GM and welcome to The Crypto Nutshell! 🫶 🥜 

The crypto newsletter that's more action-packed than waking up as a retired hitman with a puppy and a score to settle 🔫🐶

Today, we’ll discuss:

• Recapping the last 24 hours in the world of crypto 🌏

• This expert believes the short term may be rough 🤑

• What’s been up with the Bitcoin network?💰

• And more…

MARKET WATCH ⚖️

BTC Dominance is currently at 50.15% and the current crypto market cap is $1.16T  ▼1.70%

Biggest Winners of The Day 🤑

• Sadly, there were no winners in the top 20 today 🥺

Biggest Losers of The Day 😭

• Litecoin (LCH) ▼5.39%

• XRP (XRP) ▼4.66%

• Chainlink (LINK) ▼4.52%

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

JUST IN: ETF analyst raises spot Bitcoin ETF approval chances in the US to 65% 🤑🤑

Bloomberg analysts Eric Balchunas and James Seyffart mentioned that the approval for a Bitcoin ETF has increased significantly over the past month due to various new developments such as the Ripple XRP court victory over the SEC.

This is just making us FOMO even harder… 😨

All price data as of 8:25am ET

EXPERT OF THE DAY 💰

This Crypto expert is predicting a difficult time in the short term, but there’s a light at the end of the tunnel.



Today’s expert of the day is @pentosh1 - an anonymous technical analyst that regularly posts his charts, trades & theses on twitter.



Although we aren’t massive fans of technical analysis when it comes to investing, we have to give credit where credit is due. 



We have followed Pentoshi for 2 years now and there’s a reason he’s amassed a following of 700,000 investors - he’s blistering accurate.🎯

Not only was Pentoshi one of the very few influencers in the space that called the top for both Bitcoin & Ethereum in 2021, but he’s also been spot-on with price action all the way down. 


Today he released his latest update on what’s going on with Bitcoin. 

He points out that we’ve survived the worst of the worst:



• FTX blow-up

• Stable Coin de-pegs

• Multiple projects going to zero

And he think’s it will happen all over again when the market once again needs to de-leverage. 

Pentoshi points out there’s a lot to look forward to.



By the time of the halving next year, we will also have a spot Bitcoin ETF.



Two MASSIVE catalysts. 

💣

This comes after just today, the odds of a spot bitcoin ETF approval moving from 50%-65% 

Pentoshi although predicting a rough time in the short-term, says to not lose sight of the bigger picture.

Nutty’s takeaway: Less than 260 days to go until the Bitcoin halving. 

Bitcoin ETF approval likely to happen before then. 

If you don’t have FOMO… you probably should. 😉🥂

ON CHAIN DATA DIVE 📊

Lets take a look at how the Bitcoin network has been performing and see if it’s expanding or shrinking.

Two charts that are perfect for this job are The Number of Addresses with a Non-Zero Balance and The Number of New Addresses. Both of them are pretty self explanatory for what they track…

But, in case you’re still unsure… A new address is defined as a unique address appearing in a transaction on the network for the first time and a non-zero balance is a wallet holding a positive amount of coins.

The amount of wallets holding any amount of Bitcoin’s, small or large, has been steadily increasing over the last 5 years with no major dips. In fact, just this week we hit a new record, coming in at 47,857,099 wallets that now hold some amount of Bitcoin.

This metric is often used to measure the adoption of Bitcoin and an increasing number is a clear signal that adoption is in fact rising… all the time. More and more people are investing into Bitcoin and holding. The Bitcoin network is clearly expanding.

The number of new Bitcoin addresses has been steadily rising since the start of the year. Although it has had it’s dips, the trend is still positively increasing.

As of the 2nd of August 487,935 new addresses were identified. Compare this to the 1st of January where there were 407,855 new addresses. Like the previous chart, this metric is also used to measure the adoption of Bitcoin, with an increasing number being a bullish signal.

Nutty’s Takeaway: Both of these charts send the same message in two different forms. The Bitcoin network is expanding and hasn’t really slowed down all that much, despite what you might think.

CRACKING CRYPTO 🥜

TRIVIA TIME ✍️

As of today, what is the 3^rd largest cryptocurrency by market cap?

• A) Ethereum

• B) XRP

• C) BNB

• D) Tether

Find out the answer at the bottom of this newsletter 😀

MEME CORNER 😂

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

Trivia Answer: D) Tether 🎉

At the time of writing this, Tether is currently the 3rd largest cryptocurrency with a market cap of $83.8 billion.

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.