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🥜 You only have 20 days left...
PLUS: HODLers Standing Strong
GM to all 29,003 of you. Crypto Nutshell #180 reportin’ in. 🫡 🥜
We’re the crypto newsletter that won't deceive you like a secret agent with a license to kill... 🕶️🔫
What we’ve cooked up for you today…
⚔️ $30 Trillion coming for Bitcoin
🍾 Biggest moment in Bitcoin’s life
💪 HODLers standing strong
💰 And more…
MARKET WATCH ⚖️
Prices as at 5:30am ET
Only the top 20 coins measured by market cap feature in this section
$30 TRILLION COMING FOR BITCOIN 🌊
BREAKING: Grayscale CEO foresees spot Bitcoin ETFs unlocking ‘$30 Trillion worth of advised wealth’
Grayscale CEO Michael Sonnenshein recently spoke on CNBC, giving his thoughts on the upcoming Bitcoin ETFs.
As a reminder, Grayscale is one of 13 institutions currently in the race for a spot Bitcoin ETF.
Sonnenshein noted that the approval will allow investment from individuals who have previously been “locked out” from Bitcoin.
“I’m not one to make price predictions, but I do think there is a lot of optimism again in the market… A lot of investors are adding Bitcoin to their portfolios, and when we look ahead to the hopeful approval for Spot Bitcoin ETF it is going to unlock the opportunity to be part of the investment community that, for better or worse - and I would say worse - has unfortunately been locked out of the opportunity to participate.”
Sonnenshein then mentions that the ETFs will open up Bitcoin investment to the entire U.S advised wealth market.
Which is worth approximately $30 trillion…
This is a major reason why the ETFs will be HUGE.
An insane amount of fresh demand is coming for Bitcoin. (more on this in the next section)
Get ready… 🚀
The full interview can be seen below:
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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BIGGEST MOMENT IN BITCOIN’S LIFE 🍾
There are now just 20 days until the final deadline for a spot Bitcoin ETF.
Analysts have approval odds at 90%.
With all the recent meetings between applicants & the SEC, we would put odds closer to 99%.
Today, Michael Saylor went on Bloomberg and had this to say:
“You can't really underestimate the significance of the spot ETFs. It's not unreasonable to suggest that this may be the biggest development on Wall Street in 30 years.”
For anyone paying attention, the writing is on the wall.
“In January, the approval of the spot ETFs is going to be a major catalyst. That's going to definitely drive demand shock. That will be followed in April with a supply shock. Because there are about 900 Bitcoin a day available for sale by natural sellers, the miners, and that number is going to be cut to 450 Bitcoin a day in April.”
Saylor believes the ETFs are going to drive somewhere between a 2x to a 10x increase in demand.
This will be followed 3 months later by the Bitcoin Halving. A demand shock, followed by a supply shock.
“I don't think we've ever seen a 2x to 10x increase in demand, combined with a halving in supply, in a scarce, desirable asset that people want to hold for a long period of time. We're expecting 2024 to be a major bull run for the asset class.”
This is unprecedented for an asset.
It’s why analysts are calling this the biggest moment in Bitcoin’s life.
Do not underestimate this milestone for Bitcoin.
It’s the biggest milestone in Bitcoin’s history.
With that said…
Do you own enough Bitcoin?
Do you own enough Bitcoin? 🤔 |
P.S. We definitely don’t.
HODLERS STANDING STRONG 💪
Today we’ll be taking a look at the Long / Short-Term Holder Supply of Bitcoin.
Here’s the rundown on how this metric works:
🔴 Short-Term Holders (STHs): coins that have been held for less than 155 days
🔵 Long-Term Holders (LTHs): coins that have been held for more than 155 days
🟥 Short-Term Holder Cost Basis: all coins purchased in this price range are STHs
🟦 Long-Term Holder Cost Basis: all coins purchased in this price range are LTHs
As a quick refresher, Glassnode categorises coins that have been held for longer than 155 days as long-term supply. Here’s the reasons why if you’re interested.
The amount of coins held by LTHs has just come off its all-time high. (only by a little bit…)
As of today, 14.9 million Bitcoin are in the hands of LTHs.
That’s 76.1% of the total circulating supply. 😲
For STHs it’s the exact opposite.
Effectively at all-time lows, the amount of Bitcoin currently held by STHs is 2.317 million.
That’s only 11.84% of the total circulating supply. 😱
What’s even crazier though, is that 2023 has seen:
Long-Term Holder Supply: Increased by +825,000 Bitcoin 📈
Short-Term Holder Supply: Decreased by -506,000 Bitcoin 📉
This is literally the tightest and most constrained Bitcoin supply we have ever seen.
Even though we are up ~157% for the year, we haven’t seen any major sell off from LTHs.
Long-term conviction literally couldn’t be any higher… 😎
(which makes sense with the ETFs and Halving being major bull catalysts)
With just over a week to go in 2023, only one question should be on your mind:
How can I get more Bitcoin?
CRACKING CRYPTO 🥜
WHAT WE’RE READING ✍️
Want to get even smarter? Check these out.
p.s. all completely FREE
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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”)
When did FTX file for bankruptcy? |
MEME CORNER 😂
Because what would the crypto world be without its share of memes?
Trivia Answer: A) November 2022 🥳
FTX collapsed in early November 2022 after CoinDesk reported an affiliated trading firm, Alameda Research, derived most of its value from speculative cryptocurrency tokens.
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NUTCASE REVIEW OF THE DAY 🔍
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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