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GM to all of you nutcases. It’s Crypto Nutshell #607 keepin’ it chill… 🪂🥜

We're the crypto newsletter that's more thrilling than a man hunting his clone across the stars... 🛰️🔫

What we’ve cooked up for you today…

• 🌊 The tides are changing

• ✊ Bitcoin’s remarkable resilience

• 📉 7 year low

• 💰 And more…

What’s in the Crypto Nutshell Portfolio?

THE TIDES ARE CHANGING 🌊

BREAKING: Federal Reserve retracts guidance discouraging banks from engaging in crypto

We’ve been talking about regulatory clarity in crypto for what feels like forever.

Well, it’s finally here - and it’s a big one.

The Federal Reserve just withdrew all prior guidance discouraging U.S. banks from engaging with crypto and stablecoins.

That includes the 2022 and 2023 supervisory letters that required banks to get pre-approval before touching digital assets.

This move brings the Fed in line with the FDIC and OCC, who’ve also reversed their anti-crypto positions.

Here’s what changed:

• ❌ No more pre-approval — banks don’t need permission to offer crypto services.

• 🔁 Crypto is now treated like any other banking activity, monitored through the normal process.

• 📉 Four anti-crypto guidance letters scrapped, including those that labeled digital assets as risks to “safety and soundness.”

• 🤝 nnovation is back on the table — regulators say this restores neutrality in banking.

This officially ends what many called Operation Choke Point 2.0, the Biden-era effort that blocked banks from working with crypto firms.

And if that doesn’t sound like a big deal…

It’s one of the most bullish regulatory shifts this industry has seen in years.

The bottom line:

• The door is open - U.S. banks can now participate in crypto without fear

• Institutional adoption just got a boost

• The policy tide has turned

Crypto isn’t being sidelined anymore. It’s being invited in.

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BITCOIN’S REMARKABLE RESILIENCE ✊

Matt Hougan, Chief Investment Officer at Bitwise, just dropped one of the most quietly bullish memos of 2025.

His take?

While the world’s falling apart, Bitcoin isn’t. It’s holding the line.

And that says everything…

Unless you’ve been living under a rock, you know the world’s been chaos lately.

Tariffs. Trade wars. Huge volatility.

The world is a mess, but Bitcoin’s… flat?

Consider this stat:

Up until four days ago, Bitcoin moved just 0.07% over the past month.

That’s it.

Zero volatility... in the most volatile asset class on earth.

All while:

• The US launched a Strategic Bitcoin Reserve 🏦

• Trump started a trade war ⚔️

• Equities tumbled 12% 📉

In past cycles, Bitcoin would've gotten smoked.

• 2022: Bitcoin fell -58%.

• 2020: Bitcoin fell -38%.

• 2018: Bitcoin fell -37%.

But this time? Completely flat. 🪨

Why It Matters

Bitcoin’s resilience isn’t nothing. It’s a signal.

As Matt puts it, Bitcoin has always been pulled between 2 identities:

• A Risk Asset — volatile, tech-driven, speculative.

• A Hedge Asset — scarce, sovereign, anti-fiat.

In the early days, it leaned fully into risk. Today? It’s both.

These days:

• More corporations are buying Bitcoin (As we broke down yesterday)

• More nations are stockpiling.

And now, it’s actually beginning to behave like digital gold during downturns.

That’s new. 

And it’s a big deal.

Final Take

Bitcoin is starting to act like a macro asset with real staying power.

As Matt puts it:

It really is. 🌱

7 YEAR LOW 📉

Today we’ll be taking a look at the amount of Bitcoin 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 🐻

Only 2,591,115 BTC now sits on exchanges - just 13.05% of the total circulating supply.

(We haven’t seen exchange balances this low since late 2018)

In plain English: there’s not much Bitcoin left for sale.

Over the last two weeks alone, 61,743 BTC (roughly $5.8 billion) has been withdrawn from exchanges.

Zoom out further?

Since the start of the year, exchange balances have dropped by 205,336 BTC.

The signal couldn’t be clearer:

• Investors are heavily accumulating

• Exchange supply keeps shrinking

• And every cycle tells the same story - tight supply = explosive rallies.

The setup is there. History is rhyming.

Now we wait for the spark. ⚡️

CRACKING CRYPTO 🥜

Official Trump memecoin surges 50% as President to hold dinner with TRUMP token holders investing over $395k. Private event for top wallet holders prompts scrutiny over crypto-driven patronage, regulatory ambiguity, and financial entanglements in office

Chicago Mercantile Exchange Group to launch XRP futures. In January 2025, news of XRP futures contracts launching on the CME was leaked but quickly retracted, leaving only speculation until now.

Strategy Stock Could Climb as New Rival Twenty One Validates Its Bitcoin Strategy. TD Cowen says launch of Twenty One could shift institutional sentiment and validate MSTR’s long-term bitcoin strategy.

US SEC delays decisions on Polkadot and Hedera ETFs as agency weighs dozens of crypto proposals. The SEC is extending its deadline to June 11, according to filings published on Thursday.

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? ✍️

Select your answer below and you’ll be redirected to the results page. (answer explanation can be found after “Meme Corner”)

MEME CORNER 😂

Because what would the crypto world be without its share of memes?

Trivia Answer: A darknet marketplace for illegal goods 🥳

Launched in 2011, Silk Road was a darknet marketplace that used Bitcoin for anonymous transactions — until it was shut down by the FBI in 2013. 🕵️‍♂️💻

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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.