Yo-yo, yo-yo, what up? What up? Good morning. Good morning, GMG, see Wednesday January 3rd. Bloody bloody January 3rd, 2022 44442024. I'm not fun with that one every day, huh? What's the date? Wednesday, January 3rd, 2024. Look at that. Another beautiful day to have a beautiful day. I mean, it was it was gonna be beautiful until Matrix report and the blocked said to ruin my shit on my parade. But it's OK. It's OK. You know? All things.
All things back to normal. Come my co-host in the house EOF Mando. Good morning. How you doing? Doing well, thanks. How you doing? Yeah, great day. How about you? Great day. It's a great day. It is a great, you know, it is a great thing though, you know, we're blessed, you know, we're blessed we're we're moments away from ETF. So you know it can only be a good day. You know it could it could definitely only be a a a good day. But anyways, formal hour episode, is it 32? Huh Huh.
Dang. Alright episode 32 in the works where we got here for you all today. Crypto dips. So update, market update and moves as you also obviously talk talk, talk. Topic of the of the of the day is really that crypto flash crash that we had across the board. Honestly seems like every single thing has nuked. A lot of it is covered, but we're definitely gonna talk about that. You know we don't talk ETF gonna
crypto. We'll talk stocks, bonds and all that stuff because the whole market seems to have taken somewhat of a shit and that and then we'll talk about what you know about all that. As usual Solana and Bitcoin volumes on NFT seems pretty are pretty high they said we alluded to that yesterday so NFT roundup we didn't have time we didn't
have time to to talk about this. But with Solana NFT surpassing Ethereum NFT volumes in in in December but also ordinals that are you know uh much further ahead. Now question question raises are these are we are we gonna see a chain takeover theorem and FT0? So curious to hear your opinions here and what you guys think. It seems like Bitcoin ordinals are still raging in this market and still doing very well.
And then last but not least AirDrop season, AirDrop season upon us. We have the LG AirDrop on the 1st, we have Jupiter AirDrop coming soon. We have some more updates over now. We're talking about this yesterday, so that that should be as soon as well looking towards the end of January, but perhaps February. So from what we've seen from the from the founders or something on the timeline, but we'll we'll get more into that and of course as I and a bunch of other stuff
to look out for. So let's talk, let's talk AirDrop season. Uh, a little bit today and as usual as usual as usual this show is powered by Ledger. So why don't we get this party started? Who am I going to go to 1st, huh? Market Report brought to you by Rug Radio What's the word?
So yeah, I mean the biggest thing today is Bitcoin wicking down to I think 40 point 5K and like a unilateral move lower in crypto to the tune of like anywhere between 20 and 50% depending on what you're looking at, which seems to have come from a article by a research report by something called Matrix Politically Again, Matrix.
Matrix port. Yeah. So these guys put out, yeah, these, these guys put out a research report just yesterday actually I believe calling for Bitcoin going to 50K after an approval of the ETF. They then put out a report today saying that it's likely to be rejected because it doesn't meet the certain criteria which they haven't really stated and that they expect an approval in. They're still expects approval by Q. Was it Q2Q1 or Q2Q? Yeah, yeah, which is quite
random. I think what I would say, I think there is like a big misunderstanding of deadlines here by the market and I see a lot of people saying, oh, it's going to get delayed again, like this is not going to get delayed again. The BBC has as is mandated to make a decision by the 10th of January. They can't just say, oh, we're going to delay it further like that, can't, that's not a possibility.
So they're either going to approve it or reject it by by the 10th of January. They can't just say we're gonna delay it further. They can't delay it. Like they actually cannot delay it. They're mandated to to come up with a decision. Now, if they reject it, you have to assume the SEC is going to go through another massive court case. They've lost to grayscale. They've lost to Ripple. It looks like Coinbase from the lead and on on that case as well. And they've also been.
It actually on. That case, they've also been cooperating with Black Rock, grayscale, etc etc over the last few weeks to get this over the line. So for the SEC to come and reject it, which is still a possibility, is not. It's non zero. It will have to go into a massive, massive legal battle having already lost 2 high profile court cases and it's going to be a massive, an even bigger cost to them to to now go and they go out there and reject it. And again, I just want to repeat this.
They cannot delay it. Delaying it is not an option. Like they are mandated to make a decision. This is the final deadline. 10th of January is the final deadline. They cannot delay it. I keep seeing so many people on Twitter saying, ohh, that's going to delay it another month or another another six months. They cannot. Deadline for a reason. A hard deadline. They've had multiple dealings at the last and final hard deadline that cannot be delayed.
So as of 10th of January, you will get that an approval or rejection. There's the two only possible outcomes in the next few days and I think they all still approve it. There is no reason to think they will. They will reject it. At this stage, with everything that's happened, they would have to come up with some reasons to reject it.
And if they do not have any good reasons, they're going to get their, you know, they're going to get fucking, you know, done up the arse and caught big time like like pretty hard. And that's going to. Be. Of of Gary Gensler, who's already under fire. And it's going to be a really tough situation for them. So I think the reason for the move lower is because we've had so much leverage in the system's funding was very high,
temperature is very high. We had over half a billion dollars in in open interest, open interest wiped out. I don't miss. That I'm not tasting anticipated in that wipeout. Over 100, over half a billion dollars in interest wiped out and when you have people with such. We're just laughing about what? What? You're not listening. Looking at Twitter I was I was reading something on Twitter. I'm trying to like set up the some stuff to like show What did I miss? Hold on.
