- Crypto Nutshell
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- 🥜 Too Late
🥜 Too Late
PLUS: Ethereum Exchange Balance
Today’s edition is brought to you by Origin Protocol.
Origin has just launched the first supercharged Liquid Staking Token: Super OETH. Start earning over 200% more yield than traditional LSTs with Super OETH today!
GM to all you crypto nuts. Crypto Nutshell #434 arrivin’ right on time… 🧙
We're the crypto newsletter that's more captivating than unmasking ghosts and solving mysteries in a haunted mansion... 🐶👻
What we’ve cooked up for you today…
🏦 Inflation falls
⏱️ Am I too late
⚖️ Ethereum exchange balances
💰 And more…
MARKET WATCH ⚖️
Prices as at 2:55am ET
Only the top 20 coins measured by market cap feature in this section
INFLATION FALLS 🏦
BREAKING: US Inflation Falls to 2.5% in August 2024
The CPI data is in…
And it came in lower than expected!
Inflation fell to 2.5% in August 2024, down from 2.6% for July.
AND, this marks the lowest annual inflation rate since March 2021.
Interest rate cuts are now certainly coming next week. (September 18th is the next FOMC meeting).
But there’s still some debate over whether the Fed will cut rates by 0.25% or 0.50%.
CME FedWatch currently has a 0.25% cut at an 86% chance, whilst a 0.50% cut is at 14%.
However…
Whilst inflation is down to 2.5% the average consumer is still struggling. 😥
Checkout the post below from The Kobeissi Letter breaking down how inflation is higher in many basic necessities.
The money printer is coming…
And it’s coming soon.
BOOST YOUR ETHEREUM YIELD 🤑
Stop right there!
Wouldn’t you like to earn more yield on your Ethereum?
Well now you can…
Introducing Origin Protocol’s Super OETH: The 1st Supercharged LST.
Here’s how it works:
Swap ETH for Super OETH (superOETHb) on Base 💸
Earn validator rewards just for holding 🤝
Sit back while the protocol earns additional yield from Layer 2 incentives 🏦
Receive staking rewards daily, with no gas fees required 🤑
Super OETH will earn over 200% more yield than traditional LSTs thanks to Layer 2 incentives on Base.
Now isn’t that crazy…
But it gets even better.
Super OETH users retain full control over their capital while earning a higher yield compared to a traditional LST.
And thanks to a 1:1 ETH peg users can easily swap in and out as they please.
So what are you waiting for?
AM I TOO LATE? ⏱️
Even amongst the best of the best investors…
No one is paying attention to Bitcoin.
You’re not too late.
That’s the latest out from our boy, Fred Krueger.
If you haven’t heard of him, Krueger’s a gun:
Worked on Wall Street for 10+ years 💼
Extremely successful entrepreneur - has exited 10 companies, with some exits in the tens of millions 💰
Studied mathematics, with a P.H.D from Stanford University 📚
In his latest update Fred revealed that he had just attended the 2024 All-In Summit.
His main takeaway?
You are definitely not too late to Bitcoin.
The All-In Summit is an annual event organized by the hosts of the "All-In Podcast”.
It’s hosted by tech investors and entrepreneurs: Chamath Palihapitiya, Jason Calacanis, David Sacks, and David Friedberg.
These guys are legends of Silicone Valley. Some have net-worths in the billions.
Ticket price to the event is $7,000, so you can imagine the attendees:
Founders
Early Stage Investors
High Net Worth Individuals
“You're not too late. So I'm at this event, it's $7,000 a ticket. I'm talking to a lot of a lot of attendees and the thing I realize is all these attendees, very few of them own Bitcoin.”
Speaking amongst attendees, Krueger was shocked.
No one is paying attention to Bitcoin:
“You can tell that they don't really get it and they don't really believe it.”
The most pernicious view of Bitcoin is that you’re too late to the party.
It’s too expensive.
Krueger reminds us that this is not the case.
“In 2013 it looked expensive when it hit $1,000. Then in 2017 when it hit $10,000 it looked very expensive. Now here at $56,000 it looks very expensive. I think it'll look expensive when it hits $500,000, which I think it will.”
Even amongst elite investors, who pride themselves on being early, Bitcoin is flying under the radar.
A timely reminder from Krueger. 👀
ETHEREUM EXCHANGE BALANCES ⚖️
Time to show Ethereum some love.
Today we’ll be checking in on the amount of Ethereum 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 12,078,328 Ethereum available for sale on exchanges.
That’s ~10.05% of the entire circulating supply.
And here’s the thing…
As a percentage, there’s even less Ethereum on exchanges compared to Bitcoin. (We’ll be breaking down Bitcoin’s exchange balances tomorrow)
Over the last 3 months, ETH exchange balances have decreased by ~301,061 ETH. (~$710.63 million)
As Ethereum continues to leave exchanges, it signals that investors have a preference for long-term holding.
And with ~89.95% of the supply not sitting on an exchange…
That’s a big deal.
Put simply, there just isn’t that much Ethereum available for sale right now.
CRACKING CRYPTO 🥜
Trump loses lead on Polymarket after debate with no mention of crypto or Bitcoin. Following the debate, both candidates are tied at 49% on Polymarket, with Harris leading on PredictIt.
Bitcoin ETFs are next major target for North Korean hackers. Bitcoin ETFs could be the next major target for North Korean hackers, according to onchain security firm Cyvers.
Bitcoin Mining Was Significantly Less Profitable in August, Jefferies Says. September could be another difficult month for the miners as bitcoin remains under $60K and the network hashrate continues to rise, the report said.
UK government looks to formally define crypto assets as new form of property. If passed, the law would introduce a third kind of property “to allow for certain digital assets to attract personal property rights.”
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
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
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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 🥳
Crypto wallets store private keys locally on your device, giving you complete control over 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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