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GM to all 64,612 of you. Crypto Nutshell #330 floatin’ by... 🪼🥜

We’re the crypto newsletter that’s more fascinating than a boy with the power to bend air who must save the world... 🌪️🔥

What we’ve cooked up for you today…

• 🤑 We’re back baby

• 🙊 Why Bitcoin hits $1 million in 2024

• 💪 Ethereum exchange balance

• 💰 And more…

MARKET WATCH ⚖️

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

WE’RE BACK BABY 🤑

BREAKING: Grayscale’s GBTC records first week of net inflows

The Bitcoin ETFs are “back”.

Last week saw net inflows every single day.

Can you believe this is the first full week of inflows since mid March?

In total, the Bitcoin ETFs bought in $948.3 million for the week.

That’s a huge step up from the prior weeks.

With inflows of this magnitude, the Bitcoin ETF’s purchased 4.5x the amount of Bitcoin mined.

That’s a pretty solid demand/supply dynamic…

AND, Grayscale recorded it’s first ever weekly inflow…

Last week Grayscale experienced net inflows of $12.3 million.

(it may be a little hard to see on the chart below, but it’s there)

BlackRock continues to edge closer and closer to flipping Grayscale as the largest Bitcoin ETF.

Currently the gap is down to 12,666 Bitcoin:

• 🟢 BlackRock: 276,760 Bitcoin

• 🔴 Grayscale: 289,426 Bitcoin

And with the Bitcoin ETFs once again popping off, Bitcoin’s price exploded from ~$61,000 to ~$67,000.

We’re so back. 😎

Can they do it again next week?

TOGETHER WITH BULLSEYE TRADES 🎯

$1 Crypto Stock Just Disrupted the Industry

Iron-fisted regulations on bitcoin mining loom over the industry, as high energy consumption leads to concerns about its environmental impact.

And this carbon-neutral mining stock has positioned themselves to take over.

In many cases… they already have.

This emerging Crypto Trend just put a spotlight On this $1 Hidden Gem.

Read Bullseye Trade to learn more.

WHY BITCOIN HITS $1 MILLION IN 2024 🙊

We’re going to see a $1 million Bitcoin.

This year. 🤯

That’s the prediction out from Samson Mow.

Samson Mow is a renowned Bitcoiner, entrepreneur & investor.

He’s the CEO of JAN3, a Bitcoin focussed company aiming to speed up hyperbitcoinization.

In his latest interview, Samson broke down why he thinks we’ll see Bitcoin hit $1 million per coin.

By the end of 2024.

Samson believes Bitcoin's price has been suppressed for years. It should’ve already hit $100,000.

Samson argues the effects of FTX & other bad actors are still felt in the Bitcoin price today.

But - it’s coming to an end.

Combine the increased demand of the Bitcoin ETFs with the supply reduction from the April halving?

A $1 million Bitcoin is no longer a pipe dream.

Our take?

A $1 million dollar Bitcoin by the end of this year is a touch too optimistic.

But - do we see prices significantly higher by the end of 2024?

Without a doubt. 💣

ETHEREUM EXCHANGE BALANCE ⚖️

Today we’ll be taking a look at the amount of Ethereum available for sale on exchanges.

This metric is super simple but extremely useful.

As always, here’s how to interpret the chart:

• 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 12,875,352 ETH available for sale on exchanges.

That’s ~10.75% of the entire circulating supply. And it effectively puts this metric at an all time low.

(it’s been hitting new all-time lows every week forever)

In fact, as a percentage there’s even less Ethereum on exchanges than Bitcoin.

That’s insane, considering Bitcoin’s exchange balances are already exceptionally low.

And like Bitcoin, there just isn’t that much ETH available for sale.

It just goes to show how good Ethereum’s supply dynamics are right now.🐂

CRACKING CRYPTO 🥜

Using Power Laws to predict when the Bitcoin price will hit $1 million. Come the bull market, cometh the models to predict the price of Bitcoin.

Biden may rethink SAB 121 vote veto due to political support for crypto. President Biden may need to “rethink” his threatened SAB 121 resolution veto in the face of growing political pressure.

Here's When the Current Bitcoin Bull Cycle Will End. CryptoQuant CEO, Ki Young Ju said bitcoin is in the middle of its current bull cycle now.

Bitcoin's $66.9K price holds strong, casts doubts on a 'deep correction'. Crypto analysts are skeptical about Bitcoin facing another "deep correction" given its recent resilience above the key support level of $65,000.

WHAT WE’RE READING 📚

Want to get even smarter? Check these out.

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

• Bitcoin Breakdown (link) - Weekly Bitcoin recap

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

• Wild Golf (link) - Twice weekly Golf insights & tips

• 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: A) USDT 🥳 

USDT is the largest stablecoin with a market cap of ~$111.4 billion

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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.