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- 🥜 Bitcoin = Apple
🥜 Bitcoin = Apple
PLUS: US Gov Selling
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GM to all you crypto nuts. Crypto Nutshell #414 arrivin’ on time… 🛎️ 🥜
We're the crypto newsletter that's more unforgettable than a fish on a quest to find home... 🐠🔍
What we’ve cooked up for you today…
🏦 US Government moves BTC?
🍏 Bitcoin = Apple
🐋 Whales are buying big
💰 And more…
MARKET WATCH ⚖️
Prices as at 4:15am ET
Only the top 20 coins measured by market cap feature in this section
US GOVERNMENT MOVES BTC? 🏦
BREAKING: US government transfers 10,000 Silk Road BTC to Coinbase
Did you know that the United States government is one of the largest Bitcoin holders in the world?
They currently hold 213,246 Bitcoin.
But how’d they get this much Bitcoin in the first place? 🤨
Well, the majority of their Bitcoin was seized from dark web market place “Silk Road” back in 2013.
And now that Bitcoin is on the move…
According to Arkham Intelligence, the US transferred 10,000 Silk Road BTC to Coinbase.
That’s almost $600 million worth of Bitcoin at today’s prices.
On July 29, the US also transferred 29,800 Bitcoin (~$2 billion) to Coinbase.
Many called this move by the US “tone deaf” as it came just two days after Trump spoke at the Bitcoin 2024 conference - promising to never sell Bitcoin.
Moves like these always spark a little fear into the market…
However, we believe it’s nothing to worry about.
As we reported last time, the US Marshals Service recently announced a partnership with Coinbase to “safeguard” digital assets.
And that’s exactly what we believe this recent transfer by the US was.
It’s just a move for custody purposes…
Also it’s worth pointing out that Bitcoin’s recent downwards movement occurred before this news broke.
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BITCOIN = APPLE 🍏
Bitcoin is the new Apple.
Learn from the lessons of those who bought it early.
That’s the latest message out from Fred Krueger.
If you haven’t heard of him, here’s Krueger’s resumé:
Worked on Wall Street for 10 years 💼
Extremely successful entrepreneur - has exited 10 companies, with some exits in the tens of millions 💰
Studied mathematics, with a P.H.D from Stanford University 📚
In his latest writeup Fred recounted the lessons he learnt from buying Apple stock early.
“Split adjusted Apple stock was at $4.50 when they introduced the iPhone. It was amazing. They had completely re-invented the Internet and put it inside the phone.”
Realising how revolutionary the iPhone was going to be, Fred bought shares.
“I bought shares. They went up to $7, crashed to $3 and recouped to $9. It had taken 3 years, but I doubled my money.”
Doubling your money sounds like a win, right?
Wrong. 🙅
It was a huge blunder.
“The real money came afterwords. The next 14 years, Apple went up 20x, closing yesterday at $216.”
The lesson?
When something revolutionary comes around, don’t be quick to sell.
“Don't be me 20 years ago with Apple Stock. Be Saylor. He still owns his. And consider a similar holding period for Bitcoin.”
Bitcoin is the new Apple. 🍏
WHALES ARE BUYING BIG 🐋
As you know by now the market is currently in what many are calling “the boring zone”.
Bitcoin’s been chopping around the same price range for what feels like an eternity.
But what are the biggest holders doing during this period?
Let’s find out.
First up we’ll be checking the Accumulation Trend Score (ATS).
Here’s how to interpret this metric:
ATS closer to 1 (purple): indicates that whales (or a majority of the network) are accumulating
ATS closer to 0 (yellow): indicates that they are distributing or not accumulating
Basically, the ATS provides insight into whether whales are actively accumulating or not.
The ATS recently recorded it’s highest possible value of 1.0.
Which suggests significant accumulation throughout the last month.
It doesn’t get much clearer than that.
The whales have been busy…
We can also look at the total supply held by long-term holders (btc held for greater than 155 days).
And we see the exact same pattern…
Long-term holders heavily distributed during the run up to the all-time high, selling off ~945,000 Bitcoin.
But now things have changed…
Over the last three months, long-term holders have accumulated ~374,000 Bitcoin.
From both of these metrics there’s a clear trend forming.
Whales and long-term holders are once again holding onto their coins, waiting out for higher prices.
HODL on. 😎
CRACKING CRYPTO 🥜
U.S. inflation rate hits 2.9% as Bitcoin remains around $61,000. Core inflation aligns with predictions, Bitcoin's response flat at $61,000.
New Vanguard CEO: "We will not be launching crypto ETFs." New Vanguard CEO confirms: 'We will not be launching crypto ETFs,' opting out of the cryptocurrency ETF gold rush.
Coinbase Promotes cbBTC, Wrapped Bitcoin Alternative for Base Blockchain. Tweets from the crypto exchange and Jesse Pollak, the creator of Base, suggest cbBTC could run on the layer-2 blockchain.
Fidelity Head of Digital Asset Management suggests stablecoins, tokenized Treasurys and onchain credit may be in the offing. Despite the surprising client demand for crypto ETFs, it's "not clear" more crypto ETFs will follow Bitcoin and Ethereum.
WHAT WE’RE READING 📚
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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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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”)
When did infamous ponzi scheme "BitConnect" shut down? |
MEME CORNER 😂
Because what would the crypto world be without its share of memes?
Trivia Answer: D) January 2018 🥳
On January 17, 2018, Bitconnect shut down, and BCC prices crashed by 92% immediately after.
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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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