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GM to all of you nutcases. It’s Crypto Nutshell #808 spillin’ the tea… ☕🥜

We’re the crypto newsletter that’s more tense than a city holding its breath as everything starts to collapse… 🌆⚠️

What we’ve cooked up for you today…

What’s in the Crypto Nutshell Portfolio?

BREAKING: Bitcoin Hits 2-Month Low as Gold and Stocks Give Up Gains, Crypto Liquidations Top $800M

Pain…

Bitcoin plunged to two-month lows on Thursday as a wave of selling hit everything at once.

BTC dropped below $83,000, falling as low as $81,300 before recovering slightly.

That's a 6% drop in 24 hours.

Ethereum fell to $2,800. Solana slid to $117.

Over $800 million in leveraged positions were liquidated. Nearly $700 million of that came from longs.

Everything sold off

But this wasn't just a crypto sell-off.

Stocks, gold, silver -everything got hit.

Microsoft dropped 12% after earnings disappointed on cloud growth. The Nasdaq fell over 2% before recovering to close down 0.7%.

But the wildest move was in gold.

After hitting a record $5,600 per ounce, gold crashed hard.

According to The Kobeissi Letter, gold lost $3.2 trillion in market cap in under an hour - that's $58 billion per minute. It then bounced back $2.3 trillion by the afternoon.

The total swing: $5.5 trillion.

That's over three times Bitcoin's entire market cap.

"Gold and silver just don't do this," said Coin Bureau CEO Nic Puckrin. "When they actually do, we need to pay attention."

More risk ahead

Remember that historic government shutdown we had from October to November last year?

Well another shutdown is looming again…

So far lawmakers have failed to advance a funding vote, with a midnight deadline approaching.

The last shutdown in October lasted 43 days and saw Bitcoin drop around 15%.

What analysts are watching

Analysts warn the next stops could be $80,000 and then $74,000 - the April 2025 lows.

But not everyone is bearish.

Matt Mena at 21Shares called current prices a "compelling entry point" and still expects Bitcoin to hit $100,000 by the end of Q1.

For now, the market is on edge. 🚀

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There’s a reason we keep covering Fred Krueger.

Fred is a mathematician and serial entrepreneur who thinks in probabilities and logic.

When he says something simple, it’s usually because he’s seeing something most people aren’t.

This week, he tweeted:

On the surface, that sounds dramatic.

But zoom out.

Gold, silver, copper = all of them have been quietly ripping through new all-time highs in 2026.

Gold keeps grinding higher.
Silver has shocked almost everyone.
Even copper is breaking out.

Meanwhile?

Bitcoin sentiment is depressed.

And that disconnect is exactly what Fred is pointing at.

Bitcoin was always meant to be digital gold:

And in practice, it’s superior in almost every way:

• fixed supply
• easier to store
• easier to transfer
• harder to confiscate
• instantly global

So why does it feel like Bitcoin is “underperforming” while metals run?

Because this happens every cycle.

Hard assets tend to move first. Bitcoin tends to follow - with a lag.

We saw it in 2020. We saw it again in 2021.

Gold breaks out. Silver surprises. Bitcoin looks dead.

Until it doesn’t.

That’s usually the moment when people start saying “maybe this time is different”.

And that’s also usually when Bitcoin reminds everyone why it exists.

Fred’s point isn’t that Bitcoin has to outperform tomorrow.

It’s that cycles don’t end quietly.

They end when confidence is lowest, comparisons look worst, and people start doubting the very thesis that brought them in.

Gold is doing its job.
Silver is doing its job.

Bitcoin just hasn’t had its turn yet.

And if history rhymes at all?

When it does move, it won’t be gentle. 🎢

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 2.73 million BTC now sit on exchanges - 13.66% of the total supply.

Since the start of 2026, around 19,025 BTC have been withdrawn - roughly $1.68 billion moved into cold storage, treasuries, and long-term wallets.

Sure, some weak hands are folding. Short-term holders are capitulating. Fear's doing its job.

But zoom out. The bigger trend hasn't budged.

Available supply keeps shrinking. Committed holders keep stacking.

This isn't distribution. It's quiet accumulation. 🧱

SEC Chair Atkins Walks Back Timeline for Crypto Innovation Exemptions. Atkins had previously said the exemptions, which could target tokenized securities, DeFi, and other crypto sectors, would be out in January.

Crypto bill clears U.S. Senate milestone despite Democrat opposition. The market structure legislation for the first time advanced beyond a committee, setting up the next steps that could end with a vote of the overall chamber.

Copper Explores IPO as Crypto Custody Draws Wall Street Interest. Crypto custodian Copper is in early IPO discussions as institutional demand for digital asset infrastructure rises following BitGo’s NYSE debut.

Bitcoin’s quantum risk is ‘long-dated and manageable,’ Benchmark pushes back on panic. Analysts agree only a subset of bitcoin would be vulnerable in a future quantum scenario, though estimates and timelines vary widely.

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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.