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GM to all of you nutcases. It’s Crypto Nutshell #567 divin’ into details… 🐬🥜

We're the crypto newsletter that's more electrifying than a giant monster battle levelling an entire city... 🏙️🔥

What we’ve cooked up for you today…

• 🤑 We’re so back

• 🤔 Is this a good thing?

• 🪨 Rock solid

• 💰 And more…

What’s in the Crypto Nutshell Portfolio?

WE’RE SO BACK 🤑

BREAKING: Donald Trump Names XRP, SOL, ADA, BTC and ETH as Part of U.S. Crypto Reserve

Finally some good news…

Trump just made his BIGGEST crypto announcement to date.

The US Crypto Reserve is actually happening!

But the Bitcoin community wasn’t happy…

After promising a Bitcoin reserve during his campaign, Trump left BTC out of his initial announcement. (Odd move)

This had Bitcoin maxis losing their minds. 😡

However, a couple of hours later Trump clarified that “obviously BTC and ETH” would be included in the reserve as well.

As you’d expect, an announcement of this magnitude from the President himself sent prices soaring:

• ADA pumped +63%

• SOL jumped +23%

• XRP spiked +32%

• ETH surged +12.38%

• BTC rallied +11.07%

The total crypto market cap increased by over $300 billion within two hours of this announcement.

At the time of writing, there have been no details on exactly how this digital asset reserve will be constructed.

Will they establish the reserve with seized crypto?

Will they be purchasing these digital assets at a future date?

Have they been accumulating this whole time? 👀

No one knows…

But if it was based on relative market caps, here’s how the Reserve weighting would look:

• Bitcoin: 75.91%

• Ethereum: 12.20%

• XRP: 6.73%

• Solana: 3.58%

• Cardano: 1.57%

Perhaps more will be revealed at the first ever White House Crypto Summit this Friday.

Anyway…

We want to hear from you. 🫵

Should the U.S. ONLY stockpile Bitcoin, or is a diversified crypto reserve the way to go?

Let us know your thoughts in the poll below. 👇️ (We’ll share the results in tomorrows newsletter)

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IS THIS A GOOD THING? 🤔

Trump's announcement today of a U.S. crypto reserve sent prices soaring, delivering a much-needed bounce.

But not everyone was celebrating. 🥳

The controversy? The specific cryptos chosen for the reserve.

And one vocal critic? Jason Calacanis.

If you don't know who Jason Calacanis is, he's a well-known angel investor, tech entrepreneur, and host of the All-In Podcast.

Today, Jason didn’t hold back in his response to Trump’s announcement:

A U.S. crypto reserve made up solely of Bitcoin? Most would agree that’s reasonable - and even a good thing.

But handpicking winners? That’s where things get extremely controversial.

Backing Jason’s stance, crypto analyst Jesse Eckel pointed out that plenty of other "made in America" coins deserve a spot on the list:

That said, as we mentioned earlier, Trump did make it clear that more cryptos will be added to the reserve:

Until Friday, the exact cryptos and their allocations in the reserve remain a mystery.

Right now, it’s anyone’s guess.

That said, Jesse ended on a positive note:

Wild times we’re living in…

This cycle is far from over. 🎢

ROCK SOLID 🪨

Time for a check-in on the Long/Short-Term Holder Threshold.

Here’s how this metric works:

• 🔴 Short-Term Holders (STHs): Coins held for less than 155 days

• 🔵 Long-Term Holders (LTHs): Coins held for more than 155 days

• 🟥 Short-Term Holder Cost Basis: All coins purchased in this price range are STHs

• 🟦 Long-Term Holder Cost Basis: All coins purchased in this price range are LTHs

This metric is extremely powerful as we can see exactly what price STHs and LTHs purchased Bitcoin at. 🔎

The LTH / STH threshold is currently at 29th September 2024, when Bitcoin was trading ~$65,700.

• All coins purchased before this date are classified as LTHs.

• All coins purchased after this date are classified as STHs.

Today, there are currently 13,116,020 Bitcoin in the hands of LTHs.  (66.13% of the circulating supply) 💪

Whereas the amount of coins held by STHs is only 4,008,580. (20.21% of the circulating supply)

Over the last month, these values have remained relatively stable - a sign of market consolidation.

Which is a little surprising…

Considering we just experienced a relatively severe market crash.

Typically, major drawdowns shake out weak hands, leading to a spike in STH supply as panic sellers unload their bags.

But that didn’t happen this time.

Instead, long-term conviction appears rock solid. (Which makes sense with all the bullish news)

We’ll check back in on this metric in 2 weeks’ time to see how things have progressed.

CRACKING CRYPTO 🥜

White House announces first crypto summit as Bitcoin bounces. The White House is hosting its first Crypto Summit, chaired by AI and Crypto Czar David Sacks to mark a new era of regulatory clarity for the crypto industry.

Bitcoin isn't a worthy reserve asset, Swiss National Bank president says. Swiss National Bank President Martin Schlegel said Bitcoin is too volatile and lacks sufficient liquidity to be a reserve asset, which is currently being proposed in Switzerland.

Bitcoin ETFs Finally Snap Eight-Day $3.2B Outflow Streak With $94.3M Inflows. The inflows come amid a slight market recovery as BTC rebounds from its monthly low.

Trump to address industry leaders at first Crypto Summit on Friday, as regulators abandon key lawsuits. Trump will address "prominent founders, CEOs, and investors from the crypto industry" at the event, which will be chaired by AI & Crypto Czar David Sacks.

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) - Daily Bitcoin news

• Techpresso (link) - Daily tech news and insights

• 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: 2014 🥳

Mt. Gox was hacked in February of 2014. The exchange suspended all bitcoin withdrawals due to “suspicious activity” in its digital wallets. As the company investigated further, it became clear that it had "lost" 850,000 bitcoins.

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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.