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PLUS: It gets worse
Today’s edition is brought to you by RAREMINTS
GM to all of you nutcases. It’s Crypto Nutshell #566 feelin’ the shock… 🫨🥜
We're the crypto newsletter that's more intense than a bounty hunter chasing his mark across a lawless wasteland... 🔫🌵
What we’ve cooked up for you today…
😱 It keeps getting worse
🪣 Pull out the buckets
📉 Still going down
💰 And more…
Prices as at 2:00am ET
IT KEEPS GETTING WORSE 😱
BREAKING: Bitcoin sheds nearly all Trump election gains in plummet under $80K
It just keeps getting worse…
Bitcoin has officially dropped below $80,000 for the first time since November 2024, completely erasing its post-election rally.
And Ethereum?
It’s getting hammered too. ETH is now down ~10% to $2,100, marking a 14-month low.
In just the last 24 hours, $839.55 million has been liquidated across the crypto market.
What’s causing this sell-off?
As we’ve been saying this week, the culprit is Trump and his tariffs.
Investors are now bracing for potential 25% tariffs on imports from the EU, Mexico and Canada, with fears this could push inflation even higher.
The uncertainty has triggered a full-blown risk-off event - and it’s not just crypto feeling the heat.
US stocks have been getting wrecked too:
Nvidia is down 8.48% on the day
Meta is down 2.29% on the day
Nasdaq Composite is down 2.78% on the day
As Pav Hundal, lead analyst at Swyftx puts it:
“Risk aversion has taken over and we’re seeing underwhelming performances across crypto, gold, and global equity indexes.”
If that wasn’t enough…
The Bitcoin ETFs have now seen record outflows for 8 straight days. (Basically creating a sell-off doom loop)
Should we be worried about this sell-off?
Nobody enjoys seeing price action like this… but let’s put it into perspective.
As Twitter user Carl Menger points out:
Since 2011, BTC has dropped by 20% over 130 times and every single time, it’s come back stronger, ripping to new all-time highs.
So, is this dip a reason to panic?
Not in the long run.
Yeah, this sucks.
But this is just short-term noise. Zoom out.
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PULL OUT THE BUCKETS 🪣
Today, the crypto bloodbath just got worse.
Prices have plunged harder than anyone (including us) expected.
It is now, on a risk-adjusted basis, the best time in history to buy Bitcoin.
That’s straight from Matt Hougan.
Matt Hougan is the Chief Investment Officer at Bitwise.
Today, he addressed the crypto crash by replying to this tweet:
His response:
That’s a strong statement, but we agree. We get it. A drop this big?
It hits hard.
Crypto is the ultimate trial by fire.
So, we’ll leave you with one of the best pieces of wisdom from the greatest investor of all time:
“Opportunities come infrequently. When it rains gold, put out the bucket, not the thimble.”
Don’t worry - we feel the pain too.
But that’s exactly why we’re buying. 🪣
STILL GOING DOWN 📉
Today we’ll be checking in on the amount of Bitcoin available for sale on exchanges.
Here’s how to interpret this metric:
Decreasing exchange balances: Bullish indicator as it signals a shift towards long-term holding 🐂
Increasing exchange balances: Bearish indicator as coins being transferred to exchanges are more likely to be sold 🐻
Right now, just 2,711,991 BTC is available on exchanges.
That’s only 13.68% of Bitcoin’s total circulating supply!
And over the last two weeks, exchange balances have dropped by 16,393 BTC (~$1.33 billion at today’s prices).
Complete free fall…
Typically, with this kind of price action, we’d expect panic sellers to flood exchanges.
But that’s not happening.
Investors are still holding out for MUCH higher prices before letting go of their coins.
And Bitcoin is being taken off exchanges at an accelerating rate. 🚀
CRACKING CRYPTO 🥜
BlackRock's iShares Bitcoin Trust sees record single-day outflow of $418 million amid sector sell-off. BlackRock's IBIT smashes outflow record as Bitcoin ETF sell-off intensifies during the last seven trading days.
Texas Strategic Bitcoin reserve bill advances to Senate floor. BTC strategic reserve legislation at the state level might prompt the US government to adopt a strategic reserve at the federal level.
Coinbase Case Dropped by U.S. SEC as Agency Reverses Crypto Stance. A landmark legal battle for the U.S. crypto sector, the government accusation that Coinbase ran an unregistered exchange, has been entirely abandoned.
SEC says memecoins aren't securities but fraud still a risk. The SEC’s Division of Corporation Finance states that memecoins do not qualify as securities under federal securities laws.
WHAT WE’RE READING 📚
Want to get even smarter? Check these out.
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Raremints (link) - Daily crypto news
Bitcoin Breakdown (link) - Daily Bitcoin news
Techpresso (link) - Daily tech news and insights
The Hustle (link) - Get Smarter on Business and Tech
Your Next Breakthrough (link) - Personal growth with Mark Manson
The Neuron (link) - AI trends and tools to keep you ahead
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”)
When did Binance's BNB token first launch? |
MEME CORNER 😂
Because what would the crypto world be without its share of memes?
Trivia Answer: July 2017 🥳
Binance Coin was launched with an initial coin offering (ICO) in July 2017
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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.
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