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PLUS: Remembering a Legend
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GM to all 21,945 of you. Crypto Nutshell #159 rollin’ by. 🎲 🥜
We’re the crypto newsletter that's as thrilling as a group of elite spies taking on international threats... 🕶️ 🌍
What we’ve cooked up for you today…
😥 Remembering legendary investor Charlie Munger
🐮 The most bullish chart in crypto
📉 Where are the short-term holders?
💰 And more…
MARKET WATCH ⚖️
Prices as at 5:45am ET
Only the top 20 coins measured by market cap feature in this section
LEGENDARY INVESTOR PASSES AWAY 😥
Breaking: Charlie Munger, legendary investor & crypto skeptic, passes away at 99
Charlie Munger was a legendary investor best known for his partnership with Warren Buffet at Berkshire Hathaway. His philosophical approach to both business & life was renowned in the finance & investment world.
Yesterday, Munger sadly passed away at the age of 99 in a California hospital.
Munger was one of the most successful American investors of all time. Alongside Warren Buffet, they transformed Berkshire Hathaway from a struggling textile company into the 9th largest company in the world.
Munger was also one of the business worlds most outspoken critics when it came to crypto.
Over the years Munger used very “colourful” phrases to describe crypto such as:
At the 2023 Daily Journal shareholder meeting he let it all out with the following quote:
“It isn’t even slightly stupid, it’s massively stupid. And, of course, it’s very dangerous, and, of course, the governments were totally wrong to permit it… It’s worthless, it’s crazy, it’s not good, it’ll do nothing but harm, it’s antisocial to allow it.”
Only time will tell if Munger was right in totally dismissing crypto. (We think he missed the mark on this one...)
Regardless, the business world has lost one of its most prominent figures.
His insights on investing, decision making & rational thinking will be remembered long into the future.
Rest in peace Charlie Munger, one of the best to ever do it.
To read the full article click here.
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THE MOST BULLISH CHART IN CRYPTO 🐮
Macroeconomic expert, Raoul Pal, has over 30 years of experience in financial markets.
So when he says a chart is the most bullish he's ever seen… we should pay attention. 👀
Which chart is he talking about?
In his latest update to investors, Raoul labelled the long-term chart of Ethereum as one of the most bullish he’s seen.
Ethereum long-term chart
“Ethereum has already broken out from its near-perfect wedge pattern; it’s a very bullish chart…”
Zooming in to the short-term Ethereum chart, here’s what Raoul identified:
Ethereum short-term chart
“Speaking of Ethereum, we’re currently in the process of testing very important levels… A close above 2,150 would be very positive. Something to keep an eye on…”
With Ethereum closing in on the $2150 level this week, it could be off to the races soon.
On top of this, as we identified last week, Ethereum supply dynamics have never been better…
We’ve said it before but we’ll say it again:
Don’t sleep on Ethereum. 😴
WHERE ARE THE SHORT-TERM HOLDERS? 📉
Bitcoin is currently experiencing its most significant divergence between long-term holders and short-term holders.
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
If you’re interested in why Glassnode has chosen 155 days as the threshold, checkout this article.
The amount of coins held by LTHs has continued to break all-time highs.
As of today, 14,956,934 Bitcoins are in the hands of LTHs.
Whereas the amount of coins held by STHs has continued to break all-time lows.
Currently, only 2,294,324 Bitcoins are in the hands of STHs.
This is the largest gap between LTHs and STHs we’ve ever seen in the history of Bitcoin…
Long-term conviction in Bitcoin has literally never been higher. 😎
And this gap is likely to continue growing as the halving and ETFs approach.
CRACKING CRYPTO 🥜
WHAT WE’RE READING ✍️
Want to get even smarter? Check these out.
p.s. all completely FREE
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CAN YOU CRACK THIS NUT? ✍️
Did you catch yesterday’s newsletter?
What price does popular Bitcoin analyst PlanB believe Bitcoin will never go below again?
A) $36k
B) $35k
C) $30k
D) $25k
Find out the answer at the bottom of “Meme Corner” below 😀
MEME CORNER 😂
Because what would the crypto world be without its share of memes?
Trivia Answer: B) $35k 🥳
Checkout yesterdays newsletter for the reason why PlanB believes Bitcoin will never go below $35,000 again.
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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.
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