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GM to all of you nutcases. It’s Crypto Nutshell #681 goin’ to battle… ⚔️🥜

We're the crypto newsletter that's more emotional than a father searching across a post-apocalyptic wasteland for his son... 🌫️👣

What we’ve cooked up for you today…

• 🏦 ETH treasury firms vs US ETFs

• 🛶 Have you missed the boat?

• 🤯 Supply crunch

• 💰 And more…

What’s in the Crypto Nutshell Portfolio?

ETH TREASURY VS ETF 🏦

BREAKING: Standard Chartered says Ethereum treasury firms now 'very investable,' better than US spot ETH ETFs

Here’s a stat that might surprise you…

Since June, ETH treasury companies - publicly traded firms buying and holding Ethereum on their balance sheets - have scooped up 1.6% of the total ETH supply.

That’s the exact same amount bought by U.S. spot ETH ETFs during the same period.

But here’s where it gets interesting:

Standard Chartered says the treasury stocks might actually be the better buy:

Kendrick’s thesis is simple:

Treasury firms aren’t just sitting on ETH.

They’re earning staking rewards, deploying capital into DeFi, and increasing ETH-per-share - something spot ETFs can’t do under current U.S. rules.

(Although that may change soon, if the SEC continues down its current pro-crypto path.)

NAV multiples - the ratio of a company’s market cap to the value of its ETH holdings - are now cooling across the board.

Take SharpLink Gaming (SBET), one of the sector’s early leaders.

Backed by Consensys and Ethereum co-founder Joe Lubin, its NAV multiple has dropped from a frothy 2.5 to just above 1.0.

The largest player right now?

BitMine (BMNR) - with a stated goal of holding 5% of all ETH in circulation.

With SharpLink’s earnings report due August 15 and new players entering the space, momentum is clearly building.

And with Standard Chartered holding firm on its $4,000 ETH price target by year-end, the message is clear:

The smarter path to that target might not be an ETF…

It could be a treasury stock.

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HAVE YOU MISSED THE BOAT? 🛶

With Bitcoin now firmly above $100,000 and looking like it’s only heading higher as we move deeper into 2025…

The most common question is:

“Did I miss the Boat?”

According to Jack Mallers, founder of Strike and one of Bitcoin’s loudest bulls?

Absolutely not. Bitcoin is going:

Here’s why he’s so confident:

In his most recent interview, Jack broke it down simply - Bitcoin’s gunning for the world’s biggest pool of capital.

Bitcoin's True Target 🎯

The world holds $900 trillion in assets - this includes stocks, real estate, gold, art, you name it.

Roughly half of that is used just to store wealth.

And Jack believes Bitcoin is coming for all of it.

How big could Bitcoin really get? 💭

Here’s Jack’s back-of-the-napkin math:

• Current Bitcoin Market Cap: $2.5T
• Total Global Assets: ~$900T
• Used to Store Wealth (savings, real estate, gold, etc.): $400–$500T

Jack’s Thesis: Bitcoin is coming for that $400 - $500T pie.

Which means? Bitcoin has a 100x-200x upside from here.

If Jack’s even half right...

No boats have been missed - you’re still early. 🛶

SUPPLY CRUNCH 🤯

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

Here’s how to interpret this metric:

• Decreasing exchange balances: Bullish indicator as it signals a shift towards long-term holding 🐂

• Increasing exchange balances: Bearish indicator as coins being transferred to exchanges are more likely to be sold 🐻

Just 15.35 million ETH now sits on exchanges - a tiny 12.69% of the total supply.

In the past 90 days alone, 2.09 million ETH (worth $7.69 billion) has been pulled off.

Let that sink in…

Exchange balances are fast approaching 2015 levels. 🤯

This is what a supply crunch looks like.

ETH is disappearing. Demand is heating up. (Especially from institutions)

And when you combine those two?

There’s only one way it ends:

With liftoff. 🚀

CRACKING CRYPTO 🥜

Bitcoin and Ethereum traders prepare for August slump as put options dominate. Bitcoin and Ethereum traders bolster put options, signaling cautious sentiment for August, according to Derive data.

Ethereum Treasury Stocks 'Better Buy' Than ETH ETFs, Standard Chartered Says. The banks says ETH treasuries and ETH ETF holders each bought 1.6% of supply since June, with more upside ahead.

Indonesia is exploring a national Bitcoin reserve, says local group. Indonesia’s Vice President’s office met with a Bitcoin advocacy group to discuss how implementing a Bitcoin reserve could fuel economic growth in the country.

Tornado Cash verdict sets off a storm of protest as crypto advocates push for a potential appeal. A jury's verdict to find Tornado Cash creator Roman Storm guilty on one charge was met with disappointment from crypto pundits.

WHAT WE’RE READING 📚

Want to get even smarter? Check these out.

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

• Raremints (link) - Daily crypto news

• Bitcoin Breakdown (link) - Daily Bitcoin news

• Techpresso (link) - Daily tech news and insights

• The Hustle (link) - Get Smarter on Business and Tech

• Your Next Breakthrough (link) - Personal growth with Mark Manson

• The Neuron (link) - AI trends and tools to keep you ahead

CAN YOU CRACK THIS NUT? ✍️

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MEME CORNER 😂

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Trivia Answer: Faster and cheaper Bitcoin transactions 🥳

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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.