Today’s edition is brought to you by TLDR Newsletter - catch up on the latest tech, startup, and coding stories.

Sign up for FREE today!

GM to all you crypto nuts. Crypto Nutshell #403 cleanin’ it up... 🧼 🥜

We're the crypto newsletter that's more enchanting than a genie granting three wishes... 🧞‍♂️✨

What we’ve cooked up for you today…

• 💰️ MicroStrategy wants it all

• 🤑 Here we go

• 🚂 Exchange balances rising

• 💰 And more…

MARKET WATCH ⚖️

Only the top 20 coins measured by market cap feature in this section

MICROSTRATEGY WANTS IT ALL 💰️

BREAKING: Michael Saylor’s MicroStrategy bought 169 Bitcoin for $11.4 million in July

Michael Saylor just can’t stop…

Today MicroStrategy reported its financial results for Q2 2024.

And from those results, we learnt that MicroStrategy acquired 12,222 BTC at an average price of $65,882 per coin. (across Q2 2024)

This brings their total holdings to 226,500 BTC purchased for $8.3 billion, at an average price of $36,821 per coin.

(They hold ~1.08% of BTC’s maximum supply)

In July alone, MicroStrategy acquired an additional 169 BTC for $11.4 million.

Here’s the real juicy part though…

Andrew Kang, CFO of MicroStrategy, announced plans to raise an additional $2 billion.

It’s not explicitly stated, but we can assume the majority of this $2 billion will be used to acquire more Bitcoin.

And in case you’re unaware just how successful MicroStrategy’s Bitcoin strategy has been…

Checkout this chart posted by Saylor today:

Since the adoption of their Bitcoin strategy, MicroStrategy has outperformed Nvidia.

Think about that for a second…

It’s ridiculous. 😎

STAY UP TO DATE ON ALL THINGS TECH 🤖

Love Hacker News but don’t have the time to read it every day? Try TLDR’s free daily newsletter.

TLDR covers the best tech, startup, and coding stories in a quick email that takes 5 minutes to read.

No politics, sports, or weather (we promise).

Subscribe for free now and you'll get their next newsletter tomorrow morning.

HERE WE GO 🤑

The price of Bitcoin is set to double in the next 3 - 5 months.

That’s the latest prediction out from PlanB.

For those of you who don’t know PlanB, he is arguably the most famous on-chain Bitcoin analyst.

With over 1.9 million followers on Twitter, he is most well known for his Stock-to-Flow model and spookily accurate price predictions.

Let’s break down some of the highlights from his latest market update.

Stock-to-Flow Model

This is PlanB’s most famous model.

So what is it predicting for this cycle?

Taking a look at the chart below, the faint grey line is the model prediction.

And that model is predicting a $500,000 Bitcoin average this cycle.

But stock-to-flow isn’t perfect…

According to PlanB it takes between 12 to 18 months before the price catches up with the model prediction.

Bitcoin Miner Revenue

PlanB’s got a new model this month and it focuses on Miner revenue.

Every four years the Bitcoin block reward is cut in half.

As a result, the revenue that miners receive is also cut in half.

The latest Bitcoin halving took place in April of this year, and as you can see Miner revenue fell from $2 billion a month down to $1 billion a month over night.

(Mining is an extremely brutal business to be in, especially around Bitcoin halvings)

Only the most efficient Miners can survive a halving, with the least efficient shutting down operations. (and dumping BTC onto to market)

The long-term trend is that Miner revenue continues to increase over time, despite these halving shakeouts.

Here’s the thing though…

For Miner revenue to fully recover, the price of Bitcoin has to double.

And that’s what PlanB expects to happen:

PlanB also explains that June was likely the bottom for Miner revenue.

We can now expect to see rising hash rates (mining power) and rising prices going forwards.

EXCHANGE BALANCES RISING ⚖️

Time for a check in on 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 3,020,701 Bitcoin available for sale on exchanges.

That’s ~15.31% of the entire circulating supply.

Over the last 30 days, exchange balances have increased by ~39,989 BTC.

And there’s an easy explanation for this.

Mt. Gox…

These Mt. Gox distributions have been taking place since July.

And yesterday, ~34,000 BTC were transferred to BitGo.

But as many were expecting, these Mt. Gox creditors are proving to be HODLers.

Exchange balances appear to be decreasing just as quickly as they’ve been increasing.

The last 3 days has seen 34,304 BTC leave exchange wallets. (a little more than the Mt. Gox transfer)

Only 15.31% of the Bitcoin supply is available sale…

Meaning that the remaining 84.69% of the supply is not sitting on an exchange.

That’s MASSIVE.

There just isn’t that much BTC available for sale.

And eventually, there won’t be any Bitcoin left to buy… 🚀

CRACKING CRYPTO 🥜

Bitcoin power law model suggests $30K floor, $1M potential this cycle. Giovanni Santostasi's Bitcoin Power Law model predicts a 'floor' of $30,000, never to be breached again.

Bitcoin long liquidations hit $300M as BTC price falls to $62K. Bitcoin drops to two-week lows, but analysts say it could be a prime dip-buying opportunity.

Ripple to Allocate $10M to Tokenized U.S. Treasury Bills on XRP Ledger. This is part of a larger fund that Ripple will allocate to tokenized T-bills provided by OpenEden and other issuers.

Coinbase posts $1.45 billion in Q2 revenue as profits decline. The exchange's results were far better than those of 2023 but transaction revenue and net income dropped when compared to Q1.

WHAT WE’RE READING 📚

Want to get even smarter? Check these out.

p.s. all completely FREE (one click subscribe link)

• Raremints (link) - Daily crypto news

• Seven Point Sunday (link) - Learn to build your career every Sunday

• Bullseye Trades (link) - Daily stock market tips

• Crypto Pragmatist (link) - Actionable alpha 3x a week

• The Hustle (link) - Get Smarter on Business and Tech

• Your Next Breakthrough (link) - Personal growth with Mark Manson

• The Neuron (link) - AI trends and tools to keep you ahead

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”)

MEME CORNER 😂

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

Trivia Answer: D) BNB 🥳

BNB currently has a market cap of $83.87 billion

GET IN FRONT OF 64,000+ 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.

Get in touch today.😎

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 🍪)

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.