GM to all of you nutcases. It’s Crypto Nutshell #1007 bringin‘ the news… 🥜

We're the crypto newsletter that's more unimpressed than a fashion editor explaining why your lumpy blue sweater is actually cerulean… 💙👠

What we’ve cooked up for you today…

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BREAKING: CFTC clears stock perpetual futures for trading on US exchanges

Crypto's favourite way to trade got permission to come to the US stock market on Tuesday, and part of Wall Street was in court trying to stop it by the afternoon.

The CFTC (America's derivatives regulator) cleared perpetual futures on individual stocks for regulated US exchanges, the first approval of its kind.

(A perp is a futures contract with no expiry date, so a leveraged bet can stay open as long as the trader keeps up the margin and funding payments.)

When BitMEX said in July it was shutting down, the product it invented in 2016 had traded $61.7 trillion the year before.

The exchange is gone, and its invention now has a US regulator's blessing to move into single stocks.

Coinbase has already filed to list single-stock perps on Apple, Tesla and Nvidia, and Kalshi and Kraken's Bitnomial exchange applied in September.

CFTC chair Mike Selig named no exchanges and no start date, but pitched it as the regulated alternative to “offshore, and often unregulated, venues.”

He pointed at Binance's $6.3 billion hack last week to make that same case.

Then comes the catch…

A new group called the Capital Markets Alliance, whose members include Cboe and Citadel Securities, sued in New York the same day to overturn it.

It argues these are security-based swaps, which belong with the SEC and can't be sold to retail investors, and it wants the decision frozen until the court rules.

Cboe's biggest business is options, Wall Street's existing way to make a leveraged bet on a stock.

CME sued over the Bitcoin version in June, and the CFTC has asked the court to throw that case out.

A judge's call on pausing the approval decides whether American traders get leveraged Tesla bets from Coinbase, or keep taking that trade offshore… 🚀

AI is stepping out of the screen and into the physical world. Robotics VC deals hit record highs in early 2026: nearly $16B across 450+ deals.

Labor shortages, aging workforces and breakthroughs from NVIDIA, Tesla and specialized suppliers are accelerating automation in factories and warehouses worldwide.

Our free guide breaks down the 6 investable robotics subsectors driving the buildout, from AI compute and machine vision to humanoid robots. Enter your email and we’ll send it straight to your inbox.

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Hunter Horsley spotted a well-known investor breaking up with Bitcoin, and he took it as good news.

Horsley is the CEO of Bitwise Asset Management, one of the largest crypto index fund managers.

Here's what he posted:

The post he's quoting is from Dave Lee, who has held Tesla since 2012, runs the Dave Lee on Investing YouTube channel and has 637,000 followers on X.

Over the weekend, Lee said he'd slept on it and decided Bitcoin had become mostly boring next to AI.

The scoreboard backs up his mood… by our count VanEck's chip-stock fund (SMH) is up 39% this year, while Bitcoin is down about 13%.

Horsley reads that as capitulation (the stage of a selloff where holders give up and sell out of exhaustion), and a bored bull who sells today won't be around to sell into the next bounce.

The AI half runs in reverse, since a crowd that's decided AI is the only interesting trade has mostly already bought it.

The last month leans his way, with SMH down about 18% from its early-October high against roughly 10% for Bitcoin.

Horsley does sell Bitcoin funds for a living, though, and a mood call like this can't tell you when the turn comes.

He's betting Lee's breakup note, posted with Bitcoin near $78,000, lands close to the low. 🥱

Today we'll be taking a look at 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.

$256.21 billion in stablecoins now sit on-chain. (Two weeks ago: $260.80 billion)

Down $4.59 billion in a fortnight, after a $2.29 billion drop the print before.

When holders cash stablecoins back into dollars the issuer burns them, so a shrinking pool means money leaving crypto altogether.

Over the past month the pool is down $6.88 billion, from $263.09 billion.

That works out to roughly $330 million a day leaving over the last two weeks.

For a second fortnight running more dollars left crypto through stablecoins than came in, and the pace doubled. 💵

Tether holds 150,000 bitcoin worth $11.5 billion, CEO Paolo Ardoino says. Its third-quarter reserve report implies about 100,060 BTC, and Ardoino didn't say where the extra 50,000 or so are held.

SEC division views Canton Coin as digital commodity in no-action letter. Corporation Finance staff won't recommend enforcement over the token's programmatic issuance, though the letter reaches no conclusion on whether it's a security.

Liquid Network Restores Full Bitcoin Backing Two Months After $320M Exploit. Attackers kept about 598 BTC after returning 3,400 in September, and the federation hasn't said how it covered the shortfall.

Moscow Exchange to launch Bitcoin, Ether and USDT trading in December. Trading starts Dec. 1 under Russia's new crypto law, with non-qualified investors capped at 300,000 rubles, about $3,700, a year per broker.

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Trivia Answer: Gives every token the same basic rules for transfers and balances 🥳

ERC-20 is a shared rulebook for Ethereum tokens that covers how to send them and check a balance. Because every token follows it, a wallet or exchange that supports one ERC-20 token can handle them all.

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