GM to all 64,642 of you. Crypto Nutshell #319 servin’ it up... 🤵🏻‍♂️🥜

We’re the crypto newsletter that’s more amusing than Jim encasing Dwight's stapler in jello... 🍮📎

What we’ve cooked up for you today…

• 🤑 Here they come

• 🔮 The future of Bitcoin

• 🌊 Outflows… Again…

• 💰 And more…

MARKET WATCH ⚖️

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

HERE THEY COME 🤑

BREAKING: Susquehanna discloses $1.3 billion in spot Bitcoin ETF investments

Susquehanna International Group has just disclosed $1.3 billion of investments in Bitcoin ETFs. 🤯

Susquehanna is one of the largest companies to invest in spot Bitcoin ETFs today.

Estimates put their assets under management at ~$481 billion.

This disclosure comes from a 13F filing with the SEC.

A 13F is a mandatory quarterly report required from institutional investment managers with at least $100 million in assets under management. These disclosures give insights into current equity holdings.

Here’s the breakdown of Susquehanna’s Bitcoin holdings:

• 17.3 million shares of Grayscale’s GBTC: $1.1 billion

• 1.3 million shares of Fidelity’s FBTC: $83.7 million

• 583,049 shares of BlackRock’s IBIT: $23.6 million

• 560,832 shares of Bitwise’s BITB: $21.7 million

• 508,834 shares of Ark’s ARKB: $36.1 million

• 256,354 shares of VanEck’s HODL: $20.6 million

• 255,814 shares of WisdomTree’s BTCW: $19.3 million

• 166,200 shares of Invesco’s BTCO: $11.8 million

• 192,391 shares of Valkyrie’s BRRR: $3.9 million

(This filing also only discloses purchases made up until March 31st, 2024)

Did you notice one of the Bitcoin ETFs missing from the list?

Susquehanna is currently invested in nine of the ten Bitcoin ETFs on the market.

But, Franklin Templeton’s EZBC didn’t make the cut… (ouch)

We’ve heard from many of the ETF issuers that institutional investment in Bitcoin is only just beginning.

And here it is, the first of (hopefully) many LARGE company filings. 😎

WE LOVE GIVING AWAY MONEY… 🥁

2 weeks ago, we revealed our entire 2024 crypto portfolio.

We also dove deep into 5 crypto portfolios from the best of the best in crypto.

If you want to know the best crypto portfolios of 2024, you can check it out here.

To celebrate the release we again gave away $100 in Crypto to 3 lucky readers.

Thanks to everyone who showed support & love towards the channel.

Crypto Nutshell readers are truly the best - we’re grateful for every single one of you!

Without further ado - congratulations to our 3 randomly selected winners!

1. jo*********[email protected]

2. pa*******[email protected]

3. je******[email protected]

If any of these resemble your email - check your inbox! You’ll see an email from us!

THE FUTURE OF BITCOIN 🔮

By 2040, every corporation can expect to work with Bitcoin in some way.

That’s the latest prediction out from Michael Saylor.

In his latest interview, Saylor broke down exactly how he sees the future of Bitcoin playing out.

The approval of the Bitcoin ETFs in January 2024 is the beginning of the corporate adoption era.

Saylor believes that 2024 - 2028 will see major banks around the world become Bitcoin custodians:

2024 - 2028 will also see large corporations adopt Bitcoin as a treasury asset.

Saylor explains that large corporations typically move VERY slowly on big decisions like these. (think about the number of compliance meetings…)

But as Bitcoin becomes more mainstream, it’ll be clear that it’s the right move.

Beyond 2028, Saylor is forecasting “breakneck growth” for Bitcoin.

The next 12 years (2028 - 2040) will see Bitcoin become a growth industry.

And every corporation can expect to work with it in some capacity.

After 2040, Bitcoin will be 30 years old.

Saylor makes the comparison that this period will be like the first 30 years of the internet.

So in Saylor’s opinion, it sounds like we’re still extremely early…

OUTFLOWS… AGAIN… 🌊

Time for our weekly check in on digital asset fund flows. (globally, not just the US ETFs)

And it was another week of outflows…

Digital asset funds saw outflows for the fourth consecutive week totalling $251 million.

Last week was the first week to see considerable outflows from the newly launched US Bitcoin ETFs.

As usual, Bitcoin was the focus with $284 million in outflows.

And interestingly Bitcoin was the only digital asset that saw outflows last week.

Ethereum finally broke its 7-week outflow streak, with net inflows of $30 million.

Avalanche, Cardano and Polkadot saw inflows of $0.5m, $0.4m & $0.3m respectively.

Regionally, the outflows were concentrated on US which saw $504 million in outflows.

Sweden, Switzerland & Canada also experienced outflows of $30.3m, $9.8m & $9.6m respectively.

BUT, the Hong Kong ETFs (Bitcoin and Ethereum) also launched last week.

During their first week they experienced $306.5 million of inflows.

CoinShares estimates the average purchase price of the newly launched Bitcoin ETFs at ~$62,200.

And as Bitcoins price recently fell 10% below that level, it may have resulted in some automatic sell orders.

That’s one explanation for the large outflows we saw last week from the US.

But, this weeks off to a much better start. (so far)

As of Tuesday, the US ETFs have net inflows of $201.3 million.

CRACKING CRYPTO 🥜

Coinbase legal chief challenges SEC chair Gensler's claim that most crypto tokens are securities. Coinbase's Paul Grewal disputes SEC Gary Gensler's securities label for cryptocurrencies.

Macro headwinds could spur a ‘boring’ bitcoin summer. Higher-for-longer interest rate expectations are among the tailwinds that could send bitcoin lower before a possible longer-term surge.

Nigerian officials proposed secret crypto settlement, claims Binance CEO. Binance CEO Richard Teng says the Nigerian government has set a dangerous precedent after inviting company executives to meetings before detaining them.

Robinhood Would Likely Win Crypto Court Case With the SEC. The platform being issued a Wells Notice by the SEC is surprising given the company’s conservative approach to digital assets listings.

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) 10 minutes 🥳 

Bitcoin adds a new block to the ledger about once every 10 minutes. Meaning new Bitcoins are added to the supply every 10 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.