Apple CEO Tim Cook Reveals Crypto Holdings as BTC and ETH Hit New All-Time Highs

The Breakdown

Blockworks

Investing, Business

4.8 • 786 Ratings

🗓️ 10 November 2021

⏱️ 14 minutes

🔗️ Recording | iTunes | RSS

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Summary

This episode is sponsored by NYDIG. Last night both BTC and ETH hit new all-time highs. In today’s episode, NLW explores: What on-chain analysis suggests about how this ATH differs from previous ones Why some are pointing to institutional accumulation as driving the rally What Apple CEO Tim Cook said when he revealed that he holds BTC and ETH NYDIG, the institutional-grade platform for bitcoin, is making it possible for thousands of banks who have trusted relationships with hundreds of millions of customers, to offer Bitcoin. Learn more at NYDIG.com/NLW. Enjoying this content? SUBSCRIBE to the Podcast Apple: https://podcasts.apple.com/podcast/id1438693620?at=1000lSDb Spotify: https://open.spotify.com/show/538vuul1PuorUDwgkC8JWF?si=ddSvD-HST2e_E7wgxcjtfQ Google: https://podcasts.google.com/feed/aHR0cHM6Ly9ubHdjcnlwdG8ubGlic3luLmNvbS9yc3M= Join the discussion: https://discord.gg/VrKRrfKCz8 Follow on Twitter: NLW: https://twitter.com/nlw Breakdown: https://twitter.com/BreakdownNLW “The Breakdown” is written, produced by and features Nathaniel Whittemore aka NLW, with editing by Rob Mitchell, research by Scott Hill and additional production support by Eleanor Pahl. Adam B. Levine is our executive producer and our theme music is “Countdown” by Neon Beach. The music you heard today behind our sponsor is “Dark Crazed Cap” by Isaac Joel. Image credit: Axelle/Bauer-Griffin/FilmMagic/Getty Images, modified by CoinDesk.

Transcript

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0:00.0	Do we actually start to see something of a split market where Bitcoin and a handful of other
0:05.3	cryptos are going up because of macro fears while alt and more speculative coins are going
0:10.7	up because everything is flowing into wild money at the end of a cycle? That I think will be
0:16.6	pretty fascinating to watch. Welcome back to The Breakdown with me, NLW.
0:23.7	It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world.
0:30.9	The breakdown is sponsored by Nidig and produced and distributed by CoinDesk.
0:37.4	What's going on, guys? It is Tuesday, November 9th, and today we are talking about a new
0:42.8	all-time high in Bitcoin and Aeth. What's driving it? What makes this time different?
0:48.8	What's the on-chain data telling us? Let's dive in. Last night, Bitcoin and Eath both hit new all-time highs. Bitcoin hit 68,38260, and Eith hit
0:59.6	4,82395. Overall, the crypto market cap is right around $3 trillion. It has added about a trillion
1:08.4	dollars in the last month. So today I want to discuss what's driving
1:13.0	these moves, what they suggest about where we are, how much macro is involved, all that good stuff.
1:19.1	And first of all, I want to start with on-chain indicators. There has been a ton of on-chain
1:25.5	analysis recently, and the biggest discussion that I'm seeing
1:28.7	over and over again is how it just doesn't seem all that overheated right now.
1:34.8	UTXO management writes, the mayor multiple is a ratio between price and the 200-day moving
1:39.8	average. It can be used to gauge when Bitcoin is overbought or oversold. Compared to previous multiples
1:45.5	and all-time highs, we're nowhere near overbought yet. Willie Wu points to the NVT signal. Now,
1:52.4	NVT signal is network value over the 90-day moving average of daily transaction value. Willey tweets,
1:58.5	NVTS is one of the oldest on-chain signals, gauging on-chain investor volume.
2:03.9	Adjusted NVT signal is back in the mid-zone, which means price is no longer overheated.
2:09.3	Assuming it's a bull market, historically, this is a zone where price is ready to move up.
	...

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