Today’s edition is brought to you by Animus Technologies. 

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GM to all 15,011 of you. Crypto Nutshell #123 prowlin’ thru. 🐾 🥜 

We’re the crypto newsletter less puzzling than waking up in a maze with no memory of how you got there... 🌀🧠 

Today, we’ll be going over:

• 💼 That’s a closed case

•  🎯 Bitcoin expert eyes $220,000 price target

• 💰 Percent supply in profit booming

• 🤑 And more…

MARKET WATCH ⚖️

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

THAT’S A CLOSED CASE 💼 

BREAKING: Grayscale court victory over SEC in Bitcoin ETF case made final

With yesterdays price mania, one piece of news went under the radar.

The D.C. Circuit Court of Appeals has closed the case on the dispute between the SEC and Grayscale. This ruling orders the SEC to scrap it’s initial rejection of Grayscales ETF application.

Two months ago the courts ruled in favour of Grayscale. Grayscale wanted to convert their Bitcoin Trust (GBTC) into a spot Bitcoin ETF. Judges believed that the SEC's rejection was “arbitrary and capricious”.

Grayscale had a pretty simple argument. If Bitcoin Futures ETFs were approved, what's stopping spot ETFs from being approved?

The SEC decided not to appeal the courts decision. Making today’s action a formality.

However the ball is back in the SEC’s court. They have two choices:

• Approve Grayscales application: This would likely approve all outstanding ETF applications at once

• Reject Grayscales application: Grayscale would once again take the SEC to court. Bringing us back to square one. Surely both parties don't want to go to court again...

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The returns.

Bitcoin is the best-performing benchmark of the decade.

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BITCOIN EXPERT EYES $220,000 PRICE TARGET 🎯 

Following Bitcoin's massive move yesterday, a Bitcoin expert has made some insane predictions.

That Bitcoin expert? Max Keiser, a true O.G of the space.

If you haven’t heard of Keiser, he’s:

• One of the earliest Bitcoin advocates, first buying Bitcoin between $1 and $3 😳 

• Helped onboard huge figures in the space, such as Russel Brand & even Michael Saylor 👑

• Gave Alex Jones 10,000 Bitcoin 10 years ago, which Alex lost. That Bitcoin would now be worth over $340 million 😂

Keiser’s latest prediction for Bitcoin?

New all-time highs and then on to $220,000 before heading into the mid $300,000’s. 

Why? Keiser has 2 reasons:

1) Bitcoin’s hash adjusted implied price is in the mid $300,000’s

2) Larry Fink is 50x bigger than Michael Saylor

Nutty’s takeaway: Although Keiser’s predictions are very optimistic, his reasoning isn’t wrong.

Bitcoin’s hash adjusted implied price should be MUCH higher.

Additionally, Larry Fink is 50x bigger than Saylor..

It’s estimated that BlackRock will bring in $150 - $200 billion. A ~50x of what Saylor has brought so far… 🪨

IT’S ALL COMING TOGETHER 🤑

In case you’ve been living under a rock, Bitcoin’s price has been on a rampage this week (checkout yesterday’s edition).

With this price rally, the percent supply in profit exploded. 📈

Before we go any further, here’s the rundown on how this chart works:

• 🟠 Percent supply in profit: percentage of existing coins whose price at the time they last moved is lower than the current price

• 🟩 Long term average of percent supply in profit: cycle mid-point (73.3%)

• 🟥 Long term average + 1 standard deviation: cycle top (89.4%)

• 🟪 Long term average - 1 standard deviation: cycle bottom (57.2%)

With Bitcoin’s price going from $25,000 all the way to $35,000, 24% of the supply has moved back into profit. 😱

That is insane…

To put this into perspective, 4.7 million Bitcoin have suddenly found themselves in the green.

As of today, 81% of the supply is now in profit.

This just goes to show the volume of coins that had a cost basis between $25,000 and $35,000.

Bottom Line: Overall the market is in a substantially better position than it was 4 weeks ago.

Let’s keep the trend going. Like yesterday’s edition and the day before. 

This is another indicator for positive short-term price action… 😎

CRACKING CRYPTO 🥜

WHAT WE’RE READING ✍️

Want to get even smarter? Check these out.

p.s. all completely FREE

CAN YOU CRACK THIS NUT? ✍️

What is the current circulating supply of Bitcoin?

• A) 21 million

• B) 19.52 million

• C) 20.34 million

• D) 19.48 million

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) 19.52 million 🥳 

As of today, the circulating supply of Bitcoin is 19.52 million.

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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.