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- 🥜 Don't forget about Ethereum
🥜 Don't forget about Ethereum
PLUS: New all-time high
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GM to all 51,409 of you. Crypto Nutshell #259 sneakin’ in. 🦝 🥜
We’re the crypto newsletter that's more electrifying than a teenager swinging through the streets of New York City... 🕷️🏙️
What we’ve cooked up for you today…
🤑 New all-time high
⌚ Ethereum’s time is coming
🤔 How many Bitcoin wallets?
💰 And more…
MARKET WATCH ⚖️
Prices as at 2:05am ET
Only the top 20 coins measured by market cap feature in this section
NEW ALL-TIME HIGH 🤑
BREAKING: Bitcoin finally breaks above $70,000 for the first time
What a milestone.
Bitcoin has finally broken through $70,000. 🥳
According to Binance, the all-time high is now at $70,083.05
Unfortunately… It immediately fell back down to ~$66,000.
Such is the world of crypto. 😂
But at the time of writing, Bitcoin has climbed back up to ~$68,000.
Now onto the ETFs.
Have you ever wondered who’s actually buying these ETFs? 🤔
Well yesterday, Bitwise published a post breaking this down.
According to Bitwise, these are the groups have been buying Bitcoin ETFs:
Individual retail investors
Registered Investment Advisors (RIAs)
Family Offices
Hedge Funds
Venture Capital Funds
Asset Managers
But here’s where it gets juicy.
The post also mentions that Bitwise is currently in serious due diligence discussions with:
Major Wirehouses
Institutional Consultants
Large Corporations
Bitwise explains that these categories represent trillions of dollars in assets.
And they’re all coming for Bitcoin…
“I’d suspect we’ll see our first significant flows from these three groups in Q2 2024, and I think those flows will accelerate throughout the year as these investors become more comfortable with the new products.”
If you thought January, February & March were good… just wait until April hits. 😎
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ETHEREUM’S TIME IS COMING ⌚
Ethereum could surpass $10,000 this year.
That’s what Juan Leon is predicting.
Juan Leon is a crypto research analyst at Bitwise, one of the Bitcoin ETF issuers.
In an interview with CoinDesk, Juan was asked for his outlook on Ethereum:
“It’s been largely overshadowed this year by Bitcoin, Bitcoin has sucked up all the attention with the ETFs launching. But it [Ethereum] has two major catalysts that will come into focus.”
Ethereum’s time is coming. And it’s coming soon.
The first of those catalysts is the Dencun upgrade, scheduled for March 13.
The upgrade is expected to significantly reduce Layer 2 transaction fees. With Ethereum mainnet fees also expected to drop.
With transaction fees dropping, we can likely expect on-chain activity to pick up. Leon believes this will eventually lead to mainstream attention also increasing.
If you’d like to learn more about the Dencun upgrade, click here.
The second major catalyst is the Ethereum ETFs.
All eyes will be on May as that’s the final decision deadline.
When asked whether the ETFs will be approved, this is what Leon had to say:
“The odds of approval for those ETFs this year are not as clear and as high as they were for the Bitcoin ETFs. I give it a 50-60% chance that they get approved in May.”
Leon’s isn’t as confident as he was with the Bitcoin ETFs.
But he still expects them to be approved eventually.
Closing out the interview, Leon was asked his Ethereum price target for 2024:
“It could very well go above $8,000 into $10,000. Maybe even higher.”
If the Bitcoin ETFs are anything to go by, the Ethereum ETFs could certainly push ETH over $10,000.
Exciting times ahead. 😎
HOW MANY BITCOIN WALLETS? 🤔
Today we’ll be taking a look at the number of addresses with a non-zero balance.
This ones pretty straight forward.
It provides a high level overview of the Bitcoin network’s user base/activity.
But it’s important to understand that one wallet does not equal one user. A user can have many wallets.
What matters here is the trend of the chart.
Increasing number of addresses: indicates increased adoption levels
Decreasing number of addresses: indicates that users are selling their entire balance or consolidating wallets
Immediately you can see how this chart has always been trending upwards.
A clear sign that the Bitcoin Network has expanded every single year.
However, every now and then, this metric dips. As Bitcoin approaches new all-time highs, some investors decide to take profits.
As of today there are 51,455,957 addresses with a positive balance.
Two weeks ago this metric was at 51,133,097 wallets.
That’s an increase of 322,860 wallets.
The Bitcoin network still has plenty of room to grow. 💪
CRACKING CRYPTO 🥜
Proof of Stake cut $21 billion ETH from circulation as deflation falls to 1.4%. Explore Ethereum's reduced supply and the divergent monetary policies compared to Bitcoin.
BlackRock wants to buy spot Bitcoin ETFs for global allocation fund. BlackRock has asked the SEC to allow it to buy spot Bitcoin ETFs for one more fund, the Global Allocation Fund.
Coinbase met with SEC over spot Ethereum ETFs. According to documents about the meeting, Coinbase said that the ether ETFs would also be counted as commodity-based shares.
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? ✍️
Select your answer below and you’ll be redirected to the results page. (answer explanation can be found after “Meme Corner”)
What is "mining" in Bitcoin? |
MEME CORNER 😂
Because what would the crypto world be without its share of memes?
Trivia Answer: C) The process of confirming transactions and adding them to the blockchain 🥳
Checkout this article if you want to learn more about Bitcoin mining.
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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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