GM to all of you nutcases. It’s Crypto Nutshell #856 drawin' it out… 🖍️🥜

We're the crypto newsletter that's more suffocating than a submarine captain who just got an order he can't verify… ☢️🔑

What we’ve cooked up for you today…

What’s in the Crypto Nutshell Portfolio?

BREAKING: Bitcoin jumps on US-Iran ceasefire talks, long-term rally remains uncertain

Bitcoin jumped past $72,000 overnight after Trump confirmed a two-week ceasefire with Iran via Truth Social, just before his 8pm ET deadline.

Oil collapsed more than 10%. S&P 500 futures jumped nearly 2%. And Bitcoin surged 5% to hit $72,700, its highest level in three weeks.

The move destroyed bearish positioning across the board.

Nearly $600 million in crypto futures were liquidated, with shorts making up over $427 million of that. The largest single wipe was an $11.8 million BTC short on Binance.

For weeks, oil and war headlines have capped every rally. This is the first time in over a month the pressure valve has released.

But it's only a two-week pause…

Not a full blown peace deal…

Iran confirmed the ceasefire but hedged on the Strait of Hormuz, saying tankers could pass "with due consideration to technical limitations."

Trump called it a "double sided ceasefire" and said the U.S. had exceeded all military objectives.

Bitcoin now sits at the top of the $65,000 to $73,000 range that has contained every move since the war began.

Whether this breaks the ceiling or becomes another fade depends on what happens next.

And landing right on cue…

Morgan Stanley's Bitcoin ETF debuts today on NYSE Arca under the ticker MSBT.

It's the first spot Bitcoin ETF from a major U.S. bank, with the lowest fee on the market at 0.14%.

As Bloomberg's Eric Balchunas put it: "This bank happens to have 16,000 advisors managing $6 trillion in assets. They are the ultimate gatekeepers of rich boomer money."

A ceasefire. A short squeeze. And Wall Street's biggest bank launching a Bitcoin ETF. All in 24 hours. 🚀

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In case you didn’t know by now, last week, Google dropped a bombshell.

Their Quantum AI team published a whitepaper claiming that breaking Bitcoin's cryptography could require far fewer resources than previously thought, roughly 20x fewer qubits than earlier estimates.

Headlines exploded. "Bitcoin cracked in 9 minutes."

Quantum-resistant tokens pumped 50%. Fear spread everywhere.

And then Michael Saylor walked onto CNBC and dismantled the entire narrative in about 60 seconds…

When asked if quantum computing worried him, the interviewer noted he "looked like he slept okay last night." Saylor didn't miss a beat.

Then he laid out the logic. Google and Microsoft are not going to build a quantum computer that cracks modern cryptography.

Because doing so would destroy Google, Microsoft, the U.S. government, and the entire banking system.

Every HTTPS website. Every military communication. Every financial transaction on earth.

If quantum breaks Bitcoin, it breaks everything.

And when the day comes, 10 or 20 years out, that quantum computing genuinely threatens modern cryptography? Saylor's answer is simple:

The Bitcoin network will do hardware upgrades. Software upgrades. The same way Microsoft, Google, and every government on earth will upgrade their systems. Bitcoin is a monetary protocol. It evolves.

And then Saylor delivered the kill shot on the whole scare:

The real quantum threat isn't to Bitcoin.

It's the fear itself being weaponized to sell you something or steal what you already have.

Sleep well. 😴

Today we’ll be taking a look the overall stablecoin supply.

Stablecoins are the backbone of crypto liquidity, used for seamless trading and instant cross-border transactions.

The chart below tracks the aggregate change in the total stablecoin market cap.

The stablecoin supply dipped to $267.70 billion.

That's a $1.26 billion drop from $268.96 billion two weeks ago - snapping the streak of consecutive inflows.

But before you read that as bearish, look at the bigger picture.

Even after this pullback, stablecoin supply is still sitting near all-time highs.

And year-to-date?

Still in the negative, with supply contracting by roughly $230 million since the start of 2026.

The reality is messier than a clean trend in either direction.

Capital isn't flooding in, but it isn't fleeing either. It's oscillating - flowing in for a few weeks, pulling back, then flowing in again.

That's what indecision looks like on-chain.

And $267.70 billion in stablecoins is still a staggering amount of dry powder sitting on the sidelines. When direction becomes clear, that capital moves fast. 🔥

Solana Exchange Stabble Warns Users to Pull Liquidity After North Korean Hacker Scare. A decentralized exchange on Solana urged its users to exit after a former executive was alleged to be a North Korean hacker.

BTC Accumulation Hits 4.37M as Network Activity Sends Mixed Signal. Bitcoin accumulators boosted their buying activity, but it is too early to determine if BTC’s “bull phase” will hold.

FDIC proposes ruleset for stablecoin issuers following GENIUS enactment. The agency, responsible for insuring deposits and maintaining financial stability, joins other regulators in crafting stablecoin rules.

Here is what Solana Foundation's cryptic 'Don’t waste time with crypto' ad really means. The foundation says it is becoming a leading network for “agentic payments.”

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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: A bank run triggered after reports revealed Alameda Research had been using FTX customer deposits. 🥳

A leaked balance sheet showed Alameda's assets were heavily concentrated in FTT (FTX's own token). When Binance's CZ publicly announced he would sell his FTT holdings, it sparked mass withdrawals that FTX couldn't honour, exposing billions in misappropriated customer funds.

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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.