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🥜 Ethereum's Time to Shine
PLUS: Gensler criticises ETFs
GM to all 37,449 of you. Crypto Nutshell #205 hangin’ out. 🦧 🥜
We’re the crypto newsletter that won't warp your reality like a mind-bending journey through dreams within dreams... 💤🌀
What we’ve cooked up for you today…
🤬 Gary Gensler - ETFs ironic
💎 Best performing crypto in 2024?
⛽️ Ethereum is pumping
💰 And more…
MARKET WATCH ⚖️
Prices as at 5:00am ET
Only the top 20 coins measured by market cap feature in this section
GARY GENSLER - ETFs IRONIC 🤬
BREAKING: Gensler calls Bitcoin ETFs ‘ironic’ due to their centralized nature, responds to Elizabeth Warren
Following the approval of the Bitcoin ETFs, Gary Gensler appeared on CNBC for an interview.
Even with all the hype surrounding the approvals, Gensler had to show that he’s still completely against Bitcoin.
Gensler called out the irony of the ETFs. The ETFs are all about centralization, whereas Bitcoin stands for decentralization.
“Think about the irony of those who say this week is historic. This [the approval] was about centralization and traditional means of finance.”
Gensler also mentioned that the SEC approved these ETFs due to a court loss against Grayscale.
The court ruled that the SEC had no grounds for rejecting a spot Bitcoin ETF since it had already approved Bitcoin futures ETFs.
Gensler also made sure to let everyone know that the approval of the ETFs is not an endorsement of Bitcoin.
“Bitcoin itself we did not approve, we do not endorse. This is a product called an exchange-traded product that investors can invest in the underlying non-security commodity asset.”
Gensler also responded to recent comments from Senator Elizabeth Warren who believes the SEC was wrong in approving the ETFs.
“While I understand and respect the concerns raised by Senator Warren, our decision is grounded in a rigorous consideration of the legal framework and the current financial realities.”
Moving on, all eyes will now be looking towards the Ethereum ETFs. (more on these below)
The final approval deadline for those is: May 23, 2024.
BECOME A BETTER CRYPTO INVESTOR 🧠
Crypto has been the best performing asset class for a decade.
There’s a high probability it will also be the best performing asset in 2024 & 2025.
2 years to make life-changing wealth.
That’s why it’s crucial to stay up to date & educated on everything going on in the crypto space.
We write the Crypto Nutshell every single day to keep you informed.
However, crypto is such an enormous opportunity, we knew we had to do more.
That’s why today, we’re launching the official Crypto Nutshell Youtube channel.
It will bring you the all the insights from the best of the best in the crypto world.
All so you can dominate crypto in 2024 & 2025. 🫵
Today, we have an exclusive masterclass from macro economic expert - Raoul Pal.
Next, we've locked in an exclusive interview with the King of Bitcoin himself - Michael Saylor.
If you want to become an even better crypto investor, head on over here & subscribe. Completely free, as always.
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P.S. To give back even more to the Crypto Nutshell readers, we are giving away $100 in Bitcoin to 3 lucky readers.
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BEST PERFORMING CRYPTO IN 2024? 💎
What will be the best performing crypto in 2024?
If prices peak in late 2024 & 2025, when should you sell?
What’s the best portfolio allocation for the bull-run?
We answered all these questions & more in our exclusive interview with Raoul Pal.
For those who don’t know Raoul, he’s the CEO & founder of Real Vision.
Raoul is a veteran in both crypto & financial markets:
First bought Bitcoin 10+ years ago in 2013
Wrote the first ever macro valuation paper on Bitcoin (Valuing it at $1 million per coin in 2013)
Has been writing the research publication ‘Global Macro Investor’ for 20 years. (Global Macro Investor has the best proven track record of any financial research service in existence.)
On top of this, Raoul has been incredibly accurate with his crypto calls over the past 24 months.
