Happy Thanksgiving to you all! We hope you spent yesterday surrounded by family, friends & loved ones. 🦃 ❤️

What are we grateful for here at the Crypto Nutshell?

We’re grateful for all 21,165 of you. We feel blessed to be riding the crypto rollercoaster with each and every one of you! 🎢 

Let us know what you’re grateful for this year by replying to today’s email or at the bottom of the newsletter in today’s poll! 👇

What we’ve cooked up for you today…

• 🪨 BlackRock meets with SEC

• 🚫 Bitcoin will never go below this price…

• 📉 Bitcoin’s Illiquid Supply

• 💰 And more…

MARKET WATCH ⚖️

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

BLACKROCK MEETS WITH SEC 🪨

Breaking: BlackRock met with SEC officials to discuss spot Bitcoin ETF

Representatives from BlackRock and the Nasdaq recently met with the SEC to discuss details of a spot Bitcoin ETF.

From the SEC memo, BlackRock provided a presentation on the differences between an in-kind and in-cash redemption model for its spot Bitcoin ETF.

Top Grayscale executives also met with the SEC to discuss details of the proposed conversion of their Bitcoin trust to an ETF.

ETF expert James Seyffart believes that progress is being made on the eventual approval of the ETFs.

Seyffart has the odds of approval at 90% by January 10th.

Only 47 days to go now… ⏰ 

For the full article click here.

TOGETHER WITH GOLD DAO 🧈

Before Bitcoin, there was a little something called gold.

Many of the qualities we love about Bitcoin are shared with gold. It’s a limited supply asset & hedge against inflation.

However gold has some drawbacks. Gold is not easily divisible. It requires secure storage. It’s difficult to transact with. 

But blockchain fixes this. That’s where Gold DAO steps in.

The Gold DAO is a groundbreaking project aiming to digitise and democratize the value of gold through blockchain technology.

By putting Gold on the blockchain, the Gold DAO has 3 phases:

Phase 1: The creation and issuance of GLD-NFTs - a digital commodity on the blockchain linked to physical gold bars held & audited in Switzerland.

Phase 2: The creation of a liquid digital gold token - GLDT. GLDT will work in tandem with GLD-NFTs. This solves the problem of fungibility and divisibility that has plagued gold.

Phase 3: The launch of a gold-backed stable-coin, pegged to the U.S dollar. This will create a form of exchange immune against corruption, centralisation and malicious actors.

Phase 1 has already been completed and the Gold DAO is moving to its next phases.

Gold DAO is being interviewed at the next Crypto Town Hall on the 28th of November, which you can tune into here!

To learn more about the Gold DAO and their development of the GLD-NFT’s you can follow their developments here on twitter, or join their telegram here!

BITCOIN WILL NEVER GO BELOW THIS PRICE… 🚫 

Did you get your Bitcoin buys in when the price was below $30,000?

If not - you may never get the chance again.

That’s the latest prediction out from on-chain analyst, Willy Woo.

If you unfamiliar with Willy Woo, he’s a New Zealand based Bitcoin on-chain analyst. He’s an O.G of the space who pioneered many of the on-chain charts & analytics we use today.

In his latest tweet, Woo believes he’s spotted an on-chain pattern. 👀 

Here’s how to read his latest chart:

What you see is Bitcoin’s price discovery from it’s inception.

The dense horizontal bands represent Bitcoin supply moving at those levels.

The darker a region is, the more Bitcoin was bought & sold at those levels. This reflects strong agreed value.

As you can see, lots of Bitcoin changes hands at peaks and troughs of cycles.

The Bitcoin Halvings are represented by the red vertical lines.

Here’s the pattern Woo has spotted:

Whenever Bitcoin:

• Is coming out of a bear market

• Has strong horizontal bands of agreed value

• Is leading into the next halving

Bitcoin’s price has never come back to retest it’s band of support.

The patterns is currently 8 from 8 so far. The 9th one has just emerged at the $30,000 level.

Willy also points out that Bitcoin is far from saturation. It’s gone from 10,000 users in 2010 to 300+ million users today.

This will only increase with the coming spot ETF.

Did you pack your Bitcoin bags whilst price was under $30,000? 💼 

BITCOIN’S SUPPLY DYNAMICS 📉

Today we’ll be taking a look at Bitcoin’s illiquid supply.

Usually we categorise the Bitcoin supply with time based metrics. Such as coins held for 1+, 2+ or 5+ years. But Glassnode’s illiquid supply allows us to take a different approach.

To calculate this metric Glassnode analyses wallet spending behaviour:

• Liquid Supply: Lots of coins coming in and lots of coins going out. Think wallets used by exchanges like Coinbase.

• Illiquid Supply: Coins are coming in but not many are going out. Think HODLers.

Let’s use an example to understand why this metric is useful.

When a coin is withdrawn from an exchange (to a HODLer), it’ll be classified as hot supply (it’s a young coin). But this coin will also be classified as illiquid. As it’s gone to a wallet with low trading activity.

Therefore this metric gives us an immediate reading that this coin is no longer liquid (very low odds of trading). By understanding this metric we can understand the rate at which coins are being HODL’d.

Bitcoin’s illiquid supply is at an all-time high of 15.4 million.

That’s a insane amount of Bitcoin being labelled as ‘illiquid’…

In fact, it’s ~78.77% of the circulating Bitcoin supply.

We know from yesterday’s breakdown that Investors have been withdrawing their coins from exchanges. Over 1.7 million Bitcoin have been transferred to illiquid wallets since May 2021.

Bottom Line: With supply dynamics extremely tight, the price of Bitcoin would have to explode before long-term holders even consider selling. 🚀 

Bitcoin’s supply dynamics have never been better…

All this with the spot Bitcoin ETF coming to increase demand whilst supply is being cut in half in April of 2024…

Could Bitcoin supply dynamics be any better?

CRACKING CRYPTO 🥜

WHAT WE’RE READING ✍️

Want to get even smarter? Check these out.

p.s. all completely FREE

CAN YOU CRACK THIS NUT? ✍️

Which large financial institution does NOT have an active crypto ETF application?

• A) BlackRock

• B) Franklin Templeton

• C) Fidelity

• D) Vanguard

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) Vanguard 🥳 

The second largest asset manager in the world, Vanguard has yet to file for a crypto ETF.

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HOW DID WE DO? 🤷 

We read every comment submitted in this poll and love to hear what you guys have to say. 😁 (bonus points for suggestions 🍪)

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.