No, don't worry about it. Just. Continues Wait. What I miss is Mando making fun of Volvi or you guys both making fun of me. No. Just my my mouth, my mouth. Your mouth pause. OK, but you know. When when leverages that high and people, people basically have very, very tight stops and high leverage that can get liquidated. It's very easy for someone to create a further article come out there and short and size and just wipe out you know create liquidity cascade which we've
seen in all out. Yeah, so I think like. Uh, what's that Bozo's name from this morning? Yeah. But I I guess the point trying to make is like if you didn't, if you didn't have really high leverage, that report probably would have had very little impact. But because average is so high, stuff will move lower, like stuff moves lower, if that makes
sense. So I think it's more to do with like technical positioning and and than it is to do with that that actual headline and this is kind of like this is actually good. I think for price action like the best case scenario for people holding spot is you get a tonne of leverage wiped out. There's some far doubt in people's minds creates it and maybe some people even short into this headline you then you get the approval.
But the approval isn't like it's therefore not no longer priced in because like people are doubting it. Some people are short like leverage taken out. Then you can actually have like a much more powerful and sustained rally. So I actually personally think like it's a good healthy piece of like price action we've had today which has come because people are just too long.
Like people are way too level into this news and had you not had that article, there's an argument to say we would have sold off on the headline everyone keeps talking about should be held in use not etcetera.
So I don't know like if like in my opinion there's probably like some there's a there's a larger element of doubt now than there was before in people who are not really that clued up about what's going on. Which seems like a lot of people because people don't seem to understand this concept of final deadline still. But which is which I think is which is which is is good like you want.
I think for long as you want there to be doubt you want there to be more people who don't believe is going to happen because it means when it does happen it's going to feel more powerful. And it's not just this consensus view, but yeah, that's my take on what's happened this morning. I still I still need to know what I missed out on. I mean we got a message from thread guy saying that was the funniest GM where three moment ever. How did Farooq miss it? I'm here like what? What? What?
What? I miss. Yeah, I I'm usually the one like paying attention here and and and you know I'm just, you know curious to see what I miss. But anyways, Speaking of deadline. So here it is. Right here is the table with all the Bitcoin ETF's and their deadlines and it literally says here that the deadline is on January. Where which one is it? It's one of these. Yeah, it is January 10th. It says it's not SEC next deadline, it's this table has SEC final deadline.
So you know there's a there's been a few deadlines prior and we've covered them. I think it was remember guys it was what November? We talked about this. Yeah. Yeah, it was four of them. Yeah. And the 4th one is final from from what From what I what I understand. I mean Mando what what are your thoughts here on this on this absolute wipeout. I mean the amount of liquidations is just absurd on this Look at this Bitcoin chart
I'm showing on the screen. By the way for everyone we're live on xvideos and YouTube as you just have to 340 people watching us on video. It's a much better experience every single morning Monday to Friday 10:30 AM Eastern Standard Time. You can find us on at formal hour or just the rugby to YouTube or we're live every single say. But anyways, Mando, what are you? What are your thoughts on what
on what I'll be sharing here? I think ohh Seth nailed if I'm honest in in in everything that I would say about about what this showed was going on the market. I was liquidated. I was looking in in 10s of thousands of dollars in that move I was luckily awake and I managed to to buy the the, the blood. It just felt like one of those moments where it was just a weak headline. We used to get these all the
time. I mean we used to trade, trade like traditional finance like stocks and bonds and that sort of stuff. You'd see a headline and it'd be
the first headline. Everyone just instantly sells and it cascades and then people look into the headline and go like, so one guy at Matrix Port thinks that you're going to get a an approval in Q2. That timeline makes no sense versus what it is. As I said this is the final, this is the final deadline if he can reject it but they have to come up with a very good reason and they're going to go to or if they reject it. So it seems like they're he's in
a very, very tough spot to do that and all the indications is that he's not going to do that. There is some indication of the SEC has got a lot of work to do still before the deadline given they were it was over like the Christmas and New Year's period. But I think still think it's going to get done. I think this is a gift. I think it was a complete gift. It was one of those moments where like you had to just when it happened you had you could buy Solar 85.
I think at one stage Bitcoin hit 40K East was just just north of 2100. You, I mean, look at the charts and any single altcoin you were looking out over the last 24 hours. They were just wild moves Ohh like some people got an incredible levels and that just that just proved that we we were able to reduce some of the leverage. Now some of these coins had some. Exactly like.
Grooves. So so and that's normally a really good like that is a gift now because it's been cleared out, a lot of the excess leverage has been cleared out and funding all got reset. Leverage was high versus recent standards like actually leverage is not unbelievably high versus historical standards. Just to put into perspective like the open interest across crypto was much higher back in 2021 and even early 22 when FTX was around.
So we're we're at relatively high levels and a lot of that's been put onto the CME which is like the more traditional or trad fi exchange or trade crypto. But so but it was good to have this little wipe out. I think I think we can have a much cleaner price action now. I don't expect there now to be a volatile reaction either way on
this ETF. It feels like a lot of that just got cleared out, but I would suspect that that sets the stage for us to be able to continue to rally now because a lot of that, a lot of that has been reset, just proves like my I got caught by as well. You can never, you can never out predict the market here. Yeah, things can go badly very, very quickly. But there's also massive
opportunity. And those those exact moments of complete and utter fraud like the Wicks, the Wicks down in crypto are just while like you can get it's insane 3040% moves in altcoins, you can get 1020% moves in Bitcoin and ETH. Like it's it can, it can really be an opportunity. And I still think now Bitcoin is what it was at 45 K so it's down about 5% versus yesterday. Right now. Like that's still a, I think a decent entry. I can imagine there can be, so we're a bit choppy.
