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GM to all of you nutcases. It’s Crypto Nutshell #858 releasin' the files… 📂🥜

We're the crypto newsletter that's more explosive than a train heist where nobody told the passengers… 🚂💣

What we’ve cooked up for you today…

What’s in the Crypto Nutshell Portfolio?

BREAKING: Bitcoin shoots above $72,000 as optimism grows over Middle East ceasefire

Bitcoin is up 9% this month. Tech stocks are down 12%.

Something is shifting…

Bitcoin pushed above $72,000 on Thursday after Israeli Prime Minister Netanyahu said he had instructed his cabinet to begin negotiations with Lebanon.

Oil pulled back from $103 to under $99 on the news, and risk assets jumped.

But the bigger story isn't one headline. It's the pattern forming.

Over the past month, Bitcoin has gained 9%. The iShares Expanded Tech-Software ETF has dropped 12%.

The correlation between the two has fallen to 0.34. For an asset that spent most of this cycle glued to tech, that's a meaningful break.

And the rally isn't just a short squeeze.

CryptoQuant confirmed that the move since the ceasefire has been driven by new long positions, not liquidations.

Open interest in Bitcoin and Ethereum perpetual futures each jumped over $2 billion within 24 hours of the announcement.

The Coinbase Premium Index, which had been negative for weeks, has flipped positive.

Traders aren't just covering shorts. They're opening fresh bets on more upside.

The next key level to watch is $79,000.

CryptoQuant flagged this as the traders' realised price, a level historically tied to bear market resistance and a major hurdle for any structural recovery.

The macro backdrop is helping too.

U.S. GDP was revised down to just 0.5% annualised growth. The dollar is weakening.

And when the economy slows but inflation stays sticky, scarce assets tend to benefit.

The government has fewer options beyond injecting liquidity, and that's historically been good for Bitcoin.

The ceasefire is still fragile. Iranian officials have already claimed violations, and oil remains volatile.

But for now, the momentum is real, the positioning is fresh, and Bitcoin is doing something it hasn't done in months.

Outperforming everything. 🚀

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Ryan Rasmussen just shared something from the front lines that most retail investors will never see.

Rasmussen is the Head of Research at Bitwise Asset Management, one of the largest crypto asset managers in the world with over $15 billion in client assets.

His job is talking to institutions. Financial advisors. Endowments. Pension funds.

The people who manage trillions of dollars in capital.

And this week, he dropped an observation that should stop every bearish investor in their tracks:

Read that again. The institutions are more bullish than the people who live and breathe this stuff every single day.

While crypto Twitter is doom scrolling and debating whether the bottom is in, the people who allocate capital for a living are looking at this space and seeing opportunity.

Not fear. Opportunity.

And it's not just sentiment. Rasmussen pointed out that adoption is accelerating across every category.

Stablecoins. Tokenization. Prediction markets. DeFi. Integration into institutional portfolios.

All of it is moving forward. All of it is growing.

Right now. In the middle of a bear market.

His conclusion?

That's the gap. The fundamentals have never been stronger.

The adoption has never been broader. The institutional interest has never been deeper.

But the price hasn't caught up yet because sentiment is still stuck in fear mode.

These windows don't stay open long.

The last time fundamentals were this far ahead of price, the market ripped to new all-time highs within months.

The institutions see it. The question is whether you see it too. 🔭

Today we’ll be taking a look at the amount of Bitcoin available for sale on exchanges.

Here’s how to interpret this metric:

Another all-time low.

Just 2.71 million BTC remain on exchanges - 13.54% of circulating supply.

Since January, 57,295 BTC have been withdrawn. That's ~$3.93 billion in Bitcoin removed from the open market in 2026 alone.

And here's what stands out this time…

We're roughly six months into a brutal drawdown. Prices have been cut in half from the highs. Sentiment has been in the gutter for weeks. Every condition that should trigger exchange deposits and panic selling is present.

Yet the opposite keeps happening. Coins keep leaving.

13.54% of supply on exchanges. The lowest reading ever. During the worst sentiment stretch of the cycle.

At some point you have to ask - if holders didn't sell through this, what exactly would make them? 💪

Treasury Secretary Bessent Slams Crypto Industry 'Nihilists' as Clarity Act Remains in Limbo. Several obstacles to the Clarity Act, which have remained unsolved for months, stand in the way of its passage before a looming deadline.

Bitmine Immersion (BMNR) uplists to NYSE and boosts share buyback program to $4 billion. The company holds nearly 4% of ether's (ETH) total supply, but shares have struggled alongside that crypto.

Galaxy stock rallies 11% after annual report shows core business profitable despite $241 million net loss. Galaxy's Digital Assets segment, housing its trading, lending, asset management, and staking services, generated a $505 million profit.

US Lawmakers Question whether Trump will Attend Memecoin Event. Donald Trump is scheduled to attend a Florida memecoin event and the White House Correspondents’ Association Dinner on the same day.

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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: Users are withdrawing capital, signalling declining confidence or better opportunities elsewhere. 🥳

TVL (Total Value Locked) is one of DeFi's key health metrics. Sharp declines usually reflect either loss of trust after an exploit, better yields appearing on competing protocols, or broader market risk-off sentiment driving capital to the sidelines.

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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.