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GM to all you crypto nuts. Crypto Nutshell #477 keepin’ it sweet… 🍇🥜

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What we’ve cooked up for you today…

What’s in the Crypto Nutshell Portfolio?

BREAKING: Bitcoin approaching new all-time high still hasn't woken up retail investors

So close!

Late last night Bitcoin came within $200 of surpassing it’s all-time high…

(According to CoinMarketCap, Bitcoin’s all-time high is $73,750.07)

Since then, it has been floating around the $72,250 mark.

But despite Bitcoin being on the verge of a new all-time high, retail isn’t here yet…

Google search interest for “Bitcoin” is still considerably down from the highs of May 2021.

Another telltale sign of retail interest is Coinbase’s ranking in the App Store.

Previous bull runs saw Coinbase surge into the top 50.

Currently it’s ranked 308th.

However…

It did jump up 167 positions between the 28th and 29th of October.

Which means that Bitcoin is capturing at least a little bit of retail attention…

So…

Retail may not fully be here yet, but the institutions certainly are.

As we explained yesterday, the Bitcoin ETFs have been on a rampage recently.

They’ve brought in over $4.5 billion across the last 12 trading days.

BlackRock alone saw ~$600 million in inflows yesterday…

(Total combined ETF inflows were $870 million)

Let’s lay out the current situation:

To us, that sounds like we’re going much, much higher. 🚀

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It was March when Bitcoin was last at these price levels.

But this time around is completely different.

It’s scary how much higher we are going.

That’s the latest out from Miles Deutscher.

Bitcoin hit its all-time high of $73,750.07 on March 1st, 2024.

On that date, Coinbase was ranked 20th in the app store.

It’s taken 7 months, but we are now again at all-time high prices.

This time around? Coinbase is ranked only 308th in the app store.

As we said before, nobody is here yet.

If you are reading this, you are well & truly early.

If you’re wondering why we’re so focussed on the Coinbase app store ranking, it’s for good reason.

Historically, every time Coinbase hits number 1 in the app store, it’s marked the top of the cycle.

Retail fever is at its peak, and it’s a good time to be selling.

It’s just 1 of the many indicators we closely track in Crypto Nutshell Pro to let you know if it’s a good time to be buying or selling.

Crypto Nutshell Pro is currently closed to new members, but we’ll be opening a limited number of spots in the future.

If you want to out-perform Bitcoin in this cycle, you can click below to join the waitlist:

Time for a check in on one of our favourite charts.

The supply last active 1+ years ago metric is super simple to understand and extremely useful.

It categorises coins based on how long it’s been since they last moved on-chain. (as a percentage of the circulating supply)

Here’s the breakdown for each cohort (compared to what it was 2 weeks ago):

This ones an interesting one…

You’ll notice that there’s been minor decreases in the 1+ and 2+ age bands.

But, there’s been minor increases in the 3+ and 5+ age bands.

With Bitcoin ripping up today, we’re expecting to see a modest sell-off from long-term holders over the next 2 weeks. (mainly from the 1+ age band)

And don’t get us wrong, this isn’t anything to worry about just yet…

(We’ll let you know when this metric is getting a little overheated)

Previous Bitcoin bull markets have seen significant and sustained sell offs from long-term holders.

Right now, there’s nothing to worry about.

The “banana zone” has finally arrived. 🍌

Coinbase CEO urges next SEC chief to apologize for crypto crackdown. Coinbase chief Brian Armstrong demands the US Securities and Exchange Commission (SEC) apology over crypto confusion.

Kraken Picked Optimism's 'Superchain' After Getting a Pile of OP Tokens. Crypto exchange Kraken's decision to build on Optimism's OP Stack framework came with a big, previously undisclosed grant from the Optimism Foundation.

Grayscale’s Bitcoin, Ether 'mini’ ETFs pulled $750M in first 3 months. The "mini" trusts spun off from Grayscale's legacy Bitcoin and Ether funds in July.

Select your answer below and you’ll be redirected to the results page. (answer explanation can be found after “Meme Corner”)

Because what would the crypto world be without its share of memes?

Trivia Answer: C) Gas 🥳

Ethereum gas fees are the transaction fees users pay on the Ethereum blockchain to conduct transactions and execute smart contracts.

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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.