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- 🥜 Why Smart Money Is Buying Right Now
🥜 Why Smart Money Is Buying Right Now
PLUS: Germany continues dumping
GM to all you crypto nuts. Crypto Nutshell #382 swimin’ by... 🐠🥜
We’re the crypto newsletter that's more intense than surviving a high-stakes poker game... ♠️🎲
What we’ve cooked up for you today…
🏦 Trump to speak at Bitcoin conference
🐋 Why smart money is buying right now
🇩🇪 No longer a BTC bilionaire
💰 And more…
MARKET WATCH ⚖️
Prices as at 6:30am ET
Only the top 20 coins measured by market cap feature in this section
TRUMP TO SPEAK AT BTC CONFERENCE 🏦
BREAKING: Trump to Speak at Bitcoin Conference in Nashville on July 27
Here’s some unexpected news.
Presidential candidate Donald Trump has been announced as a speaker at Bitcoin 2024.
This conference is scheduled to take place from July 25 - 27.
And presidential candidate Robert F. Kennedy Jr. is also set to speak at the event.
This could turn out to be a pivotal moment for Bitcoin and crypto regulation in the United States.
Going one step further, The Republican National Committee posted a draft policy platform that includes advocating for cryptocurrencies and Bitcoin mining.
The Platform states:
“Republicans will end Democrats’ unlawful and unAmerican Crypto crackdown and oppose the creation of a Central Bank Digital Currency.”
Continuing on:
“We will defend the right to mine Bitcoin, and ensure every American has the right to self-custody of their Digital Assets, and transact free from Government Surveillance and Control.”
It’s wild to see crypto being mentioned in official party policy.
No one expected to see it this election.
It’s clear that the Republicans are taking the lead in the crypto voters department.
When will the Democrats make a move?
BECOME A BETTER CRYPTO INVESTOR 🧠
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All so you can dominate crypto in 2024 & 2025. 🫵
Today, we interviewed Chief Investment Officer at Bitwise, Matt Hougan. (more on this in the next section)
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WHY SMART MONEY IS BUYING 🐋
This week, we had the pleasure of interviewing Matt Hougan.
And it’s a certified hood classic…
Matt took the time to break down current market conditions, why a tsunami is coming and he even gave some juicy price predictions.
“I’m licking my lips at the opportunity. That’s my take on the current market. I see this as an enormous gift to long-term investors.”
Click to watch the interview
For those of you who don’t know Matt, he’s the Chief Investment Officer at Bitwise. (5th largest Bitcoin ETF issuer)
When it comes to ETFs, Matt’s the guy.
Although we can’t break down our full interview, here are 3 highlights:
1. Short-term pain, long-term gain
Right now we have an odd combo of short-term negatives:
Mt. Gox distributions
German government selling
US government selling
But here’s the thing:
These are all one-off events
Mt. Gox can only send out its Bitcoin once. Germany can only sell all of its Bitcoin once. The US government only has so much Bitcoin.
The long-term trend is still in tact.
“Against these short-term non-recurring events we have these long-term massive catalysts; we have the ETFs which are going to vacuum up assets for the next decade, we have institutions starting to embrace bitcoin, we have Washington changing its tune to neutral/pro crypto.”
Continuing on, Matt explains:
“As soon as we work through this negative short-term, we’re going to have a historic bull market run. And I’m really excited for the second half of the year.”
2. Bitcoin will hit $250,000
With the long-term catalysts Matt mentioned above, he also gave us a price prediction.
Here’s where Matt thinks Bitcoin will go this cycle:
“It’s pretty clear that we’re going to blow past all-time highs and blow past $100,000. It’s hard for me to imagine Bitcoin stopping until it gets to $250,000.“
3. Ethereum all-time high this year
The launch of the Ethereum ETFs is set to be a HUGE catalyst
Matt himself is predicting ~$15 billion in inflows within the first 18 months of trading.
But there’s two other catalysts for Ethereum that have gone under the radar:
Regulatory clarity - The ETFs made it clear that ETH is now a commodity
Dencun upgrade - solved the scalability issue. Layer 2’s have become ridiculously cheap to use
With these 2 catalysts and the launch of the ETFs, Matt sees a new all-time high for Ethereum by the end of the year.
“What I expect from a flow perspective. It’s hard to not arrive at a new all-time high and if I had to guess I suspect we get to it by the end of this year.”
For the rest of the insights - you’ll have to check out the full interview here.
We highly recommend giving it a full watch.
And if you drop a like & subscribe, we’ll love you forever. 🫡
NO LONGER A BTC BILLIONAIRE 🇩🇪
Another day, another sell off by Germany…
And this one was a big one.
The German government’s wallet sent Bitcoin to exchanges/market makers in two batches.
First batch:
1,127 Bitcoin to Flow Traders
500 Bitcoin to Coinbase
750 Bitcoin to Kraken
536 Bitcoin to Cumberland DRW
2,250 Bitcoin to B2C2 Group
690 Bitcoin to an unlabelled address
Second batch:
3,000 Bitcoin to Flow Traders
1,000 Bitcoin to B2C2 Group
375 Bitcoin to Kraken
375 Bitcoin to Coinbase
250 Bitcoin to an unlabelled address (same unlabelled address as first batch)
In total they transferred 10,853 Bitcoin worth $637.7 million at todays prices.
With this recent sell off, they’re no longer a “Bitcoin billionaire”.
As it stands, the german government still holds 13,360 Bitcoin which is only 26.8% of its original balance. (worth ~$772.7 million)
This means the selling may soon come to an end.
And like yesterday’s sell off, the market didn’t really seem to care…
Bitcoin is currently up 0.10% in the last 24 hours at the time of writing.
The key thing to remember here is that this is only a short-term selling event.
Once Germany is out of Bitcoin, that’s it. They’re done.
We can resume business as usual. 😎
CRACKING CRYPTO 🥜
Bitwise CCO says Ethereum ETFs 'close to finish line', SEC open to other funds. Bitwise CCO Katherine Dowling said spot Ethereum ETFs are "close to the finish line".
Goldman Sachs to launch 3 new tokenization products this year. Goldman Sachs will launch tokenization products targeting the US and Europe. It will focus on RWA marketplaces and institutional clients.
Vitalik Buterin Reflects On Strengths, Weaknesses of Ethereum, 'Hardening' the Blockchain. The co-founder and intellectual leader of the largest smart-contracts blockchain ecosystem addressed a packed room at the EthCC conference in Brussels.
WHAT WE’RE READING 📚
Want to get even smarter? Check these out.
p.s. all completely FREE (one click subscribe link)
Raremints (link) - Daily crypto news
Seven Point Sunday (link) - Learn to build your career every Sunday
Bullseye Trades (link) - Daily stock market tips
Crypto Pragmatist (link) - Actionable alpha 3x a week
The Hustle (link) - Get Smarter on Business and Tech
Your Next Breakthrough (link) - Personal growth with Mark Manson
The Neuron (link) - AI trends and tools to keep you ahead
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