Yo-yo, yo, what up, what up? Good morning, Good morning, GMGN. Thursday. Oh, it's a beautiful day. Look at that. Thursday, October. Although it's funny, the first day of October and the last day of October. 60 down 31st. Spooky. 202444 Happy Halloween ladies and gents, it's a beautiful day to have a beautiful day with my wonderful Co hosts in the house, Tyler Mando. Good morning. How you guys doing today? I'm doing great. How are you?
I'm doing fantastic Mando. It's actually 25° in Montreal on October 21st. 21st yeah. That's wild. Yeah, it's actually not normal. I appreciate record-breaking, but it it was -6° on Saturday night. Yeah, so let me. Tell you where the weather is, where I am. So in just so people realize that swings, it went from 21 Fahrenheit to 77 Fahrenheit in four days. So we went from 70 Fahrenheit to 20 Fahrenheit to 70 Fahrenheit in a span of seven days.
So yeah, it's. 20° where I am. 20° where I am. It's 20° where I am right now and it's 10:00 AM, which is wild. But you know, I gotta say, you know, hate to put that on the record, but that climate change, you know, it's been kind of good to us over here. You know, it's been kind of good to us. The only downside is like we haven't really been getting snow on Christmas the last few years, which is really odd for Montreal. So it kind of sucks. Yeah, that's terrible. That's terrible.
It's terrible. It's funny you say that. So like, Chicago is a pretty snowy town. Yeah, it is right. The bigger downsides, my kids are four and five year olds, four and five. They really haven't played in snow. We have not really had substantial snow for. It's it's around it time checks out. Five years, the last 4-5 years, yeah, it's, you know what's
crazy? So the kids today will, I mean, it's good for the kids going trick or treating in Montreal today because like I've trick or treated in snow in like -10° when I was a kid like 20 years ago. Whereas nowadays, like the kids get easy, right? They get to go trick or treating. The parents are in T-shirts. The parents are rejoicing. I may go trick or treating today. I actually have a question for you guys. Is it weird if I go trick or treating?
Like why didn't the grown man what, what my friend Pero was like, I'll I'll tase you if you came trick or treating to my door and the wizard said I will shock on you. I'm like yeah like Wizard will blow my head off and pero I mean he can only tase me because from Toronto, right? But like. Well, Wizard's off voting in California somewhere, yeah. Well, you guys wait, is it Wait, hold on. I can't trick or treat like I'm what? What if I'm? Just find a kid. Find a kid that you know and
like and tag along. With that's a. Trick or treat, That's the only normal way to do it. Hold on. Hold on, find a kid you know and like we. Got to stop this conversation stops, move on. Move on. The day on the show. Today on the show. Who's this guy? Oh, I just like you. So I'm telling. You this is not the time to make jokes like this, especially after my video from yesterday
went viral. This is not the time to make jokes like that today on the show today today actually you know what though we want to do I'll be that uncle that takes his brother's kids trick or treated today. You know what I mean? Does. Your brother have any kids? My brother's 22 years old. Exactly so. How you say exactly. But back in the days, back in Tyler's days, at 22, you had two kids. I just mean you're not. Which kid are you taking then? Like who?
Who are you going to be the uncle to? I don't have any nieces, nephews, my brothers. Vanessa's doesn't have any. So maybe Tyler's option is the best. Just just find the kid that you like and and take it home, OK? This, this honestly needs to stop. You know what though? I I kind of want to go walk around. I'll go. OK, fine. How's this? I'm going to go walk around the neighborhoods that are like super rich and giving away cat. This really needs to stop, right?
Yeah, I had some additional thoughts, but I think we should probably move on. Yeah, yeah, maybe, maybe it's all right. Today on the show today, today market report, Bitcoin is rising to 0 on the back of BlackRock buying $875 million of Bitcoin in one day and Michael Saylor announcing that he's rating $42 billion. Yes, with AB to buy more Bitcoin, naturally, you know the start the market started nuking on the back of those very, very, very positive news for the industry.
But we'll talk about that in a second. Maybe it's because we realized that we got data yesterday that Europe is in the recession, but we'll talk about that in a minute. We'll let Michael take over. Data has shown that there's definitely a recession in the EU. Anyways, it's. Looking bad. It's pretty bad.
We'll get into that in a second. Actually, we'll probably start with that before the market, Tyler's top 1000 and we'll see what Tyler has in store for us. But again, I think I think Tyler, you probably got a lot to talk about today. I've seen a lot happened yesterday personally speaking on the earnings and everything side and then robot giveaway. So make sure you're retweeting what what you got to retweet. Make sure you enter raffle bought that XYZ and the the code
today is actually drinks. I give it early, but you got to have to count it because we're not going to put it on screen yet. But yeah, so so yeah, that's the code today. Don't tell anyone it's drinks, DRINKS. And then last but not least, this show is powered by. Do you know who is powered by Do you guys know who this show is powered by?
I wonder if his people know actually who this show is powered by. Oh, this show is powered by Galaxies. With seamless built in monetization tools, Galaxies enables development of sustainable long term communities fulfilling Bitcoin's vision of the centralized freedom and independence from centralized. Come check him out at Miami Art Basel at the art house is going to be fire.
You guys are finally going to be able to see what galaxies is all about anyways anyways anyways, early ways Mendo Mendo's got a speech for us out here. Let's see what he got Who is the man Michael daddy of the land. Can you dig it? Yeah, GM everyone. So it's not a great day for for Bitcoin to start, like not crazy, just a little bit lower. I think. I didn't think we were going to break all through all time high until the actual Election Day or maybe the day before, something like that.
