GM to all of you nutcases. It’s Crypto Nutshell #889 joggin‘ on in…🏃🥜

We're the crypto newsletter that's more exacting than a magician checking the trapdoor before the audience sees the birdcage… 🎩🕯️

What we’ve cooked up for you today…

What’s in the Crypto Nutshell Portfolio?

BREAKING: NYT investigation alleges CFTC purged staff who questioned Trump-tied crypto firms

The crypto regulator everyone wants in charge just got a very awkward headline.

According to a New York Times investigation, CFTC officials who questioned prediction-market approvals involving Polymarket, Crypto.com and a Gemini affiliate were suspended, investigated or pushed out.

This is a big deal because the CFTC isn't some side character anymore.

The industry has spent months arguing that the CFTC should become the main watchdog for large parts of the crypto market.

The CLARITY Act would hand it major authority over spot digital commodities, which is exactly why this story lands at a bad time.

The allegation isn’t saying that prediction markets are automatically bad.

It's that staff raised questions about fraud protections, small-bettor fairness and incomplete reviews, then the people asking those questions lost their jobs.

The White House's response was blunt: "There are no conflicts of interest."

Maybe that's true…

But crypto regulation doesn't only need friendlier rules.

It needs rules people trust.

If the CFTC is going to oversee more of this market, the process has to look clean, especially when Trump-family crypto interests are already part of the political backdrop.

There's also a practical problem.

The agency is already stretched.

Trump's pick to chair the CFTC, Michael Selig, recently told CoinDesk the regulator can't wait around because "we can't slow down."

Lawmakers have also said the CFTC is "best served" by a full five-member commission.

But we want to hear what the Crypto Nutshell community has to say…

Drop your thoughts in the poll below. 👇

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

But you don't have to wait for the listing to position yourself.

We've identified 3 publicly-traded companies with direct exposure to SpaceX's growth — names you can buy today in your regular brokerage account.

From the satellite supplier embedded in Starlink's hardware to a defense contractor sitting on a multi-year Falcon 9 deal, these are the tickers Wall Street is quietly accumulating ahead of the listing.

Grab the full breakdown in our free SpaceX IPO Playbook, including target levels, risk tiers, and the one name our analysts think has the most upside.

Get the Free Playbook

Raoul Pal just stood on stage at Consensus 2026 in Miami and made the bluntest case for crypto we've heard from him yet:

He's standing in a room where every major bank and asset manager is building on blockchain rails.

AI teams are building agents and payment systems. Liquidity is flowing. The CLARITY Act is moving. The stablecoin bill is clearing.

Every catalyst is firing at the same time. And his advice?

Crypto isn't a trade. It's the infrastructure layer for the digital age. And most people are trading it like a casino instead of holding it like the foundation it is.

His prescription is dead simple.

Buy 3 to 5 proven Layer 1 tokens. Capture the infrastructure. Hold for a decade.

Then come back from the beach on the private jet. 🌴

Let’s kick off the week with a look at the Bitcoin HODL Waves - one of the clearest snapshots of market conviction.

Each coloured band represents the percentage of Bitcoin that last moved within a specific time frame.

The cooler the colour, the older the coins - with purple showing Bitcoin that hasn’t moved in 10+ years.

Today we’ll be focusing on long-term holders (LTHs) - defined as coins held for more than six months.

Here’s how the Bitcoin supply breakdown looks today compared to five weeks ago:

TL;DR: 78.37% of all Bitcoin has not moved in over six months. 🔒

Up from 72.55% five weeks ago. That's a 5.82% surge in long-term held supply.

The 6-12 month band tells the whole story. It exploded from 12.75% to 18.04% - a 5.29% increase that dwarfs every other move on the board. A huge wave of coins bought during the drawdown has now aged past the six-month mark and into long-term holder territory. These buyers weathered the worst of the sell-off and didn't flinch.

The 1-2 year band grew too. The 5-7 year cohort jumped nearly a full percent. And the 10+ year base pushed to 17.55%.

The mid-range bands contracted as expected - the 2-3 year and 3-5 year groups both shed supply through normal rotation. Coins aging forward, not necessarily being sold.

Nearly 4 out of every 5 Bitcoin in existence haven't moved in over six months. That's an extraordinary level of dormancy during what's been one of the most volatile stretches of the cycle. 💎

Now You Can Buy Bitcoin, XRP and More in ChatGPT via MoonPay. MoonPay’s app lets users generate checkout links to buy assets including Bitcoin, XRP, Solana and USDC from inside ChatGPT.

Coinbase does not fear competition from Wall Street, says exchange executive. Coinbase says Wall Street’s crypto push is not a threat and used Stand With Crypto events to call for sensible regulation.

FTX law firm Fenwick & West to pay $54M to victims in settlement. The former FTX law firm agreed to settle customer claims while still denying wrongdoing.

StablR’s EURR and USDR depeg after attacker mints $13.5 million in unbacked tokens through multisig exploit. The attacker allegedly replaced administrators, minted unbacked euro and dollar stablecoins, and dumped into thin liquidity.

Want to get even smarter? Check these out.

p.s. all completely FREE (one click subscribe link)

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: Make smaller Bitcoin payments faster and cheaper by settling activity off the main chain 🥳

Lightning helps make smaller Bitcoin payments faster and cheaper by routing activity off the base chain, then settling back to Bitcoin.

Advertise with Crypto Nutshell to get your product or brand in front of the crème de la crème of crypto investors. Crypto Nutshell readers are high-income earners who are always looking for unique or interesting offers.

Get in touch today.😎

We read every comment submitted in this poll and love to hear what you guys have to say. 😁 (bonus points for suggestions 🍪)

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.