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GM to all you crypto nuts. Crypto Nutshell #476 hoppin’ in… 🐸🥜

We're the crypto newsletter that's more awe-inspiring than witnessing gladiators fight for their lives in ancient Rome... 🏛️🗡️

What we’ve cooked up for you today…

• 🏦 We’re so back

• 🤔 How much Bitcoin should you own?

• 🔥 Things are heating up

• 💰 And more…

What’s in the Crypto Nutshell Portfolio?

WE’RE SO BACK 🏦 

BREAKING: Bitcoin trades above $70,000 for first time in over seven months

Bitcoin has been on an absolute rampage today.

In fact it reached a high of ~$71,450…

Which means it’s only ~3% away from surpassing its all-time high.

But why is Bitcoin suddenly pumping?

Well there’s a number of reasons, let’s break them down.

Rate Cuts

According to CME FedWatch, the market is predicting that the Fed will cut interest rates by 0.25% on November 7.

The Fed began it’s rate cut cycle on September 7, back when Bitcoin was ~$54,000.

Since then, Bitcoin has largely been on an upward trend.

Expect this to accelerate once another rate cut hits the market.

Bitcoin ETF flows

The US Bitcoin ETFs have also seen a surge in inflows.

Over the past 12 trading days, the Bitcoin ETFs have seen net inflows of ~$4 billion.

BlackRock’s IBIT alone has taken in ~$2.6 billion.

And it doesn’t appear to be slowing down anytime soon.

The Bitcoin ETFs recorded a net inflow of $479.4 million to open the week.

The United States Presidential Election

Despite what you may think of him…

The price of Bitcoin has become somewhat correlated with the odds of a Trump victory on Polymarket.

And with the odds of a Trump victory surging recently, the price of Bitcoin responded positively.

There’s only 6 days to go now until the election…

The days ahead are set to be chaotic and likely extremely impactful to the markets.

Notable events include:

• Nov 5: US Presidential election

• Nov 7: Federal Reserve interest rate decision

• Nov 8: US October employment data

And Bitcoin is within striking distance of setting a new all-time high?

We’re so back. 😎 

TRADE CRYPTO YOUR WAY 🤑

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HOW MUCH BITCOIN SHOULD YOU OWN? 🤔

By each age, how much Bitcoin should you own?

It’s a question everyone asks themselves at some point.

This week Fred Krueger gave his answer.

Here’s why we value what Krueger has to say:

• He worked on Wall Street for 10+ years 💼

• Is an extremely successful entrepreneur - has exited 10 companies, with some exits in the tens of millions 💰

• Studied mathematics, with a P.H.D from Stanford University 📚

Here’s the Bitcoin numbers Krueger thinks you should hit:

Over the next 20 years, Krueger believes Bitcoin is heading to $10 million.

Here’s the logic behind his figures:

Now keep in mind, these are figures Krueger is coming up with to retire on Bitcoin.

It’s why there’s such a huge jump from 35 years old to 50 years old. It’s assuming you are wanting to retire in 10 years time & you only own Bitcoin.

If you’re not at these figures yet, don’t fret.

The vast majority of people are not.

There’s still time left to stack. 🫡

THINGS ARE HEATING UP 🔥

The streak continues!

Last week digital asset funds experienced net inflows of $901 million.

This now marks October as the 4th largest month of inflows on record.

And…

So far this year has seen total inflows of $27 billion, almost triple the 2021 record of $10.5 billion.

Bitcoin once again stole the show, with inflows of $920 million for the week.

But the big thing here is that Short-Bitcoin also saw outflows of $1.3 million.

(Usually when Bitcoin sees large inflows, short-Bitcoin also sees a a decent amount of inflows)

Sentiment has truly flipped bullish.

However, this bullish sentiment was not reflected in Ethereum…

Ethereum saw the largest outflow of any asset last week with $34.7 million.

Solana experienced the second largest inflow at $10.8 million.

The United States saw the bulk of the inflows with $906 million for the week.

Germany and Switzerland also saw inflows of $14.7m and $9.2m respectively.

Whilst Sweden, Canada and Brazil experienced outflows of $12.7m, $10.1m and $3.6m respectively.

As we explained last week, the surge in ETF inflows and Bitcoin prices are heavily influenced by the US election.

And with Trump now taking a commanding lead on Polymarket (~33%), it’s looking more and more likely that the pro-crypto Republican will take office.

Keep in mind, we aren’t here to pick sides. That’s just how to markets have interpreted the US election.

CRACKING CRYPTO 🥜

Robinhood challenges Polymarket with election-linked contracts for US presidential race. Robinhood democratizes election betting, offering contracts influenced by market sentiment.

Dogecoin Jumps 10%, Outperforming on Trump Popularity as Bitcoin Nears $70K. Bitcoin's "bullish setup" into the U.S. election next week mirrors late 2020, which preceded a 120% rally in two months, Matthew Sigel of VanEck said.

Coinbase to sponsor NBA team in aftermath of FTX collapse. Coinbase has become one of the first United States-based cryptocurrency exchanges to dip its toe back into the waters of sports sponsorships after the collapse of FTX.

MicroStrategy's leveraged bitcoin strategy has its stock outpacing BTC this year. Microstrategy, which trades under the ticker MSTR, has seen its share price rise nearly 250% year-to-date.

WHAT WE’RE READING 📚

Want to get even smarter? Check these out.

p.s. all completely FREE (one click subscribe link)

• Bitcoin Breakdown (link) - Twice weekly Bitcoin news

• Crypto Pragmatist (link) - Actionable alpha 3x a week

• The Hustle (link) - Get Smarter on Business and Tech

• 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) Litecoin 🥳

Litecoin is often referred to as the "silver" to Bitcoin's “gold.”

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HOW DID WE DO? 🤷

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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.