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- 🥜 Why this expert is more bullish than ever
🥜 Why this expert is more bullish than ever
PLUS: BTC Exchange Balances falling
Today’s edition is brought to you by Incogni.
GM to all you crypto nuts. Crypto Nutshell #363 arrivin’ on time.. 🧙🥜
We’re the crypto newsletter that’s more adventurous than setting out on an epic journey to reclaim a lost kingdom... 🏰🗡️
What we’ve cooked up for you today…
🏦 Saylor won’t stop buying BTC
🤔 How can you not be bullish?
⚖️ Bitcoin exchange balances falling
💰 And more…
MARKET WATCH ⚖️
Prices as at 6:40am ET
Only the top 20 coins measured by market cap feature in this section
SAYLOR WON’T STOP BUYING BTC 🏦
BREAKING: MicroStrategy completes $800M note offering to buy more Bitcoin
Remember a couple of days ago when MicroStrategy announced a private offering of convertible senior notes?
They’ve now completed that offering, raising ~$800 million.
Any guesses what they did with it? 😂
No prizes for: Buy more Bitcoin.
Yesterday, MicroStrategy announced they purchased an additional 11,931 BTC for ~$786 million.
This brings MicroStrategy’s total holdings to 226,331 BTC, acquired for ~$8.33 billion at an average price of $36,798 per coin.
MicroStrategy has never sold any of its Bitcoin.
Checkout yesterday’s newsletter for a break down on why Saylor has 100% conviction in Bitcoin.
Literally the definition of all-in.
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HOW CAN YOU NOT BE BULLISH? 🤔
The crypto industry has seen an insane amount of progress over the last decade.
And it’s only the beginning…
That’s the latest message out from Jeremy Allaire.
If you haven’t heard of Jeremy, he’s the founder and CEO of Circle. (the company behind the second largest stablecoin, USDC)
In a recent Twitter post, Jeremy explained why he’s “more bullish” than ever before.
Jeremy has been building Circle for the past 11 years, so he’s seen a lot change.
Here’s what he had to say about the early days of crypto:
“In 2013… Any affiliation with Bitcoin or crypto was viewed as highly fringe, probably illegal, and for most technologists, a largely uninteresting technology development. Back then, the technology was extremely limited, slow, expensive and complex to operate.”
Back then, no one wanted to associate with crypto.
Banks, accounting and audit firms, insurance companies, regulators etc. all stayed clear of the space.
The media pushed the narrative that crypto was only used by criminals. (Silk Road saga)
But now?
Things have changed:
“It’s totally and utterly extraordinary where we are at now. And, as I like to say often, we are truly only in the very early stages of the adoption of crypto in the world, which makes me insanely bullish today, given how far we’ve come in the past decade.”
Here’s a quick list of some of the major developments of the last 10 years:
Digital assets are now an accepted part of the emerging global financial system 🌎
Bitcoin has become one of the largest and most important alternative investment assets on the planet 🗺️
The biggest asset managers in the world now offer investment products for both Bitcoin & and soon to be Ethereum 🏦
Crypto has become a global political issue 🗽
Stablecoins have exploded in scale and use 💥
“The scale of all of this right now is truly astounding compared to where we were a decade ago. Like prior waves of open internet infrastructure, this wave is growing, and is coming on stronger every day and every week… We’re still in the VERY EARLY STAGES in the adoption of crypto. That’s insanely bullish.”
If you zoom out and look at how much the digital asset industry has changed over the last 10 years…
How can you not be extremely bullish? 🤷♂️
BITCOIN EXCHANGE BALANCES ⚖️
Let’s check in again on the amount of Bitcoin available on exchanges.
If you’re new around here, here’s how to understand this metric:
If we are seeing less & less Bitcoin on exchanges: this is bullish & bodes well for crypto prices 🐂
If we are seeing more & more Bitcoin on exchanges: this is bearish and is generally a red flag for prices 🚩
2 weeks ago, there were 2,314,416 Bitcoin available on exchanges.
And now that number has fallen to 2,307,119 BTC.
That’s a decrease of 7,297 BTC. ($466 million at current prices)
Bitcoin being withdrawn from exchanges indicates it’s being held for the long-term.
That Bitcoin is no longer available for sale.
Right now, only ~11.70% of the entire supply of Bitcoin is available on exchanges.
This is decreasing consistently, week after week. 📉
Despite poor price action over the past 2 months, if this trend continues, prices inevitably have to go higher.
Decreasing supply with all else being equal = higher prices. 📈
Hang in there.
CRACKING CRYPTO 🥜
German government moves $195 million worth of Bitcoin to exchanges. The German government has moved a net $170 million BTC out of its Bitcoin addresses since June 18, according to Arkham Intelligence data.
6 months of sideways? Bitcoin price action mimics 2023 lull. Bitcoin can keep consolidating for months before a BTC price breakout, a new comparison argues.
Winklevoss Twins Say They Each Gave $1 Million to Trump Presidential Campaign. The Winklevoss brothers have become two of the first big-name crypto CEOs to cross the campaign-contribution barrier that had kept big-time donations from the presidential race.
Ethereum Preps for Primetime With TV Commercial Ahead of ETF Launch. Bitwise is again first to release an ETF ad—and they’re minting it as an NFT on Ethereum.
WHAT WE’RE READING 📚
Want to get even smarter? Check these out.
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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”)
How often is the difficulty adjustment in Bitcoin?(approximately) |
MEME CORNER 😂
Because what would the crypto world be without its share of memes?
Trivia Answer: B) 2 weeks 🥳
One of the greatest innovations in Bitcoin is the difficulty adjustment. Every 2016 blocks, or roughly every two weeks, the Bitcoin protocol adjusts how “hard” it is to mine Bitcoin.
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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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