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- 🥜 Ethereum supply shock is coming
🥜 Ethereum supply shock is coming
PLUS: Bitcoin Is Halal
GM to all 32,424 of you. Crypto Nutshell #191 reportin’ in. 🫡 🥜
We’re the crypto newsletter less tragic than waking up to the realization that you must save your kingdom from your wicked uncle... 🏰 🦁
What we’ve cooked up for you today…
😄 It’s happening
🕌 Bitcoin is halal
💪 Ethereum’s supply dynamics are crazy
💰 And more…
MARKET WATCH ⚖️
Prices as at 2:55am ET
Only the top 20 coins measured by market cap feature in this section
IT’S HAPPENING 😁
BREAKING: SEC may notify issuers about spot Bitcoin ETF approval as soon as Tuesday or Wednesday
As January 10 approaches, ETF approval hype continues to rise.
But they may have already been approved… At least according to Reuters…
Sources have revealed that the SEC may give the green light to applicants as soon as next Tuesday:
(key word here being “may”)
“The SEC may notify issuers as soon as Tuesday or Wednesday that they have been cleared to launch the following week, said those sources, who spoke on background given the confidential nature of the discussions.”
The following applicants submitted their final amendments yesterday afternoon:
BlackRock
VanEck
Valkyrie
Bitwise
Invesco
Fidelity
WisdomTree
Ark / 21Shares
These amendments included details of the arrangements they have made to ensure trading is liquid and efficient.
Yesterday we also learned of the proposed fee structure for 5 ETF applicants.
Checkout that article here in case you missed it. (the fee war has begun)
We are now on the brink of the biggest milestone in Bitcoin’s history… 🫡
Full Reuters article (link)
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Facebook 9.02x
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BITCOIN IS HALAL 🕌
It’s official. Bitcoin is halal.
This opens the floodgates to hundreds of billions, if not trillions of dollars.
The source?
The Middle East & oil money. 💰
That’s the message out from Bitcoin expert, Max Keiser.
For those not too familiar with Islam or Arabic here’s some terms you should know:
Halal = lawful or permitted
Haram = forbidden or unlawful
Fatwa = a formal ruling in Islam given by a qualified legal scholar
Bitcoin has been a subject of debate amongst Muslim scholars.
Some argued it’s haram & forbidden as it’s not backed by any tangible assets.
Others argued Bitcoin is halal as it can empower the poor and oppressed.
If Bitcoin was ruled as haram, this would close the door on any investment from devout Muslims.
The debate was ended by Sheikh Abdullah bin Sulaiman al-Manea, a 90-year old Saudi Arabian cleric.
He is a member of the Council of Senior Scholars, the highest religious authority in the kingdom.
He issued a fatwa, deeming Bitcoin acceptable under Islam. ✅
Max Keiser picked up this news and it went viral.
He believes this opens the door to investment from the Middle East.
Keiser claimed a $500 billion dollar buy order from the Middle East is a done deal.
The truth?
Everything about this story is true.
However, the fatwa by Sheikh Abdullah bin Sulaiman al-Manea was issued in 2018.
5-years ago.
We’re not sure why this story went viral this week.
There’s also no source on Max Keiser’s $500 billion dollar buy claim.
Just Max Keiser being Max Keiser. 😂
What is true is that we are seeing increased interest from the Middle East for Bitcoin.
Dubai and Abu Dhabi have goals of becoming global crypto hubs over the next decade.
With Bitcoin being officially halal since 2018, the door is open.
Perhaps the ETF approval will be the catalyst… 🤨
ETHEREUM’S SUPPLY DYNAMICS ARE CRAZY 💪
It’s about time we checked in on Ethereum.
And honestly, the supply dynamics of Ethereum right now are looking great.
The percentage of Ethereum held by long-term holders recently crossed 70% for the first time. 📈
(IntoTheBlock defines long-term holders as having held for greater than 1 year)
Interestingly this metric now exceeds Bitcoin (by the smallest margin), which has been hovering just under 70%.
The amount of long-term Ethereum holders starts to make a little more sense when you consider staking.
For those who don’t know, staking allows you to earn rewards for “locking up” your Ethereum.
Compared to Bitcoin, there are more incentives to hold your Ethereum long-term.
The amount of Ethereum locked for staking has just reached an all-time high of 35,341,200 ETH.
So the amount of long-term holders and amount staked are both at all-time highs.
But here’s the cherry on top. 🍒
The amount of ETH available on exchanges is at an eight year low…
Only 13,980,784 ETH remains on exchanges. (11.67% of the circulating supply)
To us, this sounds like the perfect storm is brewing for Ethereum. ⛈️
These supply dynamics are insane.
Don’t forget once the Bitcoin ETFs are approved, the narrative will flip to the potential Ethereum ETFs.
(Final deadlines are in late May 2024)
Prepare for a supply shock. ⚡️
CRACKING CRYPTO 🥜
BlackRock names JPM, Jane Street as authorized participants for spot Bitcoin ETF. BlackRock submitted an update to its spot Bitcoin ETF application with the U.S. Securities and Exchange Commission (SEC) on Dec. 29.
Sam Bankman-Fried will not face a second trial. According to a recent Reuters report, Sam Bankman-Fried is unlikely to be given a second trial. United States prosecutors believe that there would be no new evidence to present.
Even if America gets its bitcoin ETF, success isn't guaranteed. Don’t be surprised if the American public doesn’t rush out to buy a bitcoin ETF.
JPMorgan CEO's Bitcoin Bashing Is a 'Do as I Say, Not as I Do' Situation. Jamie Dimon's bank agreed to play a key role with BlackRock's proposed bitcoin ETF, just weeks after he told U.S. senators: "I've always been deeply opposed to crypto, bitcoin, etc."
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”)
Approximately, how many Bitcoin addresses are there with a positive balance?(yes even a single satoshi counts) |
MEME CORNER 😂
Because what would the crypto world be without its share of memes?
Trivia Answer: D) 51.6 million 🥳
Currently 51,617,188 Bitcoin addresses have a positive balance. Checkout yesterdays newsletter for the full breakdown.
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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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