GM and welcome to The Crypto Nutshell! 🥜 Your one-stop-shop for cracking open the day's most important crypto news, expert analysis, and on-chain data. We shell out this information to your inbox EVERY single day. Today, we’ll discuss:

• Binance is in trouble again? 🚔

• Raoul Pal - ETH will flip BTC??? 🤸‍♀️

• Some extremely juicy on-chain data

• And more…

MARKET WATCH ⚖️

Ready to jump in? 🌊

We're about to unpack the latest market prices for Bitcoin and Ethereum, and dig into the day's most tantalising crypto news. Brace yourself, it's time to uncover the crypto world!

Several senior executives, including Binance's general counsel, chief strategy officer, and SVP for compliance, have departed from the company amid regulatory hurdles and an ongoing investigation by the U.S. Department of Justice.

The departures, which mainly involved key figures in the legal and compliance units, come at a time when Binance is facing charges from the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC).

Binance CEO Changpeng Zhao dismissed the reports as "FUD" and refuted the reasons given for the departures.

The situation has raised concerns about Binance's future, its reputation, and the potential impact on the broader cryptocurrency market.

EXPERT OF THE DAY - RAOUL PAL 💰

 🚨 Raoul Pal: ETH will massively out-perform Bitcoin in the next cycle. 

🚨

In an interview done today with InvestAnswers, Macroeconomic investor and founder of Real Vision broke down his view as to why he believes Ethereum will “massively out-perform” Bitcoin in the next cycle.

Here were his main reasons:



• ETH is much broader & much more dominant in terms of use cases

• ETH staking & yield farming make it attractive to institutions

• The long-term ETH/BTC cross looks like a giant wedge pattern. Raoul argues that these patterns usually break upwards as a continuation

• ETH becomes scarcer every time it’s used thanks to the burn mechanism introduced with EIP-1559

ON CHAIN DATA DIVE 📊

It's time to shift our attention to Ethereum and explore what the most recent on-chain data has in store for us. 🗺️

Despite the recent price increase of ETH, network activity has not seen a substantial surge in 2023. Gas prices, which indicates blockspace demand, have remained relatively low, especially after the ETF filing announcements.

In contrast to the Shanghai upgrade in April, which led to a comparable market rally, gas prices only rose by 28% this week, compared to the previous 78% increase.

Following the Shanghai hardfork, which allowed staked ETH to be withdrawn from the Ethereum consensus mechanism, a surprising trend has emerged.

Instead of witnessing a mass exodus of withdrawals, the upgrade has actually sparked a surge in staked deposits as holders embrace the newfound flexibility.

On June 2nd, deposit activity reached its peak with over 13,595 new deposits (equivalent to more than 408k ETH), in contrast to exchange deposit transactions which remained relatively stagnant at around 30k deposits during the same period.

CRACKING CRYPTO 🥜

Ordinals are bringing back a "builder culture" on Bitcoin, challenging maximalists. The discussion explored scalability and the potential for smart contracts, sparking controversy within the Bitcoin community.

The newly launched VMPX token triggers a surge in Ethereum burn activity, consuming $3M in gas fees within 24 hours, raising concerns about its purpose. The high gas fees and lack of utility information on the token's website have led to questioning within the community.

Bitcoin miners have sold a significant portion of their mined BTC in June, with Marathon Digital, Cleanspark, and Hut 8 confirming sales of over 70% of their Bitcoin. The surge in selling suggests miners taking advantage of Bitcoin's price increase to secure profits.

Binance CEO dismisses senior executive departures as "FUD," citing normal staff turnover amidst changing market conditions. The world's largest cryptocurrency exchange faces ongoing investigations and pressure.

TRIVIA TIME ✍️

True or False?

A blockchain is "append-only", meaning that new data can be added, but existing data can't be altered or deleted 🧱

Find out the answer at the bottom of this newsletter 😀

MEME CORNER 😂

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

Trivia Answer: True 🎉

Blockchain's chronological linkage of blocks grants it an "append-only" nature. You can append fresh data, but once a block is added, it's immutable and a permanent part of the digital chain.

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.