion on debut.

Differences in ETFs: The Hong Kong ETFs offer both spot and physical subscriptions, unlike their US counterparts. Additionally, they support multiple currencies and provide unlisted shares.

Physical Subscription Process: Investors can transfer coins to OSL through brokerage firms for physical subscriptions. OSL operates a brokerage platform, an exchange venue and a custody solution.

Anti-Money Laundering Measures: OSL conducts whitelist verifications on wallets and screens transactions for suspicious activities.

Availability to only Mainland Investors: Currently, the ETF’s are limited to qualified investors; and mainland Chinese investors are not allowed to invest in these ETF’s. Hong Kong’s qualified investors, institutional investors, retail investors, and international investors that meet the regulations can all invest here.

Impact of US Classification on Ethereum: Unlikely to affect Hong Kong ETFs, as regulatory decisions are independent.

Future ETFs: Only Bitcoin and Ethereum ETF’s are currently live. The process for listing other coins involves legal opinions and approval from the China Securities Regulatory Commission.

Credits : MartyParty

Coinisauce’s thoughts : Till Chinese Mainland Investors aren’t allowed to invest in these ETF’s, the trading volume, and subsequently it’s impact on Bitcoin’s price will remain insignificant.

Trade of the day 📈 

None - No trading day since none of the Top 100 are showing any good setups on charts. Better not to force trades on days like these. Remember, overtrading is the fastest way to blow up your capital!

Note : None of this is to be taken as Financial Advice. The chart is for educational purpose only.

🤣 Meme of the day

All bow before the King 👑🤣 

That concludes our update for today!

We appreciate you joining us for the latest news. We aim to provide insights and highlights that keep you well-informed and ready. Remember to follow us on Twitter and Instagram for regular updates, insights, and giveaways. Until next time, happy trading!

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