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- 🥜 The Bitcoin ETF Ad War has Begun
🥜 The Bitcoin ETF Ad War has Begun
PLUS: The Streak is Over
GM to all 28,626 of you. Crypto Nutshell #179 climbin’ over. 🧗♂️ 🥜
We’re the crypto newsletter that won't abandon you like waking up alone on a deserted planet with only your trusty rover... 🚀 🪐
What we’ve cooked up for you today…
⚔️ Bitcoin ETF ad war begins
🎱 1 More 2024 crypto prediction
🥲 The streak is over
💰 And more…
MARKET WATCH ⚖️
Prices as at 4:30am ET
Only the top 20 coins measured by market cap feature in this section
BITCOIN ETF AD WAR BEGINS ⚔️
BREAKING: Bitcoin ETF ad war officially underway with Bitwise campaign
Here it comes.
Like we said, the Bitcoin ETF ad war has is here.
First off the mark was Bitwise.
Actor Jonathan Goldsmith has revised his persona as “The Most Interesting Man in the World” to promote Bitwise’s pending ETF.
The message was simple:
“You know what’s interesting these days? Bitcoin. Look for Bitwise, my friends”
The ad can be viewed below:
Click to watch
Jonathan Goldsmith is best known for portraying “The Most Interesting Man in the World” from 2006 to 2018. If you’ve never seen any of the original ads, you’ve surely seen the popular meme.
Checkout the video below:
Keep in mind all of the pending ETF issuers are essentially offering the same product.
The key differentiators between them will be the fees they charge and how they’re marketed.
So expect more advertisements to come out soon, likely with much bigger celebrity cameos.
The multi-million dollar Bitcoin marketing push has begun…
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1 MORE 2024 CRYPTO PREDICTION 🎱
Over the weekend, we covered a report out from Bitwise, the largest crypto index fund manager.
The report detailed 10 predictions for crypto in 2024.
This week, VanEck has joined in the fun. They released a report outlining 15 crypto predictions for 2024. (way to one up Bitwise…)
VanEck is a global investment management firm. They currently have $76.4 billion in assets under management.
Jan van Eck - CEO of VanEck
They're also 1 of the 13 institutions with an application for a spot Bitcoin ETF.
Although the majority of the predictions were pretty standard:
The Bitcoin ETFs will be approved
The Bitcoin halving will occur without drama
Ethereum won’t flip Bitcoin in 2024
1 prediction stood out:
Bitcoin will make an all-time high in Q4, 2024
VanEck doesn’t just make the prediction that Bitcoin will make an all-time high in 2024…
They predict what day:
“We think the Bitcoin price will reach an all-time high on November 9th, exactly 3 years to the day from its last all-time high.”
The reasoning behind the prediction?
First, VanEck foresees the Bitcoin ETFs to be approved. They predict this will lead to ~$40.4 billion in inflows over the first 2 years.
As this is happening, the Bitcoin halving will occur, cutting Bitcoin supply by 50%.
They then believe that Donald Trump will win the 2024 U.S Presidency. He will play a role in dismantling the SEC’s hostile regulatory approach towards crypto.
This all culminates in a new Bitcoin all-time high on November 9th, 2024.
With Bitcoin cycles so closely aligned, the prediction doesn’t seem too insane.
VanEck then finishes their prediction with this:
“If Bitcoin reaches $100k by December, we make a long-shot call that Satoshi Nakamoto will be named Time Magazine's ‘Man of the Year.’”
It’s safe to say that institutions are becoming increasingly bullish on crypto in 2024.
Both VanEck & Bitwise have made predictions Bitcoin will reach new all-time highs in 2024.
Which leaves one question…
Who will be next? 🧐
To read the full report by VanEck - check it out here:
THE STREAK IS OVER 🥲
Unfortunately, the 11 week streak of crypto asset net inflows has come to an end.
Last week, digital asset investment products saw net outflows of $16 million.
But, trading activity remained extremely high at $3.6 billion for the week. This is notably above the year-to-date average of $1.6 billion.
If you’re new around here, or not quite sure what we mean by digital asset investment products, checkout this short article.
Bitcoin was hit the hardest last week, with $32.8 million in outflows. This brings the total YTD Bitcoin inflows down to $1.669 billion.
Interestingly, altcoins had a completely different story. The winners being Solana, Cardano, XRP and Chainlink. Which saw weekly inflows of $10.6m, $3.0m, $2.7m and $2.0m respectively.
Ethereum unfortunately also broke its streak of 6 consecutive positive weeks. Last week Ethereum saw net outflows of $4.3 million, bringing the YTD total down to $15 million. 😥
Regionally, a large portion of the outflows were focused in the US. With weekly outflows coming in at $18.3 million.
However, digital asset investment products continue to remain popular in Switzerland and Canada. Both experienced net inflows of $9.1 million and $6.9 million respectively.
Last week was a bit of a mixed bag. Some assets experienced major inflows whilst others experienced major outflows.
CoinShares note that the mixed regional flows suggest that this was more related to profit taking than a change in sentiment.
This looks like it’s more a case of profit taking for Christmas presents as opposed to a serious red flag.
But we’ll keep an eye on it & keep you posted… 👀 🚩
Click here for the full CoinShares report.
CRACKING CRYPTO 🥜
WHAT WE’RE READING ✍️
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CAN YOU CRACK THIS NUT? ✍️
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The data in a blockchain gets stored in ________ . |
MEME CORNER 😂
Because what would the crypto world be without its share of memes?
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Trivia Answer: B) Blocks 🥳
A blockchain is a distributed database that maintains a continuously growing list of ordered records, called blocks.
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