- Crypto Nutshell
- Posts
- 🥜 We warned you
🥜 We warned you
PLUS: Extreme Volatility Coming
Today’s edition is brought to you by Animus Technologies.
GM to all 45,693 of you. Crypto Nutshell #248 feelin’ the heat.🔥 🥜
We’re the crypto newsletter that's more delightful than discovering an ancient artifact that can bring objects to life... 🏺✨
What we’ve cooked up for you today…
🤑 Bitcoin’s massive day
📈 Extreme volatility coming
🌊 The flows keep coming
💰 And more…
MARKET WATCH ⚖️
Only the top 20 coins measured by market cap feature in this section
BITCOIN’S MASSIVE DAY 🤑
BREAKING: Bitcoin tops $57K as GBTC records lowest outflow day
Bitcoin went on a rampage Monday morning.
Exploding over 11% to a high of $57,250 at the time of writing.
What caused this sudden pump?
Well 3 massive events happened on Monday, let’s break them down.
Bitcoin ETFs continue to break records
The Bitcoin ETFs continue to impress.
On Monday, they recorded their second largest volume day since launch.
BUT, if you remove Grayscale from the data…
It was actually the largest volume day EVER for the newly launched ETFs.
Grayscale records lowest outflow day since launch
It looks like the Grayscale outflows are finally coming to an end.
On Monday, they recorded their lowest ever outflow at $22.4 million.
That’s a significant decrease from the daily outflows of ~$100+ million that we’ve gotten used to.
MicroStrategy purchases more Bitcoin
Topping it off, Michael Saylor announced that MicroStrategy purchased an additional 3,000 Bitcoin.
The combination of these three big events exploded the price of Bitcoin.
Some are even calling this the true “start of the bull run”.
We hope you packed your bags. 😎
P.S
To celebrate our Michael Saylor interview, we gave away $100 to 3 lucky readers.
Thanks to everyone who showed support and love towards the video!
To say the least it was overwhelming - we’re grateful for every single one of you!
Without further ado - congratulations to our randomly selected 3 winners!
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TOGETHER WITH ANIMUS 👾
Over the past year, the crypto market has been on fire. 🔥
12-months ago, Bitcoin was trading at $20,000 and Ethereum was trading at $1,500.
But where will prices go now?
Will there be a sell-off before the Bitcoin halving?
Or will there be a move up in anticipation?
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EXTREME VOLATILITY COMING 📈
On the 22nd of February, Nvidia’s market cap increased by $250 billion.
Extreme volatility like this is coming for Bitcoin.
And it’s coming soon.
At least that’s what Gary Cardone is predicting…
For those of you who don’t know Gary Cardone, here’s a quick rundown:
Founder of Card1Ventures which is focused on investing in Blockchain technology
Lead investor in Node40 - digital asset tax & accounting
Grant Cardone’s brother (sorry Gary, but that’s what Google says…)
Gary begins by comparing Nvidia to Bitcoin.
Nvidia is a tech monopoly.
Bitcoin is also a monopoly. (Gary has a similar view to Saylor - “There is no second best”)
BUT there’s one key difference.
Bitcoin answers to no one.
No one government can shutdown or stop Bitcoin. It’s truly decentralized.
With this in mind, Gary asks the question, “If it can happen [$250 billion market cap increase overnight] to Nvidia, why couldn’t it happen to Bitcoin?”
Here’s what Gary thinks will play out:
“Bitcoin will outstrip Nvidia’s performance over a long period of time. Bitcoin is a $1 trillion industry. Nvidia’s nearly at $2 trillion. Within the next 18 months, Bitcoin will have a greater market cap than Nvidia and Facebook. It will be inching toward, if not exceeding Google.”
If Nvidia’s market cap were to remain at $2 trillion…
Bitcoin’s price would have to roughly double for it to overtake Nvidia.
(which feels oddly achievable)
Going further Gary mentions the volatility that he sees coming.
“We will see $8,000 and $10,000 candles perhaps both ways… I wouldn’t get nervous if I saw an $8,000 down day. We are going to see volatility like we have never seen before.”
Funnily enough, the day after Gary posted this video, Bitcoin exploded more than $5,000 in one day.
Gary may be on to something here…
Closing the video out, Gary perfectly summed up how we feel when Bitcoin moves this much. 🥲
“I’m more bullish than I’ve ever been on Bitcoin… I believe I am grossly under-allocated to Bitcoin. Based on the thesis that I have and the information that we all have at our fingertips. My allocation is too low and it’s driving me crazy.“
THE FLOWS KEEP COMING 🌊
Time for our weekly check in on digital asset fund flows. (globally, not just the US ETFs)
And guess what?
It was the fourth consecutive week of positive inflows!
Last week saw net inflows of $597.8 million.
Bringing year-to-date inflows to $5.76 billion.
Like always, Bitcoin was the king of inflows last week. 👑
Bringing in $569.5 million for the week.
Ethereum also had a notable week with $16.8 million in inflows.
On the other hand, sentiment surrounding Solana appears to have shifted.
Likely due to the recent network outage…
Last week Solana experienced net outflows of $3 million.
The United States experienced net inflows of $609.5 million last week.
Absolutely blowing every other country out of the water.
Canada saw significant outflows of $17.8 million.
Coinshares notes that the US figures were held back by significant outflows from Grayscale.
Last week, Grayscale’s total outflows came in at $436 million. But they do appear to be slowing down.
These charts just go to show how popular the Bitcoin ETFs have been.
CRACKING CRYPTO 🥜
MSTR rallies 10% as MicroStrategy buys $155 million Bitcoin in 10 days. Business intelligence firm MicroStrategy banks on Bitcoin, adding $155 million to its cryptocurrency war chest.
‘New nine’ Spot Bitcoin ETF volumes reach new daily high as BTC nears $55K. Spot Bitcoin ETF volumes, excluding Grayscale’s GBTC saw a record $2.4 billion on Feb. 26, with BlackRock’s IBIT accounting for $1.29 billion of it.
WHAT WE’RE READING 📚
Want to get even smarter? Check these out.
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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 is Bitcoin's current all-time high?(USD value) |
MEME CORNER 😂
Because what would the crypto world be without its share of memes?
Click to watch 🤣
Trivia Answer: C) $68,789.63🥳
Bitcoin achieved its all-time high of $68.789.63 on November 10, 2021
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