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🥜 We're barack
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GM to all 64,642 of you. Crypto Nutshell #315 spillin’ the tea... ☕ 🥜
We’re the crypto newsletter that’s more mysterious than rival magicians locked in a deadly competition to uncover each other's secrets... 🎩🔮
What we’ve cooked up for you today…
🤔 Grayscale records an inflow?
🧨 No other option
💪 Wallet addresses exploding
💰 And more…
MARKET WATCH ⚖️
Prices as at 5:30am ET
Only the top 20 coins measured by market cap feature in this section
GRAYSCALE RECORDS AN INFLOW? 🤔
BREAKING: Grayscale’s GBTC stops bleeding: First inflow since launch
Is this some kind of miracle?
For the first time since launch, Grayscale’s GBTC has recorded an inflow.
After 4 months of continual outflows and ~$17.5 billion leaving the fund, Grayscale recorded a net inflow of $63 million.
Franklin Templeton also recorded their largest ever inflow of $60.9 million.
Here’s the breakdown for yesterday’s flows:
Fidelity (FBTC): $102.6 million 🥇
Grayscale (GBTC): $63 million 🥈
Franklin Templeton (EZBC): $60.9 million 🥉
With all issuers recording inflows, yesterday saw $378.3 million flowing into the Bitcoin ETFs.
Breaking the streak of 7 straight outflow days.
Even ETF analyst Eric Balchunas couldn’t believe Grayscale actually recorded an inflow:
As a result of these inflows, Bitcoins price jumped back above $60,000.
At the time of writing Bitcoin is hovering around $63,000.
Clearly inflows from the ETFs and Bitcoins price are heavily correlated…
We’re so back. 😎
TOGETHER WITH EXODUS WALLET 💰
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NO OTHER OPTION 🧨
The dollar is finished.
You don’t truly own real estate.
That leaves just one option.
Bitcoin.
That’s the latest message out from controversial influencer, Andrew Tate.
Andrew Tate is a polarising figure, to say the least.
But Tate is undeniably an expert on crypto, having made tens of millions of dollars in the space.
(if you want to see see how, check out our full breakdown here)
This week, Tate pointed something out.
If you want true freedom & control of your financial future, there’s really only 1 option.
Andrew Tate doesn’t just talk the talk either.
He puts his money where his mouth is.
Whether you agree with Tate’s views or not, he’s got one thing spot on:
Fiat money is finished.
There’s only one option left:
Bitcoin.
“You’re slaving away for money, you’re desperate to get it. I’ve been saying for a very long time that money isn’t real. It’s literally just invented money on the screen. You’re giving up your life for invented numbers on the screen.”
WALLET ADDRESSES EXPLODING 🤯
Today we’ll be taking a look at the number of addresses with a non-zero balance.
It provides a high level overview of the Bitcoin network’s user base/activity.
Keep in mind though, one wallet does not equal one user. A user can have many wallets.
What matters here is the trend of the chart.
Increasing number of addresses: increasing adoption levels 📈
Decreasing number of addresses: indicates users are selling their entire balance or consolidating wallets 📉
Notice how this chart has always been trending upwards?
A clear sign that the Bitcoin Network has expanded every single year.
As of today there are 52,521,810 addresses with a positive balance.
Two weeks ago this metric was at 52,092,112 wallets.
That’s an increase of +429,698 wallets. 😱
The likely reason for this insane growth over the past two weeks is the rise of Bitcoin Ordinals & Runes.
Ordinals are basically NFTs for Bitcoin.
And Runes allow the creation of memecoins and other tokens on Bitcoin.
If you’d like to learn more about Ordinals & Runes, click here.
Simple takeaway from this data:
The use-cases of Bitcoin are still growing, 15 years into its existence.
And the network continues to expand every single year.
Bullish.
CRACKING CRYPTO 🥜
Arthur Hayes predicts Bitcoin is poised for a steady rise in value. Hayes believes Bitcoin's local bottom is in and expects the flagship crypto to steadily grind upward over the coming months.
Grayscale’s GBTC stops bleeding: First inflow since launch. Grayscale Investments has seen its first day of GBTC inflows since it was converted into a Bitcoin ETF in January.
Bitcoin’s Recent Weakness Is More Tied to Global Markets Than to Anything Crypto Specific, Coinbase Says. Both equities and gold have been trading lower since reaching highs in mid-April, the report noted.
What 13F filings tell us about institutional appetite for bitcoin ETFs. Institutions continue to disclose their holdings in SEC filings, and here’s what we’ve learned so far about their appetite for bitcoin ETFs.
WHAT WE’RE READING 📚
Want to get even smarter? Check these out.
p.s. all completely FREE (one click subscribe link)
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”)
The first commercial bitcoin transaction was for a pizza worth ___ BTC? |
MEME CORNER 😂
Because what would the crypto world be without its share of memes?
Trivia Answer: A) 10,000 🥳
On May 22, 2010 Laszlo Hanyecz paid Jeremy Sturdivant 10,000 Bitcoin for two Papa John's pizzas.
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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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