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PLUS: Mindset Shift
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GM to all 57,627 of you. Crypto Nutshell #266 speedin’ in. 🏍️ 🥜
We’re the crypto newsletter that's more heart-pounding than a high-speed car chase through the neon-lit streets of Tokyo... 🚗💨
What we’ve cooked up for you today…
😥 Vanguard still doesn’t like Bitcoin
🧠 Mindset shift
📉 Stablecoins rising
💰 And more…
MARKET WATCH ⚖️
Prices as at 6:50am ET
Only the top 20 coins measured by market cap feature in this section
VANGUARD STILL DOESN’T LIKE BTC 😢
BREAKING: Vanguard CEO says Bitcoin ETFs do not ‘belong in a long-term portfolio’
Vanguard CEO Tim Buckley has doubled down on his anti-Bitcoin stance.
Despite facing criticism from customers, Buckley explained that Vanguard has no plans to offer the Bitcoin ETFs.
Buckley also cautioned against including Bitcoin ETFs in retirement plans due to the assets volatility.
“Something like bitcoin is just too volatile and it’s not a store of value — it hasn’t been… It is speculative, really tough to think about how it belongs in a long-term portfolio.”
Buckley also shutdown any possibility of Vanguard backtracking on this decision in the future.
“What would it take for you to change your mind? We don’t plan to and we’re not going to change our mind around this. Unless the asset class changes.”
What does he mean by “unless the asset class changes”???
That’s a weird thing to say…
This meme perfectly summarises this decision from Vanguard.
But here’s the thing. Tim Buckley is stepping down as Vanguard CEO at the end of 2024.
Who knows what view the new incoming CEO will have on Bitcoin?
Time to get with the times. 💣
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MINDSET SHIFT 🧠
Bitcoin is unlikely to ever dip below $50,000 again.
That’s Mike Novogratz’s latest prediction.
Mike is the CEO of Galaxy Digital, one of the Bitcoin ETF issuers.
Speaking with CNBC, Novogratz explained how the Bitcoin ETFs represent a mindset shift.
All of a sudden, the US has “endorsed” Bitcoin:
“This is a vote. The American people have just voted. And they have voted that they like Bitcoin and they like digital assets.”
Novogratz was then asked his thoughts on the Ethereum ETF approval odds.
And despite some of the negative news we’ve been hearing about them recently, Novogratz appears a little more optimistic.
“They’re going to approve the [Ethereum] ETF, because it’s the same argument that won the Bitcoin ETF. There already is a futures Ethereum ETF. And so if you have it for futures you have to have it for spot.”
(That’s the same reason why we believe the Ethereum ETFs will be approved, but who knows with the SEC…)
Moving on, Novogratz was then asked where he sees Bitcoin going in the next few months.
“We’re in price discovery mode… As long as that [ETF flows] is positive, the price is going to keep grinding higher. Once that becomes negative, you’ll see the first real correction.”
Due to the demand from the ETFs, combined with current economic conditions, Mike doesn’t see Bitcoin dropping below $50,000 ever again.
“Things are frothy, funding rates are high. In times like this you always have to be ready for a correction. I don’t think we go back below $50,000 or $55,000. I think that’s the new floor, unless something dramatic happens.”
STABLECOINS RISING 📈
Today we’ll be taking a look at the stablecoin market.
Stablecoin’s play an important role in the wider crypto market. They are often used on centralized and decentralized exchanges to purchase other digital assets.
By taking a look at the stablecoin market, we can gauge demand for digital assets.
The chart below tracks the aggregate change in the total stablecoin market cap.
🟢 Increased stablecoin supply: increased demand and capital inflows into the digital asset space 🐂
🔴 Contractions in stablecoin supply: net capital outflows from digital assets 🐻
When we checked in on this metric two weeks ago, the stablecoin market cap was ~$134 billion.
Today the aggregate stablecoin market cap is ~$140 billion. 📈
Since October 2023, this metric has increasing every single week.
Let’s also take a quick look at the stablecoin supply dominance:
🟩 USDT: 73.50%
🟦 USDC: 21.75%
🟪 DAI: 3.81%
USDT absolutely dominates the stablecoin market, with 73.50% dominance.
That’s ridiculous.
The simple takeaway from this data?
Liquidity is flooding back into the crypto industry.
Growth in stablecoin supply is a clear bullish signal. 🐂
CRACKING CRYPTO 🥜
Solana defies overall market trend to hit new all-time high market cap. Solana's market cap has hit a record high of $80 billion, but the price per token is still trading far below its all-time high.
Wealth manager Cetera adds spot BTC ETFs to it platform, with training. Wealth management firm Cetera will allow its 12,000 financial professionals to offer shares of four spot Bitcoin exchange-traded funds to their clients.
A memecoin might get the Vegas treatment, but crypto ads rarely age well. Just because your memecoin can raise almost a million dollars to put a Shiba Inu wearing a hat on the Las Vegas Sphere doesn’t mean you should.
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”)
Which of the following coins/tokens was released first? |
MEME CORNER 😂
Because what would the crypto world be without its share of memes?
Trivia Answer: C) XRP🥳
XRP was launched in 2012.
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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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