Yo-yo, yo, what up? What up? Good morning. Good morning, GMG. Oh, yeah. Oh, it's it's Monday. Monday live, 15th, 2020. Look at that. Another beautiful day to have a beautiful day. I got my coast in the house. Oh, Seth Mando, how you guys doing today? Are you muted? Ovi, you're muted. There we go. What's eating my eating my burrito ball. I'm good How you guys doing? I'm. Doing great man. Fantastic doing fantastic.
Mando, you look like you got a little change of change of background here going on. Yeah, I'm on holiday. Is there a back? Is there a echo? No, no. You sound you sound a little bit quiet though, I would say. I think I have. May not have, yeah. Oh, that may be it. There we go. It's like double connected there for me. Let me see if I can fix this. Sean, you're on vacation. That is nice. Something has ever changed. Look at that big Daddy OSF with the burrito bowl back in business.
I, I, I think I do hear it now, Mendo Check, check. Is it is it Ovie's luck? Because you know, Ovie, how we used to always make fun of Mendo's like technical difficulties, but he hasn't had some, and now you're back and he has one I don't. Know could be a bad bad omen. Let me tell you something today though, the bulls are so back in town. You know we never left. The bulls never left though. You know, a lot of a lot of bull has definitely turned full bearish over the last few weeks.
We know, we know who you are. We have your names written down in the group chat. We're going to hold you accountable down the line, but but that's one thing for sure. So today's the show today. Today we got OV back. So for sure, you know with the boys we're going to talk some market today. Obviously Friday evening was Trump's assassination attempt. So that was all over the
timeline this weekend. So I'm assuming we're going to talk about you know, some politics though, trying to not fall down politics slippery slope over. I started to tweet that this weekend, but you know, it's like we we can't not fall into it. It's like the the main narrative for crypto is literally politics right now as well. So it's hard not to fall down that rabbit hole. So we're going to talk about, yeah, Mr. CPI is so funny. I didn't know about these nicknames, Mr. CPI.
Anyways, so we'll talk about markets, we'll talk about the bulls, we'll talk about how we're doing. We may talk a little bit about football maybe, but I'm not sure because Ovie said that if England doesn't win, the whole golden bull market is in jeopardy. So I don't really want to bring this back up. Really scared me there there was we'll. We'll we'll serve a bull market. It just won't be the Golden Bull run that that. So we have to wait 202026 Yeah.
Is that what we have to do? The Golden Bull Run is like a multi year long bull. Run. It's like 10 years long. Right. So it lasts for a decade. Yeah. Like imagine stocks from like 2010 to 2020. That would be like Golden Bull Run. What's better, insufferable English fans on the timeline for two years until the World Cup or a Golden Bull Run? Like what's what's like or not getting it?
I think I'm OK not getting the Golden Bull Run and not having to hear about how it came home for two years. Yeah, it'd be, we would be pretty insufferable. I agree with that. So. I'm biased, so I'm biased. I was cheering for you guys, though. I just want to put down the record when, you know, you guys scored that, that screamer. I was like, let's go, let's go. Anyways, so talk markets and then we'll see what what topics we have time to go on about.
And we'll give out 100 bucks. So we'll pick someone, just retweet the spaces, follow us as usual, blah, blah, blah. And if you're live and then sure, we'll just give you $100. But anyways, anyways, anyways, nothing for you to do. What do we get right into it? Can you dig it? Yeah, man, what a what a weekend. Like when we were on Friday, it felt as though, you know, we had a little bit of a rally and then when we reclaim 60K for that weekly candle, we just ripped higher.
So Bitcoin is sitting about 6 or 7% higher than where we were on the show on Friday. Solanas broken through 150, so it's about 153 ETH. Interestingly, they're all rallied about the same. So if sold Bitcoin all all up around 5:00 to 6% today, they all kind of reacted similarly. Obviously a few different things happening here and it's difficult to work out what was the biggest thing. I think firstly, markets are pricing in a very high degree of certainty now that Trump is going to win.
So obviously we had that moment around the assassination attempt and then after that Bitcoin started to rally pretty hard. Bitcoin was hanging out around 60K in the hours shortly after that and it was, that was quite a key point of defence I think for liquidations, particularly for bears. We did breakthrough that for the weekly candle kind of overnight. There were a few headlines over the last 24 hours which may have
caused that. Firstly, there there was a rumour that China may be looking to unban crypto in Q4. You had a lot of large accounts on this on this app, including Mike Novogratz. Retweet that and say, you know, there's a huge deal. Obviously this has been rumoured several different times, so let's see what actually happens. But that would be that would be very bullish, I think for the
market. Obviously Hong Kong has been good, but the, the ETF demand kind of shows you that it's still kind of small compared to the, the absolutely huge interest there is in mainland China, given that's where all the miners have been for so many years in Bitcoin. And then you had a couple more headlines. So you had #1 which is Russia. Russia is now looking to integrate crypto into its Stock Exchange, which I thought was
quite wild. So they've been saying that for the last few months that because of all the dollar sanctions they've been under, that they were going to try and integrate stable coins a lot more. And now they're going to look to allow crypto trading on the Moscow stock index as well as more integrations into the general financial infrastructure around Russia, which I think is very interesting. It's starting to see stable coins being used in lieu of the
dollar. And then thirdly, you saw that the ruling party of South Korea, which has been relatively crypto, well, pro crypto has come out and said they're probably going to delay the capital gains tax on crypto until 2028. So you're talking about 3, very, very well, four if you include the Trump headline, but pretty much around the world, very, very bullish headlines for crypto. South Korea is obviously one of the highest, has one of the highest rates of adoption of
crypto. Russia's obviously has a very high adoption of crypto. Mainland China being brought into the fall would be huge. And then you have obviously the idea of the Trump pump, meaning that crypto gets a better adoption throughout the US So, yeah, just a very, very bullish spate of headlines there over the weekend. You saw the majors, the majors actually did some of the best, like being at 5 to 6%. Again, meme coins have been
relatively, I would say mixed. You've had Morgan podcast, which we've been talking about for the last couple of weeks. They've generally been the strongest too. And then Pepe and whiff have slightly underperformed. But you, you saw, you know, this is still like this is this is something to paint paint on. And I put this in a group chat of some of the boys over the weekend. Is that these charts of top one hundreds? And I've been doing this for six months now.
