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- 🥜 Crypto just changed forever
🥜 Crypto just changed forever
PLUS: Bitcoin ETFs Approved
GM to all 36,436 of you. Crypto Nutshell #202 poppin’ bottles! 🍾 🥂 🥜
We’re the crypto newsletter more uplifting than a nanny descending from the skies with her magical umbrella... ☂️🌬
What we’ve cooked up for you today…
😄 Crypto just changed forever
🍦 Bitcoin creams every other asset
😎 Things are looking good
💰 And more…
MARKET WATCH ⚖️
Prices as at 4:45am ET
Only the top 20 coins measured by market cap feature in this section
CRYPTO JUST CHANGED FOREVER 😄
BREAKING: SEC officially approves spot Bitcoin ETFs in landmark decision
No tricks this time.
The SEC has officially approved the Bitcoin ETFs, marking a major milestone for the crypto industry. 🥳
The ETFs are finally here.
Following the approval, Gary Gensler put out an official statement.
And Gary being Gary, he took the opportunity to show that he’s still against Bitcoin & crypto…
“While we approved the listing and trading of certain spot bitcoin ETP shares today, we did not approve or endorse bitcoin. Investors should remain cautious about the myriad risks associated with bitcoin and products whose value is tied to crypto.”
BUT, SEC commissioner, Hester Peirce also released a statement. Peirce has previously shown support for the ETFs, and this time was no different.
It turns out that Grayscale’s court victory over the SEC was instrumental in getting these ETFs approved. 👩⚖️
“We squandered a decade of opportunities to do our job. If we had applied the standard we use for other commodity-based ETPs, we could have approved these products years ago, but we refused to do so until a court called our bluff”
In case the approvals weren’t exciting enough, the ETFs are going live today. 😮
Today could be even BIGGER day for Bitcoin. Checkout this tweet from Mike Alfred yesterday…
A tsunami of capital is about to be unleashed upon Bitcoin. 🌊
We’re so back. 🍾
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BITCOIN CREAMS EVERY OTHER ASSET 🍦
Cathie Wood first bought Bitcoin back in 2015.
At the time Bitcoin was only $250.
Cathie was one of the first institutional investors to recognise the enormous opportunity.
A young Cathie Wood
Today, almost 10 years later, her firm ARK Invest got approved to launch a Bitcoin ETF.
In an interview today, Cathie stated that she has never had more conviction in Bitcoin, than right now.
She pointed out in 2023, Bitcoin turned a corner. When Bitcoin’s price increased amidst the regional banking crisis, the narrative began to shift.
No longer is it just a risk-on asset, but it’s now also a risk-off asset.
On one hand, Bitcoin is a bet on technology. A bet that the world & monetary systems will continue to become more digital.
At the same time, Bitcoin protects you from the devaluation of the dollar. It also shields you from counterparty risk.
A risk-on and a risk-off asset.
Cathie also pointed out, in terms of returns, there is no competition:
“If you look over the history of Bitcoin and you do a 5-year rolling average, month by month… Bitcoin has creamed every other asset class.”
Cathie isn’t just talking the talk either.
She revealed that Bitcoin makes up a significant part of her net-worth.
“Of my financial net worth… it's at least 25%.”
Finally, in regards to their ETF, Cathie says she’s already talking to the big money:
“We are talking to state pension funds and state treasurers about investing in the Bitcoin ETF.”
Pension funds & state treasurers are truly big money. Pension funds alone make BlackRock look cute.
The top 300 pension funds in the US have a total of $23.6 trillion dollars under management…
The Bitcoin tsunami has arrived. 🌊
THINGS ARE LOOKING GOOD 😎
Today we’ll be taking a look at the general profitability of the Bitcoin Network.
On average, is Bitcoin being sold at a profit or loss? 🤷♂️
To answer that question we’ll be using the Adjusted Spent Output Profit Ratio metric.
Although this metric may sound a little confusing, really it’s quite simple. It tracks the sale of every coin and determines whether it was in profit or not.
This is done by comparing the fiat value of a coin when it is first purchased to the fiat value when it is sold.
aSOPR > 1: on average, coins are being sold at a profit 🐂
aSOPR < 1: on average, coins are being sold at a loss 🐻
aSOPR = 1: on average, coins are being sold at breakeven
The cool thing about aSOPR is that coin volume isn’t considered in the calculation.
This means that whales can’t heavily skew this data by locking in huge profits. Think coins being sold from 2013 etc. All we’re looking at here is if the transaction was in profit or loss.
The chart below also uses a 30-day moving average. This provides a slower, but higher conviction signal that a bull run is approaching.
Periods where aSOPR is greater than 1 are highlighted blue 🟦
Today, aSOPR is at 1.034.
And it’s only been going up since October 2023.
Indicating that on average, Bitcoiners have been realising profits. 🤑
Glassnode notes that this aligns with a healthier inflow of demand and a more constructive opinion of the asset.
Just what you want to see as the Bitcoin ETFs are set to launch today.
Things are lookin’ good! 😎
CRACKING CRYPTO 🥜
SEC approves spot Bitcoin ETFs after 11 years of rejections. The U.S. SEC has officially approved the first spot Bitcoin exchange-traded funds (ETFs) after 11 years of rejecting such products, according to a Jan. 10 regulatory filing.
SEC did not ‘approve or endorse Bitcoin’ with spot BTC ETF nod — Gary Gensler. SEC Chair Gary Gensler said his agency did not "approve or endorse" Bitcoin when it approved several spot Bitcoin ETFs earlier this afternoon.
How analysts, executives are reacting to spot bitcoin ETF approval. The trading of such funds is likely to bring a flood of flows into the crypto market from traditional asset allocators, industry watchers say.
Degens Are Already Trading 'Bitcoin ETF' Meme Coins—On Solana. Solana traders are jumping on the Bitcoin ETF news. The meme tokens, unsurprisingly, crashed shortly thereafter.
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”)
What is Ethereum's current all-time high?(USD) |
MEME CORNER 😂
Because what would the crypto world be without its share of memes?
Click to watch 😂
Trivia Answer: B) $4,721.07 🥳
According to Coinbase, Ethereum’s all-time high is $4,721.07.
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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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