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GM to all you crypto nuts. Crypto Nutshell #421 movin’ forward… ♟️🥜

We're the crypto newsletter that's more ingenious than a colony of ants outsmarting a gang of grasshoppers... 🐜🌿

What we’ve cooked up for you today…

• 🏦 Why did Bitcoin pump?

• 🚀 $1.5 million is the new base

• 🔥 Bitcoin ETFs on fire

• 💰 And more…

MARKET WATCH ⚖️

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

WHY DID BITCOIN PUMP? 🏦

BREAKING: Bitcoin surges past $64K, adding to gains as RFK Jr. endorses Trump

Over the weekend, Bitcoin shot past $64,000.

But why?

There’s 2 clear reasons, let’s break it down.

1. Fed to begin Monetary easing

The biggest reason for Bitcoin’s sudden pump was Fed chair Jerome Powell’s announcement that rate cuts are coming.

Though everyone was expecting the Fed to begin rate cuts in September, the question on everyone’s mind is now:

Will they cut rates by 0.25% or 0.50%

According to data from CME FedWatch, the odds of a 0.50% rate cut have increased from 24% to 38.5% in the last week.

Which ever way they go, all you need to know is that rate cuts are bullish for Bitcoin and crypto.

2. Kennedy endorses Trump

Not long after the Fed’s announcement, crypto friendly RFK Jr. threw his support behind Donald Trump.

Even with Kennedy exiting and endorsing Trump, the presidential race still appears to be a 50/50 contest.

Both Trump and Kennedy have promised a far friendly attitude towards Bitcoin and crypto.

Whilst there’s been no mention of Bitcoin or crypto from the Harris campaign yet…

That’s why the price of Bitcoin rallied off the back of this news.

(There are rumours that the Harris campaign has taken note and currently working on a crypto plan)

So those were two pretty solid positive catalysts for Bitcoin over the weekend.

However…

There was a third reason for Bitcoin’s strong price action.

And that’s the Bitcoin ETFs, which we’ll be breaking down later on in this newsletter.

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$1.5 MILLION IS THE NEW BASE 🚀

Bitcoin to $650,000 by 2030?

After the success of the Bitcoin ETFs, that target is too conservative.

Bitcoin to $1.5 million by 2030 is more realistic.

That’s the latest out from Cathie Wood.

Cathie Wood is the founder and CEO of ARK Invest - the third largest Bitcoin ETF issuer.

Previously, Cathie had a base case price target for Bitcoin of $650,000 per coin, by 2030.

However, in her latest podcast appearance, Cathie believes that after the success of the Bitcoin ETFs, that’s too low:

Cathie was then asked if Bitcoin has reached the point where it can no longer be contained:

Bitcoin hitting $1.5 million by 2030 would be a 25x in just over 5 years.

That seems insane.

However, Cathie has built a career on getting unbelievable calls correct.

In 2018, Cathie Wood predicted that Tesla’s share price would reach $4,000 per share.

At the time, Tesla was trading at only $300.

Then, just 2 years later, in 2020, Tesla’s share price had done a 13x, hitting her price target.

Cathie & ARK Invest were also amongst the first institutional investors to buy Bitcoin.

They first began buying in 2015, when Bitcoin was less than $500 per coin.

So perhaps Bitcoin to $1.5 million by 2030 isn’t as insane as it seems. 🥂

BITCOIN ETFs ON FIRE 🔥

The Bitcoin ETF inflow streak is now up to seven!

And as we mentioned earlier, the Bitcoin ETFs were the third reason for Bitcoin’s strong price action.

On Friday, the Bitcoin ETFs experienced net inflows of $252 million.

That’s the largest inflow total we’ve seen since July 22nd.

Here’s Friday’s breakdown:

1. BlackRock IBIT: $86.8 million 🥇

2. Fidelity FBTC: $64 million 🥈

3. Grayscale BTC: $50.8 million 🥉

However…

There was one ETF which saw net outflows…

And you probably guessed it…

Grayscale’s GBTC experienced net outflows of $35.6 million on the day.

Switching gears to Ethereum now.

And things aren’t looking as great as they are for Bitcoin.

The Ethereum ETFs just logged their seventh outflow day in a row. 😥

(The complete opposite to Bitcoin seven day inflow streak)

On Friday, the Ethereum ETFs saw $5.7 million in net outflows:

1. VanEck ETHV: $2.0 million 🥇

2. Bitwise ETHW: $1.4 million 🥈

3. Fidelity FETH: $0.7 million 🥉

It’s worth pointing out that Grayscale’s ETHE outflows are seemingly slowing down, only seeing outflows of $9.8 million. (remove that from the equation and the Ethereum ETFs are holding up pretty well)

Stay tuned for tomorrows newsletter where we break down digital asset fund flows across the globe. (not just the US Bitcoin & Ethereum ETFs)

CRACKING CRYPTO 🥜

Telegram founder Pavel Durov arrested in France, TON price drops 16%. Pavel Durov, the 39-year-old founder and CEO of the encrypted messaging app Telegram, was arrested at Le Bourget airport in France.

Bitcoin bulls run risk of 'Bart Simpson' BTC price dip to $62K. Bitcoin traders warn of a BTC price correction next week with targets extending to $60,000.

Crypto Friendly RFK Jr. Drops White House Hunt, Will Lend Kennedy Name to Trump. Robert Kennedy has joined forces with the Republican against Kamala Harris, giving Donald Trump an immediate bump in political prediction odds.

Polygon restores control of Discord server following $145,000 hack as POL token launch approaches. Blockchain data points to a serial scammer being responsible for the attack, though the mechanism for the hack has yet to be determined.

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

• 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: C) $69 million 🥳

In 2021, Beeple’s NFT sold for $69 million

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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.