They are now largely altcoins. And they were, and particularly if you look back over the last two weeks, over the top 300, let's say, because top 100, there's not that many meme coins in the top 300, but there are in the top 300. I guess Billy's, Billy's in there. But a lot of these are now altcoins. Yeah, a lot of these are now altcoins.
And that that's been a change from it being almost entirely meme coins is that this rally, you've actually started to see it be pretty broadly across most altcoins. And that's where a little people reaching their back to to like deploy some gaps. That looks like a lot of altcoins are up like 6070% now from their lows. And they're still down a ton. Like the charts look horrific, but they are bouncing from a very, very low, very low level.
So, yeah, it's it's a, it's an interesting part of the market here in that you're seeing all coins kind of match some of the moves at least in, in mean coins, but a very, very strong broader macro picture. You've seen stocks obviously go higher again on the back of this.
Again, that would be mainly pricing in the idea that I think that Trump is going to come in and and that market, I think I've been pricing that in more and more for the last few weeks as part of the reason for the rally. So just a, a very, very strong week this week. We don't actually have that much. We have the, the Fed is going to, I think Jerome Powell's actually talking today. But after the, the print on Friday for CPII, think it's, it's kind of expected that we're
going to see rate cuts. It's now more of a question of how many. I think the, the, the consensus is 2, but we could have one or three. But let's let's see how how that goes. And I think you we have the ECB decision later in the week and some retail sales, but nothing huge this week in terms of in terms of macro it will, it will mainly be a little bit quiet. I think we have one more fed for the summer and then we're kind of done. OK, That's that's that's that's that's OK. That's good.
Mr. CPI. I mean, there's no more CPISPPIS and all that shit is ahead of us, is there? Well, until next month a little bit, yeah. For a little bit. Yeah. It feels like that's all we talked about the last like 3 weeks, two or three weeks. It's like, oh, Powell FOMC. No, because there's that dovish dovish, muvish, billish, muggish, whatever it is. It's just, it was a lot of it
was like heavy macro. Like I feel like, I feel like everybody was trying to make an excuse to why the market was not doing that great. But we couldn't because like that, because like the trap market was like doing incredible while crypto was just like performing like trash. So everyone in their mothers was on time, like trying to figure it out why, Oh, no jobs being created. That's why Bitcoin's down like 20%. Germany just finished selling. That was the other headline,
obviously. Germany finished selling. They're done. Finally, they're done and we ripped. As soon as you don't need to stop sending the points. It was, it was the whole thing was literally on a plate. It was on a fucking plate. And all you had to do was like, oh, big technical selling from German government had this much to go.
Once it's done, we should rally. It was like this technical selling from the German government in a backdrop of some of the most extremely positive headlines I've ever seen for crypto, especially the Trump stuff, which I think is the biggest thing right now. So I'm just like, this is, I mean, I'm so deep in anyway, like I didn't buy more, but if I was sidelined, I would absolutely be buying as much as I could in in the last few weeks.
And the most bizarre thing to me is just reading the timeline and people being like, we've lost the 55K level now. There's no, you know, there's only air till 41 K and all these like chart guys getting super bearish AT55K.
And lo and behold, they're all Max bullish today at like 63 K. And it's just like are are you guys like dumb, like I don't want, you know, for lack of a better term, like, I'm sorry, but like it is as simple as German government selling, done selling super positive headlines coming up, including hopefully the launch of the ETF this week. So it's just to me was one of those moments. I was like, man, this is just one of the like easiest like lay UPS ever.
And I'm just watching person after person after person, people who've been around in crypto since 2017, 2015, 2014, whatever, you, you know, how long they've been and just fumble it like generational fumbles. And, and a lot of these people are still sidelined by the way. They're still sidelined from those levels. And I'm thinking, man, if you sold at 55 K and you've been sidelined on this move on the way up and you just had that
Trump stuff over the weekend. And if you do get an ETF this week, you must be like, I don't know how you stay sidelined here, Like unless you're inherently bearish on everything, if you just sold just because of charts, you're in a very, very tough position right now. It's a very tough position to stand here and watch.
