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- 🥜 Why you’ll lose it all next bull-run... 😔
🥜 Why you’ll lose it all next bull-run... 😔
PLUS: Exchange balances shrinking
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We’re the crypto newsletter that won't vanish like half the population after the snap of a cosmic titan's fingers... 🌌🧤
Today, we’ll be going over:
💪 Coinbase confident on Bitcoin ETF approvals
😔 Why you’ll lose it all next bull-run…
📉 Exchange balances shrinking
🤑 And more…
MARKET WATCH ⚖️
Prices as at 5:30am ET
Only the top 20 coins measured by market cap feature in this section
COINBASE CONFIDENT ON ETF APPROVALS 💪
BREAKING: Coinbase chief legal officer predicts imminent approval of U.S. Bitcoin ETF
Coinbase is confident that the Bitcoin ETFs will come online sooner than we think.
Do they know something that we don’t?
On October 20, Coinbase chief legal officer, Paul Grewal was interviewed by CNBC. Grewal expressed his optimism surrounding the ETF approvals:
“I’m quite hopeful that these [ETF] applications will be granted, if only because they should be granted under the law.”
Perhaps Grewal is giving the SEC too much credit with that statement… 🤣
Last week the SEC decided not to appeal the Grayscale BTC trust conversion ruling. Many believe this decision paves the way for approval of the Bitcoin ETFs in the coming months.
“I think that the firms that have stepped forward with robust proposals for these products and services are among some of the biggest blue chips in financial services… So that, I think, suggests that we will see progress there in short order.”
Grewal didn’t provide a prediction for when we can expect the ETFs. All we got was a “coming soon” statement.
“We think that other ETFs are going to be coming online soon enough as the SEC follows the law and is required to apply the law in a neutral way to the applications that are pending,”
Optimism surrounding the ETFs is definitely increasing.
Recently BlackRock, Ark, Fidelity and others resubmitted their ETF applications.
This means that there is a back and forth taking place between firms and the SEC. A good sign that progress is being made. 😎
For the full CNBC interview click here.
TOGETHER WITH ANIMUS 👾
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The returns.
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WHY YOU’LL LOSE IT ALL… 😔
Why you’ll lose it all next bull-run… 😔
Last week we covered the predictions of one of our favourite technical & macro analysts - Pentoshi.
His main prediction? There will always be another crypto cycle.
This week, he dropped two more nuggets of wisdom.
There’s only 81 days until January 10th - the first final deadline on the first ETF.
At some point between now & then, those who don’t own Bitcoin will get caught offside.
He predicts the approval news will send Bitcoin to $32,000.
His second nugget of wisdom was more ominous:
Most will lose it all in the next bull-run. 😱
“Many of you will make millions. Making money is easy. Keeping money isn’t. Therefore most will lose it all again…. The only way to keep it is to take it off the table when you change your life. If you don’t take it. On a long enough time frame someone will take it from you again… Remember this in the years ahead.”
Pentoshi spoke a lot about this in the 2020 / 2021 bull-run. Lots of people made a ridiculous amount of money.
But most got greedy, held too long and lost most, if not all.
Right now it’s easy to think that you’ll take chips off the table.
When it’s peak mania and everyone is euphoric?
That’s when your resolve is truly tested.
Always remember: There will always be another cycle. Both up & down. 🎢
EXCHANGE BALANCES SHRINKING 📉
Over the course of 2023, Bitcoin exchange balances have continued to decline.
We’ve just witnessed a year to date low of 2.299 million Bitcoin left on exchanges.
That is only ~11.78% of the circulating supply…
We haven’t seen exchange balances this low since March 2018.
With Bitcoins recent rise above $29,000 something insane happened. $200 million worth of Bitcoin instantly flowed out of exchanges.
Two exchanges in particular were hit the hardest by this outflow:
Bittrex saw it’s largest outflow since May 2023 with $40 million in Bitcoin being withdrawn.
Binance saw an even larger outflow. $150 million was withdrawn, one of the largest outflows it has experienced this year.
Clearly there’s been a shift in investor sentiment. The collapse of FTX, BlockFi and 3AC destroyed the confidence investors had in the safety of exchanges.
If you’re in Bitcoin for the long run, you need to hold your own assets.
As the saying goes “not your keys, not your coins”.
For cold wallet solutions, The Crypto Nutshell team chooses Ledger.
Right now you could get your Ledger Nano S Plus in Bitcoin Orange for 30% off!
Plus for every purchase ,Ledger will be donating $5 to Brink.dev - a nonprofit that fosters the ongoing innovation of Bitcoin.
Let us know in the poll below (or reply to this email) if you’d like us to do a deep dive into cold wallets. We can go over how to set them up, which is best for you, etc. 👇
CRACKING CRYPTO 🥜
WHAT WE’RE READING ✍️
Want to get even smarter? Check these out.
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CAN YOU CRACK THIS NUT? ✍️
What is Uniswap?
A) A decentralized autonomous organization
B) A centralized exchange
C) A decentralized exchange
D) A hardware wallet
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: C) A decentralized exchange 🥳
Uniswap is a decentralized exchange that enables the trading of digital assets.
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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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