Today I was looking at something like Solana, which is down down a decent amount on a day like today. I was looking at a few other coins interesting like ETH did. OK on the back of this. Uh, you've seen arbitrium hit. It's. Never really pumped in the 1st place, so that's that's a good side. Longer ETH narrative, at least over the last week or so from the L twos and the fact that E Brief briefly led the market for
a while. But yeah, I think I think it's a it's an OK time to start layering to some. Layering back into some of the lungs is some alts are still down like 2030% if you like some of them. I think it's not. It's not a terrible day now. OK that's that's that's some good some good takes here by Mando and Ovie so thank you for for sharing here to just to to go back to the ETF stuff immediately. Eric always mess up his last name and if ever he listens to
me I really apologise. Think about Tunas or Bakunas is one of the two. But who is a who is the senior ETF analyst for Bloomberg which is the person that you've all seen him on timeline. If you're somewhat like following the ETF news in OneNote there's usually like then this other person like the two most tapped Jay safe. Like these two guys usually are like 2 most tapped in people and
all that. So he made he immediately went ahead and like answered that Marcus person that wrote the matrix report A funny enough the same day they tweeted about like or board report about how Bitcoin hit 50K and on the same exact day they put out a report fund report saying that tests are all going to be rejected. Just so you all know the levels of Syops happening in the space. Right.
So this is kind of like what you're trading against when you leverage trading and I guess fuck around and find out. And your boy definitely found out this morning while he was. Asleep. By the way, it's Eric Guy. Eric Balchunas has been a senior ETF analyst and funds product specialist at Bloomberg for 24 years. This guy has literally lived and breathed ETS for 20. 4. Hours. He He's the right. I'd like to say he's the guy, right? Like that's. He's the guy hit.
Yeah, him right. He has like 24 years in actual ETS, right. So like this guy or just like random laps on Twitter who are like, ohh, I don't think it's gonna happen. It's gonna get delayed. For like the larger. Literally zero reason. Yeah, right. So. I mean, but that that's why. That's why.
I mean that's why it is very, I mean that's why there's so many opportunities in crypto because you do get a lot of market participants who don't really know what they're doing and don't understand like basic market things. But because there are so many of them, as you get a headline that spreads that is, you know, not factually correct or doesn't have good justification. If enough people spread it and enough people can get scared and it can move prices and you can
get liquidated on level long. So it's a bit of a weird one because, like, you can be smart and have the right trade on and for the right outcome. But if enough like FUD and spread because of the lack of, you know, people's ability to think for themselves and actually understand what's going on here, then it can happen. You can, you can get wiped out. And you know, maybe that's just like a weird situation here. Like, I feel bad for people who do get liquidated.
Umm, because it's just, I think it's going to end up being like a bogus research report and I think we'll come of it. But yeah, I guess that's part of the game, isn't it? The part of the game is managing your risk and figuring out like when you should have leverage when you shouldn't. And you know, shit happens in crypto, can get can get unlucky very quickly I think. Yeah no exactly so So to quote Eric Bakunas that person that just over was just mentioning.
He said people tagging me like crazy on this rejection report. We have heard nothing to indicate anything but approval. But I want to give the guy benefit of doubt so I'm asking if he has any sources or if he is just speculating. He seems to be Bitcoin bull and recently tweeting tweeted executives said approval likely so unsure why he flipped and then he also continues and says at this point saying SEC rejecting it isn't just going against Jay safe.
So that's the other person that will be just mentioned that's the other like you know analysts at Bloomberg. When it comes to chefs and expert and I like it what the only early days now you're basically saying multiple mainstream news report reporters with multiple sources of inside of this also have a wrong too Not saying it's impossible again we're still only only at 90% right at Bloomberg but it overturns a lot of the of the good Intel. So so you know well here you go. Here you have it.
I mean bitcoins absolutely running right now about to hit 45 K again so. So there's 43 K again. Sorry 45 forgot worth 42 points. Wait, my computers? We're gonna get another. I mean the ETF's gonna happen like this. Dumb headline dumb dumb, dumb headline. Um and complete. I can imagine it hitting the tapes that we used to get these on Bloomberg. How it normally set up. You get these terminals and the and the the news just like hits and often it hits. It's just the headline and they
don't get the full article. I imagine that's how I hit the block because the block has a pro feature for like quicker, quicker news and I reckon it hit like that and everyone just fucking smashed it. Smash. Yeah, that's what happened this. Is just sending out this tweet right now. Max Payne for Bears is thinking the ETF was gonna get rejected, being uploaded money today, not covering it, and getting liquidated in less than a week. That's gonna happen to so many people.
Happen. Listen at least I, I participated in the RLB burn by getting completely wiped out. Ohh someone. So someone had to take one for the team. I looked at their tweet about the burn today and it's mostly just people getting wiped out. And I was like at least I like I I I gave something right. So so you know so so I guess that that helped. Yeah. Your boy got completely wiped at like 5:00 in the morning while he was asleep. Woke up to, to watching, to walk up to to to liquidation emails.
