- Crypto Nutshell
- Posts
- 🥜 Bitcoin bounces back
🥜 Bitcoin bounces back
PLUS: ETFs buying big
Today’s edition is brought to you by Uphold
Get started buying crypto with Uphold today. Set up a Repeat BTC Buy and receive up to 3% cashback, paid in Bitcoin!
GM to all you crypto nuts. Crypto Nutshell #381 ploddin’ along... 🐫 🥜
We’re the crypto newsletter that's more thrilling than your first ride on a dragon... 🐉✨
What we’ve cooked up for you today…
🏦 ETFs buying big
🚧 This could change everything
🇩🇪 Germany… When will it end?
💰 And more…
MARKET WATCH ⚖️
Prices as at 6:00am ET
Only the top 20 coins measured by market cap feature in this section
ETFs BUYING BIG 🏦
BREAKING: US spot bitcoin ETFs record $216 million in net inflows, continuing positive flow streak
The US Bitcoin ETFs are on a roll.
So far this week, the ETFs have seen net inflows of $511.2 million.
And the inflow streak is now up to 3 days in a row.
Yesterday saw $216.4 million in inflows, here’s the breakdown:
BlackRock IBIT: $121.0 million 🥇
Fidelity FBTC: $91.0 million 🥈
Ark Invest ARKB: $43.3 million 🥉
However, Grayscale and Bitwise both experienced net outflows of $37.5m & $4.7m respectively.
ETF analyst Eric Balchunas also pointed out that despite Bitcoins 20% drawdown, the ETFs saw net inflows.
Balchunas explains that he would have been impressed if the ETFs held onto 90% of their assets during a correction like this. (ETFs buyers are stronger hands than people give them credit for)
Bitcoin’s price has also begun to recover.
Climbing 2.80% in the last 24 hours and hovering at ~$59,000 at the time of writing.
Remember corrections are all part of the game.
Bull markets often see the price dip by 30% or more on the way up.
ETF holders have now proved themselves to have diamond hands. 💎 🙌
THE EASIEST WAY TO BUY CRYPTO 🤑
Trading cryptocurrency can be overwhelming.
With thousands of coins and various platforms to navigate, it's easy to feel lost.
But if you want to simplify the process and take advantage of dollar-cost averaging, Uphold has your back.
With Uphold you can:
Buy, sell and swap over 265 different crypto tokens including BTC and ETH - plus discover new tokens early 🤝
Easily set up automatic, recurring transactions for dollar-cost averaging plus access an array of robust trading tools 💵
Simple account setup and user-friendly interface, making it ideal for beginners.
Special Promotion: Earn up to $1,000 a Month with Repeat BTC Buys! Take advantage of Dollar-Cost-Averaging and start earning BTC rewards. Set up a Repeat BTC Buy during this limited-time offer and receive up to 3% cashback, paid in Bitcoin!*
THIS COULD CHANGE EVERYTHING 🚧
Bitcoin’s recent dip was due to a combination of short-term selling pressure.
But there’s one BIG piece of news that people aren’t talking about…
That’s the latest message out from Anthony Scaramucci.
For those not familiar with Scaramucci, he’s a well-known American investor.
He’s the founder of SkyBridge Capital, an investment firm that has over $2 billion under management.
In his latest interview, Scaramucci explained Bitcoin’s recent price action.
And as you probably know by now, it’s a combination of selling pressure and fear in the market.
“You have a lot of things going on at the same time. You have the German government selling, you have the Mt. Gox bankruptcy which is going to be releasing 140,000 BTC. There’s been some selling pressure.”
On top of Germany selling and the Mt.Gox news we also have Miner capitulation going on.
Miner capitulation is when inefficient miners are forced to sell Bitcoin and possibly shut down due to their revenue being cut in half (This happens after every single halving).
Checkout our full write up on Miner Capitulation here.
