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🥜 Last Bull Run
PLUS: Tesla dumping?
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GM to all you crypto nuts. Crypto Nutshell #464 savin’ the day… 🦸🥜
We're the crypto newsletter that's more unpredictable than Daffy Duck's wild antics and zany adventures... 🦆🎯
What we’ve cooked up for you today…
🏦 What’s going on?
🐮 The Last Bull Run
💪 The HODLers
💰 And more…
MARKET WATCH ⚖️
Prices as at 2:50am ET
Only the top 20 coins measured by market cap feature in this section
WHAT’S GOING ON? 🏦
BREAKING: Tesla moves entire $760 million Bitcoin stash to unknown wallets
For the first time since July, Bitcoin briefly crossed $68,000!
At the time of writing it has since settled around $67,000.
But that’s not the biggest story of the day…
Just as Bitcoiners were celebrating the sudden push towards $68,000, some odd news come out from Tesla.
Arkham intelligence reported that for the first time in 2 years, Tesla moved their Bitcoin…
In a series of transactions totalling $760 million (11,509 BTC), Tesla transferred their Bitcoin to multiple unknown wallet addresses. 🤨
By the way, they transferred their entire Bitcoin balance. (so something is definitely going on here 👀)
And the reason this is so significant is because Tesla is one of the largest corporate holders of Bitcoin.
As it stands, it is unclear why Tesla moved their Bitcoin after 2 years of inactivity.
Some speculate they could be preparing to sell off more coins.
Others think they are transferring their coins to cold storage.
But it’s just a guessing game right now until we learn of more details. 🤷♂️
As a quick recap, Tesla originally bought $1.5 billion worth of Bitcoin back in February 2021.
However, they ended up selling 75% of their holdings in early 2022 at a loss.
As always, we’ll provide updates on this story as it develops.
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THE LAST BULL RUN 🐮
This is the last bull run that matters.
That’s the latest out from mathematician Fred Krueger.
If you haven’t heard of him, here’s why we value Krueger’s predictions:
Has owned Bitcoin for 10+ years 🔮
Extremely successful entrepreneur - has exited 10 companies, with some exits in the tens of millions 💰
Studied mathematics, with a P.H.D from Stanford University 📚
In his latest update to investors, Krueger unpacked why he believes this current bull-run will be the last one that matters:
“This next run that we are going to have, whether it tops out at $250k, $300k, or $500k, it doesn't matter. But this next 3x, or let's say 3 or 4x for a lot of us, that's it. I mean, we've kind of escaped the stratosphere at that point.”
What's about to unfold, is going to be epic:
“I believe this current run is probably the most significant thing we’re about to witness. You have to be patient—it could be a one-year deal, a two-year deal, or even a five-year deal. But I feel like we have an amazing bull run ahead of us... This is going to be pretty epic.”
Posting along the same lines was crypto trader & analyst Ansem:
Uptober has well & truly arrived.
It’s time to lock in. 🔒
THE HODLERS 💪
Time for a check in on one of our favourite charts.
The supply last active 1+ years ago metric is super simple to understand and extremely useful.
It categorises coins based on how long it’s been since they last moved on-chain. (as a percentage of the circulating supply)
Metrics rising: long-term holders are accumulating coins 📈
Metrics declining: long-term holders are selling coins 📉
Here’s the breakdown for each cohort (compared to what it was 4 weeks ago):
🔴 Supply last active 1+ years ago: 64.71% (down from 65.58%)
🟠 Supply last active 2+ years ago: 53.56% (down from 53.61%)
🟢 Supply last active 3+ years ago: 46.07% (up from 45.93%)
🔵 Supply last active 5+ years ago: 30.99% (up from 30.92%)
Over the last four weeks the 3+ and 5+ age bands saw minor increases.
Whilst the 1+ and 2+ age bands experienced minor decreases.
All in all, these metrics have remained relatively flat for the past 7 months…
Just like the price of Bitcoin…
But now that “Uptober” is here. (as we broke down in the previous section)
It wouldn’t be unreasonable to expect the 1+ age band to start declining as the price of Bitcoin rises. (this is typical of bull markets)
The “banana zone” is approaching. 🍌
CRACKING CRYPTO 🥜
StanChart predicts Bitcoin to reach $73K pre-election as ETF inflows. Standard Chartered highlights a potential Bitcoin surge to $73,000, driven by ETF inflows.
Canary Capital files S-1 for Litecoin ETF. Only days earlier, Canary filed to create an XRP ETF in what analysts dub a “call option” on the November US presidential elections.
Bitcoin Jumps to Just Shy of $68K Before Quick Plunge Lower. Digital assets are finally beginning to pay attention to not just the growing chance of a Trump victory in November, but also a GOP sweep, said Standard Chartered's Geoff Kendrick.
JPMorgan bullish on crypto into 2025, considering a Trump win and other factors. This optimism is underscored by several key factors, including the potential return of Donald Trump as U.S. president.
WHAT WE’RE READING 📚
Want to get even smarter? Check these out.
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Raremints (link) - Daily crypto news
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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”)
When did infamous ponzi scheme "BitConnect" shut down? |
MEME CORNER 😂
Because what would the crypto world be without its share of memes?
Trivia Answer: D) January 2018 🥳
BitConnect shut down in January 2018 following a 92 per cent decline in the value of its crypto coin.
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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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