I think it's really good to break down actually, because I don't think these people, I don't think it's necessarily, it sounds really smart, you know, like if we break 60 K, you know, we'll go higher. If we go down 50K, it sounds alluring in that like you don't have to do anything yet, you know, like just just chill, wait until if we go above 60 K, you
can be bullish. The issue about this is that crypto is very violent and you also get these if you're a chartist, you get these like deviations where fake breakouts or fake fake drops below resistance, right? So when it hits 60K like it did Sunday night, right, it then just like gaps so aggressively away from where you can even get in. So your concept of right, I need to get in. You probably have a fraction of
a second. And in that exact moment, it could also be a fake breakout of which case, like when it's hanging out at 60, when it's hanging out at 60 point 5K, right? Are you meant to buy it there?
Or is that fake breakout which you could get hurt on And then now it goes to 63 1/2 K. I'm telling you the same people will be saying wait for the retest of 60 K. You're like, wait, wait until we hit 70 K and then you're meant to buy it. I guess what I'm trying to say is you need to be unbelievably quick if you're going to be a chartist in crypto because the periods of gains are so, so violent. But look at look at the last 12
months in crypto. Bitcoin moved aggressively higher in a period and you didn't have time to catch it in that period, right? There was no, there was no way you could catch it in that period if you were a chartist. It just broke out and then just kept going. And if you weren't quick enough or if you were waiting for a
retest, you got screwed. Now this could very easily be the same same sort of deal like you're now going to, you're going to sit there and go like right, I need to wait for the the pullback to get back in. Well, of course. And it could just, they could just keep going. I mean that's what happens from 35 to 6 to 70 to all time high
like 35K. Everybody was calling for it to be slapped down in 20s and then it ran to us to all time high and then everybody was it was 40s forties to all time high inverse signed line. So so then you're sit as you said, you're sitting there having been given a 54 or 55K entry, let's say, and you waited until it was confirmed at 60 K being broken, right? You wait for that and that isn't confirmed even on the 1st breakthrough. You have to wait for like a retest.
But then that retest never happens and we just keeps going higher. It's just, it's just dumb. It's just like you think you've done something smart and actually your logic just doesn't doesn't hold when when you try and apply it. Look, we've had the SEC head of crypto stepping down, SEC withdrawing from the Ethereum 2 point O investigation. You have the ETF coming this week. You have an unequivocal Trump support for crypto, Trump speaking at Bitcoin conference
at the end of this month. And on top of that, you have very likely rate cuts given the data that we've had. And these are all undoubtedly very positive catalysts that will see us through until at least the elections, if not the end of the year. So, you know, like I said, if you're not, if you're not bearish here and you sold just because of charts, you're in a very tough position where every potential headline and catalyst is extremely, extremely
positive. And we're at levels right now where we're not at all time highs. We're still off all time highs, right? Yeah. Yeah, and, and sentiment's really low, right. This is the this is the the we're we're at fear on the on the fear and green index. True. Right, it's the lowest sentiment and sentiment indices. It's still. Quite low by two. 1023. It's still quite low. That is crazy. Look at this. It's still not like where it is now. It's and we are. How we're 10% from all time
high? Dude usually and and see this was a coin you're. 10% from all time high is that? Yeah, 10% went from all time high. I mean, and look at Ethereum, I mean, even the other now it's not just like, yeah, Bitcoin did really well, but even ETH is looking to go back to push towards your highs. Solana is looking great too. Like even the majors at this point are looking. And you were pointing out that a lot of the ultra starting to slowly like speed up as well.
Another point to like what you guys were saying, how much lower, lower did people expect things to go? Like all it's already down 80% while they're going down another 100%. It's like at some point it's like how much, how, how much beating can the whole market take? So I, I find it interesting when I, when I see, you know, everybody start freaking out and losing their minds over just, you know, the little things. But anyways, there's not many bulls left out there.
There's not many bulls left out there, not the traders at least. That's amazing. I love it. I love it. It's so much fun. I think, I think it's great. And OSF came back just to shit on the TA guys and I'm here for it. That honestly, when you asked me, I was like, yeah, I'm just going to come back to shoot the TA guys. Like I just I just need you to do it and and as many different like formats as I could. So let's let's go into the next format of of how you can shit on the TA guys.
I don't think the TA guys expected what happened on Friday evening. I mean, boys, let's talk about that for a minute because obviously, like, we have no show on the weekend. Fuck yeah. What the hell? It was late this whole year and then this whole thing happens. I was this is insane. It is insane. I, I think we, we're like, we're not political analysts. So like the idea that we're going to get some like crazy stuff there, but I think it is, it is insane. I was living in the world,
right? That if, where, where would a Bitcoin have gone if, like, God forbid, Trump had been assassinated? I don't want to imagine that. That's terrifying. Like, what is the candle then? Like I was trying to think about myself because if that happens, it just feels as though the sentiment in the US, it's, it's just like a, it's like it could catch flame at any moment, right? Like it just feels that a moment, if that happened, I, it could have gotten really bad.
