🪙 Bitcoin springs forward

…and groceries take a bigger bite out of budgets Turnin’ heads (Chris McGrath/Getty Images) [Sponsored by]( Last Week's Market Moves Dow Jones 39,087 (-0.11%) S&P 500 5,137 (+0.95%) Nasdaq 16,275 (+1.74%) Bitcoin $62,554 (+23.27%) Dow Jones 39,087 (-0.11%) S&P 500 5,137 (+0.95%) Nasdaq 16,275 (+1.74%) Bitcoin $62,554 (+23.27%) Hey Snackers, It’s giving Fyre Festival: parents in Glasgow, Scotland, paid ~$45 for an immersive “Willy Wonka Experience” that turned out to be a world of pure imagination (in a bad way). They showed up to a [warehouse]( that looked like Party City after Halloween clear-outs. Now they’re demanding refunds for the ungolden tickets. The techy Nasdaq index hit an all-time high on Friday as AI-associated names like [Nvidia]( and [Meta]( rallied. The S&P 500 closed above 5,100 for the first time. On Thursday, traders raised their bets on a summer rate cut from the Fed. Psst… We’re interested in learning more about how you get your info. Take our [survey](. Btw... Do you want to start getting Snacks daily? Or prefer to unsubscribe? Manage your subscription preferences [here](.   BIGCOIN [Bitcoin springs up after a long winter, as billions pour into spot ETFs ahead of the “halving”]( Crypt-oh yeah… Investors cheered last week as [bitcoin]( blasted past $63K to a more than two-year high. The crypto’s near-record price, up 40% so far this year, has some insiders making the case that this rally’s different from the last. The argument: the market’s matured after a long crypto winter that kicked off with the unraveling of Terraform Labs and settled in with the collapse of FTX. And retail’s hopped on board: last week, [Coinbase]( said a more than 10x surge in traffic wreaked havoc on its exchange. - All boats: The prices of [ethereum](, [solana](, and [dogecoin]( lifted last week with bitcoin’s rising tide. NFT sales volumes popped too. - Once bitten: This rally is mostly devoid of once popular celeb-endorsements (picture: Super Bowl classics “fortune favours the brave” and “don’t be like Larry”). Vote of coin-fidence… Bitcoin’s pop follows January’s SEC approval of several spot bitcoin [exchange traded funds](, which, as of mid last week, had $8B in trading volume. On Thursday alone, a record $612M flowed into [BlackRock](’s spot BTC ETF. The $$ influx is running headfirst into reduced bitcoin liquidity: 80% of the crypto’s supply hasn’t changed ownership in the past six months (read: demand is high, supply isn’t). And then there’s next month’s expected BTC [halving](, which will — wait for it — halve the # of coins that miners like [Riot Platforms]( and [Marathon Digital]( get for mining a block. - Bakin’ it in: With fewer new coins being born each block, analysts say boosted demand could have an outsized effect on bitcoin’s price. Investors may be buying ahead of the halving, expecting future gains. THE TAKEAWAY FOMO’s back… Bitcoin’s returned to the spotlight thanks in part to an industry-wide spring cleaning (think: the FTX trial), regulator approvals, and Main Street buy-in. That last part is clutch: analysts observed last week that the bulk of spot bitcoin ETF trades were small, suggesting more retail purchases vs. institutional mega-buys. And with at least some experts expecting the SEC to approve a spot ethereum ETF in May, the fear of missing out may not be limited to BTC.   SPONSORED BY MASTERWORKS How 883,202 everyday people are taking on billionaires at their own game [Masterworks]( is taking on the billionaires at their own game, buying up and securitizing some of history’s prized blue-chip artworks for its investors. So, instead of hanging on the walls of a $500 million yacht, these world-class assets are collectively owned by tens of thousands of everyday investors. Their nearly $1 billion collection includes works by greats like Banksy, Picasso, and Basquiat. You know, the same artists in their collections. So far, each of its 21 exits have delivered a profit, and [Masterworks investors have realized median returns of 14.6%, 16.4%, and 17.6%*]( (respectively) among assets held for longer than one year. It's easy to get started, no art experience required. As a trusted partner, Snacks readers can [skip the waitlist to join with this exclusive link.]( SPONSORED BY MASTERWORKS How 883,202 everyday people are taking on billionaires at their own game [Masterworks]( is taking on the billionaires at their own game, buying up and securitizing some of history’s prized blue-chip artworks for its investors. So, instead of hanging on the walls of a $500 million yacht, these world-class assets are collectively owned by tens of thousands of everyday investors. Their nearly $1 billion collection includes works by greats like Banksy, Picasso, and Basquiat. You know, the same artists in their collections. So far, each of its 21 exits have delivered a profit, and [Masterworks investors have realized median returns of 14.6%, 16.4%, and 17.6%*]( (respectively) among assets held for longer than one year. It's easy to get started, no art experience required. As a trusted partner, Snacks readers can [skip the waitlist to join with this exclusive link.](   EVENTS up this week... Aisle anxiety… Grocery giant [Kroger]( reports Thursday as the share of Americans’ income spent on food has climbed