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What’s in the Crypto Nutshell Portfolio?

BREAKING: JPMorgan says bitcoin shows safe-haven-like demand during Iran war as gold and silver weaken

We've been covering this shift for most of March.

Bitcoin outperforming stocks. Bitcoin shrugging off oil shocks. Bitcoin decoupling from the assets it used to trade alongside.

Now JPMorgan is saying the same thing.

In a report on Wednesday, analysts led by Nikolaos Panigirtzoglou said Bitcoin is showing safe-haven-like demand during the Iran war - while gold and silver are breaking down.

Gold has fallen roughly 15% this month after rallying to record highs near $5,500 in January.

Silver, which peaked near $120, has followed it lower.

Gold ETFs have seen nearly $11 billion in outflows in just three weeks. Silver ETF flows have unwound all the inflows built up since last summer.

Bitcoin? Net inflows over the same period.

JPMorgan also flagged something unusual…

Gold's market liquidity - how easily it can be bought and sold without moving the price - has deteriorated to the point where Bitcoin now has better market depth.

That's a reversal of the normal relationship. Gold has historically been far more liquid than crypto. Not right now.

Big institutional traders have been aggressively dumping gold and silver positions, pushing both from overbought levels down to below neutral.

Bitcoin momentum is moving the other direction - recovering from oversold territory back toward neutral. The selling pressure looks like it is easing.

And there's a real-world signal too.

JPMorgan cited Chainalysis data showing crypto activity surged inside Iran during the war.

Citizens moved funds from local exchanges to self-custody wallets and international platforms.

Bitcoin's borderless, 24/7 nature made it the preferred tool for moving capital during economic instability and currency pressure.

It’s no longer speculation about Bitcoin being a safe haven. People are literally using it as one.

Gold is cracking under the weight of rising rates, a strong dollar, and crowded positioning. Bitcoin is absorbing the same pressures and coming out steadier.

JPMorgan sees it. The flows confirm it. And the people who need it most are already using it that way. 🚀

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Most people know Michael Saylor as the Bitcoin guy.

The MicroStrategy chairman who bet his entire corporate treasury on one asset and never looked back.

But what most people don't know is that Saylor has been making visionary investment calls long before Bitcoin existed.

In 2012, when plenty of smart money was questioning whether Apple could sustain its margins, Saylor sat down for an interview and laid out one of the clearest bull cases for Apple anyone had ever heard.

His argument? The iPhone had stopped being a piece of technology. It had become fashion. Jewellery. An extension of your personality.

He pointed to LVMH selling handbags for $3,000 to $4,000 each, a product that's 10,000 years old, and prices have never come down. He argued Apple had crossed the same threshold.

He was right. Spectacularly right. Apple went on to become the most valuable company in the history of the world.

Anyone who listened to that call and bought Apple stock made a fortune.

And that's the part people forget.

Saylor didn't build his wealth solely from MicroStrategy's software business. He built it by seeing paradigm shifts before everyone else and having the conviction to act on them.

He saw mobile computing becoming fashion in 2012 when Wall Street was worried about margin compression.

Now he sees Bitcoin becoming the world's reserve capital.

And he hasn't just bought some. He's put his entire net worth, his company, his reputation, and his legacy on the line. Over 720,000 Bitcoin and counting.

This is a man who has done this before. Who has seen a generational shift, articulated the thesis better than anyone, and been proven right by history.

You can agree with Saylor or you can disagree. But betting against a man with this track record, making the biggest bet of his life?

That's a trade most people will regret. 🏆

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

Here’s how to interpret this metric:

The drain continues.

Just 2.72 million BTC now sit on exchanges - 13.60% of circulating supply. Down again.

Since January, 50,204 BTC have been withdrawn. At current prices, that's roughly $3.4 billion pulled off the open market in 2026 alone.

And the pace isn't slowing.

This is what makes the bearish narrative hard to square with reality. Price action says fear. Exchange data says accumulation. Both can't be right forever.

Year after year, cycle after cycle, the pattern holds. Exchange balances grind lower. Supply gets tighter. Conviction deepens underneath the surface while sentiment flips between panic and euphoria on top.

We're watching the same trend play out again. Fewer coins available. More holders refusing to sell. The float shrinking in the background while the market focuses on candles.

At some point, a thinning supply meets returning demand. And the maths takes over from there. 💪

MARA Stock Pops on $1.1 Billion Bitcoin Sale as BTC Miner Buys Back Convertible Debt. MARA sold 15,000 Bitcoin for $1.1 billion to repurchase convertible debt, describing the move as a way to improve its financial footing.

Coinbase, Fannie Mae bring crypto-backed mortgages to home buyers. The crypto exchange is working with financial technology mortgage firm Better, a Fannie Mae-approved mortgage seller.

Twenty One Capital Unseats MARA in Bitcoin Treasury Race. Twenty One Capital, a BTC treasury company founded by longtime Bitcoin investor and advocate Jack Mallers, has become the second-largest BTC treasury business.

Cathie Wood's ARK Invest turns to Kalshi to inform investment strategies, hedge risk. ARK said it would use Kalshi to “hedge exposure to discrete outcomes that impact portfolio positions” and macroeconomic risks.

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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: The free distribution of tokens to wallet addresses, usually to reward early users or generate awareness 🥳

Airdrops have become one of crypto's most powerful growth tools. Projects like Uniswap, Arbitrum, and Jito rewarded early users with governance tokens worth thousands of dollars in some cases. This has spawned an entire "airdrop farming" culture where users interact with protocols specifically to qualify for future token distributions.

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