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🥜 Supply Shock
PLUS: New Hampshire BTC bill passes
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GM to all of you nutcases. It’s Crypto Nutshell #615 sneakin’ in… 🦊🥜
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What we’ve cooked up for you today…
🏆️ They did it
⚡ Supply shock
💣️ Dry powder
💰 And more…
Prices as at 3:45am ET
THEY DID IT 🏆️
BREAKING: New Hampshire first US state to pass a 'Strategic Bitcoin Reserve' bill
Two days ago, Arizona made headlines for vetoing its Bitcoin reserve bill.
Now?
New Hampshire stepped in and stole the crown.
On May 6, Governor Kelly Ayotte officially signed House Bill 302 into law — making New Hampshire the first U.S. state to authorize a Strategic Bitcoin Reserve.
The bill allows up to 5% of the state’s general fund to be allocated into digital assets.
But there’s a catch…
Only assets with a market cap over $500 billion are eligible — and right now that means only Bitcoin.
The law gives New Hampshire full flexibility:
It can self-custody its Bitcoin, use a qualified custodian, or gain exposure via spot ETFs.
Crafted from the Satoshi Action Fund’s model, this legislation is designed to future-proof state treasuries.
“New Hampshire didn’t just pass a bill — it sparked a movement… The first one is the hardest. Now other states have a roadmap to follow.”
Arizona and Florida were early contenders… but both stalled out.
Arizona’s bill was vetoed. Florida’s bills were pulled.
Now, all eyes turn to states like Texas, Michigan, Maryland, and North Carolina, where similar legislation is pending.
Bottom Line:
New Hampshire just made U.S. history.
The Bitcoin state race has officially begun.
One down. 49 to go. 🚀
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SUPPLY SHOCK ⚡
Bitcoin supply is drying up — fast.
That’s the warning from Hunter Horsley, CEO of Bitwise:
“~165,000 new bitcoin will be mined this year. In Q1 alone, public companies bought 95,000 bitcoin.”
That’s just one quarter of buying.
From just 1 group - pubic companies.
Let that sink in. 🚰
There’s Not Going to Be Enough Bitcoin
We now live in a world where:
Public companies are stacking aggressively 📈
ETFs are scooping up billions 💼
Governments are making plans to buy 👀
Retail hasn’t even shown up yet 🤫
All this, while the supply got cut in half last year.
“There's simply not going to be enough bitcoin.”
What Happens Next?
This is what a supply shock looks like.
New Bitcoin is scarce.
Old holders aren’t selling.
New players are flooding in.
The eventual result?
You get vertical price moves.
And the crowd won’t understand why until it’s too late.
Bottom Line:
The demand is plain as day. ☀️
The supply is vanishing. 📉
And the supply shock has only just begun. 🫡
DRY POWDER 💣️
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.
🟢 Increased stablecoin supply: increased demand and capital inflows into the digital asset space 🐂
🔴 Contractions in stablecoin supply: net capital outflows from digital assets 🐻
On April 9, total stablecoin supply was sitting around $209.13B.
Today?
We’re at $214.98B — a $5.85B increase in just four weeks.
But it gets better…
That’s a fresh all-time high!
Year-to-date, stablecoin supply has surged by $29.93B… and it’s still climbing. 📈
So why does this matter?
Because stablecoin supply = dry powder.
More stablecoins on-chain means more sidelined capital ready to move — and historically, that’s the exact kind of setup that front-runs altseason.
TL;DR:
Liquidity is building.
Capital is flowing in.
And the ammo for the next move is stacking up fast. 💥
CRACKING CRYPTO 🥜
State of Florida withdraws Bitcoin reserve bills amid growing countrywide setbacks. Florida postpones Bitcoin reserve bills, adding to a nationwide slowdown in state-level digital asset initiatives.
Standard Chartered sees BNB more than doubling in 2025. The native token of Binance's BNB Chain could tap $1,275 by the end of 2025, the asset manager said.
Bitcoin Dominance Soars Ahead of FOMC as Volatility Burst Looms, Says Analyst. Crypto markets are in a holding pattern as capital rotation from altcoins pushed bitcoin's market share to fresh 4-year high.
Bitwise submits S-1 for a spot NEAR ETF. The submission comes nearly two weeks after Bitwise filed to launch a Bitwise NEAR ETF in Delaware, which was seen as a preliminary step to launching an ETF.
WHAT WE’RE READING 📚
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