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- 🥜 Bitcoin Is Programmed To Hit This Price
🥜 Bitcoin Is Programmed To Hit This Price
PLUS: History has been made
GM to all 42,274 of you. Crypto Nutshell #217 glidin’ by. 🪂 🥜
The crypto newsletter that's less perplexing than navigating the unpredictable world of high school social hierarchies... 📚👑
What we’ve cooked up for you today…
🤑 History has been made
🤖 Bitcoin to $170,000 is programmed
💪 Long-term holders
💰 And more…
MARKET WATCH ⚖️
Prices as at 5:50am
Only the top 20 coins measured by market cap feature in this section
HISTORY HAS BEEN MADE 🤑
BREAKING: Bitwise’s Bitcoin ETF receives BTC donations following transparency move
Bitwise is the first ETF issuer to publicly announce it’s wallet address.
Although that hasn’t stopped Blockchain detectives from tracking down the addresses of other issuers.
One of Bitcoin’s most unique features is it’s transparency.
Apply that to traditional finance and the result is pretty cool.
Now anyone can verify and view exactly how much Bitcoin each ETF is holding.
Here’s a list of Bitcoin ETF addresses if you’d like to check them out:
Following the announcement of Bitwise’s Bitcoin address something strange happened…
Bitwise began receiving Bitcoin donations. 😂
6969 sats = ~$2.80 USD
ETF analyst Eric Balchunas was stumped with this news. 😐
For the first time ever, the public can now donate funds to an ETF. (we’re not sure why you would though?)
“I’m pretty sure this is a first for ETFs: someone donating underlying assets to the fund (which is now poss bc Bitwise published their bitcoin addresses). Never a dull moment I swear.”
When asked how this would affect the share price, Balchunas had this to say:
“I don’t know, I’m trying to wrap my head around it because the way assets get into an ETF is only through the AP giving the issuer money. This bypasses all that but no new shares created. I guess it could be treated like securities lending revenue and put back into the NAV like a rebate on the expense ratio.”
SO many questions to ask regarding this.
How does it impact accounting? What do they do with the extra BTC? Do they just ignore it? 🤷♂️
Never a dull moment indeed. 😎
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BITCOIN TO $170,000 IS PROGRAMMED 🤖
Bitcoin is heading to $170,000 following the April 18 Halving.
Why?
It all comes down to the strikingly similar price cycles of Bitcoin.
That’s the prediction from Anthony Scaramucci.
For those not familiar with Scaramucci, he’s a well-known American investor.
He’s the founder of Sky Bridge Capital, an investment firm with over $2 billion under management.
In his latest interview, he broke down why he believes Bitcoin is heading to $170,000 by 2025.
“You mentioned my $170,000 prediction… that's a data-dependent prediction. Go back and look at Bitcoin halving cycles. The day that Bitcoin halves, multiply it [the price] by four. 18 months later and it's been uncanny, that's been the price of Bitcoin.”
Scaramucci isn’t wrong either.
If we go back and look at Bitcoin’s halving cycles, the similarities are spooky:
2015 low to 2017 high = 1064 days
2017 high to 2018 low = 364 days
2018 low to 2021 high = 1064 days
2021 high to 2022 low = 364 days
Spooky. 👻
However, Scaramucci also pointed out that his prediction is conservative:
“I’m using a $35,000 number at the halving. That's conservative. Let's say we're at $50,000 in April. Then it's $200,000. Let's say we're at $60,000. It'll be $240,000.”
Scaramucci finished up by outlining his long-term prediction:
“My long-term price target is that Bitcoin gets to easily half the market capitalization of gold. Gold is now at about $14.5 trillion. If Bitcoin goes to $7 or $8 trillion, that's a 10x from here. It's a $400,000 Bitcoin.”
Another day, another high-profile investor with a huge Bitcoin prediction. 💪
P.S. For those wondering, if Bitcoin follows the same halving pattern of lows & highs, it would mean Bitcoin will peak 1064 days after its 2022 low.
Bitcoin hit its low of $16,000 on November 9, 2022.
1064 days later would be...
October 8, 2025.
Mark your calendars. 😉
LONG-TERM HOLDERS 💪
Today we’ll be checking in on the supply of Bitcoin last active 1+ years ago.
This one’s nice and simple. It categorises coins based on how long it’s been since they last moved. (as a percentage of the circulating supply)
As long-term investors continue to accumulate coins, these metrics will rise. 📈
However, when long-term investors finally decide to sell, this metric declines. This is due to “older” coins becoming “young” again as they change hands. 📉
Here’s the breakdown for each cohort (compared to what it was 2 weeks ago):
🔴 Supply last active 1+ years ago: 69.61% (down from 70.30%)
🟠 Supply last active 2+ years ago: 56.45% (down from 57.22%)
🟢 Supply last active 3+ years ago: 43.57% (down from 43.64%)
🔵 Supply last active 5+ years ago: 31.53% (down from 31.26%)
All age bands have slightly decreased over the last two weeks.
However they are still relatively close to their all-time highs.
Indicating that long-term conviction is still incredibly high. 💪
(important to note that a decent chunk of of these long-term holder coins that recently sold belong to Grayscale)
Prices will still have to go WAY higher before we see a significant amount of long-term holders beginning to sell.
(And based on the previous section, we’re expecting that around October 2025)
CRACKING CRYPTO 🥜
Grayscale Bitcoin Trust hits new low for outflows with $429 million leaving fund. BlackRock's iShares Bitcoin ETF garners $162 million while GBTC faces outflows.
3 reasons why Bitcoin hitting $38.5K marked the ‘ETF dip’. Bitcoin on-chain data suggests that a recovery may be in store for BTC price after two weeks of ETF turmoil.
JPMorgan says GBTC outflows stemmed, bitcoin downside ‘should be largely behind us’. JPMorgan analysts penned a market strategy note Thursday that profit-taking on Grayscale’s bitcoin ETF has likely concluded.
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”)
How much Bitcoin does Tesla currently hold? |
MEME CORNER 😂
Because what would the crypto world be without its share of memes?
Trivia Answer: C) 9,720 BTC 🥳
Tesla still has the third-largest bitcoin holdings for a publicly traded company, at 9,720 bitcoin.
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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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