GM and welcome to The Crypto Nutshell! 😉 🥜 

The crypto newsletter that hits almost as good as cracking open a Bud light before they went woke. JK. Not really. 🥂 

Today, we’ll discuss:

• The BTC halving and ETF decisions set for the same time? ⏳

• Raoul Pal remains faithful to his Ethereum bet 🎰

• How this juicy on-chain data highlights BTC’s positive momentum 🚂

• And more…

MARKET WATCH ⚖️

BTC Dominance is currently at 51.53% and the current crypto market cap is $1.18T

Biggest Winners of The Day 🤑

• Wrapped Bitcoin (WBTC) ▲10.76%

• Compound (COMP) ▲8.86%

• Polygon (MATIC) ▲7.22%

Biggest Losers of The Day 😭

• eCash (XEC) ▼5.83%

• Casper (CSPR) ▼1.31%

• KuCoin Token (KCS) ▼1.29%

Will Clemente raises an interesting point. The last Bitcoin ETF decision deadline falls within a month of the next halving event. Ladies & Gentlemen, grab your popcorn, things are about to get crazy 👀🍿

Former SEC Chairman, Jay Clayton acknowledged the significant progress in the Bitcoin industry, stating in a CNBC interview that approval of a Bitcoin ETF would be "hard to resist".

All data as of 8:25am ET

EXPERT OF THE DAY - RAOUL PAL 💸

Macro-Economic investor and Real Vision founder Raoul Pal is still ridiculously bullish on Ethereum, despite Bitcoin being the stronger performer in 2023. 



In his latest appearance on Crypto Banter, Raoul broke down why despite Bitcoin’s momentum & the hugely bullish catalyst that is BlackRock’s spot Bitcoin ETF application - he still has 100% conviction in his Ethereum bet and believes it will out-perform Bitcoin by 3-4x in the next cycle. 

He has such high conviction that over 80% of his portfolio is invested into Ethereum. 

Some of his main arguments for Ethereum over anything else:

• Ethereum has the highest and most diverse range of use cases over any other cryptocurrency

• Ethereum is about to have a supply shock with the burning mechanism introduced last year with EIP-1559 combined with the 99% reduction in issuance from the merge. Ethereum is literally a deflationary asset.

• When looking at the ETH/BTC cross, it’s forming a technical pattern called a wedge. There usually break upwards in price when they resolve, suggesting a 3-4x outperformance over Bitcoin.

ON CHAIN DATA DIVE 📊

Today, we'll dig into the total transfer volume of Bitcoin and uncover some nutty insights along the way.

First, how does this chart work?

• This chart tracks the estimated total volume of coins transferred between different entities.

• Entity-Adjusted means that it excludes transfers between addresses belonging to the same entity. To understand how unique entity’s are determined check out this link.

From the chart below we can see that BTC transfer volumes have significantly increased, with a 75% rise from FTX lows, now reaching a daily total settlement of $4.2 billion, indicating a MASSIVE surge in recent trading activity.

Nutty’s Takeaway: The Bitcoin network is surging back STRONG & is now looking like it’s entering a period of hugely positive momentum. Users are flocking back hard and fast to the Bitcoin network. Exciting times lie ahead for hodlers. 🌅

Checkout Glassnode’s Week 28 report for a deeper analysis and more exciting on-chain data

CRACKING CRYPTO 🥜

TRIVIA TIME ✍️

How many Cryptocurrencies are there as of today?

• A) 10,877

• B) 4,523

• C) 31,292

• D) 26,305

Find out the answer at the bottom of this newsletter 😀

MEME CORNER 😂

Because what would the crypto world be without its share of memes?

Trivia Answer: D) 26,305 🎉

According to CoinMarketCap there are currently 26,305 active cryptocurrencies at the time this was written 😮

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. W