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🥜 Would you bet against this?
PLUS: $100,000 is almost here
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GM to all you crypto nuts. Crypto Nutshell #494 goin’ for broke… 🎰 🥜
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What we’ve cooked up for you today…
🏦 The crypto administration
🎲 Would you bet against this?
📈 No one wants to sell
💰 And more…
Prices as at 4:10am ET
THE CRYPTO ADMINISTRATION🏦
BREAKING: Trump's team is considering a new White House role focused on crypto policy
Before we get into today’s main story we need to quickly talk about Bitcoin…
Bitcoin has once again set a new all-time high!
This time, surging to a high of $97,862.
$100,000 is surely just around the corner. (Maybe it’s even surpassed $100k by the time you’re reading this!)
Prices as at 4:15am ET
There’s also some very interesting news coming out of Bloomberg this morning…
According to reports, Trump’s team is considering creating a position specifically focused on crypto policy.
This would be the first ever crypto-specific White House role.
However…
Bloomberg said it’s unclear if the role will be a senior staff position or a “crypto czar” to coordinate policy among federal agencies.
(The role may even report directly to Trump)
Rumble CEO - Chris Pavlovski
What we do know is that Trump has embraced crypto over the past year, promising to:
Fire SEC Chair Gary Gensler
Commute Ross Ulbricht’s life sentence
Create a Crypto Presidential Advisory Council
Create a national strategic Bitcoin reserve
Following the election, Trump has also nominated pro-crypto executives to top positions, including:
Cantor Fitzgerald CEO Howard Lutnick to lead the US Department of Commerce
Pro-Bitcoin Robert F. Kennedy Jr. to become the US Secretary of Health and Human Services
Coinbase CEO Brian Armstrong also recently met with Trump to discuss personnel appointments at both the SEC and CFTC.
Here’s the cherry on top… 🍒
According to Coindesk, crypto lawyer Teresa Goody Guillén has a good shot at becoming the next SEC chair.
What a difference an election can make.
The US is transitioning from an administration that is 100% anti-crypto into one that is fully supportive of crypto.
Good times ahead…
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WOULD YOU BET AGAINST THIS? 🎲
There's a chart in Bitcoin that, once seen, can't be unseen.
After you see it, you’ll probably never bet against Bitcoin again.
That’s the latest out from mathematician & Bitcoiner, Fred Kruger.
There’s a common piece of advice in Bitcoin circles when prices start going down:
“When in doubt, zoom out.”
The saying refers to the Bitcoin chart - and for good reason.
Zooming out reveals the bigger picture:
Mathematician Fred Krueger had this to say about the chart:
“The [Bitcoin] 4 year moving average never goes down. Never. Do you want to bet against something that never goes down?”
In fact, you don’t even need to zoom out to 4-years.
Here’s the 3-year moving average:
The chart literally never goes down.
It’s been said before but we’ll say it again:
Don’t bet against Bitcoin. 👑
NO ONE WANTS TO SELL 📈
10 days ago we looked at the amount of profits being realized on chain.
As a quick recap, here’s what we discovered:
March 2024: Realized profits of $9.45 billion
2021 bull run: Realized profits regularly over $6 billion
2017 bull run: Realized profits regularly over $4.16 billion
As Bitcoin broke through $80,000, profit taking hit a high of ~$3.5 billion.
Which is oddly low considering it was an all-time high…
Quick note: The chart below tracks the amount of realized profit and loss of the Bitcoin market:
🟢 Investors are selling at profits
🔴 Investors are selling at losses
Fast forward to today, with Bitcoin comfortably above $90,000…
And profit taking is still relatively low.
Yesterday saw realized profits of just under $4 billion.
Weirdly profit taking is still lower than early October this year, which peaked at $5.26 billion. (Bitcoin was ~$62,000)
It’s worth pointing out that profit taking has been trending upwards recently.
Which makes complete sense…
By definition, every single Bitcoin holder is in profit when Bitcoin hits a new high…
Here’s the takeaway from this data:
Right now, less profits are being taken compared to the 2017 and 2021 highs. Despite Bitcoin being WAY higher…
Meaning that Investors are patiently waiting for higher prices.
And we don’t blame them, with all the bullish catalysts on the horizon. 🚀
CRACKING CRYPTO 🥜
MicroStrategy's Michael Saylor to pitch Bitcoin strategy to Microsoft's board. MicroStrategy founder Michael Saylor to present Bitcoin investment strategy to Microsoft's board next month.
Bitcoin ETF Options Attract $2B on Day One, Shifting BTC’s Market Structure. IBIT options went live Tuesday, a move that market participants widely expect to draw more institutional interest in bitcoin (BTC).
Phantom takes second spot in Apple’s US App Store utilities category. Phantom surpassed applications like Google Chrome, Microsoft Edge and Amazon Fire TV.
Coinbase Wallet introduces 4.7% APY reward for USDC holders. Global users can access the new USDC reward, while those in the U.S. should see the feature this week.
WHAT WE’RE READING 📚
Want to get even smarter? Check these out.
p.s. all completely FREE (one click subscribe link)
Raremints (link) - Daily crypto news
Bitcoin Breakdown (link) - Twice weekly Bitcoin news
Crypto Pragmatist (link) - Actionable alpha 3x a week
The Hustle (link) - Get Smarter on Business and Tech
Your Next Breakthrough (link) - Personal growth with Mark Manson
The Neuron (link) - AI trends and tools to keep you ahead
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”)
In what year did China ban Bitcoin mining? |
MEME CORNER 😂
Because what would the crypto world be without its share of memes?
Trivia Answer: A) 2021 🥳
Crypto trading and mining has been banned in China since 2021
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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.
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