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- 🥜 Uptober
🥜 Uptober
PLUS: ETF inflow streak
Today’s edition is brought to you by RYSE - the smart home company that aims to become the Ring and Nest of the smart shades industry.
GM to all you crypto nuts. Crypto Nutshell #449 stayin’ lucky… 🐈⬛ 🥜
We're the crypto newsletter that's more legendary than a hero in a red cape saving the world... 🦸♂️🌎
What we’ve cooked up for you today…
🤑 Uptober is here
😨 No one’s here…
📈 We’re so back
💰 And more…
MARKET WATCH ⚖️
Prices as at 6:30am ET
Only the top 20 coins measured by market cap feature in this section
UPTOBER IS HERE 🤑
BREAKING: Bitcoin records it’s strongest September ever
Well that’s a wrap on September.
And guess what?
Bitcoin recorded it’s best September ever.
It saw a monthly gain of ~7.29%. 🤑
I bet you didn’t see that coming. (September is historically Bitcoin’s worst performing month)
The end of September also brings us into Q4 2024, which historically is Bitcoin’s best performing quarter. (average returns of +81.50%!)
And that makes sense, as October and November are Bitcoin’s two best performing months. (average returns of 21.05% & 46.81% respectively)
Things are about to get real hot… 🔥
But here’s where it gets even crazier…
10 out of 12 Octobers have been green for Bitcoin (only 2018 & 2014 were red)
100% of election years have had a green October, November and December
100% of years with a green September have had a green October, November and December
Now we say it all the time, but it’s worth pointing out again:
Past performance is no guarantee of future results. 🔮
But when the data is laid out like this…
How can you not be mega bullish heading into Q4?
It’s game on. 🚀
Oh and we heard you loud and clear on yesterday’s poll…
Looks like you guys are after some altcoin content…
And you might have noticed in today’s “Market Watch” section we included a new “Nutshell portfolio” section. 👀
We can’t give too much away just yet, but just know that we’ve been cooking up something extra special for you all behind the scenes. 🧑🍳
More will be revealed shortly…
TAKE A PEEK BEHIND THE (Smart) CURTAIN 👀
Let’s be honest.
There’s one reason we all love crypto:
The returns. 📈
Finding great returns is extremely difficult, if not impossible.
Unless you know where to look. 👀
There’s one player who has a proven record of placing early bets on home-technology products that have gone on to dominate the market:
Best Buy.
For example:
Ring - acquired by Amazon for $1.2B
Nest - acquired by Google for $3.2B
Pay attention, because Best Buy just unveiled a new smart-home product in over 100 stores that has potential for massive returns – RYSE Smart Shades.
RYSE is poised to dominate the smart shades market (currently growing at 50% annually) and they’ve just opened a public offering of shares priced at just $1.50/share.
Current shareholders have already seen their value increase 20% year-over-year, with strong upside remaining as they scale into retail.
Missed out on Ring and Nest?
This is your chance to secure your stake in the smart home market.
Invest in RYSE before they become a household name.
NO ONE’S HERE… 😨
Right now, we’re only a stones throw away from all-time highs.
But if you dive into the data… no one’s here.
At the time of writing, Bitcoin is at ~$64,000.
This is only 14% off the all-time high of $73,000.
However, as anonymous crypto analyst TXMC pointed out, volume for both Binance & Coinbase are at the lowest levels we’ve seen all year.
Diving into the data, he’s right:
Coinbase Volume
Binance Volume
On-chain Bitcoin analyst Checkmate had this to say:
“It’s kind of remarkable how dead the market is, and yet we’re a stones throw from ATH.”
It is impressive that we are so close to all-time highs despite no mainstream interest in crypto.
So if you are reading this, know you are well ahead of the crowd.
Retail isn’t here yet.
The best is yet to come.
As investing legend & billionaire Howard Marks said:
“If you want to have a better performance than the crowd, you must do things differently from the crowd.”
WE’RE SO BACK 📈
Three in a row! 🔥
Digital asset funds experienced their third consecutive week of inflows, totalling $1.228 billion.
In fact this is the largest weekly inflow we’ve seen in 10 weeks.
Let’s break it down.
Bitcoin once again came out on top, with inflows of $1.07 billion for the week. (who didn’t see this coming?)
And, here’s some good news for Ethereum…
After 5 straight weeks of outflows, Ethereum finally experienced weekly inflows of $87 million.
Whereas Solana and BNB saw net outflows of $4.8 million and $1.2 million respectively.
It’s also worth pointing out that Short-Bitcoin also saw inflows of $8.8 million. (investors betting that the price of Bitcoin will fall)
And as always, The US saw the bulk of these inflows with $1.17 billion coming in.
Switzerland experienced its largest inflow since mid-2022 at $84 million.
Whilst Germany, Brazil and Sweden all saw outflows of $20.5 million, $3.0 million and $2.5 million respectively.
So what’s going on?
Why are sizeable inflows suddenly back on the menu?
One reason is the approval of options trading on BlackRock’s ETF. (this is expected to be very popular)
And another reason is the recent 0.50% interest rate cut.
The Fed has now began it’s monetary easing cycle and future rate cuts are expected.
In simple terms: cheap capital is about to flood the market. 🌊
CRACKING CRYPTO 🥜
FTX creditors misled as token value jumps 50% on repayment rumors. Bankrupt FTX token FTT sees 50% surge amid misleading credit repayment rumors.
Ethereum gas fees rose 498% in two weeks as network activity surged. Traders are watching to see if Ether price will positively respond to a triple-digit rise in Ethereum gas fees.
Bitcoin Retail Activity Remains Low Despite Recent Rally. Big upticks in retail interest are commonly thought to be a topping indicator, so the current relative lack of involvement could hint at potential further price increases.
Pump.fun is riding high again thanks to Moo Deng. Pump.fun, the meme token launchpad, is riding high once again after the launch of Moo Deng-inspired $MOODENG.
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
Bitcoin Breakdown (link) - Twice weekly Bitcoin news
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”)
What does the "difficulty adjustment" in Bitcoin refer to? |
MEME CORNER 😂
Because what would the crypto world be without its share of memes?
Trivia Answer: C) Adjusting how har it is to find a new block 🥳
Mining difficulty refers to how hard it is for miners to solve the mathematical equation and find the hash for the next block. The difficulty of the problem miners need to solve adjusts every ~2 weeks to ensure that blocks are added approximately every ten minutes.
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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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