GM to all of you nutcases. It’s Crypto Nutshell #828 lookin’ for alpha… 🔍🥜

We're the crypto newsletter that's more savage than a dinner party where the rich finally get what's coming… 🍽️🔪

What we’ve cooked up for you today…

What’s in the Crypto Nutshell Portfolio?

BREAKING: Crypto Twitter is convinced Jane Street crashed Bitcoin from $125K to $62K - here's what the data actually says.

A wild theory has been spreading across X for the last few days…

The claim: trading giant Jane Street has been systematically dumping Bitcoin at 10 a.m. ET every day to push prices lower and scoop up spot ETF shares at a discount.

Some posts say this single firm drove Bitcoin from $125,000 all the way down to $62,000.

It's a compelling villain story. (People usually look to blame someone for bear markets)

And Jane Street's track record doesn't help.

The firm was just sued by TerraForm Labs' bankruptcy operator for alleged insider trading tied to Terra's collapse in 2022.

India's SEBI also banned Jane Street from local markets last year and froze $566 million in alleged illegal gains tied to a separate manipulation scheme.

So the distrust isn't coming from nowhere.

But the data tells a different story.

Crypto economist Alex Kruger pulled the actual returns for the 10 a.m. to 10:30 a.m. window since January.

Bitcoin posted cumulative gains of 0.9% during that period. That doesn't look like systematic dump to us.

More importantly, Kruger showed that moves in that window closely mirror Nasdaq performance. Meaning the early morning volatility is broad risk-asset repricing - not one firm pressing a sell button.

As Coin Bureau's Nick Puckrin put it: "Bitcoin's price isn't driven by just one firm, no matter how influential. It isn't a memecoin."

But here's where it gets a little bit deeper than that.

The theory is wrong about Jane Street specifically.

But the underlying frustration points to something real - how spot Bitcoin ETFs actually work.

Authorized participants (APs) like Jane Street, JPMorgan, and Citadel Securities create and redeem ETF shares.

When demand spikes, they can sell shares they don't yet own - thanks to a regulatory exemption - and then source the actual Bitcoin later through private OTC deals. They often hedge with futures instead of buying spot.

That means ETF inflows don't always translate into immediate buying pressure on the spot market.

It's not manipulation.

It's simply how the system is designed.

But it does create a gap between what retail investors expect ETF demand to do for the price… and what it actually does.

No single firm crashed Bitcoin. But the plumbing underneath spot ETFs is worth understanding - because it shapes how this market moves more than most people realise. 🚀

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Fred Krueger is back. And this time he brought receipts.

Krueger - Stanford PhD mathematician, former Wall Street prop trader, serial entrepreneur with 10+ exits - just posted what might be the most comprehensive bull case for Bitcoin you'll see all year.

No charts. No price predictions. Just a checklist of fundamentals that the bears have to somehow argue against.

Bitcoin is the:

And behind all of it? The clear and present danger of massive fiat money printing.

Every single one of them is intact. Right now. In the middle of a bear market.

That's the point. Charts will tell you what happened. Fundamentals tell you what's coming. And right now, every fundamental that has driven Bitcoin for the last 15 years is not only still in play - it's accelerating.

Bears aren't fighting a chart pattern. They're fighting math, adoption curves, and monetary physics.

Good luck with that. 🧠

Today we’ll be taking a look at the amount of Bitcoin available for sale on exchanges.

Here’s how to interpret this metric:

Just 2.76 million BTC now sit on exchanges - 13.81% of the circulating supply.

Since the start of 2026, around 8,062 BTC have been deposited onto exchanges.

So yes - some weak hands are breaking. Fear is doing its job.

But zoom out and the picture changes.

8,062 BTC is noise against the broader trend. Exchange balances have been in structural decline for years, and a small uptick during a 50%+ drawdown is exactly what you'd expect.

The long-term trend hasn't reversed. Available supply keeps draining. Committed holders keep accumulating. 💪

Trump Brothers' American Bitcoin Mining Firm Reports $59 Million Q4 Loss. American Bitcoin, co-founded by Eric Trump and Donald Trump Jr., posted a $59.45 million net loss in Q4 2025 as crypto prices weakened.

US lawmakers revisit stablecoin yields amid deposit flight concerns. Some senators warned that stablecoin yields could blur the line between crypto products and traditional bank deposits.

Jane Street 10 AM Bitcoin Dump Claims Split Analysts. Investors are claiming that Jane Street has been programmatically manipulating Bitcoin’s price, but some analysts are calling the allegations scapegoating by disenchanted crypto holders.

Vitalik Buterin unveils roadmap to counter quantum computing threat. This move comes shortly after the Ethereum Foundation established a dedicated post-quantum research team to study the issue.

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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: $2.6 billion 🥳

BitConnect's BCC token reached a market cap of approximately $2.6 billion in December 2017. The lending platform promised unsustainable returns of 1% daily through a "trading bot." It spectacularly collapsed in January 2018 after cease-and-desist orders, with the token crashing 96% in a single day.

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