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What’s in the Crypto Nutshell Portfolio?

BREAKING: US spotBbitcoin ETFs reach highest recorded total asset value after six-day inflow streak

The Bitcoin ETFs just had a MONSTER week.

In total, they experienced net inflows of $2.13 billion for the week.

That’s the largest weekly inflow we’ve seen since March!

Here’s who came out on top for the week:

BlackRock really is just that far ahead of the competition.

But that’s not all…

The Bitcoin ETFs also set a new record for total asset value.

Right now the Bitcoin ETFs hold a combined $66.11 billion in Bitcoin, that’s ~4.89% of Bitcoin’s market cap.

Absolutely insane…

Grayscale’s GBTC did however launch with 619,187 BTC, which has padded the stats quite a bit.

Still, it’s an impressive accomplishment.

ETF analyst Eric Balchunas also pointed out that this week saw the Bitcoin ETFs cross over $20 billion it total flows (inflows minus outflows).

According to Eric, it took the gold ETFs ~5 years to hit this number…

The price of Bitcoin has also been grinding higher this week, up 8.26% in the last 7 days.

We’re within striking distance of setting a new all-time high.

This is the “Uptober” we were waiting for. 🚀

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The U.S Election hangs heavy over the crypto market.

Most investors believe crypto won’t make new all-time highs until after we know who wins.

There’s just too much uncertainty.

However, Matt Hougan disagrees.

Matt Hougan is the Chief Investment Officer at Bitwise. Bitwise currently has the 5th largest Bitcoin ETF.

This week, Matt broke down why he believes crypto is not going to wait for the election.

He likens crypto to a beach ball being held underwater.

There’s a huge amount of money on the sidelines, just waiting to buy.

This is backed up by the capital flows we saw into the Bitcoin ETFs in just the past week.

Over the last 7 days we saw $2.13 billion dollars of buying.

That’s over 30,000 Bitcoin bought, in just 1 week.

Previously, Hougan believed that either a Trump win or a split government would be enough to push Bitcoin to $80,000+.

Now, he’s not so sure:

Will crypto wait until the election before pushing new highs?

Only 16 days left to find out.

Buckle up. 🎢

For the last two days we’ve been looking at how many Bitcoin and crypto users there are.

We’ve done that by analysing the total amount of wallets, but there’s another important metric that’s worth taking a look at.

And that’s which chains are attracting the most developers.

And according to venture capital firm a16z, the blockchain that saw the largest change in total developer interest was Solana.

Every year, a16z surveys crypto developers asking them what chains they are interesting in building in.

Here’s the top 5 changes in total share from 2023 to 2024:

But on an absolute basis, things are a little different:

The most surprising thing to us from this data is how close Base is to Solana in terms of developer interest.

And the Ethereum network is also by far the preferred choice for developers.

Especially if you include the ETH Layer 2 networks like Base and Optimism into the equation.

Then it isn’t even close…

So despite some declaring ETH “dead” and saying Solana will take over…

It’s still the pick of the lot for developers…

Institutional demand and rising ETP flows signal Bitcoin breakout. The growing impact of ETP flows on Bitcoin's price suggests institutional adoption is relevant to price discovery movements.

Bitcoin ETF liquidity set to surge after SEC options approval. To confirm a potential breakout from its current crab walk, Bitcoin needs to close the week above $68,700, according to market analysts.

Bitcoin Isn't at a Record Like Gold and S&P 500, but an Overlooked Catalyst Suggests a Coming Change. The downtrend in the yen has resumed in strong fashion, a good sign for risk assets, crypto among them.

Pump.Fun planning to launch a token in the future. Solana-based memecoin exchange Pump.Fun announced a new advanced trading terminal and teased an upcoming token launch in an X space today

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

Trivia Answer: D) BNB 🥳

BNB is the fourth largest crypto measured by market cap ($83 billion)

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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.