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- 🥜 You only have 3 months
🥜 You only have 3 months
PLUS: Stablecoins Are Growing
GM to all 42,764 of you. Crypto Nutshell #225 strollin’ by. 🦒 🥜
We’re the crypto newsletter less tumultuous than a group of friends navigating the ups and downs of adulthood in New York City... 🏙️ 👫
What we’ve cooked up for you today…
👀 Bitcoin ETF updates
⏰ You only have 3 months
🌧️ Liquidity is back
💰 And more…
MARKET WATCH ⚖️
Prices as at 2:05am ET
Only the top 20 coins measured by market cap feature in this section
BITCOIN ETF UPDATES 👀
BREAKING: Valkyrie’s spot Bitcoin ETF adds BitGo as a second custodian
Valkyrie (BRRR) has become the first Bitcoin ETF to diversify their custodians.
An SEC filing has revealed that Valkyrie entered into an agreement with crypto custody company BitGo.
BitGo CEO Mike Belshe had this to say:
“They [Valkyrie] took a new step forward with their newest ETF to help investors around the world get access to Bitcoin. It’s a privilege to be their custodian to support their product. We aim to demonstrate the value in private custody solutions to drive the next wave of adoption,”
Currently, 8 of the 11 Bitcoin ETFs rely on Coinbase as a custodian (Coinbase holds Bitcoin on their behalf).
The exceptions are:
VanEck: Gemini custody
Hashdex: BitGo custody
Fidelity: Fidelity custody
Although this may not seem like much, it’s great to see one of the Bitcoin ETFs diversifying custody risk.
It’s a little crazy that Coinbase is currently responsible for the majority of Bitcoin ETF assets…
Imagine the chaos if there was a hack or security breach…
"The Trust’s existing custody arrangement with Coinbase Trust Company, LLC (“Coinbase”) is unaffected by the entry into the Agreement… The Sponsor anticipates utilizing the custodial services of both Coinbase and BitGo to custody the Trust’s bitcoin."
In other ETF news, BlackRock has crossed $3 billion in assets under management. 😱
AND it only took them 3 weeks to cross this milestone…
Plus, CEO of Bitwise, Hunter Horsley tweeted this out 👀
What’s Hunter cookin’?
2024 is going to be an explosive year for crypto. 😎
TOGETHER WITH FAST FOOD SECRETS CLUB 🍔
As you can probably tell, we love newsletters.
They’re the most efficient and no B.S way to stay informed on a wide array of topics.
But one newsletter is our personal favourite…
It’s kind of our dirty little secret. 🤫 (don’t tell anyone)
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BITCOIN WILL NEVER DROP BELOW $40K🔮
Famous on-chain analyst PlanB believes you only have 3 - 6 months left before the exponential bull market is here.
For those who don’t know PlanB, he is arguably the most famous on-chain Bitcoin analyst.
He is behind the renowned stock-2-flow Bitcoin pricing model & rose to prominence for his creepy accurate Bitcoin price predictions.
Let’s breakdown some of the highlights from his latest market update.
Bitcoin will not drop below $40K ever again
This prediction is based on Bitcoin’s realized price.
Realized price is simply the value of all Bitcoins at the price they were last moved divided by the circulating supply.
🔴 Bitcoin’s current price: $42,000
⚫️ Bitcoin’s realized price: $23,000
🔵 2 year realized price: $32,000
(cyan) 5 month realized price: $40,000
A tell-tale sign of a bull run starting is Bitcoin being above all realized price metrics (which it currently is). 📈
However during a bull market, Bitcoin will occasionally dip and touch the 5 month realized price.
“That might mean, that Bitcoin will not go below $40,000 ever again.”
Exponential Bull market is 3-6 months away
According to PlanB we are still in the accumulation phase.
🔵 Accumulation
🔴 Bull market
🟡 Distribution
🟢 Bear market
Historically, the red dot (bull market) appears after the halving and just before we reach the previous all-time high.
“With the halving, I would expect to see the next red dot (bull market) in 3-6 months from here, so that’s April to July range”
Time to accumulate as much “cheap” Bitcoin as you can before this rocket ship takes off. 🚀
LIQUIDITY IS BACK 🌧️
Today we’ll be taking a look at the stablecoin market.
Stablecoin’s play an important role in the wider crypto market. They are often used on centralized and decentralized exchanges to purchase other digital assets.
(Plus they make international payments a million times faster)
As a result, by taking a look at the stablecoin market, we can gauge the demand for digital assets.
The chart below tracks the aggregate change in the total stablecoin market cap.
🟢 Increased stablecoin supply: increased demand and capital inflows into the digital asset space 🐂
🔴 Contractions in stablecoin supply: risk-off environments and net capital outflows from digital assets 🐻
Since October 2023, the stablecoin supply has experienced constant growth.
Increasing all the way from ~$119 billion to ~$130 billion.
Liquidity is back baby!
BUT… it’s still a long way off the all-time high at $161 billion.
Did you know that Tether (USDT) alone accounts for 74% of the stablecoin market cap?
In case your unaware how big Tether really is, checkout this stat:
😱😱
Tether may be the best business in the world.
(They only have 50 employees…)
Growth is the stablecoin supply is a clear bullish signal. 🐂
Things are all tracking good. 😎
CRACKING CRYPTO 🥜
Tether CEO bashes JPMorgan's 'hypocrisy' amid stablecoin dominance concerns. Tether CEO Paolo Ardoino responded to JPMorgan's regulatory concerns about its USDT dominance by highlighting the asset's resilience.
Valkyrie adds second custodian, BitGo, to its ‘BRRR’ Bitcoin ETF. Valkyrie has become the first spot Bitcoin ETF issuer to diversify custodians for its spot Bitcoin ETF.
WisdomTree exec downplays firm’s slow bitcoin ETF launch. Despite WisdomTree lagging behind other fund issuers in terms of bitcoin ETF inflows, executives said they expect a boost.
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”)
What is considered the first altcoin? |
MEME CORNER 😂
Because what would the crypto world be without its share of memes?
Trivia Answer: B) Namecoin 🥳
The very first altcoin to be forked from Bitcoin was Namecoin. Namecoin was introduced in April 2011 and based on Bitcoin's source code.
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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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