- Crypto Nutshell
- Posts
- 🥜 1% down, 99% to go
🥜 1% down, 99% to go
PLUS: SBF Sentenced
GM to all 58,219 of you. Crypto Nutshell #279 feelin’ the pump. 💪 🥜
We’re the crypto newsletter that's as electrifying as witnessing the intense battles between giant robots and monstrous creatures... 🤖 🦖
What we’ve cooked up for you today…
👩⚖️ Sam Bankman-Fried sentenced
🏦 1% down, 99% to go
⚖️ Exchange balances
💰 And more…
MARKET WATCH ⚖️
Prices as at 7:05am ET
Only the top 20 coins measured by market cap feature in this section
SAM BANKMAN-FRIED SENTENCED👩⚖️
BREAKING: Former FTX CEO Sam Bankman-Fried sentenced to 25 years in landmark fraud case
In one of the largest financial frauds in history, Sam Bankman-Fried (SBF) has been sentenced to 25 years in jail.
Judge Lewis A. Kaplan delivered a sentence that reflects the gravity of the crimes committed.
The court found that:
Investors lost $1.7 billion
Lenders lost $1.3 billion
Customers lost $8 billion
SBF’s defence requested 6.5 years whilst the government proposed 40 to 50 years.
SBF was also ordered to pay a $11 billion forfeiture.
Judge Kaplan explained his reasoning on the 25 year sentence.
“People need to feel, It's fair. Or we're back to trial by combat, folks, or something like it. So the punishment must fit the seriousness of the crime. And this.. Was. A. Serious. Crime.”
Continuing on, Judge Kaplan mentioned that he’s never seen a performance quite like this before:
“When not lying, he was evasive, hair splitting, trying to get the prosecutors to rephrase questions for him. I've been doing this job for close for 30 years. I've never seen a performance like that.”
After these comments, Judge Kaplan announced the sentencing:
“It is the judgment of the court that you are sentenced to 240 months then consecutive 60 [etc] for a total of 300 months. [25 years]”
This is a big day for the crypto industry.
The industry has been in a constant battle with regulators. (namely the SEC…)
This decision will likely influence further discussions on how to regulate the industry going forward.
Also checkout this Twitter thread for further details on the court proceedings.
TOGETHER WITH PHENOM CRYPTO ♟️
One reason we love crypto? The returns. 😍
In a bull market? No other asset can compete. It’s not uncommon to see 5x, 10x or even 100x plus returns.
With the Bitcoin Halving coming up, the next crypto bull-run is just around the corner.
That’s why we read The Phenom Crypto.
They share the best kept secrets on the latest DeFi & small-cap crypto trends. 🤫
The best part?
Just like us, they’re completely free.
Slam that big subscribe button and it’ll automatically add you to their list.
If you’re not a fan, you can always unsub. Nothin’ to lose. 🎉
|
1% DOWN, 99% TO GO 🏦
$1 trillion of inflows is coming for the Bitcoin ETFs.
The latest message out from Matt Hougan.
Matt Hougan is the Chief Investment Officer at Bitwise, the 4th largest Bitcoin ETF issuer.
When it comes to Bitcoin ETFs, Matt’s the man.
In a recent memo to investment professionals, Hougan had some very interesting things to say.
Right now Bitwise is waiting on three key developments:
The Bitcoin Halving
Bitcoin ETFs to be approved on national account platforms such as Morgan Stanley - could happen in the next few weeks
Various investment committees to complete their formal due diligence on Bitcoin
“As we wait, bitcoin seems likely to chop sideways on small changes in sentiment. But long-term, we believe bitcoin is in a raging bull market… there are strong reasons to think that will continue.”
The Bitcoin ETFs opened up the crypto market to investment professionals for the first time ever.
Hougan estimates that globally these investors control over $100 trillion.
And they’ve only just started allocating to Bitcoin - this process is going to take years, not months.
Hougan also estimates that investment managers will likely allocate 1% of their portfolios to bitcoin:
“A 1% allocation across the board would mean ~$1 trillion of inflows into the space. Against this, $12 billion is barely a down payment. 1% down, 99% to go.”
We’re only just getting started… 😎
EXCHANGE BALANCES ⚖️
Today we’ll be taking a look at the amount of Bitcoin available for sale on exchanges.
Here’s how to interpret this metric:
Decreasing exchange balances: Bullish indicator as it signals a shift towards long-term holding 🐂
Increasing exchange balances: Bearish indicator as coins being transferred to exchanges are more likely to be sold 🐻
Currently there is only 2,320,458 Bitcoin available for sale on exchanges.
That’s ~11.80% of the entire circulating supply.
Year-to-date we’ve seen 123,924 Bitcoin leave exchanges.
That’s $8.73 billion worth of Bitcoin at today’s prices…
During past bull runs, coins were being sent to exchanges.
This time, coins are leaving exchanges.
We have literally never seen this before.. 😎
CRACKING CRYPTO 🥜
Google dives deeper into blockchain adding Bitcoin, EVM chains to 'rich results' indexing. Google expands search capabilities to blockchain, embracing Bitcoin and Ethereum virtual machines like Fantom.
Ethereum ‘BlobScriptions’ lift off and it’s taking Blob fees with it. A new way of inscribing data on the Ethereum network is sending the price of the network’s newest data-saving feature dubbed “blobs” surging.
Bitwise files for a spot ether ETF. Bitwise dropped its 19b-4 and S-1 documents Thursday, following Fidelity, which filed its S-1 for its proposed fund earlier this week.
WHAT WE’RE READING 📚
Want to get even smarter? Check these out.
p.s. all completely FREE
CAN YOU CRACK THIS NUT? ✍️
Select your answer below and you’ll be redirected to the results page. (answer explanation can be found after “Meme Corner”)
When did FTX file for bankruptcy? |
MEME CORNER 😂
Because what would the crypto world be without its share of memes?
Trivia Answer: A) November 2022 🥳
The bankruptcy of FTX began in November 2022.
GET IN FRONT OF 58,000+ CRYPTO INVESTORS
Advertise with Crypto Nutshell to get your product or brand in front of the crème de la crème of crypto investors. Crypto Nutshell readers are high-income earners who are always looking for unique or interesting offers.
HOW DID WE DO? 🤷
We read every comment submitted in this poll and love to hear what you guys have to say. 😁 (bonus points for suggestions 🍪)
What did you think of today's Newsletter?Don't worry, you won't hurt our feelings... 🥲 |
NUTCASE REVIEW OF THE DAY 🔍
DISCLAIMER: The content of this newsletter is not financial advice. This newsletter is strictly educational and is not investment advice. Please be careful and do your own research.
Reply