You're always going to get a little bit of a wobble. I think around this, like this level probably. I don't think we're going much lower, but I also don't think we're going to breakthrough all time high before the election just because there's just too much uncertainty around that. Bitcoin dominance just keeps on going higher as well though. Like Bitcoin dominance is now comfortably above 60 even that ETH rally. Just like never trust an ETH rally. For every fucking every.
Time. Every time we talked about it and it's not even like it's it's. Just reverse straight away. So yeah, you back down below 2600, most alts down come to be like 5 to 10%. Yeah, not, not not a great, great board to to see. But I think also like not really unexpected. I do think that if Trump wins, that there's a chance that I, I wouldn't be 100% certain that Bitcoin dominance continues to go higher. Like I said that I thought Bitcoin dominance could hit his all time high before the
election. I'm not too sure afterwards because if he wins, there is a chance here that people get very bullish on ults because you can start pushing through policy. So I like for example, you saw yesterday that somebody else called Canary Capital has, it's just the originally name that's the Canary. Labs. Yo by the way between young has crossed 60 and you realize well. Comfortably so I think you could get a little bit more bullish on
that sort of stuff. So I, I would be unsurprised if we saw a little bit of rotation actually. But at the same time, maybe the media reaction is a timely, it goes into Bitcoin again, like that's what we've been seeing. I can't I just think up until the election it was obvious the Bitcoin dominant keeping going high. I think afterwards, actually, you can make the case for both.
So I'll wait, we'll wait and see there, but I do think there'll be days where people get really bullish on some of these altcoins. So you could have big, big moves higher, but yeah, a little bit of a wobble actually. Yes. Well, we've had some like slightly weakish earnings out some of the big Magnificent 7 yesterday, Facebook I think burned like $5 billion in their in their metaverse style unit again. And Microsoft had slightly weakened earnings.
So that kind of that's taken down the NASDAQ slightly I think today, which is also kind of sets a little bit lower. Nasdaq's down 2% today, so and that's, yeah, dragged lower by by Microsoft and Meta. So a week a day kind of across the board. Yesterday's GDP number wasn't, was like nothing really to write home about. It was like not that weak, not that super strong. It came in at 2.8%, which probably shows that we're not
heading towards a recession. We do have NFPS tomorrow, which is another relatively important data figure and we'll see how that one goes. But but yeah, nothing, nothing to nothing from Mac, sorry. The economic side that's that's dropping. It's more just like some of these magnificent 7 stocks came out with weakest earnings and, and we're selling off on the on the back of that. And yeah, but we did get some news out of Europe that we're heading towards a pretty nasty recession actually.
So wrecked drinks the had of complete sell out in in North America and Canada in Europe still have 3500 to sell. Guys, we actually did sell a lot of drinks. So yesterday our staff was telling me that we beat beat the pudgy Penguins day one revenue when they sold their toys. I didn't know that until he sent it to me. It was like, wow, we did sell a lot, but there is still in Europe. I think they're going to open it up to the US though now as well. Like we're just going to have to
have longer delivery time. But yeah, we've got about 3 1/2 thousand I think to sell there. But good, good first day for that. But yeah, North America running away with it, clearly. Yeah, some, some early numbers from a recession happening in Europe seemingly, it looks like, it looks like, you know, people can't afford a drink anymore in the EU. No, things have gone really bad. I think the UK upping the taxes yesterday morning did not help
the case. But again, America, you know, coming out to bail the EU, last time we saw that was in, you know, the 1940s. And it seems like the America has come up because breaking news is just out of the lab. Rogue radio breaking. News Drinks is now restocking in the United States of America. News fresh out of 10:12 AM Eastern Standard Time, AKA 4 minutes ago. 3698 units remainings and can now be sold in the US and Canada as well.
So make sure that you get your rec drinks on recdrinks.com, recdrinks.com and and get a taste of the taste of freedom. I've got 264 cans of this coming to that figure out where I'm going to where I'm going to be storing these things. I have the same problem. Like I have not told my wife I was just like, yeah, just let's just see what happens. When they turn up the kids, the kids are. Getting for Christmas? We have to run. The kids might be running a rec drink stand instead of a
lemonade stand. Here. Yeah, exactly. We got a maybe we'll we'll resell some of these. Yeah, that's like what they did with Prime, right in the in the playground, they get sold for like 10X the amount. Yeah, it's, it's, it's, it's definitely, it's definitely crazy. It's going to. Be hand them out on Halloween, you know. Well, they would have to get here right now. I mean, I would have them out on Halloween. I have 5 cases under my tongue. Yeah, they're here. I I kept them here.
I'm too lazy to bring them back down because I brought them upstairs. So they're here. I haven't had a single one to drink because I kind of don't want to drink them. I want to keep them fresh forever. I don't know. I feel in 30 years this will be like a like a collectors thing, you know, I wonder how they taste 30 years maybe like a fine wine, like a vintage Chateau wrecked, you know? Yeah, I don't know. I don't know. Anyway, let's talk about the market again.
