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- 🥜 Big boys coming
🥜 Big boys coming
PLUS: Reddit buys Bitcoin
Today’s edition is brought to you by Animus Technologies.
GM to all 45,693 of you. Crypto Nutshell #245 waddlin’ in. 🐧 🥜
We’re the crypto newsletter that's less daunting than taking on a mission that seems impossible with a team of experts... 🏢💥
What we’ve cooked up for you today…
🤑 Reddit buys Bitcoin & Ether
🏦 The institutions are coming
💪 Hodler breakdown
💰 And more…
MARKET WATCH ⚖️
Prices as at 2:15am
Only the top 20 coins measured by market cap feature in this section
REDDIT BUYS BITCOIN & ETHER 🤑
BREAKING: Reddit discloses Bitcoin and Ether holding in IPO filing
Reddit has announced that it has invested part of its excess cash into Bitcoin and Ethereum.
The announcement came as part of an S-1 filing with the SEC, necessary for a company planning an initial public offering (IPO).
If you haven’t heard of Reddit before…
In January 2024, they were the 9th most visited website in the world. Ahead of both Amazon and Yahoo…
Reddit is HUGE.
The S-1 filing states:
“Our investments in cryptocurrencies for treasury purposes are limited to Bitcoin, Ether, and any other cryptocurrency that the SEC, Commodities Futures Trading Commission, or high-ranking members of the staff of such regulatory bodies may, through public statements or guidance, identify as likely not being a security,”
Reddit has not yet disclosed exactly how much it has invested into Bitcoin and Ethereum.
But from the filing, the value of the digital assets was noted as “immaterial”.
This move to adopt Bitcoin puts them alongside companies such MicroStrategy and Tesla.
Although from the sounds of it, they still have a long way to go before they’re anywhere near those two in terms of holdings.
Retail FOMO is coming.
You can almost feel it. 😎
TOGETHER WITH ANIMUS 👾
Ethereum ETFs are just around the corner.
In the run-up to the Bitcoin ETFs, the price of Bitcoin went from $27,000 to $48,000.
A +78% gain in 6 months. 🤯
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THE INSTITUTIONS ARE COMING 🏦
$45 trillion of managed wealth is coming for Bitcoin.
That’s what Mike Novogratz is calling.
Mike is the CEO of Galaxy Digital, one of the Bitcoin ETF issuers.
Which means he has a unique insight into what’s going on behind the scenes.
Speaking with CNBC yesterday morning, Novogratz broke down what’s coming for Bitcoin in the coming months.
“The big story is we’ve now opened up the RIA community. $45 trillion of wealth is managed by brokers. And we’ve got the baby boomers who own most of the wealth in America and they’re getting their first easy access to Bitcoin”
(RIA stands for Registered Investment Advisor - a firm that manages investment portfolios)
Mike then notes the absolutely insane growth the ETFs have experienced in such a short amount of time. (indicating huge demand)
But here’s the best part…
He doesn’t see it slowing down anytime soon.
In fact, he believes over the next 6 months institutional demand is going to at least double. 😳
As it stands, there’s still some BIG advisors who currently can’t recommend Bitcoin to their clients. But Novogratz notes that they desperately want to.
And they will be able to… soon…
CEO of Bitwise has the same idea
We know you all love price predictions so we made sure to include one for you.
Yesterday we broke down Tom Lee’s $150,000 year-end prediction.
Mike has a similar take stating the following:
“I think we’ll test the old highs in a relatively short period of time. Once you break $69,000 it could go to $150,000 or $125,000.”
With the insane amount of demand coming in from the ETFs and the upcoming halving.
Bitcoin’s about to rocket. 🚀
HODLER BREAKDOWN 💪
It’s time to check in on the supply of Bitcoin last active 1+ years ago.
This charts nice and simple, but extremely useful.
It categorises coins based on how long it’s been since they last moved on-chain. (as a percentage of the circulating supply)
Metrics rising: long-term holders are accumulating coins 📈
Metrics declining: long-term holders are selling coins 📉
Taking a look at the chart below you’ll notice significant dips in these metrics when Bitcoin reaches new all-time highs. (especially with the 1+ year age band)
Here’s the breakdown for each cohort (compared to what it was 2 weeks ago):
🔴 Supply last active 1+ years ago: 68.87% (down from 69.31%)
🟠 Supply last active 2+ years ago: 56.49% (down from 56.67%)
🟢 Supply last active 3+ years ago: 44.45% (up from 43.69%)
🔵 Supply last active 5+ years ago: 31.58% (up from 31.52%)
The 1+ and 2+ age bands have slightly decreased.
But the 3+ and 5+ age bands slightly increased.
However looking at the chart above, you’ll notice that all metrics are still incredibly close to their all-time highs.
(we’re talking really minor decreases here for the 1+ and 2+ age bands)
We expect to see these metrics to continue to rise as we progress through the bull run.
Long-term conviction in Bitcoin is (basically) still at all-time highs. 😎
Who’s selling just before the halving?
CRACKING CRYPTO 🥜
Nigerians turn to VPN as government blocks access to Binance, Coinbase, others. Binance caught in regulatory crossfire as Nigerian users turn to VPNs amid cryptocurrency website blockage.
Visa and Mastercard: A boon for wallet holders, a threat to crypto exchanges? Visa began supporting the Circle’s USDC in certain Visa cards in 2020.
Reddit says it invested ‘excess cash reserves’ in bitcoin, ether. The filing also said that Reddit held ether and MATIC “as a form of payment for sales of certain virtual goods.”
WHAT WE’RE READING 📚
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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”)
What is Bitcoin's average block time? |
MEME CORNER 😂
Because what would the crypto world be without its share of memes?
Trivia Answer: C) 10 minutes 🥳
The average block time of the Bitcoin Network is 10 minutes
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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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