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- 🥜 8 days until Bitcoin ETF approval 🤞
🥜 8 days until Bitcoin ETF approval 🤞
PLUS: No more sellers
GM to all 17,872 of you. Crypto Nutshell #139 trekkin’ in. 🥾 🥜
We’re the crypto newsletter that's as thrilling as a team of archaeologists searching for ancient artifacts... 🏺🌍
Today, we’ll be going over:
🔥 Gary Gensler gets cooked
🤞 8 days for Bitcoin ETF approval
🤑 No one wants to sell… yet…
💰 And more…
MARKET WATCH ⚖️
Prices as at 6:10am ET
Only the top 20 coins measured by market cap feature in this section
GARY GENSLER GETS COOKED 🔥
Breaking: Rep. Tom Emmer roasts Gary Gensler in fiery speech on the House floor
Minnesota Representative Tom Emmer has once again lashed out at the SEC and Gary Gensler. 🤬
This comes as the US House recently passed Emmer’s appropriation amendment designed to “reign in SEC enforcement abuses against the digital asset industry.”
To watch Emmer’s full speech click here. Highly recommend giving the vid a watch (it’s only 5 mins), but we’ll go through some of the “highlights“ below.
The SEC has continually overstepped it’s boundaries in harshly ‘regulating‘ the digital assets industry:
“Regulation by enforcement is a practice all too common with this administration… This is particularly the case at the SEC and chair Gary Gensler, his approach towards our capital markets and financial services industry, but especially with our emerging digital assets community.”
To make matters worse, the SEC is attempting to enforce laws that have not yet been established. Simply provide some clear guidelines for the industry and everyone can move on…
“Under Gensler’s leadership, the SEC has pursued dozens of enforcement actions against the digital asset industry despite never finalizing a single rule or regulation for the industry to follow… Chair Gensler refuses to provide the marketplace with clear criteria for digital assets that he would consider to be a security.”
This raises the question, if the SEC is all powerful and seeks to protect consumers… how did they fail to uncover the largest crypto ponzi scheme in US history?
“At a time when clear guidance is desperately needed, Chair Gensler instead spends taxpayer resources praising himself for targeting celebrities like Kim Kardashian while Sam Bankman-Fried was running a Ponzi scheme right under his nose,”
Emmer just wants crypto to be treated fairly…
To read more, click here.
TOGETHER WITH THE GOLD INVESTMENT LETTER 🪙
Before Bitcoin, there was a little something called gold.
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How much will it cost to fill up my tank of gas? Are gold & silver prices rising or falling? 🤔
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8 DAYS FOR BITCOIN ETF APPROVAL 🤞
A brief 8 day window has opened from November 9 - 17 for all 12 spot Bitcoin ETFs to be approved.
Bloomberg ETF Analyst, James Seyffart, put out a new research note today.
It pointed out an 8 day window the SEC could approve all 12 Bitcoin ETF applications.
Why?
The SEC issued delay orders for BlackRock, Bitwise, VanEck, WisdomTree, Invesco, Fidelity & Valkyrie all at the same time.
Those delays expire November 8th. Both James Seyffart and fellow Bloomberg ETF analyst, Eric Balchunas, believe the SEC will approve all 12 applications at the same time.
This will be the first available window to do so.
Seyffart also reaffirmed that there’s still a 90% chance of approval by January 10, 2024.
“Even if approvals don’t arrive this month, we still believe there’s a 90% chance of approval by Jan 10.”
Fingers crossed. The spot Bitcoin ETF approval date will be a huge milestone in Bitcoin’s history. 🤞🍾
NO ONE WANTS TO SELL 🤑
Yesterday we broke down the amount of Bitcoin that has been held for longer than 1 year. In case you missed it, you can check it out here.
Today we’ll be diving deeper and looking at Glassnode’s illiquid supply. To calculate this metric Glassnode analyses wallet spending behaviour.
Liquid Supply: Lots of coins coming in and lots of coins going out. Think wallets used by exchanges like Coinbase.
Illiquid Supply: Coins are coming in but not many are going out. Think HODLers.
Let’s use an example to understand why this metric is useful.
When a coin is withdrawn from an exchange (to a HODLer), it’ll be classified as hot supply (it’s a young coin). But this coin will also be classified as illiquid since it has gone to a wallet with low trading activity.
Therefore this metric gives us an immediate reading that this coin is no longer in an exchange wallet. By understanding this metric we can understand the rate at which coins are being HODL’d.
As of today, Bitcoin’s illiquid supply is at an all-time high of 15.4 million.
That’s a insane amount of Bitcoin being labelled as ‘illiquid’…
Investors continue to withdraw their coins from exchanges. In fact, over 1.7 million Bitcoin have been withdrawn from exchanges since May 2021.
Bottom Line: With supply dynamics extremely tight, the price of Bitcoin would have to explode before long-term holders even consider selling. 🚀
Put frankly, Bitcoin’s supply dynamics have never been better…
CRACKING CRYPTO 🥜
WHAT WE’RE READING ✍️
Want to get even smarter? Check these out.
p.s. all completely FREE
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CAN YOU CRACK THIS NUT? ✍️
Time for a memory test.
Yesterday we looked at the 1-year+ age bands chart. What percentage of Bitcoin has not moved in over a year?
A) 57.1%
B) 29.6%
C) 41.1%
D) 68.8%
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) 68.8% 🥳
It’s pretty crazy that such a large percentage of the Bitcoin supply hasn’t moved in over a year. Checkout the full breakdown here.
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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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