So, Meadow, why are we dumping? Like honest question though, like dead ass like. We dumped. I mean, yeah, we lost $2000 on Bitcoin on the news. That like honest question though, like why is there a sell off on the back of like I know we'll talk about Coinbase Robin 100 earnings in the second title, but like Coinbase earnings are not that bad. They're barely missed, right? There was a mistake. They were $100 million off, so I. Don't think they were selling
off because of that. No, what I'm saying is like it's barely missed so shouldn't be selling off because of that 875 mil record-breaking day for I bet and then you have $42 billion announcement of a raise for Bitcoin micro sailors. So what's the reason why we would be selling Mando like you'd figured on backup news like that you're pushing?
At the end of the day, like the the exchanges, the bigger, bigger players and all of this, they, they can move stuff around as they were like as we get to all time high, we have not broken through this level 12 times. Like at every single one of those times it felt like we were going to breakthrough, right? Every single one of them. It felt like, Oh my God, this is it. And then it didn't happen. All I know is that last time, the only thing that got us out of that range was the Bitcoin
ETF being approved, right? That's what broke us out of the range some big. And I think it's going to be something like that again. I think you need that like big jolt where everyone goes like, right, the game's changed, we can go higher. OK. OK. I guess we'll see that. But you were saying before the show that what we need for for Bitcoin at all time highs is the selections to be done. Do you think that no matter who wins, we see we're just going to just like navigate towards on Taha?
It's like some sort of like overhang happening on the space right now. Until November. What date exactly is the elections? Everyone gives me different dates every time I ask. It's Tuesday. Election Day. OK, so. That's fifth in November 5th. November 5th. So we have 6 days until the elections. Now, do we think that it's just the type of thing that election happens no matter who wins? No, no. I think we'll sell off.
I think we'll sell off if Kamala gets in, but I don't think it will be for a long period of time. I think we'll have that initial jolt down probably cements itself as like even higher on the dominance if Kamala wins, right? So I think you could see Bitcoin dominance go up to there like 65% if that happens, OK. OK, OK, well see there you go James. Shout out to the restock alert. Order confirmed. Love that. Love that.
We need some huge news. I mean, damn, what other big news, Hector, do we need than BlackRock buying a billion dollars of Bitcoin in one day? I'm like we. We got bigger news than that out of out of Big Mike. Big. Michael Saylor, Michael. Saylor, Man. I I OK. What do you mean? Shut up, Michael. I thought you. I thought Big Mike. Big Mike Mando. You know.
Big Michael Mando big, big, big Mando anyway, so there's that Quickly though, Tyler Mando we're six days ahead of the elections before I go to Tyler. Suppose thousand, how we feeling? What, what, who, who do we think is ahead right now? I mean, the, the prediction markets and, and the money markets are all still on a very strong Trump win. How do we feel? Like, how do we feel right now about all this? I said, do I think Trump's going to win? Yeah. I think Trump's going to.
Win. OK, Tyler, your boots on the ground, though. Your your your boots on the ground in the United States of America. How do you how does it feel over there? I think that the crypto Twitter sentiment is disconnected from boots on the ground sentiment. Of course. Like my perspective is a little biased. I'm in Chicago, which is a, a very blue city. I think the vibes, the Pauli market odds have gotten folks to think that Trump's going to walk away with this in the landslide.
And I'm just here to remind everyone that it is a coin flip. Silver's got it at 5545. So he's still favoring Trump. Trump has the edge, but he has the edge in the coin flip. Like it, it, it is not set up to be a landslide. And I've seen that. I think some of the, the Trump tweeting could be interpreted as he's got some internal data that he doesn't like. I think they're, they're trailing in Pennsylvania and they're starting to, to get
worried about that. They, they are clearly very focused on getting out the boat in Pennsylvania right now. If you scroll through that, that's the, that's the underlying tone that that I'm picking up and it's interesting. It really is tight. OK, but when? You're what do you think he's going to run away with it? Well. Obviously, yeah, but that's CT, right? CTS always been CTCTS always been like a little echo Chamber of an echo chamber, right.
I have to say I really like the whole like garbage man gig. I mean. He's funny. Like, you gotta give the guy credit, like he knows how to lean in. He knows how to lean into this stuff. Him and Vivek, right? Like Vivek also went and like worked the truck, right? But I I I have to say that. These are just. Ridiculous. USA is one big like just reality show right now. Oh my God this is so good. People never misses a beat. So anyways I saw that yesterday.
The elections aren't meant. It's honestly just comical. Jesus Christ, bad. I, I, I really am excited for this to finish. I think it's going to leave a big empty gap on CT for a minute, but I think we're going to get over the fact that there was elections and we're going to move forward with it. I'm excited for this all to be done next. Tuesday I can share my favorite bet. So I think a lot of the election markets I think are, are tough because again, like I, I don't
feel like I have an edge. I think it's a coin flip and like I'm not really one to bet on coin flips. Yeah, I, I, I picked no on record turn out in the 2024 election. I feel pretty strong. I feel pretty strongly about that. I, I think we'll see very strong turn out in the swing states. But so many of the other like the United States is so divided right now that most of the states like your vote truly
doesn't matter. And I think a lot of people in like the deep blue states aren't far enough about Kamala to come out and vote. And I think so many of the deep Republican states are like, Trump's going to win. So it's like you, you don't really need to get out the vote. Silver's got Silver put out his model. He's got coming in at around 7 million under what what the 2020? You got you got to love the comment from the guy who voted yes, right?
Three factors to consider. One, there are more eligible voters overall. Two, Trump will get more votes this time than in 2023. That's the funny one. But that means that the Dems will have to print more ballots to steal the election. He's got 10 chairs, he's got $5. He's. Got $5 on the line. That's incredible. It is actually some of the most funniest thing I've seen in here. This is the one. It's such a funny comment. I got in at 20%. It's doubled since then. Yeah. So I like my side.
