GM. Crypto Nutshell dropping in! 🫶 🥜 

The crypto newsletter that's more exciting than a candy mogul offering a golden ticket to his factory... 🍫🎟

Today, we’ll discuss:

• United States asleep at the wheel 🇺🇸

• Michael Saylor’s path to a $5 Million Bitcoin 💰

• Bitcoin network lull 😴 

• And more…

MARKET WATCH ⚖️

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

UNITED STATES FALLING BEHIND 📉

JUST IN: 83% of G20 members and major financial centers have made impressive progress in achieving regulatory clarity in the crypto space.

Have you noticed all the news recently about countries talking about or implementing clearer regulations for crypto?

Everyone is competing to become the top crypto hub to attract global investors and foster innovation.

Regulatory clarity has emerged in:

• The EU: MiCA Regulation

• The UAE: Ambition to become the global crypto hub

• China (HK): Hong Kong opens crypto exchange licensing

• Singapore: Stablecoin regulation

But what is the US doing? 😴 

68% of Blockchain jobs are now in Europe. The US has lost the most amount of blockchain based jobs of any country from 2022 to 2023. Damn.

The United States has truly fallen asleep at the wheel. Crypto innovation has fled offshore to more welcoming jurisdictions.

Checkout the full report from Coinbase here.

THREE GAME CHANGERS FOR BITCOIN 💸

One year ago, Michael Saylor joined a twitter spaces.

Within it, he broke down 3 catalysts that have to happen to take Bitcoin to $5 Million dollars.

They were:

1. Fair value accounting rules from FASB ✅ 

2. Spot Bitcoin ETF (inevitable in the next 6 months)

3. Traditional bank custody of Bitcoin

Jump forward to today and the first of these catalysts has already happened.

Only yesterday, the FASB accounting rules were changed.

The second of these catalysts is also drawing close.

With the SEC losing lawsuits & final deadlines coming up in early 2024, a spot Bitcoin ETF has never been closer.

Finally, the third and final of these catalysts is making ground. Although major banks globally don’t yet custody Bitcoin or allow lending against it, progress is being made.

Saylor, 12 months ago said each of these 3 catalysts are game changers. 📈

Once all 3 are confirmed, Saylor said he’d be shocked if it took more than 36 months for Bitcoin to hit $5 million dollars. 🤑

Gradually, then all at once.

BITCOIN NETWORK LULL 📊

One sentence summary: The Bitcoin network continues it’s lull with daily transfer volume sitting at $2.63 Billion, indicating HODL dominant market.

Taking a look at Bitcoin’s Total Transfer Volume is a quick and easy way to assess the current state of the market.

• Rising values: more transactions are being settled, increasing overall demand 📈

• Declining values: less transactions are being settled, decreasing overall demand 📉

FYI, this metric filters out transactions made to the same entity meaning that exchanges reshuffling their holdings does not impact the data.

Current daily transfer volume is sitting at $2.63 Billion. Which is is just $660 Million off of the cycle low of $1.97 Billion. 📈

So daily transfer volumes have grown by ~33.5% since the cycle low. However they are still relatively low overall. To put this in perspective, the cycle high was $13.1 Billion back in 2021… 🤯

It’s clear the market is currently dominated by HODLer’s. These investors are in it for the long run and are not willing to let go of their coins just yet.

Thus the low transfer volumes.

We’ll be monitoring this chart closely and let you know of any significant breakthroughs.

We’re keen to hear what your thoughts are, let us know in the poll at the bottom of today’s newsletter. 👇

CRACKING CRYPTO 🥜

CAN YOU CRACK THIS NUT? ✍️

Have you been paying attention?

Which major investment firm/s recently filed for a spot Ethereum ETF?

• A) BlackRock

• B) Grayscale

• C) Blackstone

• D) Ark Invest/21Shares

Find out the answer at the bottom of “Meme Corner” below 😀

MEME CORNER 😂

Because what would the crypto world be without its share of memes?

Trivia Answer: D) Ark Invest/21Shares 🥳 

Just days after Grayscale’s court case victory against the SEC, ARK Invest & 21Shares have come out and filed for a spot Ethereum ETF.

HOW DID WE DO? 🤷 

Let us know you’re thoughts by clicking one of the options below.

We read every comment submitted in this poll and love to hear what you guys have to say. 😁

Bonus points for any feedback or content suggestions you may have

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.