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GM to all 84,827 of you. Crypto Nutshell #540 keepin’ watch… 🏰 🥜

We're the crypto newsletter that's more legendary than a band of Vikings fighting to reclaim their honor and homeland... ⚔️🌊

What we’ve cooked up for you today…

• 🏦 Here come the meme ETFs

• 🪨 BlackRock is still here

• 📉 Still falling

• 💰 And more…

What’s in the Crypto Nutshell Portfolio?

HERE COME THE MEME ETFs 🏦 

BREAKING: Bitwise files Dogecoin ETF registration

When we said things were about to get crazy, this is what we were talking about.

Bitwise just submitted a registration filing in Delaware for a potential Dogecoin ETF…

And although that may seem a little hard to believe, it has since been confirmed by ETF analyst Eric Balchunas.

Bitwise’s Chief Investment Officer, Matt Hougan, also confirmed the filing.

Dogecoin is widely considered the first memecoin and was created as a joke in 2013.

Since then it has grown to the 7th largest cryptocurrency with a market cap of ~$51.74 billion.

And recently its taken on a new life…

Largely thanks to the establishment of the Department of Government Efficiency (DOGE).

No one expected to see the Doge logo on an official government website…

There’s a slight catch with this filing though.

Right now this is just a registration for a trust.

Meaning, it isn’t an official ETF filing with the SEC.

It’s more like the first step in the process…

But ever since Gary Gensler stepped down from his role as SEC Chair, the crypto ETF filings have been flooding in.

Checkout the full list of active crypto ETF filings below:

How lenient will this new SEC be?

We’ll find out soon…

The Big Game Is Just Around The Corner… 🏈 

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BLACKROCK IS STILL HERE 🪨

Sovereign wealth funds are considering 2-5% allocations to Bitcoin.

Bitcoin could hit $700,000.

That’s the latest out from Larry Fink.

If you don’t don’t know Larry Fink, he’s the CEO and co-founder of BlackRock.

BlackRock is the largest asset manager in the world with $11.55 trillion in assets under management.

As Larry is the CEO, he’s arguably the most influential man in finance. When he speaks, the finance world listens.

BlackRock also have the largest Bitcoin ETF (IBIT), which currently holds over 563,215 Bitcoin. (that’s over $58 billion and 2.68% of the total supply!)

Today, Fink gave a bullish interview on Bitcoin during a Bloomberg appearance.

He began by explaining why he’s a strong believer:

Fink then shared that he's discussing Bitcoin allocation percentages with sovereign wealth funds:

Hearing the CEO of the world's largest asset manager speak like this is surreal.

BlackRock isn’t just talking the talk.

Today, they made their biggest Bitcoin purchase of the year: $600 million.

Still early. 🌅

STILL FALLING 📉

Today we’ll be checking in on the amount of Ethereum 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 🐻

Currently there is 12,598,748 Ethereum available for sale on exchanges.

That’s ~10.50% of the entire circulating supply.

And here’s the interesting part…

As a percentage, there’s still less Ethereum on exchanges compared to Bitcoin.

As of today, 13.91% of the circulating Bitcoin supply is sitting on an exchange.

So far exchange balances have decreased by 124,333 ETH in 2025.

That’s $400.91 million at today’s prices!

As Ethereum continues to leave exchanges, it signals that investors have a preference for long-term holding.

And with ~89.50% of the supply not sitting on an exchange…

That’s a big deal.

CRACKING CRYPTO 🥜

$47M Bitcoin wallet linked to Silk Road founder re-surfaces after a decade. Silk Road founder Ross Ulbricht's untouched Bitcoin stash worth $47 million discovered by Coinbase director Conor Grogan.

‘Mutiny’ at the Ethereum Foundation? Why ETH holders are calling for a ‘Wartime CEO’. On Wednesday morning, an X account emerged calling itself the “Second Foundation,” spurring further debate about the past and future of the EF.

Solana Validators Made Over $25M in Fees on TRUMP, MELANIA Memecoins. Of the 4.5 million daily active users on Solana, 1.5 million were unique tippers, showcasing interest in token sniping on platforms like Meteora and Orca.

Kraken ramps up donations to Ulbricht amid $47M wallet rumors. The Silk Road creator walked free on Jan. 22 after 12 years in prison. Wallets tied to him are rumored to be worth around $47 million.

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) - Twice weekly 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: C) 9,720 BTC 🥳

According to BitcoinTreasuries.net Tesla holds 9,720 Bitcoin.

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NUTCASE REVIEW OF THE DAY 🔍

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.