BlackRock Recommends 2% Bitcoin Allocation
Plus Trump continues to make bullish crypto comments, this time at the NYSE.
TylerD's Market Summary
GM!
Today's top news:
Crypto majors dip slightly, BTC $100,200
BlackRock recommends 2% Bitcoin allocation
Trump says "We're gonna do something great with crypto"
Solana bests Ethereum in new devs in 2024
AI tokens soar as top tokens all hit new ATHs
💰 BlackRock Says Buy Bitcoin for 2% of Your Portfolio
The bullish crypto headlines continue to pour in.
Yesterday it was Trump saying "We're gonna do something great with crypto" while the Trump family was actively buying ETH, LINK and AAVE.
And now it's a financial giant telling everyone to start buying Bitcoin for their portfolios.
What Happened?
BlackRock, the world’s largest asset manager, has recommended investors allocate 1-2% of their portfolio to Bitcoin.
Notably, they are one of the biggest Bitcoin buyers in the world for their IBIT (iShares Bitcoin Trust) ETF product, which has now accumulated $35B worth of Bitcoin.
Now they are telling investors they should be allocating too (within reason).
What Are They Saying:
In the report, BlackRock says that "a reasonable range for Bitcoin exposure" is 1-2%
BlackRock described Bitcoin as similar to investing in top tech stocks: “Over its short history, Bitcoin has seen both major surges and selloffs. This volatility, plus Bitcoin’s unique characteristics, raises the question of what role it should play in portfolios.”
The asset manager noted that Bitcoin’s price is driven purely by adoption, without underlying cash flows, and warned that further widespread adoption could stabilize the asset but limit future price increases
Notable holder and thought leader Fred Kreuger commented on BlackRock's allocation:
Why It Matters?
Everyday American investors have been told crypto is a scam for a decade.
Now the biggest financial giant in the world is telling them they need 1-2% allocation to Bitcoin and comparing Bitcoin to the Mag 7.
That's a massive signal.
And Fred's insight is even more interesting, highlighting the path to a 10x from here.
The path to a 10x is an infinite TWAP (time-weighted-average purchasing) from 401ks around the world for the next decade (maybe coupled with some rich Nation States buying).
That TWAP is coming.
And BlackRock is telling investors to start now...
🚚 What is happening in NFTs?
Here is the list of other notable headlines from the day in NFTs:
Ethereum led NFT trading volume with $37M on the day; Solana was next with $6.7M and then Bitcoin with $4.7M
ETH NFT leaders were mixed after the major run up; Punks -2% at 38.5 ETH, Pudgy -3% at 26.5, BAYC -6% at 18.5 ETH, Azuki -2% at 8.9; Milady -3% at 5.8, Doodles -6% to 4
The Onchain Heroes Genesis Rings minted out at 0.2 ETH and ran to 2.3 ETH at peak (now 2) with over 1,000 ETH volume
Treeverse (+160%), Timeless (+134%) and V (+130%) led notable top movers
BTC NFT leaders were mostly green; Bitcoin Puppets +8% at 0.17 BTC, NodeMonkes +8% at 0.15, OMB +8% at 0.15, Quantum Cats even at 0.2
The Runes leaders were mostly red; DOG -6% at $905M mc, PUPS -9% at $228M, BDC even at $94M, GIZMO -3% at $34M
Solana NFTs were very green led by DeGods (+25%), Claynosaurz (+28%) and Blinks GG (+30%)
💰 Token, Airdrop & Protocol Tracker
Here's a rundown of major token, protocol and airdrop news from the day:
Odos Protocol announced an airdrop for former users coming on Dec 20
MONKY tokens were airdropped to everyone who attended ApeFest, worth $2500 yesterday
Avax raised $250M via a token sale for its upcoming Avalanche9000 network upgrade
Superform raised $3M to launch SuperVaults as "Intelligent Onchain Yield Product," with the raise led by VanEck
Magic Eden integrated BNB to its marketplace, though the token fell another 13% to $4.27
Fantasy Top launched v2, with a new UI, new games, automatic deck building and more, on the back of a major $4.2M fund raise
Decrypt University is going to relaunch its community with 'Dynamic Utilities' powered by Galaxis
🤖 AI x Crypto
New section dedicated to headlines in the AI sector of crypto:
Overall market cap jumps another 9% to $10.6B with all the leaders in green
The leaders almost all set new ATHs with VIRTUAL +24% to $2.33B, ai16z +16% to $990M, GOAT even at $750M, FARTCOIN +33% to $700M and GRIFFAIN +75% to $360M
New agent Mizuki soared to $31M overnight on $25M volume (top mover)
ai16z's Eliza framework integrated Farcaster calling it "the future of programmatic apps"
ARC was a top mover jumping 100% to $80M in its 3rd day of existence after Github contributions soar
Vader launched an investment DAO platform for AI Agents (+50% to $37M)
Zagabond created a Chillguy agent and sent an ETH payment to Taylor Swift with it
Solaris becomes first AI agent to host a Twitter spaces using "her" own voice
ZEREBRO, AI16Z, AVA, FARTCOIN see biggest mindshare jump; TANK leads new holder growth; ONGO continues to own smart engagement ratio
🌎 Macro Crypto and Web3
A few other Crypto and Web3 headlines that caught my eye:
Crypto majors are slightly red this morning; BTC -0.3% at $100,400, ETH even at $3,920, SOL -2% at $226, XRP -2% at $2.38; HBAR, CORE, OP & LDO led alts up 6-10%
The ETH ETFs have seen $2B in net inflows over the last 10 sessions
Memecoin majors are also red; DOGE -2% at $0.407, SHIBA -2%, PEPE -4%, WIF -4%, BONK -1%, MOG +1%
Donald Trump said "We're gonna do something great with crypto" after ringing the NYSE bell on Thursday
BlackRock is now recommending a 2% allocation to Bitcoin in investment portfolios
The State of Texas has introduced a new bill aiming to establish a Bitcoin strategic reserve
Solana has beat Ethereum in the number of new developers in 2024
The Chillguy artist's X page was compromised and a series of statements posted which drove major volatility in CHILLGUY price action, now settling at $300M
🚀 Memecoin Movers
$GWART (+12,000% to $12M market cap, SOL)
$DT (+11,000% to $27M market cap, SOL)
$LINDA (+4,000% to $10M market cap, SOL)
$MIZUKI (+2,300% to $16M market cap, SOL)
$blink (+170% to $32M market cap, SOL)
📈 NFT Floor Price Increase (ETH)
Sad Times (160%, 0.19 ETH Floor)
Timeless (133%, 0.21 ETH Floor)
Emby (130%, 0.15 ETH)
Cambria Founders (122%, 0.68 ETH)
V (110%, 1.43 ETH)
🗓 Upcoming Mints and Events
Folks - my source for daily mints and events has shut down operations.
Given the general lack of interest in new mints on a daily basis, I'll be discontinuing this section of the newsletter, at least for now.
If I can find a good source for daily events, I will look at turning it back on.
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