Today’s edition is brought to you by Ledger - Grab your Ledger Nano today and lock down your crypto the smart way!

GM to all of you nutcases. It’s Crypto Nutshell #792 takin’ it up… 🪜🥜

We’re the crypto newsletter that’s more surreal than a man realizing his entire world was scripted… 🎥🧠

What we’ve cooked up for you today…

What’s in the Crypto Nutshell Portfolio?

BREAKING: Bitwise CIO flags three hurdles crypto must clear for a sustained 2026 rally

Crypto opened 2026 with some early gains.

At the time of writing, Bitcoin and Ethereum are both up around 5% year-to-date.

But what needs to happen for crypto to see a sustained rally in 2026?

Bitwise CIO Matt Hougan says three hurdles stand between crypto and new all-time highs.

One is already cleared. Two remain.

Hurdle 1: No major blow-ups (Cleared ✅)

On October 10, crypto saw its largest liquidation event in history.

$19 billion in futures positions wiped out in a single day.

Investors feared major market makers or hedge funds were impaired and might be forced to wind down operations - selling assets and creating downward pressure.

According to Hougan, that fear has faded.

October 10 is now in the rearview.

Hurdle 2: CLARITY Act passage (In progress ⚠️)

The Senate is targeting January 15 for markup. That's when both the Banking and Agriculture Committees vote on amendments and decide whether to send the bill for a full Senate vote.

Hurdles remain: DeFi oversight, stablecoin rewards, political conflicts of interest.

But if the bill clears markup, it's a huge step toward approval.

Without legislation, the current pro-crypto regulatory tilt could reverse under a future administration.

White House crypto czar David Sacks says "we are closer than ever."

Kalshi prices approval odds at 46% by May, 82% by year-end.

Hurdle 3: Stable equity market (Uncertain ⚠️)

Crypto doesn't need a raging bull market.

But a sharp equity collapse - say, 20% S&P 500 pullback - would drag down all risk assets short-term.

Prediction markets currently see low recession probability in 2026 and roughly 80% odds of S&P 500 gains.

The takeaway

One hurdle cleared. Two trending positively but unresolved.

Institutional adoption is growing.

Stablecoins and tokenization are surging.

And the pro-crypto regulatory shift that started in January 2025 is just beginning to show effects. 🚀

It’s not just a saying - it’s the golden rule of crypto.

That’s why we use Ledger.

Ledger is the smartest way to secure your crypto - trusted by over 6 million users worldwide. And for good reason 👇

It’s peace of mind in your pocket. 🧘‍♂️

Don’t wait for an exchange hack or “temporary withdrawal pause” to learn this lesson the hard way.

👉 Grab your Ledger Nano and lock down your crypto the smart way

Tom Lee’s team at BitMine ($BMNR) just put a massive vote in front of shareholders.

They want to increase authorized shares from 500M to 50B. That’s a 100x increase (up 9,900%).

Why?

More flexibility to raise capital.

And in plain English, more firepower to buy more Ethereum.

To sell the vote, Lee released a chairman address and re-stated the whole ETH bull case. His ETH targets (by scenario):

And he mapped the implied $BMNR outcomes:

(BitMine currently trades around ~$30)

He tied it directly to the biggest signal of all, institutions building on-chain:

And Lee’s own thesis, stated plainly:

If this vote passes, it’s big.

It’s BitMine telling you they want maximum flexibility to load ETH aggressively while most people are still arguing about the cycle. 🤼‍♂

Time for check in on 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.

36.06 million ETH is now locked in staking, up 1.80 million across 2025.

That's 29.88% of the entire supply.

Nearly one-third of Ethereum is off the market, earning yield.

Exchange balances keep falling. Staking keeps rising. Long-term holders aren't moving.

The liquid float is tighter than it's ever been.

And when demand finally shows up against that kind of scarcity?

ETH doesn't drift higher. It rips. 🚀

Wyoming's 'Frontier' Stablecoin Debuts—Will It Offer Yield? The Cowboy State said its Frontier Stable Token is now available to the public, with a yield-bearing feature still under consideration.

BTC's Down Year Pattern Puts 2026 in Focus. Bitcoin price history shows that down years are typically followed by 100% returns in the next year. Should traders anticipate prices above $200,000 in 2026?

Privacy tokens’ 2025 rally may have legs in 2026, but might face regulatory challenges. As surveillance on public blockchains expands, analysts say privacy is shifting from ideology to utility, helping fuel gains in zcash and monero.

Trump-backed World Liberty Financial seeks US bank charter to bring USD1 stablecoin fully onshore. The DeFi protocol said WLTC Holdings LLC filed an application to establish a national trust bank purpose-built for stablecoin operations.

Want to get even smarter? Check these out.

p.s. all completely FREE (one click subscribe link)

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: $135 million 🥳

FTX paid $135 million for a 19-year naming rights deal to rebrand Miami-Dade Arena as "FTX Arena" in March 2021. Miami-Dade County terminated the agreement in January 2023 after FTX's collapse, refunding the money and removing all FTX branding

Advertise with Crypto Nutshell to get your product or brand in front of the crème de la crème of crypto investors. Crypto Nutshell readers are high-income earners who are always looking for unique or interesting offers.

Get in touch today.😎

We read every comment submitted in this poll and love to hear what you guys have to say. 😁 (bonus points for suggestions 🍪)

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.