Oh, yo-yo, what up? What up? Good morning, Good morning, GMG. No, it's not even Friday. Probably saying Friday. True, it feels like Friday. Let me tell you that. Tuesday, Thursday, May 21st, 2020 4 44444 Look at that. Another beautiful day to have a beautiful day. I got my coast in the house. Tyler Mando. Whoa, how you guys doing this morning, GM? Doing fantastic. What a day. What a 24 hours. What a 24 hours. What a day, What a day, What a day. What a What's up, Tyler?
What's up? It's the greenest day I can remember, so how could you not be on Cloud 9? Here this morning the greatest day I can remember. Look at that. I mean holy holy holy ETH added Solana's market cap one day Bro that is just crazy. Oh what you think about this. I mean it's turbo bullish might have been for everything but I just think I think this is just
so so so so so crazy. Oh my God what a time to oh wait update from James Seifart. Grayscale just filed an updated 19B4 for the Ethereum mini trust. We should see a bunch of these coming in today, so I feel like I'm relieving this again, man. Remember on the show that morning we're like we're just waiting for 19 B fours for the Beats by Co ETF live on the show. They were just coming up. There they are yesterday. They were saying going to take weeks to have him.
It is a 10:00 AM on the 21st and they're coming in. We are going to get this theorem, ETF lads and lasses and you absolutely love to see it. You absolutely love to see it. Oh my God, I'm euphoric. Anyways, today show today, today. What do we got, what we got, what we got going on. I was locked out of my e-mail account. But let me tell you what we got going on, 'cause I can probably assume already. Daily market report, crypto macro. I mean, we got a lot to talk about.
A lot. A lot, a lot, a lot, a lot to talk about as a theorem. ETFs are seemingly about to get approved. I mean looks like it, we're not going to jinx it but my expert analysis is putting the approval at 98% right now and that move from 25% to 75% by the Bloomberg brothers yesterday was that was like that was Mendo. I should have put that that bed on.
Remember on the show I was like let me just go put a polymarket 12:50 odds and didn't do it because I'm Polygon nobody uses Polygon. So I didn't and and looks like I could have, could have, would have, should have 10X on that one. But anyways, so we're going to talk about a lot, a whole lot about the theorem ETFs. We're going to talk a whole lot about Ethereum today, that's for sure. For sure odds, memes and dreams.
I mean look we can talk about all that stuff but we, you know probably going to have a conversation about crypto punks mostly based on what happened yesterday. Some of the backlash seems to be obviously all resolved this morning all pieces back and reinstalled within the punks chat. I was just in there. We're good. And then and then and then. Last but not least, today's robot day. Today is robot day. So two people will win money for
sure. For sure, because the 4th, the fourth thing you can win is like $2000 with each being up. All the NFTS are up in dollars. So no matter what, you're going to make some money on this show if you're selected today. And then last but not least this show is powered by Moon Pay to buy crypto with your credit card and and or on PayPal down the Moon Pay app because they're killing it.
And once you've done that, but you've done that, check out Fair Site Network, all right to secure and get insurance on your crypto. They were on the show not long ago and they were actually really good people and we like them and we like our partners because they make all this possible for us. But anyways. Anyways, Anyway, stuff for the do. I got to go to Mando quick right now because we got a lot to talk about. Who is the man? Knackle Daddy of the lamb. Can you dig it?
DM What a fucking day. So what? Yesterday afternoon, my time, we got a kind of an A post out of nowhere that the Bloomberg analysts were updating their percentage chance of the ETF from 25% to 75%. ETA immediately mooned 10%. It then mooned another 10% over the course of the next few hours. Hit a high of just over 3800, which is kind of a recent high for it local high, which is kind of a wild move.
Now it looks like all the ETF providers in the last 24 hours have been updating their applications. It looks like they are going to be dropping staking from their applications, but looks like it's going to go ahead the the analysts say that it's probably going to go ahead by tomorrow. We're going to get approvals, which will be, which will be very, very soon. Holly market has a 72% chance that this goes through right now, actually. Oh, it looks like 60. Whoa, let me have a look at
this. Let's look at it. Let. Me 1% chance right now. So in some ways I feel like that's maybe the best trade, but this looks like. Which one is it? Like this one. There you go, 6161. That sounds bad. 71 right now, but no, look, this one's. Down. This one's down 20 points. That's the one. That's the one. This. This is the one we follow. No. Yeah, it is, Yeah. Then you you bet with any size though, it jumps to 70. Yeah, there you go. Yeah, you only make 40% on
$1000. You may as well just like buy some meme coin, but. That trade, if I'm honest, 40% is quite a quite a good upside I would say. Is Heath going to move 40% if he gets approved? Here I I I don't know. I mean you got Ovi saying that I wish Ovi was here this morning because you obviously D theorem bull but he's saying he's going 5K on approval dude that's that's that's what Ovi's saying that that's what Ovi thinks so. Even then, I think that's only about 40% right or less.
