GM and welcome to The Crypto Nutshell! 🫶 🥜 

The crypto newsletter that’s way less frustrating than learning the art of selling through a simple pen... 🖊️💼

Today, we’ll discuss:

• Recapping the last 24 hours in the world of crypto 🌏

• Cathie Wood: Where is Bitcoin going? 🤑

• Key findings from Ark Invests Bitcoin Monthly Report💰

• And more…

MARKET WATCH ⚖️

BTC Dominance is currently at 50.26% and the current crypto market cap is $1.16T ▲0.18%

Biggest Winners of The Day 🤑

• Stellar (XLM) ▲3.63%

• Shiba Inu (SHIB) ▲2.52%

• Avalanche (AVAX) ▲1.96%

Biggest Losers of The Day 😭

• Dogecoin (DOGE) ▼1.49%

• Ethereum (ETH) ▼0.12%

• Wrapped Bitcoin (WBTC) ▼0.02%

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

BREAKING: Brazil, Russia, India, China & South Africa (BRICS) to settle global trade in local currency, ditching the US dollar.

The BRICS alliance is set to discuss the usage of native currencies in trade during their upcoming summit late August. BRICS aims to drop the US dollar for global trade and begin utilising local tenders for imports and exports.

This is pretty big news. We’ve been hearing about it for a while and the crypto community loves to talk about it but the US dollar really is falling.

All price data as of 7:05am ET

EXPERT OF THE DAY 💰

The undisputed queen of Bitcoin, Cathie Wood, believes that a huge move is coming for Bitcoin.

She’s got her investment management firm, ARK Invest & the on-chain data to back her up too.

Cathie Wood and ARK Invest have made it clear - they are extremely bullish on Bitcoin, right now. In her latest In The Know Update, released just yesterday, she broke down why.

First off - as we’re sure you’ve noticed, Bitcoin over the past 4 weeks has been remarkably stable and non-volatile - hovering between $29,000 and $30,000 for what seems to have been an eternity. (Please do something 🥲)

The volatility has been SO low in fact- that this is the lowest volatility in all of Bitcoin’s history.

However, Cathie spotted something - we have seen this pattern of reduced volatility before.

What’s more?

It always precedes a significant move in price.

Cathie and ARK Invest are betting that this significant move is going to be upwards.

Supporting her arguments is the Bitcoin July 2023 monthly report published by ARK invest, which analyzed various on-chain indicators.

Key among these indicators was the increase in long-term holder behavior from Bitcoin HODLers.

The HODLers are making something very clear - they are a highly committed base of investors.

July saw over 75% of the Bitcoin supply being held by long-term holders, which is characterized by wallet addresses that have held their BTC for over 12 months without moving it. This is an all time high.

On top of all of this, Cathie thinks inflation is going to keep coming down FAST and even dip into deflation. This would also be positive for Bitcoin.

Why?

If inflation falls so fast & potentially even goes into deflation, this is a big signal to central banks and the federal reserve that they need to ease up on monetary and fiscal policy.

What this equates to is lower interest rates & more money printing. 

In higher liquidity environments, the assets that perform the best are the ones furthest out on the risk curve, tech stocks, biotechs and … Bitcoin.

Nutty’s takeaway: We agree with Cathie here, eventually this period of low volatility is going to subside and we think it will be to the upside as well. There’s just too many damn positive catalysts on the horizon.

Right now however? Perfect time to be accumulating 😉🥂

ON CHAIN DATA DIVE 📊

Today we’ll be taking a look at Ark Invests Bitcoin Monthly Report released this week. We’ll be going over some of the most interesting data revealed but we highly recommend going over the full report linked here.

If you’ve been paying attention you would have known that the price of Bitcoin hasn’t really been moving much for the last month. Well to no ones surprise Bitcoin’s volatility has dropped to 36%.

The interesting thing here however is that we haven’t seen levels this low since January 2017. Ark Invest believe Bitcoin is setting for a dramatic price move… which direction? It could go either way. 🤷‍♀️

ARK’s measurement of short-term-holder profit/loss ratio came out to be ~1. Short term holders are defined as investors who have held coins for 155 days or less.

So for this measurement to come out to one, suggests that short-term holders on average were breaking even. This makes sense as Bitcoin has traded relatively flat for the last month.

This healthy equilibrium between short and long-term holders suggests strong fundamentals, paving the way potentially for a sustained uptrend in the bitcoin price.

Nutty’s Takeaway: So Bitcoin hasn’t really been doing much as of late. It’s been trading sideways and the charts are there to backup why. Volatility has been falling and short-term holders are breaking even. Bitcoin is in a bit of a lull state at the moment, preparing itself for a dramatic price movement as Ark Invest have said themselves.

CRACKING CRYPTO 🥜

TRIVIA TIME ✍️

Which country is the largest miner of Bitcoin?

• A) Russia

• B) Kazakhstan

• C) China

• D) United States

Find out the answer at the bottom of this newsletter 😀

MEME CORNER 😂

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

Trivia Answer: D) United States 🎉

The United States is by far the world's largest crypto miner, boasting 3-4 gigawatts of mining capacity.

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.