GM to all of you nutcases. It’s Crypto Nutshell #847 pluggin’ in… 🔌🥜

We're the crypto newsletter that's more feral than a family reunion where everyone brought secrets instead of gifts… 🎁🪓

What we’ve cooked up for you today…

What’s in the Crypto Nutshell Portfolio?

BREAKING: Bitcoin ETFs Draw in $2.5B in a Month, Close to Erasing YTD Losses

We've been tracking Morgan Stanley's crypto push for weeks.

First the OCC bank charter filing.

Then the custodian picks - Coinbase, BNY Mellon, and Fidelity. Then the MSBT ticker and fee waiver.

Now Bloomberg's Eric Balchunas says the launch looks "imminent" after the NYSE officially announced the listing.

This matters because Morgan Stanley isn't just another ETF issuer…

It's the first bank to launch a spot Bitcoin ETF - and the one with the largest financial advisor network in the country.

16,000 advisors managing $6.2 trillion in client assets. That's double Merrill Lynch, Goldman Sachs, and JPMorgan.

Most ETF activity on Morgan Stanley's platform is still self-directed - about 80%, according to digital assets head Amy Oldenburg. The advisor channel hasn't fully opened yet. When it does, the flow potential is enormous.

And the flows already happening across the broader ETF market tell their own story.

Despite Bitcoin sitting 40% below its all-time high, spot Bitcoin ETFs have pulled in roughly $2.5 billion over the past month - nearly erasing all year-to-date outflows.

BlackRock's IBIT has already flipped positive for the year and ranks in the top 2% of all ETFs by 2026 flows.

Balchunas called it "incredible fortitude."

He pointed out that when gold fell 40% about a decade ago, roughly a third of investors exited. Bitcoin holders haven't done that. "Bitcoin is just abnormal," he said.

K33 Research sees the consolidation between $60,000 and $75,000 as constructive.

Long-term holder supply is rising again. ETF flows have stabilised. Selling pressure is fading. Head of research Vetle Lunde said this type of sideways price action "is often associated with market bottoms."

That said, caution remains...

Funding rates are still negative. Institutional positioning is thin. And the macro backdrop - war, oil, inflation - hasn't cleared.

But with Morgan Stanley about to bring 16,000 advisors one step closer to Bitcoin… the demand side of this equation is about to get a lot bigger. 🚀

Guess how much good credit can save you?

Up to $200,000 over your lifetime, according to Time Magazine.

Better credit means lower rates on mortgages, auto loans, and more. Cheers Credit Builder is an affordable, AI-powered way to start building credit — even from scratch. No credit score required and no hard credit check — just a quick ID verification.

Choose a plan that fits your budget, link your bank account, and make simple monthly payments. We report to all three major credit bureaus with accelerated reporting to help you build credit faster.

Many users see their credit scores increase by 20+ points within a few months, helping them prepare for goals like buying a home, leasing a car, or qualifying for better rates.

Your funds are FDIC-insured through Sunrise Banks, N.A., and returned at the end of your plan (minus interest). Cancel anytime with no penalties.

Start building smarter today — your future self could thank you six figures later.

Start Building Credit Today

Hunter Horsley just posted 2 sentences that 82,000 people read.

And Raoul Pal agreed with every word.

Here’s what Hunter said:

Horsley is the co-founder and CEO of Bitwise Asset Management, one of the largest crypto asset managers on the planet with over $15+ billion in client assets.

He's a Wharton grad, former product manager at Facebook and Instagram, Forbes 30 Under 30, and has been building at the intersection of traditional finance and crypto since 2017.

When he says something, the industry listens.

And when Raoul Pal, the former Goldman Sachs macro trader and founder of Real Vision, replies with:

It's probably worth stopping and thinking about what they're both seeing.

Because here's what's actually happening right now:

Every single thing the crypto industry has been asking for over the past decade is either happening or on the verge of happening.

All at the same time.

And the market is still sitting at fear-level sentiment, with most investors in cash, waiting for lower prices.

That's the disconnect Horsley is pointing to. The fundamentals have never been stronger.

The infrastructure has never been more ready.

The institutional commitment has never been deeper.

But because the price has been down, most people can't see it.

That's what "the last window" means. The gap between what's being built and what's being priced in is the widest it's ever been.

And gaps like that don't stay open forever. 🚀

Today we’ll be checking in on the amount of Ethereum available for sale on exchanges.

Here’s how to interpret this metric:

Exchange balances just hit another low.

Only 15.04 million ETH remain on exchanges - 12.46% of total supply. That number keeps grinding lower no matter what the market throws at it.

Since January, 1,748,342 ETH has been pulled off exchanges.

Think about what that means in context…

Price is down. Sentiment is awful. The narrative has been relentlessly negative.

And through all of it, ETH keeps leaving exchanges.

The people with the most conviction aren't waiting for a bottom to be confirmed. They're acting now - removing supply while everyone else argues about whether the cycle is over.

Every ETH pulled off an exchange is one less coin available when buyers eventually show up. And at 12.46% of supply, the exchange pool has never been this shallow. 🐳

Circle Selloff 'Looks Overdone' Analysts Say as Shares Rise After Cathie Wood Buys the Dip. Analysts argued that Circle's selloff was overblown after shares fell Tuesday amid crypto bill developments and a stablecoin rival's moves.

US Lawmakers Hold Hearing on Tokenized Real-World Assets. US lawmakers held a hearing on Wednesday to discuss how tokenized real-world assets (RWAs) should be regulated and how old laws apply to new technology.

Franklin Templeton is putting its $1.7 trillion weight behind Ondo to bring 24/7 stock trading to the blockchain. The move expands access to U.S. markets as tokenized securities gain traction among digital investors.

Mastercard set to be crypto-fiat 'network connector' following BVNK acquisition. Mizuho maintained its outperform rating and kept a price target of $666 following news of Mastercard's BVNK acquisition.

Want to get even smarter? Check these out.

p.s. all completely FREE (one click subscribe link)

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 multi-year community conflict over whether to increase Bitcoin's block size limit to scale the network 🥳

Running roughly from 2015 to 2017, the Blocksize War divided the Bitcoin community between those who wanted larger blocks for more on-chain transactions and those who favoured keeping blocks small with scaling via second layers like the Lightning Network. The conflict resulted in the Bitcoin Cash hard fork in August 2017, while Bitcoin itself adopted Segregated Witness (SegWit) as a compromise that modestly increased capacity without changing the block size limit directly.

Advertise with Crypto Nutshell to get your product or brand in front of the crème de la crème of crypto investors. Crypto Nutshell readers are high-income earners who are always looking for unique or interesting offers.

Get in touch today.😎

We read every comment submitted in this poll and love to hear what you guys have to say. 😁 (bonus points for suggestions 🍪)

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.