GM to all of you nutcases. It’s Crypto Nutshell #897 scuttlin‘ in… 🦀🥜

We're the crypto newsletter that's more ice-cool than a lawyer walking into the deposition with the loophole already highlighted… 📄🖊️

What we’ve cooked up for you today…

What’s in the Crypto Nutshell Portfolio?

BREAKING: Bitcoin briefly drops below $62,000 as $1.5 billion in crypto longs get wiped out

Bitcoin just got way too close to $60K…

Earlier today, BTC fell as low as $61.35K.

It DID bounce after that, but at the time of writing Bitcoin is sitting around $64k, still down 4% on the day.

So yes, there was a bounce.

But we aren’t in the clear yet.

This was the market walking right up to the edge of $60K, looking over, and then stepping back.

The sell-off was ugly under the hood too.

Bitcoin’s collapse wiped out more than $1.5B in crypto long positions.

That’s forced selling.

And forced selling is exactly how a bad move can turn into a much faster one.

The bigger problem is that the buyer side still looks weak.

Strategy’s tiny Bitcoin sale made headlines this week, but Citi’s read was pretty clear: that sale isn’t the real issue.

The real issue is demand.

Citi analyst Alex Saunders wrote that "recent flows have been negative" and said spot Bitcoin ETF flows remain the main driver of BTC price action. Citi estimates those flows explain about 45% of Bitcoin’s weekly price moves.

Which means that ETF flows aren’t just background noise right now. They’re basically the market’s heartbeat.

And lately, that heartbeat has been extremely weak.

The Bitcoin ETFs saw another $396.6.2M in net outflows on Wednesday, extending the negative streak to 13 straight days.

So now the setup is simple.

If buyers defend $60K, this could still become a brutal but normal flush.

If they don’t, the next real support area could sit closer to $54K.

Was $61.35K the washout low?

Or was it the first real warning that $60K is about to be tested properly?

Wall Street hijacked the stock market 200 years ago. 

Now in 2026, they're coming for YOUR digital assets.

Bitcoin was supposed to be peer-to-peer. No banks. No middlemen.

Not anymore.

BlackRock owns more Bitcoin than most countries. 

Fidelity's ETF hit $10 billion. 

JPMorgan called Bitcoin a "fraud" — now they run billions in tokenized assets. 

They ARE crypto now.

Every time you hit "Buy" on Coinbase, you're trading at their prices that they've already positioned themselves for the biggest returns. You're fighting over scraps.

It's the 2008 playbook. 

Wall Street sold mortgage-backed securities to retail, then shorted them and made billions while people lost their homes.

But there's a way to operate outside their system.

Tan Gera, ex-Wall Street banker and CFA Charterholder, walked away after discovering their two-tier system. 

Now, his 35-person research team helps 3,000+ investors access opportunities before Wall Street marks them up 100x.

Click here to watch the free presentation now →

For educational purposes only. Results will vary. DM Intelligence LLC is not liable for losses.  

Raoul Pal just boiled the entire crypto thesis down to 1 question: if you know where this is going, why would you ever sell?

Pal is a former Goldman Sachs macro trader and founder of Real Vision, in crypto since 2013.

On his latest When Shift Happens appearance, he laid it out cleanly:

On the recent drawdown, he was dismissive. Bitcoin from $126k to $60k is just a nasty correction in a bull market. He's seen plenty since 2013.

And his closing truth lands hardest:

The hardest thing in investing is doing nothing. In crypto, it's also the most profitable. 🧘

Today we’ll be checking in on the amount of Ethereum available for sale on exchanges.

Here’s how to interpret this metric:

14.86 million ETH on exchanges. 12.31% of total supply. Down from 14.92 million two weeks ago.

Remember the uptick we flagged last time?

Gone. Exchange balances have resumed their decline, dropping by roughly 60,000 ETH in the past fortnight.

That's the pattern reasserting itself. Months of persistent withdrawals, one brief pause, then straight back to draining. Nearly 2 million ETH has now been pulled off exchanges since January - and the trend shows no sign of exhausting itself.

What makes this move notable is the backdrop. ETF outflows have been running hot since early May. Sentiment has cooled. Price has pulled back. The kind of environment where you'd expect exchange balances to stabilise or even rise as holders get nervous.

Instead, the opposite. More ETH leaving. The available pool getting thinner. The holders who are still withdrawing at this stage aren't reacting to short-term price signals - they've made their decision and they're executing it regardless.

12.31% of supply on exchanges. Another new low. The structural squeeze continues. 🐳

Zcash Completes 'Most Ambitious' Network Upgrade as ZEC Resumes Recent Surge. A critical Orchard privacy-pool bug could have enabled double-spending, but developers executed an emergency fix and said no exploitation occurred.

Big tech is 'terrified' of AI agents wiping out ad revenue, says Billions Network CEO. Billions Network’s CEO argued AI agents are breaking the old web-ad model, while its cryptographic tools are used by more than 9,000 corporate and sovereign developers.

US Treasury issues sanctions on Iran, targets 4 crypto exchanges. The U.S. Treasury sanctioned four Iranian crypto exchanges, including Nobitex, after saying it had seized nearly $1B in crypto from Iranian exchanges and wallets since late February.

Binance winds down centralized NFT service, gives users one month to withdraw assets. Binance will shut its centralized NFT service on July 3, with annualized NFT trade volume now roughly $5.5B, down from more than $50B at the 2022 peak.

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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: Penalising validators, often by taking part of their stake, for bad behaviour or serious downtime 🥳

Proof-of-stake validators put capital at risk to help secure a network. Slashing is the penalty mechanism that discourages double-signing, attacks, or other behaviour that can harm the chain.

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