- Crypto Nutshell
- Posts
- 🥜 The FOMO will be silly
🥜 The FOMO will be silly
PLUS: Long Term Conviction
Today’s edition is brought to you by Crypto.com
Start earning up to 5% back on all your spending! No annual fees. Sign up for the Crypto.com Visa Card today to receive your instant $25 bonus!
GM to all 45,503 of you. Crypto Nutshell #241 gettin’ hungry. 🦁 🥜
We’re the crypto newsletter that's as invigorating as a team of astronauts embarking on a perilous mission to save Earth... 🚀 🌌
What we’ve cooked up for you today…
📰 Bitcoin ETF updates
💰 It’s irresponsible not to own Bitcoin
💪 Bitcoin’s Hodlers
💰 And more…
MARKET WATCH ⚖️
Prices as at 5:30am
Only the top 20 coins measured by market cap feature in this section
BITCOIN ETF UPDATES 📰
BREAKING: Grayscale’s GBTC outflows reach $7B, but data shows it’s slowing
So far $7 billion has been sold out of Grayscale’s GBTC.
Yesterday, Wall Street analyst, Jim Bianco, posted a series of images summarising the performance of the ETFs so far.
Let’s break them down.
First off, the ETFs have smashed all expectations, bringing in over $5 billion in net inflows.
This includes Grayscale by the way…
If we exclude Grayscale from the data, the numbers get even crazier.
Without Grayscale, there’s been over $12 billion in net inflows.
In fact, the last 7 trading days has seen the ETFs average over $500 million in inflows per day.
Absolutely obliterating all industry estimates.
However the last chart Bianco posted is the most interesting…
Although it’s been outflows every day for Grayscale (GBTC), they do appear to be slowing down. Fast.
You may be wondering why is everyone selling GBTC? 🤷♀️
The simple answer is that their management fee is WAY higher than the competition.
Grayscales fee is 1.50% whilst everyone else’s is between 0% and 0.12%.
Investors don’t want to be charged higher fees for essentially the exact same product.
Makes sense.
In a nutshell?
The Bitcoin ETFs have unleashed a monster.
TOGETHER WITH CRYPTO.COM 💳
Stop right there.
You still don’t have a crypto card?
If you haven’t got a crypto card yet, you’re living in the past.
With a Crypto.com Visa Card you can spend your crypto anywhere you want.
The benefits are insane.
Not only is there NO monthly or annual fee, you also get up to 5% back on every transaction.
With your Crypto.com Visa Card you can:
Earn up to 5% back in CRO rewards on every transaction. 💳
Enjoy 100% cashback on Spotify, Netflix, and Amazon as a new customer. 🍿
Get complimentary access to airport lounges and elevate your travel experience. ✈️
Flaunt your style with the sleek and stylish metal card 🌟
Here’s how to get your $25 bonus and start earning up to 5% back:
Download the Crypto.com App: http://www.crypto.com/app/nutty
Sign Up: Use our referral code: Nutty for your instant $25 bonus.
Get Your Crypto.com Visa Card: Start making transactions, earning rewards, and enjoying the perks!
Start making every transaction count - the future is here.
P.S - We heard your feedback. The crypto.com Visa card is available in the U.S, Canada, U.K, Australia and many more!
Disclaimer: Terms and conditions apply. Offer valid for new users. Crypto investments involve risks; please do your research.
IT’S IRRESPONSIBLE NOT TO OWN BTC 💰
Institutional FOMO is coming…
Sooner than you think.
That’s the latest message out from Larry Lepard.
For those of you who don’t know Larry Lepard, here’s a quick rundown:
Founder & Managing Partner of Equity Management Associates
Sound money advocate (money that cannot be printed)
Larry begins by explaining that the ETFs have changed the game.
The demand they’ve brought in so far has well and truly exceeded expectations.
“The demand here is going to be absolutely insane. I’ve never been as bullish as I am on this financial asset. The asymmetry is just crazy. Wait until we take out $68k or $69k, the FOMO is going to be silly.”
