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GM to all 63,460 of you. Crypto Nutshell #295 servin’ it up... 🍽️ 🥜

We’re the crypto newsletter that’s more captivating than survivors evading genetically-engineered dinosaurs... 🦖🏝️

What we’ve cooked up for you today…

• 🤨 Why is crypto dumping

• 🤷‍♀️ Ethereum ETFs, whats going on?

• 📉 The ETH/BTC ratio

• 💰 And more…

MARKET WATCH ⚖️

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

WHY IS CRYPTO DUMPING? 😳

BREAKING: Bitcoin nose dives as political tensions escalate in the Middle East

Another rough day for crypto. 😳

Bitcoin’s price plummeted over 8.5% after Iran launched an attack on Israel.

Within minutes of the attack, Bitcoin’s price dropped from $67,000 down to $61,000.

At the time of writing, Iran’s attack on Israel is over.

And Bitcoin has somewhat bounced back to $65,000.

As we’ve said before, price drawdowns like these are typical of bull markets.

As technical analyst, Benjamin Cowen said:

Willy Woo also highlighted the impact that the outbreak of the Russia-Ukraine war had on Bitcoin.

According to Willy Woo, recovery can expected within the coming days.

Saylor also had this to say.

And although war is never good…

Chaos is good for Bitcoin.

The lesson for today?

Twitter user Rekt Capital summed it up perfectly.

Don’t be scared when drawdowns like these happen in a bull market.

It’s perfectly normal.

With less than 5 days until the Bitocin halving, all dips should be viewed as opportunities. 🙌

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ETHEREUM ETFs, WHATS GOING ON? 🤷‍♂️

The Ethereum ETFs will be delayed in May.

But that’ll end up being better for them in the long run.

That’s the message out from Matt Hougan.

Matt Hougan is the Chief Investment Officer at Bitwise, the 4th largest Bitcoin ETF issuer.

In his latest interview, Matt shared his thoughts on the Ethereum ETF situation.

Here’s what he had to say:

Matt expects that we’ll eventually see an Ethereum ETF, just not in May of this year…

The Bitcoin ETFs still haven’t been approved on major wealth platforms.

They haven’t been digested yet by all of the big, sophisticated players.

Matt also explained that he’s still speaking with numerous financial advisors about Bitcoin.

Throwing Ethereum into the mix, just doesn’t make that much sense… yet…

Matt believes if Ethereum ETFs were to be approved in May, it would just complicate the conversations.

Imagine being these financial advisors.

Having just learnt about Bitcoin and then the next day someone recommends that you now need to learn about Ethereum…

Regardless, Matt is still confident that we will eventually see the Ethereum ETFs.

(Maybe at the end of this year?) 🤞

THE ETH/BTC RATIO 📉

Today we’ll be taking a look at the ETH/BTC ratio.

The ETH/BTC ratio is a simple way to gauge Ethereum’s performance relative to Bitcoin.

And unfortunately it isn’t looking good… (for Ethereum)

Here’s what this metric indicates:

• ETH/BTC ratio increasing: Ethereum has gained strength, market preference for ETH over BTC 💪

• ETH/BTC ratio decreasing: Ethereum has lost strength, market now favours BTC over ETH 😥

The cool thing about this metric is that it goes beyond price performance. We can use it to understand the current market sentiment on the top two crypto assets.

Currently, the ETH-BTC ratio is 0.0468, the lowest it’s been since March 2021.

And it's no secret that Bitcoin has dominated Ethereum over the last 12 months:

• Bitcoin: +108.57%

• Ethereum: +40.45%

There's one HUGE reason why BTC has completely outperformed ETH by such a margin.

The ETFs...

There's just way to much hype surrounding them.

And at this point in the cycle, the market simply prefers Bitcoin.

But this is what usually happens.

First Bitcoin runs, then Ethereum gets its time in the spotlight, and finally memecoin mania picks up.

CRACKING CRYPTO 🥜

How Asia’s next crypto investment wave will be ignited from Bitcoin ETFs. On January 10, 2024, the U.S. Securities and Exchange Commission (SEC) approved multiple applications for spot Bitcoin ETFs.

Bitcoin nose dive as political tensions escalate in the Middle East. Bitcoin and other cryptocurrencies fall sharply following Iran’s attack on Israel.

Hacker Sentenced to 3 Years in Prison for Stealing Over $12M From Crypto Exchanges. Shakeeb Ahmed stole over $12 million from Nirvana Finance and a DEX thought to be Crema Finance.

BlackRock bitcoin fund accounts for 20% of the firm’s Q1 ETF net inflows. BlackRock reported during a Friday earnings call that IBIT has seen net inflows on every trading day since its Jan. 11 launch.

WHAT WE’RE READING 📚

Want to get even smarter? Check these out.

p.s. all completely FREE

• Bitcoin Breakdown (link) - Weekly Bitcoin recap

• The Hustle (link) - Get Smarter on Business and Tech

• Crypto Pragmatist (link) - Actionable alpha in 5 minutes

• Techpresso (link) - Get smarter about tech in 5 minutes

• Wild Golf (link) - Twice weekly Golf insights & tips

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: A) Litecoin 🥳 

Litecoin was originally dubbed ‘silver to Bitcoin’s gold’…. But that doesn’t seem to be holding up these days.

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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.