Larry Fink Recommends Bitcoin Over Gold 🪙

GM. This is Degen Scoop. It’s Thursday, here’s the scoop:

• Larry Fink Recommends Bitcoin Over Gold 🪙

• Bitcoin Correlation to Stocks At Lows 🗠

• Binance Losing Market Share 📉

• Whale Moves 🐋

• Threads You CAN’T Miss 🧵

Larry Fink, CEO of BlackRock, Claims Bitcoin Better Than Gold As Inflation Hedge

Larry Fink is a popular name right now with the news that BlackRock decided to file for a Bitcoin spot ETF. If approved, it’ll be the most bullish event in Bitcoin’s history, but it seems Larry is already frontrunning the opportunity to shill his new favorite coin. Fink believes that Bitcoin “could revolutionize finance” and is a firm believer in the tokenization of assets.

As the CEO of the largest fund in the world, Fink’s words hold weight. He very well could just be advocating for the new toy that BlackRock will custody to bring in revenues. The truth of the matter is that he is bringing a degree of credibility to an asset that is still relatively foreign to the TradFi world. The acceptance of these spot ETFs would absolutely be the catalyst for the next cycle.

Bitcoin Correlation To Stocks Has Reached Lows Not Seen Since 2021

To the uninitiated, this statistic may appear trivial on the surface. That couldn’t be any less true. If Bitcoin mirrors TradFi movement, that means gains and losses will resemble each other without major outliers. For Bitcoin and crypto assets as a whole to show immense gains, a reduction in correlation is absolutely necessary. This is what has happened as Bitcoin is up nearly 100% on the year and retracing past losses with ease.

A major catalyst of this movement is the ETF narrative that we speak about often here given its significance. If an ETF were to go through, we at Degen Scoop would expect Bitcoin to reach a new ATH not long after. We wouldn’t say it’s guaranteed given interest rates and USD liquidity, but the stars just might align.

Binance Forfeits Market Share From Regulatory Pressures

Binance is a must-know name in the industry as it’s the largest exchange. We did speak yesterday of the $3.8B of outflows that it experienced in June. This isn’t good for a company that would like to maintain its market dominance and keep its cash flow intact. The regulatory crackdown upon Binance is finally doing some noticeable damage and may be opening the door for other actors to get a piece of the crypto market.

Exchanges such as Coinbase, OKX, and Bybit stand to gain ground as Binance continues to be hit by regulatory actions from various countries and institutions. While volumes are down across the board in the industry, trading is the lifeblood that keeps these companies afloat. We’ll see how CZ and Binance fare in the months ahead.

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Conclusion

Touch grass, hit the gym, and don’t forget about what’s really important outside of magical internet coins.

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DISCLAIMER: This newsletter does not constitute financial advice. This is strictly educational and should not be used to make any financial decisions. Be responsible and do proper due diligence before aping.