Ethereum Just Did Something HUGE! Cardano Is BACK, What I Didn't Tell You!
I want to give you a little bit of an update. I wasnt planning on doing another update video, but i thought with the holidays coming up, i should wrap up some of the loose ends for different cryptos and some news before we go on our merry way and have a great holiday here in the us for everyone Else its business as usual, but ethereum just hit a major milestone. Cardano is being listed and theres someone that took a massive position in bitcoin recently, so i want to cover all that. I will cover a couple smaller cap cryptos too. Now, if you guys dont mind hitting the like button in the subscribe button, i really do appreciate that it helps out the channel a lot. Also, there are links underneath the video in case you want to see what im buying and selling in crypto. You can check out the link down below to patreon. Now the whole cryptocurrency market is kind of sideways, a little bit negative over the last 24 hours. You can see a couple. Cryptos are actually down a decent amount, with cardano at 165, down about seven percent and solana down about nine percent. So if youve been waiting to pick up, some soul now might not be a terrible time. So first lets talk about the bitcoin news, so morgan stanley funds add more than 2.64 million shares of gbtc in q3, so this is about 120 million dollars worth, and this is just a massive bank taking out larger and larger positions.
We know that the sec and some other uh some other entities are looking at how banks can get exposure to bitcoin, actually holding it and using it and other cryptocurrencies too. But right now, morgan stanley says basically we are not willing to wait. We need a position in bitcoin right now, which is why they have 300 million dollars worth of gbtc right now. Now from there. We should probably talk about the massive burn, the massive milestone in ethereum, so they reached over one million eth burned, almost one million. Five thousand each burned thats over 4.28 billion dollars when you think about that thats about one percent of the entire market cap thats an insane amount right. This is going to continue on. This is only about three and a half months in that we have seen this much burn, and this is without without the new coinbase nft platform that doesnt have a layer two. So i can only imagine that this is going to go up exponentially when we do see that come out. Overall, the net reduction is 67 percent over the last one month, 96 percent and then over the last couple days, its been around uh about 110. So its just an insane amount of burning going on on ethereum and its just making it more and more scarce. We saw a ton of ethereum come off exchanges about 2 million just a few days ago, and i think its going to hit that supply shock level.
Here soon and ethereum should actually become deflationary when it moves over to ethereum 2.0. So there will actually be less all the time and that doesnt even account for people buying it and holding it and just staking it and all this other kind of stuff that they can do with it. But the supply of ethereum is going to decline at two percent annually. Thats the rough estimate as of about a month ago, so think about that everyone moving over to the ethereum ecosystem, eth 2.0 comes out its very efficient. There still needs to be some ethereum thats used for gas and, for other reasons, to buy nfts and stuff like that and its becoming deflationary over time, so so much adoption and its deflationary. At the same time, we could see a massive explosion. Now. The question is whether they will actually push back the date for ethereum 2.0 or keep it at the same time that theyre expecting it now now some news for cardano. I did a cardano video yesterday talking about whether it was dead and some people gave me a hard time saying that was clickbait but thats. What a lot of people are asking. So i answered it. I basically said hey: they got de listed from etoro, but i still think overall that makes sense to hold them now: theyre, not the fastest mover. They could keep on falling down because theyre in a bare trend, but over the long term.
I think it is, i think it does make sense to hold them for diversification and something that wasnt out when i made the video is that they got listed on bitstamps, so this is actually a larger exchange in terms of cryptocurrency than etoro. So this is actually not positive, but charles said that he didnt really know that theyre going to be delisted from etoro. They didnt get told that and its the cardano foundation that deals with most of that. But there was really no heads up so thats just something to pay attention to. I think. Overall, though, cardano is going to continue to grow once they have a dex thats going to be really important and from there i think they are going to do well and they are one of the most beaten down cryptos. Definitely in the top 50. Over the last couple months, so just something to pay attention to, and i want to cover that because again i i just didnt, have this news yesterday when i made the video, then one other crypto thats doing really well today, and i covered this in todays video Earlier today is phantasma, so soul. Token ive talked about this. Since it was about 1.30. I told everyone in my patreon. I was going in pretty large with a position more than i typically do and since then its over doubled so its up 32. Today, its a great play for nfts and metaverse and its still a very small market cap, even just a few days ago, i was covering it in a video and ill put that video on the end screen, along with other cryptos such as mimer token, and then Also decentralized – and i said i think all these can do really well and since then theyve all gone up a significant amount.
So again i will put that on the end screen. So thank you guys so much for watching. I really do appreciate.