Today’s edition is brought to you by RAREMINTS
GM to all of you nutcases. It’s Crypto Nutshell #717 at’ the door… 🚪🥜
We're the crypto newsletter that's more enchanting than a street rat discovering a magic lamp and a whole new world... 🪔✨
What we’ve cooked up for you today…
🏦 Wall Street chooses ETH
🤨 Is the cycle really over?
📈 Only up?
💰 And more…
Prices as at 6:00am ET
WALL STREET CHOOSES ETH 🧠
BREAKING: BitMine’s Tom Lee says Ethereum is Wall Street’s blockchain of choice
Tom Lee just dropped the hammer on Ethereum.
The Fundstrat co-founder and BitMine chairman says ETH is the only blockchain Wall Street will trust:
“I don’t think anyone ever feels that someone’s got a fat finger tilting [Ethereum] in their favor. If you think about how Wall Street operates, they will only wanna do and operate on a neutral chain.”
That neutrality, Lee says, is exactly why the Trump White House is leaning toward Ethereum for everything from proof-of-human initiatives to powering the AI + robotics token economy.
And the market is already showing its hand.
Since pivoting into an Ethereum treasury in June, BitMine’s market cap has exploded from $37.6M to $9.45B. (That is absolutely ridiculous)
It now holds 2.15M ETH, making it the world’s largest Ethereum treasury - second only to Michael Saylor’s Strategy in total crypto holdings.
Lee calls this the start of an Ethereum “super cycle” lasting 10–15 years.
And his targets?
“Bitcoin should end the year between $200K and $250K. Ethereum between $10K and $12K. But I don’t think that would be the ceiling - real price discovery for ETH is $12K to $15K and beyond.”
The message is clear: Bitcoin leads the charge. But Ethereum is where Wall Street plants its flag.
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IS THE CYCLE REALLY OVER? 🤨
Crypto sold off this week.
Bitcoin slipped ~5%. Ethereum dropped ~10%.
Cue the panic.
But is the cycle really over? 🤨
According to Jesse Eckel - crypto analyst turned $10M portfolio builder - obviously the cycle is not over.
It’s not like we haven’t been calling for September volatility all month… 🙄
September has historically been the worst month for crypto by far:
Check out those average September returns…
But despite the expected happening, everyone still lost their mind.
“The cycle is over.”
“BTC is going back to $90K!”
“Worst cycle ever!”
However, this week, Jesse Eckel laid out the reality:
“Just kicked off a massive rate cutting cycle with 2 more cuts this year priced in and 3 next year.
- YOY liquidity finally starting to pick up.
- Institutions launching products left and right.
- Regulatory picture is so bullish it’s hard to comprehend.
- Institutions going on CNBC every day and saying crypto is good and the future while saying ETH is going to $100k and BTC to $1 million.
- Altcoin ETF’s have been green-lit and are just getting started.
- Retail still hasn’t shown up but is unthawing.
- Trump and Bessent say in 2026 they want to “run the economy hot.”
- Business cycle hasn’t even started.
- Trump calling for 300 bps of cuts as he appoints a new Fed chair and new Fed governors.
- SEC saying “Crypto’s time has come” and that they want to bring the US markets onchain.
- SLR changes coming that are hyper bullish liquidity going into 2026.
- Trump talking about Tariff stimmy checks in 2026.”
When you lay it all out like that…
The current environment is ridiculously bullish for crypto.
“And just so many bullish catalysts had you tried to predict this exact setup just a few years ago people would’ve called you insane.
I don’t know call me crazy but it feels like the best is yet to come.”
So… is the cycle really over?
Or are we just getting started?
You already know the answer. 🧩
ONLY UP? 📈
Today we’ll be taking a look at Ethereum’s supply side dynamics.
To do that we’ll be focusing on the amount of Ethereum currently being staked.
Quick Note: Ethereum staking involves locking up ETH to support the blockchain’s security. In return, users earn rewards for staking.
If you’d like to learn more about staking, check out this article.
Staked ETH just keeps climbing.
Today, 35,714,434 ETH is locked away.
That’s another +1.72M ETH this year alone — roughly $7.1B at today’s prices.
And the kicker? That pile now represents 29.48% of Ethereum’s entire circulating supply.
Almost one-third of all ETH is effectively gone from the open market - stashed by long-term holders who aren’t selling anytime soon.
This isn’t a blip. It’s a supply crunch playing out in real time. And when demand collides with shrinking float? History says price doesn’t just move… it rips. 🚀
CRACKING CRYPTO 🥜
Bitcoin volatility spikes as traders bet big on $145k October price target. Bitcoin and Ethereum traders position for major upside as high volatility underscores bullish bets, according to Derive data.
Bitcoin upgrade is splitting developers and purists. Bitcoin Core v30 removes the 80-byte OP_RETURN cap, sparking debate over spam, neutrality and corporate influence.
Sam Bankman-Fried's Sudden 'gm' Lifts FTT Token Drawing Crypto Community Ire. Spike in FTT activity coincides with a post from Bankman-Fried’s X account despite prison restrictions, drawing ire from the crypto community.
Sens. Warren, Slotkin call for ethics probe into Trump-linked crypto dealings. Sens. Elizabeth Warren and Elissa Slotkin voiced concerns that ethics rules were broken in connection with World Liberty Financial.
WHAT WE’RE READING 📚
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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”)
What does “impermanent loss” refer to in liquidity pools?
MEME CORNER 😂
Because what would the crypto world be without its share of memes?
Trivia Answer: A temporary reduction in returns due to price divergence 🥳
Impermanent loss happens when the price of tokens in a liquidity pool diverge, reducing your returns compared to holding. 💧
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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.