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- 🥜 Tsunami
🥜 Tsunami
PLUS: GameStop crashes
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GM to all of you nutcases. It’s Crypto Nutshell #586 buzzin’ in… 🐝 🥜
We're the crypto newsletter that's more intense than surviving a war zone with only sand, spice, and prophecy on your side... 🏜️🐛
What we’ve cooked up for you today…
📉 What’s going on?
🌊 The tsunami is here…
🏎️ Accelerating
💰 And more…
Prices as at 3:00am ET
WHAT’S GOING ON? 📉
BREAKING: GameStop Tumbles 25% Following Bitcoin Convertible Bond Plan
Well…
GameStop just got a reality check.
The meme stock plunged 25% today, wiping out all the gains it made after announcing plans to add Bitcoin to its balance sheet.
So, what happened?
Excitement quickly turned into concern once investors took a closer look at the details of GameStop’s $1.3 billion convertible note offering.
The bonds come with a 0% coupon (yep, no interest), are convertible into equity and are available only to institutional investors.(Literally Michael Saylor’s playbook)
However…
Many traditional investors aren’t thrilled about GameStop pivoting into Bitcoin.
The skepticism around BTC as a treasury asset is still very real on Wall Street.
But there’s an even bigger reason that GME is down today.
Short interest (investors betting against the price) on GME has exploded:
And some analysts believe large institutional players are intentionally driving the stock price lower to secure a better conversion rate on the upcoming bond issuance.
This isn’t anything out of the ordinary though…
We’ve seen this exact tactic play out before with Strategy and Semler Scientific during their own convertible note pricing periods.
Keep in mind, this is an extremely bold move for any public company to make. (Especially one that already gets a lot of attention)
Despite success stories like Strategy, Metaplanet, and Semler Scientific…
Traditional investors still aren’t fully sold on the idea of Bitcoin as a reserve asset.
But as we’ll show you in the next section, that’s starting to change.
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THE TSUNAMI IS HERE… 🌊
2025 is not going to be anything like 2024.
The crypto tsunami has arrived & it’s about to change everything.
That’s the latest from Hunter Horsley.
Hunter Horsley is the co-founder & CEO of Bitwise. One of the biggest & most respected players in Bitcoin.
In his latest interview, Hunter broke down why 2025 isn’t just the next step forward.
It’s the year the tsunami hits:
“2025 won't be like 2024. It’ll be dramatically faster. We’re not at the beginning anymore - we’re at the end of the beginning.”
Hunter’s core claim is that crypto is moving out of its first chapter.
In his words:
The regulatory landscape has flipped from a headwind to a tailwind.
Big institutions are no longer just interested - they’re now integrating.
Payment giants (like Stripe) are buying crypto infrastructure companies.
Wealth managers, pensions, and even 401(k)s are on the verge of adoption.
This creates a compounding flywheel: every new entrant pressures competitors to follow.
He uses a killer analogy:
“2025 isn’t like 2024, or slightly faster than 2024 - it’s a whole new chapter. Like how the iPhone started out as a joke to Blackberry users... until it became the standard.”
Bitwise is already working with 5,000+ U.S. wealth managers, and they’re seeing the shift in real time.
The new narrative?
It’s not “crypto is risky.” It’s now “crypto is inevitable.”
For years, we’ve heard promises that the institutional wave is coming.
Well - it's not on the horizon anymore.
In 2025, it’s crashing in. 🌊
ACCELERATING 🏎️
Today we’ll be taking a look at the amount of Bitcoin available for sale on exchanges.
Here’s how to interpret this metric:
Decreasing exchange balances: Bullish indicator as it signals a shift towards long-term holding 🐂
Increasing exchange balances: Bearish indicator as coins being transferred to exchanges are more likely to be sold 🐻
Right now, just 2,642,510 BTC is sitting on exchanges.
That’s only 13.32% of Bitcoin’s total circulating supply!
Over the past two weeks, exchange balances have dropped by 43,105 BTC (~$3.78 billion at today’s prices).
And year-to-date, exchange reserves have plummeted by 153,892 BTC.
Despite relatively weak price action, there’s no spike in BTC flowing back onto exchanges.
Instead, coins are still being withdrawn — and that trend is accelerating.
The takeaway:
Investors aren’t flinching. In fact, they’re holding tighter than ever.
CRACKING CRYPTO 🥜
Ethereum's Pectra upgrade set for April 30 after Hoodi testnet success. Ethereum's Pectra upgrade merges Prague and Electra for enhanced user interactions as it eyes a late April launch.
GameStop wipes out $3B in market cap as stockholders question Bitcoin plan. According to analysts, the lukewarm response reflects concerns that GameStop may be trying to distract investors from deeper issues with its business model.
Senators grill SEC nominee Paul Atkins over FTX ties, agency missteps under Gensler. Sen. John Kennedy, R-La., quickly lodged questions toward Atkins about what the SEC plans to do in terms of Sam Bankman-Fried’s parents.
Dogecoin Gains, XRP Slumps as Trump Warns of 'Far Larger' Tariffs. President Trump has threatened to impose larger tariffs on the European Union and Canada if they attempt to harm the U.S. economy.
WHAT WE’RE READING 📚
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Raremints (link) - Daily crypto news
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Techpresso (link) - Daily tech news and insights
The Hustle (link) - Get Smarter on Business and Tech
Your Next Breakthrough (link) - Personal growth with Mark Manson
The Neuron (link) - AI trends and tools to keep you ahead
CAN YOU CRACK THIS NUT? ✍️
Select your answer below and you’ll be redirected to the results page. (answer explanation can be found after “Meme Corner”)
In crypto, what does the term NFT stand for? |
MEME CORNER 😂
Because what would the crypto world be without its share of memes?
Trivia Answer: Non-Fungible Token 🥳
NFT stands for non-fungible token, which are unique digital assets, like artwork or collectibles, that represent ownership and are stored on a blockchain.
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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.
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