GM to all of you nutcases. It’s Crypto Nutshell #887 trundelin‘ on by… 🛻🥜

We're the crypto newsletter that's more dialed-in than a pit wall reading rain clouds before the tyres start screaming… 🏁🌧️

What we’ve cooked up for you today…

What’s in the Crypto Nutshell Portfolio?

BREAKING: Fed seeks input on expanding master account access following Trump's executive order

Yesterday, Senator Elizabeth Warren was warning that crypto firms were trying to get bank-like powers without bank-like rules.

Now the Fed has to explain where the line actually sits.

Trump's new executive order asks regulators to review whether fintech and digital-asset firms are being blocked from the U.S. payment system. That includes access to Federal Reserve payment accounts and payment services.

In normal English...

Crypto firms want a clearer path into the same financial pipes that banks use to move money.

And the Fed is now looking at their options.

Instead of giving these firms full master-account access, the proposal would create a limited payment account for eligible institutions. That could let them clear and settle payments through Fed services.

But it would come with big limits…

No intraday credit. No discount-window access. No interest on balances held at the Fed.

Meaning crypto firms could get closer to the rails, without getting the full safety net that banks receive.

This isn’t just about one company getting a better bank account.

It’s about whether crypto firms like Kraken, Coinbase, Circle, Ripple, and Paxos can move deeper into the core of the financial system.

For the industry, that could mean faster payments, cheaper settlement, and less dependence on traditional bank middlemen.

For critics, it raises the same question Warren was asking yesterday:

If crypto firms are allowed to use more of the banking system, how much of the banking rulebook should follow them through the door?

SpaceX is reportedly valued north of $350B — the biggest pre-IPO story of the decade.

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Samson Mow just laid out one of the cleanest cases for why Bitcoin can't stay down here.

Mow is the CEO of JAN3, helped architect El Salvador's Bitcoin strategy, and has a $1 million price target for Bitcoin by 2031.

And in his latest interview, he pointed out something most investors are missing.

Read that again. The largest corporate holder in history is using this drawdown to lower his cost basis.

Same with Metaplanet. Same with every serious treasury company.

Mow's framing of why this matters is brilliant. These buyers are price insensitive.

They will buy at $500,000. They will buy at $700,000. And right now, people are handing them coins at $60,000 to $70,000.

And it's about to get worse. Adam Back's BSTR is de-SPACing soon with $1.5 billion to deploy.

More treasury companies are stacking up behind them. Every day of the week is about to have a Saylor-style buyer absorbing supply.

6 months ago, every Saylor buy announcement triggered a dip. That doesn't happen anymore. The buy pressure from STRC is too steady. The market can't even fade the news.

And here's the kicker most people miss. The 2-3 million coins sitting on exchanges aren't for sale. That's liquidity. Market makers. Hedge funds. Trading inventory. The actual sellable float is far smaller than most realise.

So you have institutions, treasuries, and sovereigns all competing for an asset where the real available supply is shrinking by the day.

The supply shock isn't a question of if. It's a question of when. 🔥

Today we’ll be checking in on the amount of Ethereum available for sale on exchanges.

Here’s how to interpret this metric:

14.92 million ETH remain on exchanges. That's 12.36% of the total supply.

A slight uptick from two weeks ago - the first time we've seen exchange balances rise this year.

Since January, 1,866,506 ETH has still been withdrawn from exchanges. The year-to-date picture remains overwhelmingly one-directional.

Exchange supply draining from one side. Staking absorbing from the other. Both forces are still active, even if the exchange side took a breather this fortnight.

12.36% of supply on exchanges is still historically low. We'll be watching whether this ticks back down next time or marks the start of something different. 🐳

Tether Tightens Grip on Bitcoin Treasury Firm Twenty One With SoftBank Buyout. Tether bought out SoftBank’s stake in Twenty One Capital, tightening control of a major BTC treasury company.

Crypto custody firm Copper is looking to sell the company for $500 million. Cantor Fitzgerald is reportedly helping shop the institutional custody and settlement firm.

Bitcoin miner Canaan posts $88.7M net loss in Q1 amid BTC decline. Canaan’s quarter was hit by a $25M inventory write-down and weaker mining-equipment sales.

Weekly crypto ETP outflows top $1B, ending six-week positive streak amid Iran-linked risk-off: CoinShares. The fund-flow story is useful as a smaller market datapoint without making the opener another ETF-flow piece.

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

Trivia Answer: It represents one asset on another blockchain so it can be used in that ecosystem 🥳

Wrapped tokens let assets move into ecosystems where they do not natively live. Wrapped Bitcoin lets Bitcoin exposure be used in Ethereum-based DeFi apps.

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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.