GM to all of you nutcases. It’s Crypto Nutshell #913 slidin‘ on in… 🛝🥜

We're the crypto newsletter that's more signal-aware than a station chief spotting the mole before the dead drop closes… 🕶️📻

What we’ve cooked up for you today…

What’s in the Crypto Nutshell Portfolio?

BREAKING: Bitcoin briefly dips below $59,000 as macro pressures drag crypto, Asian equities lower

Bitcoin just printed its lowest level since September 2024.

Around $58,000, before it scraped back toward $60K.

And for once, the worst of the pain isn't coming in from Wall Street.

Sure, the macro piled on.

Apple hiked prices on Macs and iPads, traders read it as proof chip costs are about to bite, and the whole AI trade buckled again.

South Korea's Kospi cratered 8% and tripped a circuit breaker, its second of the week. More than a trillion dollars vanished from Asian stocks in hours.

Then yesterday's domino landed.

Core PCE came in at 3.4%, the hottest since 2023, with headline inflation at 4.1%.

Markets now price an 80% chance of a Fed hike by December. That hawkish-Fed, strong-dollar vice we've flagged all week just got another turn.

Then there's Strategy…

STRC, the preferred stock it built to trade near $100, crashed 26% below par. MSTR shares hit a 16-month low. The company's now sitting roughly $14 billion underwater on its Bitcoin, and over $1 billion in leveraged longs got flushed as it all unwound.

Here's why that one stings.

Strategy has always been the buyer who shows up. Now analysts are openly telling Saylor to stop buying and hoard cash… and he's already sold Bitcoin once this month.

A forced seller that size is the one thing that turns a dip into a spiral.

The good news, for once?

CF Benchmarks points out that $50K-$60K is the exact zone that's stopped every Bitcoin selloff since mid-2024. Through the yen carry unwind. Through the election. Through everything.

We're sitting in it right now.

"If history is any guide, this is where buyers step in."

And the proof comes quick.

A $13 billion options expiry hits today, heavily stacked toward puts, and how Bitcoin closes it sets the tone for July.

Two years of buyers have defended this zone.

Today we find out if they've still got the stomach for it. 🚀

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What happens when multiple superpowers all decide they need Bitcoin at the same time? Dan Morehead just painted the picture, and it's wild.

Morehead is the founder and CEO of Pantera Capital, one of the oldest and most respected crypto investment firms in the world. As one of the original institutional Bitcoin investors, his read on sovereign demand carries serious weight.

In his latest Real Vision interview, he laid out why he's so bullish.

That's the whole thesis in one breath. There simply aren't enough Bitcoin to satisfy nations.

Consider the current scoreboard. Morehead estimates the U.S. holds around 200,000 BTC, mostly from confiscations. China holds roughly the same. Almost accidental positions.

Now imagine those holdings become intentional. He has no trouble seeing China wanting to buy a million Bitcoin, an amount still tiny relative to their balance sheet.

Then the Gulf states want a million. Then Russia wants some. Then the U.S. has to respond.

There are only 21 million Bitcoin that will ever exist. Around 19.7 million already mined, much of it lost or held by people who'll never sell. So when several superpowers each try to grab a million coins from a float that small, the result is violent.

In Morehead's words, the price "squeezes up like a watermelon seed."

This is the game theory Saylor, Mow, and Samson have all pointed to. No nation can afford to let a rival corner the hardest asset on earth. And the moment one moves seriously, the rest have to follow.

A fixed supply. Infinite sovereign demand. One inevitable outcome.

The squeeze hasn't even started yet. 💥

Today we’ll be taking a look at the amount of wallets that hold at least some Bitcoin. (anything greater than 0)

This metric offers a bird’s-eye view of user activity and adoption across the Bitcoin network.

But there’s a slight catch…

One wallet does not equal one user. A user can have many wallets.

What matters here is the trend of the chart.

59,162,250 wallets now hold Bitcoin. That's 188,048 more than two weeks ago (58,974,202).

And just like that, 59 million is in the books. (New all-time high)

Last edition we said this line would fall next print - it did, and convincingly. The holder base tacked on 188,000 wallets this fortnight, well up from last period's 122,000, sailing clean through 59 million for the first time.

That's three straight gains now since the brief dip a few editions back… which barely registers anymore. Never a trend, never a warning - just a single blip in an otherwise relentless climb to fresh records.

Next stop? At this pace, 59.5 million won't take long.

New holders keep showing up, no matter what price is doing. 🔥

Polymarket to Refund Users After Scammers Swipe Millions in Website Exploit. Hackers compromised a third-party vendor tied to Polymarket’s website, and the company said affected users will be reimbursed.

Coinbase’s Base blockchain resumes after two-hour outage disrupted network. One of Ethereum’s largest layer-2 networks temporarily halted transaction processing before returning online.

Kraken, Maple launch onchain warehouse facility for crypto-backed institutional loans. Kraken and Maple are moving a traditional warehouse-financing model onchain to expand institutional crypto lending.

Aave founder Stani Kulechov says AAVE isn’t for sale ‘at a 70% discount’ following report of Payward bid. Kulechov pushed back after reports that Kraken parent Payward was discussing a stake in the DeFi lender.

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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: The tokens or coins currently available in the market, excluding locked or unissued supply. 🥳

Circulating supply is used to estimate market value and compare assets, and is different from maximum or fully diluted supply.

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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.