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GM to all of you nutcases. It’s Crypto Nutshell #865 callin' it in…📞🥜

We're the crypto newsletter that's more razor-edged than a trial where the lawyer knows his client did it and takes the case anyway… ⚖️🩸

What we’ve cooked up for you today…

What’s in the Crypto Nutshell Portfolio?

BREAKING: Strategy breaks 800K Bitcoin & BitMine nears 5% of all Ethereum

The two biggest corporate crypto buyers on Earth just deployed nearly $2.8 billion in a single week.

Strategy bought 34,164 Bitcoin last week for $2.54 billion.

That’s their largest purchase since November 2024 and its third-biggest ever by coin count.

Strategy’s total holdings now sit at 815,061 BTC, worth around $61.4 billion. That's over 3.8% of Bitcoin's total supply.

And for the first time in months, Strategy is roughly break-even, with an average cost basis of $75,527.

The recent buy was funded mostly through STRC, Strategy's preferred share that pays 11.5% monthly dividends. (More on STRC in the next section)

On the Ethereum side, BitMine matched the momentum.

Tom Lee's firm bought 101,627 ETH last week, its largest purchase since December, bringing total holdings to 4,976,485 ETH.

That's 4.12% of the entire circulating supply and 82% of the way to their stated goal of owning 5%.

Lee said the crypto winter is "much closer to ending," pointing to ETH's 41% rally from its February lows and its outperformance against equities since the Iran war started.

In one week, two firms deployed nearly $2.8 billion into crypto.

Strategy is absorbing Bitcoin at a pace that dwarfs ETF inflows.

BitMine is on track to own one in every twenty Ethereum tokens in existence.

But not everyone is comfortable with that level of concentration…

To be clear, owning Bitcoin or Ethereum doesn't give any company influence over how the networks operate. But the concentration of supply in single entities is still sparking debate.

Let us know your thoughts in the poll below. 👇

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Taiki Maeda just dropped one of the most important videos of this cycle. And the timing couldn't be more perfect.

Maeda is the CEO of HFA Research, founder of the Humble Farmer Army, and host of the Crypto Market Wizards podcast.

He's the same guy who called the October 2025 top when everyone else was screaming alt season. Now he's calling the bottom and backing it up with real money.

Buying Bitcoin aggressively throughout April.

The thesis is simple but the implications are massive.

Crypto feels completely dead right now. Fear and greed sitting at extreme fear for weeks.

People are positioned for a crash that already happened. And yet, Bitcoin is quietly climbing. ~$75,000 today.

This is what they call a wall of worry. Price goes up while everyone explains why it shouldn't. Nobody believes it. Nobody is positioned for it. And that's exactly why it works.

But the part that really ties it all together is the STRC angle.

What is STRC?

It's a new fixed-income product issued by Michael Saylor's Strategy (formerly MicroStrategy).

Think of it as a bond backed by the company's massive Bitcoin treasury. Investors lend Saylor cash and get paid a monthly dividend currently sitting at 11.5% APY.

Saylor then takes that cash and uses it to buy more Bitcoin. Every dollar that flows into STRC goes directly into buying BTC. It's a machine.

And the institutions are lining up. BlackRock. Fidelity. VanEck. The biggest names in traditional finance are now buying STRC through their preferred income ETFs.

Here's the logic that should stop every bear in their tracks.

If the market genuinely thought Bitcoin was going lower, why would institutions be lining up to buy a Bitcoin-backed yield product at these levels?

They wouldn't.

This is also why the 4-year cycle might be dead.

Previous cycles didn't have a whale buying billions in Bitcoin every single month like clockwork. That changes the floor dynamics completely.

Saylor bought $2.54 billion last week alone. And he's not stopping.

The bear case is that Saylor eventually blows up. Fine.

But even Taiki makes a great point on that. Even if it ends badly in 2 or 3 years, it has to pump Bitcoin massively before that happens. So why would you be short during the run up?

And the final insight hits different.

Taiki said whenever he looks for Bitcoin beta through altcoins, he finds out that he is the beta. Holding alt-coins. Holding random DeFi coins.

Watching them bleed while Bitcoin rips. Last cycle, Solana didn't start moving until Bitcoin 2x'd off the bottom.

So the play is simple. Own Bitcoin.

Don't try to be clever. The wall of worry is being climbed.

And most people are sitting in cash waiting for a crash that's not coming. 🏃

Last week, Digital Asset Funds saw inflows of $1.4 billion.

That’s the largest weekly total we’ve seen since January! (Just edging out last weeks total)

And it also marks the third consecutive week of inflows.

Let’s break it down.

Bitcoin led with inflows of $1.1 billion.

Ethereum followed with $328 million.

While XRP and Solana saw outflows of $56.2m and $2.3m respectively.

However…

Short Bitcoin products also saw inflows of $1.4 million. (Investors betting on further downside)

As we said last week, this just goes to show how split the market sentiment still is.

Regionally, the positive sentiment was solely focused on the US, which saw $1.49 billion in inflows.

Germany, Canada and Sweden all saw inflows of $28.0m, $8.3m and $3.1m respectively.

Last week revitalised risk on appetite from investors as news of the US-Iran ceasefire extension talks circulated.

This was reinforced with Bitcoin hitting $78,000.

However, the constant back and forth on the opening and closing of the Strait of Hormuz still has many second guessing.

For now, uncertainty still remains high.

North Korea’s crypto heist playbook is expanding and DeFi keeps getting hit. More than $500 million was siphoned across the Drift and Kelp exploits in just over two weeks.

A year under Paul Atkins: SEC crypto embrace grows as prediction markets draw scrutiny. About a year into the job, SEC Chair Paul Atkins says he is on a mission to "advance, clarify and transform" or (ACT).

Aave’s TVL Falls $8B After $293M Kelp DAO Hack. Aave’s total value locked fell by nearly $8 billion after the Kelp DAO hackers posted the stolen funds on Aave as collateral to borrow wrapped Ether, triggering precautionary withdrawals.

Coinbase Tests AI Agents Modeled on ‘Legendary’ Former Execs. The exchange is trialing AI agents that replicate the decision-making styles of co-founder Fred Ehrsam and former CTO Balaji Srinivasan.

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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: The observation that newly printed money benefits those closest to its source first, widening inequality 🥳

Bitcoin advocates cite this 18th-century economic concept to argue that central bank money printing disproportionately benefits banks and institutions while eroding purchasing power for everyone else. Bitcoin's fixed supply is positioned as the antidote.

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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.