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GM to all of you nutcases. It’s Crypto Nutshell #1001 bringin‘ the news… 🥜

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What’s in the Crypto Nutshell Portfolio?

BREAKING: Strategy skips Bitcoin purchases, spends $205M on STRC buybacks

Strategy didn't buy a single Bitcoin last week, ending a five-week buying streak, and spent $204.9 million buying back its own preferred stock instead.

It sold no new shares either, so all of that came out of cash on hand.

Tom Lee's Bitmine, the biggest Ether treasury company, leaned the same way, spending $46 million on its own stock and about $24 million on Ether.

The stock Strategy keeps buying is STRC, a preferred share paying a 12% annual dividend that it tries to hold near $100.

It still isn't there, trading at about $99.35 on Monday morning.

Two weeks ago Strategy had $354.8 million left in its buyback budget, plus $640.5 million in a cash pot it can also use to buy Bitcoin.

Since then it's raised the budget by $1 billion, and the pot's down to $242.4 million.

So the spare cash that could have gone back to Bitcoin is still going to STRC, because STRC hasn't made it to $100.

In October so far, Strategy has spent about $664 million on STRC and $72 million on Bitcoin.

At $205 million a week, what's left in the pot covers about one more week of buybacks.

Raising money by selling more stock could get harder too, since MSCI publishes its list of companies leaving its indexes on November 11 and Strategy may be on it, which would mean fewer index funds buying its shares.

Not every treasury company is pulling back, though…

Strive bought 6,182 Bitcoin for $511 million in the week to Friday, leaving it 1,000 coins behind Metaplanet in second place, and still had $504 million in cash at the end of it.

It's also set up a program to raise up to $1 billion more by selling new preferred shares paying 15%.

Shareholders vote on Wednesday on paying STRC's dividend daily, which Strategy hopes will lift it to $100, the point where it's said it'll ease off the buybacks. 🚀

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Will Clemente spotted something on Bitcoin's network that cuts against the whole miners-to-AI story.

He's one of the most respected on-chain analysts in crypto and co-founder of Reflexivity Research.

Here's what he posted:

Hash rate is the total computing power miners point at Bitcoin, and the more of it there is, the harder the network is to attack.

Over the past year several big listed miners, TeraWulf, Core Scientific, Cipher and IREN among them, have moved into hosting AI data centres.

The worry was that their machines would switch off and the hash rate would slide with them.

Instead, the seven-day average sits about 7% below its record from October 2025 and roughly 30% above its January low, by our count from mempool.space data.

Those exits haven't hurt because of the difficulty adjustment, which resets roughly every two weeks to keep a new block coming every ten minutes.

When miners unplug, blocks slow, difficulty drops and every machine still running earns a bigger share of the rewards, so someone else plugs in.

Right now it's running the other way, with difficulty up about 6% on October 16 and mempool.space projecting another rise of roughly the same size later this week.

Bitcoin is about 36% below its October 2025 high, yet the hash rate is nearly back to where it was that same month.

By our count, the new Bitcoin each unit of computing power earns is worth about a fifth less in dollars than at last October's hash rate peak, which is why AI rent looks good to some miners.

The network's security doesn't rest on any one company staying put, and the miners still plugging in are paying for power and machines with Bitcoin under $80,000.

Some miners swapped Bitcoin for AI, and the network barely noticed. ⛏️

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

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

The two groups of funds went separate ways last week, with Bitcoin back in the green and ether red for a fourth week running.

US spot Bitcoin ETFs took in about $301 million across five sessions, after $228 million left the week before.

Three of the five days were green, with Monday the best at $527 million in and Thursday the worst at $636 million out.

BlackRock's IBIT took in $566 million on its own, while Fidelity's FBTC lost $117 million and ARK's ARKB about $100 million.

Strip out IBIT and the rest of the Bitcoin funds lost a combined $265 million.

Ether didn't follow.

The ether funds lost about $221 million, with three of the five sessions in the red.

BlackRock's ETHA lost $233 million, more than the whole group's net outflow, while Fidelity's FETH took in about $17 million.

One BlackRock fund pulled Bitcoin back into the green, while the other has now gone 19 sessions without a single day of inflows. 📊

Bitcoin wallet bug let rogue servers steal funds when users tried to speed up payments. Electrum patched it in version 4.8.3 on October 24, after malicious servers swapped in fake payments that a fee bump then signed.

NBA Embraces the CFTC on Prediction Markets as the NFL Fights It in Court. The league joins MLB and the NHL in sharing information with the regulator to flag insider trading on venues like Kalshi and Polymarket.

US OCC calls on community banks to become payment stablecoin issuers. The invitation follows the regulator's final GENIUS Act rule last week, while a community bank group is suing it over crypto charters.

Aviva Investors, Ripple launch tokenized share class of $29 billion sterling fund on XRP Ledger. Aviva put £50 million into the new share class, which records holdings onchain while the fund itself keeps running offchain.

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