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GM to all 43,919 of you. Crypto Nutshell #233 roamin’ by. 🦖 🥜

We’re the crypto newsletter that's more enchanting than a young girl discovering a magical portal to a mysterious and dangerous land... 🗝️🚪

What we’ve cooked up for you today…

• 🤑 3 Major crypto catalysts

• ⏰ You have less than 3 months

• 📈 Ethereum check in

• 💰 And more…

MARKET WATCH ⚖️

Only the top 20 coins measured by market cap feature in this section

3 MAJOR CRYPTO CATALYSTS 🤑

BREAKING: Three insane bullish catalysts on the horizon for crypto

Everything is lining up for a potential super cycle…

Matt Hougan, CIO of Bitwise, recently posted the following tweet:

Let’s break it down one by one.

Big Ethereum Upgrade

Ethereum is set to launch its highly anticipated “Dencun” upgrade on March 13th.

The key feature is “proto-danksharding” which aims to streamline data verification for Ethereum Layer-2 networks.

Major criticism’s of Ethereum are it’s high gas fees & slow transactions speeds.

Dencun is set to address this problem. Developers have said that after this upgrade, the system could eventually handle over 100,000 transactions per second, at low costs. 😮

The Bitcoin Halving

We’ve covered the Bitcoin Halving extensively here at Crypto Nutshell.

And if you’ve been involved with crypto for a couple of years, you’ve surely heard the term before.

But if you’re new to crypto, here’s a quick rundown:

Every 210,000 blocks (~4 years) the Bitcoin halving takes place.

The halving cuts the amount of new Bitcoin entering circulation every 10 minutes in half (miner block reward).

The last halving took place during May 2020, where the block reward was reduced from 12.5 to 6.25 BTC.

The next halving is scheduled for ~19 April 2024, where the block reward will be reduced from 6.25 to 3.125 BTC.

The halving traditionally marks the start bull-run, where we see parabolic moves upwards. 📈

For a deeper dive into the Bitcoin halving click here.

ETFs Accumulating Assets

The launch of the Bitcoin ETFs has been extremely successful by every measure.

In fact, BlackRock’s IBIT is the most successful ETF launch in US history. Accumulating over $3 billion in assets within 30 days.

The ETF inflows have been absolutely insane, take a look at the chart below.

So far the Bitcoin ETFs have experienced net inflows of ~58,000 Bitcoin.

That includes 152,000 BTC flowing out of Grayscale.

All three of these event’s are MASSIVELY bullish.

It’s all lining up.

We may have a super cycle on our hands…

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YOU HAVE LESS THAN 3 MONTHS ⏰ 

You have less than 3 months before the price of Bitcoin doubles.

Then, it will go on to hit $150,000.

That’s the message out from hedge fund founder & CEO, Mark Yusko.

Mark Yusko is the founder & CEO of Morgan Creek Capital.

Morgan Creek Capital has over $1 billion dollars of assets under management.

Mark personally has 30+ years of experience in financial markets. He was one of the first institutional investors to not only understand, but invest into crypto.

Mark agreed to come on to the Crypto Nutshell for an exclusive interview.

In the interview, he dropped some bombs. 💣

Here were 3 of them:

1. You have less than 3 months left

Mark’s main point was that investors have less than 3 months left to scoop up cheap Bitcoin.

Why?

The Bitcoin halving happens in 65 days.

Mark believes the current fair value of Bitcoin is $75,000.

However, after the halving?

The supply of new Bitcoin will be cut by 50%. This will make the fair value of Bitcoin double.

It’s price will move up to meet it’s fair value at $150,000.

Clocks ticking. ⏰

2. The Bitcoin price is being manipulated

Mark believes that from the launch of the Bitcoin ETFs, the Bitcoin price has been manipulated.

By who?

BlackRock & other large asset managers.

Their ultimate goal? Accumulate a larger Bitcoin position.

Mark points out that this has been done with every commodity since the beginning of time.

How do they manipulate the price?

By shorting Bitcoin.

Big asset managers can ‘short’ an asset using futures contracts. In a nutshell, this means they can sell Bitcoin, without actually owning it.

By selling large quantities of ‘paper’ Bitcoin, they can suppress the Bitcoin price and accumulate more Bitcoin, at lower prices.

Mark’s conclusion?

Although this can happen in the short term, eventually the demand from the ETFs will be too much & prices shoot up.

Just like what we saw happen with the gold ETFs.

3. You should NOT have a diversified portfolio

Unless you are old or already rich, you should not have a diversified portfolio.

Common investing advice is to diversify your investment portfolio.

Mark believes this is wrong. You should be highly concentrated. Unless you are old, or you’re already rich.

In the full interview, we also covered more questions everyone wants to know:

• Why $300 billion is coming for Bitcoin

• The best exit strategy for crypto in 2024

• Will Ethereum flip Bitcoin?

For all the insights - you’ll have to check out our full interview here.

We’d highly recommend giving it a full watch.

Dropping a like & subscribe would be hugely appreciated as well! 🫡

P.S. Next week we have the big dog coming on - Michael Saylor.

If you have anything you’d like to ask Saylor, this will be your chance.

Next week, we’ll drop a poll taking questions to ask him. The most common questions we get, we’ll ask Saylor himself!

ETHEREUM CHECK IN 📈

Last week we explored Ethereum’s supply side dynamics.

Click here to check it out in case you missed it.

Today we’ll be taking a look at Ethereum’s recent price performance.

The Market Value to Realized Value (MVRV) ratio is a super useful metric.

It’s simply a comparison between:

• Market Cap: Current price of Bitcoin multiplied by the circulating supply

• Realized Cap: The value of each coin at the price it was last moved on-chain multiplied by the circulating supply

Extreme deviations between market value and realized value can be used to identify market tops and bottoms.

The chart above compares the MVRV Ratio 🔵 to the 180-day MVRV average 🔴

• When 🔵 breaks above 🔴 : indicates large amounts of ETH were acquired below the current price. Now sitting in unrealized profit 🟩 

• When 🔵 breaks below 🔴 : indicates large amounts of ETH were acquired above the current price. Now sitting in unrealized loss. 🟥 

Like other on-chain indicators for both Ethereum and Bitcoin, October 2023 marked the turning point.

Since October, 🔵 has been well and truly above 🔴 indicating a market uptrend.

This is a good sign that 2024 is likely going to be an explosive year for Ethereum.

Just wait until the ETFs launch…

CRACKING CRYPTO 🥜

Former SEC chief criticizes NBA handling of controversial crypto partnerships. A former SEC offficial, John Reed Stark, said the NBA should be held accountable for its team crypto partnership with failed Voyager.

NY attorney general triples her accusations against Gemini, DCG, seeks $3B. Letitia James’ office initially sued Gemini, DCG and related parties, including DCG CEO Barry Silbert and subsidiary Genesis, in October.

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”)

MEME CORNER 😂

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

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

Bitcoin mining is the process of validating the information in a blockchain block by generating a cryptographic solution that matches specific criteria. When a correct solution is reached, a reward in the form of bitcoin and fees for the work done is given to the miner(s) who reached the solution first.

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HOW DID WE DO? 🤷

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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.