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GM to all you crypto nuts. Crypto Nutshell #424 fuelin’ up… ⛽ 🥜

We're the crypto newsletter that's more magical than a chocolate factory with an endless supply of sweets... 🍫🏭

What we’ve cooked up for you today…

• 🏦 The SEC sues Opensea

• 🤓 The math behind $1 million Bitcoin

• 🔥 HODLers rising

• 💰 And more…

MARKET WATCH ⚖️

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

THE SEC SUES OPENSEA 🏦

BREAKING: OpenSea marketplace receives Wells notice from the SEC

Do you hold any NFTs?

Have you ever sold an NFT?

If you answered yes to either of those, you’ve been participating in unregistered security transactions…

At least that’s what the SEC is trying to claim…

The latest victim of the SEC’s “regulation by enforcement” is the NFT marketplace OpenSea.

Devin Finzer, CEO of OpenSea, posted the following statement to Twitter:

Continuing on, Finzer pledged to cover legal fees for creators and developers in similar positions.

As you would expect, the crypto industry was outraged by this news.

Ex-CFTC Commissioner Brian Quintenz (now at a16z) had this to say:

Anthony Scaramucci:

Bankless co-founder Ryan Sean Adams:

If NFTs are now securities then doesn’t that make anything collectible a security?

Where do we draw the line?

This is why the crypto industry has been campaigning for regulatory clarity…

As always, we’ll bring you the latest developments as this story develops.

TRADE CRYPTO YOUR WAY 🤑

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THE MATH BEHIND $1 MILLION BITCOIN 🤓

Right now, a $1 million dollar Bitcoin seems ludicrous.

But, if you break down the math, it seems… reasonable.

That’s the latest out from Willy Woo.

Willy Woo is the O.G on-chain Bitcoin analyst.

He pioneered many of the on-chain analytics we use today.

This week, he broke down with math how much money would need to go into Bitcoin to push it to $1 million per coin.

The answer?

$5 trillion dollars. 🤯

That seems like a huge number, but it’s actually only 1% of global wealth.

Do you think the hardest money on earth will eventually attract 1% of global wealth?

We do.

And when you break it down like that…

A $1 million Bitcoin seems reasonable.

However, Willy does clarify he doesn’t expect this to come anytime soon:

As the saying goes:

Good things take time. 🌱

HODLER’S RISING 🔥

Time for a checkin on our personal favourite metric - the Bitcoin HODL Waves.

Each coloured band shows the percentage of Bitcoin that last moved within that time period.

As the colours get cooler, the age bands get older (yellow being the oldest, representing coins last moved within the last 3 - 6 months).

This metric can also be used for long-term holders, but we’ll just be focusing on short-term holders today. (coins held for less than 6 months)

Here’s the current breakdown:

• 24hr: 1.09%

• 1d - 1w: 1.98%

• 1w - 1m: 4.46%

• 1m - 3m: 7.06%

• 3m - 6m: 10.04%

That means that ~24.63% of the Bitcoin supply has moved within the last 6 months.

Which leaves ~75.37% of the Bitcoin supply NOT moving in 6+ months.

That’s a ridiculous amount of the Bitcoin supply sitting idle when you think about it.

As the price of Bitcoin increases, the amount of short-term holders also increases. (notice that uptick in short-term holders as the price of Bitcoin approaches new highs?)

This is due to long-term holders deciding to take profits by selling their coins. (This makes those coins “young” again) 🤑

It’s also worth pointing out that each spike is smaller than the previous one…

Which means the amount of long-term holders increases with each cycle.

With such a limited amount of Bitcoin for sale, the price has no choice but to go up (eventually). 🚀

CRACKING CRYPTO 🥜

TON resumes operations after traffic surge from $550M DOGS airdrop disrupts network. TON blockchain's six-hour outage tied to record memecoin airdrop overloads validators.

This is how Web3 gaming aims to take over traditional platforms. Web3 gaming aims to rival traditional platforms like Steam and the Epic Games Store with innovative blockchain solutions.

Crypto-friendly web startup Brave lays off 15% of its workforce. Privacy-focused web startup Brave has cut approximately 15% of its workforce, its second round of layoffs with the past 10 months.

Bitcoin Bounce Fizzles as Nvidia's Slide Ahead of Earnings Adds to Risk-Off Mood. Ether's year-to-date gain has narrowed to less than 10% in crypto's latest price tumble.

WHAT WE’RE READING 📚

Want to get even smarter? Check these out.

p.s. all completely FREE (one click subscribe link)

• Raremints (link) - Daily crypto news

• Bullseye Trades (link) - Daily stock market tips

• Crypto Pragmatist (link) - Actionable alpha 3x a week

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

• Your Next Breakthrough (link) - Personal growth with Mark Manson

• The Neuron (link) - AI trends and tools to keep you ahead

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: C) 10 minutes 🥳

Bitcoin is designed to maintain the rate of coin issuance and block confirmation at 10 minutes per block.

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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.