GM. Crypto Nutshell comin’ at ya! 🫶 🥜 

The crypto newsletter that's less intense than breaking the laws of physics to save humanity from a dying Earth... 🌌🚀 

Today, we’ll discuss:

• JP Morgan chimes in 🎐 

• Charlie Mungers “crazy” take 🤪 

• Ethereum bear market? 🐻 

• And more…

MARKET WATCH ⚖️

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

JP MORGAN ON BITCOIN ETF APPROVAL 🫡

JUST IN: JP Morgan predicts SEC will be forced to approve Bitcoin ETFs 💸

Speculation on the SEC’s decision on Spot Bitcoin ETFs has been all the rage recently. JP Morgan has now come out with what they believe will happen.

JP Morgan believes that the SEC would have to backtrack on it’s approval of Bitcoin futures ETFs to go ahead and deny spot Bitcoin ETF applications. They note that this would be “very disruptive and embarrassing for the SEC”, meaning it’s never going to happen.

Everyone can see that the SEC is running out of reasons to deny spot Bitcoin ETFs. But futures based ETFs are all ok? What’s up with that?

LOVING THE CRYPTO NUTSHELL? 🥰

Want to know the one secret to longevity?

Friends. (Not the T.V show)

A recent study found that a SINGLE good friend can make as much as a 10-year difference to life expectancy. 🤯 

An easy way to make a friend?

Share The Crypto Nutshell with them so they can become a crypto genius just like you.

Plus you’ll get some FREE goodies once they’ve been confirmed. It’s a win-win situation.

Insanely awesome goodies include:

• 1 Referral: Crypto Nutshell Secret Whale Report

• 3 Referrals: Bitcoin Halving 2024 Report (cost us $2,500)

• 1,000 Referrals: 1 whole Ethereum

• 20,000 Referrals: 1 whole ass Bitcoin (we’re not kidding)

All you have to do is click that beautiful button below and share the link with your closest friends. Once they’ve signed up you’ll automatically receive the first reward (Secret Whale Report, trust us it’s awesome).

Thanks again for all the support, we love & appreciate each and every one of you nutcases 😍 

EXPERT OF THE DAY 💰

Today’s expert prediction is a little… different.

Although not an expert on Bitcoin or crypto, he’s undeniably an expert at investing.

There’s only one problem - he absolutely despises crypto.

We’re talking about Charlie Munger, the right hand man of Warren Buffett.

Charlie has called cryptocurrency: “crazy, stupid, gambling” and referred to Bitcoin in the past as “rat poison.” 😂 

This year at his 2023 Daily Journal shareholder meeting, he got asked to expand on his position against Bitcoin & crypto.

His response?

(I guess we’re idiots then.) 🤣

But should you listen to Charlie? After all, he is one of the best investors of all time…

We think this quote from Michael Saylor sums it up well:

So the real question is:

Would you ask for investment advice from your great grandfather on a new technology? 🤔 

P.S. We’re not trying to dump on Munger or Buffett here. We love them both and think they are the greatest of all time when it comes to investing. But, for as much as they talk about the importance of investing in your circle of competence, they have a LOT to say about crypto…

ON CHAIN DATA DIVE 📊

We heard you guys were craving more data on Ethereum. So here we go!

Today we’ll be taking a look at the Market Value to Realized Value Ratio (MVRV). This is the most popular on chain metric and is super useful for picking out Ethereum market cycles.

Ethereum Market Value to Realized Value

MVRV is the ratio between current price and the realized price. Realized price is the average price at which every coin last moved.

Here’s how we interpret the ratio:

• A MVRV of 2.2 means that current price is 2.2x the realized price (120% profit)

• A MVRV of 1.0 means that current price is equal to the realized price (break-even)

• A MVRV of 0.8 means current price is 0.8x the realized price (-20% loss)

• Extreme MVRV values (>2.4) indicates that the market holds large unrealized profits

• Low MVRV values (<1.0) indicates that the market holds unrealized losses

Today the MVRV is 1.132 (market holds modest profits) and has been above 1.0 since 10 January 2023.

Takeaway: The MVRV jumped above 1.0 this year and has been relatively stable ever since. From the data we can make the assumption that Ethereum is somewhat undervalued and has been in an extended bear market for quite some time. Similar to the period July 2018 to July 2020, although this time MVRV is hovering above 1.0.

MVRV Momentum

If we add the MVRV 180-day simple moving average into the mix we can gauge macro market trends. Pretty cool yeah?

When the MVRV is above the 180-day SMA we’re in a market uptrend. And when it’s below we’re in a market downtrend.

• 🟢 indicate large amounts of ETH were purchased below the current price (profit woo!) 🤑

• 🔴 indicate large amounts of ETH were purchased above the current price (MVRV decreasing) 😥

Takeaway: As it stands today, the data is hinting at Ethereum being in a bear market. Although Ethereum is still up in 2023 the recent price dip has hurt short term holders. This also makes sense as the MVRV slightly dropped across August.

CRACKING CRYPTO 🥜

CAN YOU CRACK THIS NUT? ✍️

In 2021, English Premier League team Watford FC was sponsored by which altcoin?

• A) Ethereum

• B) Cardano

• C) Solana

• D) Dogecoin

Find out the answer at the bottom of “Meme Corner” below 😀

MEME CORNER 😂

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

Trivia Answer: D) Dogecoin 🥳 

In 2021 English Premiere League team Watford Football Club received a sponsorship from Dogecoin, with the iconic Shiba Inu dog appearing on the Watford shirt sleeves.

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.