GM to all of you nutcases. It’s Crypto Nutshell #948 bringin‘ the news… 🥜

We're the crypto newsletter that's more pressure-proof than a baker rebuilding a collapsed showstopper while the caramel starts plotting mutiny… 🍰⏱️

What we’ve cooked up for you today…

What’s in the Crypto Nutshell Portfolio?

BREAKING: Goldman Sachs to gain bitcoin and ETH income ETFs in up to $2.25 billion Neos acquisition

Goldman Sachs just bought its way into the bitcoin trade, and it did it without buying any bitcoin.

The bank has agreed to pay up to $2.25 billion for NEOS Investments, a fund manager running $30 billion across nineteen income ETFs.

Three of those are crypto: a bitcoin income fund holding about $1.1 billion, plus smaller boosted-bitcoin and ether versions.

The deal is expected to close early next year, once regulators sign off.

The flagship, BTCI, doesn't hold a single coin.

It owns bitcoin ETFs and sells call options against them, which spins off a headline yield near 27%.

That yield isn't free money…

Selling those calls caps your gains when bitcoin runs, and when it falls the payouts can hand you back some of your own capital up as income.

Over the past year the fund paid that distribution and still dropped about 43%.

Goldman filed to build its own version of this back in April.

Buying NEOS instead is the faster route into a derivative-income ETF market now worth around $180 billion and growing fast.

It vaults the bank into the ten largest active ETF managers overnight.

A bulge-bracket bank now manufactures bitcoin yield for its clients, which is the kind of institutional adoption crypto spent years asking for.

Just know what the yield is actually made of before you reach for it. 🚀

Most people missed the first Roth conversion window. History is offering a rare second chance — but not a long one.

With today's tax rates extended, IRA Millionaires have a brief stretch of historically low brackets left. When it closes, the math changes: higher rates, bigger required distributions, and fewer conversion opportunities each year you wait.

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On his latest When Shift Happens appearance, Scott Melker was asked how the average person makes it in crypto in 2026. His answer was two words long.

Melker is the host of The Wolf of All Streets, a former professional DJ turned full-time market obsessive who has interviewed nearly everyone in the industry.

He isn't a maximalist and says so. He just watched the alternative fail up close.

His advice for anyone tempted to trade the volatility is blunt.

Bitcoin at 80, you'll buy at 70. It hits 71 and suddenly it looks terrible and you're waiting for 50. The people who sell to buy back lower are the ones who FOMO in at the top.

And on the mood right now, he has no patience at all.

Back then the government was suing everyone in sight. Now there are ETFs, sovereign reserves, and the most powerful asset manager on earth talking like a Bitcoiner.

Bitcoin spends almost all its time sideways and boring. Then roughly 10 days a year make all the money.

You just have to be in it. 🛋️

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

Here’s how to interpret this metric:

15.12 million ETH on exchanges. Down from 15.21 million two weeks ago.

New low, gentler step.

Another 90,000 ETH left exchanges this fortnight, roughly half the 190,000 that walked last period, so the slide continues at a shallower grade.

The staircase is intact, from north of 21 million last August to 15.12 million now, more than a quarter of the exchange float gone in a year.

Less ETH on exchanges means less supply sitting ready to sell, and each fresh low tightens the tradeable float another notch.

The drain slowed this print without stopping, the first real sign it might be tiring even as the low keeps dropping. 🐳

After Coldcard Was Hacked, $15 Billion in Bitcoin Moved to Safety. Casa argues the migration after the $130 million exploit demonstrates distributed self-custody’s resilience.

Miden bets on privacy stablecoins with introduction of USDCx. USDCx hides balances and counterparties while supporting selective compliance disclosure.

Bank of England tests stablecoin, digital pound interoperability in cross-border payments. The test combines stablecoin payments with simulated digital-pound settlement for trade finance.

Ethereum staking climbs to 34% as proposal targets validator rewards and ETH treasury firm yields. EIP-8361 would burn a growing share of validator rewards as Ethereum’s staking ratio rises.

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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: To combine miners' computing power and share rewards 🥳

Mining pools produce more regular payouts by dividing earned rewards according to each miner's contributed work.

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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.