0xNutmeg

[Turtle @turtledotxyz]

Your whole DeFi portfolio, one view.

Connect your wallets to see every position across protocols and chains. Allocations, assets, and status on a single page.

Live now: https://t.co/4mPas6b0nM

[Bitcoin News @BitcoinNewsCom]

NEW: The Clarity Act has officially been reported out of the Senate Banking Committee and placed on the Senate Legislative Calendar.

On May 14, the committee voted to advance the bill.

As of June 1, that process is complete and the legislation is now eligible to be scheduled for consideration by the full Senate. The next major hurdle is a floor vote.

The sequence is now:

✅ Introduced
✅ Committee hearings
✅ Committee markup
✅ Passed Senate Banking Committee (15-9)
✅ Placed on Senate Calendar
⬜ Full Senate debate/amendments
⬜ Senate floor vote
⬜ House-Senate reconciliation (if needed)
⬜ Presidential signature

[curb 🐂🀄️ @CryptoCurb]

JUST IN: "THE SEASON OF $SOL IS COMING"— GALAXY DIGITAL FOUNDER MIKE NOVOGRATZ

#SOLANA ⚡️

[Arsenal @Arsenal]

We did it, together.

[Arsenal @Arsenal]

This belongs to all of us.

[The Sun Football ⚽ @TheSunFootball]

The atmosphere outside the Emirates is absolutely INSANE 🤯

[0xNutmeg @btcandtopfour]

@ChiamakaAFC Maduekr

[0xNutmeg @btcandtopfour]

@FPL_Gaurav Minteh

[SeliniOTC @SeliniOTC]

Introducing Selini OTC!

We’re excited to share the launch of our new OTC desk – Selini OTC – a platform built for institutional and professional investors.

🧵 (1/3)

[0xNutmeg @btcandtopfour]

@cryptomanran Time to go long, Thanks

[d_K @degenknght]

the HIP3 wars have begun.
a fierce battle rages in the orderbook.

who claims the throne??

hyperliquid

[Jordi Alexander @gametheorizing]

Paolo said ANYTHING/USDT goes.

As the weekly 200k $USDT airdrops are about to kick off, what new markets would you like @Dreamcash to deploy?

More Vanilla or.. exotic (eg 10 year Treasury, Opensea premarket..)

[0xNutmeg @btcandtopfour]

@VuoriTrading @aixbt_agent is $S dead?

[The Kobeissi Letter @KobeissiLetter]

There is one common denominator with every crypto crash in history.

They always seem like the "end of crypto" and they always become rounding errors in the long run.

The same will happen with the 2025-2026 bear market.

[Jordi Alexander @gametheorizing]

Good live chat with @Timccopeland and @SplitCapital today amidst the market carnage. Heres some of the topics I discussed.

1. "Who do we blame this for?" (10/10 and price action)

While right now everyone is blasting Binance--

and I do think theres a *LOT* broken w/ their listing process I wish they would listen to feedback about--

the huge liquidations on 10/10 that have crippled crypto markets for months now, were mainly a crypto market-structure issue. The lack of 'traditional' structure like liquidations going through Margin calls and Clearing firms means cascading instant liquidations are always going to be a risk until at least the largest whales start getting access to these (probably couple years away).

2. Metals and RWA Perps blowing up!

The HUGE OI and volumes in the metals lately are a result of the juicy volatility those markets have had. Traders are biased either towards following trends, or (as I am) towards mean reversion, and this has been a colossal battle. Point for mean-reversionists today!

But it seems likely that RWA perps will only increase as people want to speculate on non-worthless assets after memecoin szn extracted too much from retail, and that is why Selini is putting so much focus on these markets and even partnering with @Dreamcash. Lets get all these CFD traders into our apps and markets ASAP!

3. Why is BTC so bad? Will it come back??

It has been painful for all us believers to see the massacring of our coins, even BTC the flag bearer. Especially when Macro conditions seem so favourable, it has been extra frustrating. I dont think its any conspiracy theory-- simply there is a dark matter out there we dont observe-- ancient BTC whales that still are in process of distributing to wider holders.

Why this is happening now suddenly in such high amounts is unexplainable and unpredictable to mere mortals, like dark matter though it is having a big effect on what we observe happening. Hopefully its near an end but can't know either way which makes us feel powerless in this volatility for now.