So I think that's still a decent return. That's that's where I'd put my money. Yeah. Look, crazy. I did not. I did not see this one coming. It seemed like it was dying that obviously in the last put it in. In context in the last week, Biden had basically Trump came out and said he supported crypto, or at least had a more populist line. People support it. If people support it, I'm for it. Suddenly Washington just kind of started changing their their
tone pretty quickly. Both the both the House representatives and the Senate moved to limit the powers of the SEC. Biden originally said he would veto that, then he did not. Then you saw headlines yesterday that the House Democrats when were going to pull, were not going to pull the whip on the two pieces of credit legislation coming out this week. And you've seen suddenly that
this ETF may be approved. So it feels to me like this most political and it has really happened ever since that Trump NFT holders event that suddenly crypto became more populist. That was a really good line from from Mike Novogratz who said that, you know, to be against crypto is to be against dogs because. The dog thing, Yeah, we played on the show. That was a great one.
So I and I feel like we are that kind of probably hit home like this is this is a populist thing that people were annoyed about and Biden's probably moved people within his party to to try and change that. Notably a high up official at the SEC who was also anti crypto was leaving as well at the same time. Like this is a lot of like pro crypto stuff. So it'd be really interesting to see where this goes now. You saw the biggest single daily move in ETH ever. It added the market cap of
Solana essentially in the day. Sorry, Candle. So a massive move in ETH here. At the same time risk sentiment has gone up quite a lot. It's the highest open interest on ETH ever. So huge amount of of of open interest been added in ETH. The big move is on the back of it, like the stuff that I thought would move the real
narratives. I think it shifts for I don't think it necessarily shifts the narrative like your maybe even L twos, but I do think it really shifts the narratives for RW as and I think it really shifts the narrative for me. So you saw Pepe Mog up both up about 40 to 50% since that news came out. You also saw a lot of the big
RWA firms coins up a lot. Interestingly though like ETH is the biggest ETH outperform pretty much all ETH altcoins bar a few bar like the memes which I thought was which I thought was particularly interesting. But I do think the fact that if it is going to be, it's going to have its own regulatory compliance that allows people like BlackRock to do tokenization on the chain. Big investment companies will
look at that and be that right. We can we can push our tokenization plans on ETH which I think is the big game changer really in terms of use cases there because it it provides regulatory clarity for people. So those are things I really look to buy at first. It's obviously been a huge move in ETH versus other things. I think the next if you look through this, what's the downside here? One thing that is a big downside is ETH.
There is about 12 billion of ETH which is owned by the Grayscale Trust. This this ETH has been trading at a 30 at times even 40% discount over the last few months. Very similar to what happened with Bitcoin. You will see Grayscale and probably even more because the discount was even higher. A lot of people have been buying that discounted ETH and they will, they'll probably look to sell. You'll see huge outflows from Grayscale on this thing being announced. The Grayscale CEO did of.
Course. I mean, that's what they did with Bitcoin, right? Like they just massive. So I think that's the one thing that people probably should be aware of as we go into this, like people will remember that
from last time, right. We hit 69 Ki believe the day of ETF and then we went all the way down and grayscale outflows have been a thing for us kind of ever since the the Bloomberg analysts had to say we're like we're pretty disparaging I think of this of this going through and they've been disparaging about the idea that they will get which is a separate issue but they've been disparaging about the idea this will get huge
amount of inflows. They just don't they say they don't see the same sort of institutional interest. So I don't know how this will play if this will play as strongly as Bitcoin when the ETF comes through some of the I think it will. I saw a triad fire report which said they think 15 to 25 billion of inflows in the first year which should be a big wig win. But remember like Grayscale does have 12 billion of which a lot of it I think will also exit.
So I think it's that's just something to be to be kind of aware of other than that like it's been a huge huge move. My next move right now was like right? Well I saw a big move in Pepe which was a which which was a good trade. On the back of this Mogg's also got the Pepe. Yeah, both of them a. Big move on the back of this. Wow, look at that dude. Cafe, I think is going to 1010 Bears, Yeah, I.
I think it's going. To for me it's just it's really cemented itself now it's like the the best meme and and it's got a real community behind it and now with this it just feels really strong But I do think now you'll see some other things start to catch up like this finish huge huge movement ETH with increase in leverage we'll see what happens next but yeah I think ETH could this really does change the term like we we were speaking about what people need the narrative need the narrative
we've got inflationary it it is becoming less secure with the L twos right all this talk about centralization around the sequences of all the different L twos it was it needed this desperately desperately and now it's got it. Now we just got to see how that performs as a narrative. My guess is that it won't be as strong as the Bitcoin ETF, but this this could be still a very strong narrative for for ETF for for the medium term. I don't know what this means for
for other coins. Like does this mean that everything will start will go down the route if you're now to get a an ETF? I don't know. I think the the SEC made its bed with ETF many years ago and was trying to slightly retract that. So maybe, maybe it had less wiggle room than it would with other coins. But yeah, it's definitely a big deal. I don't think you should fade crypto in general here.
Like one thing I would say if I take a step back this is this is them throwing in the towel or at least massively softening to a populist movement in crypto. And I think that is the main take away here. It's like I'm very bullish on crypto if this is, this is now what they're going to do. It's really hard not to be turbo, turbo, Turbo bullish crypto on, on announcement like this. I mean, Tyler, what do you think? Do you think this was a political move?
100% And so DC investor I think he's been like the one of the loudest bashing the the Bloomberg Bros and he's saying that they're concocting this unexpected political pressure narrative that they're putting it forth now to distract from the fact that they were extremely and loudly wrong. Those are those are his words I think he's wrong.
