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Andrew Rennhack Profile picture
Andrew Rennhack
@andr3w321
I like to gamble. I used to gamble on poker and sports. Nowadays I mostly gamble in the stock market and cryptocurrencies.
Oct 20, 2021 • 8 tweets • 3 min read
1/ It's been awhile since I've looked at BTC flows (stablecoin printing - miner revenue). I'll focus on a new updated USDT + USDC printing since most of the printing lately has moved over to USDC. Combined, there are now an unfathomably large ~103B stablecoins outstanding. 2/ The stablecoin marketcap keeps growing as a percentage of BTC's marketcap. After the price drop in July 2021 stablecoins peaked at 16% of BTC's marketcap.
Oct 18, 2021 • 4 tweets • 2 min read
1/ This Gamestop $GME SEC report is complete garbage. You can read it here: sec.gov/files/staff-re…
"The shorts covered"
Footnote: shorts don't include market makers like Citadel who had/have large known short positions Image 2/ Market makers like Citadel internalized most of the volume at the peak so none of your buys hit the tape. Image
Feb 23, 2021 • 7 tweets • 2 min read
1/ Read the NYAG document not the Tether press release. "Until September 15, 2017, the only U.S. dollars held by Tether ostensibly backing the approximately 442 million tethers in circulation was the approximately $61 million on deposit at the Bank of Montreal." 13% backed LOL 2/ "49. At no time did Bitfinex or Tether disclose to the market that Tether had transferred at least $625 million to Bitfinex, or that Bitfinex had experienced critical liquidity issues because of loss of approximately $850 million to Crypto Capital."

Tether was nearly bankrupt
Jan 12, 2021 • 6 tweets • 2 min read
1/ There is a ton of speculation on what will happen with Bitcoin and Tether on Jan 15th. Many people think Tether Armageddon Day where domains are seized, funds are frozen, and BTC/USD crashes while BTC/USDT skyrockets is coming. I am skeptical. 2/ I think that day will come eventually, but not on Friday. I am not a lawyer and I know almost nothing about legal proceedings, but I’ve seen many of these deadlines come and go over the past few years without any real consequences. maxbit.cc/tether-and-the…
Dec 18, 2018 • 12 tweets • 3 min read
1/ Let's talk @mattleising latest tether piece. As far as I can tell these are the new facts presented:
1- Bloomberg reviewed four bank statements from tether's Noble bank account
2- I think the bank statement months were September 2017, October 2017, January 2018 & July 2018 2/ 3- The statements provide the following balances on these dates
Date Balance
9/1/17 $0
9/30/17 $392M + $60.9M = $452.9M
1/31/18 $2.2B
7/1/18 $1.9B
7/30/18 $210M

4- On 7/6/18 $100M was sent from tether to bitfinex
5- $6.6M in interest was earned from 1/1/18-7/6/18