I think really, really bad. I think you could have had a Wick. We could have hit like, I don't want to say. We could have gone below 20 K in my opinion. Well, you think that if Trump would have been shot dead on Friday night because we went to 20 Ki. Think it would have been pretty bad Civil war man. It would have been a complete like it would have been a complete shitshow in America, I think. Damn, I think he's in a Wick for
sure. Like because you, you're really, I think you could have seen a, the level of violence that could have broken out in the US could have been to on the teetering on the point of questioning about the US, right. And that, although a lot of people have pointed to that being like a very bullish outcome for crypto in general, you know, like Bitcoin is decentralized. So it's not, it's not tied to any state.
I do think I did wake up and just think, wow, like imagine if you'd had any leverage or if you'd had any sort of risk that could have exploded on, on a, on a move like that. And it's something to be aware of. Like if you you might think that like you could never get liquidated, but a move that is the sort of move that I think would have liquidated every single person in the entire market. Like in my opinion. So that that just got me like crap.
I mean, think about what happened with Iran, right? Like the Iran, Israel thing we dropped, we've got like a stone. Yeah, yeah, yeah. Solana nearly went on to 100 when that happened. Right now imagine Trump gets shot and you start to see uprisings across the US and non like very serious uprisings I think. I think it could have gotten really mental. Yeah, I mean that is that is that is really scary. I mean, what what are your thoughts here?
I mean, first of all, like this is just bat shit crazy that we we're back at living in a day and age because we didn't really live the JFK era and like those things, right? Obviously you weren't born, but like you, you only studied this stuff and like history classes, school and shit. You're back living in the era when there was an assassination attempt on the on the ex president of the United States of America and running favorite candidate of the next election,
recurrent election. It's a pretty scary thought when you take a step back and think about it this way, right? It is. I mean, I don't think we've seen anything like this in the Western world. If you like in our in our lifetimes, really have we like something to. Reagan. Reagan was, Yeah, I guess. I mean, you were born then. Maybe you're. I don't think. Reagan President? No, I think Reagan was before me, right were. Born bro Yeah, but. It was his second term, I think, right?
Bro Reagan was 81 to 89. I hope he was born. In 89. I was born in 80. Five but yeah, something like something to that extreme and maybe had stuff in like other countries but Eastern Europe and all that stuff, but like nothing or it's like, oh, the USA presidential elections are like full on. This wasn't just like a oh we heard a gunshot and everyone went down and and Trump got evacuated. This is a full on like shot at his head. Look tilted his head. You saw the video when he
tilted? His head, yeah. It's like it's mental and it's like you were literally like a hairline away from just absolute chaos, which is which is mad to think. I don't know, like it. There's obviously like all these thoughts about whether it was staged or was it real or for me it was real, I don't think. It's I don't want to get into that. Yeah, yeah, definitely real. I mean, yeah, but come on. But it's just like whatever it is. Like Wet Dream, right? No, no conspiracy theories.
Saturday you. Guys want to send the. It was like an RSS feed of like queuing on crap on my on my WhatsApp group on on Saturday. Like insane amounts of conspiracy theories. Yeah, don't bring Cali on for more right now. We're going to be we're going to be put in the in the same basket as an Alex Jones show. Exactly. If you're even slightly into conspiracy theories like you, you, you've basically got the next five years from, you know, like you.
Even text each other about like conspiracies. I'm pretty sure, I'm sure, I'm sure they, they're really into that stuff. Look, the question was like, not whether they'd plan this or not. The question was like, who did that? Right? Like why was the reaction so slow? On the, on the, on the, on the, on the Secret Service front and
everything. One thing's for sure is the Secreto's fucking shit like that's I think we can all agree without you, you you saw all these threats from like ex snipers or ex like defense professionals and like dude, this is like the tallest building closest to it and there's nobody on it. You know what I mean? So I don't want to get into the conspiracy side of things, but I wanted to you know, the first reaction of crypto MFRS was which coins are we buying and why?
This is good for my bags. And so I think that's it's relevant to talk about on the show, 'cause you said the counter argument is like, if it, you know, if the if, if, you know, if the shot wasn't missed, the market would have looked different this morning. And I think you're right, right, Because the market responded the other way, you know, to Trump standing up. And arguably, that's one of the most iconic photo shots, photo like shots of, of this decade.
Iconic. Like the guy that shot that like shot the shot of his life. I mean, this is this is absolutely like this is next level. The immediate reaction though on on the market, the first thing I opened was this to see how the qualifier, I mean, Tyler did. He would have loved that on the show this morning. I mean, the immediate reaction was this. It was like a 30% candle on Trump coin.
This front, literally the day before you and I were talking about buying Trump, and I was like, I can't be bothered to like, spend this money on blast. I'm too lazy to do it. And I just didn't do it. And I saw that I was like, damn. It was either the day before OV or or the same morning. You and I were like, damn, Like OK, we're. It was literally the day before it was like, yeah, it was trading at like 5 or something like 5.5 or something like that.
