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PLUS: Europe says no
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GM to all 96,759 of you. Crypto Nutshell #546 circlin’ in… 🦈 🥜
We're the crypto newsletter that's more uplifting than dancing your way to freedom in a strict, repressive town... 🎸💃
What we’ve cooked up for you today…
🏦 Europe says no
🐋 The whales are here
📉 It keeps going down
💰 And more…
Prices as at 2:50am ET
EUROPE SAYS NO 🏦
BREAKING: ECB president Christine Lagarde 'confident' Bitcoin will not enter EU central bank reserves
European Central Bank (ECB) president Christine Lagarde clearly isn’t a fan of Bitcoin…
Speaking at the official press conference following the ECB’s latest 0.25% interest rate cut, Lagarde had this to say:
"There is a view around the table of the Governing Council and most likely the General Council as well that reserves have to be liquid, that reserves have to be secure, that they have to be safe, that they should not be plagued by the suspicion of money laundering or other criminal activities."
(Who’s going to tell her that Bitcoin is one of the most secure networks in the world and that it trades 24/7/365?)
Continuing on, Lagarde declares:
"And as a result, I’m confident that Bitcoin will not enter the reserves of any of the central banks of the General Council."
Checkout the full clip below:
Click to watch
So why is the president of the ECB suddenly talking about Bitcoin?
Well her statement is in direct response to the Czech National Bank…
Yesterday, the board of the Czech National Bank (Czechia’s central bank) approved a proposal to consider investing reserves into Bitcoin
Central bank Governor Aleš Michl had this to say:
"My goal is to diversify the portfolio, so if Bitcoin is good [for that], then let’s have it.”
It’s worth pointing out that Czechia does not use the Euro but it is still part of the European Union.
And…
As a bit of fun to close out this section…
The last time the ECB talked down on Bitcoin was November 2022, which marked the exact bottom of the bear market.
“The apparent stabilisation of Bitcoin’s value is likely to be an artificially induced last gasp before the crypto-asset embarks on a road to irrelevance.”
Since that blogpost, Bitcoin is up more than ~500%.
Make of that what you will. 😎
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THE WHALES ARE HERE 🐋
If you’ve spent any amount of time in crypto, you’ve likely heard the phrase:
“The institutions are coming…”
In 2024, we got the first taste of their entry.
But in 2025? They’ve arrived in full force.
That’s the latest insight from Hunter Horsley.
Hunter Horsley is the co-founder & CEO of Bitwise, who currently have 42,329 Bitcoin in their Bitcoin ETF. (worth ~$4.2 billion)
This week, Hunter shared this:
It took a few years, but the big dogs of finance are finally paying attention to crypto.
This lines up with the on-chain data we covered yesterday:
Bitcoin holders that own less than 1 whole Bitcoin are selling, whereas Bitcoin holders that own more than 1 whole Bitcoin are buying.
Whilst the small guys are panicking, the whales are buying. 🐋
Follow the smart money. 🧠
IT KEEPS GOING DOWN 📉
Today we’ll be checking in on 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 🐻
Currently there is 2,745,049 Bitcoin available for sale on exchanges.
That’s only ~13.85% of the entire circulating supply.
And it also marks a decrease of 22,628 Bitcoin over the last two weeks. (~$2.38 billion)
Complete free fall…
Interestingly, the amount of Bitcoin leaving exchanges really started to pickup from November 5th onwards. (The US election)
During past cycles, exchange balances have increased with the price of Bitcoin.
But this times different…
This time investors are holding out for MUCH higher prices before letting go of their coins.
And we’re seeing Bitcoin being taken off of exchanges at an accelerating rate. 🚀
CRACKING CRYPTO 🥜
Litecoin price surges on rumors of potential ETF approval. Bettors on Polymarket have placed an 87% probability on the SEC approving a Litecoin-based ETF this year.
Tether Brings Its $140B USDT Stablecoin to Bitcoin and Lightning Networks. Stablecoins are increasingly popular for everyday uses like payments, remittances and savings.
World’s largest sovereign wealth fund grows indirect BTC exposure by 153%. Norway’s sovereign wealth fund has positions in MicroStrategy, Square, Tesla, MARA Holdings, Riot Platforms and Coinbase.
Sam Bankman-Fried's parents seek Trump pardon for their son. Joseph Bankman and Barbara Fried’s move to free Sam follows other attempts to pardon incarcerated high-profile crypto figures, such as Silk Road founder Ross Ulbricht.
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”)
What term describes a significant upgrade or change to a blockchain’s protocol that is not backward-compatible, resulting in a split from the original chain? |
MEME CORNER 😂
Because what would the crypto world be without its share of memes?
Trivia Answer: B) Hard fork 🥳
A blockchain hard fork is a change in programming that is incompatible with the old programming.
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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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