GM to all of you nutcases. It’s Crypto Nutshell #893 bringin‘ the circus…🎪🥜

We're the crypto newsletter that's more precise than a pilot threading the canyon while the timer turns hostile… ✈️⏱️

What we’ve cooked up for you today…

What’s in the Crypto Nutshell Portfolio?

BREAKING: Bitcoin's record holder supply hides a buyer drought, CryptoQuant says

After falling from the high $77,000 area earlier this week, BTC is now sitting around $73,500.

Things have appeared to somewhat stabilised but the chart still isn't saying much that bulls want to hear.

It's down more than 5% over the week, still below $75,000, and nowhere near the $78,000-$80,000 zone that would make this feel repaired.

The worrying part isn't just the price.

It's the lack of buyers.

CoinDesk reported that a record 15.8 million BTC is now sitting in long-term holder supply.

Normally, that sounds bullish. More coins held by strong hands, less supply to sell.

But…

That record holder supply may also reflect a shortage of new buyers, especially with ETF demand fading and spot demand too weak to push Bitcoin back above key cost-basis levels near $78,000.

Bitcoin doesn't need everyone to sell to keep falling. Sometimes it only needs enough buyers to step away.

Cointelegraph also pointed to stress underneath the surface: a deep Coinbase discount, falling spot volumes, and Binance netflows running 528% above the three-month average.

Castillo Trading said bulls need to reclaim the 2025 yearly lows by the weekly close, adding that "a lot of work needs to happen." It also noted BTC could fall toward $70,800 and still preserve a higher low.

Daan Crypto Trades was more blunt: "Another lower high" until proven otherwise.

Yesterday's poll showed readers were split too.

37.26% called the move a normal shakeout, about 33.49% saw a bigger warning sign, and about 29.25% said it was too early to tell.

That still feels right.

This isn't a full breakdown yet.

But if Bitcoin is only stabilising because sellers have paused, not because buyers have returned, then $70,800 is the line that matters next.

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Mark Cuban just publicly admitted he sold most of his Bitcoin. And the reason might frustrate every long-term holder.

For context, Cuban is the billionaire part owner of the Dallas Mavericks, Shark Tank investor, and one of the most outspoken voices in tech and crypto for over a decade.

When he speaks, headlines follow.

Here’s what he said about Bitcoin this week:

His logic? He bought Bitcoin as the ultimate hedge.

The best alternative to fiat. A better version of gold than gold. And when the Iran war hit and the dollar weakened, he expected Bitcoin to rip.

It didn't. Gold blew up to $5,000. Bitcoin dropped.

He's right that Bitcoin didn't behave like the textbook hedge in that moment. But here's where the analysis falls short.

Bitcoin in 2026 isn't acting like a pure macro hedge because it's no longer just a macro hedge. It's been institutionalised. It's now correlated to the Nasdaq, to liquidity flows, to ETF positioning, to Strategy's STRC issuance.

The asset has matured into something far more complex than just digital gold.

Eric Balchunas just explained why. Over the past 16 months, 1 million Bitcoin have been bought by corporations, governments, and ETFs.

750,000 Bitcoin have been sold by individuals. That silent IPO is what created the recent drawdown. Not a failure of the hedge thesis.

And that silent IPO is almost complete.

Cuban sold near the bottom of a structural ownership transfer. He sold to the institutions that are now setting the floor. The same institutions that Saylor, Pal, Hougan, and Tom Lee have been pointing to all year.

Sometimes the loudest voices in finance make the biggest mistakes in real time.

The question isn't whether Bitcoin lost the plot.

The question is whether Cuban did. 🤔

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.

58,851,628 wallets now hold Bitcoin. Up 101,893 from two weeks ago.

After last fortnight's decline - the first contraction we'd seen all year - the holder base is growing again.

Same story as the ETH staking data. We flagged the dip, asked whether it was the start of something or just a pause, and the answer came back quickly. Growth has resumed.

The network is still knocking on the door of 59 million wallets. And the brief contraction now looks like exactly what we suspected - a momentary hiccup during a period of heightened uncertainty.

The base keeps building. 💪

Sui Network Goes Down for Hours, Just Months After the Last Downtime. Sui suffered another major outage barely five months after its last network stall, with engineers identifying the issue and rolling out a fix.

Hyperliquid's pre-IPO SpaceX contracts suffers 45% flash crash, liquidating $1.5 million. A thin SpaceX-linked perpetual contract plunged 45% in 30 minutes, exposing how risky synthetic pre-IPO markets can be.

Crypto companies have tightened compliance, but gaps remain: Chainalysis. Chainalysis says 47% of crypto firms onboarded in 2026 now use alerting standards that would have ranked among the strictest five years ago.

VanEck debuts first US spot BNB ETF in latest crypto investment product expansion. VanEck launched the first U.S. exchange-traded product offering spot BNB exposure.

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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.