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- 🥜 Easiest 10x
🥜 Easiest 10x
PLUS: Coinbase and BlackRock conspiracy
Today’s edition is brought to you by Crypto.com
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GM to all you crypto nuts. Crypto Nutshell #437 ringin’ it in… 🔔 🥜
We're the crypto newsletter that's more suspenseful than uncovering a spy within MI6... 🕶️🔎
What we’ve cooked up for you today…
🏦 Is Coinbase suppressing BTC?
🏋️♂️ How to 10x your money
📈 BTC HODLer dynamics
💰 And more…
MARKET WATCH ⚖️
Prices as at 6:00am ET
Only the top 20 coins measured by market cap feature in this section
IS COINBASE SUPPRESSING BTC? 😱
BREAKING: Coinbase CEO Brian Armstrong Counters Bitcoin IOU and cbBTC Controversy
Over the weekend, some FUD (Fear, Uncertainty & Doubt) surrounding Coinbase and BlackRock popped up.
It all started with this tweet from anonymous Bitcoin analyst Tyler Durden:
According to Tyler Durden, Coinbase has been issuing Bitcoin IOUs to BlackRock.
This would mean that BlackRock can borrow Bitcoin to short it without proving that they hold a 1:1 reserve.
Coinbase CEO Brian Armstrong responded to these claims with the following:
Nate Geraci, president of The ETF Store also dismissed the rumours.
According to Geraci, this exact same argument popped up with the launch of the gold ETFs.
Bloomberg ETF analyst Eric Balchunas also responded:
Coinbase and the ETF issuers who use Coinbase as their custodian could easily shut down these rumours with one simple action:
Make the ETF wallet addresses public to prove they hold the underlying Bitcoin…
(Bitwise is the only issuer that publicly states their BTC wallet addresses)
There’s one simple lesson here.
Self-custody your crypto…
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HOW TO 10X YOUR MONEY 🏋️♂️
Want to know know the easiest way to 10x your money?
Simple - 23 years ago, buy gold.
Unfortunately, we don’t have a time machine. 🛸
However, we do have the next best thing: Bitcoin.
That’s the latest out from mathematician, Fred Krueger.
Last week, gold hit a new all time high of ~$2600.
Fred pointed out, this was the easiest 10x of the past 20 years:
“You would have made 10x your money over the last 23 years by buying a shiny yellow rock. No need to pick CEOs, analyze balance sheets, find tech winners, or predict Fed Interest rate moves. Now imagine the next 10 years of Bitcoin.”
Why is gold hitting new all-time highs?
Inflation.
As they print more money, the value of money goes down. 📉
As the value of money goes down, the price of gold goes up. 📈
We can’t print gold.
If only there were a superior form of gold - a digital, easily transferable, verifiably scarce version...
Oh wait. There is - Bitcoin.
Gold hitting all-time highs is good news.
Historically, gold moves first, then Bitcoin:
Gold on the left vs BTC on the right
The stars are aligning for the next few months to be explosive for Bitcoin:
“Gold is at $2600.
We're days away from rate cuts.
Blackrock has shifted from ESG to BTC.
60 days from now, regardless of who wins, we are in a money printing super-cycle, with a new BTC ETF.”
Not long to go now.
Uptober is coming… 🎃
BTC HODLER DYNAMICS 📈
Today we’ll be taking a look at the Long / Short-Term Holder Threshold.
Here’s how this metric works:
🔴 Short-Term Holders (STHs): coins that have been held for less than 155 days
🔵 Long-Term Holders (LTHs): coins that have been held for more than 155 days
🟥 Short-Term Holder Cost Basis: all coins purchased in this price range are STHs
🟦 Long-Term Holder Cost Basis: all coins purchased in this price range are LTHs
This metric is extremely powerful as we can see exactly what price STHs and LTHs purchased Bitcoin at. 🔎
The LTH / STH threshold is at 13th April 2024, back when Bitcoin was ~$64,500.
All coins purchased before this date are classified as LTHs.
All coins purchased after this date are classified as STHs.
Today there is currently 14,165,101 Bitcoin in the hands of LTHs. (71.71% of the circulating supply) 💪
Whereas the amount of coins held by STHs is only 2,600,132. (13.16% of the circulating supply)
The last three months has seen the price of Bitcoin chop around the $60,000 mark.
And as a result the amount of STH’s has continually decreased from 3,196,726 down to where we are today.
That’s a decease of 596,594 Bitcoin…
But…
When the amount of STH’s decreases, the amount of LTH’s increases.
And the last three months has seen the amount of BTC held by LTH’s increase by 601,119.
That’s a whole lot of Bitcoin in the hands of long-term holders.
Holders that likely won’t sell until Bitcoin sets new highs…
CRACKING CRYPTO 🥜
Circle CEO claims US is on the path to becoming the “decisive leader” in crypto. The U.S. is at a “turning point” in crypto, and about to become “THE decisive leader” in nurturing the technology, Jeremy Allaire.
Crypto and commodities poised for massive rally, says market analyst. Crypto and commodities are "extremely undervalued" as an incoming breakout in global liquidity could lead to a 10-year commodities rally.
'An Explosion of Election Gambling' Is Nigh, CFTC Warns Appeals Court. The regulator asked the court to extend the pause of Kalshi's political prediction markets for as long as the agency's appeal is pending.
Trump-backed World Liberty Financial adds Scroll co-founder as advisor before Monday launch. The project is set to launch tomorrow at 8 pm, according to the former President, though specific details are still scarce.
WHAT WE’RE READING 📚
Want to get even smarter? Check these out.
p.s. all completely FREE (one click subscribe link)
Raremints (link) - Daily crypto news
Bitcoin Breakdown (link) - Twice weekly Bitcoin news
Crypto Pragmatist (link) - Actionable alpha 3x a week
The Hustle (link) - Get Smarter on Business and Tech
Your Next Breakthrough (link) - Personal growth with Mark Manson
The Neuron (link) - AI trends and tools to keep you ahead
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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 was Bitcoin's initial block reward? |
MEME CORNER 😂
Because what would the crypto world be without its share of memes?
Trivia Answer: B) 50 Bitcoin 🥳
If you started mining Bitcoin when it first launched you would have earned 50 Bitcoin per block!
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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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