GM to all of you nutcases. It’s Crypto Nutshell #831 lookin’ for alpha… 🔍🥜

We're the crypto newsletter that's more twisted than a heist where the crew finds out the vault was never the real target… 🏦🎯

What we’ve cooked up for you today…

What’s in the Crypto Nutshell Portfolio?

BREAKING: Trump urges passage of U.S. Clarity Act, attacks banks for 'undercutting' GENIUS

Should you be allowed to earn interest on your stablecoins?

That one question is holding up the most important piece of crypto legislation the US has ever seen.

The CLARITY Act - which would create a full regulatory framework for digital assets - passed the House with bipartisan support last year.

But it's been stuck in the Senate ever since.

The reason? Banks and crypto companies can't agree on stablecoin yield.

Crypto firms like Coinbase want to offer yield on stablecoin balances.

They argue it was already allowed under the GENIUS Act, the stablecoin law Trump signed last year.

Banks say that's effectively taking deposits - and anyone doing that should be regulated like a bank.

JPMorgan CEO Jamie Dimon made the case on Tuesday:

He said banks would accept transaction-based rewards.

But interest on stored balances? That needs capital requirements, liquidity rules, and deposit insurance. "Level playing field by product," Dimon said.

Coinbase CEO Brian Armstrong sees it differently.

He pulled Coinbase's support for the bill right before the Senate Banking Committee was set to vote - and has argued banks should be forced to compete instead of hiding behind regulation.

Now Trump has stepped in.

"Americans should earn more money on their money," he posted on Truth Social. He accused banks of "holding the Clarity Act hostage" and warned the entire crypto agenda "will end up going to China" if the bill doesn't pass.

Worth noting: Trump's own family crypto company, World Liberty Financial, issues its own stablecoin (USD1) and is currently seeking an OCC charter.

JPMorgan analysts said last week the CLARITY Act could still pass by mid-year and become a major catalyst for crypto markets in the second half of 2026.

But the clock is ticking. Summer recess is coming. The 2026 election cycle is ramping up. The White House already missed its own February deadline.

The bill that could reshape crypto's future is caught between two industries that both want to win. 🚀

How do you follow 4,000% valuation growth? By preparing for what’s next. That’s what pre-IPO company Immersed did, reserving the Nasdaq ticker $IMRS.

But the real opportunity for investors is now, before public markets.

Why? Immersed changed the game in extended reality (XR), developing the Meta Quest store’s most popular productivity app. They have more than 1.5M users, including Fortune 500 teams, many who already use it up to 60 hours a week.

But that’s not all. Immersed’s soon-to-be-released XR headset has 2M more pixels than Apple’s Vision Pro for 70% less cost and weight. No wonder they’re projecting $71M in first-year sales.

Immersed is redefining the $250B+ future of work. That’s why 6,000+ investors have already secured pre-IPO shares in Immersed’s growth.

They have partnerships in place with Qualcomm and Samsung. Executives and founders from Palantir, Facebook, Reddit, and Sailpoint invested. You can, too. But there’s no time to waste. Invest in Immersed before the opportunity closes.

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Tom Lee has been one of the most accurate macro forecasters on Wall Street for well over a decade.

He's the co-founder and head of research at Fundstrat Global Advisors, a regular on CNBC, and one of the few traditional finance voices who has been consistently right about both equities and crypto.

And in his latest CNBC interview, he said something that should cut through any remaining fear right now…

He thinks March is likely going to be an up month.

Lee acknowledged that all around, sentiment is terrible. The end of February was brutal. Software stocks, the Mag 7, crypto, all took heavy hits. It doesn't feel like a major recovery is close.

But that's exactly the point.

Lee believes all of these categories are either in the final stages of their selloff or have already bottomed.

Read that again. Already bottomed.

This lines up with what we've been hearing from other institutional voices over the past few weeks.

The smart money isn't panicking. It's positioning.

February was painful. But if Tom Lee is right, it was also the finale.

Prepare for March. 🚀

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: 0.303 (Two weeks ago: 0.316)

Another step lower…

We've drifted further into low-risk territory.

Still above the panic zones of deep bear markets - those typically flash below 0.2 - but the gap is narrowing.

What does that mean?

The risk/reward continues tilting in favour of buyers. Every tick lower on this metric is the market quietly discounting risk while sentiment screams the opposite.

If BTC Risk keeps drifting toward 0.2, this stops being a dip and starts becoming a serious accumulation window. 📊

The Banks Are Coming for Crypto Custody. It's no longer a matter of if major banks will custody crypto but a matter of when, with Morgan Stanley, Citigroup and Barclays all lining up.

TD Cowen says banks likely to lose stablecoin yield fight, but prolonged dispute could put crypto bill at risk. "To us, the banks will eventually lose on this issue politically as they are arguing against consumers getting paid money."

Bitcoin ETFs Surge as Trading Volumes Reach February Highs. Spot Bitcoin funds logged $458 million in inflows, while trading volumes hit the highest since early February despite widening US-Iran tensions.

The users of blockchain will be AI agents, NEAR co-founder says. Polosukhin argues that AI will become the primary interface layer for everything online, including crypto, abstracting away wallets, explorers and transaction hashes.

Want to get even smarter? Check these out.

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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: Market value to realized value 🥳

MVRV compares Bitcoin's current market cap to its realized cap (the aggregate cost basis of all coins based on when they last moved). It's a key metric for gauging whether the market is overheated or undervalued.

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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.