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GM to all you crypto nuts. Crypto Nutshell #413 struttin’ in… 🦙🥜

We're the crypto newsletter that's more captivating than a tale as old as time... 🌹⏳

What we’ve cooked up for you today…

• 📈 Mt. Gox makes a move

• 🤞 This is your last chance

• 🤑 Crypto ETF wrap up

• 💰 And more…

MARKET WATCH ⚖️

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

MT.GOX MAKES A MOVE 🏦

BREAKING: Crypto Wallet Holding $2B in Mt. Gox Bitcoin Sends Test Transaction

Remember the Mt. Gox distributions?

Well those distributions to creditors are still taking place… (it feels like it never ends)

But they may finally be over soon.

If you’re new to crypto here’s a quick recap:

Mt. Gox was once the largest Bitcoin exchange in the world, processing over 70% of all transactions. However, in 2014 Mt. Gox was hacked and subsequently lost ~850,000 BTC causing it to collapse. After 10 long years, customers are finally being repaid a portion of their lost Bitcoin.

According to Arkham Intelligence, BitGo moved ~$2 billion in Mt. Gox related Bitcoin.

This transfer potentially signals that the end of the Mt. Gox distributions are near.

According to Arkham, BitGo is the 5th and final exchange assisting with customer repayments.

Since July, billions of dollars worth of Bitcoin has already been transferred to:

• Bitbank

• Kraken

• BitStamp

• SBI VC Trade

Mt Gox still holds ~46,000 BTC down from 141,000 BTC at the start of July. (32.6% remaining)

And many were fearing HUGE selloffs from Mt. Gox creditors but that doesn’t appear to be the case.

(these Mt. Gox creditors are sitting on unrealised gains of over 100x)

In fact Bitcoin’s price has actually risen 2.36% in the last 24 hours despite this news breaking.

Has the market finally moved past the Mt. Gox news?

EASIEST WAY TO 10X YOUR CRYPTO 💎 

No one in the crypto industry wants to admit this, but most retail traders lose money. 😱 

While those late to the party finally get in, project founders, VCs and early investors sell their bags for millions.

That said, there are still hundreds of tokens with 10X potential, you just need to find the right ones.

Crypto is an alpha-driven industry, where those who are early gain outsized returns, often for FREE via airdrops.

If you want to join Raremint’s exclusive community where they break down trending crypto news, hand-pick new tokens with 10X potential and share ALL of their trades, click on THIS LINK here. Or keep scrolling, the choice is yours.

THIS IS YOUR LAST CHANCE🤞

This is your last chance to get in.

That’s the latest message out from Raoul Pal.

To say the least, crypto has been extremely volatile over the past 2 weeks.

Overall, there’s 3 macroeconomic factors to blame:

1. U.S economy worse than expected 🇺🇸

2. Fears of the Yen carry trade unwinding 🇯🇵

3. Rising geopolitical tensions between Iran & Israel 🇮🇷

Raoul is a macro-economic expert. This means he’s uniquely positioned to break down what’s going on.

In his most recent write-up, Raoul has a contrarian take.

His view is that the recent downwards price action is just one last nasty flush.

Investors need to think of the second-order consequences of these negative macro-economic factors.

They all lead to 1 thing: lower interest rates & more money printing. 🖨️

As Bitcoin & crypto is highly correlated to global liquidity, this means higher prices.

Although they cause short-term pain, they lead to long-term gains.

That’s why Raoul believes now is the last chance to get in.

But how do you navigate the short-term volatility?

Raoul then finished with some words of advice.

Building wealth in markets is never easy:

Raoul said it best. This too shall pass.

As it always has. 🎢

CRYPTO ETF WRAP UP 🤑

Today we’ll be taking a look at what’s been going on with the Bitcoin and Ethereum ETFs.

Let’s jump in.

Ethereum ETFs

August 12th was another milestone for the Ethereum ETFs.

For the first time ever, Grayscale’s ETHE didn’t experience any outflows!

However…

Outflows immediately resumed on August 13th. 😥

But…

So far this week, the Ethereum ETFs have seen $29.3 million in inflows.

Could we see two inflow weeks in a row?

Let’s hope they keep it up. 🤞 

Goldman Sachs holds Bitcoin?

Every quarter, institutional investment managers are required to submit 13F filings to the SEC.

These 13F filings outline what these investment managers currently hold.

Well Goldman Sachs just filed their 13F, and we’ve discovered that they hold a position in 7 of the 11 US Bitcoin ETFs.

(Goldman Sachs is the 22nd largest bank in the world)

Here’s what they currently hold:

• BlackRock IBIT: $238.6 million

• Fidelity FBTC: $79.5 million

• Invesco Galaxy BTCO: $56.1 million

• Grayscale GBTC: $35.1 million

• Bitwise BITB: $8.3 million

• WisdomTree BTCW: $749,469

• ARK ARKB: $299,900

That’s ~$418 million in Bitcoin ETFs.

As more of these 13F filings come in, we’ll be able to really see who’s been buying the Bitcoin ETFs.

On track to overtake Satoshi

Here’s a fun one for you…

US Bitcoin ETFs may soon collectively hold more Bitcoin than Satoshi Nakamoto.

ETF analyst Eric Balchunas posted the below chart to Twitter, pointing out that the ETFs hold a combined 909,700 BTC.

On average, the Bitcoin ETFs have been adding ~37,510 BTC to their holdings every month. (combined)

At this rate, they’d surpass Satoshi’s 1.1 million BTC by January 2025. (one year after they first launched)

BlackRock alone is currently the third largest holder of Bitcoin with 347,767.

How can you not be bullish right now?

Institutional investment managers are slurping up as much Bitcoin as they can…

The Bitcoin ETFs have been a complete game changer.

CRACKING CRYPTO 🥜

Analysts debate ETF influence on Bitcoin suggesting $20k price without $17 billion inflows. Long-term Bitcoin holders and futures market outpace ETF contributions, reshaping price narratives.

Bitcoin and Crypto Go Unmentioned During Trump-Musk X Space. Bettors at one point gave an over 60 percent chance of Trump mentioning digital assets during the interview.

Canadian crypto exchange gambled away $9.5M of users’ Bitcoin and Ether. The British Columbia Securities Commission found that ezBtc and its founder, David Smillie, misappropriated $9.5 million in customer funds for gambling and personal use, leading to investor losses.

Crypto4Harris looks to 'do a formal reset' in engaging with VP's team, starting with Wednesday's town hall. Crypto pundits and lawmakers are set to speak at an event, in a push to revamp the industry's ties to presidential candidate Kamala Harris.

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

• Seven Point Sunday (link) - Learn to build your career every Sunday

• 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: A) The process of confirming transactions and adding them to the blockchain 🥳

The Bitcoin mining process confirms transactions on the network

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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.