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GM to all of you nutcases. It’s Crypto Nutshell #837 gettin’ to work… 🔧🥜

We're the crypto newsletter that's more claustrophobic than a space station where nothing works and no one's coming… 🛰️😶

What we’ve cooked up for you today…

What’s in the Crypto Nutshell Portfolio?

BREAKING: Mastercard just brought Binance, PayPal, Ripple and 80+ partners under one crypto payments roof

Mastercard just made one of the biggest moves in crypto payments history.

The payments giant launched its new Crypto Partner Program on Wednesday - a global initiative that brings together more than 85 companies to connect blockchain technology with the infrastructure that powers everyday commerce.

The partner list reads like a who's who of the industry.

Binance. Circle. Ripple. PayPal. Gemini. Paxos. Crypto.com. Solana. Polygon. MoonPay. Fireblocks.

All working with Mastercard on one shared goal: making on-chain payments work in the real world.

These aren't experimental ideas anymore. They're problems stablecoins and blockchain are already solving - just not at scale.

Mastercard's bet is that plugging these tools into its network of banks, merchants, and consumers across 200+ countries is what gets them there.

The program builds on moves Mastercard has already been making.

It reportedly acquired crypto infrastructure startup Zerohash for up to $2 billion.

It launched a self-custodial payment card with MetaMask that works anywhere Mastercard is accepted.

And SoFi is now planning to settle card transactions using its SoFiUSD stablecoin across Mastercard's network.

About 30% of Mastercard's transactions were already tokenised in 2024. That number is only going up.

Visa is making similar moves - piloting stablecoin settlement through Visa Direct and expanding crypto services across multiple blockchains.

The two biggest payment networks in the world are now in a race to become the bridge between traditional finance and crypto.

A few years ago, the conversation was whether institutions would ever touch crypto. Now Mastercard is building an 85-company coalition to make it part of how the world pays for things.

That's not adoption coming. That's adoption here. 🚀

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Cathie Wood is making the same call she made a few weeks ago. And now she's doubling down.

Wood is the founder and CEO of ARK Invest, one of the most influential investment firms in the world, known for its conviction-driven bets on disruptive technology. She's the same person who put a $1.5 million Bitcoin price target on the table for 2030.

And in her latest YouTube update, she zeroed in on 1 chart that she thinks tells the whole story: Bitcoin priced in gold.

Here’s the chart Cathie is interested in:

The ratio has been under pressure. Gold has been soaring. Bitcoin has been beaten down. On the surface, it looks like gold is winning the "store of value" battle.

But Wood sees something different…

Even after all the recent selling pressure on Bitcoin, and even after gold's historic run, the Bitcoin-to-gold ratio is still holding above its last 2 major lows.

That's the detail most people are missing. Bitcoin took a 50% drawdown while gold ripped to all-time highs, and the ratio still didn't break down to previous levels.

Wood's take? This is about to reverse. And not just one way.

That's a double bet. She's not just saying Bitcoin outperforms gold from here. She's saying gold rolls over while Bitcoin rips higher.

A full reversal on both sides.

If you've been following Wood's thesis, this lines up perfectly. She's been saying for weeks that gold is overextended and that Bitcoin is the future of the global monetary system.

The chart hasn't confirmed it yet. But Cathie Wood isn't waiting for confirmation.

She's positioning ahead of it. 🏹

Today we’ll be checking in on the amount of Ethereum available for sale on exchanges.

Here’s how to interpret this metric:

Only 16.10 million ETH remain on exchanges.

That's 13.34% of the entire supply - and it keeps shrinking.

Since the start of 2026, 682,490 ETH has been withdrawn from exchanges. Regardless of what price is doing.

And that's the part worth paying attention to…

Sentiment is wrecked. ETH has been bleeding for weeks. Every bounce gets sold into. The mood couldn't be much worse.

Yet the people actually moving ETH aren't sending it to exchanges to dump. They're pulling it off.

Weak hands panic. Strong hands accumulate. The exchange data shows you exactly which group is in control right now.

Supply gets thinner. Sellers get exhausted. And eventually price has to catch up to the reality underneath. 🐳

Bloomberg strategist doubles down on $10,000 bitcoin call but peers say its 'silly'. Mati Greenspan said a bitcoin collapse to below $10,000 would require a global liquidity crisis, a nuclear war and the internet to stop working.

Binance Sues Wall Street Journal Amid Report of DOJ Iran Probe. Binance said it sued The Wall Street Journal after the paper reported a DOJ probe into Iran’s alleged use of the exchange to evade US sanctions.

SEC and CFTC commit to work together on crypto policy and introduction of new products. The agencies have agreed to collaborate in a manner that fosters innovation, including crypto regulation and new digital asset products.

Bitcoin price analysis: cautious optimism as BTC holds near $70,000 amid Iran war. Bitcoin is up about 7% from the Sunday lows, even as equities and gold tread water. Analysts point to seller exhaustion, shifting gold correlation and improving ETF flows.

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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: Mt. Gox 🥳

Mt. Gox was the dominant Bitcoin exchange until it filed for bankruptcy in February 2014 after revealing that approximately 850,000 BTC had been stolen over several years. The collapse shook the entire industry and creditor repayments didn't begin until over a decade later in 2024.

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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.