GM to all of you nutcases. It’s Crypto Nutshell #985 bringin‘ the news… 🥜

We're the crypto newsletter that's more unsure it's all real than a man staring down a spinning top on the kitchen table, waiting for the wobble… 🌀💭

What we’ve cooked up for you today…

What’s in the Crypto Nutshell Portfolio?

BREAKING: OKX, NYSE parent file to launch tokenized US stock platform

Friday we asked whether you'd let a financial adviser hold your crypto, and half of you said no, you'd rather keep your own keys.

Just 17% would hand it over, another 9% would only do it through an ETF, and 23% don't use an adviser at all.

Over the weekend, the company that owns the New York Stock Exchange filed to trade US stocks on a blockchain, seven days a week.

OKXICE, a 50-50 joint venture between crypto exchange OKX and NYSE parent Intercontinental Exchange, told the SEC it plans to open a tokenized stock venue with 63 US-listed companies.

(A tokenized stock is a share issued as a blockchain token, so it can change hands on a Sunday and settle faster than a normal trade.)

The list runs from Nvidia, Apple and Tesla to Coinbase, Circle and SpaceX.

It's built on the innovation exemption, the five-year pilot the SEC opened in September once CLARITY stalled in the Senate.

When it launched, we flagged that only fully-backed shares with real votes and dividends would qualify, which favoured compliance-first firms over the apps that got there first.

It's hard to get more compliance-first than the NYSE's owner.

OKX boss Star Xu summed up the pitch: "The future of markets is real ownership, onchain."

Crypto exchanges have sold tokenized stocks offshore for a while, and OKX alone lists more than 70 that Americans can't buy, so this is its bid to bring that trading onshore with full shareholder rights attached.

The offshore market is worth about $3.2 billion, up 15% in a month, according to RWA.xyz.

Next to the stocks themselves it's small change, when Nvidia on its own is worth trillions.

Nothing trades yet either, because each company on the list gets 30 days to object.

Trades will run through Uniswap pools on OKX's own X Layer blockchain, with each stock priced against a dollar stablecoin (USDC, USDG or Tether's USDT).

If it takes off, buying Apple on a Sunday means spending a stablecoin, and the NYSE's owner ends up settling its newest market on crypto's own dollars. 🚀

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Hunter Horsley reckons a Bitcoin moonshot would stall new money almost as badly as a slump.

He's the CEO of Bitwise Asset Management, one of the largest crypto index fund managers, so he sees how adviser and institutional money moves.

He told Scott Melker on The Wolf of All Streets over the weekend:

When prices fall, Bitwise's sales team hears some buyers call it a bargain, but plenty more decide it isn't urgent and wait to see if it goes lower.

Bitwise has still taken in billions of dollars of new assets in a year when the price is down, but a lot of prospects held off.

The other extreme freezes them too… if Bitcoin shot to $150,000 by the end of October, he says the instinct would be that it's overheated and they've missed it.

What gets them moving is the middle, a price that keeps rising but not too fast and not too high too quickly.

He thinks crypto is sitting in that zone right now, and the numbers fit.

Bitcoin is around $86,300, up about 8% in a month and still roughly 31% below its $126,080 record.

Much of this money is signed off by committees, advisers and allocators who need a reason to act and a reason not to wait.

A steady climb gives them both, proof the asset isn't dying without the fear of buying the top.

To be fair, he runs a fund company that gets paid when that money arrives, so weigh the optimism accordingly.

Even so, a slow grind higher is what brings in the buyers who sit through the red candles. 🐢

Let's kick off the week with a look at the Bitcoin HODL Waves, one of the clearest snapshots of market conviction.

Each coloured band represents the percentage of Bitcoin that last moved within a specific time frame.

The warmer the colour, the younger the coins, with red showing Bitcoin that has been held for less than one day.

Today we're focusing on short-term holders (STHs), defined as coins held for less than six months.

Here's how the supply breakdown looks today compared to two weeks ago:

TL;DR: 19.59% of all Bitcoin is in the hands of short-term holders. 💎

Up from 19.01% two weeks ago, a 0.58% jump that wipes out the last fortnight's slip and then some.

That's roughly 115,000 Bitcoin added to the short-term float.

The front end did the most new work, with coins moved in the past week climbing from 2.67% to 2.95% of supply, as Bitcoin pushed back above $86,000.

Behind them the 1-3 month band swelled again, up 0.56% to 7.57%, and now holds nearly two-fifths of the entire short-term float.

Even the 3-6 month band grew 0.17%, so the coins ageing into it outpaced the ones graduating out into long-term hands.

More coins moved this fortnight than aged out, and the short-term float now sits above where it was a month ago. 💎

Chainalysis Used AI to Trace the $387M Bitget Hack Back to North Korea. Chainalysis says the Sept. 24 breach pushed crypto stolen by North Korea-linked groups in 2026 past $1 billion.

El Salvador receives $138 million from IMF after Bitcoin waivers granted. The payment is part of a $1.4 billion IMF loan, and the fund says no further Bitcoin buying is planned beyond documented donations.

Crypto job postings triple to over 1,200 in September, but applications fall. CryptoJobsList counted 1,241 openings in September, up from 382 in July, while applications fell below 20,000 from 25,700.

The Clarity Act stalled. Bankers aren’t hitting the brakes yet on crypto dealmaking. CryptoRank counted a record $9.7 billion in disclosed crypto deal value in the first half of 2026, up 44% on a year earlier.

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Because what would the crypto world be without its share of memes?

Trivia Answer: A second bank bailout in the UK 🥳

Bitcoin's genesis block, mined on January 3, 2009, carries The Times headline "Chancellor on brink of second bailout for banks." It proves the block couldn't have been mined before that day, and it's a pretty clear hint at what Satoshi thought of the banks.

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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.