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- 🥜 This is when BTC rips...
🥜 This is when BTC rips...
PLUS: Ethereum ETF updates
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GM to all you crypto nuts. Crypto Nutshell #390 struttin’ in... 💃🥜
We’re the crypto newsletter that's more thrilling than surviving a dinosaur theme park gone wrong... 🦖🌴
What we’ve cooked up for you today…
🔥 Grayscale makes a move
🤑 Billionaires all in on Bitcoin
🤔 What’s going on with exchanges
💰 And more…
MARKET WATCH ⚖️
Prices as at 2:40am ET
Only the top 20 coins measured by market cap feature in this section
GRAYSCALE MAKES A MOVE🔥
BREAKING: Grayscale Cuts Fee on Smaller Ether ETF to Lowest in the Sector
Yesterday we learned of the proposed fees from all Ethereum ETF applicants.
But there’s been a slight change.
Originally Grayscale’s mini Ethereum ETF (ETHE) had a base fee of 0.25%.
But now that’s been updated to 0.15%, making it the cheapest ETF of the lot.
And they’ve also decided to update the fee waiver period.
Originally they were reducing the fee down to 0.12% for the first 12 months.
But now the fee will be 0.00% for the first 6 months.
Which puts it on par as the cheapest ETF alongside 5 other issuers out the gate.
However, Grayscale’s Ethereum Trust (ETHE) will continue with its fee of 2.50%.
Making it by far the most expensive Ethereum ETF on offer.
This was what many analysts were expecting from Grayscale’s mini ETH ETF. (being the cheapest ETF on offer)
It literally made zero sense yesterday when they announced a base fee of 0.25%.
But now, this update puts a lot more pressure on BlackRock and others to market their product out of the gate.
The Ethereum fee war is heating up. 🔥
Stay tuned. We’ll keep you updated on any major developments.
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BILLIONAIRES ALL IN ON BITCOIN 🤑
Recently we’ve see a wave of Silicon Valley tech elites come out in support of Donald Trump.
Just the other day, major venture capitalists Marc Andreessen and Ben Horowitz announced their plan to make substantial donations to Trump.
And Mark Cuban believes “it’s a Bitcoin play”.
In a recent Twitter post, Cuban explained why he believes Bitcoin is set for HUGE price appreciation.
And first things first, Cuban doesn’t believe Trump himself will be the reason Bitcoin explodes.
But rather the inevitable change of staff at the SEC:
“It makes it easier to operate a crypto business because of the inevitable, and required, changes at the SEC. What will drive the price of BTC is lower tax rates and tariffs, which if history is any guide (and it’s not always ), will be inflationary.”
It’s worth pointing out that Cuban is no stranger to criticising the SEC. (as is anyone involved in the crypto space)
Lower tax rates is going to be huge for Bitcoin’s future.
Then combined with global uncertainty, it’s almost the perfect storm. ⛈️
Cuban explains:
“Combine that with global uncertainty as to the geopolitical role of the USA, and the impact on the US Dollar as a reserve currency, and you can’t align the stars any better for a BTC price acceleration.”
But how high will this take Bitcoin?
Cuban doesn’t give an exact price prediction, only stating “Way higher than you think”.
Here’s his reasoning:
“BTC could be what countries and all of us look to buy as a means to protect our savings… And if things really go further than we can imagine today (and I’m not saying they will. Just that this has a possibility somewhere above zero) , then BTC becomes exactly what the Maxis envision. A global currency.”
That’s the bull case for Bitcoin, summed up by Mark Cuban of all people.
A lot can change in 5 years…
To be fair to Cuban, he has been involved with the crypto space for a number of years now.
But his time has largely been focused on DeFi.
So what do you think? Do you agree with Cuban?
Is Silicon Valley really coming out in support of Trump for Bitcoin?
Let us know your thoughts here 👇️
Is Silicon Valley supporting Trump due to Bitcoin? |
WHAT’S GOING ON WITH EXCHANGES 🤔
Today we’ll be taking a look at the amount of Bitcoin available for sale on exchanges.
Here’s how to interpret this metric:
Decreasing exchange balances:Bullish indicator as it signals a shift towards long-term holding 🐂
Increasing exchange balances:Bearish indicator as coins being transferred to exchanges are more likely to be sold 🐻
Currently there is only 2,993,031 Bitcoin available for sale on exchanges.
That’s ~15.17% of the entire circulating supply.
Over the last 30 days, exchange balances have increased by 49,800 BTC.
But this trend does appear to be reversing.
The last 7 days has seen exchange balances decrease by 6,410 BTC.
But there’s an easy explanation for this sudden inflow of Bitcoin onto exchanges.
The German government…
Exactly 30 days ago they began unloading a total of 50,000 BTC onto exchanges.
Which coincidently exactly matches the 30 day outflow mentioned earlier.
Which means, there must have also been considerable exchange outflows during this time as well.
The overall trend here is declining exchange balances.
And Less Bitcoin on exchanges = Less Bitcoin available for sale
There just isn’t that much BTC available for sale.
And eventually, there won’t be any Bitcoin left to buy… 🚀
CRACKING CRYPTO 🥜
Industry sources think Trump may announce Bitcoin as a strategic reserve asset. Former US President Donald Trump is rumored to make a groundbreaking announcement at the upcoming Bitcoin 2024 Conference in Nashville.
Spot Ethereum ETFs are coming, but ETH derivatives markets are flat. Spot ETH ETFs are expected to launch soon, yet Ethereum price struggles to overcome $3,500. Cointelegraph explains why.
Mt. Gox Creditors Reportedly Hit By Failed Login Attempts Amid Repayments. The Mt. Gox claims portal “is temporarily down for maintenance” as of Asian morning hours Thursday, the site shows.
South Korea’s inaugural crypto law goes into full effect. South Korean crypto exchanges are now required to safekeep at least 80% of user deposits in a cold wallet.
WHAT WE’RE READING 📚
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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”)
Instead of storing money, Bitcoin wallets store something called “ _____”. |
MEME CORNER 😂
Because what would the crypto world be without its share of memes?
Trivia Answer: A) Keys 🥳
A crypto wallet stores your private keys and gives you access to your assets
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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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