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PLUS: Wall Street Is Too
Today’s edition is brought to you by Animus Technologies.
GM to all 45,005 of you. Crypto Nutshell #236 standin’ by. 🦩 🥜
The crypto newsletter that's as epic as a band of rebels fighting for freedom in a dystopian future... 🏢🏴
What we’ve cooked up for you today…
🎉 Bitcoin hits $1 trillion
😍 Wall Street loves Bitcoin
🐂 Here we go
💰 And more…
MARKET WATCH ⚖️
Prices as at 6:35am ET
Only the top 20 coins measured by market cap feature in this section
BITCOIN HITS $1 TRILLION 🎉
BREAKING: Bitcoin reaches a $1 trillion market cap
Early this morning the price of Bitcoin rocketed past $51,000.
As a result, Bitcoin’s market cap is now sitting comfortably above $1 trillion.
This is the first time Bitcoin’s market cap has crossed the $1 trillion mark since November 2021. (the run-up to Bitcoin’s all-time high)
This also puts Bitcoin firmly in the number 10 spot of assets ranked by market cap. (just behind Meta)
Oh and check this out, yesterday was the largest inflow day yet for the ETFs. (+$631 million)
How can you not be bullish right now. 🐂
At this point, we’re all in.
Are you? 😎
TOGETHER WITH ANIMUS 👾
Over the past year, the crypto market has been on fire. 🔥
12-months ago, Bitcoin was trading at $20,000 and Ethereum was trading at $1,500.
But where will prices go now?
Will there be a sell-off before the Bitcoin halving?
Or will there be a move up in anticipation?
Truth is - timing the market is extremely difficult.
But what if we could use the power of A.I to help us.
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Animus is looking at taking on a limited number of new clients.
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WALL STREET LOVES BITCOIN 😍
The verdicts in.
Wall Street doesn’t just like Bitcoin.
They LOVE Bitcoin. 😍
Yesterday, Anthony “Pomp” Pompliano appeared on CNBC for an interview breaking down Bitcoin’s latest price action.
Pomp is a well know entrepreneur & investor in the crypto space with over 1.6 million followers on Twitter.
Pomp began the interview by explaining that what BlackRock and Fidelity have achieved is unprecedented.
Out of 5,535 ETF launches in the US over the last 30 years, BlackRock and Fidelity are the only two to acquire over $3 billion in assets within 30 days.
The demand for Bitcoin from the ETFs has been ridiculous.
“These funds are doing $500 million a day in net inflows. But there’s only 900 Bitcoin that’s coming into the daily supply. There’s 12.5x more demand for Bitcoin than what’s being produced on a daily basis.”
(By the way, this gets even more insane when you remember that the Halving is coming up in ~63 days)
Pomp then mentions that ~80% of all Bitcoin in circulation has not moved in the last 6 months. (We broke this down further 2 days ago, check it out here.)
“About $200 billion is tradable… These ETFs sucked up 5% of the entire tradable supply of Bitcoin in 30 days. Bitcoin has become Wall Streets favourite asset.”
Pause.
Think about that for a second.
The ETFs so far have accumulated 5% of the entire tradable supply. 😱
Within 30 days.
And they aren’t slowing down any time soon.
Wall Street LOVES Bitcoin.
HERE WE GO 🐂
Today we’ll be to taking a look at Long-Term Holder Supply in Loss.
Here’s how to read the chart below:
🟦 LTH Supply: Coins held for longer than 155 days
🟥 LTH Supply in Loss: Coins held for longer than 155 days purchased for a price greater than the current price
The amount of long-term holders continues to smash through all-time highs at 14,685,160 Bitcoin. 📈
Whilst the LTH supply in loss has been on a strong downtrend since December 2022.
Which makes sense as the price has basically only increased since then. (price go up, less investors in loss)
Currently the LTH supply held in loss is ~778,000 Bitcoin.
That’s only 6.5% of the LTH supply…
Eventually as prices hit new all-time highs this metric will reach 0%.
Glassnode also notes that in the past (2013, 2016, 2020) hitting this 6.5% metric has corresponded with early bull market conditions.
We’re only just getting started. 😎
CRACKING CRYPTO 🥜
Franklin Templeton files for spot Ethereum ETF, becoming eighth applicant overall. Franklin Templeton has become the latest asset manager to apply for a spot Ethereum ETF.
Ledger to simplify crypto purchases with Coinbase integration. The Ledger team hopes that the new users brought to the space by the spot Bitcoin ETFs will eventually choose self-custody.
Purpose Investments, Grayscale defend their higher fees as outflows continue. Fee level is “definitely not the most important factor” when weighing a spot bitcoin ETF, a Purpose Investments executive says.
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 was Bitcoin's initial block reward? |
MEME CORNER 😂
Because what would the crypto world be without its share of memes?
Trivia Answer: B) 50 Bitcoin 🥳
In 2009, the reward for each block was 50 bitcoins.
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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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