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GM to all of you nutcases. It’s Crypto Nutshell #697 buildin’ it up… 🏗️🥜

We're the crypto newsletter that's more thrilling than a CIA analyst uncovering a mole in the highest ranks... 🕵️‍♂️📂

What we’ve cooked up for you today…

• 🏦 Is Bitcoin undervalued?

• 🧸 No more bear markets

• 📈 Smart money

• 💰 And more…

What’s in the Crypto Nutshell Portfolio?

IS BITCOIN UNDERVALUED? 🏦

BREAKING: JPMorgan says current bitcoin price 'too low,' sees upside to $126,000 by year-end

JPMorgan just dropped a bombshell…

Bitcoin’s too cheap. (This is big coming from them…)

Right now, BTC is trading near $111K. But according to JPMorgan?

Fair value is $126K - and it could get there before year-end.

The reason?

Volatility.

BTC’s six-month volatility has collapsed from 60% at the start of the year to just 30% today - the lowest ever recorded.

That puts Bitcoin only 2x as volatile as gold, the tightest gap in history.

On a risk-adjusted basis, JPMorgan says Bitcoin’s market cap needs to rise 13% to match gold’s $5T in private investment.

Translation: $126K fair value.

And the drivers behind it?

Corporate treasuries have already locked up 6% of Bitcoin’s supply - an effect JPMorgan compared to QE. (Quantitative Easing)

Add index inclusions like Strategy’s global benchmark upgrade and Metaplanet’s FTSE addition, and passive inflows just keep stacking.

Meanwhile, the corporate arms race is heating up.

Nasdaq-listed KindlyMD is raising $5B to buy BTC.

Adam Back’s BSTR wants to rival Marathon.

Strategy remains the benchmark giant, but the competition is coming fast.

JPMorgan’s takeaway: collapsing volatility has made Bitcoin more investable than ever.

Institutions can now size positions with gold-like confidence - but with bigger upside.

At $111K, the market’s still discounting. At $126K, JPMorgan says it’s fair.

And history shows? Bitcoin doesn’t pause at fair value. 🚀

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NO MORE BEAR MARKETS 🧸

David Bailey, chairman of Bitcoin Magazine and The Bitcoin Conference, just dropped a bold statement.

We’re not going to see another bear market. 🧸

Not for several more years. 👀

Here’s why David thinks bear markets are now a thing of the past:

Think about that for a second. He’s got a point:

• Sovereigns are building reserves 🌍

• Banks and insurers are allocating 🏦

• Corporates and pensions are just starting 🏢

And we’re still under 0.01% penetration of the total addressable market.

This isn’t just another bull cycle. If Bailey is right, we’re entering an era where Bitcoin becomes a permanent fixture in every major balance sheet on Earth.

Translation?

The dream isn’t $100k.
It isn’t $500k.

It’s waaay bigger than that.

It’s one of the most dangerous things you can say in investing but…

This time might just be different. 👀

SMART MONEY 📈

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 2,902,417 BTC remain on exchanges - just 14.58% of total supply.

Translation? The shelves are bare.

Since January, another 176,155 BTC (≈$19.6B) has been quietly pulled off exchanges.

And this isn’t retail chasing green candles.

It’s smart money. Institutions. Treasuries. Locking up supply before the next leg.

History is clear: when exchange liquidity dries up, there’s only one direction left for price.

Up. And fast. 🚀

CRACKING CRYPTO 🥜

IREN on track to $1 billion in annualized bitcoin mining revenue. The company, formerly known as Iris Energy, posted revenue of $187.3 million, net income of $176.9 million, and EBITDA of $241.4 million.

US regulator opens pathway for Americans to trade on offshore crypto exchanges. The Commodity Futures Trading Commission (CFTC) has announced a pathway, under existing regulations, to allow US residents to access offshore crypto exchanges.

Tether’s $167 billion USDT ready to launch natively on Bitcoin in game-changing debut via RGB. Tether pioneers stablecoin integration on Bitcoin's mainnet through RGB, signaling a new era of native assets.

Public Treasuries, Tokenization Are Fantastic for Crypto, But Risks Remain: CZ. Tokenization of real-world assets (RWAs) is accelerating, bringing stablecoins, treasury bills, real estate and more into the crypto ecosystem, CZ added.

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”)

MEME CORNER 😂

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

Trivia Answer: Off-chain micropayments 🥳

The Lightning Network allows instant, cheap off-chain transactions, massively scaling Bitcoin payments. ⚡

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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.