Someone said eligible voters increase by 8 to 12 million people on average every presidential election cycle even if turn out were to be down a few percent total number of votes. Yeah, I will see that that is that's a risky one. I'm surprised it's so close 4555 here on this one. You'd figure that no, you'd have a better better odds at that, right. But but no, All right. Seems like a lot of people seem to think that as well. Is there any other bets you're
participating in for this? I might look at some of the state lines as we get closer, like if if comma is a huge dog, I might take some comma gambles because again, I think some of these are better than I think Wisconsin specifically is 1. I think we'll go Kamala. We'll do it. Yeah. So she's an underdog in in Wisconsin. She's an underdog in Pennsylvania. Oh, wow, that's. Oh, shit. I might have to look at that. Yeah. And that's, this is the election bet right there, too. So, Philip.
'S model or you How you How do you think that she's going to? Yeah, I pulled most of my information from from his model. I look at some of the other models as well by putting the most stock in his. Who Who? Are there any other models that that are doing it? The Economist The. Economist. And then 538 still runs the model, but theirs is not as good since he left. Oh, he doesn't own that anymore. Correct. That's so he he branched out on his own. So he's running his under it's
called the silver bulletin. Oh, OK, right. So he's running it off of a paid sub stack now and 538 kept. Then even Nate Silver's got a paid group. Yeah. Does. That's crazy. All right, well, hopefully. Well, we'll see if he's right or wrong in six days, y'all, Six days? Isn't the early vote done now? Wasn't it like a ton of people that went out to vote already?
No, I voted yesterday. You can really vote all the way up until I I think some of the states like maybe the mail in there, there might be restrictions on like the last day that to do mail in voting. I like that. All right, Well, make sure you're voting, because if you don't vote, you're not. Ought to talk shit. Or or or. Don't vote if you're in a decided state. Help me win my bet I guess.
This guy don't vote take someone else's child to to Halloween OK let's play with you all right Tyler see what you got for us all daily NFT and crypto analysis Tyler T on FOMO our cause the kids can. Bring the batch of bears a lot of big macro news, but the top story. Michael Saylor announced plans to raise $42 billion in capital to buy Bitcoin for MicroStrategy.
Just an absurd number. This comes the same day as the Bitcoin ETF set a new local high and net inflows $893 million on the back of 875 from Blackrock's IVIT. That number is bigger than all but seven of the 590 ETFs which have launched in 2024 have seen all year, to put that number in perspective. So it is a gigantic number. U.S. Treasury Department, they shared a new report with concerns around stable coins, arguing they should be replaced by a CBDC.
So folks, that is a storyline to watch in earnings news. Bad day for earnings. Coinbase missed earnings. They saw 1.21 billion versus 1.25 expected, though they did announce $1 billion in share buybacks. They also announced 2525 million in funding for the fair shake pack as they are already looking to the next midterm elections. Robin Hood also missed earnings. Their Q3 crypto volumes were up year over year but fell substantially from Q1 and Q2.
Though they responded this morning by listing all the leading meme coins on Robin Hood EU crypto. So shout out to Robin Hood for that. Perhaps Coinbase will follow Reddit. Turns out they've sold the majority of their crypto holdings. They didn't have a ton. Canary, Van Eck and 21 shares are all seeking approval for a Solana ETF now, and I think we covered this yesterday. Mr. Beast is being investigated for having pumped and dumped over $20 million in crypto tokens.
In protocol news, the arena that's all 61% of his claims token states 3000 new users. Good start for them Myriad welcome to 100,000 decrypt users into beta access. So if you are a decrypt user on that sub list, go check out myriad get your beta access going now. Kudis Solana based fitness tracking project with rewards and a wearable ring got mentioned in vogue business. So that was a big mention for them and then million announced a 25,000,000 raises. They aim to create the first
private data ecosystem. So some big numbers there and memes and NFTS. Well, the meme majors were green. They flipped red after Bitcoin just fell off Cat the cat Shibu band fartcoin were top movers. It looks like this new RIPE token is the hot runner of the morning. Maybe we'll take a look at that. Moon Shot is expanding to base, so good news for Basecoin owners and NFT news. We saw artifacts announce prices for Crypto Kicks owners and a new Move to Earn initiative.
KC Rodemor's Memento Mori opened up at a $15 million market cap on 100 plus Bitcoin volume, though I think it is down a bit the last few hours. And then new data shows that the Bitcoin on chain ecosystem rooms and ordinals, it is not growing and in fact has lost about 2000 Bitcoin and TBL since May. So that is an important data point for those who are playing in those streets. And that is that's the rundown there. Love that, especially the myriad news. We'll touch on that in a minute.
But before that, let's talk about MicroStrategy and and Michael, Michael Saylor. So he's raising $42 billion in order to buy more Bitcoin and he buys it on leverage, right? Is that? Is that what I'm getting? So yeah, they, they split their funds between equity raises, fixed income securities and like they've, they've done debt instruments. So they essentially will sell debt, they'll sell equity to, to buy from perspective. Yeah, go ahead. They do convertibles, right?