I I I mean just last week like the the the this current administration had been so anti crypto and it seemed like it was just getting worse and worse every week and this feels like a fundamental shift. So I think seeing that shift happen and and updating their odds it makes total sense to me. I think it's a very logical move and it feels like we're now in a much different place than we were a week ago.
But now I mean all bets are off and if if the government is no longer going to be an obstacle in cryptos path path in the United States, then I don't know if anyone's bullish enough. So I think that this this was the single biggest take away from this and then there's going to be a whole lot of 2nd order, third order effects and I haven't really had a chance to unpack all of those just yet. I am curious what what this
means for the the Bitcoin ETS. I'm also very curious what this means for the the the ETH narrative. The Mando started kind of going there to a degree. We were wondering last week like what is the narrative right now. Well, I guess, I guess now it's the ETFs are the narrative, is it going to be ETS plus plus tokenization. I I think that is a strong narrative that is actually one that that I could get behind quite a bit.
But it still feels a little and you need more than just ETFs as in there you still need reasons for to tell your tell your friends, tell to normal investors why are they going to pick the ETF over the Bitcoin one. And I still don't know what that argument is. So I'm not I haven't flipped turbo bullish on 8th. The fact that it's going to you know flip everything else like like some others. So I'm not quite you know doing as strong of a victory dance as others for the the ETH price
action. But it's it's still a a massive 1. I like the narrative. I like what Amanda's talking about, right. When it comes to RWAS etcetera, like you had Larry Fink, you know and a lot of the, a lot of the big asset managers talking about tokenizing everything, right.
I had a great meeting in Hong Kong with someone from Franklin Templeton and a lot of the conversation we had was actually around tokenizing assets and like they're used they they actually are turbo bullish over there on like the use of blockchain technology as a use case sometimes even more than cryptocurrencies themselves. I think it's our pocket of the world which obviously like number go up.
We're trying to make money. We're all here also to make money right that that thinks about this. But I think a lot of these like large asset managers, banks, etcetera see crypto more of like the blockchain tech and how they can use it to like you know tokenize things. You know, you talk about RW as like Mando just mentioned, etcetera. Like I wouldn't be surprised to see those assets do really well. There's one you're super bullish on. You talk about a lot, right,
Mando, it's Ondo or something. You, you nailed that call on the show early on last year. Was it this year? I forgot, but like, oh, we. Pendle and Ondo are the 2. And Ondo, yeah, I've been. Looking at, yeah, what I would say about that space is that a lot of the coins are like they're, they're forming partnerships, but they're quite loose with some of these big asset managers. I'm not necessarily bullish on RWA coins. I'm more bullish on it is a trend.
Because I think if BlackRock come on or if Fidelity come on or or Franklin Temple come on and say they're going to, we're going to tokenize every single one of our own coins. They'll probably just do it themselves or sorry, tokenize every single one of our own funds. But I do think that that's basically where where we could be headed. Like Larry, when Larry Fink comes on and says, look, everything will be on the blockchain, everything's going to be tokenized and now you see
ETF getting a getting approval. That becomes the narrative, right? It becomes an institutional chain in that sense. And I think that that is that could very easily be the British narrative for, for if it's not going to be around means or throughput, it's going to be about kind of the Travi. Chain. Yeah, yeah, yeah, it could be. It could be. I mean, there's always been that narrative of like Bitcoin being that digital gold and you know, ETH digital oil.
Or like that the internet's money, which you were talking about, like how we kind of lost that narrative for a moment trying to be the gold. So we'll see where the ETFs take it. But one thing that's cool, good to see is look, 19 B fours are starting to come in, which was like, if I remember from last time, no expert, but that was really the last thing you needed, right, to get the ETFs through for Bitcoin, the 19B4 filings.
And then, I mean this was, this all happened yesterday, all of a sudden it was. I'm trying to find the tweet again, which was actually from Eric Bakunas which revised the 25% up to 75%. And then there it is. It was actually James Seifart's tweet. So it was this one. A quick note, Eric Balkunis and I increased odds to 75% for spot theorem ETF approvals, but that's for the 19th before May 24th 3rd deadline which is Van X deadline. We also need S1 approvals, blah
blah. It's S1S1 was the last approval needed. What I love guys yesterday is, is Van X answer to that no sleep. This is one of the best interns of the game, honestly, when it comes to the ETFs saying no sleep, did someone say enter the ether? So they're retweeting themselves right from November 23rd, 23. You absolutely love to see that. Tweets like that. That's what's great. This was great. I mean, they're having fun with it. I mean, boys, what does this
mean, right? That's something you kind of touched on, Mando, but I kind of want to dig deeper. Like what does this mean for broader crypto? You made a tweet, Mando and I'll go to you and then would love to hear your thoughts also Tyler. But Mando, you made a tweet yesterday as soon as that news came out, which obviously it's absolutely right in my opinion. You said the first thing I snap bought on the East News was Pepe. Obviously that is very well, Pepe.
We showed the chart is now up Jesus Christ, 5 and $15 billion insane. So that's a billion dollar jump, right? Because it was. It actually went under 4 billion. Last week when people were like Max Bearish on on memes et cetera. And now you quote Twitter yourself 20 minutes ago saying time to buy soul and soul memes. So you probably think that that is a good beta. I saw D Farmer as well who someone that's been training pretty well on the timeline openly.
