Intro - Hey there, PoI readers! 🌟

Get ready to dive into the wild and wacky world of crypto with your favorite newsletter writer, Mochi! 🍨 We've got a jam-packed issue full of juicy stories that'll make your head spin faster than a Bitcoin transaction.

From Trust Wallet's dire warnings about iMessage exploits to Bybit's mind-blowing predictions about Bitcoin supply, Our old pal Peter Schiff, who's back at it again with his Bitcoin bashing. But wait, there's more! BlackRock's Bitcoin ETF is stealing the spotlight with its impressive inflows.
So, grab a cup of coffee, settle in, and let's explore the unpredictable, and always entertaining world of crypto together! 🙌🏻

INTEL BRIEF

🟧 Trust Wallet warns of a high-risk zero-day exploit targeting iMessage on iPhones, urging users to disable the app to protect their crypto wallets.

🟧 Bybit reports that Bitcoin supply on exchanges will run out in nine months due to the upcoming halving and continued accumulation by Bitcoin ETFs.

🟧 Peter Schiff questions the demand for spot Bitcoin ETFs and the $100K BTC price target, citing bearish performance of Bitcoin-related stocks.

🟧 BlackRock's iShares Bitcoin Trust (IBIT) is the only U.S. spot Bitcoin ETF to see inflows over the past two days, while other ETFs post zero or lower inflows.

Crypto Wallet Provider Sounds the Alarm: Disable iMessage Now to Safeguard Your Assets

Trust Wallet, a leading crypto wallet provider, has just dropped a bombshell that's sure to make every iOS user break into a cold sweat. According to their "credible intel," there's a high-risk zero-day exploit targeting iMessage lurking on the dark web, and it's got a jaw-dropping price tag of $2 million!

Now, before you start frantically googling "how to disable iMessage," let's break down what this means. A zero-day exploit is basically a hacker's dream come true – it's a vulnerability in software, hardware, or firmware that nobody knows about yet. And in this case, it's allegedly targeting iMessage, which means if you're an iPhone user with a crypto wallet, you could be at risk.

Trust Wallet's CEO, Eowyn Chen, even shared a screenshot of the supposed exploit, but not everyone's convinced. Some industry experts are calling it "embarrassing" and warning that the alert could cause panic-induced harm. But hey, better safe than sorry, right?

Now, if you're thinking, "But wait, I'm not a high-value account holder, so I'm safe!" – think again. Trust Wallet stresses that all crypto wallets held on an iPhone with iMessage switched on are at risk. 

Several crypto industry experts expressed doubt about Trust Wallet's warning. Pudgy Penguin's head of security, known as "Beau," called the company's "credible intel" claim "embarrassing."

"You don't have proof of an iOS exploit; you merely have a screenshot of someone claiming to have one," Beau pointed out. "That's a significant distinction."

In the meantime, Apple's been busy putting out fires of their own, releasing emergency security updates to fix two iOS zero-day vulnerabilities that were exploited last month. And let's not forget the 280 blockchain networks that are also at risk of zero-day exploits, potentially putting $25 billion worth of crypto in jeopardy.

Trust Wallet warns of high-risk zero-day exploit targeting iMessage on iPhones.

Disabling iMessage recommended to protect crypto wallets from potential attacks.

Industry experts skeptical, but better safe than sorry when it comes to digital assets.

Bybit: Bitcoin Supply on Exchanges Set to Vanish in Just 9 Months!

According to a report by Bybit, the world's third-largest exchange, Bitcoin supply on cryptocurrency exchanges is about to pull a Houdini and disappear in just nine months!

The culprits behind this vanishing act? None other than the upcoming Bitcoin halving, which will slash the supply issuance by a whopping 50%, and the relentless accumulation by U.S. Bitcoin ETFs. With only 2 million Bitcoins left on centralized exchanges, and assuming a daily inflow of $500 million to Bitcoin Spot ETFs, exchanges could be left high and dry in less than a year!

Now, you might be thinking, "But wait, isn't the market in a slump right now?" Well, yes, Bitcoin did take a 10% nosedive this past week. But fear not, because Bybit expects prices to start recovering from this correction soon. In fact, they believe the supply squeeze could propel Bitcoin to new record highs before or after the halving.

Meanwhile, institutional interest in Bitcoin is skyrocketing! Weekly inflows to spot Bitcoin ETFs may have slowed down since March, but these ETFs have still amassed a jaw-dropping 841,000 BTC worth $52.9 billion according to Dune. And it's not just crypto-native firms getting in on the action – traditional institutions are also allocating an average of 40% of their total assets to BTC.

Bybit predicts that even more institutions will join the Bitcoin bandwagon, as some may have been restricted from investing in new products that have only been in the market for a few months. But as time goes on, we could see a tidal wave of institutional money flooding into Bitcoin.!

Bitcoin supply on exchanges set to run out in 9 months due to halving and ETF accumulation.

Bybit expects Bitcoin prices to recover and potentially reach new highs.

