GM to all 31,519 of you. Crypto Nutshell #188 savin’ the world. 🦸‍♂️ 🥜 

We’re the crypto newsletter that's more secure than waking up as a cybernetic organism tasked with protecting humanity... 🤖💪

What we’ve cooked up for you today…

• 💰 Michael Saylor can’t stop buying Bitcoin

• 🧀 Don’t fall for this trap

• ⚖️ Bitcoin’s balance of wealth

• 💰 And more…

MARKET WATCH ⚖️

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

MICHAEL SAYLOR CAN’T STOP BUYING💰

BREAKING: MicroStrategy buys $615M worth of Bitcoin ahead of SEC’s spot ETF decision

MicroStrategy purchased 14,620 Bitcoin for $615.7 million at an average price of $42,110 per BTC.

This pushes MicroStrategy’s total holdings to 189,150 Bitcoin. Which was purchased for ~$5.9 billion at an average price of $31,168 per BTC.

As of today, MicroStrategy is sitting on an unrealised profit of over $2.2 billion… 😱

Here’s the crazy part though.

With this recent purchase, MicroStrategy is now close to matching the US governments total holdings of 210,429 Bitcoin.

Plus, they now own 0.966% of the current circulating supply…

That is absolutely nuts.

IF Bitcoin goes the way we think it will, Saylor’s Bitcoin strategy will likely go down as one of the most legendary investment moves of all time.

Who would bet against a man that reads two-inch-thick tomes on the history of Western Civilization for fun after work?

TOGETHER WITH THE EDGE 🤖

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DON’T FALL FOR THIS TRAP 🧀

With news of Michael Saylor buying even more Bitcoin, the crypto market has gone euphoric.

Bitcoin is within striking distance of putting in a new yearly high & Ethereum is up over 6%.

However, Bitcoin & the wider crypto market is overdue for a correction.

That’s the message out from on-chain Bitcoin analyst, Will Clemente.

Today, Will was asked if he expects a significant dip once a Bitcoin ETF is approved.

Will answered by pointing out a fascinating statistic. This is the longest Bitcoin has gone without a 25% or more dip since 2011. 🤯

When Bitcoin goes on a run like this, it’s easy to fall into a common trap in crypto.

The trap?

Believing that this time is different. That there won’t be any large corrections. That this is a super cycle & a new paradigm.

Will points out that this happened a lot in 2021.

There will always be large dips & drawdowns in Bitcoin.

Every past bull market has seen 30% or more corrections on the way up.

This time will be no different.

Once a correction inevitably comes, the key is to view it as an opportunity. 

With 2 major catalysts on the horizon:

• Bitcoin ETF (12 days away)

• Bitcoin Halving (110 days away)

Any dips are huge opportunities in the medium to long term. 🌅

BITCOIN’S BALANCE OF WEALTH ⚖️

Today is the final part of our deep dive into Glassnode’s Recovering from a Bitcoin Bear chart.

Links to the previous parts in case you missed them:

• Part 1: Introduction

• Part 2: Bitcoins key pricing models

• Part 3: Bitcoin Network activity

• Part 4: Bitcoin Network profitability

We’ll be taking a look the balance of USD wealth in the Bitcoin Network. To do this we’ll be using the RHODL ratio, which helps us answer the question:

Are there currently more short or long-term holders? 🤔

The RHODL ratio simply tracks the difference between the USD value held in 1-week old coins compared to 1y-2y old coins.

• Higher values: indicates a dominance in 1-week old coins

• Lower values: indicates a dominance in 1y-2y old coins

(the age of coins here refers to how long it’s been since they last moved not when they were created)

Taking a look at the chart above, you’ll notice that the RHODL has been trending higher over the course of 2023. 📈

This indicates that wealth is starting to shift back towards newer investors. It also means that long-term holders are starting to take profits. (which is no surprise during price run-ups).

However, long-term holders still dominate the market. The RHODL ratio is currently no where near its 2021 peak. (chart is in log scale)

Overall, this metric trending higher is another bullish indicator.

Expect to see it rise much higher as the bull run continues. 😎

CRACKING CRYPTO 🥜

Grayscale amends ETF strategy to meet SEC cash-only redemption demands. Grayscale's revised SEC filing signals major shift in Bitcoin (BTC) exchange-traded fund (ETF) operations.

ARK’s Cathie Wood sees short-term effect of spot Bitcoin ETF as ‘sell on news’. Massive anticipation around potential approval of a spot Bitcoin ETF could negatively impact the BTC price in the short term, ARK Invest founder Cathie Wood believes.

As bitcoin ETF saga hits possible homestretch, here’s what to watch for. Eric Balchunas says final agreements with authorized participants will be critical as issuers prep proposed BTC funds.

Mt. Gox Appears to Have Started PayPal Repayments Tied to 2014 Bitcoin Hack. Payments through bank accounts are still awaited.

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”)

MEME CORNER 😂

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

Trivia Answer: C) Gavin Wood 🥳

The Ethereum yellow paper was written by Dr. Gavin Wood.

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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.