Too, That's why we're like, OK, well, what are the ETH corns that are going to turbo pump? Obviously mug. We can't get more bullish and we already are a mug and it's like, well, what else, right, Like what else? Like, OK, we get it. Pepe mug, Pepe Mark, what else will Trump, right? And then obviously I didn't make a move, though I bought quite a significant amount of more on Thursday night instead of Trump, which pretty much worked out in
my favor. But it's, you know, mug up 30% and then you have width moving like .2%. So it's not bad. That's the meme. Aside from that, though, looks like corns are doing pretty good. I mean, Ovi kind of want to ask you here, how do you feel about ETF week this week? I mean, you are you're a big ETH guy here. It's this is the week Nick Jurassi went, you know, made a call. He doesn't usually make those calls, but he said I'm making the call. This is the ETF week. He posted that.
How do you feel about that given that last week? Was that what the biggest week for Bitcoin or one of them billion dollars in inflows? What's your outlook this week given ETF and what do you think is going to happen? Yeah, first, I really like Nate Dressy a lot. I compared to some of the other Bloomberg analysts and commentators, he doesn't really like hedge his commentary. He's just like, I think we're going to get an ETF this week. I'm sticking my neck out and saying that.
He also said I think the ETF gets approved when everyone else didn't. So he's pretty, you know, like he's not always going to be right, obviously, but at least he, you know, presents a real opinion and A and a real view. And so his view is that we see something this week. His reasoning is that all the the the hurdles have now been crossed and there's no reason why there should be any delay given all the filings we saw at the end of last week.
So fingers crossed, hopefully we see it this week. There hasn't again, there's been not a huge amount of communication from the SEC. And remember, this is another thing that Nate said. Remember how they cocked it up last time? Remember how there was a fake the SEC account got hacked and there was like a fake tweet about it being approved and stuff like they've obviously come under the kosh a lot for that and they've had to re evaluate the way they communicate these things to the
market. So I think they're very light on communication until things are absolutely done. And even then, I think they'll continue to be light. So it's one of those things like we're not going to see any of the telltale signs that we saw for Bitcoin, but then one day it's going to be like, cool, this is all done. We're good to go, we're good to roll out. So his view is that we see it this week.
I'm not really sure, you know, I don't have a strong view as to whether it's this week or next week, but it does feel like it's very, very soon. This week would be good timing given the market bounce and given all the Germany Bitcoin saying that's all been done and the technical overhand that's that we've passed. So it feels like the momentum would be on our side for it to come this week and then we'll see. So. Yeah. Well, how do you feel about the the inflows into the into the ECTFS?
You know, on the bear side, they were like, oh, look at what happened to Bitcoin. It's become institutional coin. And you know, there was a there was remember it, it was a southern news event in the end. And then obviously then we saw quite a huge rise back to all time high within a couple weeks. How do you feel about the the ETH inflows? Personally speaking, I think everybody's wrong because consensus said it's going to be low. So therefore I'll take the other side.
But what do you, what do you? Yeah. I think everyone says look what happened to Bitcoin ETF, it's like OK, but Bitcoin moved from 40K to 63K after the 70K after the ETF. So it's had a positive impact on the price. Sure that the technicals, the dynamics of the market changed, but I think overall it's been positive for it. And so I think you could and should see a similar thing for ETH. And I think we run it back on Earth, to be honest with you.
Like maybe initially we'll see whether the inflows are good or bad. Like even for Bitcoin, the initial inflows weren't insane, they weren't incredible. They were just like decent, but they weren't like blow out, blow out, blow out numbers. I think I think it was about two billion on the first day across all the ETFs. And people were hoping that Black Rock alone would be close
to that magnitude. So it's one of those things where like you maybe don't see the initial impact on day one, but as the inflows build up and as supply gets taken off the market, it does it all adds up. And it it does end up being positive. And I think it will be positive
for ETH. And the big thing there for me is just like it's clear that Black Rock is supportive and, and bullish on ETH to have their $100 million tokenized fund on Ethereum. Larry Fink has publicly stated in interviews that he likes Ethereum. So I think they'll be pitching it pretty hard.
And remember, just as, as we saw with Bitcoin, these guys are incentivized to go out there and sell this thing because the fees they're making us so much larger and, and bigger than they are on any, any of their other ETF products. So they're going to be saying this thing like mad. And the other thing is like, if you're a normie and you saw the move from Bitcoin ETFs from like whatever 40K to 70K, you're
like, damn, I missed that. But now you may feel like you have the chance to run it back on ETH. It's like, cool, I missed the move on Bitcoin. Can I do the same move on ETH? And you can bet that all the ETF funds selling the stuff we're going to be making, the argument they'll be thinking about this is what happened with Bitcoin.
We're expecting maybe not the same amount of flows on Earth, but the market cap of eats is a lot lower than the market cap Bitcoin. And this could be a should be a high beta version of that. So I agree, I think the expectations for for flows are actually pretty low. I actually even think the flows will be not that great either. But everyone thinks that. And I think the surprise is not really to the downside. I think the surprise is to the upside. No, I I totally agree with you.
