- Crypto Nutshell
- Posts
- 🥜 BlackRock wants your Bitcoin
🥜 BlackRock wants your Bitcoin
PLUS: Ethereum Supply Shock
Today’s edition is brought to you by Coinstats.
Keep track of all of your funds across 300+ wallets & exchanges, 100 blockchains, 1,000 DeFi Protocols & 20,000+ coins.
Get 43% off their 12 month plan today!
GM to all 52,370 of you. Crypto Nutshell #260 chargin’ in. 🦬 🥜
We’re the crypto newsletter less stressful than managing a paper supply company with a diverse group of personalities... 📄 🤪
What we’ve cooked up for you today…
🤑 BlackRock beats MicroStrategy
🏦 Why Wall Street likes Bitcoin
🤑 Ethereum’s supply dynamics
💰 And more…
MARKET WATCH ⚖️
Prices as at 6:00am ET
Only the top 20 coins measured by market cap feature in this section
BLACKROCK BEATS MICROSTRATEGY 💪
BREAKING: BlackRock now holds more Bitcoin than MicroStrategy after just 2 months
Last week the Bitcoin ETFs achieved two milestones.
The newly launched 9 overtook Grayscale in total holdings
BlackRock now holds more Bitcoin than MicroStrategy
ETF analyst Eric Balchunas explains that both of these were expected to happen.
Just not this quickly…
‘Scary fast.’ 😳
Last week the demand to supply imbalance was 7.5 to 1.
That means that the Bitcoin ETFs alone purchased 7.5x the amount of new Bitcoin entering the supply.
Here’s an interesting one for you.
Twitter user @Sinz_Bitguide posted a breakdown of the average flows by weekday.
Which trading day do you think is the most bullish? 🤔
Here’s the breakdown:
Monday’s are the most bullish
Highest average inflows: $540 million
Lowest average outflows: $238 million
Average net flows: $302 million
Friday’s are the most bearish
Lowest average inflows: $439 million
Highest average outflows: $277 million
Average net flows: $162 million
It’s pretty interesting how Monday is almost 2x Friday in terms of net flows. And there’s a clear downwards trend in between.
And finally, the Bitcoin ETFs are catching up to the Gold ETFs, way quicker than everyone thought.
We’ve said it before but we’ll say it again.
The Bitcoin halving is going to make the Bitcoin demand / supply imbalance ridiculous… 🫣
TOGETHER WITH COINSTATS 🚀
Bitcoin, Altcoins, NFT’s, DeFi, Airdrops…
The crypto space is massive.
The problem?
Keeping track of everything is literally impossible.😕
That’s where CoinStats comes in.
CoinStats is a platform that makes managing your digital assets way easier.
CoinStats gives you the ability to manage your funds across 300+ wallets & exchanges, 100 blockchains, 1,000 DeFi Protocols & 20,000+ coins.
With CoinStats, you can:
Track your assets across exchanges and wallets from one place📱
Get customised and personalised price alerts 💬
Set up your crypto Exit Strategy with AI 🤖
CoinStats makes managing & monitoring your assets effortless.
Whether you’re new to the space or a crypto veteran, CoinStats makes it easy for you to manage all your crypto assets.
CoinStats has teamed up with the Crypto Nutshell to offer readers a 7-day trial as well as 43% off their annual plan.
To start managing & tracking all of your crypto from the one place, get started here!
WHY WALL STREET LIKES BITCOIN 🏦
Bitcoin is digital gold.
That’s the logic that made Larry Fink change his mind on Bitcoin.
Larry Fink is the CEO of BlackRock, the world's largest asset manager. They currently have $10+ trillion in assets under management.
Recently they’ve become the largest Bitcoin ETF issuer. (newly launched)
When Larry Fink speaks, everybody listens.
Appearing on Fox Business, Fink explained why he believes Bitcoin is now “digital gold”.
“If you're in a country where you're fearful of your government and maybe this is one of the reasons China has banned it, if you're in a country where you're fearful of your future… or you're frightened that your government is devaluing its currency by too much deficits, you can say this is a great potential long term store of value. And as I said it’s like a digital gold...”
Just to give you a recent example of currency devaluation, check out this Twitter post from Hunter Horsley:
The Egyptian pound suddenly collapsed against the US dollar.
Falling from 1 USD = 30.90 EGP to 1 USD = 50 EGP.
Continuing on with the interview, Fink explains that one of Bitcoin’s best features is that it’s cross border.
“It’s an international ledger, it’s cross border. It’s bigger than any government.”
We talk about Bitcoin and the US quite a lot here but you have to remember, Bitcoin is a global asset.
No one government can control it.
It’s for everyone.
How times have changed.
The CEO of the largest asset manager in the world is now praising Bitcoin on live TV.
Nuts.
ETHEREUM’S SUPPLY DYNAMICS 🤑
Time for our weekly Ethereum check in.
Today we’ll be focusing on supply side dynamics.
(and spoiler alert - they are crazy good)
One of Ethereum’s core features is it’s token burning mechanism.
When interacting with the Ethereum blockchain, users are required to pay a base fee. This base fee is then “burnt”, meaning it is permanently removed from the supply.
As of today 5,347,675 ETH have been burnt.
That’s over $21 billion at todays prices.
As a result, the circulating supply continues to decrease.
The chart below shows Ethereum’s circulating supply since this burn mechanism was implemented.
According to ultrasound.money, Ethereum is now deflationary at a rate of -0.237% per year.
But here’s where it gets even better.
Another one of Ethereum’s core features is its ability to be staked.
This means users can “lock” it up and earn rewards for securing the network.
To learn more about how staking works, click here.
As of today 40,944,395 ETH has been locked for staking. (that’s an all-time high by the way)
And, that’s ~34.21% of the circulating supply.
Ethereum’s supply dynamics are insanely good:
Circulating Supply: 119,680,140 ETH
Ethereum Staked: 40,944,395 ETH
Exchange Balances: 13,139,859 ETH (~10.97% of the circulating supply)
And with the two bullish catalysts we discussed yesterday, things are looking real good for Ethereum.
CRACKING CRYPTO 🥜
Worldcoin files lawsuit to appeal Spain's ban. Worldcoin has appealed a recent Spanish ban that would otherwise restrict its data collection and usage for three months.
Many terrible cryptocurrencies are trading at ‘crazy valuations,’ warns Bitwise exec. Bitwise chief investment officer Matt Hougan cautions investors against assuming a crypto project is legitimate just because it has a high valuation and influx of funds.
Coinbase met with SEC over spot Ethereum ETFs. According to documents about the meeting, Coinbase said that the ether ETFs would also be counted as commodity-based shares.
WHAT WE’RE READING 📚
Want to get even smarter? Check these out.
p.s. all completely FREE
CAN YOU CRACK THIS NUT? ✍️
Select your answer below and you’ll be redirected to the results page. (answer explanation can be found after “Meme Corner”)
Approximately, how many Bitcoin's are created each day? |
MEME CORNER 😂
Because what would the crypto world be without its share of memes?
Trivia Answer: D) 900 Bitcoin 🥳
Every 10 minutes, miners verify one block of bitcoin transactions. The current reward for verifying one block of bitcoin is 6.25 bitcoins. So, approximately 900 bitcoins are released into the market every day.
GET IN FRONT OF 52,000+ CRYPTO INVESTORS
Advertise with Crypto Nutshell to get your product or brand in front of the crème de la crème of crypto investors. Crypto Nutshell readers are high-income earners who are always looking for unique or interesting offers.
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 🍪)
What did you think of today's Newsletter?Don't worry, you won't hurt our feelings... 🥲 |
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.
Reply