He actually said the best ETH beta is Solana and to not overthink that obviously tend to agree to that but also that's I'm definitely back biased there. What do you what? Why do you think soul and soul memes are it? And do you? What do you think that means for the rest of the coins too? The Alcorn market is that bullish, bearish, stagnant, like, what do you think overall? I I think, I think the ETH memes were were the obvious thing to buy.
I thought I didn't think ETH would move as much as it did but it but it has because I kind of felt like the grayscale thing would would would come into the forefront. And one thing I would say that is bullish. There is no one can dump 12 billion Pepe on you.
Whereas you know I feel like that that that overhang is going to like watch in the next couple of weeks people will be like hey Grayscale's got all this EVE like they're going to have to sell it that's going to be that is going to be a like a strong narrative just because of what happened in the last one. So I was looking at things that wouldn't get diluted on this move. Again I didn't buy L twos
because of the tokenomics. It just felt like the memes were going to be the strongest apart from maybe the RWA because I felt like that was the strongest narrative. Now I just feel like you got to let ETH have his day like that was a huge, huge move and it should have outperformed that amount. But my my guess now is that also people will will think broadly what I just said, which is
right. Yeah, for the seven day it really caught up. But my my view is that this is very bullish for crypto in general. Like this is very, if I take a step back, I just think that this is a softening of the US approach to crypto. We've already seen Trump come in and say, look, he's going to be, you know, if people are for crypto, I'm for crypto. So I think and now if the Democrats are kind of throwing
in the towel there too. I think you've got to think that the things that people are using on a daily basis, which is what Tyler was saying, are what people will look for next. And I just think that that Solana could could be the next mover. So I I'd be very unsurprised now once we see a little bit of chop now I imagine we'll see a bit of a retracement here if things don't just move up like that.
I think the thing to buy here from a risk awards standpoint is probably Solana and and and kind of getting back to like the Solana means because I just think that's what people are doing on a daily basis. If you start to see this sort of softening and approach more broadly in crypto, then people will come in and and that's where they're going to be
heading in my opinion. Yeah, I mean This is why like the the move on optimism and and and and sorry and and arbiter for example up both like 25 to 30 points each on the 24 hours. So Altu is definitely caught up on that move that that man, that's that ether move is that is that's a $70 billion daily candle like. Dude. It's so I I think, first of all, a lot of people are sidelined to ether. Like that's obvious. That's the obvious move. But like and I I see board Elon
down there. I'm still going to win that second bet, don't worry about it. We doubled down on our bet. But but he well, that second bet, that first bet that I lost so that I thought Seoul would hit 200 before ETH hits. Was it 3K or something? Forgot what it was. We both end up waiting but like one after the other. So he won first but then but then he doubled down with AK400 which I didn't think we get 400
first. But that was a nice double down South shout at the boarding on. I know he's happy celebrating his ETH. I think ETH pumping is so good for the space, the industry. There's so much money locked in ETH and layer twos. There's so much money. Just look at the TVLLL twos. I mean everything is this is so good for the space. You need degens to make money. You need people to get rich. You can't just have Bitcoin go
up and the rest is in pain. I mean, you saw the timeline was in shambles when it was just Bitcoin going up and the rest of it is all down, people fighting. But when ETH is up too, and then we go, oh, Solano's a beta, fuck it, Solano's going to be up too with ETH. Oh, but Bitcoin's still going up. Like, this is good, This is super healthy for the industry and you absolutely love to see, especially when meme coins on ETH also go up because there's
so much money in there. I mean, Tyler, what do you make of all this? What do you think this means for the rest of the industry? There's a lot to unpack. Yesterday was a reminder to me of how small Solana is in size, right when they printed the size of Solana in a daily candle. I think this cements the narrative again that that meme coins are going to be the winner this cycle. Like we saw the L twos pump 20%. We saw the leading ETH memes
pump 40%. I think Mando's right meme coins to me. We're in a multi chain world and and they are an asset class. It's not just memes that are going to win, it's going to be meme coins across chains that are going to win. So I think this is good for the leading Solana meme coins. I think it's good for the blast coins. I think it's good for the base coins. I think it's good for the Bitcoin leading memes. So I think it's good for that
entire sector. I do think we'll see some of the the the base season base summer is is back on the menu right. Our base is a a beta here we've got social Phi D Gen. spiked 20% yesterday. The friend the friend token was up 10% as well. The friend meme clubs keep soaring you know so that's that's like the third level third order effect here from from some of this they're all big winners. Blast is a big winner right so. 4.44 point 2. Well, it should be, right?
So Blast Gold. Part of the reason that the blast gold estimate from anti stats was dropped to 6 dollars is that he also revised down his his target for the FTV because of how arbitrary and optimism have been performed. Well guess what? They just jumped 20% each on the day, so let's let's. Gold that now, what's the revised we we need? I I mean, you gotta say it's 77720. It's 100, man. We. Demand a recount. We demand a recount on the BLAS gold.
Yeah I I don't know if he's he's not going to give a he he got too pissed off yesterday from all the the punk's FUD on the timeline. So I don't think we're getting Sam's revised BLAS gold estimate just yet but that's that's a huge win. So I mean I'm feeling good just having this conversation right now and to me if if the tokenization thing happens on EVE and that becomes the narrative the the end game for me has always been like what I don't want to have to sell my crypto.