I mean here, if you look on AI was just on the map. This is where the Bitcoin TF was approved and like you see Jan 10th pump, then this is this is this dump that people are like, Oh my God, it's sell the news that you're laughing at right now. And this is what it went shortly after. You know what I mean? Like look at that. This was approval. This was a slight dump after it and because you know there was GBTC like being so like crazy everyday and then this is what
came shortly after. Since then and this is a post that just was came out during the show July 15th update. This is how much Bitcoin have been added by the ETFs. BlackRock has required 316,000 bitcoins. Yeah, I mean this is BlackRock. The the year to date flows on Bitcoin ETFs I think have now surpassed you have the montesens. Right, the year to date. Yeah. And that's the high, that's the that's the year to date high. So we're at the highs for that.
And I know we've spoken a lot about like basis trading and all these flows, net increases in Bitcoin risk. I do think the last week was because the basis was like around 10% or below. So it's not it's materially less attractive level for funds to put on the base of trade than it
has been. And if anything, I think some guys have probably been unwinding like what I've heard from various people as if it goes below sub 10%, people start unwinding it. So we saw a billion dollars of inflows into Bitcoin ETS last week. And I think in my opinion, the vast majority of that, if not even all of it really when that increases in risk. And I bet you anything, all these guys like Fidelity, BlackRock, etcetera, Arc like to their clients, you guys should
buy this. Germany's selling, they're almost out. They're going to be done this week. This is a good dip to buy. That was the story and I think we saw, you know, Bitcoin move out of Germany into ETFs. Is it I think is what I saw and also Bitcoin move out of chartists into boomers. Yeah, but these people have like probably $1,000,000 to their name. So it's not much Bitcoin.
But I'm just saying like, you know, a lot of people who chart, you know, they, they not usually the biggest, the biggest bag holders. I think, I think people miss misunderstand. I think people give too much power to CT on the market like the little micro pocket that CTS towards Like what the actual market like their their position. Yeah, see, like you think if you, if you log into Twitter a lot of levers, CT is the be all end all, but it's a tiny part of the market really.
It's a lot of leveraged coins and ownership too, so they don't really own it. It's notional. It's like, oh, I have $10 million worth of Ethereum. No, motherfucker, you're long. 10 million notional with your last million at 10 X or short. That is, but anyways, like that's for a big part, but that's obviously mean all of
them. And there's a lot of big chats on here and and but don't if you study that, like, and you, you texted me this morning, you're like, I'm glad you finally started realizing how stupid some people are. It's because, you know, I I'm starting to really see these
patterns. I'm like, dude, like, come on, stop flip flopping, you know, like stand on game or something, you know, try to try to try to try to have like, you know, some conviction and believe in it. And that I thought about this a lot lately. Always like, why do we were Max bullish going to this new year or Max bullish in Q1? What you're going to let the summer dip like just make like lose your convictions? What happened to the cycles? What happens to those 500 days or six?
I forgot the days, 300 days for the post. What is it after the having what happened to all these things that we talk about all the time and all of a sudden what a la Pubel like it goes to trash and we forget and that doesn't apply anymore. What happens to the fact that NASDAQ is hitting all time highs every morning? So the American economy is roaring Roaring 20s. Roaring 20s. Roaring 20s. Yeah, exactly. It's it's hot. So, so this this 58185 thousand Bitcoin owned by ATS right now.
So I'm excited. What's what did you think? Is there an expectation for the date of the ITF approval for for not approval but for the the live for it to go live? This could be this week, I think could be, it could be this week is what they're saying. Like I think they're at the final approval stage and then, you know, basically good to go live so. OK. I guess, I guess we'll see. But we're we're definitely work
waiting on that. And by default, I mean, I saw your tweet that you wrote about, you know how you think this thing's going to play out here. You said ETS ETF approval, ETC is going to outperform with of course it's it's it's betas. I mean, how we looking there Pepe mog I've been looking for other stuff, but I'm just like I can't I just every time there's like any ETH move, like Mark is top 100 in terms of volume and you're just like fuck. Yeah.
I mean that's been obviously been a pretty strong coin I think in the last few weeks on the down moves. It didn't really move much lower and the up moves just moving a lot higher. So you know it's at almost $800 million market cap now. It's currently sitting at all time highs. So I think that seems to have proven itself as like maybe the the number one coin on on ETH right now. Pepe is doing well as well, but it's definitely lagged. It's been a bit weaker.
Like Pepe and WEF seem to, for whatever reason, have had some form of selling. I think maybe larger holders are taking profits there. Maybe you have people who are who hold both who are taking profits there. So I do think we saw a lot of like unwinding of, you know, this kind of like meme coin vaporware ish type risk, which could really go to 0 if you have like a bear market, but on the other hand could rally a lot more if you if this bull persists. So there's something good bases.
I really thought blast would be higher. It hasn't really moved that much. But yeah, I thought blast could have been a good one because it's a new token you had. You should presumably you've had a large amount of the air drop selling that's already happened right now, but that hasn't really bounced as much as I expected it to. But still have my eye on that. Like it's, it's down about 4050% I think still from when it launched. So I think that could be interesting. But it's not.
It's I I thought. I thought it felt bottomed out. We talked about this. Yeah. I mean I. Think it's, it feels like it's bottomed, but it hasn't. At the same time it hasn't like really bounced. Yeah, like Ether's moved up a lot. Ether's moved up like 15% in the last couple two or three days and Blast is up. I guess it's probably up a similar amount, but you'd expect it to be up more. The other L twos, they just don't seem to really be catching a bit either.
