GM and welcome to The Crypto Nutshell! 🫶 🥜 

The crypto newsletter that won't leave you as lost as a man abandoning everything to live in the Alaskan wilderness...🏞️🎒

Today, we’ll discuss:

• Recapping the last 24 hours in the world of crypto 🌏

• There’s a coordinated media attack on Bitcoin? 🗡️

• How has Bitcoin performed against traditional assets? 💰

• And more…

MARKET WATCH ⚖️

BTC Dominance is currently at 49.77% and the current crypto market cap is $1.18T ▼0.80%

Biggest Winners of The Day 🤑

• TRON (TRX) ▲1.28%

• Litecoin (LTC) ▲0.03%

Biggest Losers of The Day 😭

• Polygon (MATIC) ▼2.68%

• Dogecoin (DOGE) ▼2.14%

• Bitcoin Cash (BCH) ▼1.99%

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

If you didn’t hear, Sam Altman the Co-founder of OpenAI (ChatGPT) released a pretty unique crypto product this week.

Worldcoin supposedly aims to help people identify when something has been created by AI. AI has been all the rage recently, with detailed artworks being generated in seconds and long forms of text being created in an instant, sometimes it can be hard tell if a real human was really behind it. Think of Worldcoin as a “digital passport”. 🤖

Now how you prove that you really are a human?

Well Worldcoin’s solution is to scan your eyeballs and upload them onto the blockchain. This could be the start of a Black Mirror episode…

Checkout Sam’s video below, people have been going CRAZY for this in countries like Japan. Important to note that you receive 25 Worldcoin tokens once you’ve scanned your eyes. Roughly $52.25 USD at the time of writing this.

The jury’s still out on whether this is a cool breakthrough or a creepy mess. What do you guys think of this? We’re still not sure.

All price data as of 1:30am ET

EXPERT OF THE DAY - PLAN B 💰

This expert is predicting hundreds of Billions of dollars is coming for Bitcoin.

In his latest update on twitter, on-chain analyst Plan B broke down his main reasons as to why hundreds of billions of dollars of capital are coming for BTC in the next bull-run.

If this is your first time hearing of Plan B, here he is in a nutshell:

• Anonymous on-chain Bitcoin analyst

• Over 1.8 Million followers

• Decades of experience as an institutional investor

• Rose to prominence due tot he accuracy of his Bitcoin price predictions

Plan B believes Bitcoin is in stage-1 of an early bull market.

He believes that THIS is the point that BlackRock is going to start buying up Bitcoin, because once we move into stage-2 of the bull market, Bitcoin will no longer be cheap.

Plan B also had an interesting theory surrounding BlackRock, Bitcoin’s price & mainstream media…

Responding to a tweet, Plan B had this to say:

So Plan B think’s that BlackRock is working with mainstream media to orchestrate a negative media campaign on an asset they are buying up.

Whether this is true or not, there has been a lot of negative press surrounding Bitcoin in the last couple of months.

• SEC launching lawsuits at the worlds biggest crypto exchanges, Binance & Coinbase.

• Gary Gensler going on a media tour attacking various crypto companies and digital assets.

Food for thought.

P.S. In case you missed out last expert prediction by Plan B, he thinks Bitcoin will be trading at between $40,000 - $50,000 at the time of the Bitcoin halving which is April 2024.

Although he hasn’t officially released his bull-market prediction, if his models are a guide it will be over $500,000.

Nutty’s takeaway: Although I don’t have any input on Plan B’s theory of an orchestrated campaign by BlackRock & mainstream media against Bitcoin, I will point out that Plan B has decades of experience working for institutional investors…

If anyone would know how big asset managers operate it would be Plan B…

ON CHAIN DATA DIVE 📊

Bitcoin’s correlation with the S&P 500 continues to decline in July, dipping to just 3%.

The last time correlation was this low was back in August 2021, which is when Bitcoin began ripping up to its all-time high of $68,789.63.

Key facts:

• Correlation was ~50% at the start of 2023

• Correlation was still above 35% 1 month ago

• S&P has gained 18% YTD compared to Bitcoin gaining more than 75% YTD

You know how one of Bitcoin’s biggest arguments is that it’s a hedge against inflation?

Well the correlation to stocks has always been thought of as a counterargument to this idea. However, this argument seems to be falling apart with the correlation continuing to decline and the price of BTC rising…

Interestingly, it’s been talked about quite a lot that Bitcoin breaking this trend would result in an explosive price rally. Are we about to witness that again?

Now that we’ve learned that Bitcoin’s correlation to US stocks has been declining, lets take a look at how Bitcoin has been performing compared to traditional assets this year.

Wow would you look at that. Who would have thought. Bitcoin has absolutely dominated every other traditional asset so far this year.

Put it this way. If you invested $1,000 at the start of the year into each of these assets, you would currently have:

• Bitcoin: $1,762.8

• Bonds: $1,019.6

• Gold: $1,063.5

• S&P 500: $1,181.8

• U.S Dollar: $982.8

• Commodities: $1,009.4

Nutty’s Takeaway: Bitcoin’s correlation with US equities continuing to decline is another bullish signal for the crypto. Bitcoin is standing on it’s own and is no longer tied to the sentiment of the stock market. The YTD returns of Bitcoin vs traditional assets just goes to show it’s clearly in a league of it’s own.

CRACKING CRYPTO 🥜

TRIVIA TIME ✍️

What month will the next Bitcoin halving event take place?

• A) April 2025

• B) August 2024

• C) April 2024

• D) March 204

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) April 2024 🎉

The next Bitcoin halving is estimated to occur during April 2024. Checkout this link for a live countdown.

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.