Regardless of Bitcoin’s short-term price action, Scaramucci is still confident in his cycle predictions:
“I do think it’ll be $170,000 post halving. I think it can get to $100,000 by year end. But it has to chug through this slog right now.”
Scaramucci then mentioned a bit of underrated news that’s soon to hit the market.
And that’s FTX releasing funds back to its clients which is expected to occur in late Q3/early Q4 of this year.
FTX is set to release ~$16 billion in cash back to investors.
“FTX is going to be releasing shortly, $16 billion roughly of cash to investors who had their accounts at FTX. A lot of that was in Bitcoin when it got frozen in the bankruptcy. We think a lot of that cash will flow back into Bitcoin.”
Now it’s impossible to know exactly how much of this $16 billion will flow back into Bitcoin/crypto.
But Scaramuci is predicting around 40% - 50%.
Perhaps that’s a little too optimistic?
Some investors might not invest back into crypto as they’ve already been burned by the space…
Regardless, even if only 10% reinvest back into Bitcoin, that’s still significant buying pressure.
GERMANY… WHEN WILL IT END? 🇩🇪
They just won’t stop selling…
This time the German government has sold up to 6,306.9 Bitcoin.
A wallet associated with the German government made the following transfers:
800 Bitcoin to Kraken
5,000 Bitcoin to market maker B2C2 Group
107 Bitcoin to market maker Cumberland DRW
400 Bitcoin to an unlabelled address
However they did receive 5,366 Bitcoin back from exchanges including Kraken, Bitstamp and Coinbase.
This is likely due to the exchanges being unable to sell the Bitcoin within a targeted price range.
As it stands the German government still holds 22,847 Bitcoin. (~$1.3 billion)
Which represents less than half of their initial balance, but may indicate more selling pressure in the short-term.
But the markets didn’t really seem to care this time…
As we mentioned earlier, Bitcoin is up over 2.80% for the day and hovering around $59,000.
CRACKING CRYPTO 🥜
Bitcoin to be added to official Republican 2024 platform after today's vote. Republicans aim to end regulatory "crypto crackdown" and support self-custody rights in new platform.
VanEck and 21Shares send amended Ether ETF filings to SEC. The SEC must approve all S-1 registration statements from asset managers before they can list and trade shares of spot Ether exchange-traded funds on U.S. exchanges.
It's Not Germany Selling Bitcoin. It's One of Its States and It Has No Choice. Since confiscating nearly $3 billion worth of bitcoin in January, Germany's state of Saxony has sold over half of its initial holdings.
Bitcoin Mining Difficulty Drop Suggests BTC Price Is Nearing Bottom. “Miner capitulation” is usually a sign that Bitcoin is done dumping, and it's happening as the price of BTC falters. When will it end?
WHAT WE’RE READING 📚
Want to get even smarter? Check these out.
p.s. all completely FREE (one click subscribe link)
Raremints (link) - Daily crypto news
Seven Point Sunday (link) - Learn to build your career every Sunday
Bullseye Trades (link) - Daily stock market tips
Crypto Pragmatist (link) - Actionable alpha 3x a week
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
|
|
|
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 the maximum amount of Ethereum that can ever exist? |
MEME CORNER 😂
Because what would the crypto world be without its share of memes?
Trivia Answer: D) Infinite 🥳
Unlike Bitcoin, Ethereum technically has an unlimited maximum supply.
GET IN FRONT OF 64,000+ CRYPTO INVESTORS
Advertise with Crypto Nutshell to get your product or brand in front of the crème de la crème of crypto investors. Crypto Nutshell readers are high-income earners who are always looking for unique or interesting offers.
HOW DID WE DO? 🤷
We read every comment submitted in this poll and love to hear what you guys have to say. 😁 (bonus points for suggestions 🍪)
What did you think of today's Newsletter?Don't worry, you won't hurt our feelings... 🥲 |
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.
*Terms and conditions apply. Offer valid for new users. Crypto investments involve risks; please do your research.
Reply