GM to all of you nutcases. It’s Crypto Nutshell #883 rapellin‘ in…🧗🥜

We're the crypto newsletter that's more sharp-eyed than a chef who can hear the ticket printer panic from three stations away… 👨‍🍳🔪

What we’ve cooked up for you today…

What’s in the Crypto Nutshell Portfolio?

BREAKING: US Senate Banking Committee votes to advance CLARITY Act

It happened…

The Senate Banking Committee just advanced the CLARITY Act, the big U.S. crypto market-structure bill.

That means it now heads toward a full Senate vote. (A major milestone for the industry)

For months, the industry has been asking for one basic thing: clear rules.

Who regulates what? Which tokens are securities? Which platforms need to register? What can builders do without getting sued first?

CLARITY is meant to answer all of those questions.

In simple terms, it would split crypto oversight between the SEC and CFTC, set rules for exchanges and brokers, and give developers and DeFi more defined guardrails.

As soon as the new broke, Bitcoin surged toward $82,000.

But…

The chart has cooled back to down to around $80,400 at the time of writing.

So this wasn't a clean "everything is fixed" breakout.

It was more like the market saying: Okay, this matters, but the next step is even more important.

And that next step is also the hardest one.

The bill now has to survive a full Senate vote.

Decrypt reported it may need at least seven Democrats to get through. Then the final version still needs to line up with the House and reach the president's desk before it becomes law.

The big tension is Democratic support.

Two Democrats, Ruben Gallego and Angela Alsobrooks, voted yes in committee.

Gallego also warned that if ethics guardrails aren't fixed before the floor vote, he's "not afraid to vote no."

Crypto got a real win today. But the finish line is still ahead.

So what do you think? Let us know your thoughts in the poll below. 👇

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Eric Balchunas just explained the truth behind Bitcoin’s crash since October of last year.

For context, Balchunas is Bloomberg's senior ETF analyst and one of the most respected voices in the ETF space.

He's covered the Bitcoin ETFs from day 1 and has tracked the institutional flow data closer than anyone.

And in his latest interview on TFTC, he revealed the data that finally explains the 45% drawdown.

Here’s what he said:

Read that twice.

The price didn't crash because demand collapsed. It crashed because early holders cashed out into the wave of new institutional buyers.

One million coins absorbed by Strategy, BlackRock, Fidelity, sovereigns, and corporates. 750,000 coins handed over by long-time individuals.

That's a generational wealth transfer hiding inside a price chart.

Balchunas also pushed back on the idea that Bitcoin needs a catalyst from here.

The fundamental thesis hasn't changed. Scarcity. Debasement hedge.

The same forces that brought every institution into the trade in the first place.

And he made one more point that should comfort anyone holding through this drawdown:

Cumulative ETF net inflows have already refilled almost the entire post-crash hole.

Fund managers are buying when the price is down, not panicking. That's institutional behaviour, not retail FOMO.

The silent IPO is nearly complete. The strong hands are now the new hands.

And the next leg starts with a clean float. 👀

Today we’ll be taking a look at the amount of wallets that hold at least some Bitcoin. (anything greater than 0)

This metric offers a bird’s-eye view of user activity and adoption across the Bitcoin network.

But there’s a slight catch…

One wallet does not equal one user. A user can have many wallets.

What matters here is the trend of the chart.

58,749,735 wallets now hold Bitcoin.

That's 198,408 fewer holders than two weeks ago - the first decline we've seen all year.

After months of uninterrupted growth through one of the most brutal drawdowns in recent memory, the holder base has finally contracted.

Does that change the bigger picture? Not yet. One two-week dip after months of relentless expansion isn’t a big deal. The network is still sitting near 59 million wallets - a level that would have seemed remarkable just a year ago.

But it's worth flagging. The streak of continuous growth was one of the most bullish signals we tracked. If the next reporting period shows another decline, that narrative starts to shift.

For now, we'll call it what it is - the first crack in an otherwise spotless run. Worth watching, not worth panicking over. 💪

Kraken to Migrate Wrapped Bitcoin Tech to Chainlink as LayerZero Exodus Expands. Kraken is moving kBTC and future wrapped assets to Chainlink CCIP after the Kelp DAO exploit intensified scrutiny of LayerZero-backed bridge infrastructure.

Dartmouth endowment invests in Solana ETF, holds $14M in crypto exposure. Dartmouth disclosed exposure to Solana, Ethereum, and Bitcoin ETFs, extending the university-endowment adoption thread.

Strive shares jump on 'daily dividend company' strategy as firm goes debt free. Strive says SATA will become the first U.S.-listed security to pay cash dividends every business day, while its Bitcoin holdings climbed above 15,000 BTC.

Bank of England set to ease sterling stablecoin rules amid industry concerns: FT. The BoE is reportedly rethinking strict sterling stablecoin caps and reserve requirements after industry pushback and growing U.S. stablecoin competition.

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

Trivia Answer: A network built on top of a main blockchain to make transactions cheaper or faster 🥳

Layer 2 networks help blockchains scale by moving some activity away from the main chain while still using it for security or settlement. Ethereum examples include Arbitrum, Optimism, and Base.

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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.