3 stand-out predictions were:
Raoul nailed the crypto bottom in 2022, calling for investors to be buying
Predicted Solana to be the best performing crypto in 2023, it ended the year up over +1,050%
Pointed out as soon as a Bitcoin ETF was approved, the narrative will switch to an Ethereum ETF & it will out-perform (Ethereum surged over +10% on the Bitcoin ETF approval)
With a track record like his, when Raoul speaks on crypto, we listen.
Although we can’t break down our full interview, here are some highlights:
1. Raoul’s 2024 Portfolio Allocation
Raoul’s personal crypto portfolio allocation for 2024 is quite interesting:
Solana - 70%
Ethereum - 20%
‘Degen’ Bag - 10%
His ‘degen’ bag is made up of smaller alt-coins, NFT’s and generally riskier assets.
2. Ethereum ETF Odds Of Approval
With the Bitcoin ETF now in the rear-view mirror, all eyes are now on a spot Ethereum ETF.
Most figures in the space, such as Cathie Wood or Eric Balchunas, are giving it a 50% chance of approval.
Raoul has a different prediction. He thinks we get a delay in May & then see an approval in August.
“Most people are saying 50/50… let’s assume by August we’ve got a decent chance. I would say a 75% chance.”
3. Crypto Is The Biggest Opportunity
Raoul thinks it’s obvious.
The current opportunity in crypto - it’s the opportunity of a lifetime.
“Why it’s so important - this crypto opportunity is literally the perfect macro opportunity of a lifetime.“
For the rest of the insights - you’ll have to check out the full interview here.
We’d highly recommend giving it a full watch.
Dropping a like & subscribe would be hugely appreciated as well! 🫡
ETHEREUM IS PUMPING ⛽️
A couple of days ago we mentioned that Ethereum would likely outperform Bitcoin after the approval of the ETFs.
We just didn’t think it would happen this quickly… 🤣
When the Bitcoin ETFs officially launched everyone was anticipating crazy price movements.
And the crazy price movements came… from Ethereum… 🤨
Today we’ll be taking a look at the ETH/BTC ratio. This metric is a super simple way to gauge the relative performance of Ethereum to Bitcoin.
ETH/BTC ratio increasing: Ethereum has gained strength, market preference for ETH over BTC 💪
ETH/BTC ratio decreasing: Ethereum has lost strength, market now favours BTC over ETH 😥
ETH to BTC chart - 1 year
5 days ago the ETH/BTC ratio was 0.04965
As soon as the Bitcoin ETFs launched it immediately shot up to 0.05926 📈
Ethereum’s price shot up from ~$2,250 to $~2,700.
And things are likely only going to get better.
ETF analyst Eric Balchunas mentioned that he couldn’t see a scenario where spot Bitcoin ETFs are approved but spot Ether ETFs aren’t.
“The Ether spot is tied to the hip of Bitcoin spot for sure. It’s gonna go wherever it goes. It’s basically like on a 15-foot rope following it.”
As a reminder, here’s the approval deadlines for all the Ethereum ETFs. (23rd May, 2024 is the first deadline)
Also, if you’re new to crypto this is a normal occurrence.
Every cycle Bitcoin always moves first. Then Ethereum picks up. And then we see Altcoin mania.
We expect to see Ethereum continue to out-perform as we get closer to May 23. 😎
CRACKING CRYPTO 🥜
BlackRock scoops up 11,500 BTC during dip as ETF leads the pack. BlackRock has reportedly bought a staggering 11,500 Bitcoin from the available supply during the latest dip since the launch of its spot Bitcoin ETF.
Bitcoin price sells-off after ETF approval — Have investors turned bearish? Bitcoin price loses strength just days after the long-awaited spot ETF approval.
ARK Invest CEO Cathie Wood: Our base case for bitcoin is $600,000, bull case $1.5 million by 2030. ARK Invest CEO and CIO Cathie Wood joins 'Squawk Box' to discuss the SEC's approval of bitcoin ETFs, what separates her firm's bitcoin ETF from that of others
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”)
What is the ticker for VanEck's Bitcoin ETF? |
MEME CORNER 😂
Because what would the crypto world be without its share of memes?
Trivia Answer: B) HODL 🥳
VanEck has embraced the crypto culture, using HODL as its ticker.
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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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