Institutional interest in Bitcoin is on the rise, with more expected to follow suit.

Peter Schiff Strikes Again: Questioning Bitcoin ETF Demand and $100K Price Target

It's time for another episode of "Peter Schiff vs. Bitcoin," Told bug seems to be back at it, taking jabs at spot Bitcoin ETFs and the ambitious $100,000 BTC price target.

In his latest X post, Schiff called out analysts who believe the significant demand created by spot BTC ETFs could propel the price of Bitcoin beyond the coveted $100K mark. But here's the catch – Schiff claims that if there's such high demand for BTC, why aren't Bitcoin-related stocks reflecting that?

Schiff pointed out that Coinbase is down 21%, Galaxy Digital is down 26%, and MicroStrategy is down 33%, with several Bitcoin mining stocks also taking double-digit hits. However, he conveniently forgot to mention the timeline for these losses, despite most of these stocks outperforming traditional market stocks by a significant margin since the start of 2024.

But wait, there's more! The current bearish momentum in the crypto market is actually no big surprise. Market analysts have explained how BTC historically sees a pre-halving dip and picks up momentum post-halving. With the Bitcoin halving scheduled for later this week, it seems like Schiff might be jumping the gun a bit.

Of course, Schiff's dig didn't go unnoticed by the Bitcoin community. Several proponents took to X to debunk his selective data, with one user pointing out that MicroStrategy stocks are up 300% year-on-year. Others accused him of cherry-picking data while sharing the performance of Bitcoin alongside gold, highlighting the stark growth difference between the two assets.

Even Bitcoin heavyweights Dan Held and Willy Woo couldn't resist reminding Schiff of his past blunders, like missing the opportunity to buy BTC in 2013 when it was trading at around $1,000. Ouch!

While Peter Schiff continues to question Bitcoin's value and demand, it seems like the cryptocurrency community is ready to fire back with receipts. As for that $100K price target? Only time will tell, but one thing's for sure – the battle between gold and Bitcoin rages on!

Peter Schiff questions spot Bitcoin ETF demand and $100K BTC price target.

Cites bearish performance of Bitcoin-related stocks, but fails to provide timeline.

Bitcoin community debunks Schiff's selective data and reminds him of past missed opportunities.

BlackRock's Bitcoin ETF Stands Tall Amidst Zero Inflows for Competitors

In the battle of the Bitcoin ETFs, it seems like BlackRock's iShares Bitcoin Trust (IBIT) is the last fund standing. While other U.S. spot Bitcoin ETFs have been struggling to attract investors, IBIT has managed to secure $184.5 million in inflows over the past two days.

On April 15 alone, IBIT posted net inflows of $73.4 million, which is no small feat considering the previous day's impressive $111.1 million. Meanwhile, the other eight ETFs (excluding Grayscale's) were left in the dust, posting either zero flows or lower inflows.

However, even IBIT's stellar performance couldn't outshine the outflows from the Grayscale Bitcoin Trust (GBTC), which saw $110.1 million and $166.2 million in outflows on April 15 and 14, respectively. It's like watching a game of tug-of-war between the two giants!

In other news, the South Korean won has taken the crown as the world's most-traded fiat currency against cryptocurrencies in the first quarter of 2024. With over $456 billion worth of trading volume on centralized crypto exchanges, the won has surpassed the U.S. dollar's $455 billion.

This rise in the won's dominance is attributed to the intense "fee war" among Korean crypto exchanges. Upbit, the region's leading exchange, has maintained its iron grip on over 82% of South Korea's crypto market share since 2021. However, rivals Bithumb and Korbit have been shaking things up with their zero-fee campaigns.

Despite Bithumb's aggressive strategy and the resulting surge in trade volume, the exchange saw a 60% drop in annual revenue in 2023. This significant decline may have prompted Bithumb to pull the plug on its zero-fee campaign after just five months.

As for the future, Kaiko predicts a significant rebound in Korean won volumes with the approval of spot Bitcoin and Ether ETFs in Hong Kong. With three spot Bitcoin ETFs reportedly approved and set to list on the Hong Kong Stock Exchange in about two weeks, it looks like the crypto market is in for an exciting ride!

BlackRock's iShares Bitcoin Trust (IBIT) sees $184.5M inflows over two days, outperforming competitors.

South Korean won becomes world's most-traded fiat currency against cryptocurrencies in Q1 2024. 

Intense fee war among South Korean exchanges, but Upbit remains dominant with 82% market share.

And that's a wrap, PoI readers! What a wild ride through the crypto world, from Trust Wallet's alarms and Bybit's forecasts to Peter Schiff's skepticism and BlackRock's triumphs.
Until next time, keep your crypto curiosity alive, and remember: there's always room for a little Mochi in your life! 🍨 Stay frosty, my friends! ❄️😎

P.S. Share your thoughts and predictions with us – every voice matters in the PoI community! 📣❤️ Spread the love and share the newsletter.

🍨📰 Catch you in the next issue! 📰🍨