GM to all of you nutcases. It’s Crypto Nutshell #802 checkin’ the vitals… 🩺🥜

We’re the crypto newsletter that’s more nerve-wracking than a jury room where one vote could change everything… ⚖️💥

What we’ve cooked up for you today…

What’s in the Crypto Nutshell Portfolio?

BREAKING: Bitcoin moves back to $90,000 as Trump pulls tariff threat after 'productive meeting' with NATO chief

What a wild few days…

At the time of writing Bitcoin is back near $90,000 after Trump pulled his latest tariff threat.

On Wednesday, Trump posted that he had a "very productive meeting" with NATO Secretary General Mark Rutte.

The result: a framework deal on Greenland and the Arctic.

The tariffs scheduled for February 1st are now off the table.

And the markets liked it.

Bitcoin jumped from $87,000 back above $90,000. Ethereum reclaimed $3,000. The S&P 500 and Nasdaq both climbed around 1.5%.

But the damage from this week's chaos has already been done…

$1 billion wiped out

The violent swings punished traders on both sides.

Over $1 billion in positions were liquidated in the past 24 hours. Longs took the worst of it with $672 million gone.

Shorts lost $335 million.

Bitcoin alone accounted for $426 million in liquidations. Ethereum followed with $366 million.

Tuesday's ETF flows told a similar story. U.S. spot Bitcoin and Ethereum ETFs saw combined outflows of $713 million as macro fear spread.

Trump hints at crypto bill

At Davos, Trump added fuel to the recovery.

He said Congress is "working very hard" on crypto market structure legislation and that he hopes to sign it "very soon."

"I'm working to ensure America remains the crypto capital of the world" he said.

Where things stand now

Bitcoin currently trades around $89,559, up 1.26% on the day. Ethereum sits just under $3,000 at $2,989, up 1.79%.

The tariff threat is gone. (for now)

Crypto legislation is back on the table.

But Japanese bond market stress and macro uncertainty haven't fully disappeared.

The relief rally may be here. Whether it holds is another question. 🚀

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Ever since the Bitcoin ETFs came online in 2024, the floodgates to institutional adoption were opened.

For years we heard about a “wave” of institutional buying, but it’s hard to grasp what that actually means until you see it laid out visually.

And this week, Bitwise couldn’t of laid it out any clearer.

This week, Bitwise put out a simple chart that makes one thing very clear: institutions are buying far more Bitcoin than is being created.

The Bitcoin supply squeeze is clearly still on…

In 2024 and 2025, institutional demand for Bitcoin didn’t just keep up with new supply. It blew past it.

ETFs and public companies were buying more Bitcoin than the network was producing.

And 2026 looks no different.

New supply is even lower, while institutional demand continues to outpace it.

As this happens, price doesn’t slowly drift. It tightens, then reprices.

It’s basic supply and demand.

Most people are still debating whether 2026 will be a down year.

Institutions are still stacking in the background.

Something to think about. 💭

Time for check in on Ethereum’s supply side dynamics.

To do that we’ll be focusing on the amount of Ethereum currently being staked.

Quick Note: Ethereum staking involves locking up ETH to support the blockchain’s security. In return, users earn rewards for staking.

If you’d like to learn more about staking, check out this article.

36.31 million ETH is now locked in staking, up 320,000 so far in 2026.

That's 30% of the entire supply.

Nearly one-third of Ethereum is off the market, earning yield.

Exchange balances keep draining. Staking keeps climbing. Long-term holders aren't budging.

The available float has never been tighter. And when demand finally collides with that kind of scarcity?

ETH doesn't grind. It rips. 🚀

Cathie Wood's Ark Invest projects bitcoin's market cap at $16 trillion by 2030. Ark Invest says the crypto market could reach about $28 trillion by 2030, driven by wider adoption of public blockchains and digital assets.

Steak ’n Shake to Offer Bitcoin Bonuses to Hourly Workers. Steak ’n Shake said it will begin paying hourly workers Bitcoin bonuses starting March 1, following earlier moves to accept BTC payments and build a corporate Bitcoin treasury.

Senate's next market structure draft likely pro-crypto, but industry insiders are worried Democrats may not be on board. The U.S. Senate Agriculture Committee's next draft is expected to shield developers from liability, insiders have been advised, but it may without Democrat backing.

BlackRock: Ethereum Is Anchoring Wall Street's Tokenization Race. BlackRock recognized Ethereum’s dominance in tokenization, and its ability to capitalize on the trend, in its 2026 thematic outlook.

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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: 3.6 million ETH 🥳

The attacker drained approximately 3.6 million ETH from The DAO in June 2016, worth around $70 million at the time. The hack exploited a recursive call vulnerability, allowing the attacker to repeatedly withdraw funds. This led to Ethereum's controversial hard fork that reversed the hack, creating Ethereum Classic in the process.

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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.