You'll have to see it or hate to see it, but but we're back in the trenches. You know my ancestors you know, didn't fight so hard to build the first empire in history so that, so that I don't, I don't go back get back in the trenches from my comfortable home in Montreal on a wonderful January, January morning right before ETF approvals. So Mama ain't raised no whip but maybe don't do that right.
So that's what it is. Also it seems like wait let's see if this this yeah so there's a Walter Bloomberg actually just tweeted out I have been under vacations on for him so this just in from like one second ago he says. The SEC is holding meetings today with the exchanges NASDAQ, CBOE, NYSE to finalise comments on the 19 B 4S submitted by the BTC spot Bitcoin ETF issuers for Fox. Is happening, man. I'm telling you, it's happening. It's definitely. Happening.
This is, this is some salt. This just came in. This is just in like one second ago from Walter Bloomberg. You know that guy D1 that's like super like early on all these like news and stuff and shares in fast. So the SEC's really meeting with the exchanges like the the, the, the financial exchanges to to finalise the comments. What does that what does that mean? That so this is actually what the SSU is to do like somebody
else posted this before. This is why the Bloomberg people said it wouldn't get approved on like the second or third or whether they said it could be approved by because the SEC has to go back with comments. There's like a there's like a protocol here. So like after the final amendments from the issuers, they actually have to go back with the SEC has to reply with comments. So there was going to be some procedural process here. So this is just another path and the procedural process.
It is the final 1 that the SEC has to go back with comments and then it will then it will ideally go to approval. OK, OK, perfect. All right. Look like it looks like it looks like this is some good, good information. All things ETF here. I mean, it's gonna happen. It's just a matter of when I got. I gotta say, ohh, I'm loving the bull posting. We need you to continue. We need you to fight those nasty, nasty bears.
You know what's funny? All the bears that had my notifications on that, like stopped tweeting for a bit. They all came back this morning calling for like 3038 K Bitcoin. All of them. All of them. All of them. Are there any left? Seriously. Really. I saw. Twitter on them. They are, they are, they're lady are there and there. Are people out there who think it's not gonna get approved or delayed and they think it's gonna go to 36 K like people?
Still listing all the argue with someone in a DM right now as he's on the show. So it's. I mean, I mean, I love the energy. I love the energy. Ovi keep it coming. The tweets this morning were great except there was where you said that people deserve to get liquidated like that one hurt. But it's OK. It's OK. You know, it's OK. You know, I I woke up this morning, got $100,000 like it says the new Jag, right?
Third day of Jan. But there's nothing better to humble you up than waking up with $100,000. Cold shower if they thought that cold plunge feels good. It feels though that that's good for the humble you up and make you feel better. Imagine getting an e-mail saying that you're liquidated for 100 racks. You know that's that's a quick short lesson in humility right there folks. Let me tell you that, you know, January 1st, you think you're on top of the world.
January 3rd, you're nothing but a little cockroach partaking in the Robit RB Good anyways. Liquidated for 600 grand on one day on a on a on Binance and I think it was that was that was a tough day. When was that like? That was, yeah, that was that was here in the show. Is that your worst liquidation day? That's been my worst liquidation day in crypto. Was that that day you just randomly disappeared? How is it different? Ohh stuff as well. But I remember the show going on.
I was like, dude, I've literally just lost so much money. You were on. You were on. I was like Bando. I was like, I was like, don't start fucking leaving the show like that. Like we're not, We don't do that. And then he was like, dude, the medals, like, frogs. Shut the fuck up. Like and now I'm finding out because you lost 600 grand and in a in a wig. That was another bad one, but there. Was another bad one. But you see poor being there's a
lot of bad ones, right? So you see all these wins, right? But there's a lot of bad ones. For me, the two biggest liquidation events are the two times I left lungs overnight. OK, the first time was the biggest liquidation event since FTX. It was 120, so why does a hole in my wall still? I should probably patch that up before cutting, rankling. Let's say this chair went flying. It was my first time ever popped my cherry.
It is what it is. And then the second time is last night or this morning at 6:00 in the morning, let's put it this way, so today, which was one of the biggest liquidations events again. So it's like I'm just, I'm so lucky. OK, crypto can humble you there. There is no safety net with those Wicks man. Like you just have to take it. It's it. It's true, right? Because like when you go to bed at 45 K Bitcoin, you don't think you're gonna wake up at 6:00 in
the morning to $40,000 price. You you did he. Don't it's. It's there for the briefest of like 30 seconds, and then it's and then it's back. It's not like it hangs out. It's not like my lick price was 40.6 this morning, right? So it's not like it hung out at 40.6. Like by the time I woke up at 7:00 AM, it was 42 grand. So when you guys texted me about this stuff, I'm checking the charts. I'm like, no way, bro. And I didn't want to get out of bed. And then I looked.
Solana is a what? A $40 billion coin 83. That's a 30% move, 30% move, like you're sitting there with 3X leverage and you think you're fine and then you just get you get smashed and it's there is there for a millisecond. And then that's crazy. So you tell me you'd be wiped on Solana with 3X leverage? I think it was at 1:15 yesterday, right? Like roughly. Not really, but. I think, I think. It was. Ohh, go ahead to 1:15. Yeah. Look at Bitcoin. Go here but big thank. You.
