GM. Crypto Nutshell comin’ at ya! 🫶 🥜 

The crypto newsletter that's less heart-wrenching than surviving a post-apocalyptic world with monsters sensitive to sound... 🙉👾

Today, we’ll discuss:

• ARK files for spot Ethereum ETF 😲

• How to lose 95% of your wealth 😱 

• Bitcoin HODL waves 🌊

• And more…

MARKET WATCH ⚖️

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

ETHEREUM ETF IS ON IT’S WAY 🏃‍♂️

JUST IN: 🚨 ARK Invest together with 21Shares apply for spot Ethereum ETF

Just days after Grayscale’s court case victory against the SEC, ARK Invest & 21Shares have come out and filed for a spot Ethereum ETF.

This would allow traditional investors to gain exposure to the cryptocurrency without having to actually purchase or hold it directly.

Cathie Wood isn’t holding back and had this to say:

Ophelia Snyder, co-founder of 21Shares explained that Grayscales victory against the SEC definitely influenced the timing of this application.

We can’t wait to see what the SEC has to say about ETFs this time…

WHAT WE’RE READING 📚️ 

Want to get even smarter in Crypto before the bull run? Check these out.

p.s. both completely free

HOW TO LOSE 95% OF YOUR WEALTH 😱

Todays expert of the day is…

drum roll… 🥁

Justin Bieber.

What? 🧐 

Justin Bieber is far from a crypto expert. For example he bought a Monkey NFT for $1.3 million in January 2022 which is now worth $59,000.

A total loss of 95% of his original investment…

However, his team yesterday announced something which is fascinating.

Justin Bieber's producer, Axident, is selling the royalties from Bieber's song "Company" as NFTs. 🤔

1% of the royalties will be sold in the form of 2,000 NFTs.

One NFT will get you 0.0005% of the streaming royalties.

Each NFT will be available for $28 each & royalties will be paid out every six months.

"Company" currently has 170 million streams on Spotify. Approximately $0.004 USD will be paid out in royalties for each stream on Spotify.

Now for some Crypto Nutshell math 🤓

To break even on these NFT’s holders will need ~14M streams.

“Company” was released in 2015. Over the 8 years from it's release, it's averaged 21.25M streams per year.

However, only 1% of royalties are split with NFT holders. This means, for holders, it's averaged 212.5k streams per year.

So, to break-even, it will take 65 years. (14M / 212.5k). 🤯

This is assuming the song will average the same amount of streams it has gotten in the last 8 years, for 65+ years. (It won’t)

Are these NFT’s completely overvalued? Yes.

Is it still a really cool use case? Absolutely.

Nutty’s takeaway: This was also done earlier this year with an old Rihanna song, when a producer split his royalty share into NFT’s.

NFT's could fix a big issue in the music industry, allowing for artists to be paid upfront in the form of NFT’s as opposed to waiting for streaming royalties.

Additionally, it could allow for a greater connection between an artist and their fans. Imagine being paid for when other people listen to your favourite song from your favourite artist.

It will be interesting to see how this plays out, but regardless, it’s a big step forward seeing industry giants like Bieber experiment and innovate.

Let us know what you think about this at the bottom of the newsletter in today's poll 👇

LONG TERM HOLDERS RISING 📊

Today we’ll be diving into the Bitcoin HODL Waves. This funky looking chart is super unique and useful for understanding what different groups of investors are doing.

Each coloured band represents a fraction of the circulating Bitcoin supply that last moved within a certain timeframe. The bottom warmer colours (reds, oranges) represent Bitcoin that has moved very recently. The top cooler colours (greens, blues) represent Bitcoin that hasn’t moved in a long time.

Did you know that it isn’t possible to make this chart with traditional asset classes?

Bitcoin and other public blockchains are unique in that everything is tracked throughout their entire history. It’s pretty cool that charts like this can be constructed as we can get a deeper insight into market behaviours.

Lets break down the age bands:

• <1m: 5.537%

• 1m-3m: 8.326%

• 3m-6m: 7.388%

• 6m-12m: 10.165%

• 1y-2y: 12.078%

• 2y-3y: 15.919%

• 3y-5y: 10.954%

• 5y-7y: 9.132%

• 7y-10y: 5.552%

• >10y: 14.949%

Long-term holders = anyone that has held Bitcoin for longer than 155 days.

This means that ~78.749% of Bitcoin is in the hands of long-term holders. That wasn’t a typo… 🤯

Short-term holders only represent ~21.251% of the circulating supply. That is a tiny proportion. In fact this is the lowest proportion of short term holders that we have ever seen.

Clearly we are in a market dominated by long-term holders preparing for the next bull run. Supply shock is coming. 🐂

CRACKING CRYPTO 🥜

CAN YOU CRACK THIS NUT? ✍️

Who is credited with publishing the Bitcoin whitepaper and introducing the concept of Bitcoin in 2008?

• A) Elon Musk

• B) Satoshi Nakamoto

• C) Mark Zuckerberg

• D) Vitalik Buterin

Find out the answer at the bottom of “Meme Corner” below 😀

MEME CORNER 😂

Because what would the crypto world be without its share of memes?

Trivia Answer: B) Satoshi Nakamoto 🥳 

Nakamoto's paper, "Bitcoin: A Peer-to-Peer Electronic Cash System," was published in October 2008.

HOW DID WE DO? 🤷 

Let us know you’re thoughts by clicking one of the options below.

We read every comment submitted in this poll and love to hear what you guys have to say. 😁

Bonus points for any feedback or content suggestions you may have

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.