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- 🥜 Ethereum supply shock?
🥜 Ethereum supply shock?
PLUS: Will there even be another cycle?
GM to all 14,533 of you. Crypto Nutshell #113 cruisin’ through. 🏄♀️ 🥜
We’re the crypto newsletter that's more captivating than a group of time-traveling explorers trying to fix history... ⏳🌍
Today, we’ll be going over:
🏎️ When Ferrari?
🤔 Will there even be another cycle?
⚡ Ethereum supply shock coming
🤑 And more…
MARKET WATCH ⚖️
Prices as at 7:00am ET
Only the top 20 coins measured by market cap feature in this section
WHEN FERRARI? 🏎️
BREAKING: Ferrari to accept crypto as payment for its cars in the U.S.
Ferrari has announced that they now accept payment in crypto for it’s luxury cars in the U.S.
Crypto payments are also expected to be available in Europe soon.
Blue-chip companies have largely steered clear of crypto. The volatility, regulation concerns and high energy use are the most common reasons for companies deciding not to take on crypto payments.
But in 2021 we did see Tesla briefly accept payment in Bitcoin. Until Elon Musk stopped accepting crypto payments due to environmental concerns.
Ferrari’s Chief Marketing and Commercial Officer Enrico Galliera noted the crypto industry’s efforts in reducing it’s carbon footprint (Ethereum merge, Bitcoin mining with renewable energy sources etc.).
“Our target to reach for carbon neutrality by 2030 along our whole value chain is absolutely confirmed,”
This decision comes as a direct response to dealers claiming many of their clients have invested in crypto.
“Some are young investors who have built their fortunes around cryptocurrencies… Some others are more traditional investors, who want to diversify their portfolios…. This will help us connect to people who are not necessarily our clients but might afford a Ferrari,”
Ferrari has partnered up with BitPay to handle crypto payment processing. To protect Ferrari dealers from price volatility, BitPay will immediately convert crypto payments into fiat currency.
Ferrari to accept crypto as payment for its cars in the US reut.rs/494cG0G
— Reuters (@Reuters)
6:15 AM • Oct 14, 2023
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WILL THERE EVEN BE ANOTHER CYCLE? 🤔
If you follow the crypto space, you’ve probably seen this take:
“Crypto has been around for 14 years & still has zero use cases! There will never be a cycle again!”
or
“Covid + money printing created a perfect storm for crypto in 2020 / 2021. That was the last cycle!”
Bitcoin and crypto is regarded as dead by many. Numerous supporters and ‘influencers’ have abandoned the space.
Will there actually be another bull-run? Another cycle?
Today’s expert believes, “There’s always another cycle.”
If you haven’t heard of the anonymous crypto analyst Pentoshi - here’s why we listen to him:
Called the Bitcoin & Ethereum top in 2021 ✅
Blistering accuracy on moves downwards during the bear market 🎯
Extremely precise in his calls around macro trends 📉
We aren’t huge fans of technical analysis, but we can vouch for his accuracy.
In his latest tweet, he explained why there will always be another cycle.
When the printers come back to inflate away debt, and they will and always have
Just remember $BTC is fundamentally the hardest asset in the world with both a programmatic monetary policy and fixed supply
There's always another cycle
— Pentoshi 🐧 euroPeng 🇪🇺 (@Pentosh1)
9:23 PM • Oct 14, 2023
Take away the Bitcoin halving.
Take away the spot Bitcoin ETF.
What are you left with?
The money printers have always come back to inflate away debt. Debt is out of control.
Bitcoin is the hardest asset in the world. It's monetary policy is programmed. It has a fixed supply.
Even without the catalysts…
There’s always another cycle. 😎
ETHEREUM SUPPLY SHOCK? ⚡
Yesterday we spoke about how Bitcoin Exchange Balances are at a 5 year low of 15.3M Bitcoin (check it out here).
Well the exact same thing is happening with Ethereum…
Here’s the quick rundown on what this metric can tell us:
Decreasing: investors are deciding to HODL their coins, less selling pressure. Generally a bullish signal. 🐂
Increasing: investors are sending coins to exchanges, increased selling pressure. Generally a bearish signal. 🐻
As of today, Ethereum Exchange Balances total to 14,624,057 ETH. The lowest level we’ve seen this metric since 2016. 😱
That’s only 12.19% of the total supply…
Exchange Balances have been steadily decreasing since August 2020.
But where’s all this Ethereum going? 🤔
It’s being staked.
The amount of staked Ethereum has been exploding during 2023. In fact it’s almost doubled in size as it blasts through all-time highs.
With 31,201,638 ETH locked for staking, long-term conviction is as high as it’s ever been.
That’s just over a quarter (26%) of the total supply being staked…
Bottom Line: We’ve discussed the upcoming Bitcoin supply shock many times here. And with Ethereum the story isn’t any different.
Heading into the next bull run, exchange balances are back to 2016 levels and only going lower. 📉
The amount locked away for staking is increasing every single day.
These are some good indicators for a bullish price rally. 😎
CRACKING CRYPTO 🥜
WHAT WE’RE READING ✍️
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CAN YOU CRACK THIS NUT? ✍️
In what year did Bitcoin’s price first cross $1?
A) 2013
B) 2012
C) 2010
D) 2011
Find out the answer at the bottom of “Meme Corner” below 😀
MEME CORNER 😂
Because what would the crypto world be without its share of memes?
Trivia Answer: D) 2011🥳
Bitcoin’s price exceeded $1 for the first time in February 2011
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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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