- Crypto Nutshell
- Posts
- đ„ What is Ethereum?
đ„ What is Ethereum?
PLUS: RFK jr. talks crypto
Together with
GM to all 64,612 of you. Crypto Nutshell #342 divinâ in... đ„œ đ„
Weâre the crypto newsletter more thrilling than a soldier trapped in a time loop, reliving the same battle... âłđ„
What weâve cooked up for you todayâŠ
đ„ Crypto debate heats up
đ€ Does Ethereum need a narrative?
đȘ HODLer age bands
đ° And moreâŠ
MARKET WATCH âïž
Prices as at 5:50am ET
Only the top 20 coins measured by market cap feature in this section
CRYPTO DEBATE HEATS UP đ„
BREAKING: Robert F. Kennedy Jr. discusses issues facing crypto regulation in the US
Crypto as a presidential election issue continues to heat up.
Independent candidate Robert F. Kennedy Jr recently spoke at Consensus 2024, discussing crypto regulation.
Hereâs some of the highlights:
Biggest issue with crypto regulation in the US
"I think transactional freedom is one. We need sovereignty over our own wallets, transactional freedom and a currency that is transparent. We need to make sure America remains the hub of blockchain technology. I'm going to make sure cryptocurrency is regulated in a way that protects the consumer from deceptive schemes.â
Crypto should be treated as a currency not property
âMy objective, if elected president, is that crypto is a transactional currency⊠I think it should be treated as a currency; we shouldn't be taxing it as capital gains. I think there are issues in how we do that. I believe that it should be a currency used to purchase things like apples, lunches and coffee and that people can do that."
Thoughts on Trumpâs pro-crypto stance
"I'm happy about that. I think it's a good thing for our country. Commitment to crypto is a commitment to freedom and transparency. I'm not going to question if it was a political decision. I'm happy he did it, and I hope President Biden does, too."
So far weâve got two presidential candidates openly endorsing crypto.
And now with the recent Ethereum ETF approval, itâs clear that the Biden administration has also flipped to a pro-crypto stance. (or at least not an anti-crypto stance)
However, Biden hasnât explicitly stated any pro crypto initiatives himself.
But, recent reports indicate that Bidenâs re-election campaign has begun reaching out to crypto industry players for guidance.
According to Coinbase, 52 million Americans owned crypto in 2023.
And those votes are importantâŠ
TOGETHER WITH THE RUNDOWN AI đ€
Learn how to make AI work for you.
AI breakthroughs happen every day. But where do you learn to actually apply the tech to your work? Join The Rundown â the worldâs largest AI newsletter read by over 600,000 early adopters staying ahead of the curve.
The Rundownâs expert research team spends all day learning whatâs new in AI
They send you daily emails on impactful AI tools and how to apply it
You learn how to become 2x more productive by leveraging AI
DOES ETHEREUM NEED A NARRATIVE? đ€
Bitcoinâs narrative is so simple to understand.
Itâs digital gold. (or digital property in Saylorâs opinion)
But whatâs Ethereumâs narrative?
The world computer? Digital oil?
Well according to Matt Hougan, it doesnât even matterâŠ
Matt Hougan is the Chief Investment Officer at Bitwise, one of the Bitcoin ETF issuers.
In his latest interview, Hougan gave his prediction on how successful the Ethereum ETFs will be.
This is how Hougan sees the market dynamics a year from now:
âI think youâll have 30% of the market thatâs Bitcoin only, youâll have 50% of the market thatâs mixed and youâll have 20% of the market thatâs Ethereum only.â
And like Saylor yesterday, Hougan also believes that the Ethereum ETFs will be a net benefit for Bitcoin and the entire crypto industry.
A rising tide lifts all boats.
The Ethereum ETF approval makes the market more robust and feel more real to professional investors - thereâs more to talk about.
âMany professional investors looking at the crypto market are looking for tech alpha, theyâre looking for that high returning asset. Ethereum fits nicely into that dialogue. The market as a whole will benefit from there being multiple crypto asset ETFs.â
ButâŠ
Analysts have raised the question:
Bitcoinâs one-liner is so easy to understand. Itâs digital gold. Whatâs Ethereumâs one-liner?