I want to be able to hold it forever. I don't want to cash it out to Fiat and like but we we need the ability to use it. Like I still need to be able to buy real world assets and use it in other ways. If that's actually going to be our our end game in in four to five years then like that is a very, very strong narrative. I think it's the end game narrative and it's hard to to to be bullish enough. Yeah, I mean it it's it's it's tough to feel any sort of bearishness at this moment.
I mean it's like for Pepe just hit another all time high, do like it's insane. I mean this thing is trading at $5.22 billion and everybody that's probably listening to us was there when it was first when it was made because it's not that long ago, it's a bear market token which has definitely survived the test of multiple times across across, across the. Pepe here. What's the bear case for Pepe? Honestly, I. I don't see. I generally like. I generally do not see the bear cage for Pepe.
I just don't see it like it is. What a barely. Most used meme in crypto like no one's having approach yet. It's not not dependent on one person. It's now on EAFE, which people were trying to get exposure to. Yeah, I just, I don't know, like I sit there and just go, you could tell me this thing flips shib. And I'd be like that makes sense. I I yeah, I actually agree with you.
And that's the narrative that Saka went from making fun of people being comfy and spot, you know like all your favorite big traders on the timeline trying to chase you out of your Bitcoin AT60K in your theorem of 2800, making fun of you for holding. And now they're all talking. New narratives are going to flip everything you know. And my favorite traders are all starting to sentences, which I think now you know, they they knew last week, this week they think, right.
So I thought that was funny. I've been studying. I've removed my notifications on for a lot of space over the last few days. I have my notifications on for a lot of big traders. They have all been removed. If not a lot of people actually unfollowed. I I don't just talk shit all the time. I actually do it. Man. Fuck the bears. I I'm not kidding. Dude. This is wild. This. You know who won? I'll tell you who won? Raul Powell. Raul Powell. That's the tweet I put out this
morning. I said Raul Powell logged in. Drop this video. Invented a new term. Got laughed at by CT and won forever. Welcome to the banana zone. Don't fuck this up. Clip that Sims. We're going to send that to real vision. Going to get a lot of views, you know, You know what I mean? Like it's it's wild. But like see timeline then and now. Like, I, I, I, you know why I pause on those things? Because I studied for myself. Because how I feel sometimes.
Obviously I didn't sell through any of this because like, I have my targets. I ain't selling 2024. I ain't selling any crypto this year. Fuck this. I don't care whether I'm right or wrong. I I think over time I'll be right. More right than wrong at least. But This is why. Like study how you felt last week when everybody was Max bear tweeting and then how you feel this Morning Post. Like you know there is some sense of euphoria. Rightfully so.
But even if there's euphoria, ETH is still $1000 away from its all time high. When do we think ETH reaches its all time high boys. All time high. At least here my my charts on cracking is 4848 forty 800 right. That was the wow, it's pumping right now. What what do we think? When do we think we hit this all time and do we think with the actual approval, the stone cold for sure approval, we hit that. I think, I think everything hits its all time line.
I think all the all the majors hit their all time line. Like I thought for a while that ETH dominance was in trouble and I'm more than happy to see see that this changes the the now. I think, I think the tokenization narrative is what you'll see. I do think you'll see, like I said there's going to be some short term FUD here from what happens with grayscale. No doubt in my mind like I think that will probably stop us from getting for 12 time high just
now on EVE. But Bitcoin's about to blaster. It's four time high. This is so bullish of Bitcoin. It's so bullish for Solana. It's so bullish for for crypto in general that you're having a softening of of the the SEC's approach to crypto. Just like think take a step
back. Like people in the US have been scared to do anything in crypto for years and if suddenly now you have some sort of more clarity in what can be done, particularly because it's going to be now probably led by some of the biggest financial institutions in the world, right? If Black Rock's doing something, you're probably going to be OK to do it too. Stuff for me for crypto. So yeah, I am Max bullish today. Max Max bullish. This completely changes the narrative. Don't fade it I.
Love this. I love this. Crazy. Like literally 12%. I opened the fucking Polymarkets last week on the show. We've been opening every single day. We've been talking about this every single day. It went out 12%. Twelve percent, 12%. This is crazy. Same show where they laughed all year last year when we said Pepe is going to be a $5 billion token. And they laughed, they laughed, they laughed, they laughed. And here it is. Here it is. Here it is. Tyler. Tyler, I know you've been
bullish. You've been bullish. You were on the show last year, but you've been bullish. I see you. I mean, what? What? What do you. Oh my God, this is wild. This is just wild. Do it. So when's the approval? It's in two days, right? It could. It's supposed to come on 23rd, right? If we go per like what happened with Bitcoin, they waited until the very last day. So it was like on the last day where like the S1, so the 19 B fours and the S1 filings came in
and then that got accepted. The Bloomberg brothers. I mean look, I went back and forth James yesterday. The thing is they didn't know better either. It's like because James responded to me because I was like he was like wondering like he's like look like we're probably gonna get hit on for a while here. I think the lot of the hate they were getting was not because they they had the position so low. It's because James said that black rock's about to be handed
their second loss. Like word for word, someone got the tweet out. And then Eric Balkunas is to go on and say that ETS are like nothing burgers, which I personally strongly disagree about the thing. It is a big burger. It's actually a bacon cheeseburger. It's a Baconator with double Patty and and and so I think that's why they get backlash but it's not like they knew better and this is definitely taking us by surprise. I mean what what happens now?
