GM to all of you nutcases. It’s Crypto Nutshell #896 standin‘ by… 🦩🥜

We're the crypto newsletter that's more calibrated than a bridge crew rerouting power before the red alert finishes flashing… 🚨🖖

What we’ve cooked up for you today…

What’s in the Crypto Nutshell Portfolio?

BREAKING: Bitcoin set for 'choppy summer' as capital chases high-flying AI stocks, K33 says

Bitcoin is staring at $60K again…

And there’s no other way to say it. This one hurts.

At the time of writing Bitcoin is trading around $67K, down roughly 4% on the day.

That’s painful by itself.

But the worse part is what’s happening around it.

The stock market continues hitting fresh records. AI trades are still ripping. Capital is chasing the next big AI move while crypto is getting treated like the thing investors can ignore for now.

That sucks to see…

K33 put the problem pretty bluntly. Investors are starting to see the "opportunity cost" of holding Bitcoin as too high while AI-related stocks keep running and big AI-linked IPOs keep pulling attention.

K33 pointed to nearly 63,000 BTC of ETF outflows over the past three weeks, the second-largest outflow streak on record.

CoinDesk also flagged heavy spot Bitcoin ETF outflows above $3.2B as one of the pressure points behind this latest sell-off.

Then leverage made it uglier.

Roughly $1.84B in leveraged crypto positions were liquidated over 24 hours, with about $1.66B of that coming from longs.

Bitcoin fell from above $71K to around $65.7K, and a break below $65K could open the door toward $60K.

Yesterday's we ran a quick sentiment check poll.

Today, the market is forcing that question harder.

The long-term Bitcoin thesis hasn’t vanished.

ETF wrappers still exist. Institutions haven’t fully packed up and left. And if buyers defend the mid-$60K area, this could still become another brutal shakeout.

But right now, Bitcoin isn’t just falling.

It’s falling while the rest of the market continues to hit all-time highs. 😥

SpaceX's IPO is coming, and when the official IPO filing drops, allocations will vanish fast.

Join our free notification list and we'll alert you the moment the filing hits — plus send our pre-IPO playbook covering backdoor plays you can buy today and expected valuation ranges.

Join the IPO List

Most people think a 50% drawdown is the end of the world. Saylor thinks it's barely worth mentioning.

In his latest appearance on When Shift Happens, Saylor was asked how the volatility and constant FUD affects him personally.

His answer puts the entire moment in perspective.

It doesn't bother him at all. And he explained why with brutal context:

That's the reframe. The market has been losing its mind over a drawdown that has lasted less time than a pregnancy. Less time than a single semester of college.

And Saylor has seen real pain. He lost $6 billion of paper wealth in a single day in 2000. Later, his company's stock fell 99.8%, 3 days from bankruptcy. So when people ask if a 20% dip stresses him out, he laughs.

But the deeper insight is why Bitcoin is volatile in the first place.

A person in China reacting to a government decision you've never heard of can trade Bitcoin instantly.

Nobody's trading Manhattan real estate or Renaissance art at 3am on a Sunday.

Bitcoin is the most liquid, most tradable, most global free market on earth. The volatility isn't a bug. It's proof the asset is being used by everyone, everywhere, all the time.

And his closing advice is the part every investor needs to hear.

If you have less than a 4-year time horizon, you're not an investor. You're a trader. And if you want the returns, you have to be willing to ride the volatility.

7 months of pain feels like forever. Zoom out, and it's a blink. 👶

Today we’ll be taking a look the overall stablecoin supply.

Stablecoins are the backbone of crypto liquidity, used for seamless trading and instant cross-border transactions.

The chart below tracks the aggregate change in the total stablecoin market cap.

$269.70 billion in stablecoins now sit on-chain.

That's down $2.71 billion from $272.41 billion two weeks ago - the largest two-week contraction we've seen in quite a while.

After weeks of steady growth that pushed stablecoin supply to its highest levels since the October crash, capital is pulling back. And unlike the minor $160 million dip we flagged last time, this one has some weight behind it.

The year-to-date picture has narrowed significantly. Stablecoin supply is still up roughly $1.77 billion in 2026, but that cushion has thinned from over $4 billion just a fortnight ago.

The timing makes sense…

Persistent ETF outflows since May 7th, institutional sentiment cooling, and price sliding back toward the low-$70,000s. When risk appetite fades, stablecoin supply tends to follow.

$269.70 billion is still an enormous amount of capital sitting on-chain. The drawdown hasn't drained the system - it's trimmed it slightly. And the stablecoin supply remains well above where it started the year.

The question is whether this is a temporary pullback within a broader expansion - or the start of a deeper unwind. Next fortnight's data should tell us. 🔥

Mt. Gox Moves $739M in Bitcoin as Repayment Deadline Looms. The defunct exchange moved more than 10,000 BTC while Bitcoin was already below $70K, adding a fresh supply-overhang scare even though the transfer does not show a sale.

Tom Lee predicts ether will hit $250,000 as corporate validators take over network control. The Bitmine chairman said DeFi and AI could push the Ethereum network's value into the multi-trillion range, making current prices “future optionality at a discount”.

Robinhood enters Canada after $180 million WonderFi acquisition. Robinhood gained Bitbuy, Coinsquare, local regulatory approvals, and about 300,000 funded customers as it pushes crypto trading deeper into Canada.

Polymarket faces backlash over disputed Strategy bitcoin sale market. Traders are contesting whether Strategy's late-May BTC sale should have resolved an $80M market to Yes or No, turning one corporate filing into a prediction-market credibility fight.

Want to get even smarter? Check these out.

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

Select your answer below and you’ll be redirected to the results page. (answer explanation can be found after “Meme Corner”)

Because what would the crypto world be without its share of memes?

Trivia Answer: Mapping human-readable names like .eth addresses to crypto wallets and other records 🥳

ENS makes crypto addresses easier to use by letting people attach readable names to wallet addresses and other records. Instead of pasting a long hexadecimal address, a user can send funds to a name that resolves to the right destination.

Advertise with Crypto Nutshell to get your product or brand in front of the crème de la crème of crypto investors. Crypto Nutshell readers are high-income earners who are always looking for unique or interesting offers.

Get in touch today.😎

We read every comment submitted in this poll and love to hear what you guys have to say. 😁 (bonus points for suggestions 🍪)

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.