Today’s edition is brought to you by Everything.

Deposit $10 USDT and get $10 USDT matched - $10,000 USDT total prize pool.

GM to all of you nutcases. It’s Crypto Nutshell #991 bringin‘ the news… 🥜

We're the crypto newsletter that's more punctual than a scientist dangling off a clock tower, waiting for lightning to strike at exactly 10:04pm… ⚡🕰️

What we’ve cooked up for you today…

What’s in the Crypto Nutshell Portfolio?

BREAKING: Strategy Scoops Up $21.5M in Bitcoin, Buys Back $192M in STRC

Strategy spent $192 million last week buying back its own preferred stock, and $21.5 million on Bitcoin.

The week before it was $176 million against $29 million, so the gap is widening.

The 250 coins still took Michael Saylor's company to a record 848,250 Bitcoin, a buy he'd teased on Sunday with "There's always room for more orange."

The stock it's buying back is STRC, a variable-rate preferred share paying a 12% annual dividend, which Strategy adjusts to keep the price near $100.

It's traded below $100 for months, and shareholders vote on October 28 on paying that dividend daily to help lift the price.

Every share it retires under $100 saves $12 a year in dividends, a locked-in return of about 12% that Bitcoin can't promise.

Back in July we called Strategy a credit business defending its own liabilities, and the last two weeks of spending fit that description.

Between July and September it bought 7,218 Bitcoin and sold 5,553, which grew the stack by just 0.2%.

Strategy's own shares fell 7% last week and are down 53% over the past year.

Strategy has said it'll buy back less as STRC gets closer to $100, and it was set to open Monday at $99.68.

It's got $354.8 million left in its buyback budget, less than two more weeks of buying at $192 million a week, plus $640.5 million in cash it can spend on Bitcoin.

For Bitcoin, the price to watch at Strategy is STRC's, because every week it spends under $100 is another week the spare cash goes to preferred holders before it goes to coins. 🚀

On everything.co, opening a position costs you nothing. Zero fees on entry. You pay only when you close in profit.

No more bleeding fees on losing trades. No more paying to be wrong.

Leverage up to 1000x on crypto, stocks & commodities. No KYC. Dead simple.

Start trading → https://everything.co/auth/signup?referral=CryptoNutshell

Lyn Alden has been a bond bear for years, and the louder everyone else gets about bonds, the less sure she is of her own bet.

Alden is the founder of Lyn Alden Investment Strategy and one of the most respected macro analysts working today.

Here's what she posted:

Her long-run case is that Washington's deficits keep dragging long-term bond prices down and yields up, so a selloff is roughly what she'd expect.

And it's been a big one… the 10-year Treasury yield climbed from 4.44% at the end of June to a 5.31% high for the year on October 5, and the 30-year touched 5.67% two days later.

She's pointing at the yield curve (the gap between short-term and long-term rates), which is still flat.

On Friday the 2-year sat at 4.80% against 5.24% on the 10-year, a gap of 0.44 points, about where it was in mid-July, so rates have risen across the board.

When something does crack, short-term yields tend to drop fast as traders bet on emergency rate cuts, and that gap blows out.

None of that has happened.

The second half of her post is the contrarian bit, because once a trade is all anyone talks about, plenty of the selling has usually been done.

To be fair, she said she might turn neutral, which is a long way from calling the top in yields.

With short-term Treasuries paying over 4%, a coin that pays nothing is a harder sell for big money, and Bitcoin's down about 4% on the week near $82,600.

If all that talk does mean the selling's mostly done, a pause in yields would take some of that pressure off Bitcoin.

A self-described structural bond bear warming to neutral is worth watching, because cooler yields would make Bitcoin an easier sell. 🔧

Back to the ETF flow data, our weekly read on institutional appetite.

Green means money flowing in, red means it's heading out.

Last week both groups of funds finished in the red, and the ether funds didn't have a single green day.

US spot Bitcoin ETFs lost about $679 million across five sessions, after taking in $241 million the week before.

Three of the five days were red, and Wednesday alone saw $485 million leave.

Fidelity's FBTC led the exits at $380 million, with ARK's ARKB losing another $207 million.

BlackRock's IBIT, which carried the group the week before, finished almost exactly flat at about $1 million in.

Ether had it worse.

The ether funds lost about $542 million, with all five sessions in the red.

BlackRock's ETHA accounted for $477 million of that, including $202 million on Tuesday alone.

Over the last two weeks the ether funds have shed about $680 million, almost all of the $690 million they took in the week before that.

BlackRock's Bitcoin fund held its ground last week, while its ether fund drove the selling. 📊

South Korea just got its first traditional bank loans backed by bitcoin. Jeonbuk Bank lends won to corporate clients against custodied Bitcoin, with court-ordered sales under rules that took effect Oct. 1 if borrowers default.

French lawmakers back reporting rule for crypto wallets over $112K. A National Assembly committee backed declaring self-custodied crypto worth 100,000 euros or more, with fines of up to 10,000 euros for missing it.

Morgan Stanley expects to support tokenized equities in Q1 2027, digital asset strategy head says. Amy Oldenburg had pointed to the second half of 2026 back in March, and the bank is also building its own wallet.

Standard Chartered adds Ripple USD custody, eyes LMAX collateral deal. The planned setup would let clients post RLUSD as trading collateral at LMAX while the tokens stay in the bank's Dubai custody.

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: Bit Gold 🥳

Szabo first sketched Bit Gold in 1998, using proof-of-work puzzles to create scarce digital units, but it never launched. B-money was Wei Dai's design, DigiCash was David Chaum's company and Hashcash was Adam Back's anti-spam system.

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.