I'm so curious about politically what happens now. Like Tyler you talked about this last week like they repealed this bill. It was both Dems and and and and and Republicans. Like, do you think this just made the main narrative now for the rest of the elections?
Like crypto? Yeah I think there's a new bill I believe it passed in the House yesterday that it's appointing one of the the Chambers of Commerce I believe who's going to oversee crypto policy you know and advise the president on that and like the the wins there is that it's it's another blow against the FC, CS power to to a degree. So it's just another sign of adoption and and change in in Washington and I agree with Mando it just seems so so
important. I think my concern is like is this just dims posturing to win the election and then are they
going to reverse course. It's like it's been it's been so bad for so long like that is my like I'm I'm still not 100% there yet like I I don't want to be too overly bullish just because you know we we've seen this but if it truly is flipping then I think that is incredibly important and you know from an all time high standpoint I think my I'll give a prediction and I'll say Q4 just because I think we'll run into it. We'll see the the selling just like we saw with Bitcoin.
I think Bitcoin took like a month after the sign to to come back and hit all time high. Feels like it might take a little longer for East, so I'll say Q4. Yeah. OK. OK. Let's see QQ 4 for all time.
I I personally think like East Rips to AT to all time high post ETF approval like I think I think I think we'll like I think it's something that rips right away like straight up like after what I saw yesterday that daily candle like $70 billion candle and that made me even more bullish in the rest of the market because imagine that amount of volume like 110th of that volume going to a coin like Solana for example, right or to any of the other alts could be crazy.
I saw B&B for example like a lot of people have been bull posting B&B and that's been getting quite a bit up actually it's up it's up 10% in 24 hours. So that's something I've been good to see and all over the board. I mean that top 10 is going to look much different very soon and I think the shift starts now. But anyways in other news, so we had that of course today. Sorry lads and lads is listening to the spaces but it has to be a
heavy ETF. I remember that Bitcoin ETF week, it was every single show for 10 days was all about ETFSI mean the other thing that happens which happened like 5 minutes before the ETF news so it kind of got swept on the West medal. Jealousy to come back. We should try and get Eric back on the show. Yeah, I mean he he decides he's on the he's in your friends show now. Right now he's he's on the crypto channel Crypto banter show. So. Oh really? No. He is on another show. I'm in. I'm in.
I'm in. To get them on again. I'd love to. I'd love to get them on again. Definitely would love to. I mean James, James. Dave doesn't follow me. But but Eric Bakunis, I can hit him up again like I did last time. Get him on. Let's get him on tomorrow. We don't have guests this week. Fuck it. I'll, I'll damn it. Let's get him on tomorrow. If James follows you or or you, Tyler, definitely DM him to get him on because we have Eric last time. Could be cool to have James this time.
Yeah, And our girl, Eleanor. Eleanor Tarrant, who we had last time she was on vacation this week and she tweeted like shit. That's like the worst time to pick a vacation week, huh? Come on, Eleanor. You were dubbed the Queen of ETFs last time when you go on vacation on the week that potentially ETTFS are approved. Come on Eleanor, we'll get you back on the show too. She's gonna, she's gonna she's gonna come back from from her vacation to get get on the show
for sure. But anyways, the other thing which also happened on a theory yesterday, which was the the crypto punk stuff. I'm assuming you all saw what happened yesterday. Look it looks like this whole, like conversation just kind of died down now, especially that given that the ETF stuff literally came in like 10 minutes later it was planned right? Like Garga called James safe and Eric Bell. Kunis was like, yo, we need you to like revise your your your
ECTF like position here to like change the narrative. 5 minutes for 1015 minutes everybody was like at Nina Nina Chanel's fucking throat. I'd utilize his throats on the timeline throwing jabs left and right. Next thing you know ECTF approval up to 75%. We forget then Gargan you same night saying look we're going to leave the punks alone. There's going to be a super cool world like raffle for 500 pieces this happens. Mando though managed to catch the the most liked tweet under
that post. So Mando I'll go to you first and then definitely your thoughts your Tyler as well because you put a tweet out about this yesterday. But what was your guys's first reactions my fellow no punkers on the on the on what happened yesterday because it's important. Mando made a point before the show. It's important to know also how people don't own punks feel, because that's the people that technically are going to could buy into punks. All right, so I'll go to you guys first.
Amanda, what do you, what did you make of yesterday and what do you make of the decision Gargo made right away to to pull it back? I thought it was dumb, so it was really dumb. I thought it was like the complete opposite of what they said they were going to do. And clearly they had a strategy meeting where they said they were going to do a bunch of, like high art inspired drops
alongside the crypto punks. That's clearly what this was going to be the start of we're going to have an artist in residence who's going to do a drop and it's going to be inspired by the crypto punks. The good issue about that is that, like, the communities may not fuck with some of these drops. And I just thought this was clearly, yeah, maybe it's high art or that sort of stuff, but like this doesn't really feel like something that people are going to immediately jump towards.
And I also just kind of went against the idea of we're not going to do anything with punks. It's like, yeah, we're not going to do anything with punks, but we're going to do punk inside derivative drops. I think that's that's doing something with punks. So I think by the way they move quickly, well, that's the thing, like why do I want some punk derivative from a high artist, which where you're telling me that this is high art, so I need to buy it. Like I just don't think you want that.
