- Crypto Nutshell
- Posts
- 🥜 Now is when you buy
🥜 Now is when you buy
PLUS: SEC concludes Investigation
Today’s edition is brought to you by Uphold
Get started buying crypto with Uphold today. Set up a Repeat BTC Buy and receive up to 3% cashback, paid in Bitcoin!
GM to all you crypto nuts. Crypto Nutshell #361 gettin’ that cheddar.. 🧀🥜
We’re the crypto newsletter that’s more adventurous than exploring an alien planet in a quest for survival... 🌌👽
What we’ve cooked up for you today…
🏦 It’s finally over
🧠 This is when you buy
📈 The most important metric
💰 And more…
MARKET WATCH ⚖️
Prices as at 6:30am ET
Only the top 20 coins measured by market cap feature in this section
IT’S FINALLY OVER 🏦
BREAKING: SEC to drop investigation into Ethereum — Consensys
The SEC has dropped its investigation into whether Ethereum is a security.
In a Twitter post, Consensys (developers behind Metamask) stated:
“The Enforcement Division of the SEC has notified us that it is closing its investigation into Ethereum 2.0.”
Continuing on the post explains:
“This means that the SEC will not bring charges alleging that sales of ETH are securities transactions… [This is a] major win for Ethereum developers, technology providers, and industry participants.”
This is MASSIVE news.
This decision from the SEC came after Consensys sent a letter to them on June 7.
The letter simply asked if the SEC would drop its investigation in ETH as they recently approved spot Ethereum ETFs.
The approval of the spot Ethereum ETFs hinged on Ethereum being classified as a commodity.
So how can they sue Consensys for the sale of unlawful securities transactions? 🤨
It doesn’t make any sense…
However with the SEC being the SEC, they made sure to mention that while they’ve concluded this investigation, it doesn’t mean that there will never be an enforcement action…
Ethereum also jumped up ~3% as soon as this news broke, sitting around $3,530 at the time of writing.
This is a big day for Ethereum and all of crypto.
Hopefully the industry can now move forward without the the SEC suing every innovative company out of existence.
THE EASIEST WAY TO BUY CRYPTO 🤑
Trading cryptocurrency can be overwhelming.
With thousands of coins and various platforms to navigate, it's easy to feel lost.
But if you want to simplify the process and take advantage of dollar-cost averaging, Uphold has your back.
With Uphold you can:
Buy, sell and swap over 265 different crypto tokens including BTC and ETH - plus discover new tokens early 🤝
Easily set up automatic, recurring transactions for dollar-cost averaging plus access an array of robust trading tools 💵
Simple account setup and user-friendly interface, making it ideal for beginners.
Special Promotion: Earn up to $1,000 a Month with Repeat BTC Buys! Take advantage of Dollar-Cost-Averaging and start earning BTC rewards. Set up a Repeat BTC Buy during this limited-time offer and receive up to 3% cashback, paid in Bitcoin!*
THIS IS WHEN YOU BUY 🧠
The last 2 months of crypto have been somewhat… boring. 😴
2 months of choppy price action has every losing their minds.
But according to macro experts Raoul Pal & Julien Bittel, this period is completely normal.
It’s also the time to buy.
Raoul Pal & Julien Bittel together write Global Macro Investor.
Global Macro Investor is a financial research service that has one of the best track records of all time.
So, they know their stuff.
With everyone flipping out over recent price action, Julien pointed out something important.
So far, price action has been fairly typical.
The current cycle is very closely mirroring the 2016 - 2017 cycle.
Raoul then pointed out that now is a good entry point if you’re looking to top-up positions:
Finally, Raoul dropped a piece of advice.
Just don’t check your portfolio during periods of corrections:
In all seriousness - these boring periods is what will determine your success as an investor.
If you can:
Not get bored 😴
Not get distracted 🙄
Keep a long-term time horizon ⌛
You will be rewarded. 🎁
THE MOST IMPORTANT METRIC 📈
Today we’ll be taking a look at the realized cap.
The realized cap values each coin at the price it was last moved at.
It differs to the market cap, which measures the current price multiplied by the circulating supply.
The realized cap is the base layer of so many on-chain indicators. That’s why analysts love this metric.
Lost coins are effectively removed from the calculation, as they have low economic value. Think Satoshi’s coins, which haven’t moved in over 10+ years. (their realized value would be incredibly small as Bitcoin was less than $1)
Uptrends: coins purchased at cheaper prices are being spent for profits. Bull market signal 🐂
Downtrends: investors are realizing losses. Bear market signal 🐻
Sideways: smart money investors accumulating cheap Bitcoins, providing buy support 💸
The last time we looked at this metric (June 5th) the realized cap was $594 billion.
Currently it’s at ~$601.4 billion. (an all-time high)
When Bitcoin hovers around it’s all-time high, it’s natural that some investors to take profits.
As these investors take profits, the realized cap increases.
This is because older coins are being revalued from a lower cost basis to a higher one.
That’s why an increasing realized cap can also be considered a bull market signal. (it can only increase during price run-ups)
And as it continues to increase, it signals that there is sufficient demand for these coins at higher and higher prices.
With that in mind, expect to see the realized cap continue rising throughout this cycle.
BUT…
As soon as this flips the other way, it’s a major red flag. 🚩
We’ll keep an eye on it & as always, keep you posted. 🫡
CRACKING CRYPTO 🥜
Trump reaffirms pledge to end Biden’s 'war on crypto' at Wisconsin rally. Republican US presidential candidate Donald Trump pledged to "end Joe Biden's war on crypto" at a rally in Racine, Wisconsin.
Ether ETF's Lack of Staking Won't Dampen Strong Institutional Demand, 21Shares' Ophelia Snyder Says. Prospective providers of spot ether ETFs in the U.S. removed provision for staking from their applications to avoid potential regulatory roadblocks.
Hashdex files with SEC for combined spot Bitcoin and Ether ETF. Hashdex has proposed a combined spot Bitcoin and Ether balanced according to market cap in a 19b-4 filing with the U.S. Securities and Exchange Commission.
GameStop Meme Coin on Solana Plummets as GME Fever Cools. As the hype surrounding the return of Roaring Kitty fades, the Solana meme coin GME has plunged.
WHAT WE’RE READING 📚
Want to get even smarter? Check these out.
p.s. all completely FREE (one click subscribe link)
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”)
How often are new Bitcoin created? |
MEME CORNER 😂
Because what would the crypto world be without its share of memes?
Trivia Answer: A) 10 minutes 🥳
Bitcoin adds a new block to the ledger about once every 10 minutes
GET IN FRONT OF 64,000+ CRYPTO INVESTORS
Advertise with Crypto Nutshell to get your product or brand in front of the crème de la crème of crypto investors. Crypto Nutshell readers are high-income earners who are always looking for unique or interesting offers.
HOW DID WE DO? 🤷
We read every comment submitted in this poll and love to hear what you guys have to say. 😁 (bonus points for suggestions 🍪)
What did you think of today's Newsletter?Don't worry, you won't hurt our feelings... 🥲 |
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.
*Terms Apply. Don’t invest in crypto unless you're prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong.
Reply