According to Matt Hougan, the narrative surrounding Ethereum doesnât even matter to many.
They just want exposure to the crypto space.
âThere are a bunch of investors who really wonât care. Try to talk to an investor about the details between Nvidiaâs chip design compared to AMDâs, like no one knows. But many people want exposure to that entire space.â
Currently crypto is only a small part of any professional investors portfolio.
Weâre talking in the 1% - 5% range.
These investors arenât worried about the underlying intricacies of what makes the technology work.
Theyâve heard about: blockchain, DeFi, decentralised gaming, NFTs, stablecoins etc.
And all theyâre looking for is exposure to that. đ
HODLER AGE BANDS đȘ
Itâs time to check in on the supply of Bitcoin last active 1+ years ago.
This is one of our favourite charts. Itâs so simple to understand and itâs extremely useful.
It categorises coins based on how long itâs been since they last moved on-chain. (as a percentage of the circulating supply)
Metrics rising: long-term holders are accumulating coins đ
Metrics declining: long-term holders are selling coins đ
Taking a look at the chart below youâll notice significant dips in these metrics when Bitcoin reaches new all-time highs. (especially with the 1+ year age band)
Hereâs the breakdown for each cohort (compared to what it was 2 weeks ago):
đŽ Supply last active 1+ years ago: 65.24% (down from 65.80%)
đ Supply last active 2+ years ago: 54.17% (down from 54.81%)
đą Supply last active 3+ years ago: 46.19% (down from 46.33%)
đ” Supply last active 5+ years ago: 30.57% (down from 31.19%)
Over the last two weeks, all age bands experienced a slight decrease.
However, this is perfectly normal during a bull run.
Long-term holders are always going to eventually take profits, itâs just the way things go.
(we only have to worry about this if we start seeing continuous selling from LTHâs - that signals a market top forming)
And when long-term holders sell, their coins become âyoungâ again as they change hands.
All in all, long-term holders still have an extremely high conviction in Bitcoin. đȘ
CRACKING CRYPTO đ„
Singapore bank DBS in top 40 Ethereum holders with $648 million stash. Singapore's largest bank DBS has been identified as an Ethereum whale with $648 million in holdings, according to Nansen.
Biden campaign reportedly seeking help from crypto industry to rebuild new policy. Seeking guidance from key figures, the Biden campaign's outreach marks a notable departure from previous crypto skepticism.
RFK Jr. latest to vow end to US crypto âhostilityâ. Robert F. Kennedy Jr. promised an end to the hostile crypto environment in the U.S. if elected president in November.
Ripple's Brad Garlinghouse Foresees XRP, Solana, Cardano ETFs: Consensus 2024. It's only a matter of time, the CEO of Ripple said on stage at Consensus 2024 in Austin.
WHAT WEâRE READING đ
Want to get even smarter? Check these out.
p.s. all completely FREE (one click subscribe link)
CAN YOU CRACK THIS NUT? âïž
Select your answer below and youâll be redirected to the results page. (answer explanation can be found after âMeme Cornerâ)
______ is how the Ethereum network measures the computational effort required to execute transactions. |
MEME CORNER đ
Because what would the crypto world be without its share of memes?
Trivia Answer: C) Gas đ„ł
Ethereum gas is a blockchain transaction fee paid to network validators for their services to the blockchain.
GET IN FRONT OF 64,000+ CRYPTO INVESTORS
Advertise with Crypto Nutshell to get your product or brand in front of the crĂšme de la crĂšme of crypto investors. Crypto Nutshell readers are high-income earners who are always looking for unique or interesting offers.
Get in touch today. đ
HOW DID WE DO? đ€·
We read every comment submitted in this poll and love to hear what you guys have to say. đ (bonus points for suggestions đȘ)
What did you think of today's Newsletter?Don't worry, you won't hurt our feelings... đ„Č |
NUTCASE REVIEW OF THE DAY đ
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.
Reply