GM to all of you nutcases. It’s Crypto Nutshell #743 mappin’ the moves… 🗺️🥜

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What we’ve cooked up for you today…

What’s in the Crypto Nutshell Portfolio?

BREAKING: Coinbase Q3 revenue surges 37% as Ethereum trading share climbs, reversing last quarter’s slump

Coinbase just posted its best quarter since the bull market.

Revenue hit $1.9 billion, up 58% year-over-year, and transaction income jumped to $1 billion - a 37% surge from Q2.

Earnings came in at $1.50 per share, easily topping analyst forecasts of $1.10.

Trading volume soared to $295 billion, with both retail and institutional activity rebounding hard.

Retail traders pushed $59 billion through the platform, up 37%, while institutional volume climbed 22% to $236 billion.

And Ethereum led the charge…

ETH trading accounted for 22% of total volume, up from 15% last quarter, as the token outperformed Bitcoin and lifted Coinbase’s bottom line.

The company’s Layer-2 network Base also turned profitable for the first time, helped by higher ETH prices and growing on-chain adoption. Coinbase called it the “trusted network of choice” for developers building on Ethereum.

CEO Brian Armstrong doubled down on conviction:

Stablecoin and staking revenue added more fuel. Coinbase earned $355 million from USDC holdings and $185 million from blockchain rewards as total USDC balances hit a record $15 billion.

Even Wall Street took notice. Coinbase stock climbed after hours, with Citi and JPMorgan both raising price targets on the company’s growth in Base, derivatives, and stablecoin revenue.

After a year of regulatory battles, Coinbase just proved it can do more than survive.

It can scale in a bear market - and thrive when liquidity returns. 🚀

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While everyone’s debating whether the bull run is over, Tom Lee has no doubt.

In his eyes, Ethereum is in the midst of a supercycle.

The Fundstrat co-founder and BitMine (NYSE: BMNR) chairman went on CNBC this week with a clear message:

Lee doubled down on X, saying ETH remains in a supercycle - a phase where fundamentals start leading price instead of the other way around:

In short: the network’s on fire, even if the charts haven’t caught up yet.

And remember - he’s not just talking.

Through BitMine, his Ethereum treasury company, Lee has scooped up $1.5 billion worth of ETH during the recent market crash, buying fear while others froze.

The takeaway?
When fundamentals lead and the smart money’s buying… price usually follows.

If he’s right - get ready for a big move into the end of the year… 👀

Today we’ll be taking a look at the amount of wallets that hold at least some Bitcoin. (anything greater than 0)

This metric offers a bird’s-eye view of user activity and adoption across the Bitcoin network.

But there’s a slight catch…

One wallet does not equal one user. A user can have many wallets.

What matters here is the trend of the chart.

There are now 54,685,313 wallets holding Bitcoin.

That’s +275,225 in the last two weeks…

Zoom out, and 2025 has added 2.16 million new wallets so far.

The signal’s clear: adoption isn’t slowing - it’s accelerating.

More holders. More conviction. More resilience through every swing.

Price moves come and go. The network only gets stronger. 💪

Whales awaken as old SOL hits exchanges but $117M ETF inflows soak up supply. Shifting dynamics favor Solana as institutional buying counters sales from early adopters and large holders.

Fed signals ’end of QT’: What does it mean for Bitcoin price? Bitcoin fell 35% after the Fed ended QT in 2019 and began cutting rates, prompting fears that BTC may decline in the coming months.

Coinbase (COIN) Tops Expectations as Transaction Revenue Hits $1B. Coinbase’s Base network became profitable in Q3 as transaction volume rose and ETH prices climbed, supporting broader gains across trading and services.

Standard Chartered sees tokenized real-world assets reaching $2 trillion by 2028 — 'vast majority' on Ethereum. “The fact that other chains are faster or cheaper is irrelevant, in our view,” Standard Chartered’s Geoffrey Kendrick said.

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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: Fee burning exceeding issuance 🥳

When burned transaction fees outweigh new ETH issuance, Ethereum becomes deflationary - reducing total supply. 🔥

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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.