to 11%+ — a three-decade high. Supermarket prices are up 25% from prepandemic. In Q3, Kroger’s sales dipped but profit rose. Discount grocers like [Walmart]( and [Costco]( (which, FYI, both report this week) have benefited as consumers seek bargains. Kroger owns budget-friendly chains like Ralphs and Food 4 Less. One thing it may not add to its cart: [Albertsons](. Last week the FTC sued to block the $25B grocery mega-merger. Early-2000s mall icons… [Victoria’s Secret]( and [Abercrombie & Fitch]( report this week. Both retailers have overhauled their brands to be more inclusive (think: more plus-size models, fewer shirtless men). VS’s revamp isn’t going as well as A&F’s: VS logged a $71M loss for Q3 as sales fell. Now the lingerie legend is adding more swim and activewear to win market share from Gen Z faves like Fenty x Savage and Skims. Denim go-to A&F has thrived, forecasting record Q4 sales for its women's biz as its logoless fits become twentysomethings’ staples (RIP, moose hoodies).   ZOOM OUT we’re watching... Baristas break through… [Starbucks]( and Workers United, the union repping 10K of its employees, agreed to create a master contract for its ~400 unionized stores. The move came after 21 stores filed for union elections in one day. Starbs said it’ll provide union baristas with pay hikes and benefits that were already granted to nonunion workers (like allowing tipping prompts for card transactions). It’s a venti win for Workers United, which has faced fierce opposition from Starbucks: the chain’s anti-union campaign has cost it an estimated $240M. Tokyo shift… The Japanese stock market hit fresh highs for the first time in 34 years, outperforming the S&P 500 this year as global investors poured in. Warren Buffett’s holding co, [Berkshire Hathaway](, gassed up the rally by upping its stake in Japanese conglomerates that Buffett said are more “shareholder-friendly” than US companies. Also at play: a cheaper yen and investors moving their money from China → Japan. But a surging stock market ≠a healthy economy: Japan’s GDP shrank for two straight quarters, losing the country its spot as the No. 3 economy.   What else we’re Snackin’ - [CBDoh](: The era of CBD (the “it” compound in drinks, skincare, and even clothes) could be over as a lack of regulation has made scaling tough. [Molson Coors]( ended its CBD line, and several CBD beauty brands have shuttered. - [Danceoff](: TikTok’s standoff with Universal Music Group heated up as it pulled more songs written (or co-written) by UMG’s artists. The music-centric social app said removing UMG’s tunes hasn’t hurt user #s. - [Booktok](: Artisans are making big bucks selling custom fanfic merch (see: The Draco Trilogy) on sites like [Etsy](. But many fanfic authors aren’t making a dime since their work is based on copyrighted franchises.   Want your Snacks daily? The Daily Newsletter Get fresh takes on financial news every week day. Try a sample: 🚢 [Revenge cruises]( • Mar 1, 2024 🍎 [The iCar lost its shine]( • Feb 29, 2024 🥤 [Frosty surge pricing]( • Feb 28, 2024 [Subscribe to the Daily]( Want your Snacks daily? The Daily Newsletter Get fresh takes on financial news every week day. Try a sample: 🚢 [Revenge cruises]( • Mar 1, 2024 🍎 [The iCar lost its shine]( • Feb 29, 2024 🥤 [Frosty surge pricing]( • Feb 28, 2024 [Subscribe to the Daily](   Snack Fact Of the Day Nvidia CEO Jensen Huang has a tattoo of the company’s logo [Read more](   This Week - Monday: Earnings expected from GitLab, Stitch Fix, and ThredUp - Tuesday: Earnings expected from Nio, Target, CrowdStrike, Ross Stores, Nordstrom, Oddity, and Box - Wednesday: Job openings. Earnings expected from JD.com, Abercrombie & Fitch, Foot Locker, Campbell Soup, and Victoria’s Secret - Thursday: Initial jobless claims. Earnings expected from Kroger, American Eagle, Burlington Stores, Broadcom, Costco, DocuSign, and Gap - Friday: SXSW kicks off Authors of this Snacks own bitcoin, ethereum, dogecoin, and shares of: Nvidia, Riot Platforms, Starbucks, and Walmart *Advertiser’s disclosures: The content is not intended to provide legal, tax, or investment advice. Past performance is not indicative of future performance. Investing involves risk. “Net Annualized Return” refers to the annualized internal rate of return, or IRR, net of all fees and costs, to holders of Class A shares from the primary offering, calculated from the final closing date of such offering to the date the sale is consummated. A more detailed breakdown of the Net Annualized Return calculation for each issuer can be found in the respective Form 1-U for each exit. The 3 median returns above represent the ones closest to the median of the 12 exits with holding periods over 1 year. See important Reg A disclosures and aggregate advisory performance at [masterworks.com/cd](.   [Instagram]( [Twitter]( Sherwood Media, LLC produces fresh and unique perspectives on topical financial news and is a fully owned subsidiary of Robinhood Markets, Inc., and any views expressed here do not necessarily reflect the views of any other Robinhood affiliate... [See more]( [Sherwood Terms and Conditions]( • [Our Editorial Principles]( • [Contact Us](mailto:hellosnacks@sherwoodmedia.com) • [Privacy Policy]( • [Advertise with us](mailto:advertising@sherwoodmedia.com) [Unsubscribe](