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- 🥜 4 Rules for the 2024 Bull-Run
🥜 4 Rules for the 2024 Bull-Run
PLUS: Saylor makes $1 billion
GM to all 18,323 of you. Crypto Nutshell #141 thundering in. ⛈️ 🥜
We’re the crypto newsletter that's less mysterious than a detective solving crimes in a small town filled with peculiar characters... 🕵️♂️🏞️
🤔 Is this the greatest trade of all time?
☀️ 4 rules for the 2024 bull-run
📉 Ethereum turns deflationary
💰 And more…
MARKET WATCH ⚖️
Prices as at 6:50am ET
Only the top 20 coins measured by market cap feature in this section
THE GREATEST TRADE OF ALL TIME? 🤔
Breaking: Michael Saylor’s massive Bitcoin bet crosses $1B in profit
Bitcoin’s recent price rally to a yearly high of over $37,000 has pushed MicroStrategy’s Bitcoin holdings into an insane profit of over $1 billion.
From MicroStrategy’s third quarter earnings report this is what we know:
Total holdings: 158,400 Bitcoin
Total cost: $4.68 billion
Average purchase price per coin: $29,586
At Bitcoin’s current price, that’s a profit of ~26% per coin.
To make things even better for MicroStategy, the companies stock price is up ~250% this year.
As a reminder, MicroStategy is currently the largest publicly traded holder of Bitcoin… annnd it’s not even close…
The next largest holder is Marathon Digital (a Bitcoin miner) which holds 13,726 Bitcoin.
That’s 144,674 less Bitcoin than MicroStrategy. 😱
Michael Saylor recently said:
“Bitcoin offers corporations an innovative strategy to preserve their capital and create shareholder value by leveraging their balance sheets with $BTC, providing an escape from the destructive cycle of expensive acquisitions, buybacks, dividends, & debt.”
With the upcoming approval of the Bitcoin ETFs, which company will be next to take inspiration from Michael Saylor? 🤨
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4 RULES FOR THE 2024 BULL-RUN 🐂
Macroeconomic expert - Raoul Pal - has a message:
We have all been given a gift.
Crypto represents one of the first times in history that we are able to front-run Wall Street and the institutions.
We all know spot Bitcoin & Ethereum ETFs are coming.
We all know institutional interest grows day by day.
Yet, we can build our positions before they arrive.
Raoul has 4 rules for the next bull-run.
1. No naked leverage ❌
2. Don’t FOMO into coins 🙅♂️
3. Expect horrific pullbacks 📉
4. Have a long-term view - HODL 🌟
His main point?
You have 1 job…
Don’t f*ck this up. 💣
ETHEREUM TURNS DEFLATIONARY 📉
Just last month we were talking about how Ethereum had flipped back into an inflationary state.
We mentioned that this wasn’t anything to worry about. Once demand begins to pickup, Ethereum will once again become deflationary.
And that’s exactly what happened…
A quick refresher:
Ethereum has a built in fee-burning mechanism. This means that the more traffic there is on the network, the higher gas fees will rise. And higher gas fees mean more ETH is being “burned”.
When ETH is “burned” it is permanently removed from the circulating supply. This is how ETH becomes deflationary in high traffic environments.
But where is this increased demand (traffic) coming from?
It looks like NFTs are the reason…
Daily NFT trading volume smashed a three-month high this week.
$25.67 million in JPEGs traded hands yesterday. That’s more than double the average NFT trading volume of October.
However NFTs still have a LONG way to go until they are anywhere near as relevant as they were during 2022.
Weekly trading volume peaked in April 2022 at $1.42 billion.
This past week only saw $92.33 million in trading volume…
This recent uptick in NFT trading volume is the reason that Ethereum has once again become deflationary.
With this increased traffic, 6,323.19 ETH ($13.25 million) has been burned over the last week.
Ethereum’s deflation rate is now at -0.185% per year. 📉
Just imagine how deflationary it will be when the hype really returns… 😳
CRACKING CRYPTO 🥜
WHAT WE’RE READING ✍️
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CAN YOU CRACK THIS NUT? ✍️
When was the popular meme token Dogecoin released?
A) January 2009
B) July 2015
C) March 2020
D) December 2013
Find out the answer at the bottom of “Meme Corner” below 😀
MEME CORNER 😂
Because what would the crypto world be without its share of memes?
Trivia Answer: D) December 2013 🥳
Dogecoin was launched in December 2013 with the image of a Shiba Inu dog as it’s logo
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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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