I'm sorry. You're right. So we're not top wicked that 116 yesterday. But it was a flash Nando, it was not like. And then it hit. 83 today, that's a 30% Wick in a day. Like this is literally like run back, run back. TLDR here. Run back to TLDR on screen here. Moral of the story You see all these like keyboard monkeys and Mando minutes on these leaderboards are that are killing it. But there's a lot more people
losing money leverage. So I just, I think that's a good moral of the story though we are absolutely ripping and that's on the back of the breaking news that just came in earlier about the meetings. Breaking news Bitcoin is actually going ahead. Ohh, hold on. Should we hit the break now? OK, so should we just like should rug radio and decrypt just like act as reverse matrix report and stuff like that? I saw the block and matrix report just hammered down this news.
Should we act as like reverse and be like that's not true. It's happening and then like and then, you know you're just become a hero, you know? I mean you have soccer tweeting, like look at rugby. You save the markets, you know? I mean like this. That shit I'm supposed to be. Doing We need an. Need an intern. You need an intern who has was very loose morals with. The truth There is no Internet. And you just you just bull post. What are the person or persons show producers?
The one with the case of this to the to the Kingdom. You know we. Couldn't feed him some misinformation. Like, no, no, no. Potenza resigns. Gensler resigns. Tweet it out. Stop. It's fire. Hold on, stop. We will not be feeding misinformation. I just want to put it out there. Opinions of the show hosts are their own. OK, let's pick our most bullish possible headline ETF is approved. Gensler resigns Lana to get to get adopted by Google.
So that I can see, yeah. We we all know what happened to Gensler boys. I've already said, I already told. You point is fucking raging pumping right now. You know what it is though on the flip side and then we say not to leverage, but I will rent Max long as soon as I got liquidated. So I guess that's not bad. He was left. Again, here we go. Whatever you say, say that fucking $0.82. Says it just hit an all time high at $0.87. Ohh, paralysed DVM.
That's isn't that polygons you narrative? It's everyone's fucking narrative. I've. I've. Read about the narrative. You know, we latching on two boys. What's the new narrative parallelized? I don't even know what that means. Like I'm not even gonna fake like. Nobody knows what it's means, but it's not. It's rocking it. OK ohh no. We have, we have we even have we even have what? Hold on. I think we just got the reference. That's just a great, that's just great.
Like someone should click that. It's just like some fucking sums up crypto, doesn't it? It's so you know. Next time this happens, though, like we're gonna like OV like, we're gonna just like we should be posting screenshots of these deadlines and just teach my fuckers like what it means, you know? Like and and and you know, and then we'll figure it out. Anyways, enough market talk, Dan. This shows a whole market talk. I'm not gonna lie, I kind of like it, especially in these
times. You know what we should try and get? I would love to get Eric Blackness or like that Jason guy on the show. I wonder why is it lying to them and how do they ever do like interviews outside of Bloomberg? They probably always on Bloomberg TV, right? I'm assuming. These guys, yeah, we should. We should be cool to have them on because. They follow. Over Jack Jay Safe does respond to me sometimes.
Sometimes I I sort of like send him this message and I say I would like like the last message I sent to him was like or reply to this thing was like I said how did we said gone up your bum does it does it does the ETF get approved before or after January 1st And he said. Well, hey, who are you thinking about this isn't bad. I'm, I'm, I'm, I'm in. I'm in, Eric. Anyway, get GET response out.
My co-host and I our were our big fans, big fans and would love to get you on the show to talk BTC ETF. Would that interest you? That's how you do it folks. This is how you you you call you, you, you know you you build an audience in this space. You know, one called DM. One called DM at a time. Anyways, we're meant to host this show. Oh my God, I. OS tweets man. Wait, wait. Isn't tweeting right? OK, you know what? Let's let's just hold on. Let's go look at what was said.
I'm sorry. I know we we're like hitting all time, high numbers. You were like 400 people on video right now. One second. Y'all. Let me let me see What what SF is tweeting here real quick. What do you? No, we're laughing about something else. Ohh, OK. These lads have combined expertise of do I follow that Jason guy? Let me follow Jason guy too. You know what? I can't wait. I'm like, for me like Matrix Report has become a sore nemesis. Like sore nemesis. And that Marcus guy like is my
enemy. Like I've moved on. That's a Dick punch. That is today's me. That's like a proper Dick punch. That was a proper Dick punch, dude. Fucking bitcoins for 45 what, 5 to like 40.2 on certain exchanges like Robert had at 40.2 the bottom wig like this shit is crazy. Like that was that. Was saying like I, I, I I mean I do I do this minutes thing every single day. Matrix port regularly give out wild predictions. For can you really dive into that What is Matrix report?
Cause a lot of people are saying how does someone with 19,000 followers have so much power? It's not the digital. Or it's a it's a digital asset platform. I believe they put, they put out public research. I'm pretty sure in December like I remember them saying they think Bitcoin is going to go to 125 in 2024, but I'm certain I I
certain I read that. So like these guys are putting out wild predictions for for Bitcoin price and at the same time I think the ETF is gonna get get not happen or somehow happen in Q2. Yeah, here we go. Bitcoin to hit 125 K in 2024, according to Matrix Report. Yeah, I so I didn't realise that Marcus guy and Eric Balchunas are actually like getting into it on Twitter. So that guy. So Eric called him out, right, Because he said like, you know, Matrix Report took the red and
the blue pill in one day. And then Marcus guys, goes, no, I changed my view, OK? You mean you changed your? Position. Thank you for that. Like, that's so crazy, right? And and then Eric, go, well, hold on. Let me just let me just you mean you change your long to a short right. And then and he goes, oh hey thanks for responding. Why? And do you have any sources or
purely opinion? Like it's so crazy to me that someone, so this guy literally just saying openly just admitting that he changed his view and therefore wrote on behalf of the Matrix report that like there's not going to be an ETF? But to be clear, to be clear that he can change his view. Change my view, it's just. Changed my view on behalf of all rock radio. The concept that like the market was just way too overextended like this. This is the line that people
would just ignore. Like in most scenarios. Matrix Port give out wild wild predictions for Bitcoin every week and no one ever fucking looks at them. But the the first time there's one that says they might not happen and bitcoins gonna 38 K we puke. That kind of just tells you how How like. Someone's someone's paid this guy off. So I'll tell you what's happened. Guys working and before working at at Matrix report. I'm just like God here. We. Go. I'm just saying.
