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- 🥜 Why is Crypto Exploding?
🥜 Why is Crypto Exploding?
PLUS: Institutions Want Ethereum
GM to all 13,186 of you. Crypto Nutshell divin’ in. 🤿 🥜
The crypto newsletter that's more romantic than a love story set on a sinking ship... 🚢💔
Today, we’ll be going over:
💥 Uptober begins with a BANG
😈 Institutions want Ethereum
💎 The ultimate HODLers
💰 And more…
MARKET WATCH ⚖️
Prices as at 6:00am ET
Only the top 20 coins measured by market cap feature in this section
UPTOBER BEGINS WITH A BANG 💥
BREAKING: Uptober is here - Bitcoin & Ethereum prices surge
Yesterday we mentioned that investors are super optimistic about October. So much so that it’s now known as “Uptober”.
Well it couldn’t have started any better. 😁
Bitcoin surged ~4% in 15 minutes, taking the price from $27,100 to $28,145. It’s now hovering around the $28,300 mark at the time of writing.
Just look at that god candle…
#Bitcoin 🤝 October
And thus Uptober begins… 👀
— Bitcoin News (@BitcoinNewsCom)
11:22 PM • Oct 1, 2023
Ethereum also surged. In a matter of minutes, Ether’s price jumped 4.7% to $1,755 before levelling out to $1,733 at the time of writing.
Welcome to Uptober.
Welcome to Q4, which is leading towards a great quarter, potentially fueled by ETF approvals and the pre-halving rally.
Potentially #Bitcoin to $40,000 is reasonable.
— Michaël van de Poppe (@CryptoMichNL)
5:47 AM • Oct 1, 2023
It isn’t clear what caused these crazy price surges yet.
Was it the inevitable ETF approvals? The US Government avoiding shutdown? The pre-halving rally beginning?
Maybe the simple answer is that “Uptober” is just Bitcoin’s best performing month…
What a promising start to the month. Get ready for what’s to come. 😎
TOGETHER WITH THE PHENOM UPDATE ♟️
One reason we love crypto? The returns. 😍
In a bull market? No other asset can compete. It’s not uncommon to see 5x, 10x or even 100x plus returns.
With the Bitcoin Halving coming up, the next crypto bull-run is just around the corner.
That’s why we read The Phenom Update.
They share the best kept secrets on the latest DeFi & small-cap crypto trends. 🤫
The best part?
Just like us, they’re completely free.
Slam that big subscribe button and it’ll automatically add you to their list.
If you’re not a fan, you can always unsub. Nothin’ to lose. 🎉
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INSTITUTIONS WANT ETHEREUM 😈
With so much talk about a spot Bitcoin ETF approval and the upcoming halving… Ethereum seems to have been somewhat… forgotten.
But don’t be fooled. Despite all the attention on Bitcoin, institutions are still very interested in Ethereum.
As we pointed out, 9 Ethereum future ETFs are set to launch this week. This will bring in ~$200 million of new capital.
On top of this, in August, asset manager Fidelity published an 18-page research report on Ethereum.
Fidelity is the third largest asset manager in the world, with $4.5 trillion dollars under management.
To put this into perspective, the entire crypto market cap is only $1.11 trillion dollars… 😲
This week, research analysts from Fidelity, Chris Kuiper and Jack Neureuter joined Bankless to break down the report.
The report focusses on the two main use cases of Ethereum:
A store of value
Means of payment
Why would institutions be interested in Ethereum? Two reasons:
Improved supply / demand dynamics since the merge
Unlike Bitcoin Ethereum is now a yield generating asset
“There's interest there. The institutional base is interested in this topic.”
Bottom line: Honestly? There’s nothing ground breaking in this report. 🥱
The main takeaway is that Institutions are interested in Ethereum. 🤑
The wave of institutional capital that comes for Bitcoin will inevitably find its way to Ethereum too. 🌊
THE ULTIMATE HODLERS 💎
Two days ago we looked at the supply last active 5+ years ago. Today we’re going to dig a little deeper and look at the real “diamond hand” HODLers.
We’re talking Bitcoin’s that haven’t moved in over 10 years. 😱
The amount of Bitcoin last moved before October 2013 has just reached an all-time high of 2,939,304 BTC.
Can you believe that this is 15.07% of the circulating supply? That’s insane.
Keep in mind that a large percentage of these Bitcoin’s are likely lost forever. There’s no 100% accurate way to determine if a coin is lost or not. But the longer they remain idle the more likely they’re gone (we're talking 10+ years of no activity).
What was going on with Bitcoin in 2013:
Bitcoin started 2013 at $13.30 increasing all the way to $1,134.39
The FBI seized roughly 26,000 BTC from Silk Road during the arrest of owner Ross Ulbricht
The worlds first Bitcoin ATMs launched in Vancouver, Canada
Checkout this short video of Isaac Miller reacting to Bitcoin breaking $100 in 2013:
And in case your wondering if he HODL’d or not…
Anyone who’s held their Bitcoin for 10+ years is truly is a diamond hand HODLer. 💎🙌
We’re curious, have any of our readers held Bitcoin for more than 10 years? Let us know in the poll at the bottom of today’s newsletter 👇
CRACKING CRYPTO 🥜
WHAT WE’RE READING ✍️
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CAN YOU CRACK THIS NUT? ✍️
What is the all-time high price of Ethereum in USD?
A) $4,891.70
B) $5,026.54
C) $4,793.40
D) $5,154.20
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: A) $4,891.70 🥳
Ethereum reached it’s all-time high price of $4,891.70 in November 2021.
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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.
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