GM to all of you nutcases. It’s Crypto Nutshell #915 stayin‘ chill… 🤙🥜

We're the crypto newsletter that's more airtight than an investigative desk finding the missing ledger before the pressroom goes quiet… 🗞️📁

What we’ve cooked up for you today…

What’s in the Crypto Nutshell Portfolio?

BREAKING: Strategy Could Sell Up to $1.25B of Bitcoin Under 'Digital Credit Capital Framework'

Saylor's "never sell" rule cracked a month ago.

This week he built the machine to break it for real.

Cast your mind back to June 1…

Strategy sold 32 Bitcoin, its first sale since 2022, a symbolic $2.5M nick to cover a dividend. And the market completely lost it’s mind.

That was the warning shot.

This week came the arsenal.

Strategy's new "Digital Credit Capital Framework" hands the board approval to sell up to $1.25 billion of Bitcoin, roughly 20,800 coins, into a market that already can't find buyers.

For a man who spent years preaching "never sell your Bitcoin," that's quite the U-turn.

To be fair, he's framing it as discipline, not surrender.

The cash defends the dividend on STRC, the preferred stock that's been collapsing for weeks.

Strategy's rebuilt its cash reserve to $2.55B, hiked the STRC payout to 12%, and lined up $2B in buybacks to drag the thing back toward its $100 par.

And markets liked it… at least at first.

MSTR bounced off a two-year low, STRC jumped back above $82 from the high-$70s, and the immediate panic eased.

But the uncomfortable situation remains.

The largest corporate holder on earth just told everyone it has a button marked "sell," and a reason to press it.

Arca's CIO put it bluntly: the can's been kicked "down the road for a year or two."

Meanwhile, Bitcoin remains pinned under $60K, down 5% on the week, still glued to its 200-week moving average.

And today's fresh pressure is currencies, not Strategy.

The Japanese yen just sank to 162 per dollar, its weakest since 1986.

That shoves the dollar higher, makes Bitcoin pricier for everyone outside the US, and pulls cash out of risk.

The darker tail: if Japan's forced to defend the yen, it could unwind the cheap-yen borrowing that's bankrolled global risk trades for years.

Underneath it all, onchain demand's just… missing.

Active addresses flat, fees shrinking, coins barely moving.

Lower prices aren't luring anyone back. (yet…)

So the first half closes here.

Two straight losing quarters to start a year, something Bitcoin's done only twice ever.

Q3 starts tomorrow, with a possible mega-seller and a currency crisis for company. 🚀

If you're a digital asset investor with over $50k on Coinbase, this might ruin your day.

Every time you buy Bitcoin, Coinbase takes a cut. Every time you sell, Coinbase takes a cut. When you panic sell at the bottom — cut. When you FOMO buy at the top — cut.

They don't care if digital assets go to the moon or zero. They collect either way.

Visa made $36 billion last year being a middleman. Mastercard made $28 billion. PayPal made $30 billion. 

Nearly $100 billion from three companies that don't produce anything — they just sit between two parties and collect.

The middleman always wins. 

And there's now a way for you to become one.

Tan Gera, CFA Charterholder and ex-Wall Street banker, built the ABN System — a three-phase wealth generating system inspired by BlackRock and used by 4,000+ investors. 

At it’s core is fee generation. 

Up market, down market, sideways — you collect regardless.

Click here to watch the free presentation now →

For educational purposes only. Results will vary. DM Intelligence LLC is not liable for losses. 

Fresh off calling the bottom, Fred Krueger just laid out his roadmap for what comes next, and a bold call on the best way to play it.

Krueger is a Stanford PhD mathematician, former Wall Street prop trader, and author of "Bitcoin One Million: The Final Chapter of Fiat." He's been one of the most consistently right voices through this entire drawdown.

Here's his first tweet this week:

3 steps, no hedging.

One: Bitcoin makes a new high this year, despite all the bear talk. Two: Bitcoin-backed bonds and "digital credit" all do very well. Three: Banks finally integrate Bitcoin into their offerings, making onboarding trivial.

That last point is the quiet kicker. The moment buying Bitcoin is as easy as opening a savings account, the floodgates open. It's exactly the path Saylor laid out at the Economic Club of New York, where friction disappearing is precisely what sends the price vertical.

Then Krueger made his boldest call:

His math is brutal. You're currently getting MSTR at 0.6x the Bitcoin it owns. If Bitcoin goes up 10x, the debt and prefs become immaterial. At the current 0.45x Power Law multiple, a 10x in Bitcoin is likely within 5 years.

Run the numbers. $1M in Bitcoin going 10x becomes $10M. But $1M in MSTR controls roughly 1.6M in Bitcoin, which becomes $16M over the same period. Even after the cost of capital, that's around 50% outperformance.

This is the amplified Bitcoin thesis Saylor has been preaching. If you believe Bitcoin compounds for a decade, the leveraged vehicle that buys it relentlessly should outrun the asset itself.

A new high this year. Digital credit thriving. Banks opening the gates. And a leveraged engine quietly buying the whole way up.

The roadmap is on the table. Book it. 📕

Today we're taking a closer look at the US spot ETF flows - for both Bitcoin and Ethereum.

These funds are the cleanest read on institutional appetite. When money flows in, big buyers are stepping up. When it flows out, they're heading for the exit.

Right now, both are bleeding.

Bitcoin ETFs just shed roughly $1.71 billion across the last five trading days.

June 25th alone saw nearly $692 million walk out the door - one of the heaviest single-day redemptions of the year.

Ethereum told the same story in miniature: around $274 million out over its last five days, after flipping from inflows to outflows mid-month.

So the institutional bid that defined this cycle has gone quiet… on both assets at once.

But zoom out before calling it a complete reversal.

Since launch, Bitcoin ETFs have still pulled in over $52 billion net, and Ethereum's sit near $11 billion.

BlackRock's IBIT alone has absorbed $60.8 billion, even as Grayscale's GBTC bled $27 billion. This recent pressure is a dent, not a drain.

Here's the read: institutions are de-risking into the discount, not buying it.

That lines up with everything else this fortnight - price stuck below the market mean, recent buyers underwater. Until these bars turn green again, the smart money is still selling strength. 📊

Supreme Court Says Trump Can Fire SEC, CFTC Commissioners at Will-At a Crucial Moment for Crypto. The ruling gives the White House far more control over financial regulators just as crypto market-structure rules are being negotiated.

MiCA's looming deadline could leave 10 million crypto users without a platform in the EU. As MiCA takes full effect on July 1, unlicensed platforms face a hard stop and users may have to move fast.

UK sets final crypto rules as firms face 2027 FCA authorization deadline. The FCA finalized capital, custody, stablecoin, staking, and market-abuse rules ahead of full authorization in 2027.

Arkham launches ranking system for prediction market traders. The new Elo-style leaderboard ranks prediction-market traders, with the top profile focused heavily on bitcoin up/down markets.

Want to get even smarter? Check these out.

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

Trivia Answer: Locking or committing tokens to help secure a network and earn rewards.🥳

Staking is common in proof-of-stake networks. Token holders commit assets to support validation, and in return they may earn rewards, while still taking network and protocol risks.

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