Telegram Makes More Money From Crypto Than From Messaging

Telegram’s leaked 2023 financials show that the company generated more than 40% of it’s revenue from crypto-related transactions.

Images shown by the Financial Times – which got their hands on the company’s P&L – show that the company made nearly $150 million in transactions.

Furthermore, Telegram’s balance sheet shows that the company holds ~$400 million in digital assets, nearly 4x from 2022. Telegram’s digital asset holding is also notably larger than its cash & equivalents which is only ~$170 million.

What it means: In this newsletter, we usually discuss the holdings of publicly traded companies that hold crypto on their balance sheets. Telegram is a great example though of how much crypto private companies may just have stocked away.

Where Does BTC Price Go From Here?

While we’ve had some major bitcoin announcements over the past six months (i.e. U.S. gov bitcoin reserves), investor sentiment has been indifferent.

We’ve now had more than 6-months of choppy, sideways trading for bitcoin with the price pretty rangebound between $55-65k…

However, according to Glassnode, “a notable change has occurred over the last three months.”

With downward price pressure increasing, the market has now experienced its largest drawdown of the current cycle. That’s the bad news. Today bitcoin is down ~23% from ATHs hit in March.

The good news, however, is that unrealized losses remain historically low, even in the face of continued price declines. Total unrealized losses amount to just 2.9% of the bitcoin market cap.

While this is a small amount, it is relegated to very short-term holders who bought at the top, probably are chasing the trend, and are heavily underwater on their holdings.

What’s this mean for you? Glassnode likes to break down market cycles into four categories:

According to the firm, today’s price action sits firmly within the Enthusiastic Bull Market category.

With that being said, any small downturn will push more short-term holders in the red, potentially adding more sell-side pressure.

As always, this leads us to ask: What kind of investor are you?

There’s a lot that could happen over the next six months for bitcoin – positively or negatively. Now’s your time to mentally prepare.

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