LFG! Bitcoin Clears $66K and Hits New All-Time High

The Breakdown

Blockworks

Investing, Business

4.8 • 786 Ratings

🗓️ 21 October 2021

⏱️ 12 minutes

🔗️ Recording | iTunes | RSS

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Summary

This episode is sponsored by NYDIG. On today’s episode of “The Breakdown,” NLW looks at the market’s reaction to a new bitcoin all-time high, including: The success of the first day of the ProShares bitcoin futures exchange-traded fund Why the ETF didn’t end up being a “buy the rumor, sell the news” event Why the new ATH is all the more impressive given the recent FUD and actions by the Chinese government Why this ATH has some very different on-chain dynamics from previous ones - 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 NLW, with editing by Rob Mitchell 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 “Tidal Wave” by BRASKO. Image credit: Konstantin Maksimov/iStock/Getty Images Plus, modified by CoinDesk.

Transcript

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0:00.0	The TLDR there is it seems like we're hitting this all-time high with long-term holders buying
0:05.4	in rather than cashing out near the top. It also seems like the full spectrum of retail right
0:10.8	now isn't in yet. And here we are at 66,600. It's pretty exciting times. Welcome back to the
0:19.5	breakdown with me, NLW.
0:22.4	It's a daily podcast on macro, Bitcoin, and the Big Picture Power Shifts remaking our world.
0:29.5	The breakdown is sponsored by Nidig and produced and distributed by CoinDesk.
0:36.0	What's going on, guys? It is Wednesday, October 20th, and here we are. I woke up this
0:43.1	morning to some serious coiled energy in the markets, and you know why. When I started prepping
0:49.9	this episode, we had been on the precipice of a new Bitcoin all-time high for about 12 hours,
0:58.1	and everyone was waiting for what felt like the inevitable. Now remember, the previous all-time
1:05.5	high was just under 65,000. It was 64,800 to 64,900, depending which exchange you are on. And the question
1:14.7	is, why was their excitement heading into this morning? Why did it feel like we might be on the verge
1:20.3	of beating that record? Well, of course, it had a lot to do with the success of the first
1:26.7	day of the Bitcoin Futures ETF from
1:29.4	ProShares trading. The ProShare's Bitcoin Futures ETF BITO hit around a billion dollars
1:35.8	in traded volume yesterday. This made it the second most heavily traded new ETF on record.
1:42.5	What's more from just $20 million in seed capital at the beginning of the day,
1:47.5	by the end of trading, the ETF's assets were all the way up to $570 million. Now, to give
1:54.9	this some historical context, Eric Balcunas, the lead ETF analyst at Bloomberg, wrote,
2:00.2	the fastest ETF to ever get to $1 billion naturally was GLD gold in 2004.
2:06.2	It did it in three days.
2:08.3	No one has really come that close since.
	...

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