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What’s in the Crypto Nutshell Portfolio?

BREAKING: Harvard just made its first ever bet on Ethereum

Harvard just made a massive crypto pivot…

The university's $56.9 billion endowment trimmed its Bitcoin ETF position by 21% last quarter…

And opened an $87 million Ether position for the first time ever. 🤯

That's nearly 3.9 million shares of BlackRock's iShares Ethereum Trust, purchased while ETH was sliding below $3K.

But before you read that as bearish on Bitcoin, it's a little more complicated than that.

Even after the trim, IBIT remains Harvard's single largest publicly disclosed holding at $265.8 million.

That’s bigger than Harvard’s Alphabet, Microsoft and Amazon holdings.

They didn't exit. They simply rotated.

And Harvard wasn't alone. Across all institutions, IBIT ownership dropped from 417 million shares in Q3 to 230 million in Q4. That's a 45% decline in a single quarter.

So why the mass trim?

Andy Constan of Damped Spring Advisors points to the mNAV trade unwind.

When Bitcoin was ripping toward $125K, companies like Strategy traded at nearly 3x the value of their actual BTC holdings. Plenty of institutions went long IBIT and short the treasury stocks to play that gap.

Then Bitcoin dropped 30%. The gap collapsed. Strategy now trades at just 1.2x mNAV. The trade is done - so the IBIT positions got unwound with it.

Translation: a lot of that institutional selling wasn't conviction leaving. It was a trade closing.

The ETH move is harder to explain away as mechanics. Harvard chose to open a brand new position in Ether while the market was bleeding.

Not everyone's impressed with Harvards move into crypto. Andrew Siegel, emeritus professor of finance at the University of Washington, called the Bitcoin bet "risky" and pointed to its lack of intrinsic value.

UCLA's Avanidhar Subrahmanyam said the Ether addition only deepens his concerns, calling crypto an unproven asset class with no clear valuation framework.

But Harvard's endowment isn't run by academics writing op-eds. It's run by allocators managing $57 billion across decades-long time horizons.

And right now, those allocators are telling you two things:

Bitcoin is still their biggest bet. And Ethereum just earned a seat at the table. 🚀

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It's the question that pops up every single time Bitcoin dips.

"What about MicroStrategy? What about their debt? What if Saylor gets margin called?"

Well, Saylor just answered it himself. And he wasn't vague about it.

In his most recent interview, he broke down the math plain and simple. MicroStrategy holds around $8 billion in debt against $57 billion in equity backed by $65–$70 billion in Bitcoin.

For the company to even reach a 1:1 collateral ratio, Bitcoin would need to fall 90% from here. That means sub-$10,000 Bitcoin.

And even then? They still wouldn't liquidate. They'd issue more equity. It would be painful for shareholders, sure. But the bonds wouldn't default.

Saylor put it bluntly: the only scenario where the debt actually blows up is if Bitcoin goes to $1. Forever.

His analogy? That's like saying New York City sinks underneath the ocean. If you think that's happening, your NYC real estate bonds are going bad too.

The point isn't that MicroStrategy is risk-free. The point is that the "Saylor gets liquidated" narrative requires a scenario so extreme it borders on extinction-level.

So next time someone tells you the dip is going to take down MSTR, ask them one simple question:

Do you think Bitcoin is going to $1? Forever?

If not, Saylor's fine. You will be too. 🏙️

Digital asset funds bled for a fourth straight week, with $173 million in outflows.

That brings the four-week total to $3.74 billion pulled from digital asset funds globally.

Let’s break it down.

Bitcoin took the biggest hit again, losing $133.3 million last week.

Ethereum followed with $85.1 million in outflows.

But not everything bled.

XRP and Solana bucked the trend, pulling in $33.4 million and $31.0 million respectively.

Regionally, the U.S. dominated the selling with $403.2 million in outflows.

Meanwhile Germany, Canada, and Switzerland went the other way - adding $114.8 million, $46.3 million, and $36.8 million respectively.

Here's where it gets interesting…

CoinShares notes the week actually started strong, with $575 million in inflows.

Then $853 million walked out the door mid-week.

Friday brought a small reversal - $105 million flowed back in after the positive inflation print.

The pattern is clear: macro data is driving the swings. One good CPI number and money started moving back in within hours.

Four weeks of outflows sounds brutal. But when sentiment can flip that fast on a single data point, the exits look more reactive than permanent. 🔥

Crypto Trading Isn’t Coming to Elon Musk's X (Yet), Says Product Head. X Head of Product Nikita Bier clarified that the platform's Smart Cashtag feature won't make Elon Musk's platform a brokerage.

Metaplanet Revenue Jumps 738% as Bitcoin Accounts for 95% of Income. Metaplanet posted 738% revenue growth to $58 million in FY2025, up from $7 million a year earlier, with 95% of income tied to Bitcoin operations.

Ether steadies after $540 million sell wave while altcoins lag. Crypto markets remain under pressure despite firmer U.S. equity futures, with ether rebounding toward $2,000 as heavy weekend selling eases as gold leads.

Crypto Fear & Greed Index hits record low despite ongoing institutional push into DeFi. The prolonged slide into fear territory traces back in large part to the events of Oct. 10, 2025, widely referred to as "10/10."

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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: 8 🥳

Ethereum had 8 co-founders: Vitalik Buterin, Gavin Wood, Charles Hoskinson, Anthony Di Iorio, Mihai Alisie, Amir Chetrit, Joseph Lubin, and Jeffrey Wilcke. Several later left to start competing projects - Charles Hoskinson founded Cardano, Gavin Wood created Polkadot, and Joseph Lubin founded ConsenSys.

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