GM and welcome to The Crypto Nutshell! 😉 🥜 

The crypto newsletter that’s almost as satisfying as escaping getting mugged by a Thai man with a machete on a deserted island (this really happened today) 🔪 😌

Today, we’ll discuss:

• Recapping the last 24 hours in the world of crypto 🌏

• PlanB on the BTC bear market & 2024 Price Prediction 💰

• Ethereum staking deposits vs exchange deposits 🤓

• And more…

MARKET WATCH ⚖️

BTC Dominance is currently at 49.97% and the current crypto market cap is $1.22T ▼0.13%

Biggest Winners of The Day 🤑

• XRP (XRP) ▲2.87%

• Toncoin (TON) ▲0.38%

• Bitcoin Cash (BCH) ▲0.08%

Biggest Losers of The Day 😭

• Cardano (ADA) ▼3.42%

• Shiba Inu (SHIB) ▼3.22%

• Polygon (MATIC) ▼3.02%

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

All price data as of 8:30am ET

EXPERT OF THE DAY - PLAN B 💸

Plan B believes that if you’re still in crypto you’ve survived the worst bear market EVER. 🐻



For those that don’t know Plan B, he is a Bitcoin on-chain analyst who has remained largely anonymous.



But there are a few things we know about the anon analyst:



• He is of Dutch heritage 🇳🇱

• Has over 25 years of experience as an institutional investor

• Background in law and quantitative finance

• Is fascinated by modelling risk & return

In 2019, Plan B created the Bitcoin Stock to Flow model which uses scarcity and the Bitcoin halving to quantify the value of Bitcoin. 



Revealed in his latest Bitcoin video breakdown, Plan B looked at the 200 week moving average of Bitcoin’s price.



A key takeaway was that the Bitcoin price rarely dips below the 200 week moving average EXCEPT for the current bear market we just endured. 



So hold your head high if you managed to stomach the volatility - you’re truly a crypto veteran now. 

🫡

Also revealed by Plan B was his prediction that the Bitcoin price will be between $40,000 - $50,000 at the time of the April 2024 halving, which is now just over 9 months out. 



Plan B ended on a promise that he would reveal his price prediction for the next halving as soon as Bitcoin crosses over the $32,000 mark, so be on the lookout for that. 

(you already know we've got you covered as soon as it drops 😉)

ON CHAIN DATA DIVE 📊

Lets share the love and see what the Ethereum Exchange vs Staking Deposits chart has to offer.

To understand this chart you only need to know two things:

• The blue line is staking deposits - ETH locked up for staking

• The pink line is exchange deposits - ETH transferred to exchanges

Pretty simple, right?

If you don’t know, staking refers to when users lock in their tokens on the blockchain in order to secure the network in exchange for rewards. If you’d like to learn more about staking click here.

On April 12 2023, the Shanghai Hardfork went live which allowed validators to withdraw their locked ETH. Previously it was not possible to withdraw staked ETH as a validator.

Now you’d think the ability to withdraw locked ETH would result in mass withdrawals from the network yeah?

Well the complete opposite happened.

This new flexibility for validators caused an insane spike in Staking Deposits, peaking at 13,595 new deposits on June 2^nd (~408K ETH).

To break it down even further, here’s a comparison of staking deposits before and after the Shanghai Hardork:

• Before: 460 deposits/day

• After: 2,627 deposits/day

Since this upgrade, staking deposits have outpaced exchange deposits.

Nutty’s Takeaway: ETH stakers have new found confidence in the flexibility offered by the Shanghai Hardfork upgrade. To put it simply, this is bullish for Ethereum. As more and more ETH continues to be staked, less and less is available for sale on exchanges…which can only mean one thing…price go up 💰

CRACKING CRYPTO 🥜

TRIVIA TIME ✍️

What is Bitcoins all time high price?

• A) $69,420.69

• B) $101,365.28

• C) $68,789.63

• D) $67,245.98

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: C) $68,789.63 🎉

According to Coinbase, the all time high price for Bitcoin is $68,789.63

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.