I'm just saying. I'm just saying, this guy whose previous job was JP Morgan? OK, Jamie Dimon, OK, whatever you say. His name? Yeah, he's a demon, even guy that works at JP Morgan, right? Jamie Diamond. Like whatever. The fuck. OK, I don't care. That guy has said that if it was him, he would make crypto illegal and close crypto just so he can be named on the fucking Black Rock papers as like a signer, whatever the fuck it is. And then this happening by next JP Morgan analyst, right?
Yeah. Yeah, I'm someone someone someone someone paid this guy off. Grey Black Rock is buying Bitcoin. I think people forget today Black Rock is seeding Bitcoin for the ETF. They're buying $10 million worth of Bitcoin like. Maybe BlackRock did it? You there is a cabal and it's not on Twitter, just so that people can remember that it's much higher. Larry. Naza.
Yeah, it was. Very wanted one last Larry, wanted one last crack and JP Morgan one last crack at 40K Bitcoin. It is the last time you seen 40K Bitcoin until like a long time. Yeah. Do you think that's the last time ever you That's it. Never again. Probably get another bear market one day, right? So I don't say never, you know I mean, but I, I, you know, maybe it's the last time we see the cycle. Unless it's sad news about everybody loves to talk about is insane anyways.
Um, wow. OK who's OK? Anyways, point being what else do we what else we do you come here to talk about? Cause we just spent like 51 minutes talking about Ohh NFT right? Thank you Sims. We spent 51 minutes of the hour long show talking about the market. 41 minutes. Sorry. Anyways, and as we. And. He's entities got hammered right on this move down like every single mean. Particularly because it's on Solana and Solana went to 83, so suddenly the dog with hat suddenly bonk all these all
these like ecosystem plays. This is something to learn actually if you're a listener. Ecosystem plays are horrific when the chain that they're on goes down, particularly like emerging ecosystem players. Like if you're out there buying say mean coins or say ecosystem coins right now, the day that say goes down 10%, your coin isn't going to be down 10%, it's going to be down like 4050%. So it'd be very, very wary of that. But Salon actually has a proper
ecosystem with TBL. But for just be wary very very wary of doing that on things like injective say I don't know even even arbitrary right But like I would say I would say you've seen it today what happened with Solana all the mean coins got hammered um you can buy cheap memes right now NFTS largely has been the trading has been happening on on on Bitcoin and on on Solana. Gordon did a round of buys
yesterday. He bought he bought a no monkey now no monkeys is this is this incredibly popular Bitcoin ordinals drop. They were actually inscribed back in February. So like they have a they have some historical significance to them so deep which is a fairly low it's inscription number. They just seem to have built a community behind them pretty quick. Well it was good marketing. They got on board a lot of different people and they pumped all the way from nought .2 Bitcoin. Uh, which?
What is nought .2 Bitcoin like? 869. 8. Yeah, it's a lot of math. Umm, yeah. So kind of a wild move there and Gordon bought one. You saw like we were going to speak out yesterday, but it's been record ordinance volumes, just shy of 900 million ordinance volumes in December. Solana also overtook ETH for NFT volumes. And you've seen a lot of, I would say, panic selling. I would say an FT, 90% of all sales right now. Are people hitting bids on Blur
at the moment? That people have been throwing in the towel on a lot of ethnicities and clearly trying to rotate into other different things. But that that's kind of the highest it's ever been. And if two stats without a good thing yesterday, just just highlighting how high that was on a relative basis. So people have really been feeling the opportunity cost of the market right now. Most of the like the top NFT's have still been relatively stable.
They've also been some some decent art drops. I think Aston Martin and Rip Cash did two different art drops, one on soil and one-on-one on ordinals. Solana, you have the. Drugs um, which kind of are dominating, but they're they're swinging about a lot now. I Gordon bought one which which managed to keep them keep them in the top charts but like I think they've they've dropped at least 3040% from that from that high.
Yeah like I I haven't seen much else there for in terms of like massive massive NFT sales it's mainly been mainly been ordinal stuff which has been has been dominating. You had some ordinal rocks are trading some rare original punks trading but yeah that's that's kind of where the action is happening And then Solana. I imagine today is going to be a very bad day for Solana FTT's given given how bad removed and all the all the all the meme coins moved.
I think, I think that I think with wicked like 80 mil OE. I don't know if I saw that right. A lot of things, a lot of things were pretty deep Wick lower because I think they were already for sale and then you just had Solana move like 20 or 30% whatever. So presumably they're bots trading all the stuff now. So like they would be programmed to like, you know, like sell based on. You know what someone lefties are not, you know, Mad Laser 152?
