GM and welcome to The Crypto Nutshell! 😉 🥜 

The crypto newsletter that’s as satisfying as finally getting that long piece in Tetris 😌 🤛 

Today, we’ll discuss:

• Vanguard bets BIG with their crypto investments 💵

• Elon Musk on the future of crypto 🛸

• Why is Bitcoin POURING out of exchanges? 🤷‍♀️

• And more…

MARKET WATCH ⚖️

BTC Dominance is currently at 51.61% and the current crypto market cap is $1.19T

Biggest Winners of The Day 🤑

• Bitcoin Cash (BCH) ▲4.12%

• Polkadot (DOT) ▲2.69%

• TRON (TRX) ▲1.22%

Biggest Losers of The Day 😭

• Toncoin (TON) ▼1.57%

• Avalanche (AVAX) ▼1.23%

• Litecoin (LTC) ▼0.38%

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

Vanguard, which manages $7.2 trillion in assets bought more stock from Riot Platforms and Marathon Digital, giants in the Bitcoin mining industry

• Boosted their Marathon Digital holdings by 60% from 10.9 million shares to 17.5 million - $280.5 million in stock

• Upped their stake in Riot Blockchain by 18% from 15.2 million shares to 17.9 million shares - $281 million in stock

Here’s a crazy stat for you: This makes Vanguard the largest shareholder of Marathon Digital 📈

In case it isn’t obvious, Nutty would like you to know that Institutional interest in the cryptocurrency world is growing RAPIDLY. EVERY. SINGLE. DAY. 💸

Interestingly, Vanguard had this to say about Crypto back in May 2022… 🤔 😂 

Everybody eventually comes back around to Crypto…. cheers my friends 😉 🥂 

All data as of 5:45am ET

EXPERT OF THE DAY - ELON MUSK 🚀

🚨 Elon Musk believes ALL currencies are going digital by 2030 🚨

Despite Elon having been somewhat vilified by the Bitcoin and Cryptocurrency community ever since 2021 when he, through his company Tesla, sold off 75% of their holdings of Bitcoin, he is still a big advocate and one of the biggest supporters of Bitcoin & cryptocurrency in general.



In fact, Tesla still holds over $300 Million dollars worth of Bitcoin on their balance sheet, which is the 4th largest of publicly traded companies (behind MicroStrategy, Marathon Digital Holdings & Voyager). 👀

On top of this, Elon also added Bitcoin to the SpaceX balance sheet, however as SpaceX is privately owned, the details are unknown. But it’s safe to say he is still a big fan. 

Confirming this, check out this twitter exchange from yesterday:

So Elon is still clearly on our side, believing all currencies are going to be digital by 2030. And having previously founded x.com which would go on to form PayPal, Elon knows how money works quite intimately. His nod of approval carries more weight than most.

However never forget, his favourite crypto is Dogecoin, revealing in an interview earlier in the year.

 Nutty’s take: If Elon ever gets around to incorporating Dogecoin into twitter like he has hinted at numerous times in the past… you’d better hope you have a least a small bag of Doge 🐶🚀

ON CHAIN DATA DIVE 📊

Let’s take a look at the Percent of Bitcoin on Exchanges chart.

Today’s chart is pretty simple to understand, it simply tracks the total percentage of all Bitcoin’s that are currently being held on exchanges.

Fact: Only 11.5% of the total Bitcoin supply is being held on exchanges, the lowest in over 5 years 😮

But why is this happening? We are now seeing a sudden trend towards methods of self-custody (not your keys, not your coins)which is the consequence of the SEC's legal actions against two major crypto platforms – Binance and Coinbase.

People are continuing to lose trust in exchanges, especially those who were burnt by the collapse of FTX, BlockFi and others.

Nutty’s Takeaway: This is a positive sign for Bitcoin & holders, as the selling pressure should be a lot less given the fewer BTC stored on exchanges.

We can also assume that the percentage of bitcoin stored on exchanges will continue to trend lower as there’s still growing uncertainty around the safety of exchanges. 😃

Economics 101 for everyone out that skipped your lectures like us:
 
Less Supply + Demand staying the same or increasing = higher prices. aka. Bitcoin go up.

*Remember, if you intend to hodl - the safest option is always a cold wallet

CRACKING CRYPTO 🥜

TRIVIA TIME ✍️

Ethereum fees are referred to as…?

• A) Gas

• B) Petrol

• C) Diesel

• D) Coal

Find out the answer at the bottom of this newsletter 😀

MEME CORNER 😂

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

Trivia Answer: A) Gas 🎉

When you make transactions on the Ethereum network, you need to pay a fee called "gas." It's like a processing fee that covers the work needed to get your transaction done.

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.