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GM to all 46,974 of you. Crypto Nutshell #252 feelin’ groovy. 🕺 🥜

We’re the crypto newsletter that's more secure than waking up as a cybernetic organism tasked with protecting humanity... 🤖💪

What we’ve cooked up for you today…

• 🌊 ETF net outflow day

• 🤑 The bull run is here

• 📈 Stablecoins are pumping

• 💰 And more…

MARKET WATCH ⚖️

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

ETF NET OUTFLOW DAY🌊

BREAKING: Considerable Grayscale outflows continue - Gemini likely responsible

Unfortunately yesterday was a net outflow day for the Bitcoin ETFs…

The first in 7 days.

BlackRock still had considerable inflows at $202.5 million, but it’s a noticeable dip from the 3 days prior.

The going theory is that these large outflows are related to the Gemini Earn bankruptcy.

This is what Twitter analyst HODL15Capital had to say:

Keep in mind, this is only the going THEORY.

There’s really no way to tell how much selling is related to Gemini.

BUT if it is true, HODL15Capital explains:

The bankruptcy ruling states that Gemini has to sell GBTC shares for cash and buy back BTC to return to impacted customers.

A net neutral effect on price.

Here’s a crazy stat for you…

Since the launch of the ETFs, Grayscale has sold 198,543 Bitcoin.

That’s $18.84 billion at today’s prices.

The Gemini Bankruptcy was the last of the “major” outflows we can expect from GBTC.

The best part of all?

Bitcoin is showing no signs of weakness. 💪

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THE BULL RUN IS HERE 🤑

The accumulation phase has ended and the bull market is here.

Say goodbye to “cheap” Bitcoin and hello to crazy price pumps.

That’s the latest call from popular on-chain analyst PlanB.

For those of you who don’t know PlanB, he is arguably the most famous on-chain Bitcoin analyst.

With over 1.9 million followers on Twitter, he is most well known for his Stock-to-flow model and spookily accurate price predictions.

He even called a $60k Bitcoin back when the price was ~$45,000…

Yesterday, PlanB posted something very interesting to Twitter:

The chart below was also posted which breaks down Bitcoin’s market cycle:

• 🔵 Accumulation

• 🔴 Bull market

• 🟡 Distribution

• 🟢 Bear market

It’s official. The bull market is here. 🐂

Based on previous cycles, we can expect to see ~10 months of crazy price action mixed in with the occasional ~30% correction.

BUT, remember…

Past performance does not indicate future results.

In fact, PlanB was expecting to see this red dot appear sometime between April and June 2024.

We covered that prediction 4 weeks ago, check it out here.

We believe the ETFs have completely changed the game.

Let us know you’re thoughts in the poll at the bottom of this newsletter.

Is this the start of a super cycle? 😎

STABLECOINS ARE PUMPING 📈

Today we’ll be taking a look at the stablecoin market.

You may be thinking:

“why would we look at the stablecoin market?”

Well stablecoin’s are important.

Really important.

They are often used on centralized and decentralized exchanges to purchase other digital assets.

By taking a look at the stablecoin market, we can gauge the demand for digital assets.

The chart below tracks the aggregate change in the total stablecoin market cap.

• 🟢 Increased stablecoin supply: increased demand and capital inflows into the digital asset space 🐂

• 🔴 Contractions in stablecoin supply: net capital outflows from digital assets 🐻

When we checked in on this metric just two weeks ago, the stablecoin market cap was ~$132 billion.

Today, the aggregate stablecoin market cap is ~$134 billion. 📈

Since October 2023, the stablecoin market cap has increased by over $14 billion.

The clear takeaway from this data?

Liquidity is well and truly back.

Demand is growing FAST for crypto. 📈

CRACKING CRYPTO 🥜

Bitcoin hitting $1 million would not make list of top 3 historic bull runs. Apollo Sats' Thomas Fahrer outlines how even a surge to $1 million falls short of Bitcoin's top three rallies.

Coinbase introduces embedded, smart wallets for developers. Coinbase is adding two new wallet solutions focused on integration and balance transfer across Ethereum Virtual Machine (EVM) applications.

EIA to drop emergency bitcoin miner survey following court battle. The EIA, in response, said it will “destroy” survey responses and distribute a new Federal Register notice.

WHAT WE’RE READING 📚

Want to get even smarter? Check these out.

p.s. all completely FREE

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: B) HODL🥳

VanEck embraced the meme and decided to use HODL as their ticker.

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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.