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GM to all 64,612 of you. Crypto Nutshell #333 ready for launch... 👩🏼🚀 🥜
We’re the crypto newsletter more electrifying than a detective’s quest to solve a series of murders in a city overrun by corruption... 🕵️♂️🗡️
What we’ve cooked up for you today…
🚨 Tomorrow’s the big day
🙅♂️ Don’t be fooled…
🤲 HODLer breakdown
💰 And more…
MARKET WATCH ⚖️
Prices as at 3:15am ET
Only the top 20 coins measured by market cap feature in this section
TOMORROW’S THE BIG DAY🚨
BREAKING: ‘It’s happening’ — 5 Ethereum ETF applicants amend SEC filings
It’s happening. 😱
Yesterday we learned that the SEC began to engage Ethereum ETF applicants.
Today, 5 of those applicants have updated their 19b-4 filings.
(with more likely to follow soon)
These updates come from: Fidelity, VanEck, Franklin Templeton, Galaxy and ARK.
The biggest change with these amendments is the removal of ETH staking:
"Neither the Trust, nor the Sponsor, nor the Custodian, nor any other person associated with the Trust will, directly or indirectly, engage in action where any portion of the Trust’s ETH becomes subject to the Ethereum proof-of-stake validation,"
However, ETF analyst James Seyffart reiterated that the actual launch of the Ethereum ETF could still be a long way away.
“Still a potentially long way from a launch. But these filings prove that all of the rumours and speculation and chatter have been accurate. Need to actually see SEC approval orders on all the 19b-4s AND THEN we need to see S-1 approvals. Could be weeks or more before ETFs launch,”
However - this isn’t necessarily a bad thing. It gives the market more time to digest the Bitcoin ETFs.
Reminder that VanEck’s decision deadline is tomorrow…
It’s going to be a BIG day for Ethereum.
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DON’T BE FOOLED 🙅♂️
Don’t be fooled.
We are still a 2x away from all-time highs.
That’s the latest message out from anonymous Bitcoin analyst, InterstellarBit.
Technically, Bitcoin did hit a new all-time high in March, reaching ~$74,000.
However, if you change the way we look at Bitcoin, we haven’t even got close.
Instead of using the US dollar as a denominator to value Bitcoin, if we use the M3 money supply, a completely different picture emerges:
If you are unsure what the M3 money supply is, an easy way to think about it is all money in circulation.
Essentially, because so many dollars have been printed since the last Bitcoin ATH, dollars in 2024 now worth significantly less.
When you adjust for how much money has been printed, Bitcoin still hasn’t hit an all time high.
Not even close.
In case you thought the crypto ship has sailed, here’s a news flash:
It hasn’t. ⛵
We’ve only just begun.
HODLER BREAKDOWN 🤲
Today we’ll be taking a look at the Long / Short-Term Holder Threshold.
Here’s how this metric works:
🔴 Short-Term Holders (STHs): coins that have been held for less than 155 days
🔵 Long-Term Holders (LTHs): coins that have been held for more than 155 days
🟥 Short-Term Holder Cost Basis: all coins purchased in this price range are STHs
🟦 Long-Term Holder Cost Basis: all coins purchased in this price range are LTHs
This metric is extremely powerful as we can see exactly what price STHs and LTHs purchased Bitcoin at. 🔎
The LTH / STH threshold is currently at 18th December 2023, back when Bitcoin was ~$42,600.
All coins purchased before this date are classified as LTHs.
All coins purchased after this date are classified as STHs.
Today there is currently 14,062,942 Bitcoin in the hands of LTHs. (71.38% of the circulating supply) 💪
Whereas the amount of coins held by STHs is only 3,363,056. (17.07% of the circulating supply)
(Quick note, exchange balances aren’t counted in this metric)
During bull markets, the amount of long-term holders begins to decline.
This is due to long-term holders finally deciding to lock in profits. As a result, the amount of short-term holders increases. (coins become “young” again as they change hands)
BUT, recently the amount of long-term holders has begun to increase…
This was likely due to Bitcoin’s recent sideways price action. Every LTH that was set on taking profits at these levels already has.
However…
Now that Bitcoin has once again broke through $70,000, we may see some LTHs decide to take profits again.
Regardless, the amount of LTHs is still at an incredibly high level. 😎
CRACKING CRYPTO 🥜
Potential US TikTok buyer plans to decentralize TikTok, could relay on Polkadot parachain. Social media platform TikTok could see a blockchain revolution with US billionaire Frank McCourt’s acquisition plan.
Gala Games exploited for $200 million. An unknown attacker exploited the blockchain gaming project Gala Games on May 20 for approximately $200 million, according to reports.
Bitcoin liquidates $85M shorts as bull flag sparks $100K BTC price target. Bitcoin remains in line for a rejection at resistance, the latest BTC price analysis believes.
Ether ETF Hopes Drive Futures Open Interest to Record $14B. The notional open interest, or the dollar value locked in the number of active ether futures contracts, surged by 25% in a day.
WHAT WE’RE READING 📚
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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”)
Which crypto is currently the 4th largest, measured by market cap?
MEME CORNER 😂
Because what would the crypto world be without its share of memes?
Trivia Answer: D) BNB 🥳
BNB is currently the 4th largest cryptocurrency with a market cap of ~$91.5 billion
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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.