Yes. Explain that for people on the show. Yeah. I mean, it's kind of a bit of a financial instrument here. But like in on an upside scenario, it's equity, on a downside scenario it's debt. So if it if the stock price were to fall below a certain level, it would be classed as debt on the balance sheet, which would be like leverage. If it keeps on going. If the stock keeps on going above a certain level, it's it's equity like it for all intensive
purposes. Though I feel like you're scared about like if Bitcoin tanks, that would be debt. Like in the bad scenario, it would be debt and it would be a levered bet and it could get nasty. OK, I think there's it was Peter Schiff that was under Sailor's tweets calling him out, saying at some point he's going to go bankrupt right there. I do think Sailor increased because Sailor's strategy is is to buy stuff on leverage.
Essentially. It's got like this incredible deal where like the interest that he actually pays on the converts is basically close to 0. But, and his stock actually, if you know, like if you followed micro micro strategy stock versus Bitcoin, but it trades at a premium over where the the its Bitcoin on its balance sheet is. So like he's actually like creating value for himself by printing the equity and then just buying Bitcoin. But yeah, like we remember that last cycle, right?
Sailor has a level. He worked. He does, and he's buying it on the way up, which means his liquidation level is going higher. So yeah, you have to be cognizant of that. I do think it's like mathematically certain that he will blow up. I don't know how to describe this but like. But that's that would be just like terrible for the industry though, Like it's not like. Way up with leverage. At some stage there's going to be an 80% drawdown. And but what?
Question is what? What then if isn't he smart enough to know that? Like what's the why, how? Would he pay interest on the debt as long as he can cover the debt payments? You have to be able to cover the debt payments until the Bitcoin price got above the level again. Well, no, it well it really depends. Yeah, what you're saying is he would be considered in like insolvent, but he would if the interest payments are still low enough, then he could probably satiate them until he wouldn't.
It wouldn't be a trigger, let's say. So yeah, what you're actually saying Tyler is correct Like he if it drops 80% and it stays below there for let's say into a maturity of one of his debt instruments, that would be a real problem for him. Yeah, it makes sense. I think there's growing calls in the timeline like this is the next potential Luna certainly see that scenario, but it feels like he's he's going to give himself some outs.
So I don't know that I'm convinced he's he's going to blow up. But to share some perspective, they've only got only they have 252,000 Bitcoin. It's worth 18 billion. So they're looking to basically more than triple the amount. Like that is a monster amount of like even for like AI don't know how much debt, for example, Apple has and not many of these companies have big amounts of debt because they have so much cash.
But like, that would make him one of the biggest borrowers in US credit markets with that sort of size. Interesting. OK. It's a massive number it it is worth if folks haven't been following micro strategy stock, it's like it's worth pulling up the chart. Yeah, let me pull it up for you right now, Trading View. Bitcoin's up 70% and micro
strategy is up 260%. This. Year. So I remember seeing this and asking like the chat and stuff, like I think it was KBM that was telling me that was just like a massive squeeze or some shit. Is that what happened? More than that. So he actually owns essentially levied Bitcoin like we just said. So so whenever Bitcoin does 100% like he actually does get like 200 and like it should go up by
by that amount. But yeah, it is also trading at like a 30 or 40% premium right now versus the Bitcoin on the balance sheet. OK, interesting. So we get working as intended though this. Yes, it's working, right. I mean, clearly it's working, yeah. Then you've got the ETFs which offer like 1 1/2 X and 2X levered bets on MicroStrategy, which are starting to catch more volume as well. Yeah, that's insane. Speaking of which, Tyler, record-breaking day for I bet, huh?
Yeah, I mean, we covered it early. I mean, this is just an insane number like on basically on back-to-back days, like folks are just struggling with like how did the price not go up? So I think it's still like raises the question, is it like delta neutral or like exactly what what is happening here? And then, yeah, Nature Rossi is actually the one who who compared it to the rest of the ETF industry. And it's wild that yeah, all but
what the all but 7 of 590? It's it did more volume in a single day than all those have all year. Just to put this in perspective, I mean, I share this close and like, you know, we talked about like down the risk curve stuff and I think we talked about the macro picture a lot, but like more and more billionaires are coming out and talking about this. So we talked about Paul Tutor Jones and I was listening to the All in podcast.
Shamath is the Bitcoin champion on that pod and he said on last Friday's show that the resounding inflation hedge asset for the next 50 or 100 years is Bitcoin and that the die has been cast. So I mean, he he's saying it is gold. Like the market's decided this is this generation, all the next generations gold is Bitcoin digital gold. I don't know. It's, it's pretty powerful. I don't don't miss that. Like, don't get so caught up on the day-to-day stuff that you
miss the the big picture. I love your Aussie tweets. This was literally me last night, so funny. And then this is so good. Remember that nobody knows anything that was JP Morgan doubts that the approval of the US Bitcoin ETF would be a game changer. That was back then July last year.
And then I don't think you're going to see massive flows into the spot ETF, said David Donabedian, chief investment officer of CIBC Private Wealth. USI don't get the sense that there was a massive pent up demand to have Bitcoin exposure. Those are all obviously like receipts from from from a year ago and it looks like obviously they're aging like fucking terribly. It's crazy, man. Spot Bitcoin ETFs now hold over a million Bitcoin. It's the delta neutral trade, just like Bitcoin.
