Today’s edition is brought to you by Crypto.com

Start earning up to 5% back on all your spending! No annual fees. Sign up for the Crypto.com Visa Card today to receive your instant $25 bonus!

GM to all you crypto nuts. Crypto Nutshell #407 figurin’ it out… 🤨 🥜

We're the crypto newsletter that's more intense than a lone cop trapped in a skyscraper with terrorists... 🏢💥

What we’ve cooked up for you today…

• 📉 Outflows are here

• 🎁 An opportunity

• 😢 The streak is over

• 💰 And more…

MARKET WATCH ⚖️

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

OUTFLOWS ARE HERE 📉

BREAKING: US spot bitcoin ETFs saw $168 million in net outflows yesterday amid market turbulence

The last few days have been tough to say the least…

But now that the markets have seemingly begun to recover, let’s take a look at what’s going on with the ETFs.

Did the ETF holders buy or sell?

Let’s start with Bitcoin.

And…

Unfortunately, yesterday the Bitcoin ETFs saw net outflows of $168.4 million.

Here’s the breakdown:

1. Grayscale BTC: $21.8 million 🥇 

2. VanEck HODL: $3.0 million 🥈 

3. Bitwise BITB: $2.9 million 🥉 

One of the most surprising things here is Fidelity’s outflow streak is now up to 6 days in a row (-$250.9 million).

BlackRock also recorded a neutral day of $0.

ETF analyst Eric Balchunas also noted that this outflow is only ~0.3% of the total assets under management.

That’s basically nothing compared to the selloff’s seen in other markets.

Now onto Ethereum.

And things were much better on this front…

Yesterday the Ethereum ETFs saw net inflows of $48.8 million. (biggest day since launch)

Here’s the breakdown:

1. BlackRock ETHA: $47.1 million 🥇 

2. VanEck ETHV: $16.6 million 🥈 

3. Fidelity FETH: $16.2 million 🥉 

Grayscale’s ETHE was the only fund to record an outflow on the day, with -$46.8 million.

It looks like investors took the opportunity to buy the Ethereum dip.

However…

In total, the Ethereum ETFs are still sitting on net outflows of $462.4 million since launch.

But the outflows from Grayscale’s ETHE are definitely slowing down.

START MAKING EVERY TRANSACTION COUNT 💳

If you haven’t got a crypto card yet, you’re living in the past.

With a Crypto.com Visa Card you can spend your crypto anywhere you want.

The benefits are insane.

Not only is there NO monthly or annual fee, you also get up to 5% back on every transaction.

With your Crypto.com Visa Card you can:

• Enjoy 100% cashback on Spotify, Netflix, and Amazon as a new customer. 🍿

• Get complimentary access to airport lounges and elevate your travel experience. ✈️

• Flaunt your style with the sleek and stylish metal card 🌟

Here’s how to get your $25 bonus and start earning up to 5% back:

1. Click here to Download the Crypto.com App

2. Sign Up: Use our referral code - Nutty - for your instant $25 bonus.

3. Get Your Crypto.com Visa Card: Start making transactions, earning rewards, and enjoying the perks!

Start making every transaction count - the future is here.*

AN OPPORTUNITY 🎁

The last few days in crypto have been brutal.

But what does the smart money think of the sell-off?

In one word?

Opportunity.

That’s the latest message out from Matt Hougan.

Matt Hougan is the Chief Investment Officer at Bitwise, the 5th largest Bitcoin ETF issuer.

When it comes to what the smart money is thinking, (institutions, sophisticated investors) Matt’s our guy.

This week, he broke down the recent sell-off & where we go from here. 

First off, Matt believes that if there’s one takeaway he feels from the recent price action, it’s opportunity.

Matt points out the last time the crypto market melted down, it was March 12, 2020.

Amidst Covid fears, Bitcoin fell 37% in 24 hours, wiping out a full year of gains.

But then, something miraculous happened.

Skip forward 12 months & Bitcoin had risen over 1000%.

In hindsight, March 12, 2020 was not the time for fear.

It was actually a gift. 🎁

Matt believes the meltdown in markets globally makes one thing almost certain.

More money printing & interest rate cuts are on the way.

This is fantastic for Bitcoin.

Odds for a 50bps interest rate cut in September are now 98.5% up from 11.4% last week.

Matt finishes with this:

We couldn’t of said it better ourselves. 👏

Like Matt, we bought the dip. But we want to hear from you.

THE STREAK IS OVER 😢

That’s it.

The end.

The inflow streak of four weeks has been broken.

Last week Digital asset funds saw net outflows totalling $538 million.

Friday’s price correction saw $10 billion wiped off total crypto fund assets under management (AUM).

No surprise here…

Bitcoin was once again the focus, with net outflows of $400 million. (first outflow in five weeks)

However…

Ethereum also had an extremely rough week, experiencing outflows of $146.3 million.

Short-Bitcoin, XRP & Litecoin all saw net inflows of $1.9m, $0.4m & $0.2m respectively.

Regionally, things were concentrated on the United States.

Last week the United States experienced outflows of $531 million.

Hong Kong, Germany & Sweden also saw outflows totalling $27.4m, $11.6m & $6.8m respectively.

But this negative sentiment wasn’t seen all around the world…

Switzerland, Canada and Australia all saw inflows totalling $27.8m, $17.1m & $3.4m.

With the recent crash (stocks + crypto), things aren’t look great right now…

And as mentioned in the first section, the Bitcoin ETFs saw net outflows on Monday.

Whereas the Ethereum ETFs saw net inflows…

Hopefully the Bitcoin ETFs can turn things around. 😎 

CRACKING CRYPTO 🥜

Trump reiterates support for Bitcoin during livestream with Adin Ross. Donald Trump reiterated his support for Bitcoin and crypto during an interview with popular live streamer Adin Ross on Aug. 5.

SEC Asks NY Court to Deny Coinbase’s ‘Breathtakingly Broad’ Subpoena Request. The regulatory agency has taken umbrage with Coinbase’s attempt to subpoena SEC Chair Gary Gensler’s personal emails.

US Bitcoin, Ethereum ETFs hit $6B volume amid market rout. US spot Bitcoin and Ethereum ETFs saw $6 billion in trading volume on Aug. 5 amid the crypto market crash.

Memecoins tank amid crypto market downturn. The top three assets by weight — Dogecoin, Shiba Inu and Pepe — fell 9.23%, 2.36% and 13.87% respectively. 

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: D) Peer-to-Peer Network🥳

Bitcoin is a P2P network (Peer-to-Peer)

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.

Get in touch today.😎

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 🍪)

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.