I just don't think you want that you want don't want to have like literally punk derivatives being pushed by Yugolab. So my view was that they should do nothing. They ended up coming out and said they're going to do nothing and and we we can move on. But yeah, yeah, I just thought that was that was silly move. Yeah, what about you, Tyler? I mean, you actually put a tweet out yesterday. Yeah, well we can get there in a second.
I I'm on the opposite side. So I think the only mistake was was walking it back at the end of the night so. Interesting. Right off the bat, I I don't like this collection. It's not for me. But I like the concept behind partnering with leading artists from the traditional art world, modern art world, and providing access to their art for your holders and the idea like So what? What is the artist in residence like? What have has the punk sleeve
been doing? They're trying to elevate the brand and bring more attention to it overall. Now some of the punch holders are saying no, no, leave it alone. But you want attention on the brand for the brand to be elevated. And I I don't think punk owners themselves are doing all that much to elevate the brand right now. In fact I think some of the discourse on the timeline from the punk holders was was more off putting than perhaps the
Yuga man. I think a lot of the backlash was driven because people just love donkey on yuga and Yuga's not going to do anything right right now. Again, I I don't love this collection but I thought that the pivot to just giving it to the Nina Chanel holders was. I don't know it was it was giving an in but then it just. It shows that their strategy that they had for this whole roll out they've been working on for such a long time is just admitting it was just totally wrong.
So those are my thoughts there. But then the same time I I did raise the point. So who is the incremental buyer
of punks here? And my point was that that the folks making money in the trench, the the boys in the trenches making money right now are not interested in buying crypto punks and and it seems like like the DS ES of the world from the 2021 cohort they have enough punks and and they don't seem like they're interested in buying more and of course there's there's small exceptions to that rules. My question is who who are the buyers coming in.
Of course this happened you know an hour before the entire ETH narrative shifted. I guess in in the world where like ETH this dominates, owning that the leading digital asset on ETH, maybe that becomes the the narrative again and maybe that's enough to to bring people around. But you know at that point in time yesterday, it just didn't seem like I could really pinpoint who who the next buyer is. And like myself personally, I got, I've been able to run up enough eat this year to buy
pumpkin. I just haven't. I haven't done it because of the opportunity cost. And. And maybe the we have to wait for the opportunity cost to go away, maybe we have to wait for beams to do their thing for the farms to run out and then maybe MTS will finally have their time in the sun. I mean punk's four in terms of U.S. dollars was up 25,000 something dollars since since since yesterday. But in ETH I mean on your screenshot was 37 five it's still 37 here so and ETH is unchanged.
So it's easy to say oh like change narrative like it's ETH is 1 ETH is 1 ETH when it's good for my bags and it's in USD when
it's not. So I don't want to be that guy either but but it what what what I think here is like that's why I responded to you honestly yesterday on the on the timeline was like people are not at the stage where like they buy themselves like an expensive JPEG an expensive wash an expensive car an expensive anything here like especially with the ETH approve like potential approval on the news yesterday is where you like actually now you remain not like
I yeah they bought up milady but that's a better trade than the car but it's it's easier to make a trade on the three ETH asset than the 48th acid right but I. Think I think what I'm trying to get at is that like Milady's are closest to the culture of of crypto right now. Like this to me felt very detached from the culture of crypto. Like we're going to give you something which is clearly polarizing. That was, that was for artworks, right? It was not a risk, yeah.
But it's kind of like the proof model, which is what something in the comments has said, where it's like, right, we're going to, we're going to make you the art PF like. Well, they have always been the. Art like I just. I just feel as though. Yeah, crypto. Punk are crypto culture. I don't see themselves like, I don't think so. For me, I just felt like this.
To me it looked like a thin like veil of yeah, we're going to try and elevate it to which we're going to try and make some money out of the crypto punk brand and we're going to do drops alongside it. And I just think that whether you, whether they can say, you know, no, actually this is going to elevate the brand, sure. But at the same time you're going to have a bunch of punk derivatives which people are going to buy from you for. And it was a Dutch auction,
right. So like. Yeah, Dutch Auction. Like let's. Not. Let's not. Let's not. Let's not be blind to the idea. They were going to make quite a bit of money from this and I just feel like that's not what punk soldiers want. They they want you to put them in at the same time they have a poison chalice. Everyone said this about when they bought it, like you have this brand, which actually no
one wants you to fucking touch. I'm not saying they're in some amazing position, but if I was a punk solder and I saw this also as not a punk solder and I saw this, I was just like this looks like you're trying to make some. Oh my, my assessment from it yesterday. It was like yesterday that I even wrote this morning in the punk chat.
Yesterday was the first time that I saw some punks that are usually not vocal because they kind of gave up on being vocal and stuff that actually care about crypto. Punks become vocal and not be happy about the development. Like it was one of the rare times when I was talking to these and he was like, yo, fuck this. Like I I don't like this and these to me there was always a tastemaker in crypto punks. When I got into punks I looked to G Money. He's in here shot G Money these
by the way. G Money that's fire the fucking Chance the Rapper at the fucking the voice crazy after Bradley Cooper. Anyways. G Money these etcetera, like and I saw a lot of punks that I personally look up to as tastemakers in the punks community right. There's the people that I will probably text before I buy a punk to ask them what they think of the punk I'm buying right Not be very happy about this And I'm
not saying G Money was whatever. It's just like I'm saying like because I saw G Money was like taking the other side of this and whatever. But I'm just saying like a lot of the punks usually are not vocal, were vocal. And I go and I think that also that goes towards like and then somebody, Chad said, well what if it was Jay-Z, people wouldn't
have been as vocal. While I may agree with that, I also do think that it comes from a place where a lot of the punks don't trust that yoga will like do the right thing with punks like that's. I'm not saying I don't, I'm just saying that's what I'm reading from the timeline. It's obvious at this stage, and what they like is the Avant Art Collab fire. I have one right I actually need to unbox it. The putting punks in museums fire. It's why they belong.