It's you can do a delta neutral trade here and and clip 12% on Bitcoin a year. Now that like in Bitcoin for all of us who fucking have all of our money in in crypto and see that sort of day, that's that's nothing. But for the funds like if you can make teens as a hedge fund, like most hedge funds don't outperform the S&P. So crazy. So, and if you can lock in teens returns, that's pretty good. It's yeah, it's, it's, it's actually so insane what's happening right now on the ETF
side. So it's. What's mostly insane is the ETF. The ETF go pull up the ETH board on DJs, I'll tell you. BlackRock. BlackRock had 870 million into their Bitcoin and 0 into their ETH. What like that that that honestly like it just doesn't even make sense. It's just. Hey, it was a Green Day yesterday. There was $4 million worth of ETH bought. I think Mandel bought more in that in like an hour. It's. So red over the last five days. Mandu does more volume than the
fucking Ethereum ETFs. RIP youth. That's. Actually a crazy thought for. For the ETF, it's not going to get looking good for the Solana ETF that means as well though guys. Like. You can't sell the you can't sell. Like you know what the trade is is Trump wins and then the idea of Solana ETF running up and then you sell the shit out of the approval, right? Well, I think the, I guess if Trump wins, you have a, you have a bigger call for like a broader tokenization regulation.
What's XRP? It's Solana. It's a basket, right? It's all the ones that are that are that are kind of being listed and then maybe like a meme coin basket. I don't know, but would be interesting to see what happens there. Yeah. I mean, I, I joke about it, but I think if you want a Solana ETF, you have to be rooting for the ETF because it does feel like it's a pretty big long shot for the Solana ETF's to do well if, but if the other crypto
basket can't get any inflows. I mean, I have a question. And it would be like, is there because what if like the new participants in this economy actually believe that Solana is the better tech because it's more adopted? We don't really know that, right? Because so far I've shown that there's more demand appetite for Solana in the markets than there is for Ethereum. So I'm just curious about how people outside of our bubble feel about it. I probably don't even know the
difference, but. Well, no, that's the thing. Like I do. Have the headlines, like all the headlines right now mostly being about Solana is accepting this or is building that or plug in the marketing of it, I don't know. It's definitely right. We're, I think we see a lot of that. I do think that that what I meant by tokenization is like the tokenization of real world assets.
If you see a big trend towards that, then I do think that Solana probably has a slight edge there just because it's, you know, a faster, cheaper chain to do those sort of trades on. But but I don't know. But I do think that I said before, if Trump gets down or do you think Bitcoin dominance could go either way? It's definitely not. We could be seeing like the mini high for it here. OK, we'll, we'll see where that
takes us With that. Just a reminder, the code is drinks, DRINKS, rafflebot dot XYZDRINKS. Make sure you're tweeting, make sure you're following and get all that done. Speaking of earnings, I mean, we may as well keep going on the earning side. I thought there was a bunch of good earnings across the board. Tyler is there not? I I think they all missed. That's why the stock market's down today.
A couple points. It was a huge day leading into like at close yesterday, all these stocks were, were kind of pricing in like 5 to 10% moves plus or minus based on how earnings would come in. And they all pretty much came in down on the crypto side. So Coinbase, they, they came in 1.2 billion. They just missed on the overall 1.26. It does look like trading volumes were down from Q2 that came in at 185 billion versus 226. I don't know.
That's a huge surprise when you think about Q32 of the the peak summer months. It's July and August, right? I think people don't realize that Q3 is this weird, isn't it, as a founder like Q3 is this weird like quarter where it's like not much happens? It was quiet, numbers were down, you know, the the majors were kind of chop solid dating or what not. They did stay profitable. So $75 million profit in the quarter that compares to $2,000,000 loss. Q 3/20/23.
So year over year is still pretty strong. They didn't announce a $1 billion share buyback plan to capitalize on the market. So there they are betting on themselves. Then I think the other aspect of this or so stable coin income rose to 250 million. So that's a, that's a pretty, pretty solid line item right there. They saw USDC on Coinbase jump to six, 6.6 billion and then they're going deeper into
politics. So they announced another $25 million for Pearshake focused on getting pro cryptocance elected in 2026. So they're already starting to look ahead. So I have to have to keep rooting them on there. OK. I mean the Coinbase miss was not crazy, right? It was they, they earned it was 121 and then estimate it was 125. Amando, I saw you make a tweet about that. I made the same joke yesterday. Right away, it seems like it was quite a lot of people thinking
that way. Do we think that this is what's going to push Coinbase to finally acknowledge meme coins for the, for the revenue for this quarter? Do we think this is what it's going to take for them to to, to finally sort of start buying into that? I honestly just have no idea why. Like Coinbase have listed some stuff only futures in Europe. That's kind of how they like, that's what when you get Coinbase listing these days, it's only for futures in Europe.
They say, hey, we're going to list it. We're going to list this pub. They should be listing these things like these are meme coins. If Coinbase can't don't think that they can take that risk with meme coins. I just, I don't know, like it's we could be maybe, maybe if Trump gets in, they'd like, yeah, we're going to start listing some meme coins, like, but meme coins, right? Like. I don't know, it just it seems as though they're being very,
very defensive to not list them. Is there a reason for that? Because they listed bunk quick obviously. Like they're very connected. It seems they listed not even not even bass means actually the one thing that made no sense to me. I'm sorry it was the D Gen. chain. Like all three perps like that and that makes absolutely no sense. But they haven't even really listed acknowledged the memes on
Coinbase, have they? This is a point like they clearly have a thing against it which which I would see is the cleanest all all everyone's trading is memes like you you bring up do. You think it was because of the SEC suit? I think it is, yeah. I think, I think because it's not just them, a lot of different US exchanges don't list them for spot, right. You list every other fucking utility coin that has fake
utility governance. What's like, I don't understand, I mean, I guess I'm speaking to people who think like me so but I just don't get it. I think it's it's it's strange from my pet because for one thing, they've been pretty, pretty strong in their defence of what they've done is completely right. So I don't see why they feel like listing mean coins would make their case worse. Yeah, that's yeah. The policy for sure. It's a policy from them that they don't.
