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GM to all you crypto nuts. Crypto Nutshell #415 droppin’ in… 💧🥜

We're the crypto newsletter that's more heartwarming than an unlikely friendship between a bear and a boy... 🧸👦

What we’ve cooked up for you today…

• 📈 Who’s buying the Bitcoin ETFs?

• 🎰 Will Bitcoin 7x in 12 months?

• 🤑 Bitcoin leaving exchanges

• 💰 And more…

MARKET WATCH ⚖️

Only the top 20 coins measured by market cap feature in this section

WHO’S BUYING THE BITCOIN ETFs? 🏦

BREAKING: Goldman Sachs, Morgan Stanley took stakes in US spot bitcoin ETFs in Q2, filings show

Every quarter, institutional investment managers (AUM > $100m) are required to submit 13F filings to the SEC.

These 13F filings outline what these investment managers currently hold.

So by analysing these 13F’s we can work out who has been purchasing the Bitcoin ETFs.

And that’s what Bitwise’s Chief Investment Officer, Matt Hougan has recently done.

Let’s see what he has to say:

1. The Institutions are still coming

After analysing the Q2 13F filings Matt noted that there were 1,924 holder/ETF pairs.

That’s a 30% increase compared to the Q1 filings (1,479 holder/ETF pairs).

2. Institutions have diamond hands

Matt explains that the majority of institutional investors who allocated in Q1 either held or bought more shares this quarter.

• 44% increased their position 😊

• 22% held steady 😐

• 21% decreased their position 😕

• 13% exited 🙅

Matt notes that these results are on par with other traditional ETFs.

Perhaps the biggest news coming out of the 13F filings was Goldman Sachs disclosing $418 million in Bitcoin ETFs.

However…

Morgan Stanley (who just approved Bitcoin ETFs for their clients) also disclosed $188 million in BlackRock’s IBIT.

This is only the beginning.

The institutions are coming…

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BITCOIN TO 7X? 🎰

According to some new data, a legendary trader has been doubling down on Bitcoin.

After his first purchase, Bitcoin did a ~7x over the following 12-months.

That legendary trader is billionaire, Paul Tudor Jones.

Will we see history repeat? 🔁

If you haven’t heard of Paul Tudor Jones, he’s a renowned American investor and an extremely successful hedge fund manager.

So successful that he’s amassed a net worth of ~$8 billion dollars. 🤯

As mentioned, this week 13F filings were released showing who’s been the biggest buyers of BlackRock’s Bitcoin ETF (IBIT).

Amongst the top buyers are many heavy hitters. 🐋

But sitting in 11th place is Tudor Investment Group - the hedge fund of Paul Tudor Jones.

This is big. The first time Paul Tudor Jones was a public buyer of Bitcoin was in May 2020.

At the time, Jones called Bitcoin the ‘fastest horse’ in the race. It was trading at $8,000 per coin.

Skip forward 12 months and it was trading at ~$60,000 per coin.

A 7x increase in just 1 year. 👏

Will we see history repeat?

Only time will tell - but it’s good to know a legendary trader is still a buyer at these levels.

Investor Mike Alfred put it best:

With so many world class entrepreneurs & investors buying Bitcoin…

How can you not be bullish?! 🐃

BITCOIN LEAVING EXCHANGES 🤑

Time for a check in on the amount of Bitcoin available for sale on exchanges.

Here’s how to interpret this metric:

• Decreasing exchange balances: Bullish indicator as it signals a shift towards long-term holding 🐂

• Increasing exchange balances: Bearish indicator as coins being transferred to exchanges are more likely to be sold 🐻

Currently there is 3,025,317 Bitcoin available for sale on exchanges.

That’s ~15.33% of the entire circulating supply.

Over the last 30 days, exchange balances have decreased by ~22,873 BTC.

As Bitcoin continues to leave exchanges, it signals that investors have a preference for long-term holding.

Which we also discovered yesterday…

Checkout yesterday’s newsletter here in case you missed it.

So as it stands, ~84.67% of the circulating Bitcoin supply is not on an exchange.

That’s HUGE when you think about it.

Put simply, there just isn’t that much Bitcoin available for sale right now.

CRACKING CRYPTO 🥜

Senate leader Chuck Schumer back positive crypto reform in 2024. Last night, Aug. 14, at a Crypto4Harris event, Senate Majority Leader Chuck Schumer and other prominent Democrats expressed strong support for crypto.

Bitcoin stagnates as bearish headwinds continue to blow. Bitcoin’s negative funding rate, reduced demand for stablecoins in China and a handful of macroeconomic issues are all impacting BTC’s bearish price action.

Bitcoin Mining Was Less Profitable in July Than June, Jefferies Says. U.S.-listed mining companies produced a larger share of bitcoin in July than the previous month as they brought on new capacity faster than the network hashrate rose.

SEC approves first leveraged long MicroStrategy ETF. Defiance ETFs has launched MSTX, the first single-stock leveraged long exchange-traded fund (ETF) for MicroStrategy.

WHAT WE’RE READING 📚

Want to get even smarter? Check these out.

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

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• 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

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) USDT 🥳

USDT is currently the largest stablecoin with a market cap of $115.7 billion

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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.