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🥜 Demand flooding in
PLUS: Ethereum ETF Update
Today’s edition is brought to you by Animus Technologies.
GM to all 58,219 of you. Crypto Nutshell #280 sittin’ pretty. 🌸 🥜
We’re the crypto newsletter that's as captivating as the twists and turns of a conspiracy involving government agents and extraterrestrial phenomena... 👽🛸
What we’ve cooked up for you today…
👩⚖️ Ethereum ETF update
🏦 Bitcoin is the answer
📈 Stablecoins are pumping
💰 And more…
MARKET WATCH ⚖️
Prices as at 3:30am ET
Only the top 20 coins measured by market cap feature in this section
ETHEREUM ETF UPDATE 👩⚖️
BREAKING: Bitwise files spot Ethereum ETF application
Bitwise joins the Ethereum ETF race!
Bitwise has filed its application for a spot Ethereum ETF with the SEC on March 28.
Information regarding the ticker and fees were not disclosed.
Keep in mind the most important date here is May 23rd. 🗓️
That’s the decision deadline for VanEck’s Ethereum ETF.
And like the Bitcoin ETFs, the SEC is likely to approve all applicants at once. (if they get approved…)
Despite Bitwise’s application, ETF analyst Eric Balchunas still has his odds of approval at 25%.
Not great. 😐
That’s Eric’s odds of approval by May 23rd by the way.
Keep in mind, Eric does believe they’ll be approved eventually.
ARK Invest CEO Cathie Wood also shares a similar perspective to Eric:
“The probability is probably going down… One of the tell-tale signs for Bitcoin that something was gonna happen with the spot bitcoin ETF was the fact that we were communicating with the SEC.”
BUT, a couple of days ago Craig Salm (Grayscale’s Chief Legal Officer) explained that radio silence from the SEC is nothing to worry about yet.
As the products are essentially identical, besides one holding BTC and the other ETH, a lot of the details have already been discussed.
So who knows what’ll happen by May 23rd. 🤷♀️
Our take?
Even it’s not May 23rd, they will, at some point, be approved.
More time to stack. ✅
TOGETHER WITH ANIMUS 👾
Over the past year, the crypto market has been on fire. 🔥
12-months ago, Bitcoin was trading at $20,000 and Ethereum was trading at $1,500.
But where will prices go now?
Will there be a sell-off before the Bitcoin halving?
Or will there be a move up in anticipation?
Truth is - timing the market is extremely difficult.
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BITCOIN IS THE ANSWER 🏦
Governments debasing their currency is a story as old as time.
We’re witnessing it right now with the US dollar.
That’s the latest message from Mike Novogratz.
Mike Novogratz is the CEO of Galaxy Digital, one of the Bitcoin ETF issuers.
He’s also a billionaire.
In his latest interview with Bloomberg, Novogratz broke down Bitcoin’s recent rally:
“Bitcoin has broadly doubled since November. It’s been a monster rally. That rally was mostly fuelled by adoption, with the ETFs it made it very easy for people in the US institutions to access Bitcoin for the first time.”
Continuing on, Novogratz expects a period of consolidation in the short-term:
“Prices are going to consolidate for a while between $75,000 and $62,000. You can see a consolidation.
US government debt is currently at ~$34.58 trillion.
And it’s increasing by $1 trillion every 100 days…
That is ridiculous.
It’s also projected to get much worse…
Novogratz believes that this out of control government spending makes Bitcoin an easy sell:
“That story is so powerful, it makes it easy for salespeople for RIA’s to tell their clients ‘put a couple percent of your net worth into Bitcoin’… This is a process that takes years, not months.”
The answer?
Bitcoin. 🌅
STABLECOIN’S ARE PUMPING 📈
Today we’ll be taking another look at the stablecoin market.
Stablecoin’s play an important role in the wider crypto market. They are often used on centralized and decentralized exchanges to purchase other digital assets.
By taking a look at the stablecoin market, we can gauge the demand for digital assets.
The chart below tracks the aggregate change in the total stablecoin market cap.
🟢 Increased stablecoin supply: increased demand and capital inflows into the digital asset space 🐂
🔴 Contractions in stablecoin supply: net capital outflows from digital assets 🐻
When we checked in on this metric two weeks ago, the stablecoin market cap was ~$140 billion.
Today the aggregate stablecoin market cap is ~$143 billion. 📈
Just $19 billion shy of the all-time high market cap.
Since October 2023, this metric has increasing every single week.
Let’s also take a quick look at the stablecoin supply dominance:
🟩 USDT: 73.13%
🟦 USDC: 22.72%
🟪 DAI: 3.74%
USDT absolutely dominates the stablecoin market, with 73.13% dominance.
And it’s not even close…
The simple takeaway from this data?
Liquidity is flooding back into the crypto industry.
Which means demand is flooding back into the space.
Growth in stablecoin supply is a clear bullish signal. 🐂
CRACKING CRYPTO 🥜
Vitalik believes memecoins should be used for philanthropy and social impact. Buterin said memecoins should be used for constructive purposes that benefit society and help those in need.
Bitcoin’s 2023–2024 growth rate has it on track to surpass Microsoft within a year. Bitcoin could overtake Microsoft in market cap if its current rate of year over year growth continues and Microsoft’s shares remain static.
21Shares president ‘less bearish’ than Cathie Wood on ether ETF approval. SEC has “less to look at” in considering spot ether ETFs given their similarities to BTC funds, according to 21Shares’ Ophelia Snyder.
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”)
When did popular altcoin Solana launch? |
MEME CORNER 😂
Because what would the crypto world be without its share of memes?
Trivia Answer: D) March 2020 🥳
Solana was first opened to the public in March 2020, with its first block being created on 16 March 2020.
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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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