GM to all 22,399 of you. Crypto Nutshell #161 cruisin’ by. 🛳️ 🥜

We’re the crypto newsletter that's less dramatic than waking up as a mob boss managing a family and a criminal empire... 👔 🚬

What we’ve cooked up for you today…

• 🤑 Michael Saylor can’t stop buying Bitcoin

• 🪟 New Bitcoin ETF approval window

• 👀 November recap

• 💰 And more…

MARKET WATCH ⚖️

Only the top 20 coins measured by market cap feature in this section

MICHAEL SAYLOR WON’T STOP 🤑

Breaking: MicroStrategy bought nearly $600 million worth of Bitcoin in less than one month

Over November, MicroStrategy purchased an additional 16,130 Bitcoin at an average price of $36,785 per Bitcoin.

This brings MicroStrategy’s total holdings to 174,530 Bitcoin at an average price of $30,252 per Bitcoin.

That’s ~$6.7 billion in Bitcoin at the time of writing…

(a profit of ~$1.4 billion)

It’s safe to say that Michael Saylor and MicroStrategy are fully committed to their Bitcoin adoption plan.

When you look at other public companies that hold Bitcoin, MicroStrategy is so far ahead it’s not even funny.

They hold more than 12x the amount of Bitcoin compared to second place, Marathon Digital.

But here’s the real insane part.

The circulating supply of Bitcoin is ~19.5 million.

That means that MicroStrategy now holds ~0.9% of the total circulating Bitcoin supply. 😱

Saylor is truly living up to his ‘GigaChad’ nickname… 😎 

TOGETHER WITH STOCK MARKET RUNDOWN 📈

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There’s an easy way to do it: the Stock Market Rundown.

It’s a daily 3-minute read that keeps you covered on the stock market and all things business.

We enjoy reading Stock Market Rundown because they make keeping up with the latest business news amusing and actually kind of fun.

The best part? They’re 100% free.

Whack that subscribe button to get smarter on business today. 😎 

NEW BITCOIN ETF APPROVAL WINDOW 🪟 

James Seyffart is an ETF analyst at Bloomberg.

Early in November, he highlighted an 8 day window in which all 12 spot Bitcoin ETF's could be approved.

That window was from November 9 - 17, which has come and gone. The SEC has continued to delay decisions on a spot Bitcoin ETF. But progress is being made. 

Yesterday, a new spot Bitcoin ETF application was filed with the SEC. The application was made by Swiss asset manager, Pando Asset. 

This brings the total number of spot Bitcoin ETFs applications to 13.

Additionally, in the last week we've seen the SEC meet with BlackRock, Grayscale, Invesco & HashDex executives. All of which have active spot Bitcoin ETF applications.

What does this mean?

It adds to the long line of indications that progress is being made towards approval.

So when can we expect approval? 🤔 

James Seyffart is now targeting January 5th - 10th as the next likely approval window.

Both Bloomberg ETF analysts are still holding onto their 90% odds of approval by January 10th. 

Only 40 days to go now… ⏰ 

P.S

Today we also saw asset manager Fidelity file their application for a spot Ethereum ETF.

Fidelity has $4.5 trillion dollars in assets under management. Their application starts a 240 day countdown until a decision.

As soon as a spot Bitcoin ETF has been approved, get ready for all the attention to switch to a spot Ethereum ETF. 👀 

NOVEMBER RECAP 👀

November 2023 was another great month for Bitcoin.

Over the course of the month Bitcoin rose by 8.81%

The highlight of the month was Bitcoin crossing the $38,000 mark. As we head into the halving and Bitcoin ETF approvals, momentum is definitely picking up.

On the other hand, Ethereum actually outperformed Bitcoin in November, locking in gains of 13.01%

The start of the month saw Ethereum explode through the $2,000 price mark where it has been trading ever since.

Now what does December have in store for Bitcoin? 🤔

Well, the chart below shows average monthly returns for Bitcoin. 

And December is looking good, with average returns of 15% 🤑

Here’s a little hopium for you…

Take a look at the last two times Bitcoin had a positive September (2015 & 2016).

Do you see it?

October, November and December also locked in positive returns following a positive September…

Now we’re not saying this is guaranteed to happen again, but we are on the right track…

Upwards, with haste. 😎

CRACKING CRYPTO 🥜

WHAT WE’RE READING ✍️

Want to get even smarter? Check these out.

p.s. all completely FREE

CAN YOU CRACK THIS NUT? ✍️

Did you catch yesterday’s newsletter?

What was Coin Bureau’s (Guy Turner) Ethereum price prediction for 2024?

• A) $4,000

• B) $8,000

• C) $10,000

• D) $11,000

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: B) $8,000 🥳 

Guy Turner believes Ethereum could get as high as $8,000 in 2024.

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NUTCASE REVIEW OF THE DAY 🔍

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.