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- 🥜 Bullish wave is coming...
🥜 Bullish wave is coming...
PLUS: ETF outflows
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GM to all you crypto nutters. Crypto Nutshell #359 layin’ it out... 📘🥜
We’re the crypto newsletter that’s more magical than a girl discovering her telekinetic powers in school... 📚✨
What we’ve cooked up for you today…
🏦 Rough week for the ETFs
🤑 Rate cuts are coming
🌊 The HODL waves
💰 And more…
MARKET WATCH ⚖️
Prices as at 6:15am ET
Only the top 20 coins measured by market cap feature in this section
ROUGH WEEK FOR THE ETFS 🏦
BREAKING: The Bitcoin ETFs experienced net outflows of $580.6 million
The Bitcoin ETFs just had a rough week…
The streak of weekly inflows is over.
In total the Bitcoin ETFs saw net outflows of $580.6 million last week.
With outflows of $580.6 million, the Bitcoin ETFs sold a combined 8,595 BTC for the week.
Despite this negative week, June is still holding up.
So far, June has seen net inflows of 17,134 Bitcoin.
12,458 Bitcoin short of May’s total.
BlackRock was also the only ETF issuer to see net inflows this week. ($41.6 million)
With this, IBIT continues to pull away as the largest Bitcoin ETF.
🟢 IBIT: 305,592 BTC
🔴 GBTC: 280,413 BTC
These outflows also heavily contributed to Bitcoin’s dip in price over the last week. (down 5% the last 7 days at the time of writing)
In other Bitcoin ETF news…
Australia’s largest stock exchange, ASX has approved its first spot Bitcoin ETF.
The VanEck Bitcoin ETF (VBTC) is set to start trading this Thursday.
"The demand for access to Bitcoin via a listed vehicle traded on ASX has been increasing, and many of our clients have told us that their clients are already positioned to have an allocation ready to invest."
Slowly…. Then suddenly… 😈
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RATE CUTS ARE COMING 🤑
At least 3 rates cuts are coming this year.
That’s the prediction out from Anthony Scaramucci.
For those not familiar with Scaramucci, he’s a well-known American investor.
He’s the founder of SkyBridge Capital, an investment firm that has over $2 billion under management.
In a recent interview, Scaramucci explained why the US government has no choice but to lower interest rates.
Here’s what Scaramucci is predicting:
“I have maintained that you are going to see at least 3 rates cuts from the fed this year… I don’t think they have a choice, they’ll cut rates, they don’t want the economy to overly weaken. They are staring down the barrel of huge interest rate expenses on US debt.”
As we discussed yesterday, the interest payments on US government debt is ridiculous.
Lowering interest rates would lower their debt repayments. (sounds like a no-brainer)
And just to put it into context.
Debt repayments currently exceed defence and medicare budgets…
One important thing to note is that lower interest rates are super bullish for Bitcoin and crypto.
Scaramucci then went on to explain that both presidential candidates have a history of spending BIG.
“This is a big problem with both of these candidates. They like to spend a lot of money. Trump spent $7.8 trillion in deficit spending, Joe Biden over $8 trillion in deficit spending,”
HUGE government spending isn’t slowing down anytime soon.
And combined with lower interest rates…
That could provide Bitcoin with some rocket fuel. 🚀
Scaramucci closed out the interview with a prediction on where he sees Bitcoin going in the future.
“If golds at $16 trillion, Bitcoin’s at $1.5 trillion. Could Bitcoin 15x in the next 10 years? I believe it can and I believe it has the technical properties to do that.”
THE HODL WAVES 🌊
Today we’ll be taking a look at the classic Bitcoin HODL Waves.
Each coloured band shows the percentage of Bitcoin that last moved within that time period.
As the colours get cooler, the age bands get older (yellow being the oldest, representing coins last moved within the last 3 - 6 months).
This metric can also be used for long-term holders, but we’ll just be focusing on short-term holders today.
Here’s the breakdown:
24hr: 0.35%
1d - 1w: 1.95%
1w - 1m: 4.87%
1m - 3m: 8.52%
3m - 6m: 10.92%
That means that ~26.61% of the Bitcoin supply has moved within the last 6 months.
Which leaves ~73.39% of the Bitcoin supply NOT moving in 6+ months.
That’s an insane amount of the supply not moving.
This metric can also be used to gauge where we are in the cycle.
As the price of Bitcoin increases, the amount of short-term holders also increases. (notice that uptick in short-term holders as the price of Bitcoin rises?)
This is due to long-term holders deciding to take profits by selling their coins. (This makes those coins “young” again) 🤑
Although, each spike is smaller than the previous one…
Which means the amount of long-term holders increases with each cycle.
With such a limited amount of Bitcoin for sale, the price has no choice but to go up. 🚀
CRACKING CRYPTO 🥜
Will Bitcoin’s price bear the brunt of Mt. Gox’s repayment plan? Mt. Gox’s dormancy might not be over, but a series of tokens moving out from its wallets has caught the attention of the market.
Bitcoin uses more renewable energy, but will Tesla accept it again? Four years ago, Elon Musk said Tesla would resume Bitcoin transactions when 50% of the network uses renewable energy.
Polkadot Community Approves 'Jam' Architecture, $65M Development Fund. Catch up on the latest in blockchain tech upgrades, funding announcements and deals. For the period of June 13-19.
President Bukele proposes Bitcoin bank for El Salvador two weeks after starting second term. El Salvador’s President Nayib Bukele is proposing the establishment of a private investment bank that if approved.
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”)
Who is the creator of Bitcoin? |
MEME CORNER 😂
Because what would the crypto world be without its share of memes?
Trivia Answer: D) Satoshi Nakamoto 🥳
Bitcoin was created by an anonymous person or group using the pseudonym Satoshi Nakamoto.
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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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