So it doesn't feel like that's where the beta is controversial, but NFTS, Ethereum NFTS, I I reckon you can see a bit of a come back there. You know I'm not. I'm not. I agree with you actually. It's the 1st. It's the first time in a few years, I guess technically speaking, that I've felt a bit more constructive on Ethereum NFTS. Like I don't know which one. There's obviously so many different projects, but I do think you could see some some stuff do well there in my opinion.
What do you I put this poll out this weekend. There's two hours left to it. I just shared it for anyone who wants to go in and and vote. But I said you believe there will be another manic run on NFTS like in 2020. One 2200 people voted, but 53% seem to think no. Do you think there's going to be a comeback on NFT at some point this cycle doesn't have to be this year. Cycle ends probably late next year.
I don't think you necessarily see a manic run like you saw in 2021, but I do think you will see some stuff go to decent levels. You know, like I think let's use pudgy Penguins as an as an example as that's, you know, the leading NFT right now on Ethereum, something like that. I think could go back to like 30-40 fifty ETH. I know Lucas said 200 ETH or whatever, but. I think 50s for Penguins this cycle is something. Insane. Yeah, which is what's that like
a 5X from where it is now? Yeah, it is. Yeah, so it's not like a insane move in crypto mean coins standards, but it does you know, at 50 ether and let's say ether is at like 4 or 5K or whatever that's 250 KA Penguin like that's that's a lot of money. So I do think you could see some some stuff coming back there in, in my opinion. What if it I I didn't realize I I haven't looked at all in the wild, man. Yeah, I do Fidenza's like there
were cycle. 20th last week. 28th, yeah. 31, yeah, 31 right now 31 is the floor, but hold on, that's not 31 E OK, I sell it 31 E six hours ago. Me selling to Fidenza is to buy whiff and selling there maybe one of the like all time all time great rotations like that was pretty insane. Is that one of the that's like that's like a Mando fucking
sweeping those apes at one time. The 72 eighths that you guys had when he went like what, $1,000,000 on the floor then yeah, I like 10 E. Was it 10 E 8th floor 5 E 5 EI forgot? Yeah, it's like around 3 or 4 EI think it was. Yeah, the great Mando sweep back then that, you know, then you guys like cooked on that trade. That's very similar scenes here with your whiff trade. And you sold you, I know you have a ton of whiff, like your moon bag is ridiculous, like your moon bag is.
It's like my whole portfolio, I'm kidding. But but like, but like, but still like you ended up cooking that they sold at the right time. You know, mother fucker, when you started selling and you made that tweet saying, oh, I took some mug off. I took some whiff off myself. I was like maybe, just maybe Farouk listen to OB. I didn't I. Didn't I didn't sell because I was bearish, I sold because I like wanted to take some profits and. Well, you were really about to have a chat too.
Yeah. And like you know get some more, get a bit more cash in. It just happened to have timed out well with the market so. Bad. That's so good. The funniest thing is I the only reason why I sold for dentist is I didn't have access to my other wallets and I had access at that time. I would have just spent ether whatever, but it's like, oh I actually sold for dens which which then went down about 60%. So well whiff went up like 2000%.
So I really like it's the bag for the culture at some point. I've I've been watching for dens because I do want to. I do want to buy a couple back because I actually genuinely like it as an. Artist you always love and remember. Yeah, I remember. Yeah, and I, I want to get the prints and stuff. I just haven't got around to it. But like every time I look they're lower. So maybe this is the. Maybe that's a sign that I need to get back in. Yeah, I feel like last week was really the low.
Like seven days ago we talked about on the show a Fedenza sold for 28th and then another one for 22 back-to-back two weeks ago and seven days ago. And then obviously last night it seems like someone sold one for 31 eighth. So the new floor is 31 eighth. But there's I think I think there's going to be a point where like maybe not manic, but there's going to be another huge run. Like a lot of people like to say I had this conflict with Wiz this weekend. He was like, I don't think so.
So he disagreed with me. He was like the manic run is on meme coins this cycle versus NFTS and he's like, you kind of feel it. You kind of sound like he didn't mean nothing by the way, right? But he's like you sound like when the D5 folks from 20, the run before that were saying it's coming back, but then NFTS took over instead of D5, right? And then BAYC minting a board ape, I'm pretty sure was the
best trade of last cycle, right? If you had, if you had, you know, the typical minted, it held, it sold every air drop at the top, blah, blah, blah, blah, blah. There was like 300,000 percent or something like that. So it's like the biggest turn. And so I wonder if he's right. And I'm like, well, there's never going to be another manic run. But actually feel like NF TS are just like really easily adoptable thing for masses. Meme coins are, but you kind of rally behind a contract address.
Very few coins might have to become culture coins. Like MOG is the greatest example of a culture coin and it's a real one. Like everyone claims are a culture coin. They haven't been around for one month yet, you know what I mean? So it's like, I think you really have to go through like 43 back-to-back weeks of red candles before becoming culture coin. Fuck me, dude, that was crazy. So I don't know, we'll see.
