GM to all of you nutcases. It’s Crypto Nutshell #861 callin' it in… ☎️🥜

We're the crypto newsletter that's more disorienting than a reality that resets every morning but the bruises stay… ⏰🩸

What we’ve cooked up for you today…

What’s in the Crypto Nutshell Portfolio?

BREAKING: Goldman Sachs files for Bitcoin ETF that invests in other Bitcoin exchange-traded products

Goldman Sachs just filed for a Bitcoin ETF.

Even Bloomberg's top analyst didn't see this one coming…

The Wall Street giant filed with the SEC on Monday to launch the Goldman Sachs Bitcoin Premium Income ETF, a fund that gives investors Bitcoin exposure while generating steady income on top.

How does it do that? 🤷‍♂

The fund buys Bitcoin ETFs, then sells options on them.

In return, it collects a premium, essentially earning income for investors in exchange for capping some of the upside during big rallies.

Think of it like a Bitcoin product that behaves more like a dividend-paying stock.

Bloomberg's Eric Balchunas called it "boomer candy" and admitted he was caught off guard. "Can't say I saw this coming. I kinda just thought JPM and GS would sit crypto out."

They're aren’t sitting this one out.

Goldman manages $3.65 trillion in assets.

CEO David Solomon recently admitted he personally owns "very little, but some" Bitcoin, calling himself "an observer" of the asset.

And Goldman isn't alone in this move.

BlackRock is preparing a near-identical product, the iShares Bitcoin Premium Income ETF, expected to launch within weeks.

Morgan Stanley's spot Bitcoin ETF went live last week and has already pulled in $68 million. Morgan Stanley is also rolling out direct Bitcoin, Ethereum, and Solana trading through E*Trade.

These banks aren't just dipping a toe in anymore. They're building full product suites and competing with each other for crypto market share.

Two years ago, the first spot Bitcoin ETFs launched and it was considered a breakthrough. Now Goldman, BlackRock, and Morgan Stanley are racing to build the next generation of crypto products on top of them.

The game has changed. 🚀

Louis Navellier called Nvidia at split-adjusted $4. He's calling this one now. An AI breakthrough he says could make ChatGPT obsolete — and trigger a 70X investment boom in the process. He's presenting the name and ticker symbol live. Watch free.

Watch Louis Present Live

VanEck just released a new Ethereum price target. And it's a big one.

VanEck is one of the largest asset managers in the world, with over $100 billion in assets under management and a reputation for rigorous, fundamentals-driven research.

They were early to the Bitcoin ETF race. They've been publishing institutional-grade crypto research for years.

So when they put a number on something, serious money pays attention.

Their new Ethereum price target for 2030: $52,300 per ETH.

For context, that's up from a $22,000 target in 2024 and $11,800 in 2023.

Every time they've updated the model, the number has gone higher. Because the fundamentals keep outpacing the assumptions.

The report was authored by Matthew Sigel, VanEck's Head of Digital Assets Research, and Patrick Bush, Senior Investment Analyst.

Their methodology isn't hopium. It's built on cash flow projections and fully diluted valuation calculations. The same kind of analysis you'd run on a stock.

Here's what's driving the upgrade:

Ethereum's market share across DeFi, stablecoins, and tokenization has climbed dramatically.

Layer 2 networks like Base, Arbitrum, and Optimism have effectively won the scaling race, and because they all use ETH for security, Ethereum's effective market share is now closer to 85%.

Revenue projections have exploded.

Stablecoin transfer volume on the network recently hit $8 trillion per quarter.

Institutional settlement is ramping. Real-world asset tokenization is becoming a real revenue stream.

And supply is getting tighter. Over 29% of all ETH is now staked.

The burn mechanism is keeping circulating supply low. The math keeps compressing in Bitcoin's favour too, but for Ethereum, it's particularly extreme.

The result? A 2030 base case of $52,300 per ETH.

That's roughly a 25x from where Ethereum trades today.

VanEck isn't selling a dream. They're publishing a valuation model that treats Ethereum like the settlement layer for global finance that it's becoming.

And every update pushes the number higher.

Not hype. Math. 🧮

Today we're looking at BTC Risk - a simple way to gauge where we are in the cycle.

BTC Risk compresses years of price action into a number between 0 and 1:

It doesn't call exact tops or bottoms. It shows you when risk-reward is tilted in your favour.

Current BTC Risk: 0.342 (Two weeks ago: 0.318)

Ticking higher again.

BTC Risk has bounced off the lows and pushed back up toward the mid-0.3s. After weeks of grinding lower, the metric is showing signs of stabilisation rather than continued compression.

What's that telling us?

The market is finding a floor. Not a dramatic reversal - more like risk sentiment slowly recalibrating after an extended period of fear-driven discounting.

We're still comfortably below the 0.5 midpoint. That means the risk/reward remains tilted toward buyers, even with this uptick. But the days of watching this metric slide toward generational accumulation territory appear to be fading.

Think of it as the market starting to price in stabilisation before price itself confirms it. BTC Risk often leads sentiment - and right now it's quietly saying the worst of the discounting may be behind us. 📊

Fake Ledger App Steals Millions in Bitcoin, Crypto From Holders. A fake Ledger Live app on the Mac App Store duped more than 50 users, swiping more than $9 million in a new crypto scam.

Crypto.com gets into Prediction Markets through High Roller. High Roller Technologies announced it had executed a definitive agreement with Crypto.com as part of the exchange’s move into prediction markets.

Fed chairman nominee Kevin Warsh's vast holdings include crypto. Kevin Warsh's financial disclosure reveals stakes in DeFi protocols, Ethereum scaling networks, a Bitcoin Lightning startup, and prediction markets — all of which he's promised to sell.

'Chaos is a ladder': Bitwise says geopolitical tension lifts bitcoin's appeal, calls $1 million target a possible baseline price. Bitwise CIO Matt Hougan says bitcoin has outperformed stocks and gold during the Iran conflict as geopolitical uncertainty boosts its appeal.

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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: A mechanism that transfers wallet contents to designated beneficiaries after a prolonged period of inactivity. 🥳

It's designed to solve the inheritance problem in crypto. If a holder dies or becomes incapacitated without sharing their keys, funds would otherwise be lost forever. Several smart contract solutions now offer this functionality.

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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.