GM to all of you nutcases. It’s Crypto Nutshell #754 deliverin’ the snapshots… 📸🥜

We’re the crypto newsletter that’s more chaotic than a rogue archaeologist outrunning ancient traps for one last treasure… 🗺️💥

What we’ve cooked up for you today…

What’s in the Crypto Nutshell Portfolio?

BREAKING: Crypto market cap is now ~10% BELOW levels seen during the record -$19 billion liquidation on October 10th.

Over the last 41 days, the market has erased 1.1 trillion dollars.

That is 27 billion dollars being wiped out every single day.

And we’re now trading 10 percent below the levels seen during the record 19 billion dollar liquidation on October 10.

Safe to say, things aren’t looking great right now…

But this isn’t panic. It isn’t news-driven. There have been no bearish developments since the US Government reopened.

It’s structural.

Nothing on the fundamental side actually broke.

Trump is openly saying America should be number one in crypto. Regulation is moving forward. Adoption is rising.

Yet Bitcoin is down 25% in a month.

Why?

It started in mid-October. Institutional outflows hit hard. Crypto funds bled over 1.2 billion in the first week of November alone.

Add excessive leverage on top - 20x, 50x, even 100x positions - and the result is automatic:

Tiny moves trigger forced liquidations. Forced liquidations trigger more selling. More selling triggers cascade wipes.

And millions of traders use that kind of leverage. (We highly suggest you stay away from using leverage…)

This is why crypto has become hypersensitive.

In the last 16 days we’ve seen:

Sentiment collapsed right with it.

Fear & Greed just hit 10 - the same level as the February bottom - even though Bitcoin is still up 25 percent since April.

And yet the fundamentals have not weakened. They’ve only strengthened.

Liquidity is not dying. It is expanding.

Crypto is not collapsing. It is resetting.

The leverage burns out. The weak hands get cleared. The structure heals.

We think the bottom is close. 🚀

Mark Spitznagel, who made $1B in a single day during the 2015 flash crash, warns markets are mimicking 1929. Yeah, just another oracle spouting gloom and doom, right?

Vanguard and Goldman Sachs forecast just 5% and 3% annual S&P returns respectively for the next decade (2024-2034).

Bonds? Not much better.

Enough warning signals—what’s something investors can actually do to diversify this week?

Almost no one knows this, but postwar and contemporary art appreciated 11.2% annually with near-zero correlation to equities from 1995–2024, according to Masterworks Data.

And sure… billionaires like Bezos and Gates can make headlines at auction, but what about the rest of us?

Masterworks makes it possible to invest in legendary artworks by Banksy, Basquiat, Picasso, and more – without spending millions.

23 exits. Net annualized returns like 17.6%, 17.8%, and 21.5%. $1.2 billion invested.

Shares in new offerings can sell quickly but…

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_{*Past performance is not indicative of future returns. Important Reg A disclosures: masterworks.com/cd.}

After Bitcoin’s sharp drop below $100K, Michael Saylor joined Grant Cardone’s podcast - and, as always, he came out swinging.

When Grant asked where Bitcoin could go next, Saylor didn’t flinch:

But his real bombshell came next:

He explained why the halving matters far less today:

Then he laid out what really drives Bitcoin now:

And his advice?

Saylor’s message is brutally simple:

The 4-year cycle is a thing of the past.

Bitcoin isn’t driven by halvings anymore - it’s driven by macro, institutions, and trillion-dollar liquidity waves.

If you’re actually investing (not trading), the short-term price swings don’t matter.

The old 4-year cycle didn’t die… it just stopped being relevant. ⚡

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.

As always, we’re 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 two weeks ago:

TL;DR: 69.65% of all Bitcoin has not moved in over six months. 🔒

That’s a 0.9 percent drop from two weeks ago. A small pullback, not a complete breakdown.

The 6–12 month cohort saw the biggest decline as shorter-term holders sold into the slide from 115K down to 94K.

The 1–2 year band continues to rise, with coins aging into stronger hands rather than hitting exchanges.

Older supply is still climbing. The 5–10 year group pushed higher, and the 10+ year base continues to expand.

And here’s the key point: even with some OGs unloading, the net trend is still toward long-term holding. More supply keeps flowing into multi-year dormancy.

The small dips in the 2–4 year range look like normal rotation between bands, not panic.

Bottom line: Bitcoin’s foundation remains strong. Supply is tight, conviction is high, and every shakeout keeps strengthening the base. 💎

How much is $10k invested in BlackRock’s Bitcoin ETF at launch worth today? By Sept. 30, that same $10,000 IBIT position had reached approximately $25,000, translating to a 150% return in under two years.

‘Very wide gap’ between XRP and Solana investor interest: Exec. The President of Coinbase Asset Management told Cointelegraph that Bitcoin and Ethereum remain the favorites among investors, but beyond that, there is an air of uncertainty.

DOJ says US citizens helped North Korean IT workers infiltrate 136 companies. The DOJ seized $15 million in Tether in order to return the funds to their rightful owners as part of an ongoing campaign against North Korean hackers.

Why Is Crypto Down Today: Market Slips Into ‘Extreme Fear’ After BTC Fails to Hold $100,000. The sell-off is attributed to a combination of factors, including profit-taking, institutional outflows, macro uncertainty, and low liquidity.

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: Halving 🥳

A halving cuts Bitcoin’s block reward by 50 percent every ~4 years, reducing new supply. ⏳ 💧

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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.