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GM to all you crypto nuts. Crypto Nutshell #489 droppin’ in… 🪂🥜

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What we’ve cooked up for you today…

What’s in the Crypto Nutshell Portfolio?

BREAKING: Bitcoin Surges to New Record Over $93K as Strong U.S. Demand Crushes Resistance Level

Bitcoin’s insane run continues…

This time Bitcoin blasted through the $90,000 resistance level, setting a new all-time high of $93,233.

$100,000 is so close you can almost feel it… 🤏

What caused the sudden jump up this time?

Well, US inflation numbers came out…

And they were in line with estimates. (This is a good thing)

Consumer Price Index (CPI):

Core CPI (excludes volatile food and energy costs):

The reason that this data is good is because it shows that inflation has remained steady despite the Fed cutting interest rates.

Which increases the chances that we’ll see more rate cuts in the future.

And that’s exactly what the markets are now predicting.

According to CME FedWatch, the odds of a 0.25% rate cut in December are now 82.4%.

(The odds were ~60% before the CPI data was released)

But the US isn’t the only country that’s going through a rate cut cycle…

Essentially all other western central banks have lowered interest rates. (or shown intent to soon)

Lower rates combined with a crypto-friendly president elect has provided rocket fuel to the crypto market.

This is still just the beginning…

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The move to a $1 million dollar Bitcoin won’t be slow & gradual.

It will be be fast & violent.

That’s the latest out from Samson Mow.

Samson Mow is the CEO of JAN3, a Bitcoin company aiming to accelerate hyperbitcoinization.

In his latest interview, Mow broke down why the move up to a $1 million Bitcoin will be faster & more violent than anyone expects.

It all comes down to the long history of fiat currencies:

Throughout history, fiat currencies have a failure rate of 100%.

When their value collapses, it doesn’t happen gradually - it happens quickly.

A $1 million Bitcoin sounds absurd, given we’re at ~$90,000.

But one look at the U.S National Debt chart, and all of a sudden, it’s not so absurd:

Finally, yesterday we asked you all if Bitcoin will break $100,000 before the end of 2024.

Of the ~600 of you who made a prediction, over 91% believe we’ll see a 6-figure Bitcoin before the year is out. 👏

So far Crypto Nutshell Readers have been incredibly accurate with their calls… 👀

Everyone (us included) has been talking about Bitcoin and it’s crazy run up recently.

However, the Ethereum ETFs recently crossed an important milestone. (And it’s gone a little under the radar)

The Ethereum ETFs now have net positive inflows since launch!

They finally overcame the $3.2 billion in outflows from Grayscale. (It only took four months…)

The Ethereum ETFs are now net positive by $240.1 million.

Here’s the breakdown for yesterday’s flows:

That’s six straight days of inflows for the Ethereum ETFs, totalling $796.2 million.

The last three days are also the three largest inflow days since launch.

The Ethereum ETFs are finally coming to life…

And while we’re on the topic of ETFs…

ETF analyst Eric Balchunas posted one of the most ridiculous charts to X yesterday.

BlackRock’s Bitcoin ETF (IBIT) recently crossed over $40 billion in assets under management.

And they did it in a record 211 days.

Absolutely demolishing the previous record of 1,253 days.

IBIT is now in the top 1% of ALL ETFs by assets.

It’s now larger than all 2,800 other ETFs that have launched in the past 10 years. (IBIT has only been trading for 10 months)

That is absurd.

IBIT has without a doubt been a smashing success no matter which way you look at it.

Isn’t it nuts that a Bitcoin ETF is the one breaking all of these records?

Donald Trump taps Elon Musk, Vivek Ramaswamy for new Department of Government Efficiency (DOGE) initiative. Public engagement key in Elon Musk and Vivek Ramaswamy’s mission to reveal and reduce government excess for DOGE.

Senior Federal Reserve Official Who Blasted Bitcoin Now Says He'll Have an Open Mind. Minneapolis Federal Reserve President Neel Kashkari, who previously called the cryptocurrency industry "worthless" still isn't an uber-bull, though.

Bitcoin strategic reserve unlikely under Trump — Mike Novogratz. The Galaxy Digital CEO argued that he does not expect the nearly $36 trillion national debt to be paid without devaluing the currency.

Dogwifhat soars after Coinbase announces plans to list the memecoin. Coinbase updated its asset listing roadmap to include WIF, which jumped about 21% around the time of Coinbase’s announcement.

Want to get even smarter? Check these out.

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Select your answer below and you’ll be redirected to the results page. (answer explanation can be found after “Meme Corner”)

Because what would the crypto world be without its share of memes?

Trivia Answer: B) The process of confirming transactions and adding them to the blockchain 🥳

Bitcoin mining is the process of validating and adding new transactions to the blockchain by solving complex mathematical problems, with miners earning rewards in Bitcoin for their work.

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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.