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GM to all 64,612 of you. Crypto Nutshell #308 cookin’ it up... 🥘 🥜

We’re the crypto newsletter that’s more captivating than a bounty hunter seeking vengeance against a ruthless plantation owner in the Wild West... 🤠 🔫 

What we’ve cooked up for you today…

• 🏦 ETFs cooling off

• 😱 Everything is correlated

• 📈 Stablecoins continue to grow

• 💰 And more…

MARKET WATCH ⚖️

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

ETFs COOLING OFF 🏦

BREAKING: Bitcoin price holds steady amid spot BTC ETF outflows

What’s going on with Bitcoin?

Over the last month, it’s done a whole lotta nothin’.

One explanation is the declining investor interest in the Bitcoin ETFs.

Last week was a rough one…

The ETFs saw -$328 million in net outflows.

But this time Grayscale wasn’t responsible for all outflows (it was still the majority though).

Last week saw outflows from Fidelity, Bitwise, Ark Invest, Galaxy & Valkyrie.

Flow summary below:

Last week also saw BlackRock’s inflow streak come to an end. 😭

(no outflows yet, touch wood)

BlackRock’s streak officially ended at 71 days in a row.

ETF analyst Eric Balchunas mentions that this absolutely smashed the record for a new launch.

And just to put things into context…

The Gold ETF had an amazing launch, but its inflow streak out of the gate was only 3 days.

And even though BlackRocks inflow streak came to an end, they aren’t done setting records.

Take a look at the chart below posted by Eric Balchunas.

The amount of assets after 72 days is ridiculous.

BlackRock and Fidelity are so far ahead of every other ETF it’s not even funny.

Even though sentiment has turned bearish (short-term only), the Bitcoin ETFs have been incredibly successful so far.

Despite the hype and interest cooling off over the past month, we’re still within striking distance of Bitcoin’s all-time high. 🐍

That’s the main takeaway. 💪

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EVERYTHING IS CORRELATED 😱

Crypto is a supermassive blackhole.

No other asset can compete.

That’s the latest message out from Raoul Pal.

In his latest video, Raoul explains how every single asset is correlated.

First things first, take a look at the Total Liquidity Index below.

This chart offers a consolidated view of all major central bank balance sheets from around the world.

Basically, every government continues to print more and more money.

Raoul explains:

To make this point clear, the chart below overlays the NASDAQ over the Total Liquidity Index.

Notice how they are essentially the same chart?

They actually have a 97.5% correlation…

You know what else is correlated to the Total Liquidity Index? 🤔

That’s right…

Bitcoin.

Bitcoin has a 87.5% correlation to global liquidity.

(It’s not as high as the Nasdaq due to its periods of crazy outperformance but the point still stands)

Raouls explains that liquidity is the driver of everything:

But here’s where things get real crazy.

The chart below shows Nasdaq vs Bitcoin…

Nasdaq is the best performing equity market in the world.

BUT when you look at it versus Bitcoin, it’s underperformed by 99.93% (since 2012)

In fact, it’s underperforming by 45% a year. 😮

That is an absolutely insane stat.

If everything is so correlated, you may as well back the fastest horse in the race.

And that’s very obviously, crypto. 🏇

STABLECOINS CONTINUE TO GROW 📈

Today we’ll be taking a look at the stablecoin supply.

Stablecoin’s play an important role in the wider crypto market. They are often used on centralized and decentralized exchanges to purchase other digital assets.

By taking a look at the stablecoin market, we can gauge the demand for digital assets.

The chart below tracks the aggregate change in the total stablecoin market cap.

• 🟢 Increased stablecoin supply: increased demand and capital inflows into the digital asset space 🐂

• 🔴 Contractions in stablecoin supply: net capital outflows from digital assets 🐻

When we checked in on this metric two weeks ago, the stablecoin market cap was ~$145 billion.

Today the aggregate stablecoin market cap is ~$149.76 billion. 📈

And it’s been growing every single week since October 2023.

In fact, it’s only $13 billion short of surpassing it’s all-time high.

There’s one simple takeaway from this data.

Every week, liquidity continues to pour back into the crypto industry.

Which also means demand is continuing to increase.

Their is a LOT of demand on the sidelines… 🏁

CRACKING CRYPTO 🥜

Metaplanet Inc. purchases 1 billion yen worth of Bitcoin. Metaplanet's acquisition of 1 billion yen worth of Bitcoin rallied its stock amidst the rapid depreciation of the Japanese yen.

Fortune favors something — Eminem takes Crypto​.com mantle from Matt Damon. Eminem released a video on X showing the rapper preparing for a boxing match in the Crypto.com Arena.

The Key to Reviving Bitcoin Bull Run is the U.S. Treasury’s Refunding Announcement. Risk assets will likely rally if the TGA estimate is maintained at or lowered from the current $750 billion, one observer said.

Is the SEC weighing a lawsuit against Consensys? Last year, the SEC served Coinbase with a Wells Notice just months before filing a lawsuit.

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

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: C) The process of confirming transactions and adding them to the blockchain 🥳 

For more on how Bitcoin mining works, checkout this article.

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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.