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- 🥜 It's go time
🥜 It's go time
PLUS: $150,000 EOY
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GM to all you crypto nuts. Crypto Nutshell #393 takin’ a lap... 🏃 🥜
We’re the crypto newsletter more gripping than a legal drama set in a cutthroat firm... ⚖️🏙️
What we’ve cooked up for you today…
👀 Today’s the day
🤯 Still a long way to go
🔥 That’s three in a row
💰 And more…
MARKET WATCH ⚖️
Prices as at 7:10am ET
Only the top 20 coins measured by market cap feature in this section
TODAY’S THE DAY 👀
BREAKING: Ethereum ETFs Approved by SEC, set to begin trading today
Today is day we’ve all been waiting for.
The Ethereum ETFs are scheduled to begin trading at 9:30am Eastern Time on July 23. 🥳
This comes as the SEC officially gave its final approval for the Ethereum ETFs on July 22.
And was confirmed by ETF analyst Eric Balchunas.
CEO of Bitwise, Hunter Horsley also posted the following to Twitter:
“Many of the largest tradfi asset managers in the world are launching crypto ETPs. It's one of the best things that has happened to the space. They bring a huge endorsement to the validity of this asset class to mainstream investors who were unsure. 2024 is the year Bitcoin & crypto enter the mainstream.”
This is a big moment for Ethereum. (just as it was for Bitcoin earlier in the year)
And now that the SEC has officially given the Ethereum ETFs the green light, issuers have began marketing their products.
If you’re interested, click to watch BlackRock’s ad
Expect to see more Ethereum based ads in the coming days.
Finally, the day is here.
But - we want to hear from you:
Will the initial flows to the Ethereum ETFs be...? |
Stay tuned as we’ll bring you all the latest updates regarding initial flows into these Ethereum ETFs.
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STILL A LONG WAY TO GO 🤯
$150,000 by the end of the year.
That’s the latest prediction out from Tom Lee.
For those of you who don’t know Tom Lee, here’s a quick rundown on some of his credentials:
Managing Partner and Head of Research at Fundstrat Global Advisors
25 years of experience in equity research
Top ranked by Institutional Investor every year since 1998
Lee kicked off his latest interview with the following:
“Most investors underestimate the durability of a megatrend, because they’re anchored in the way that the legacy system works for them.”
Lee used an interesting example to reiterate this point:
In the early 90’s, Lee was a technology analyst focusing on the wireless communications industry.
A lot of people back then didn’t think that any cellular company would survive.
They doubted the adoption of wireless communication (which sounds crazy now).
And as you know, mobile phone companies went on to dominate the industry…
Lee explains this is exactly what is happening right now with Bitcoin.
Bitcoin is a megatrend. 📈
Lee was then asked for his price outlook on Bitcoin.
“I think it’s easier to have conviction on a longer-term price than a shorter-term… Just recently everything happening out of Germany and Mt. Gox is creating short-term headwinds and potentially even breaking technical patterns. But it doesn’t change where Bitcoin should be 5 years from now.”
Regardless of these short-term headwinds that we’ve now moved past, Lee is still confident of his $150,000 year end price target.
“$150,000 roughly by the end of the year. And I think that’s pretty achievable. Principally it only happens if the S&P actually can rally into the end of the year and that’s our base case.”
Lee than explained why everyone should be interested in Bitcoin.
And for anyone still not convinced, Lee believes it’s a no-brainer.
“Bitcoin is now a bonafide asset class. It has the backing of BlackRock which is the largest asset manager in the world. Larry Fink has been speaking about how important Bitcoin is to the future of BlackRock.”
Lee recommends putting between 2 - 5% of your portfolio into Bitcoin as a start.
With that you basically have nothing to lose and all to gain…
Closing out the interview, Lee explains that Bitcoin is FAR from peaking.
We’re still waiting on many financial firms to allow their customers access to the Bitcoin ETFs.
Still a long way to go, but the future is bright.
THAT’S THREE IN A ROW 🔥
The inflow streak continues!
For the third week in a row, digital asset funds saw net inflows.
Last week Digital asset funds saw inflows totalling $1.35 billion.
This brings year-to-date inflows to a record $19.15 billion.
You probably saw this coming…
Bitcoin saw the bulk of the inflows with $1.28 billion coming in for the week.
Ethereum has also been on a roll, experiencing inflows of $45.3 million last week.
This also makes Ethereum the altcoin with the most inflows year-to-date, overtaking Solana.
Speaking of Solana…
Solana and Litecoin saw significant inflows of $9.6m and $2.2m respectively.
Regionally, things were a little different this week.
The week prior saw inflows all across the board, but this time sentiment was mixed.
However, the United States did once again come out on top, experiencing inflows of $1.286 billion.
Switzerland, Canada and Australia also saw inflows of $66.3m, $7.8m & $3.8m respectively.
Germany, Hong Kong and Brazil all saw outflows of $5.2m, $1.9m and $1.7m respectively.
We are well and truly back.
Isn’t it crazy how fast sentiment can change?
Just two weeks ago Bitcoin was hovering around $54,000.
And now we’re all the way back at ~$68,000.
And the Bitcoin ETFs have been monstrous over the last two weeks, with net inflows of $2.29 billion.
Plus the Ethereum ETFs are launching today…
Things are looking real good right now. 😎
CRACKING CRYPTO 🥜
Metaplanet's buying spree and Mt. Gox test transactions follow Bitcoin's brief $68K climb. Bitcoin price hits $68,000 on President Joe Biden news, slips with Metaplanet buying spree and Mt. Gox test moves.
The Digital Chamber pens letter to Vice President Kamala Harris. The Digital Chamber, a cryptocurrency political advocacy group, has penned an open letter to potential 2024 Democratic presidential nominee Kamala Harris.
Ethereum ETFs Could See Underwhelming Demand, Two Research Firms Predict. Trading firm Wintermute expects inflows to be lower than consensus predictions.
Swan to cancel public listing and shutter Bitcoin mining unit following layoffs. The company, which announced it may shutter its mining unit, previously planned to go public by the end of the year.
WHAT WE’RE READING 📚
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The Neuron (link) - AI trends and tools to keep you ahead
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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”)
When was the first Bitcoin Halving event? |
MEME CORNER 😂
Because what would the crypto world be without its share of memes?
Trivia Answer: B) November 2012 🥳
The first crypto halving event occurred on 28 November 2012.
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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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