GM to all of you nutcases. It’s Crypto Nutshell #936 slidin‘ on by… 🛷🥜

We're the crypto newsletter that's more mission-ready than four problem-solvers turning a farm shed into an armoured convoy before lunch… 🛠️🚐

What we’ve cooked up for you today…

What’s in the Crypto Nutshell Portfolio?

BREAKING: Morgan Stanley debuts Ethereum and Solana ETFs with market's lowest fee, staking rewards

Yesterday we wrote that Ether's ETF money was piling into the cheapest fund on the market.

Today there's an even cheaper one…

Morgan Stanley put two new funds on NYSE Arca on Tuesday, an Ethereum trust trading as MSSE and a Solana trust as MSOL, both charging 0.14%.

That's the lowest standing fee on either asset, waivers aside, and both funds stake a slice of what they hold, with the rewards going to investors rather than the firm.

(Staking means locking coins up to help run the network, which pays a yield for doing it.)

Neither fund is first to market.

Eight Solana ETFs already hold about $890 million between them, and BlackRock has run a staked Ether product since March.

Morgan Stanley's edge is the pipe.

Its wealth arm has roughly 16,000 advisors overseeing more than $9 trillion, and it owns E*TRADE on top of that.

When it launched its Bitcoin fund at the same 0.14% back in April, that fund gathered $381 million by mid-July with barely a headline.

BlackRock's staked Ether fund charges 0.25%, cut to 0.12% on the first $2.5 billion for its first year, and it keeps 18% of the staking rewards, shared between the trust, the custodian and the staking providers.

Morgan Stanley is at 0.14% with no promotional clock on it, and says the yield goes to holders.

21Shares runs its Solana fund at zero, but only for twelve months.

It lands while Ether funds are outdrawing Bitcoin funds for a second week running, $103.9 million against roughly a third of that, with the money going almost entirely to whoever is cheapest.

Ether itself sits at $1,918, still short of the $2,000 it's been nudging all week.

So watch MSSE's first-week flow.

Morgan Stanley doesn't need to win the product race when it can put the cheapest fund in front of 16,000 advisors by default. 🚀

You probably opened something powered by AI before your first coffee this morning. Millions of people do. Almost none of them own a piece of it.

That's been the catch with the AI boom — the biggest gains went to insiders and venture funds, while the companies actually building the frontier stayed private and out of reach.

That's starting to change. A wave of AI IPOs is forming, and a few are shaping up to be among the most retail-accessible mega-listings in years — the rare chance to get in near the ground floor instead of reading about the gains after the fact.

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Luke Leasure, Head of Research at Blockworks, just published one of the most rigorous bottom studies of this cycle. And several rare signals are flashing at once.

The setup: Bitcoin is 50% below its all-time high, and the bear market is over 40 weeks old.

3 tail-risk indicators are firing simultaneously.

One. Bitcoin just registered its most oversold reading on record against the Nasdaq. In sixteen years, this condition has appeared only four times.

Two. In February, it hit the most oversold reading ever against gold.

Three. Realized price, the aggregate on-chain cost basis, sits at $53K. Only 12% of Bitcoin's entire price history has been spent below that line, and every bear market low has traded at a discount to it.

Then the clock. Across the 2013, 2017 and 2021 cycles, the trough was set by week 60 from the all-time high. We're at week 40.

The scenario ensemble is mixed into year-end. Then it turns decisively positive for 2027 and 2028, with new all-time highs implied before February 2028.

The signals stay silent for years at a time.

They're not silent now. 📐

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.

$263.12 billion in stablecoins now sit on-chain. (Two weeks ago: $262.58 billion)

Up $540 million in a fortnight, and the four-fortnight losing streak is over.

Last print was the steepest drop of the run at $2.9 billion, and we said then there'd be less sidelined capital chasing any bounce until these prints stabilised.

They've stabilised.

Temper it, though…

$540 million on a $263 billion base is a rounding error, about two tenths of a percent.

That's the outflow stopping, and nothing more.

Supply still sits roughly $9.4 billion below the highs, and below where 2026 began.

Stablecoin supply shrinks when holders redeem to fiat and walk, so four accelerating down prints meant money leaving the system outright.

A flat print means those sellers have run dry.

It's a single print, and the next one decides whether the bleed is genuinely done. 🔥

Zcash Activates Ironwood Upgrade After Counterfeiting Scare. The upgrade retires the vulnerable $1.7B Orchard pool and introduces a withdrawal turnstile designed to trap any counterfeit coins.

BlackRock, Fidelity, other Wall Street giants back the Clarity Act. Major asset managers endorsed the bill as its pre-recess timetable tightens and banks remain divided over stablecoin yield.

Visa outlines stablecoin strategy during Q3 earnings call. Visa linked OpenUSD settlement, tokenized deposits, wallet infrastructure, and AI-agent commerce into one broader stablecoin strategy.

Crypto hacks hit record high in H1 2026 as losses top $1 billion, Blockaid says. Blockaid counted 212 incidents, with Ethereum and Solana each losing more than $325M.

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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: To reduce lender risk when borrowers do not undergo traditional credit checks 🥳

Overcollateralisation gives a protocol a buffer against falling collateral prices and borrower defaults without relying on salaries or credit scores.

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