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GM to all 45,663 of you. Crypto Nutshell #244 sailin’ past. ⛵️ 🥜

We’re the crypto newsletter that won't disappear like a group of people vanishing on a mysterious tropical island... 🏝️🌪️

What we’ve cooked up for you today…

• 🤑 Ethereum hits two year high

• 📈 Bold price prediction

• 💸 Capital rotation

• 💰 And more…

MARKET WATCH ⚖️

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

ETHEREUM HITS TWO YEAR HIGH 🤑

BREAKING: Ethereum’s price hits $3,000 for the first time since 2022

It’s been coming for the last week.

Ethereum’s price finally crossed $3,000 for the first time since early 2022.

Ethereum’s recent price performance comes as the market anticipates the approval of the Ethereum ETFs.

As well as the upcoming launch of Ethereum’s Dencun upgrade which is expected to lower gas fees.

Broker Bernstein in recently published research report, had this to say:

Bernstein have approval odds at 50% by May.

And near-certain probability of approval in the next 12 months.

Here’s a table showing all final deadline dates:

The 23rd of May 2024 is the most important date here.

That’s the final deadline for VanEck’s application and will likely be the date they are all approved (fingers crossed).

Regardless of wether we actually get an approval on this date or not, Ethereum’s price will likely continue creeping upwards in anticipation. 👀 

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BOLD PRICE PREDICTION📈

Bitcoin could be heading to $150,000 this year.

That’s the latest prediction out from Tom Lee.

For those of you who don’t know Tom Lee, here’s a quick rundown on some of his credentials:

• Managing Partner and Head of Research at Fundstrat Global Advisors

• 25 years of experience in equity research

• Top ranked by Institutional Investor every year since 1998

Tom knows what he’s talking about when it comes to investing.

When asked how high Bitcoin could go this year, here’s what Tom had to say:

We’ve spoken about it quite a lot recently but Bitcoins supply and demand dynamics are ridiculously good.

Going further, Tom is then asked whether Bitcoin can hit $500,000 in the next 5 years.

Here’s what he had to say about that:

From here the interview devolved into an argument between CNBC hosts Andrew and Joe…

Andrew argues that Bitcoin’s only use case is for criminals.

Joe disagrees.

Andrew ended the argument with the following:

Has this guy never heard of monetary debasement?

We prefer our store of value to not devalue against everything else…

Regardless a $150,000 price prediction for Bitcoin by the end of 2024 is wild.

Click here to watch the full CNBC interview.

CAPITAL ROTATION 💸

We all know that Bitcoin follows a four year cycle.

But did you know that other digital assets also follow this cycle?

That’s exactly what we’ll be looking at today.

To do this we’ll be using the Realized Cap for each sector.

Unlike the market cap, the Realized Cap values each coin at the price it last moved.

Making it a useful tool to understand capital inflows and outflows.

The chart above shows the movement of capital within digital asset markets:

• 🟠 Bitcoin

• 🔵 Ethereum

• 🟣 Altcoins

• 🟢 Stablecoins

Bitcoin is leading the pack with ~$18 billion in capital inflows per month.

Ethereum inflows lag behind Bitcoin. Investors tend to look for strength in the digital asset market before moving capital into Ethereum.

Currently there’s ~$6 billion flowing into Ethereum per month.

In 2021, peak inflows into Ethereum occurred 20 days after Bitcoin’s peak inflows.

Altcoin inflows then see a similar lag after Ethereum finds strength.

In terms of market cap dominance, Bitcoin is well and truly ahead with ~51% market share.

Ethereum accounts for 18%, stablecoins 7% and everything else 24%

As you can see, capital clearly moves out on the risk curve as the cycle progresses.

Moving from Bitcoin to Ethereum and then finally Altcoins.

And from the chart we first looked at, it appears this pattern is happening again. 😎

CRACKING CRYPTO 🥜

Ethereum breaks 22-month record crossing $3000 amid positive market speculations. Ethereum price surges past $3000 for the first time in 22 months fueled by ETF approval rumors and network upgrade anticipation.

Coinbase CEO fulfills pledge to sell 2% stake — now he could sell another 5%. Brian Armstrong told Twitter a year and a half ago that he intended to sell 2% of his Coinbase stake to fund other ventures.

Michael Saylor to forever buy Bitcoin — ‘No reason to sell the winner’. MicroStrategy’s Michael Saylor has said he has “no reason to sell” Bitcoin, even as the firm’s crypto stockpile swells to a paper gain of $4 billion.

WHAT WE’RE READING 📚

Want to get even smarter? Check these out.

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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”)

MEME CORNER 😂

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

Trivia Answer: A) Every two weeks 🥳

The difficulty is adjusted every 2016 blocks based on the time it took to find the previous 2016 blocks. At the desired rate of one block each 10 minutes, 2016 blocks would take exactly two weeks to find.

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HOW DID WE DO? 🤷

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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.