GM to all of you nutcases. It’s Crypto Nutshell #768 packin’ it in… 📦🥜

We’re the crypto newsletter that’s more relentless than a journalist digging through lies to expose the truth… 📰🔍

What we’ve cooked up for you today…

What’s in the Crypto Nutshell Portfolio?

BREAKING: Sovereign Wealth Funds Were Buyers as Bitcoin Plunged Says BlackRock's Larry Fink

What’s with all the large institutions suddenly talking about Bitcoin this week?

BlackRock CEO Larry Fink used to call Bitcoin “an index for money laundering and thieves.”

Now he is on stage saying sovereign wealth funds are buying every major dip:

At the New York Times DealBook Summit he took it a step further:

In his words, most of BlackRock’s $13.5 trillion business is about “hope” in traditional assets like stocks and bonds.

Bitcoin sits in a different bucket. It is for people who are worried about inflation, debt, currency debasement and governments losing control of their money.

And the biggest players are positioning around that story.

Fink said multiple sovereign wealth funds have been building positions all the way down. 

And he was very clear. This is not a quick trade.

That purpose is the debasement trade.

Governments can print more of their currency. They cannot print more Bitcoin.

Fink now calls that the “long term fundamental reason” you own BTC. A hedge against sovereign debt, inflation, and bad policy. The exact opposite of his 2017 position.

And BlackRock’s own Bitcoin ETF tells the same story:

But Fink isn’t blind to the risks either.

Fink points out that Bitcoin is “still heavily influenced by leveraged players.” That is why the drawdowns are brutal.

On 10 October, around $19 billion in leveraged positions were wiped out in a single move. IBIT itself has seen three drawdowns of roughly 25% since launch.

His warning is simple.

If you treat Bitcoin as a short term trade, you are trying to time one of the most volatile assets in the market. Most people are not good at that.

But if you zoom out, the picture looks very different.

On one side you have retail traders getting washed out by leverage and volatility.

On the other you now have sovereign wealth funds, trillion dollar asset managers and the former “proud skeptic” of Bitcoin quietly loading up for the long term.

That is the real shift this week.

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The last few weeks in crypto have been brutal.

Liquidations. Panic. Endless doomposting.

But mathematician and serial entrepreneur Fred Krueger says:

Don’t lose sight of the big picture.

Here’s what he tweeted this week:

That’s the whole game right there.

While everyone’s glued to the next potential red candle…

The long-term players are still thinking 2, 5, 10 years ahead.

Same asset.
Same thesis.
Same asymmetry.

Only the impatient get shaken out. 🎢

Today we’ll be taking a look at the amount of Bitcoin available for sale on exchanges.

Here’s how to interpret this metric:

Just 2.10 million BTC now sit on exchanges - 10.52% of the total supply.

Since January, around 420,000 BTC have been pulled off exchanges and moved into cold storage, treasuries, and long-term wallets.

Some people are breaking. But long-term conviction is not. The liquid float keeps shrinking. The base of committed holders keeps growing.

That is not what the end of a cycle looks like.

It is what the next leg is built on. 🧱

American Bitcoin plunged 50% during a crypto rally, exposing a fatal flaw in the "Trump proxy" trade. BTC sits above $92,000, but Trump-linked miner ABTC plunged on a share unlock. Here’s the mechanics behind the divergence.

Peter Schiff fails to authenticate gold bar during onstage test with CZ. Binance co-founder Changpeng Zhao and gold advocate Peter Schiff debated whether gold or Bitcoin is a better store-of-value asset.

Bitcoin Could Continue Chopping Below $95K Into Year-End and Altcoins Could Benefit, Analyst Says. Low-liquidity in December may cap bitcoin's recovery rally, but rangebound trading for the largest crypto could benefit smaller digital assets.

Coinbase incubated Ethereum L2 Base network rolls out bridge to Solana. Popular Ethereum Layer 2 Base will now support Solana-based assets natively, and enable the export of Base assets onto Solana.

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Are you ready for this week’s quiz?

5 questions. All from this week’s issues. If you’ve been paying attention, you’ll crush it. If you’ve been skimming, it’ll show.

Tap the button below to start this week’s quiz, then tell us how you scored in the poll at the bottom of this newsletter. 👇️

Because what would the crypto world be without its share of memes?

Trivia Answer: The average holder’s cost basis is rising 🥳

When realized price climbs, it suggests new buyers are entering at higher prices and older coins are moving. 📊

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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.