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GM to all of you nutcases. It’s Crypto Nutshell #870 hoppin' on by…🐰🥜

We're the crypto newsletter that's more nerve-shredding than a bomb squad tech who prefers the wire over real life… 💣😶

What we’ve cooked up for you today…

What’s in the Crypto Nutshell Portfolio?

BREAKING: Fidelity Digital Assets says bitcoin is leading crypto market stabilization

Yesterday, we ran a poll asking whether the bottom is in. And here’s what the Crypto Nutshell community had to say:

That’s a market clearly still on edge…

But Fidelity Digital Assets just dropped a report that strengthens the bull case…

In its new Q2 2026 Signals Report, Fidelity says the crypto market began the quarter in consolidation, but the underlying data is starting to look better than the price action suggests.

That’s an important distinction.

Fidelity is looking past the candles and focusing on unrealized profitability, momentum, market dominance, and network usage across Bitcoin, Ethereum, and Solana.

The takeaway is that the market still looks damaged, but it no longer looks like it’s getting worse at the same speed.

Bitcoin is the clearest example.

Fidelity says BTC is still anchoring the market, with capital staying concentrated in the most established and liquid asset even while the broader crypto complex remains messy.

In other words, money is not rushing back into everything. It’s hiding in the part of the market investors trust most.

Fidelity says network activity is starting to diverge from price, especially on Ethereum and Solana.

Real usage is holding up better than sentiment is.

So why is nobody convinced?

Because stabilization is not the same thing as confirmation.

Bitcoin is still hovering below the level that would make people comfortable.

Traders have seen too many fake recoveries to trust the first signs of repair. That’s why the market can look better on paper and still feel shaky in real time.

Until price turns this repair phase into a clean breakout, the whole market stays stuck in the same argument:

Was $60,000 the low?

Or are we just getting one more bounce before the next flush? 🤔

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It’s time to check back in on Bitcoin's Power Law.

And the numbers it's spitting out should change how every investor thinks about Bitcoin right now…

For those unfamiliar, the Bitcoin Power Law was discovered by Giovanni Santostasi, a physicist with a PhD who applied mathematical modelling to Bitcoin's price history.

The model maps Bitcoin's growth not as a typical exponential curve, but as a power law function, the same kind of mathematical relationship that governs everything from city populations to network growth in nature.

It's not a prediction tool built on hope. It's a statistical model that fits Bitcoin's entire 16-year price history with remarkable accuracy.

And it's been one of the most reliable long-term frameworks in the entire space.

So what does the Power Law say right now?

Mid-year projections:

Bitcoin's current price? $75,200.

Read that again. The Power Law says fair value for mid-2026 is roughly $145,000.

We're sitting at $75,200. That's not just below trend. That's nearly 50% below where the model says Bitcoin should already be trading.

We are in historically undervalued territory.

And by 2033, the model points to $1,000,000 per coin.

Now stack this against everything else happening right now:

The fundamentals are screaming. The institutional flows are accelerating.

And the math is telling us we're sitting in one of the deepest discounts to fair value in Bitcoin's history.

Power laws don't get emotional. They don't panic sell. They don't FOMO buy. They just keep ticking forward, year after year, compounding on themselves.

The model says we're early. The model says we're cheap. The model says $1 million is on the way.

Bullish doesn't even begin to cover it... 🐮

Four weeks in a row… And the momentum isn't fading.

Last week, digital asset funds pulled in $1.2 billion - marking the fourth consecutive week of inflows.

Let's break it down.

Bitcoin led again with $932.5 million, bringing year-to-date inflows to $4.0 billion.

Ethereum continued its streak with $192 million in inflows, the third consecutive week above $190 million.

XRP flipped back to inflows after last week's outflow.

But here's the standout…

Blockchain equity ETFs have exploded. $617 million in inflows over the last three weeks, hitting record weekly numbers. Investors aren't just buying the coins anymore - they're buying the infrastructure around them.

Short Bitcoin products saw $16.5 million in inflows. Still some hedging demand out there, but nothing elevated.

Regionally, the US dominated with $1.1 billion.

Germany more than doubled its prior week at $61.7 million.

Switzerland flipped from $138 million in outflows to $35.2 million in inflows.

Whilst Canada added $15 million.

Total AUM climbed to $155 billion - the highest since February 1st - supported by Bitcoin trading above $76,000 for the first time since the February correction.

Still well below the October peak of $263 billion. But the direction is clear and the participation is getting wider.

All eyes now turn to the FOMC decision on April 28-29.

That's likely capping some of the enthusiasm at the margin.

But four straight weeks of billion-dollar inflows tells you where institutional sentiment is heading. 📊

Tether launches open-source mining framework to unify Bitcoin infrastructure. The framework targets fragmented mining systems and gives operators an open control layer across their hardware and software stack

France Charges 88, Including Minors, in Crypto 'Wrench Attack' Crackdown. France says it has charged 88 suspects across 12 investigations as violent crypto-targeted kidnappings and extortion cases keep piling up

Acting AG Blanche: DOJ has 'fundamentally changed the game' for developers. Blanche said developers who are not helping third parties commit crimes should not face charges, giving crypto builders a notable policy signal

South Korea's KBank and Ripple Are Testing On-Chain Remittances. The Ripple pilot aims to settle cross-border transfers in minutes.

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Select your answer below and you’ll be redirected to the results page. (answer explanation can be found after “Meme Corner”)

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

Trivia Answer: The pool of unconfirmed transactions waiting to be included in the next block 🥳

When you send Bitcoin, your transaction first enters the mempool. Miners select transactions from it based on fee priority. During congestion, the mempool swells and lower-fee transactions can wait hours or even days for confirmation.

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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.