They're actually not. Down. They've done OK. Then, since Laurens are 92 with the Frogs, everyone's trading they actually didn't. Move. It's 14. It's more tokens than NFT because I think there's so much more. There's so many algos that trade the tokens that will like be programmed to hit the beard as soon as like solar movies by more than 5%, whatever it is. But you don't have the same necessarily the same in NFT
perhaps, I don't know, it's. Not an FT didn't move on that, but the the the coins got like decimated like that's that's obvious right? Like a lot of the coins that and a lot of the top like meme coins on there really saw some huge debts. No monkeys.
You're right. Point to Bitcoin for Oxford .23 and and I mean OMB right this CK and that cruise like .5 Bitcoin now the swarms are back at .26 so that was ripped cash a project I saw a dip back down to .18 yesterday so that that went back up and and it looks like Oreos are doing well and on the Ethan left side I mean you you brought up you brought it up right it's it's what a 9059 shared yesterday I mean 90% of the volume on was that a blur that was just sell pressure
people just we think their their NFT I'm not surprised like I I'm it none of it really surprises me when it comes to that because people are just chasing opportunity right over you tweeted the other day and mando you love to use it too but it was like the new crypto term is a part opportunity cost like favourite CT term and you know it's something that you talk like all the time Mando. Yes it was like of course of course they look you're right right it's it's it's of course
but a lot of people I think chase the up cost and and kind of get wrecked in the in the making but it's umm it's definitely an NFT's are not are not doing great here especially the ones on our chain which is the area but we will do we will get there honestly the only NFTC doing quite well like somewhat OK and unearth it's punks that are still seeing sales like quite high and you have the pudgies that have not dipped on their pennies which are back to 11.11 new floor.
So they're up four points, but there's not much like into the speculation on the anniversary of Azuki, which is on Jan 15th, I think. So it's there's not much else that's actually performing like crazy. Is there even any new drops on Earth NFT's that have been like, I don't even think so. Well, the other thing to note is that Solana protects royalties. So you've started to see a few different art drops even that started to happen on Solana like. Lobby Arts without 20%.
So all projects are increasingly I'm seeing happening on different chains and soul, soul royalties just overtaken ether royalties by a decent margin now like.
So I think in terms of new stuff like if you're coming with a new project right now and you can't guarantee royalties on on any of the ethnic marketplaces and Solana's hot Ordinals has a good good vibe right now, then it's it's difficult to say that like it's not you're still seeing eavesdrops but like it's definitely, it's definitely spread out more now. Who would have thought that Founders, uh you know, wanna drop on the chain where royalties are honoured.
You know, who would have thought that? You know, I mean, if you're new founder entering the space, what do you pick? Jenny speaking like Jenny. Jenny wondering what do you pay? You pick something. Utility. This is why Solana is full of utility based projects. Like every single Solana project is utility based project because there's a business model for them. You know like there's a royalty
stream. So I I think you're gonna see if you if you're dropping a a RFT, I think you can you can go to any any different chain I think or if you're doing something which is a bit more less I don't know some sort of ongoing promise of of like work to do or like something along those lines, then I think I think then you can be any change.
But a lot of the stuff is choosing Solana, which is doing that, and then a lot of the stuff which wants to be historically relevant, like might do it on Bitcoin, because at the moment it feels like a good place to to inscribe your NFT's, right? I agree. So what do you think right. Like let's let's discuss this for a little bit before we just like can I end the show here. We'll we'll probably end the show after this one but like what does that mean what does that mean to theorem NFT's in
its ecosystem right. You're saying about how Solana NFT seem to become Solanki place where people are gonna drop utility projects. I understand that if I'm coming to the space I need recruiting revenue royalties. Our business model though there shouldn't be your own they shouldn't be like your mainstream of income. I think we all know that by now we see in the market most projects just went to zero and lost their treasuries.
So we get that right. It's not sustainable cause you you just depend on volume, right? And on hype and all this stuff. So that's Solana Bitcoin with ordinals. There is a narrative around the luxury chain. Like, I get that. Like for me, I want to give a big shout again to Ali, Alistair and and Aspirin Bugatti. That was ingenious looking back at it. When you look back at the Aspray
Bugatti ordinals drop. It's genius for like luxury brands and whatnot that rare sides, the eggs are inscribed them some crazy fucking sats. By the way. I know of people getting pretty crazy offers behind the scenes and and and so that's smart. That's the narrative. So then there's eat right? If the luxury high end, high high, high, high end one day potentially moves to to to originals, right? I don't think it does. But what if it does and utility goes into Seoul, What's left
here? Like, what are you saying? I mean only like, what would be your counterargument to like all this? Like narrative of ordinal salinities and like, people just bashing ethnicities here? I think, I think different platforms will be attractive for different types of people. Ty is like ultimately this concept of entities is not new anymore right? NFT's been around for a good few years now and it took off on
earth. So people looking for like early digital art who are perhaps chain agnostic will probably want to have the stuff on earth because they don't really care whether if this was the first on salon or this was the 1st and say or whatever. They just want to have like the early stuff. And that's I'm talking about high end art who maybe non crypto native people might want to buy. Like I don't see well, but people don't want to where those buyers don't want to own parks.
I don't want an autograph, I don't want to own. You know the actual early historical digital art that was also had also had a cultural impact on Earth. Solana is great for profile pictures and for people who maybe want utility based NFT's or active trading because the fees are so low and the friction is a lot lower. Bitcoin, the friction is actually a lot higher because of the way things are now as a file size limitation.
