Today’s edition is brought to you by ourselves! 🤝

In a recent study, 100% of Crypto Nutshell readers were found to be damn good lookin’.

What we’ve cooked up for you today…

• 🤨 What’s up with the SEC?

• 😍 The rise of institutions

• 🌊 The outflows continue

• 💰 And more…

MARKET WATCH ⚖️

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

WHAT’S UP WITH THE SEC? 🤨

BREAKING: Multiple SEC Lawyers Resign Following Sanctions From DEBT Box Case

Two SEC lawyers have resigned after a district court sanctioned the agency for “gross abuse” of power in a crypto case.

Michael Walsh and Joseph Watkins were lead attorneys in the case against crypto platform DEBT Box.

Back in August 2023, they accused Debt Box of running a $50 million crypto fraud.

This resulted in a temporary freeze on Debt Box’s assets.

Here’s the thing though…

It turns out the evidence presented by the SEC wasn’t true. 😱

In a ruling, Judge Robert J. Shelby had this to say:

Judge Shelby further stated:

A blatant example of the SEC lying in court.

And just letting the lawyers go seems like a slap on the wrist to say the least…

It begs the question, how deep does this SEC corruption go?

The crypto industry has been a long time critic of the SEC’s approach to regulation.

Some argue that this approach has:

• Increased regulatory uncertainty

• Stifled innovation

• Undermined US competitiveness in the digital asset space

However, with the U.S Presidential election coming up in November, things may soon (hopefully) change for the better. 🤞

AND THE WINNERS ARE… 🥁

3 days ago, we launched our How To Invest In Crypto For Beginners - A No Bullsh*t Guide.

If you are a beginner, or haven’t seen it yet, you can check it out here.

To celebrate the launch of our crypto guide series we gave away $100 in Crypto to 3 lucky readers.

Thanks to everyone who showed support & love towards the new channel.

Crypto Nutshell readers are truly the best - we’re grateful for every single one of you!

Without further ado - congratulations to our 3 randomly selected winners!

1. en**********[email protected]

2. k*****[email protected]

3. an**************[email protected]

If any of these resemble your email - check your inbox! You’ll see an email from us shortly!

THE RISE OF INSTITUTIONS 🏦

Larry Fink has become Bitcoin’s most influential figure.

That’s the latest out from Anthony Pompliano.

In his latest interview, Pompliano was asked the following question:

Does the rise of institutional adoption effectively kill what Bitcoin stands for - decentralisation?

The short answer?

No. It doesn’t.

Here’s what Pomp had to say:

As we explained yesterday, the beauty of Bitcoin is that it is truly decentralised.

No one entity controls it. (no matter how much they own) 💪

So it doesn’t matter if the institutions end up owning a large percentage of the supply.

Pomp even explains that Larry Fink is now Bitcoin’s greatest advocate.

Larry Fink is just repeating the same things that Bitcoiners have been saying for over a decade.

BUT the messenger makes all the difference here.

Now people are listening…

Closing out the interview, Pomp gave a rough price prediction for this cycle:

And although that’s on the lower end of predictions we’ve seen recently…

It’s still more than a 2x from where we are today. (can’t really complain about that if it were to play out) 🔮

THE OUTFLOWS CONTINUE 🌊

Time for our weekly check in on digital asset fund flows. (globally, not just the US ETFs)

And If you were following the Bitcoin ETFs last week, this won’t be a surprise to you…

Last week saw outflows of $206 million. (the second outflow week in a row)

As the hype of the US Bitcoin ETFs cools off, we’re seeing lower and lower inflows. (reminder: this is perfectly normal ETF behaviour)

As always, Bitcoin was the main focus.

Last week Bitcoin experienced net outflows of $192 million. (~93% of total flows)

Ethereum also saw net outflows of $34.2 million.

That’s the 6th consecutive week of outflows for Ethereum by the way…

Interestingly Litecoin & Chainlink had a positive week with inflows of $3.2m and $1.7m respectively.

The negative sentiment mostly came from the US ETFs, which saw $244 million in outflows. (pretty much entirely from Grayscale)

Germany and Sweden also had minor outflows of $8.3m and $6.7m respectively.

Whereas Canada had notable inflows of $29.9 million.

CoinShares notes that investor appetite has continued to decline. This is likely due to expectations that the FED will keep interest rates high.

Outflows from Grayscale are still relatively high, whilst inflows into the new ETFs are noticeably lower.

Although this week is already off to a good start, with net inflows of $62.2 million on Monday.

Things are looking like they may turn around this week. 🔄

CRACKING CRYPTO 🥜

100k signatures can trigger Swiss national referendum on adding Bitcoin to country reserves. Swiss Bitcoin advocates have launched a national referendum campaign to include Bitcoin in national reserves.

Bitcoin fees crash after record daily average of $128 on halving day. Bitcoin fees plummeted back below $10 after reaching a record daily average of $128 on April 20.

NYSE Asks Market Participants About 24/7 Trading for Stocks. Round-the-clock trading became popular with the rise of cryptocurrencies.

Bitcoin memecoins pushed fees higher than block rewards for first time. For the first time ever, bitcoin miners in a single 24-hour period earned more in fees than in block rewards.

WHAT WE’RE READING 📚

Want to get even smarter? Check these out.

p.s. all completely FREE

• Bitcoin Breakdown (link) - Weekly Bitcoin recap

• The Hustle (link) - Get Smarter on Business and Tech

• The Business Academy (link) - Unique investment opportunities

• Wild Golf (link) - Twice weekly Golf insights & tips

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: D) MicroStrategy 🥳 

MicroStrategy currently hold 214,246 BTC! That’s over 10x the amount that second placed Marathon Digital holds (17,381 BTC).

GET IN FRONT OF 64,000+ CRYPTO INVESTORS

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HOW DID WE DO? 🤷

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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.