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- 🥜 1 million Bitcoin is close
🥜 1 million Bitcoin is close
PLUS: The Strategic Bitcoin Reserve In Question?
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GM to all of you nutcases. It’s Crypto Nutshell #687 chargin’ up… 🔋🥜
We're the crypto newsletter that's more chaotic than protecting a mischievous creature from breaking three very important rules... 🐾💡
What we’ve cooked up for you today…
🏦 What’s going on with the US Bitcoin reserve
🔮 Bitcoin To $1 Million Is Closer Than You Think…
🤯 BTC exchange reserves
💰 And more…
Prices as at 7:00am ET
THE BITCOIN RESERVE? 🏦
BREAKING: US Treasury’s Bessent backpedals: Bitcoin buying still possible
It was one of the fastest mood swings we’ve seen all year.
On Thursday morning, U.S. Treasury Secretary Scott Bessent told Fox Business:
"We're not going to be buying that [Bitcoin], but are going to use confiscated assets and continue to build that up. We're going to stop selling that… You know, I believe that the bitcoin reserve at today's prices is somewhere between $15 and $20 billion."
Within 40 minutes, Bitcoin’s market cap shed $55 billion, plunging from $121,073 to a low of $117,500.
And the backlash was instant.
Bitcoiners accused the administration of backpedaling on President Trump’s March promise to make the U.S. the “Bitcoin superpower of the world.”
But…
By the afternoon, Bessent flipped.
In a post on X, he walked it back - saying The Treasury is “committed to exploring budget-neutral pathways to acquire more Bitcoin to expand the reserve.”
Hope returned… but so did skepticism.
After all, The Treasury has been “exploring” for five months without any action.
As Braiins CEO Eli Nagar put it:
“At some point, exploration without execution starts to look like avoidance. Come on, get moving!”
For now, the Strategic Bitcoin Reserve sits at 198,012 BTC (worth ~$23.5B), all seized from criminal cases.
Bessent says they’ll stop selling those coins - but any new buys must be budget-neutral and could require Congress’ blessing.
If that wasn’t enough, the Producer Price Index (PPI) dropped earlier in the day - and it was ugly.
The hotter-than-expected print killed hopes for a jumbo Fed rate cut in September.
Markets were already shaky, and Bessent’s morning comments poured fuel on the fire.
Bitcoin and Ethereum both closed the day down nearly 3%, capping one of the most volatile news days of the summer.
Bottom Line
Thursday was a reminder of just how fast the crypto narrative can flip.
In the span of hours:
Hopes for aggressive U.S. Bitcoin accumulation were crushed… then revived.
Inflation data threatened the Fed cut narrative.
Bitcoin set a new ATH - and then erased billions.
The U.S. may still buy more BTC. The Fed may still cut
But until words turn into action, expect every sound bite — and every macro print — to move markets by the billions.
Big investors are buying this “unlisted” stock
When the founder who sold his last company to Zillow for $120M starts a new venture, people notice. That’s why the same VCs behind Uber and eBay also backed Pacaso. They made $110M+ in gross profit to date. They even reserved the Nasdaq ticker PCSO. Now, you can join, too.
Paid advertisement for Pacaso’s Regulation A offering. Read the offering circular at invest.pacaso.com. Reserving a ticker symbol is not a guarantee that the company will go public. Listing on the NASDAQ is subject to approvals.
BTC TO $1M IS CLOSER THAN YOU THINK 🔮
Taking a short break from our Ethereum coverage…
We need to talk about why $1 million Bitcoin isn’t just possible - it’s actually closer than you think.
In our latest YouTube upload, James McGrory - our in-house macroeconomic expert and on-chain analyst - breaks it all down.
James has awards in macroeconomics and nearly a decade of on-chain analysis under his belt.
He’s built models for some of the biggest names in the space, and today he’s showing exactly how small shifts in global capital, combined with Bitcoin’s shrinking supply, can push price into territory most people can’t even imagine.
Once you see the mechanics behind it, you’ll realise the question isn’t if Bitcoin hits $1 million… it’s when.
Watch the full breakdown now:
Bitcoin To $1 Million Sooner Than You Think – The Math That Changes EVERYTHING!
P.S. The support on YouTube so far has been incredible, thank you.
We’re committed to raising the bar every day, to bring you sharper insights and better daily uploads so you can stay in the know and ahead of the curve.
BTC EXCHANGE RESERVES 🤯
Today we’ll be taking a look at 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 🐻
Only 2,912,802 BTC remain on exchanges - just 14.63% of the entire supply.
Translation? The shelves are almost bare.
Since January, 165,770 BTC - worth about $19.7B - have been quietly yanked off exchanges. All while Bitcoin trades near its all-time highs.
But this isn’t retail FOMO…
This is smart money locking up supply before the next move.
And if history’s any guide, when liquidity dries up… prices only go one way:
Up. Fast. 🚀
CRACKING CRYPTO 🥜
US banks warn of $6.6 trillion shift to stablecoins amid GENIUS Act debate. Bank Policy Institute warns stablecoin competition threatens traditional banking models as crypto industry calls it overstated.
Google Play’s new rules won’t affect non-custodial crypto wallets. Google Play will require crypto wallet app developers in 15 regions, including the US and EU, to obtain licenses. The update does not apply to non-custodial wallets.
US SEC delays decision on Solana ETF proposals from Bitwise and 21Shares to October. The Securities and Exchange Commission is postponing decisions on whether to approve proposals for Solana exchange-traded funds.
Why Did BTC, ETH, XRP Prices Drop Today? It's a Pullback in a Bull Market, Analysts Say. Market strategists said the crypto rally’s broader outlook remains positive despite the largest long liquidations since early August.
WHAT WE’RE READING 📚
Want to get even smarter? Check these out.
p.s. all completely FREE (one click subscribe link)
Raremints (link) - Daily crypto news
Bitcoin Breakdown (link) - Daily Bitcoin news
Techpresso (link) - Daily tech news and insights
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”)
What ratio is commonly tracked to compare Ethereum’s price performance against Bitcoin? |
MEME CORNER 😂
Because what would the crypto world be without its share of memes?
Trivia Answer: ETH/BTC trading pair🥳
The ETH/BTC trading pair shows how many Bitcoins one Ethereum is worth — a key chart for spotting when ETH is outperforming or lagging BTC. 📊
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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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