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- 🥜 Don't Sleep on Ethereum
🥜 Don't Sleep on Ethereum
PLUS: SEC sets deadline
GM to all 30,308 of you. Crypto Nutshell #184 wrappin’ presents. 🎁 🥜
We’re the crypto newsletter that's as legendary as a group of friends hanging out at their favorite New York coffee shop... ☕🗽
What we’ve cooked up for you today…
🧑⚖️ The SEC sets a deadline
🔁 We get to do it all again…
😁 We’re so back - Bitcoin key indicators
💰 And more…
MARKET WATCH ⚖️
Prices as at 6:05am ET
Only the top 20 coins measured by market cap feature in this section
THE SEC SETS A DEADLINE🧑⚖️
BREAKING: SEC tells spot Bitcoin ETF applicants to make final changes by year-end
The SEC has once again met with representatives from seven companies hoping to launch a Bitcoin ETF in January.
Included in these discussions with the SEC were representatives from BlackRock, Grayscale Investments and ARK Invest / 21Shares.
The SEC is set to approve or reject ARK Invest / 21Shares joint application by January 10th.
However, everyone is expecting all of the potential ETFs to be approved at the same time.
Also in attendance at these meetings were representatives from exchanges on which these products might trade. This includes representatives from Nasdaq and Cboe.
BUT, here’s the real juice…
Reuters has reported that:
“The SEC set a deadline for final updates to their filings of Dec. 29. Regulators told attendees at the meetings that any issuer that doesn't meet that deadline will not be part of a first wave of potential spot Bitcoin ETF approvals in early January,”
Interesting choice of words here…
Does this confirm that the ETFs will be approved?
We think it does. 😎
TOGETHER WITH BLACK SWAN STREET 🦢
Did you know Michael Burry made his investors $700 million dollars in 2008.
He personally pocketed $100 million too.
Not too shabby.
How?
A black swan event occurred that only he saw coming. Black swan events are where you make outsized returns.
The problem?
Nutty doesn’t know sh#t about finance.
That’s why Nutty reads Black Swan Street They’re like the Crypto Nutshell, but for finance and investing.
They cover topics such as potential Black Swan events or how to best invest $1,000.
The best part?
Just like us, they’re completely free.
Click that beautiful subscribe button and it’ll automatically add you to their list.
If you’re not a fan, you can always unsub. Win Win. 🎉
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WE GET TO DO IT ALL AGAIN… 🔁
We have known the Bitcoin ETF was coming since June.
That was when BlackRock filed their spot Bitcoin ETF application.
In June the Bitcoin price was ~$25,000.
Now that the deadline is just 16 days away? People are less willing to sell their Bitcoin.
Now the Bitcoin price is ~$44,000.
The good news?
We get to do this all again.
That’s the message out from one of our favourite technical & macro analysts - Pentoshi.
Pentoshi uses the anonymous pseudonym of a penguin
In his latest tweet, Pentoshi points out that we’ll get to repeat this entire cycle again. This time with Ethereum.
The January 10th Bitcoin ETF deadline is going to come & go.
Then there will be 2 major narratives that will dominate crypto.
Bitcoin Halving - Coming in April
Spot Ethereum ETF - Coming in May
The Bitcoin halving is set to occur on April 17th, 2024.
Once this passes, expect all attention to turn to Ethereum & the spot Ethereum ETFs.
If you were unaware, there are numerous spot Ethereum applications in the works. Including an application by BlackRock.
BlackRock is significant as they are the biggest asset manager in the world.
They are the Floyd Mayweather of getting ETFs approved.
Their current approval record is 575-1. They essentially never lose. This bodes well for the approval of a spot Ethereum ETF.
The dates to look out for?
May 23rd & May 24th are the first deadlines for Ethereum.
The prices Pentoshi is targeting?
He has $2,700 and $3,400 on the table for Ethereum in the lead up to the ETF.
Perhaps you missed the run-up in price to the Bitcoin ETF...
Thankfully, everyone gets a second chance.
We get to do it all again. 🔁
WE ARE SO BACK 😁
Over the next couple of days we will be exploring Glassnode’s Recovering from a Bitcoin Bear chart.
This chart identifies transitional periods between a bear market and a more healthy market trend.
It uniquely combines 8 separate metrics (on-chain and technical) across 4 key areas:
🟢 Spot prices trading above key pricing models: both technical and on-chain
🟡 Increasing momentum in network utilization: higher on-chain activity, increased network congestion and more fee revenue
🔵 Market profitability returning: seller exhaustion, profits are being taken and market is absorbing sell-side
🔴 Balance of USD wealth is in favour of longer-term HODLers: high conviction holders are the dominant owners of the coin supply
This chart will turn light blue when 5 of the 8 indicators are triggered. And dark blue when all 8 are triggered.
These dark blue areas indicate healthy market conditions. 🤑
Glassnode notes the similarities between the 2019-20 and 2023 recovery phases. (marked on the chart above)
Both of these periods were a bit patchy. Some indicators were firing and others weren’t.
However, October marked the turning point.
Since October, all 8 indicators have triggered. 🎯
This indicates that healthy market conditions have returned. These conditions are often associated with strong uptrends (similar to the 2020 runup).
Today was an introduction to this chart.
Stay tuned for tomorrows edition where we’ll be diving deeper into 🟢 Bitcoin’s key pricing models.
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? ✍️
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: B) “Meme coin” or altcoin 🥳
Confirming transaction information and maintaining the integrity of the blockchain is mining's purpose, while the bitcoin reward is the incentive to mine.
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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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