The asymmetry that Larry refers to here is Bitcoin’s insane upside potential.
Larry also explains that even though Bitcoin has a $1 trillion market cap, there’s way less supply available for sale than people think.
“The thing I think people don’t understand, is just how little of this stuff is for sale.”
~79.28% of the circulating supply has not moved in over 6 months. 😱
Think about that for a second. That’s an absolutely wild stat.
The truth is that the Bitcoin supply available for sale is WAY smaller than people think.
With Bitcoin’s past performance and the ease of access that the ETFs created, institutional FOMO is coming.
And it’s coming fast…
“In asset management, people chase performance. It was up 150% last year, once you see it out perform everything else, you increase your allocation. It has one of the highest Sharpe ratios out there. It’s going to get to the point where it would be irresponsible NOT to have some.”
Strap in, this rocket ship is about to take off. 🚀
BITCOIN’S HODLERS 💪
Today we’ll be taking a look at the Long / Short-Term Holder Threshold.
Here’s how this metric works:
🔴 Short-Term Holders (STHs): coins that have been held for less than 155 days
🔵 Long-Term Holders (LTHs): coins that have been held for more than 155 days
🟥 Short-Term Holder Cost Basis: all coins purchased in this price range are STHs
🟦 Long-Term Holder Cost Basis: all coins purchased in this price range are LTHs
This metric is extremely powerful as we can see exactly what price STHs and LTHs purchased Bitcoin at. 🔎
The STH / LTH threshold is currently at 17th September 2023, back when Bitcoin was ~$26,500. (it’s basically doubled since then)
All coins purchased before this date are classified as LTHs.
All coins purchased after this date are classified as STHs.
Today there is currently 14,659,551 Bitcoin in the hands of LTHs. 💪
Whereas the amount of coins held by STHs is only 2,662,650.
Since the launch of the ETFs there’s been an increase in the amount of STHs and a decrease in the amount of LTHs.
Why?
Some treated the launch of the ETFs as a sell the news event.
Others decided it was time to cash in on some profits as Bitcoin crossed above $50,000. (fair enough)
But an even bigger contributor to this has been Grayscale, which has sold off roughly 140,000 Bitcoin.
Regardless, zoom out a little and you’ll see long-term conviction in Bitcoin is still extremely high. 😎
CRACKING CRYPTO 🥜
Retail investors are easing back into crypto while VC funding rises for first time in 1.5 years. While retail crypto traders want to get on the bullish bandwagon, the series of exchange bankruptcies in 2022 has taught them to be cautious.
VanEck admits ETF marketing violation, agrees to SEC fine. VanEck will pay a $1.75 million SEC fine over ETF marketing issues.
Wall Street is missing out on DeFi. If DeFi can just figure out how to improve both security and compliance, nothing would stop traditional finance from entering the game.
WHAT WE’RE READING 📚
Want to get even smarter? Check these out.
p.s. all completely FREE
|
|
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”)
In what year did popular Bitcoin exchange Mt. Gox get hacked? |
MEME CORNER 😂
Because what would the crypto world be without its share of memes?
Trivia Answer: D) 2014 🥳
The prominent crypto exchange was hacked in 2014, which led to 850,000 bitcoin (BTC) being taken.
GET IN FRONT OF 45,000+ CRYPTO INVESTORS
Advertise with Crypto Nutshell to get your product or brand in front of the crème de la crème of crypto investors. Crypto Nutshell readers are high-income earners who are always looking for unique or interesting offers.
WANT EVEN MORE KNOWLEDGE? 📚
Hungry for even more free newsletters? Check these out which we subscribe to:
HOW DID WE DO? 🤷
We read every comment submitted in this poll and love to hear what you guys have to say. 😁 (bonus points for suggestions 🍪)
What did you think of today's Newsletter?Don't worry, you won't hurt our feelings... 🥲 |
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.
Reply