On the optimistic side though, the government support, institutional support, and financial discussion MINDSHARE on crypto is at all time highs, and the asset class is prices way too small as a whole for how much mindshare it has. That ratio should bounce one way or another, hopefully sooner than later.

See you next week for a new Steady Lads amigos y amigas, have a good weekend 🫡.

[Jordi Alexander @gametheorizing]

Precious metals with clearest possible top in-- rotation has now begun!

@PeterSchiff "look here man. I am the Gold now".

[Kyle Chassé 🐸 @Kylechasse]

Bitcoin just sealed its fate!!!

Strategy just added 2,932 BTC at ~$90K, taking its stack to 712,647 BTC.
That’s 3.4% of total supply. Over $8B in unrealized gains. No hedging. No hesitation.

At the same time, Cathie Wood is calling the bottom in and reiterating an $800K Bitcoin by 2030, pointing to a completed deleveraging and Bitcoin’s maturation as an institutional asset.

Yes, BlackRock saw $356M in ETF outflows last week. And yes, they moved coins to Coinbase Prime. That’s how redemptions settle. Holdings still sit near 780,000 BTC.

This is the tell.

Short-term vehicles see flows.
Long-term allocators see price.

Retail sees noise.
Institutions see inventory.

When the largest holders are accumulating into dips while headlines fixate on outflows, the market is quietly transitioning hands.
That’s how floors form.

[The Kobeissi Letter @KobeissiLetter]

Tokenized stocks are quietly exploding onchain:

Trade volumes of tokenized public stocks are now at a record high of $800 million per month.

As a result, liquidity in tokenized assets is rapidly expanding.

@JupiterExchange, the world's largest onchain platform, is now seeing close to $200 million in monthly volume in these assets.

Robinhood has described tokenized assets as a "freight train" coming to all major markets.

This comes just 2 months after the Nasdaq's crypto chief said they are "moving as fast as they can" to get SEC approval for trading tokenized stocks.

TradFi assets are moving onchain at a historic pace.

[Jordi Alexander @gametheorizing]

The most successful projects from this cycle actually messed up their charts and users with their automatic buybacks. The early cycle darlings like $HYPE, $ENA, and $JUP topblasted many millions at frankly ridiculous prices on a fair multiple basis.

This led to many retail fomo buying these tops (price drives narrative) and getting rekt. All of the founders of these projects drank too much coolaid of this self-reinforcing thinking the multiples were justified.

After months of decline and no clear path to the previous high prices, some are blaming the mechanism saying “price keeps correcting from the previous (too high) level, buybacks dont work”.

This is just as wrong a statement. How many times do we relearn basic economics truths from hundreds of years of financial markets?

Sure if there isnt enough to pay developers to build then dont spend the limited funds on tokens. But once there is success and consistent revenue— as a holder what is even the point of the token if there is no dividend or buyback or at minimum super clear financial utility?

I propose a more nuanced solution to this “to buyback or not” discussion-

Buyback amount that depends on the price is a good target—

If price is cheap you want to buyback as much as you can as you can have a huge % supply taken out. When market is too hot slow it down.

Some founders more comfortable with traditional buyback decisions made my the CEO/management can do it ad hoc (like, you know, real companies have always done).

But there are programmatic ways for more decentralized protocols to do it if transparency and predictability or legal concerns are a priority—

One simple way is to use a calculated price to earnings ratio. It can be designed by each protocol to suit its specific details. One potential example-

Take an ema of revenue (decide the half-life of time that makes sense) Annualize this as your earnings number

Every day/block of revenue—

if the token price that can be achieved with the buyback is a PE ratio of under 4 buyback 100%, if 4 to 6 buyback 75%, if 6 to 8 buyback 50%, if 8-10 buyback 25%, over 10 dont buyback.

All revenue remainder that gets kept goes to buybacks on buying dips that just looks at price ema. Eg buyback from this reserve at a speed that increases when the price is at very low levels of the last 90 day price ema. This helps plunge protection.

Yes this proposal takes a bit of sophisticated financial engineering compared to all or nothing buybacks, but after the failure of things like web3 gaming, web3 social, metaverse and the like, it should be clear by now that crypto is finance and finance is crypto. If you are a serious project and dont have a finance expert on your time thats fine but you should at least the use a top external advisor or specialized firm to assist.

If Jupiter or other team with high revenue want me to help design something like the above for them I’ll do it for free, you can reach out.