It's clearly a policy. I just now I'm I've been pro Coinbase stock from an investment standpoint before earlier in the year, but now like I'm looking at it like why would you own Coinbase stock over just owning Bitcoin at this point? I don't really know that it makes sense to. Yeah.
I, I prefer it versus ETH because I think a lot like we've spoken about before, the base is just capturing so much of the trading and right now, so I would look at Coinbase versus ETH, but I, I prefer Bitcoin and Solana to play for them. Yeah, I would agree. OK, so yeah, I don't know, I think they're gonna, I think they're gonna start listing meme
coins. I also think I do anything that these people wait for the right time 'cause like if they had listed our meme coins, like in the summer, what happened then? Like they sound like they performed very well, right? And then they sound not great. But like if you list like a Pepe for now, like I saw you tweeted about Pepe first Mando, it's like, oh, it would start with Pepe. Seems like it would start with Pepe.
It's the most logical coin to list first, though I do think with as well because the hat is on. But. Because of my bags? No, I probably. You should see the lines I drawn with. Only Tyler has seen them. They're private. No, it's just like you. You never don't see Pepe in the top derivative of what? Like it's never not there, but but that's not the case for,
for, for. So like it put put in perspective yesterday Pepe did 1.3 billion, Wif did 7700 and 70 million Mudang again did Mudang over a billion. So yeah, yeah, like WIF is there, but Pepe is the obvious one. Like it has always been there. It's by far the most obvious thing to mean to be listed yeah. So I guess we'll see we'll see what that unlocks. But you know, Pepe would would help a lot and it would help overall the ETH ecosystem for coins.
I think could use could use could use a dub like that. And then the on the Solana side, I don't know who they would list first, but if Mudan got Bitcoin, Binance bought Binance futures and if they get spot, we'll see. But anyways, did you guys actually see that clip of CZ that surfaced this morning, People of the prison guards? Yeah, they they want to know his tips. That was a funny 1. He reveals that a couple prison guards asked him which coins he
should buy. Didn't say which ones, but yeah. I'll switch. Tell us which indeed. Of course you'd ask that question. Let's let's ask him, Give me some, give me some money. Yeah, he's he's not allowed to talk about crypto at all, actually. So he wasn't able to, to mention anything. And that's part of his thing. He's he can't talk crypto. He can talk family, can't talk all sorts of things, can't talk crypto. Oh, shit. I just saw the time. Tyler, what else? What else was like top, top
headlines for you this morning? Robin heard Europe they're they're they're listing the top five meme coins. So if you want to know which which coins. There's no money in Europe. It's like we're launching it in Europe for like $5 volume like. There's going to be $5000 volume traded in the next. They pay you. They pay you to trade. Yeah, yeah, exactly.
So there's not a whole lot there, but they picked basically the big 5. So I think we still have those coins as the the primary leaders in the meme streets. Let's see, other than that kind of the the memes are all pretty much bleeding this morning. Goats coming back to 500 million. Love that is down. I don't know. I like this goat dip I actually added a bit before the show. What's GOAT looking at right now? Let's let's let's go look at our memes. 20 before the show, let's.
Go look at our memes. Let's let's check in on our memes that are bleeding right now as Solar is literally trading like SBF is dumping the rest of his bag goats at 5:20. How is Murad's memes doing right now? They're down. I think Ricardio was up. Most of the board was like slightly red. Oh, Mog was MOG was up. It reflects SBX looks like those two. Oh yeah, we strongly mention. That though, right? Make sure you mention it please.
Those are my my top 4 fog mog. I mean, goat goats down what, 6% from yesterday's show? But yeah, those are the four. Those are much. Though I believe Ricardio survived the Mendel Kendall so we we've made it. I sold just to let you know, no. No. No, no, no, no. No. Oh my God, I'm so bullish. Yeah, yeah. I would consider my entire life for a second here. Not 4, but it's not not what I sold.
You know, the one that I'm surprised is actually performing like trash is lock in. I'm very disappointed in my locking bag. But it's OK, we stay locked in. But I have to say, like this is the one that I thought like that's the that's the term, right? Vodamo, where you at? Vodamo, everybody tag Vodamo at the bottom right. There's Twitter spaces right now. Please And tell Vodamo that
Farouq has a message for him. Farouq needs Vodamo to stay locked in yeah Anyways, besides that outside of this list, yes fog. I mean, I can I mean saw a huge pump to 300 mil, obviously like a retrace here, but for me like this form like I think this one's the next one they're going to send to a billion. I don't know what you guys think. I no skin in that game but I think this is the one. Looks like they've got a good set up there. I have my four that those are my
four favorite. I don't think Fog's gone a billion, but I do think you can do it. I think you can do a 3X by year end if. Well, 3X is pretty much a billion dollars, brother, but yeah. Close. That 3X here from here is what 790-5800 mil so so that'll be pretty nice. Make sure you tag Vedamo here and then what else we're we're on the watch list in terms of memes and Mudang. Let's talk with pardon. Pull up Mudang and then we'll go runes.
