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- 🥜 $200k is a lock
🥜 $200k is a lock
PLUS: Altcoins take a hit
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GM to all of you nutcases. It’s Crypto Nutshell #671 on a mission… 🎖️🥜
We're the crypto newsletter that's more chaotic than a group of teenagers summoned into a cursed video game world... 🎮🐆
What we’ve cooked up for you today…
🏦 What just happened?
🔒 $200k Bitcoin is a lock
🤯 Supply crunch
💰 And more…
Prices as at 4:25am ET
WHAT JUST HAPPENED? 🏦
BREAKING: Bitcoin and XRP Pull Back, But Bulls Have Reason for Optimism
Altcoins just took a hit… But is it already over?
Ethereum, XRP, Solana, and Dogecoin all slipped hard on Wednesday - wiping out some of July’s explosive gains.
The trigger?
A sudden derivatives overload.
According to Glassnode, altcoin open interest has surged from $26 billion to $45 billion in just a few weeks - an all-time high.
That kind of leverage often fuels short-term volatility.
And we saw it play out fast.
Ethereum alone saw $129 million in liquidations, with nearly $104 million coming from overleveraged long positions.
XRP got hit for $63 million, followed by Bitcoin at $62.5 million.
XRP is now the biggest loser in the top 10 - down over 10% on the day.
Dogecoin followed, dropping almost 9%, while Solana dipped 7% and ETH fell a modest 3%.
Still, Glassnode analysts aren’t calling the top:
“This rapid growth suggests an acceleration in speculative positioning and a rising degree of market froth. Elevated leverage can both magnify gains and exacerbate losses, introducing greater reflexivity and making the market more vulnerable to volatility shocks.”
Translation: This looks more like a shakeout than a top.
Mike Cahill, CEO of Douro Labs, agrees.
He called it a correction - not a collapse:
“What we’re seeing right now is a little more complicated than ‘What goes up must come down. There’s definitely going to be a market correction as a result of profit-taking and increased selling pressure… but I expect the crypto bull market to continue strongly at the very least through the end of 2025.”
And despite the pullback, the broader altcoin market cap is still up $216 billion in just two weeks.
That’s not bearish.
This is still altseason - just taking a breather.
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Whether you’re stacking Bitcoin weekly or diving into deep altcoin research…
$200K BITCOIN IS A LOCK 🔒
Fred Krueger has seen enough.
Bitcoin is going to $200,000, by end of year:
“$200K is a lock.”
What’s the thesis?
It’s all about flows.
Fred - a quant, ex-hedge fund manager, and longtime Bitcoin bull - has been modeling capital flows into BTC for years.
And right now, he says the math couldn’t be clearer:
Fred’s words:
“Put your big boy pants on.”
Fred doesn’t see $200K as likely anymore - He now sees it as inevitable:
The same $80B in inflows that pushed Bitcoin from $37K to $120K?
It’s about to happen again.
Between MSTR, 21Shares, Nakamoto, MetaPlanet, and the ETFs…
The next leg up is locked in. 🔒
All that’s left…
Is to ride it. 🐎
SUPPLY CRUNCH 🤯
Today we’ll be checking in on the amount of Ethereum 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 🐻
Just 16.14 million ETH now sits on exchanges - a tiny 13.34% of the total supply.
In the past 90 days alone, 1.61 million ETH (worth $5.74 billion) has been pulled off.
Let that sink in…
Exchange balances are back at 2016 levels. 🤯
This isn’t what the top looks like.
This is what a supply crunch looks like.
ETH is disappearing. Demand is heating up.
And when you combine those two?
There’s only one way it ends:
With liftoff. 🚀
CRACKING CRYPTO 🥜
Why the SEC is stalling new crypto ETFs even after greenlighting them. The SEC may use stay orders to delay ETFs as it seeks a comprehensive regulatory framework for digital assets.
Goldman Sachs, BNY to offer tokenized money market funds for clients. Goldman Sachs and BNY will offer tokenized money market funds, enabling real-time settlement and blockchain-based ownership for institutional clients.
XRP, SOL, TON Lead the Way as Altcoins Sell Off. Altcoins tumbled Wednesday, triggering over $200M in liquidations and pushing bitcoin’s dominance back past 60%.
Bitwise is 'actively evaluating' the SEC's pause on its initially approved crypto index fund. Bitwise says it's "actively evaluating" the SEC's decision to pause the conversion of its cryptocurrency index fund after approving it.
WHAT WE’RE READING 📚
Want to get even smarter? Check these out.
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Raremints (link) - Daily crypto news
Bitcoin Breakdown (link) - Daily Bitcoin news
Techpresso (link) - Daily tech news and insights
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”)
Which of the following blockchains is best known for enabling smart contracts? |
MEME CORNER 😂
Because what would the crypto world be without its share of memes?
Trivia Answer: Ethereum 🥳
Ethereum was built from the ground up to support smart contracts — powering DeFi, NFTs, DAOs, and most of the Web3 ecosystem today. 🚀🧩
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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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