The punks brunches at Isaac's putting together fire though. All my favorite events are always like ours or the punks brunches because I just love meeting like my individuals. They're always good. But no they don't want any derivatives minting this sandwich. The point you're making Mando and actually Tyler as well. Like they don't want more. It's not even a knock on Nina. Like I love. Personally, I love Nina Chanel Abdi. I think her art is really cool. They like this drop specifically.
Maybe it's not my taste either but I'll take what Tyler said he's right. He's like, that's just your taste in art. It doesn't really, It's not really like, oh, you can't think this is bad art, this is good art, but people just don't want punks to talk with and touch. I think that was really like really really really like my, my, my main take away, Obviously derogatory comments, like the homophobic, transphobic, like racist shit is never cool.
But also like that is a discourse that I saw come from non punks like within the punks to me. Yeah, some people are very, very, like, unhappy with the whole. I was annoyed by that discourse. I I was annoyed by the like, the council culture around the idea that the people, if you say you didn't like it, somehow it was like, oh, you know, like. That's what. That's what I'm just saying. Like there is also like, it was both ways, right? It's always both ways.
But I know what you mean. I know what you mean like. Look like a derivative it looked like to me. And whether whether it's whether it's like right or not, like I thought it was, it looked like a derivative, which people were going to have a mixed view on, right? Like my my tweet there was like clearly people are not going to have like some amazing view of this is this is as good as like the original crypto punks. And that's bad for punks. That's bad for punk. I like the residence program.
I thought the residence program. I was on the show, We had a debate. I think it was one day where you couldn't make it, man, it was like me OV Harold Benny. And I think, Gee, I forgot, is it G1? You know, it's like four or five punks. We're just talking on the show. Oh, Loxy. It was Loxy and I was on the side that was like 4 OV was like, yeah, fuck this, don't touch this.
Don't do anything, whatever. And I was more on the side, like, yo, like the residence program is actually really cool. Like Nina Chanel's a big artist. Like they're not bringing some fucking bozo like small name no name person. Like they're bringing someone who actually is like extremely reputable in the art world. Right. So I see where they were trying to go with that. I like the residence program. But now obviously that's that's never going to happen ever again.
But I think if you go deep, deep, deep, like, I genuinely think like the deep, deep core punk holders just still don't sit right with them. The sale of the punks to yoga, they just don't like the association to yoga. I think that's what it comes down to. That's my take away from this again, because that's the main comments every time. It's like, oh, yoga did this right. I think it's that, and I think they don't like the execution more than the concept itself.
Like what? What if this was Sam's brat and it was a punk inspired like the next iteration of Skulls of Lucy collection that that everyone loves like so do you hate the idea then that you guys using the brand in in that scenario? I feel like the reaction is just because of the output versus the. Makes sense. Anyways, what I love is that punks, they care about their shit so much like that that you can saw what happened.
Like that's that's one thing I love about crypto punks, that they really, really care and and that's also a big take away that I see from that community at all times. And I know Natalie Stone. Like you know she's she she works hard on on that whole like the trying to do her best with that stuff and that team does care.
So anyways we'll see we'll see where that takes us but that was a lot of the discourse on on the timeline yesterday besides that and what we just covered for the last 40 minutes. I don't think there was much unless I missed anything Tyler. But it's really that in fantasy top still going you can share your revenue. I don't know if you guys saw that but you can share your Rev. I will definitely share some.
I just have to decide how much. But you get to decide how much you share with your holders, and then based on how much you share, you get rewards, right? Right, exactly. And and the the incentives for heroes to share their ETH rewards is huge. So like like personally I'm getting like a 10X bump and blast gold and the fantasy points for for sharing the ETH. But like I I was only getting 0.6 ETH. So for me it was an easier
decision. For someone who's getting five or six ETH back it it becomes a little bit tougher. So I do think the team is kind of putting the heroes in in a little bit of a weird spot. Like it is tremendous pressure to to to be sharing and it's all going to be pretty obvious and on chain now. So we'll see if if there's any backlash against that. But I think perhaps, I think perhaps the bigger more important is that you also get a soul bound legendary. So now every hero will have
their own legendary card. Oh, we are. So if yes, so if you're not playing your legendary card, I don't want to play your legendary card. So like that that is now something like certainly to watch. So like I'll be running my legendary card out in every main tournament now, which also means that I'm going to have to perform right? Because my my standings will will be based on that. Yeah, I mean I was, I was personally opting towards the 25% from the get go before they even shared this.
So I find it interesting you get your own cards finally get a stole bound legendary which is fire. Don't worry Tyler, I will play my Soul Bound legendary. Don't worry, I mean the tournament's where I can. But anyways, so that's that on that front. Anyways, it is robot giveaway time. I just saw the time, sorry, I'm just in chatting blah blah and we've been going over anyways.