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- 🥜 Bitcoin supply shock imminent
🥜 Bitcoin supply shock imminent
PLUS: Institutional FOMO
GM to all 15,041 of you. Crypto Nutshell #128 sneakin’ thru. 🐘 🥜
We’re the crypto newsletter that's less dramatic than waking up as a mob boss managing a family and a criminal empire... 👔🚬
Today, we’ll be going over:
😁 Another Bitcoin ETF application has been resubmitted
🙈 Are you ready for institutional FOMO?
⚡ Why a supply shock is imminent
🤑 And more…
MARKET WATCH ⚖️
Prices as at 5:15am ET
Only the top 20 coins measured by market cap feature in this section
ANOTHER ONE RESUBMITTED 😁
BREAKING: VanEck amends application for spot Bitcoin ETF
Asset manager VanEck joins the group in amending its spot Bitcoin ETF application. On October 27 it was officially filed with the SEC.
Last week BlackRock resubmitted their amended application.
Other notable applicants that have recently refiled include Ark Invest and Fidelity.
Experts have noted that the recent wave of amended filings is a positive indicator. Their appears to be a back and forth going on between asset managers and the SEC.
On Ark Invest's amended filing, ETF expert Eric Balchunas had this to say:
“It means ARK got the SEC’s comments and has dealt with them all, and now put [the] ball back in [the] SEC’s court… In my opinion good sign, solid progress.
Andddddd @vaneck_us joins the amendment filings for spot #bitcoin ETF issuers. h/t @NateGeraci
— James Seyffart (@JSeyff)
12:36 AM • Oct 29, 2023
We’ve mentioned it before but do you truly understand just how much capital is coming for Bitcoin? 🤔
Just take a look at the assets under management of the top ETF applicants…
$15.2 Trillion…
Check this short video from James Seyffart on the competition among Bitcoin ETF issuers. Since they’re all offering the same product, what differentiates them?
James Seyffart @JSeyff of Bloomberg discusses the competition among issuers of #Bitcoin ETFs as they strive to attract customers by offering a range of diverse services.
"The ETF industry is a winner take most, it's not winner take all."
— CryptoBusy (@CryptoBusy)
4:10 PM • Oct 26, 2023
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ARE YOU READY FOR INSTITUTIONAL FOMO?🙈
Two top on-chain crypto analysts believe over $15 trillion in assets is waiting on the Bitcoin ETF.
You probably haven’t heard of Jan Happel and Yann Allemann, but you’ve definitely seen their charts.
They’re the co-founders of the largest crypto analytics firm - Glassnode.
They’re leaders in on-chain market intelligence & many use their platform to visualise on-chain data. (us included)
In a tweet over this weekend, the two cofounders, who share a handle ‘Negentropic’, predicted that the Bitcoin ETF is going to reshape the financial landscape.
They believe the approval will ignite a bull-run, propelling crypto to new heights.
Why is their opinion important?
Being the co-founders of Glassnode, they would be privy to the widest reaching and most up to date crypto data.
They live & breathe on-chain data. If they’re excited? We should definitely be excited. 🤑
Additionally, they shared a single chart:
A picture says a thousand words 🚀
As we’ve been pointing out for weeks, the supply dynamics of Bitcoin have never been better (more on this below).
SUPPLY SHOCK IMMINENT ⚡
Yesterday we looked at the supply held by long-term holders (just reached a new all-time high btw). We also briefly touched on the possible supply shock coming for Bitcoin. Today we’ll diving into some more evidence for the likely supply shock.
Important numbers you need to know:
Bitcoin’s Circulating Supply: 19,527,762
Bitcoin’s Maximum Supply: 21,000,000
The amount of Bitcoin available for purchase on exchanges has dropped to its lowest level since March 2018. 📉
Right now, only 2.3 million Bitcoin are on exchanges.
That’s only ~11.79% of the circulating supply…
But it gets real crazy when you compare the amount of Bitcoin on exchanges to those held for longer than 10 years.
As of today, 2.96 million Bitcoin haven’t moved in over 10 years (an all-time high).
That’s ~15.18% of the circulating supply.
Over the course of 2023, this number has increased by more than 360,000 Bitcoin.
Isn’t it insane that there’s over 650,000 more Bitcoin that hasn’t moved in 10 years compared to exchange balances?
We mentioned at the start of todays newsletter just how MASSIVE the ETF approvals are going to be for Bitcoin.
And we got a little taste of the price action they’ll generate (once approved) last week when Bitcoin instantly shot up 14%.
Matt Weller, global head of research at Forex.com recently interviewed with CoinDesk & had this to say:
“That’s suggestive of a potential supply shock… With lower supply on the market, it only takes a small bump in demand to really drive prices higher at a rapid rate.”
Nutty’s Takeaway: With Bitcoin’s current supply dynamics, it only takes a small increase in demand for the price to explode.
And we all know that the ETFs are going to be HUGE.
But don’t forget about the halving…
It’s literally all coming together. 🧩
CRACKING CRYPTO 🥜
WHAT WE’RE READING ✍️
Want to get even smarter? Check these out.
p.s. all completely FREE
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CAN YOU CRACK THIS NUT? ✍️
What is the smallest unit of a Bitcoin?
A) Bit
B) Naka
C) Penny
D) Satoshi
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: D) Satoshi🥳
A Satoshi, named after the creator of Bitcoin, Satoshi Nakamoto, is the smallest unit of Bitcoin. Equating to one hundred millionths of a single bitcoin (0.00000001 BTC)
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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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