But if my bet was that NFTS are going to see somewhat of a big pump and you seem to think that you said not manic, but there's going to be a rise in NFTS. Let's say Q1 Q 2:25. There's a lot of 10 XS out there. There's a lot of that there. So it's a it's a strong, you know, nine O 59 is putting in predictions in my WhatsApp right now. I think he's right, you know, what do you think stats? Do you agree? Do you agree on the 50s punk Penguins prediction? Give me a thumbs up or thumbs down.
But what do you think about crypto punks? What do you what do you when do you think punks, punk start rallying again? I think with punks, and this is true for maybe like some NFT collections, you should really not underestimate how low the perceived free float or something like this is where I think you can have very aggressive moves in either direction. And I do, I personally believe punks have bottomed. I think punks will trend higher from here.
And I think you'll have a moment where people start to furrow in because it just takes like couple of sweeps, takes a couple of sweeps and suddenly like the prices up a lot. And you know, this is not like NFT. These NFT collections, remember, they're not like meme coins or fungible tokens where you can just go come in and buy, you know, buy a little bit of the token or buy a little bit of the coin, just like buy this whole NFT, right?
And as soon as one gets taken off, you get more of this kind of FOMO feeling of like, damn, someone got that one, I got this one. It's. Always like that. Yeah, that and that's that's just like the way arts and collectibles trade not only in digital format, but in physical format. And they have done for a for a long time, since actually the, you know, for centuries, probably humans have been collecting things. So I just don't think that human
nature has disappeared. It's just not in vogue right now. But I do believe it will come back. And again, it's just like, you know, I just don't, you know, maybe it's not crypto punks, maybe it's not pudgy Penguins. Maybe it's a new project from new collection. Maybe it's not an Ethereum. You know, we've already had it to an extent with Ordinals. You know, we've already had that that run. So maybe it's, it comes in a different format. But I do think we'll see it back.
And I don't know, part of me just thinks if you have a good, if you have good infos into the PTF and if it's popular again and people looking for good point exposure, I think you can see the NFC narrative come. Back if the whole like tokenization of all things that Larry Fink is driving in terms of narrative works out. I mean last week over there was Goldman Sachs that's that's getting involved in the tokenization. I don't know if you saw that,
that headline as well. So there's, there's a lot of, of people getting involved into the, they're launching 3 tokenization projects. So there's a lot of, there's a lot of the, the, the tokenization narrative that is around Ethereum that, you know, Larry Fink and Core are, are driving is, is or they're not driving. They're catching up on it because that's existed for long before, right? But you know, it's, it could really send a lot of the assets on Ethereum moving very heavily.
The other runner that's going to happen on NFT is inevitable. Is is milady? I mean, you're going to, I wouldn't be surprised if you see $100,000 floor in the ladies at some point of cycle. Yeah, I mean, again, that's another one of those things. Just it just has a very like sticky holder base has this weird cult behind it. Yeah, it's great. It's. Not predicate. The value of it is not predicated on a team going out there executing a road map.
It's just like the ladies remedio, like all that stuff. Yeah, actually, you put in a lady. I forgot. I forgot the end one. Which one you have? I have one too, I love mine. I have like a floor my lady, but I have a niqab remedia. Oh, you still have that. I love that. I remember when you went full like mug all in. It was like 1 morning right, You bought just like my ladies Niqabis mog and you're like, fuck it, I'll never forget that. I mean that is pretty well. That is pretty well.
Surely you're one of those guys that has like had the best cycle thus far. So we're knock on wood for that to continue and and and and I'm excited to see the headlines of the ECTF come out this week. But anyways, I think we've gone around the blog pretty well. Ovie How's how's fatherhood? It's good. It's the best. It's it's a lot of fun. It's, you know, the thing that I found most in the last couple of weeks is like, it's very hard to
like organize and plan things. It's like everyone's like, oh, have you had like so much time on Twitter? It's like, yeah, but like, I don't, you just never know when you need to be, like, on call to do something. Yeah, yeah. Hopefully as she gets older I can get a bit more of a routine. Yeah, look at that, already forcing the poor little baby to watch the English football team. She loved it. She was. She was full on watching it. I love that. Yeah. Daddy's.
Girl daddy's girl for sure. I love that. That is so cute. I'm pretty sure it's a photo of my mom and me like in front of France match like similar to that. I I love that photo. I thought it was super cute. Absolutely love it. So congratulations, Ovie. And and that was a good one. Listen, we'll pick a winner real quick here. Just tell me when to stop. We'll pick just a winner here for that's following stop. All right here. So Kama kamikaze. Oh, I oh, I know you listen to
the show every morning. So kamikaze here for for Bernie in the back end, $100. Congratulations, you win 100 bucks entrepreneur then web two web three board APR club MAYC, let's go. Well, you win 100 bucks and you retweet That's perfect. You retweet all the shows you absolutely love to see come back. Kazi, you win 100 bucks for this in the show tomorrow morning, Robit Lube box pins. We are so back. You obviously love to see it. Ovie. Thank you for coming in last minute.
That was a lot of fun. I'm glad we got to talk all things ETFs crypto market, yada yada. And with that with that with that, we'll see y'all tomorrow morning, 10:00 AM Eastern Standard Time for the episode of FOMO hour on rock radio. Let's go.