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- 🥜 It's so simple
🥜 It's so simple
PLUS: Selling Is Coming
GM to all 42,774 of you. Crypto Nutshell #227 hangin’ ten. 🏄 🥜
We’re the crypto newsletter that's as exhilarating as a group of rebels planning a heist against an oppressive government... 🏴🔥
What we’ve cooked up for you today…
😢 More GBTC selling on the way
🤑 It really is this simple
🥊 Long vs Short term holders
💰 And more…
MARKET WATCH ⚖️
Prices as at 4:40am ET
Only the top 20 coins measured by market cap feature in this section
MORE GBTC SELLING ON THE WAY 😢
BREAKING: Bankrupt crypto lender Genesis seeks approval to sell $1.6B of trust assets
Just when we thought we were in the clear…
There’s potentially ONE more major GBTC outflow event on the horizon…
Bankrupt crypto lending firm Genesis Global Capital has requested approval to sell the entirety of its Grayscale GBTC position.
That position is worth ~$1.38 billion… (35,939,233 shares)
Genesis says that they are aiming to maximise funds available for creditors:
“The Debtors believe it would be beneficial to have the authority to sell and liquidate the Trust Assets to reduce any risk that fluctuations in price might have on the Debtors’ estates and to facilitate distributions to creditors.”
Before you start to panic about another major selloff, Fred Krueger shared some interesting information.
Supposedly the selling of GBTC will be matched with buy orders on BTC.
However at the time of writing we cannot verify this claim with other sources.
So take this information with a grain of salt. 🧂
If Bitcoin suddenly starts to dip, you know who to blame. 😂
As always, we’ll keep you updated on any developments with this story.
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IT REALLY IS THIS SIMPLE 🤑
Buy Bitcoin. Hold. Out return every other asset.
It can’t be that easy… right?
Raoul Pal believes it is.
For those who don’t know Raoul, he’s the CEO & founder of Real Vision.
Raoul is a veteran in both crypto & financial markets:
First bought Bitcoin 10+ years ago in 2013
Wrote the first ever macro valuation paper on Bitcoin (Valuing it at $1 million per coin in 2013)
Has been writing the research publication ‘Global Macro Investor’ for 20 years. (Global Macro Investor has the best proven track record of any financial research service in existence.)
In case you missed it, checkout our exclusive interview with Raoul Pal here.
Today, Raoul posted a series of interesting tweets.
Kicking things off, Bitcoin has achieved annualised returns of +108.76%
Comparatively, the Nasdaq has achieved annualised returns of +20.72%.
A bit of a difference there…
The next two charts compare Bitcoin and the Nasdaq to the Total Liquidity Index.
The Total Liquidity Index simply tracks the balance sheets of all major central banks from around the world. 🌎
It’s useful for getting a quick snapshot of global liquidity and macroeconomic trends.
But Raoul pointed out something quite interesting.
Bitcoin seems to track the Total Liquidity Index pretty closely…
And the same is true for the Nasdaq…
Now that’s a little strange isn’t it?
But what is Raoul getting at here?
The simple answer is this:
All assets are based off global liquidity.
So you may as well back the fastest horse in the race. (crypto)
It really is that simple. 😎
LONG VS SHORT TERM HOLDERS 🥊
Today we’ll be taking a look at the Long / Short-Term Holder Threshold.
Here’s how this metric works:
🔴 Short-Term Holders (STHs): coins that have been held for less than 155 days
🔵 Long-Term Holders (LTHs): coins that have been held for more than 155 days
🟥 Short-Term Holder Cost Basis: all coins purchased in this price range are STHs
🟦 Long-Term Holder Cost Basis: all coins purchased in this price range are LTHs
This metric is extremely powerful as we can see exactly what price STHs and LTHs purchased Bitcoin at. 🔎
The amount of coins held by LTHs continues to sit around its all time high.
As of today, 14,711,016 Bitcoin are in the hands of LTHs.
Whereas the amount of coins held by STHs is only 2,572,013 (effectively at an all-time low).
This is the largest gap between LTHs and STHs we have ever seen heading into the bull run. 😱
However, since the launch of the Bitcoin ETFs we’ve noticed an increase in the amount of STHs and decrease in the amount of LTHs.
The explanation?
Some took the launch of the ETFs as an opportunity to cash in on some profit.
BUT, the biggest contributor to this was the insane sell-off from Grayscale’s GBTC. (which has now cooled down now)
Regardless, long-term conviction in Bitcoin remains extremely high heading into the Bitcoin halving. 💪
CRACKING CRYPTO 🥜
Trump calls CDBCs “very dangerous” and labels the power of AI "scary". Former President Donald Trump expressed significant concerns about central bank digital currencies (CBDCs).
Bankrupt crypto lender Genesis seeks approval to sell $1.6B of trust assets. In a recent court filing, bankrupt crypto lender Genesis has sought permission to liquidate approximately $1.6 billion of trust assets.
WisdomTree exec downplays firm’s slow bitcoin ETF launch. Despite WisdomTree lagging behind other fund issuers in terms of bitcoin ETF inflows, executives said they expect a boost.
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”)
Who is the creator of Bitcoin? |
MEME CORNER 😂
Because what would the crypto world be without its share of memes?
Click to watch 😂
Trivia Answer: D) Satoshi Nakamoto 🥳
Satoshi Nakamoto is the name used by the presumed pseudonymous person or persons who developed Bitcoin, authored the bitcoin white paper, and created and deployed bitcoin's original reference implementation.
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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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