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- 🥜 Crypto Expert: Crypto Will 25X
🥜 Crypto Expert: Crypto Will 25X
PLUS: Bitcoin all-time low
Today’s edition is brought to you by RAREMINTS - discover your next 10x crypto opportunity today!
GM to all 19,826 of you. Crypto Nutshell #146 ploddin’ through. 🐢 🥜
The crypto newsletter more invigorating than realizing you've developed an unbreakable shield and the responsibility to protect freedom... 🛡️🦅
🧠 Grayscale’s master plan
🧨 Cathie Wood: Crypto will 25x
📉 Available Bitcoin supply at an all-time low
💰 And more…
MARKET WATCH ⚖️
Prices as at 5:15am ET
Only the top 20 coins measured by market cap feature in this section
GRAYSCALE’S MASTER PLAN 🧠
Breaking: Grayscale ETH futures ETF a ‘trojan horse’ for spot Ethereum ETF
The SEC has just delayed its decision on Grayscale’s ETH futures ETF application. They now have until January 1, 2024 to make a decision.
This decision was expected as ETF analyst James Seyffart says:
For those that don’t know. Grayscale is one of the financial institutions that has applied for a spot Bitcoin ETF. In August they scored a court win against the SEC over the conversion of their Bitcoin trust to an ETF.
For a quick recap of Grayscale vs the SEC checkout this short article.
Seyffart believes that Grayscales Ethereum Futures ETF application is just a ploy to get a spot Ethereum ETF approved.
Keep in mind, Ethereum futures ETFs have already been approved by the SEC.
“Grayscale is playing Chess, not checkers here. They're likely hoping to force the SEC into issuing a 19b-4 decision on an ETH futures ETF…All current ETH futures ETFs were not approved under this process and we have no SEC decision process to fall back on if the SEC denies spot ETH ETFs in 2024. A 19b-4 futures ETF approval letter would set things up for another battle in court that would likely be a virtual replay to $GBTC's case.
Interestingly, Seyffart doubts that Grayscale even intends to launch the proposed futures ETF.
Sounds like Grayscale has backed the SEC into the corner.
The SEC only has two options:
Approve ETH futures ETF: paves the way for the eventual approval of a spot Ethereum ETF
Deny ETH futures ETF: Grayscale file another lawsuit against the SEC
A couple of days ago we also discussed BlackRock’s view on this issue.
In BlackRock’s application for a spot Ethereum ETF they argued that the SEC cannot lawfully approve ETH futures ETFs and not spot ETFs.🧑⚖️
Things are heating up in the SEC vs crypto ETF battle. 🔥
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CATHIE WOOD: CRYPTO WILL 25X 🧨
Cathie Wood and her firm ARK Invest are ridiculously bullish on blockchain.
Specifically Bitcoin & Ethereum.
In her latest interview on CNBC, Cathie explained why she’s never been more bullish. 🐂
First, Cathie thinks the current fundamentals for Bitcoin are as good as they get:
“The fundamentals - we put out a Bitcoin monthly piece every month. You can see the health of the network using our on-chain metrics. The health of the network is almost as good as it gets. This is a bull market.”
Cathie also predicted that the crypto market is going to 25x by 2030:
“This is global, not just a U.S opportunity and it’s big… It is going to scale from a little more than $1 trillion today to $25 trillion in 2030 as this new world builds out.”
That means Cathie believes that on average, for the next 6 years, crypto will return ~71% year.
Not too shabby. 😎
Cathie's is undeniably an expert on innovation and predicting the future.
With such a huge stamp of approval, the future ahead for crypto investors is indeed very bright. 🌅
AVAILABLE SUPPLY AT ALL TIME LOW 📉
Yesterday we looked at the supply of Bitcoin available on Exchanges.
But we can go one step further.
If we add in the Short-term holder (STH) supply, we get a better idea of how much Bitcoin is available for sale.
This works because STH’s are much more likely to sell their coins at any given moment.
Here’s how to read the chart below:
🟥 Short-Term Holder Supply: Coins active within the last 155 days
🟧 Exchange Balances: Coins held by exchanges for sale
🔵 Percentage of Circulating Supply: STH + Exchange Balances divided by the circulating supply
The ‘available’ supply of Bitcoin is in a pretty crazy place right now:
🟥 Short-Term Holder Supply: 2,316,113 Bitcoin
🟧 Exchange Balances: 2,356,183 Bitcoin
🔵 Percentage of Circulating Supply: 23.8% (all-time low)
Right now, the amount of Bitcoin available for sale relative to the circulating supply is the lowest its ever been.
And it’s trending lower…
Keep in mind that this metric is only showing us the supply of Bitcoin that is most likely to transact.
There’s nothing stopping long-term holders from selling their coins when they want to.
That’s why 🔵 increases as Bitcoin approaches new highs. Long-term holders are deciding to sell.
With that being said, Cathie Wood is 100% correct.
Bitcoin’s supply dynamics and fundamentals are as good as it gets… 😎
CRACKING CRYPTO 🥜
WHAT WE’RE READING ✍️
Want to get even smarter? Check these out.
p.s. all completely FREE
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CAN YOU CRACK THIS NUT? ✍️
How Bitcoin are currently available for purchase on exchanges?
A) 5,156,632
B) 1,352,656
C) 2,356,341
D) 8,729,284
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: C) 2,356,341 🥳
The initial block reward was 50 BTC. However, the reward decreases by 50% every 210,000 blocks
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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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