GM and welcome to The Crypto Nutshell! 🫶 🥜 

The crypto newsletter that won't bewilder you like waking up in a haunted hotel with a maze that changes shape... 🏨👻 

Today, we’ll discuss:

• SEC delays Bitcoin ETFs ⌛

• Crypto expert stands by price prediction 💪

• Bitcoin September forecast 🌧️

• And more…

MARKET WATCH ⚖️

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

BITCOIN ETFS DELAYED ⌛️ 

JUST IN: SEC delays decision on seven spot Bitcoin ETFs, including BlackRock’s

Yesterday we discussed how the odds for the Bitcoin ETFs being approved this year have increased to 75%. We also touched on how delays were expected this week.

Well here we are. Yesterday, the SEC announced that decisions on the Bitcoin ETF applications have been delayed.

The delays have impacted the applications of the following:

• BlackRock (iShares)

• Valkyrie Investments

• Fidelity (Wise Origin)

• VanEck

• WisdomTree

• Invesco

• Bitwise

This delay has pushed the deadline out to 17 October for most of these applications. However Bitwise’s application has been postponed until 16 October and Valkyrie’s to 19 October.

As a result of this news, the price of Bitcoin has tumbled back down to the $26,000 mark. Funnily enough Bitcoin was hovering around this price point right before the news came out of Grayscale’s court case victory against the SEC.

Anyway. Back we go to waiting for these ETFs to be approved.

Fingers crossed. 🤞

TOGETHER WITH REKT RADAR 💰️ 

Crypto is like the wild west of investing.

It’s not uncommon to see 10x, 50x or even 100x plus returns in a bull market.

As much as we love Bitcoin & Ethereum, unfortunately they’re most likely not going to pull a 100x next bull run. They’ve gotten too big.

The next 100x gem is probably going to come from a coin you’ve never heard of.

The problem? There are literally thousands upon thousands of coins.

That’s why Nutty reads Rekt Radar.

Think of it like the Crypto Nutshell, but for DeFi: They share the best kept secrets on the latest DeFi & crypto trends.

The best part?

Just like us, they’re completely free.

Click that beautiful subscribe button and it’ll automatically add you to their list.

If you’re not a fan, you can always unsub. Nothin’ to lose. 🎉 

EXPERT OF THE DAY 💰

This Billionaire believes Bitcoin is going to $250,000 by 2025.

Let’s take a dive into why.

If you haven’t heard of him before, Tim Draper is:

• A Venture capitalist who made early investments in, Skype, Hotmail, Tesla & SpaceX 🚀 

• Worth ~$1.2 Billion dollars 💰

• Purchased 30,000 Bitcoin in 2014 from the U.S Gov that were seized from the Silk Road 🚓

• Loves Bitcoin themed ties 👔

It’s important to note that Draper first predicted Bitcoin to hit $250,000 by June 30, 2023.

Which obviously didn’t happen.

But… he did make this prediction when Bitcoin was only $4,000.

So Bitcoin did a 7x, rather than a 60x. Impressive, but no cigar.

Why didn’t Bitcoin hit his $250,000 target? 🤷 

Draper says he didn’t expect the U.S bureaucracy to be this aggressive. He believes the SEC has completely dropped the ball on crypto innovation and is driving great entrepreneurs out of the U.S.

But now things have changed. With the SEC losing lawsuits left & right, the path forward for Bitcoin has cleared.

Combine the 2024 halving and the inevitable spot Bitcoin ETF, Draper has moved his prediction out 24 months to 2025.

Will he be right this time? 🔮 

Let's wait and see.

Nutty’s takeaway: Even if Drapers prediction is wrong again and Bitcoin only pulls a 7x… that’s a $210,000 Bitcoin. Not too shabby.

The more important takeaway here is the amount of sophisticated investors that are serious about Bitcoin. Billionaires like Michael Saylor, Tim Draper and even Elon Musk to an extent support & hold Bitcoin.

This was unheard of only a few years ago.

We have a lot further to go, but we’ve come a long way. 👏 

ON CHAIN DATA DIVE 📊

It’s the first day of the month! Let’s welcome in September and see what it has in store for us.

But first how did Bitcoin do during August?

Here’s Bitcoin’s price chart for August 2023. It’s not the best looking thing in the world is it? That’s a pretty poor monthly performance.

BUT… If you remember way back to August 1st we covered August’s historical monthly returns and why this was expected.

Bitcoin closed August with returns of -11.29% 😢

In times like these it’s always important to zoom out. Don’t forget that Bitcoin is still up 57.08% for the year which is nuts. 😉 

Anyways, let’s shift our attention to the month ahead.

Now we hate to be the bearer of bad news but September isn’t looking great. For the last 6 years, September has consistently resulted in a dip for Bitcoin’s price. Although the dips are often only single digits, it’s still a worrying trend.

There’s been two times where September treated Bitcoin nicely. And that was all the way back in 2015 & 2016…yikes. 😲 

Take a quick look at the table below. October looks like it’s going to be fun… 📈 

So why is September always such a bad month for Bitcoin?

CryptoSlate had an interesting take on this. Historically, September is the US dollar’s strongest month. What’s even more crazy is that September has been in the green every year since 2017 with an average gain of 1.2%.

The theory goes that with the dollar increasing in value we could see more volatility for risk-on assets such as Bitcoin.

CryptoSlate believe that with these two historical trends converging, September is likely to continue being a tough time for Bitcoin.🥲

Nutty’s Takeaway: Don’t be alarmed if Bitcoin does dip during September, just remember that we warned you. 😉 

Honestly we are welcoming more dips in the short-term. It means we can accumulate more cheap Bitcoin 😆 

We think there’s just to much good news on the horizon for these dips to last. The Bitcoin ETFs combined with the halving is going to be MASSIVE.

Anyways that’s just what we think, always remember to do your own research.

One more thing that’s important to point out. You can’t 100% rely on historical performance when predicting the future. No one really knows how September will truly perform at the end of the day. 🤔

Enjoying today's newsletter? Let us know your thoughts in the poll at the bottom of this edition 👇

WHAT WE’RE READING 📚

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CRACKING CRYPTO 🥜

TRIVIA TIME ✍️

This type of network consists of one centralized computer that acts as a hub to which other computers are connected.

• A) Peer-to-peer network

• B) Client-peer network

• C) Pier-to-pier network

• D) Client-server network

Find out the answer at the bottom of this newsletter 😀

MEME CORNER 😂

Because what would the crypto world be without its share of memes?

Trivia Answer: D) Client-server network 🎉

A client-server network is when there is one centralized computer (called the “server”) that acts as a hub to which other computers (called “clients”) are connected.

HOW DID WE DO? 🤷 

Let us know you’re thoughts by clicking one of the options below.

We read every comment submitted in this poll and love to hear what you guys have to say. 😁

Bonus points for any feedback or content suggestions you may have

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.