The interest rate decision countdown is on

Today, enjoy the On the Margin newsletter on Blockworks.co. Tomorrow, get the news delivered directly to your inbox. Subscribe to the On the Margin newsletter.

Welcome to the On the Margin Newsletter, brought to you by Ben Strack and Casey Wagner.Here’s what you’ll find in today’s edition:

A look at where we stand headed into next week’s Federal Reserve interest rate decision. 
Bitcoin ETFs have been on the US market for 8 months. Let’s look at the numbers to see how they’re doing. 
Happy Friday! We break down some economic data from this week. 

Anyone have a Magic 8 Ball? 

The countdown to the Fed’s next interest rate decision is on. Markets, meanwhile, are…

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ORE’s developer hopes their seed round will reverse the currency’s fortunes

Today, enjoy the Lightspeed newsletter on Blockworks.co. Tomorrow, get the news delivered directly to your inbox. Subscribe to the Lightspeed newsletter. 

Regolith Labs, the software company that spun out of the viral ORE project, has raised $3 million in seed funding, it told Lightspeed exclusively.

Foundation Capital led the round, which also drew participation from Colosseum, Solana Ventures, B+J Studios, Third Kind Ventures and Dead King Ventures. With the fresh funds, the three-person startup will aim to expand its experimental proof-of-work currency while also building a PoW token distribution platform.

Interestingly, Regolith investors did not receive any ORE tokens due to the…

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Daily US Bitcoin ETFs Net Flow Analysis (As of September 13, 2024)

On September 13, 2024, daily net flows of U.S. Bitcoin Exchange-Traded Funds (ETFs) showed significant activity among major financial entities. Notably, Fidelity’s Bitcoin ETF (FBTC) observed a substantial influx, gaining 415 BTC, while ARK Invest’s Bitcoin ETF (ARKB) saw a decrease, losing 624 BTC. The data also highlighted Grayscale’s Bitcoin ETF (GBTC), which experienced a net outflow of 98 BTC.

On the positive side, other ETFs like Bitwise (BITB) and Franklin Templeton’s (EZBC) saw net inflows of 39 BTC and 56 BTC, respectively. Meanwhile, Grayscale’s BTC showed a notable recovery with an addition of 700 BTC. BlackRock’s ETF (IBIT) remained stable with no net inflow or outflow.

The combined total holdings of Bitcoin across all listed ETFs reached 898,852 BTC, valued at approximately $53.6 billion. The net daily inflow summed up to 488 BTC, translating into a monetary increase of about $29.1 million, indicating a vigorous engagement by institutional investors in the cryptocurrency market. This data is sourced from BitcoinTreasuries.com, providing a clear snapshot of the evolving dynamics within the Bitcoin investment landscape.

Disclaimer: Market capitalizations and data can vary in real-time. The information provided here is intended purely for educational purposes and should not, under any circumstances, be construed as financial advice.

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Bitcoin Price Action: What to Expect Next

Bitcoin’s recent price movements have caused concern among investors about what might come next. However, by looking at key indicators such as the 200-week moving average, Pi Cycle Top Indicator, and the Golden Ratio Multiplier, we can gain insights into potential support and resistance levels for Bitcoin.

Leaning Bearish?

In recent weeks, Bitcoin’s price has fluctuated, dipping as low as $53,000 before stabilizing in the middle of our newly formed $50,000 to $60,000 range. If this bearish price action is to continue and price breaks to lower lows the 200-week moving average heatmap (blue line), a historically critical support level, is currently close to $39,000 but fast approaching…

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Floki Lags Dogecoin, Shiba Inu With 7% Weekly Gain But ‘Looks Excellently Positioned’ For Q4, Trader Says

Floki FLOKI/USD is trading relatively flat, but traders believe that it is well positioned for an upcoming rally.

What Happened: Crypto trader Jelle noted that the Floki trading bot is seeing more and more usage as Valhalla takes front and center on sports events. He added that the coin is making higher lows, just above key support.

He concluded, “I expect Q4 to be good for crypto as a whole, and FLOKI looks excellently positioned to ride that wave.”

Valhalla front and center on sports events, and the $FLOKI trading bot is seeing more and more usage.

Meanwhile, the coin is making higher lows, right above key support.

I expect Q4 to be good for crypto as a whole; and FLOKI looks…

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The road to the US election is paved with political memecoins — now down 90%

Political memecoins — PolitiFi — had a real moment during the first half of the year. That’s since been put on hold.

The five most prominent tokens, MAGA (TRUMP), MAGA Hat (MAGA), Doland Tremp (TREMP), Jeo Boden (BODEN) and Kamala Horris (KAMA), altogether peaked at over $1.25 billion market cap at the start of June.

Now they’re worth under $170 million, a near-90% collapse. 

The remnants of ConstitutionDAO, which lost an auction of a rare first-print of the US constitution to Citadel CEO Ken Griffin in late 2021, now make up almost two-thirds of the entire PolitiFi market, per CoinGecko. Although, it’s arguable whether it should be really ranked alongside political parody…

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Election burnout has come for political memecoins

Today, enjoy the Empire newsletter on Blockworks.co. Tomorrow, get the news delivered directly to your inbox. Subscribe to the Empire newsletter.

Happy Friday.

A friendly reminder to not believe Big Fall propagandists. The super lame “meteorological summer” might have technically ended on August 31, but we still have about nine days left until the much cooler “astrological summer” is actually over, marked by the September equinox.

So, forget what your boss said about no more Summer Fridays. They’re still very much alive. Go on, take the afternoon off. Empire said it’s okay. 

In the meantime, enjoy these takes on political memecoins, FTX and prediction markets. Viva La…

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LATEST: MicroStrategy Buys 18,300 Bitcoin for $1.11 Billion Investment

MicroStrategy has expanded its Bitcoin portfolio by acquiring an additional 18,300 BTC at an approximate cost of $1.11 billion, as announced by the company’s executive chairman Michael Saylor. The latest purchase values each Bitcoin at around $60,408. This strategic move has bolstered the company’s total Bitcoin holdings to 244,800 BTC, purchased for approximately $9.45 billion at an average price of about $38,585 per Bitcoin.

The company has reported a Bitcoin yield of 17.0% year-to-date (YTD), with a 4.4% yield for the quarter to date (QTD). These figures underscore MicroStrategy’s aggressive investment strategy in the cryptocurrency space, aiming to leverage the potential long-term value of Bitcoin despite the market’s inherent volatility.

This latest acquisition reflects Saylor’s continued bullish stance on Bitcoin, positioning MicroStrategy as one of the largest corporate holders of the cryptocurrency. The firm’s substantial investment in Bitcoin is part of its broader strategy to integrate blockchain technology into its analytics and business intelligence operations.

Source

MicroStrategy Buys Additional $1.11 Billion Worth of Bitcoin

MicroStrategy announced it had purchased 18,300 Bitcoin for $1.11 billion, boosting its total holdings to 244,800 BTC acquired for $9.45 billion.

BREAKING: MicroStrategy buys an additional 18,300 #Bitcoin for $1.11 billion. pic.twitter.com/qhMg5EOqUF

— Bitcoin Magazine (@BitcoinMagazine) September 13, 2024

The business intelligence firm, led by Bitcoin bull Michael Saylor, has been steadily accumulating Bitcoin as part of its corporate strategy since 2020. MicroStrategy’s latest billion-dollar purchase was conducted at an average price of $60,408 per Bitcoin.

According to Saylor, the company has achieved a 17% Bitcoin yield year-to-date, capitalizing on BTC’s appreciation as it continues…

Read more on BitcoinMagazine