GM to the winners club. Crypto Nutshell Pro #95 swoopin’ in… 🦅🥜

If you’re new here, each Crypto Nutshell Pro is broken down into 2 sections:

The goal?

Help you understand exactly where we are in the cycle.

By now, you should have read through the following page: Read This First

(Click the button at the bottom of the page to continue the welcome series - there are 4 pages in total to read)

These give you a broad overview of the Crypto Nutshell Pro Portfolio and how we’re looking to play the second-half of this bull run.

And in case you missed last weeks Nutshell Pro, you can check that out here.

Now, let’s jump in…

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Bitcoin’s at $79,672, up 2.4% on the week.

Ethereum’s at $2,456, up 0.6%.

Which tells you almost nothing about the week that just happened.

Bitcoin traded as low as $76,591 on Wednesday and as high as $81,731 on Thursday, its best price in four months.

Spot ETFs swung from a $236 million outflow day at the start of the week to their biggest inflow day since January on Thursday.

Then on Friday morning the US government published the August jobs report, and Bitcoin lost $1,600 in about three minutes, because the report was too good.

Last Saturday we told you Kevin Warsh had just scrapped forward guidance, and that every Fed date from here would be a live event with bigger swings around it.

We weren’t expecting the proof inside five days.

Thursday was the turn, and nothing crypto did had anything to do with it.

Christopher Waller, one of the Fed’s governors, said he’d be inclined to support holding rates steady if inflation keeps improving.

After a month of hawkish noise out of the Fed, that was the first clear sign somebody on the committee wanted a pause.

The dollar sank at the same time. USD/JPY fell from 160.16 on Tuesday to 156.01 on Thursday on suspected Bank of Japan intervention, and nearly all of it landed in one session. That’s a violent move for a major currency pair.

That pair was above 160 as recently as Tuesday. It’s now four yen below that.

A cheaper dollar makes everything priced in dollars easier to buy. Bitcoin cleared $80,000, then $81,000, and $415 million of short positions got liquidated on the way through.

The money arrived the same day. US spot Bitcoin ETFs took in $730.9 million on Thursday, their biggest session since January 14. IBIT alone accounted for $454 million of that, about 62%.

Even the odd corners caught a bid. Zcash cleared $1,000 for the first time in nearly a decade, up 20% in a day, with $34 million of shorts wiped out.

Then 8:30 on Friday morning arrived in New York, and the Labor Department took most of it back…