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GM to all 42,902 of you. Crypto Nutshell #230 keepin’ watch. 🦉 🥜 

We’re the crypto newsletter more exciting than a professor traveling through time in a British police box... 🕰️📞

What we’ve cooked up for you today…

• 📰 Ethereum ETF updates

• 🤑 Ethereum price prediction

• 📈 Bitcoin trading activity

• 💰 And more…

MARKET WATCH ⚖️

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

ETHEREUM ETF UPDATES 📰

BREAKING: ARK Invest and 21Shares amend spot Ethereum ETF application

Ark Invest and 21Shares have amended their application for a spot Ethereum ETF.

The amendment includes intricate details on how the ETF will operate including cold storage and cash creations.

All you need to know is that this amendment brings it in line with the Bitcoin ETF applications. (a good sign)

BUT - there was one very interesting detail added to ARK & 21Shares application.

Ethereum staking…

If this were to be approved, the Ethereum ETFs would be able to generate yield through staking. Rewards from staking would then be passed on to investors.

That’s massive.

However the question still remains, will the SEC approve the Ethereum ETFs? 🤔

Nate Geraci, president of The ETF Store, outlined 3 possible scenarios for the SEC:

1. Approval of the spot Ethereum ETFs

2. Force closure of Ethereum futures ETFs (which were approved in October)

3. Deny the Ethereum ETFs & face lawsuits since they allowed futures ETFs (this is what happened with the Bitcoin ETFs)

Sounds to us like the SEC has no choice but to approve them?

In other Ethereum ETF news, Bloomberg analyst James Seyffart confirmed that Invesco & Galaxy’s Ethereum ETF applications have been delayed (expected):

Here’s a table of all the Ethereum ETF applications:

The only one that matters? May 23rd - the first final deadline.

Make sure to mark it down in your calendar. 📆 

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ETHEREUM PRICE PREDICTION 🤑 

Sticking with Ethereum, a bold prediction has been doing the rounds this morning.

Ethereum community member & investor Ryan Berckmans believes explosive growth is coming for the digital asset.

For those of you who don’t know Ryan Berckmans, here’s some of his credentials:

• Ex-amazon and fintech start-up engineer

• Been involved with crypto for 10+ years

• Longstanding Ethereum community member

Here’s what Ryan had to say when asked for his Ethereum price prediction for this bull run:

Now wouldn’t that be nice…

The reason behind this price prediction is fascinating. (spoiler alert: it’s not because of the ETFs)

This will be Ethereum’s first bull run since its transition to a proof-of-stake system.

During the last bull run (2020), Ethereum was a proof-of-work system.

(FYI, Bitcoin is a proof-of-work system)

Miners had to regularly dump large amounts of Ethereum onto the market to cover operational costs. (this stunted price growth)

But now, this sell-side pressure from miners is completely gone.

On September 15, 2022, Ethereum transitioned to a proof-of-stake system. 

This means no more miners. And WAY less sell-side pressure.

Just to give you an idea of how large this sell-side pressure from miners was:

At the top of the last cycle Ethereum was responsible for the majority of all proof-of-work related costs. Despite having a significantly lower market cap compared to Bitcoin.

Eliminating this sell-side pressure could prove to be huge for Ethereum.

Definitely an interesting hypothesis, that’s for sure. 😎

Click here to checkout the full interview.

BITCOIN TRADING ACTIVITY 📈

Leading up to the bull-market, we typically see increased exchange volumes and trading activity.

So, today we’ll be taking a look at Exchange Inflow Volume Momentum.

This chart compares the monthly average 🔴 of exchange inflows to the yearly average 🔵:

• When 🔴 is above 🔵: indicates expansion in on-chain activity, higher investor interest and growing network utilization

• When 🔵 is above 🔴: indicates a contraction in on-chain activity, lower investor interest and declining network utilization

Glassnode also notes that Exchange Inflows and Outflows are often similar in scale. (meaning we can plot the same chart with just outflows or a combination of both)

As of today, the monthly average is considerably higher than the yearly average.

The simple conclusion to make here is that there’s been an expansion in on-chain activity. (and it’s not slowing down anytime soon)

Like other on-chain metrics, October 2023 marked a notable turning point.

Interestingly, exchange inflows are approaching all-time highs. 📈

Right now there’s approximately $3.7 billion flowing in and out of exchanges daily. (that’s nuts)

This is just one of the many metrics that highlight Bitcoin’s current market strength.

Another indication to add to the long list of signs that the bull-run is slowly but surely gearing up. 🎢 

CRACKING CRYPTO 🥜

MicroStrategy's leverage scenarios show potential for astronomical returns on Bitcoin investments. MicroStrategy's Bitcoin strategy yields a 305% stock surge, dwarfing S&P 500 and gold performance.

SEC votes to expand ‘dealer’ rule to rope in crypto firms. The SEC’s newest rule brings crypto companies that trade more than $50 million in US Treasury’s and/or securities under its purview.

Investing in 'Gold' – Via Bitcoin – Is Cheaper Than Ever. All but one of the recently launched spot bitcoin exchange-traded funds (ETF) charge a lower fee than the largest gold ETF, making them a cheaper investment into a gold-like asset.

WHAT WE’RE READING 📚

Want to get even smarter? Check these out.

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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”)

MEME CORNER 😂

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

Trivia Answer: A) November 2022 🥳

FTX collapsed in early November 2022 after CoinDesk reported an affiliated trading firm, Alameda Research, derived most of its value from speculative cryptocurrency tokens.

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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