- Crypto Nutshell
- Posts
- 🥜 Don't miss this window
🥜 Don't miss this window
PLUS: States Are Here
Today’s edition is brought to you by RAREMINTS
GM to all 64,612 of you. Crypto Nutshell #326 takin’ a walk... 🐕🦺 🥜
We’re the crypto newsletter that’s more enchanting than an adventure in a magical land filled with witches, talking lions, and epic battles... 🧙♀️🦁
What we’ve cooked up for you today…
🏦 First state purchase of BTC
💸 Everything happens in 3 months
🤑 Bitcoiner’s still realising profits
💰 And more…
MARKET WATCH ⚖️
Prices as at 5:40am ET
Only the top 20 coins measured by market cap feature in this section
FIRST STATE PURCHASE OF BTC 🏦
BREAKING: State of Wisconsin Buys Nearly $100M Worth of BlackRock Spot Bitcoin ETF
We told you there’d be more…
And this may be the most unexpected one yet.
The state of Wisconsin has just disclosed it’s Bitcoin holdings. 🤨
That’s right - a state government now holds Bitcoin.
Through a quarterly 13F filing with the SEC, we can see that the State of Wisconsin Investment Board (SWIB) holds ~$100 million in BlackRock’s IBIT.
This disclosure marks SWIB as the first state-level institution to announce its Bitcoin holdings.
ETF analyst Eric Balchunas had this to say:
“Wow, a state pension bought $IBIT in first quarter. Normally you don't get these big fish institutions in the 13Fs for a year or so (when the ETF gets more liquidity) but as we've seen these are no ordinary launches. Good sign, expect more, as institutions tend to move in herds.”
The filing also discloses that SWIB holds over $63 million in Grayscale’s GBTC.
Making their total investment into Bitcoin worth ~$163 million.
Today is also the deadline day for these 13F filings, so there still could be some last minute surprises…
The point to focus on?
Eric put it best - institutions tend to move in herds. 🐑
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 now complete, it’s the perfect time to get in!
The problem? There’s literally tens of thousands of coins.
That’s why we read RAREMINTS:
Keeps you up to date with daily insights and news ✅
Gives you access to exclusive airdrops for FREE 🪂
Breaks down Crypto developments in a quick 5 min read 📨
Click here to join 30,000+ investors / builders from Coinbase, Binance, KuCoin and more discovering their next 10x crypto opportunity today. 🤑
Future you will thank you.❤️
EVERYTHING HAPPENS IN 3 MONTHS 💸
During a bull market, 75% of Bitcoins price action occurs within a 3 month window.
That’s the point Fred Krueger is driving home.
For those of you who don’t know Fred Krueger, here’s a quick rundown on some of his credentials:
Worked on Wall Street during the early 80’s to late 90’s
PHD in Math from Stanford
10 successful entrepreneurial exits from companies he created
In his latest video, Fred explained that 75% of Bitcoins price action occurs within a 3 month window.
Let’s take a look at previous cycles:
The chart below shows Bitcoins price action from 2011 to 2014.
Notice how it basically trades flat and then rockets up in the last 2 months.
In 2017 the exact same thing happened again…
The market does a whole lot of nothing and then explodes in the last couple of months.
If you exited the market in October 2017, you would have missed 75% of the bull market…
Surely it doesn’t happen three times in a row right?
Well it does…
Again, the market does a whole lot of nothing before exploding in value.
The 2021 bull market saw Bitcoin rocket up from $20,000 to $60,000 within 4 months.
With this in mind, Krueger is strongly against trading Bitcoin:
“Things can happen very quickly. We can go triple, quadruple, 5x in a period of 3 months. If you miss those 3 months, you will miss everything.”
The best strategy in Krueger’s opinion is to simply accumulate and HODL.
“If you’re not in the market for those 3 months, it’s very unlikely that you’re going to be able to get in to the market and be there with any kind of size when this thing actually goes up.”
Although current price action may be “boring”…
You have to stay in the market to capture these crazy upwards movements.
BITCOINERS STILL REALSING PROFITS 🤑
Today we’ll be taking a look at the Adjusted Spent Output Profit Ratio (aSOPR).
Although this metric may sound a little confusing, really it’s quite simple.
It tracks the sale of every coin and determines whether it was in profit or not.
This is done by comparing the fiat value of a coin when it is first purchased to the fiat value when it is sold.
aSOPR >1: on average, coins are being sold at a profit 🐂
aSOPR < 1: on average, coins are being sold at a loss 🐻
aSOPR = 1: on average, coins are being sold at breakeven 😐
But the neat thing about aSOPR is that coin volume is not considered in the calculation.
This means that whales can’t heavily skew this data by locking in huge profits or losses. Think coins being sold from 2013, etc.
All we’re looking at here is if the transaction was in profit or loss. A simple yes or no.
Today, aSOPR is at 1.017 (It’s fallen recently due to Bitcoin price action.)
But what does this number mean? 🤷♀️
Well, it indicates that on average, Bitcoiners are STILL realising profits.
aSOPR above 1.0 is a tell tale indicator of a bull market. (this metric flashes blue when aSOPR is above 1.0)
Profits are being realised on chain and demand is sufficient in absorbing these sales.
The key thing with this metric is that it remains above 1.0
As long as we’re above this number, we’re all good.🤞
CRACKING CRYPTO 🥜
Roaring Kitty's return triggers meme coin surge and GameStop stock spike. Roaring Kitty sparks market frenzy with gains in GameStop and meme cryptocurrencies.
Vanguard names Bitcoin-friendly former BlackRock exec as new CEO. Investing giant Vanguard has named Salim Ramji as its new CEO, who oversaw the launch of BlackRock’s spot Bitcoin exchange-traded fund.
State of Wisconsin Buys Nearly $100M Worth of BlackRock Spot Bitcoin ETF. The state’s investment board bought 94,562 shares of BlackRock’s iShares Bitcoin Trust in the first quarter of the year.
Bitcoin may stay in a 'consolidation phase' until US election. Crypto is likely to stay politicized until the Democrats pivot their questionable stance on the segment, Galaxy CEO says.
WHAT WE’RE READING 📚
Want to get even smarter? Check these out.
p.s. all completely FREE (one click subscribe link)
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 launched on Mainnet Beta in March 2020, shortly after raising $1.76 million in a public token auction hosted on CoinList
GET IN FRONT OF 64,000+ CRYPTO INVESTORS
Advertise with Crypto Nutshell to get your product or brand in front of the crème de la crème of crypto investors. Crypto Nutshell readers are high-income earners who are always looking for unique or interesting offers.
HOW DID WE DO? 🤷
We read every comment submitted in this poll and love to hear what you guys have to say. 😁 (bonus points for suggestions 🍪)
What did you think of today's Newsletter?Don't worry, you won't hurt our feelings... 🥲 |
NUTCASE REVIEW OF THE DAY 🔍
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.
Reply