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GM to all 20,121 of you. Crypto Nutshell #148 darting by. 🦑 🥜
We’re the crypto newsletter more uplifting than a nanny descending from the skies with her magical umbrella... ☂️🌬
🏁 Fidelity joins the Ethereum ETF race
🍌 Are you ready for the ‘banana zone’?
💪 Bitcoin's long-term holders
💰 And more…
MARKET WATCH ⚖️
Prices as at 5:55am ET
Only the top 20 coins measured by market cap feature in this section
FIDELITY JOINS THE ETH ETF RACE 🏁
Breaking: Fidelity files for spot Ethereum ETF, trailing BlackRock by two days
Two days after BlackRock filed for a spot Ethereum ETF, Fidelity Investments has just filed their own.
Confirmed by ETF analyst James Seyffart:
Fidelity also has an active spot Bitcoin ETF application which was filed in June.
BlackRock and Fidelity filing for spot Ethereum ETFs is HUGE news.
In case you’re unaware:
BlackRock is the worlds largest asset manager with $9 trillion in assets under management
Fidelity is the THIRD largest asset manager in the world with $4.5 trillion in assets under management
This is why the ETFs will be MASSIVE for both Bitcoin and Ethereum.
Two of the world’s largest asset managers will be competing for clients…
(For those wondering who the 2nd largest asset manager is - it’s Vanguard with $7.2 trillion AUM. They are yet to file for any crypto ETFs)
This brings the total active spot Ethereum ETF applications to 7 (including Fidelity).
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ARE YOU READY FOR THE ‘BANANA ZONE’? 🍌
Where are we in the crypto cycle?
Today, macroeconomic expert Raoul Pal gave his answer.
He believes we have now transitioned into the late stages of crypto spring.
A stage he refers to as the ‘Banana Zone’.
What on earth is the ‘Banana Zone’? 😂
The ‘Banana Zone’ is the end of crypto spring, in which crypto rips upwards into the end of the year.
“We are now getting into late spring. Late spring we start to see what I refer to as the ‘Banana Zone’. Which is this massively positive end of year phase… Probabilistically speaking - it goes up into the end of the year. And usually fast.”
Why?
Traders and investors are all chasing performance into the end of the year. Everyone has been massively underweight all of 2023.
Now they try and make up for it.
Raoul also predicted that in 2024 we are going to transition into crypto summer. Crypto summer is characterised by:
Interest rates falling 📉
Inflation falling 📉
Unemployment rising 📈
Combine this with:
2024 is an election year 🇺🇸
Bitcoin 2024 Halving ✂
Bitcoin ETF approval ✅
And what do you get?
A perfect set-up for crypto.
“2024 is going to be a pretty wild ride.”
However, it’s 2025 where Raoul believes we see the real exponential action:
“2025 will be even better. That’s usually the batsh*t crazy year… Everything kind of goes exponential.”
Bottom line: If you are a crypto investor, you should be feeling very optimistic over the next 24 months.
Does anyone else feel underweight in crypto? Or is it just us? 😅
BITCOIN’S LONG-TERM HOLDERS 💪
Today we’ll be taking a look at the supply of Bitcoin last active 1+ years ago.
This year we’ve seen a crazy trend unfold for Bitcoin. Investors are just refusing to sell.
The amount of Bitcoin that hasn’t moved in over a year has just hit another all-time high of ~70%.
That’s an absolutely absurd amount of Bitcoin lying dormant…
One big reason for this rising trend was the collapse of FTX last November.
Investors who purchased the FTX lows could now sell their bags for a nice little 2x. 🤑
BUT, that’s just not enough, they’re holding out for more.
Here’s the breakdown for each cohort:
🔴 Supply last active 1+ years ago: 69.69%
🟠 Supply last active 2+ years ago: 57.25%
🟢 Supply last active 3+ years ago: 41.20%
🔵 Supply last active 5+ years ago: 29.64%
Going beyond the 1+ year age band, every other cohort is currently at an all-time high for supply held.
Interestingly, if we take a look at the 1+ year age band. Each peak continues to surpass the previous one.
This signals an increasing tendency towards HODLing by investors. 💪
Long-term conviction in Bitcoin has literally never been stronger. 😎
CRACKING CRYPTO 🥜
WHAT WE’RE READING ✍️
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CAN YOU CRACK THIS NUT? ✍️
What percentage of the Bitcoin mining industry uses sustainable energy sources?
52.6% of the Bitcoin networks energy use comes from sustainable sources
A) 52.6%
B) 31.8%
C) 74.5%
D) 87.9%
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: A) 52.6% 🥳
52.6% of the Bitcoin networks energy use comes from sustainable sources.
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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.