GM to all of you nutcases. It’s Crypto Nutshell #946 bringin‘ the news… 🥜

We're the crypto newsletter that's more disarming than a bear turning a prison canteen into a pâtisserie with marmalade and manners… 🐻🍊

What we’ve cooked up for you today…

What’s in the Crypto Nutshell Portfolio?

BREAKING: Michael Saylor's Strategy sells another 1,690 BTC as USD reserve hits $4.65 billion

Strategy sold bitcoin for the second week running, and the market that used to hang on its buys barely noticed.

Michael Saylor's company let go of 1,690 coins for about $108 million, roughly $11,000 a coin below what it paid, so it sold at a loss.

Its stack is down to 840,447 bitcoin, and the sale plus $653 million of fresh stock went into a dollar reserve now holding $4.65 billion and more buybacks of its own preferred shares.

It hasn't added a coin since June.

Once Strategy's shares stopped trading at a premium to the coins behind them, selling stock to buy more bitcoin stopped adding anything, so the company defends its dividends instead of chasing coins.

For two years it was the buyer that soaked up loose supply, and when it stepped back the worry was that nothing would step in behind it.

This month, something has.

CryptoQuant has the largest wallets scooping up coins between $62,000 and $65,000, about 155,000 of them, while smaller holders sold into the bounce.

It reads that as a late-stage bear, strong hands taking supply off weak ones.

The institutional bid came back the same week, and you'll see the size of it in the ETF flows further down.

So the coins Strategy keeps letting go have somewhere to land, and bitcoin's near $64,000 after touching a new August high last week.

Wednesday's inflation print is the next thing that moves it. 🚀

Everyone’s hunting for the next Unicorn.

The type of “category disruptor” that grows fast and turns early believers into big winners.

59,000+ investors think that Mode Mobile could be one of those rare finds.

Americans spend 4 ½ hours on their phones daily, and Mode Mobile is monetizing that screentime. With $1B+ earned by over 490M customers and 32,481% revenue growth, Mode’s EarnPhone is turning smartphones into income generating assets.

Their previous raises sold out, and the company is now offering pre-IPO shares at $0.52/share with up to 20% bonus, exclusive to early investors.

Being early is everything, and this window is still open.

>> Review the offer before it closes

^{*Please read the offering circular and related risks at invest.modemobile.com.}

^{Mode Mobile recently received their ticker reservation with Nasdaq ($MODE), indicating an intent to IPO in the next 24 months. An intent to IPO is no guarantee that an actual IPO will occur.}

^{The Deloitte rankings are based on submitted applications and public company database research, with winners selected based on their fiscal-year revenue growth percentage over a three-year period.}

Fred Krueger just described what banks actually become in a Bitcoin world. And it's a much smaller job than the one they have today.

Krueger is a Stanford PhD mathematician, former Wall Street prop trader, and author of "Bitcoin One Million: The Final Chapter of Fiat."

Here's what he tweeted:

His walkthrough is deliberately plain. You deposit BTC at a bank. The bank guarantees it's safe. You want to move some to Cash App, Visa or Amazon, so it's a custodian-to-custodian transfer. It happens quick.

Notice what's missing from that description.

No fractional reserve. No lending your deposits out. No maturity mismatch, no bank runs, no bailouts. The bank isn't creating money against your balance because nobody can create Bitcoin. It just holds the keys and moves them when you ask.

That's a custodian, not a bank as we know it. The entire modern banking model rests on lending out what you deposited, and that model doesn't survive contact with an asset capped at 21 million.

Michael Saylor's Q2 numbers show it already starting. His bank adoption index climbed from 9% to 32%. Howard Lutnick predicted every bank copies once one of them proves it works.

Banks become vaults again. Just like they started. 🏛️

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

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

Normal service resumed last week.

Bitcoin ETFs pulled in $865 million on the week, green every single session, a hard bounce off last week's red scare.

IBIT was back at the wheel.

BlackRock's fund took in $694 million of that total, roughly four dollars in every five, and stayed green all five days.

Last week we said the crack opened the moment IBIT stopped covering for the funds heading out.

This week it went back to covering, and the crack sealed over.

Ethereum ran with it, netting $244 million and green on four of five days, a fourth straight green week and by far its biggest.

Lifetime the funds hold $52.63 billion in Bitcoin and $11.43 billion in Ethereum, so last week's $62 million red week already looks like noise.

The buyers are back with size. 📊

Bitcoin ATMs Pulled in Australia as Regulators Signal Wider Crackdown. AUSTRAC suspended the operator behind 96 of Australia’s roughly 1,800 crypto ATMs.

Grayscale quietly drops Cardano, Polkadot and Hedera ETF plans. None of the three proposed funds became effective or issued securities.

Judge stays CFTC’s case against US soldier over prediction market bets. The soldier allegedly made more than $400,000 while betting on prediction markets during military service.

Vitalik Buterin puts privacy and quantum resistance front and center in Ethereum’s latest roadmap. Lean Ethereum shifts the protocol’s priorities toward privacy and long-term quantum protection.

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

Trivia Answer: Ethereum 🥳

Frontier went live on 30 July 2015 as Ethereum's first public mainnet release.

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