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- 🥜 7 Reasons to be bullish
🥜 7 Reasons to be bullish
PLUS: ETF Holders
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GM to all you crypto nuts. Crypto Nutshell #408 peelin’ it back… 🍌 🥜
We're the crypto newsletter that's more mysterious than a detective solving an ancient puzzle... 🔍📜
What we’ve cooked up for you today…
📈 Corporate Bitcoin adoption
🧪 7 Catalysts For Q4
🤑 ETF holders buy the dip
💰 And more…
MARKET WATCH ⚖️
Prices as at 4:40am ET
Only the top 20 coins measured by market cap feature in this section
CORPORATE BTC ADOPTION 📈
BREAKING: Semler Scientific studied MicroStrategy’s success before adopting Bitcoin strategy
Do you remember Semler Scientific?
They’re a publicly traded healthcare company who announced a Bitcoin strategy back in May of this year.
Well now, Chairman of the company Eric Semler has explained the reasoning for this decision.
And it’s a simple one…
They saw the success of Michael Saylor’s MicroStrategy and had plenty of cash on their balance sheet:
“Michael Saylor’s drumbeat about zombie companies with a lot of cash that were small and weren’t getting attention in the stock market kind of resonated with all of us on the board.”
Semler Scientific currently holds 929 Bitcoin which they purchased for $63 million. (average price of $68,000 per BTC)
However, the recent price dip hasn’t shaken Semler’s strong conviction:
“When you believe in something so strongly and when you have conviction you have to be willing to step up and buy things when they go against you… I think that the ultimate test of conviction is whether you will buy something that's down and that you bought 20% higher.“
What’s more is that Semler is currently awaiting approval on a $150 million fund raise which they intend to purchase more BTC with.
But they aren’t the only public company that’s recently adopted a Bitcoin strategy.
Tokyo stock exchange listed Metaplanet just announced plans to raise an additional $70 million.
They plan to purchase Bitcoin with the majority of these funds.
Metaplanet currently holds ~246 Bitcoin worth ~$13.4 million.
Public companies are now realising the power of adopting a Bitcoin strategy.
Who will be next? 🤔
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7 REASONS TO BE BULLISH 🧪
With the market correction we saw in the last week, it’s easy to lose sight of the bigger picture.
That bigger picture?
Things are looking ridiculously bullish for Bitcoin, right now.
That’s the latest out from Fred Krueger.
Fred Krueger is a mathematician turned Bitcoiner with the following credentials:
Worked on Wall Street for close to a decade 💼
Extremely successful entrepreneur - exited 10 companies, with some exits in the 10s of millions 💰
Degree in math, with a P.H.D from Stanford University 📚
In his latest tweet, Fred dropped 7 reasons to be bullish for Q4 and heading into 2025.
Reason 1: According to the most accurate Bitcoin pricing model, the Power Law model, Bitcoin is cheap.
Reason 2: Morgan Stanley, the 8th biggest bank in the world, is adding the Bitcoin ETFs to its platform, today.
Reason 3: UBS and Wells Fargo are expected to add the Bitcoin ETFs to their platform at some point in Q4.
Reason 4: Financial advisors are just now beginning to allocate towards Bitcoin.
Reason 5: An interest rate cut is coming in 42 days.
Reason 6: The U.S Election will be over in 90 days - no more uncertainty hanging over markets.
Reason 7: Another rate cut is highly likely after the election.
Combine all 7 and what do you get?
A very bullish few months ahead.
Fred concluded with this:
“We should 2x at a min. Possible $200K”
Although a $200,000 Bitcoin isn’t a certainty, one thing is:
There’s a LOT to look forward to. 🔮
ETF HOLDERS BUY THE DIP 🤑
Ethereum ETF investors have seriously been buying the dip.
Yesterday the Ethereum ETFs saw $98.4 million in net inflows.
That’s the second largest inflow day since launch.
Here’s the full breakdown:
BlackRock ETHA: $109.9 million 🥇
Fidelity FETH: $22.5 million 🥈
Grayscale ETH: $4.7 million 🥉
Grayscale’s ETHE saw it’s lowest ever outflow of $39.7 million.
And here’s another way to visualise the data.
Things are starting to turn around for the Ethereum ETFs…
As you’d expect, BlackRock is the dominant force in the Ethereum ETF arena.
In total, BlackRock has seen ~$900 million in inflows within two weeks.
Numbers like those put it in the top 6 ETF launches of 2024.
(4 of the top 5 spots are spot Bitcoin ETFs)
Here’s the thing though…
The Ethereum (and Bitcoin) ETFs have seen great success, despite regulatory barriers still holding them back:
No in-kind creation & redemption
No options trading
No staking on ETH ETFs
Even with these regulatory barriers, the ETFs have shattered records in every possible way.
That gives you an indication of how much investor demand there really is for these things.
CRACKING CRYPTO 🥜
Is Tim Walz good for Bitcoin? Shapiro emerged as the more crypto-friendly VP pick. Shapiro's favoring of Bitcoin mining contrasts with Walz's regulatory stance on cryptocurrencies.
Saylor says BTC strategic reserve is ‘Louisiana Purchase’ moment for US. Buying a strategic reserve of Bitcoin would be a Louisiana Purchase moment for the United States, says MicroStrategy's Michael Saylor.
Semler Scientific Studied MicroStrategy’s Success Before Adopting Bitcoin Strategy. Purchasing bitcoin for the company balance sheet came following “soul searching” about how to provide value to shareholders.
Trump and Lummis have pushed for US bitcoin reserves but critics express doubts. As markets slipped on Monday, the idea of the U.S. holding bitcoin led to the question — how would such a reserve handle fluctuations?
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
Seven Point Sunday (link) - Learn to build your career every Sunday
Bullseye Trades (link) - Daily stock market tips
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
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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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