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- 🥜 Crypto plummets
🥜 Crypto plummets
PLUS: Price You Pay
Today’s edition is brought to you by RAREMINTS - discover your next 10x crypto opportunity!
GM to all 58,206 of you. Crypto Nutshell #269 keepin’ watch. 🦉🥜
We’re the crypto newsletter that's more vibrant than a candy mogul offering a golden ticket to his factory... 🍫🎟
What we’ve cooked up for you today…
🤔 Why is crypto down?
🎢 Volatility is the price you pay
🌊 Another record broken
💰 And more…
MARKET WATCH ⚖️
Prices as at 8:25am ET
Only the top 20 coins measured by market cap feature in this section
WHY IS CRYPTO DOWN? 🤔
BREAKING: Grayscale’s GBTC experiences largest outflow day yet
The entire crypto market fell today as Bitcoin’s price dropped below $63,000.
Every major crypto is currently down.
24 hour performance of the top cryptocurrencies
But what caused this dip?
Well, the Bitcoin ETFs recorded their single largest outflow day.
In total, the ETFs experienced net outflows of $154.3 million.
The biggest reason for this was the absolutely massive amount of outflows from Grayscale. With $642.5 million leaving GBTC.
Whilst BlackRock still had an incredible day with $451.5 million in net inflows, Fidelity was a different story.
Fidelity recorded it’s lowest inflow day with $5.9 million coming in.
So a rough day from the ETFs and recent price performance led to a mini sell-off.
On a more positive note…
According to ETF analyst, Eric Balchunas, IBIT & FBTC are now in the top 5 ETFs by YTD flows.
That’s an insane stat for two newly launched ETFs.
TOGETHER WITH RAREMINTS 💎
There’s a reason we all love crypto… the returns.😍
In a bull market? No other asset can compete.
And with the Bitcoin Halving approaching, now's the perfect time to get in!
The problem? There’s literally tens of thousands of coins.
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Breaks down Crypto developments in a quick 5 min read 📨
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VOLATILITY IS THE PRICE YOU PAY 🎢
In the face of all this volatility…
Do not sell your Bitcoin.
If Bitcoin shoots up to $100,000 per coin?
Do not sell your Bitcoin.
That’s the latest message out from Larry Lepard.
For those of you who don’t know Larry Lepard, he’s:
Founder & Managing Partner of Equity Management Associates
Graduated from Harvard, with 40 years of finance experience.
Huge sound money advocate (money that cannot be printed)
In his latest interview, Larry gave some advice to Bitcoin hodlers:
“I think everybody needs to be prepared to deal with the volatility. Everybody needs to think long-term. Because long term, I'm quite confident that this is going to be a multi-million dollar per coin asset.”
Lepard believes that over time, 1 Bitcoin will be worth multiple millions of dollars.
In the world of crypto, seeing your portfolio dip 10% in a single day can be scary.
But in all reality, that’s the nature of the space.
In times like these, we like to refer to a Michael Saylor quote:
“Bitcoin’s volatility is the price you pay to get 10x the performance of the S&P.”
We’re buying more.
Are you?
ANOTHER RECORD BROKEN 🌊
Time for our weekly check in on digital asset fund flows. (globally, not just the US ETFs)
Last week was the seventh straight week of positive inflows with $2.92 billion coming in, setting a new record for weekly inflows.
This also brings year-to-date net inflows to $13.2 billion.
The whole of 2021 only saw $10.6 billion in net inflows…
No surprise here.
Bitcoin came out on top again, bringing in $2.9 billion for the week.
Bitcoin now accounts for 97% of all inflows for the year.
Unfortunately it wasn’t a great week for Ethereum, experiencing net outflows of $13.9 million.
As per usual, the United States continues to dominate with $2.95 billion in net inflows.
Switzerland, Sweden and Canada all experienced outflows of $32.6m, $21.2m and $14.9m respectively.
Last week was another incredible week for digital asset funds.
Maybe this week we finally see them crack the $3 billion mark?
CRACKING CRYPTO 🥜
Fidelity adds staking to Ethereum ETF application amid mixed reception. Experts believe the amendment will further complicate the chances of Ethereum ETFs securing approval in May.
BitMEX whale tanks Bitcoin price to $8.9K during BTC sell-off. BitMEX said that its derivatives markets and the prices of the XBT derivatives contracts were not affected by the fluctuation.
The history of bitcoin halvings — and why this time might look different. Every Bitcoin halving has come a year or two before a new all-time high, except the upcoming 2024 April event.
WHAT WE’RE READING 📚
Want to get even smarter? Check these out.
p.s. all completely FREE
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”)
The first commercial bitcoin transaction was for a pizza worth ___ BTC? |
MEME CORNER 😂
Because what would the crypto world be without its share of memes?
Trivia Answer: A) 10,000 🥳
On May 22, 2010 Laszlo Hanyecz paid Jeremy Sturdivant 10,000 Bitcoin for two Papa John's pizzas.
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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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