Let's. Go let's talk about runes, because your tweet that you shared from Farmer Joe is pretty interesting. Yeah, so this was opening for me and I guess I shame on me. I hadn't been paying attention to this closely enough, but it's been the liquidity suck out of the runes and ordinals ecosystem. Basically since the run up when runes launched in May, the overall ecosystem is down about 2000 Bitcoin.
The the value is down a little bit less because the price has gone up, but this kind of shows you that it's going to be hard for sustained pumps in the existing ecosystem until that starts to turn around. And I think we're seeing it with memento Mori drop. You know, it's maybe it's just confirmation bias, but basically all the leaders sold off 10 to 15% as folks got funds ready to buy the, the shiny new runes and
it's all 110 Bitcoin volume. It got to 15,000,000 and now it's kind of a question of what's going to be able to do from here. Yeah, it's down to 12.7, so a strong first day. But until more Bitcoin comes on chain and starts playing with these assets, it's it's hard to be super bullish, right? Or, or again, like the surprise sex listing is the wild card here. Yeah. So we're rooting for sex, yeah.
I mean, we're rooting for sex. I mean every single crypto participant is but but it seems like we can't even get our memes listed so so we'll see what happens there. You're right, dude, like honestly, like every single time a new room drops like there was a memento more yesterday, like pops takes a 40 million market cap hit and it's not just pops just because that's the one I look at because I own it, but every single one of them just drops.
Even the collections like the major 4 collections that we talk about quantum cats, no monkeys, pop cat puppets. And what's the other one? I get O. MB. O MB they dump like 1520 points. The second is one other hot narrative on routes. It never. Happened that everything goes up together. I mean it's sorry, as soon as something's out like as soon as it's a hot shiny thing, everything dumps. So I don't think there's a lot of people trading ruins at the moment on there.
No matter how much like magic Eden is really doing a good effort and making it easier. But it's it's tough so far. So let's root for sex and right Griffin. Of course Griffin would tweet that with message out because Griffin did it. What's up? How do I look at the top? You just go to ruins and sort by volume. And you look at the top. Ruins here, you go to Magic Eden. They've honestly done Magic. Eden is the incredible job here,
and you go by volume. I was trying to, I was trying to sort by market cap, but that's just terrific. No, by market cap, you can't. You want to do by volume here. There you go. So by volume and Mentor Mori has done $8 million in volume, but you see $8 million volume is like the total volume for ruins like for the last like 15 days. Nothing else is over a million. I mean, yeah. Like Pops is doing 200 K volume a day. Yeah. So there's not much volume.
Yeah, there's really not much volume going on there. Like Puko was the new narrative that was 5 mil. It's doing 71 K volume. Like the average shit going on Salon on those like 10 times at volume. You know what I mean? What? We'll say is all these coins did level up in that time period where the Bitcoin total supply drops by 2000. So we still did see a pretty big run without an influx. So it's possible, but like to go further from here it seems like it's going to take a little bit more.
It's going to take more right, But the good thing on the flip side is if you catch the pumps on a little volume, it's fireworks, right? Like pups just went from 90 mil to like 175,000,000 like a day Mendo, you know what I mean? So it's like and that wasn't like 400 Q volume. So it's like it really doesn't take much to get fireworks going on that. Is that like? You need to sell these pumps. Yeah, it reminds me.
This reminds me. Oh, I know what it reminds me of. Just a little bit and then you can buy it back but like it. The gaps in runes are just insane. You could write like 90K, you could write 90 mil to 150 mil on pumps probably for the next three weeks and it's going to still happen, right? And the thing, you know what reminds me of trading NFTS? Pre Genie 3X2Y2 pre looks rare. Pre all this stuff opens.
Remember buying them one by one off the floor and having to front run each other because you didn't know where to buy so had to go 3 rows down? That's exactly what it's like. And in a way some people made a ton of money because if you play that to your advantage, you know it works out. So you should accidentally sell your your your your pups like Tyler does and then it works out.
It's still so there's still an advantage to like this ruins like the low volume sucks, but like go look at RIP ETH the the runner from this morning. So everyone was sending me RIP. ETH same and it's dead now. And it and it died in 5 minutes. So like you have to be. You can't even go outside to. Classic. You know how many times I got rugged? Yesterday I got rugged three times on three different coins. Actually, I think I got rugged. I got rugged like 6-7 times this week.
I'm so tired of it. A bad week for the trenches. Which is weird because like, Luche was a big hit and it seemed like everyone printed on that. I had a huge dump overnight, and then it came back as well. Yeah, yeah, that's some dump when it came back. Anyways, I'm seeing the time we'll get to robot spins. But quickly, just to to mention what Tyler talked about earlier, the crypt readers, are you going to be able to access Marriott?
We've been keeping Meteorite in close beta all October for reasons that you're about to find out over the next month of November. It's there. Marriott is available for decrypt newsletter participants just going to crypts Twitter account. I think you have to retweet that today anyways to enter the robot giveaways. So you can check it out, but make sure you check it out. Don't sleep on that. And if I were you, you know, once you're, you know, let's let
drank points get farm first. But I would I would start farming that as well because it's going to be an exciting November, December coming ahead on our front. But yeah, definitely check it out. We're going to be allow 100,000 more people. It's been good so far. We've only opened whitelist to 3500 users and we have 1000 weekly actors. So it's not about ratio. And now we're finally able to to open to some more people. We have to wait a little bit in
the back end. So some exciting stuff going on drinks.