So I feel like that's an ecosystem that is attractive for people who like Bitcoin. But if you're like a normal, if you're a normie, it's really, unless you're like really focused on, like I want to get into, you know, um, I really love Bitcoin. I want to get into Bitcoin, I want to buy Bitcoin. And if you have that view though, I don't think there's like in my opinion, I don't think there's a strong like reason why you would like launch something or do something ordinance.
I think one would be great for like really high end art, but that's just gonna be for a limited amount of people and it's not like a mass adoption kind of thing. That's just my view. And for artists it's hard because like you have a a massive file size restriction for ordinal, so it cuts out like 90% of artists. Like if you're a pixel artist, great. You can go and gather and do something, but if you're not, you have a much more restrained canvas to do something with.
Like doctors can't do anything. People who make animated stuff can't do anything, people make videos, can't do anything. So it's just like, I think it's just a small market, which I think we'll do well because Bitcoin is Bitcoin and it probably has the largest amount of whales on any chain just by virtue of how long it's been around for.
But I don't see like that adoption side of things on Bitcoin. I see that more on Solana, but less for like high end art, more for using NFT as a medium for running projects and have pictures and whatnot. And I think there's also stuff that exists on Earth which is already a few years old that has had cultural impacts, which I think will last in value. And that's just my view.
I think different change will have different reasons for existing and different utilities and that's just kind of how I'm thinking about NFT's right now. Like I would say, I'm more over the whole NFT landscape. I'm still most bullish on like the OG staff, like punks and autographs and maybe even fidenza and all. Those are expensive, right?
Yeah, I think that's the stuff that will go back to being in the millions rather than you and to be honest with you probably handful of like ordinal collections as well. But I just think like, I just think with all the problem I have an ordinance, everyone's like all this this thing has a lower inscription number or this thing is like this thing was the first all those thing. Like none of it. Happens right? It's always that. You always have that there's you've had that narrative on
earth. People like crypto skulls and like whatever and like, yeah, at the end of people don't really care. And the stuff that ends up lasting is the stuff that has cultural impact that people get behind, which has been punks and for example, that's probably the best example. I just don't, I haven't seen a project really like that yet. An ordinance. We're like, Oh yeah, like a lot of people really got behind this because the artwork itself was good.
Or the OR the concept. But first you have to remember that punks were also first. Can be quite can be important. I know what you're saying and it. Has they weren't. They weren't necessarily first, first, right, Like there was. There have been other NFT projects around, but Punks was just the one that everyone got behind. I don't know. Yes, you rap space was first on Counterparty, but like in terms
of ethnicities I think. Punk. No. So punk is not the first ethnicity like moon Casts were before them and so we're like a bunch of them. But when it comes to like if you wanna go deep into the whole like historical narrative, like there are plenty of NFT's minted before punks plenty of collections might like even Courier cards for example Vestry saw self full sets at some point in the bull market for insane amounts. Sotheby's right.
So there is like if you want to go down next so but but see that's a good point right? The point he's making it's like just cause like something's first doesn't mean you know that it's going to have a tonne of value and and if I'm not mistaken and we have Benny on stage I'm curious to hear your thoughts because you were madly to actually not just like talking more knows but actually like buying them.
But if I buy and crime wrong. Let's say I buy inscription #2 because it's for sale right now right for like some sort of crazy bed last week like 16816 BTC and it's listed at 32 BC. I have a question. I buy that inscription for 32 Bitcoin, right? I'm pretty sure on the set you can inscribe a collection of 10,000 and then claim that those 10,000 were inscribed on the second set. Nope, Benny. Or am I completely off here like I read something along those lines?
I I think there's some truth to that. I I I'm a little confused about that also. I mean the original inscription numbers to me when I started buying early and I was telling everybody was the same, the same feeling that I had when Ether came out and I saw I was you know, already buying Ether and when NFT started coming out, I'm like, well, this is interesting because it's new and it's something on Shane that to me that's different than just
buying and selling a coin. I think what you have to do is kind of step back a little bit. To me, why this all makes sense is that when this when this emerging market of crypto started, all there was was by coins and sell coins and it wasn't mature enough and didn't have anything else to it except buying and selling coins. And that's why you had your first cycle. Where things end up crashing is because there's no substance to it.
And as time went on, you had a D Phi and then you add, you know, NFT and then you're going to have big thing watch. I keep telling everybody's tokenization of real world assets will be the next big thing. So that worked for ether. And then soul was like, well, if it worked for ether, let's do it for soul. And then you have Bitcoin people, right? Remember, like, I think OSF just said this, He's 100% correct. The whales of Bitcoin are are so much larger than the whales on
any other coin. And there's so much money that they they can't just sit, you know, I understand where some of them, some of them believe straight, like Bitcoin has its value because it has its value while others are sitting there and go, like, no, Bitcoin needs to have more value to it if it's going to be worth $5 trillion. And you don't want it to just be
digital gold. You want to be able to look at it say well it's worth $5 trillion but also says inside it a 2 trillion you know asset class of of coins and defy and and these you know digital assets. So I to me I I'm I'm just long term always a bull it crypto. So the way I see it is very simple. It's like, OK, well they're building this market the same way we saw build on ether. Then it only makes sense to invest in it. Now that doesn't mean everything you're going to this is gonna work.
But the idea of of building out this market, a lot of times they're stuck in the weeds. What we need to do is zoom out, right? And we need to look out and say, OK, how is this all going to work out 10 years from now and not what's actually happening at this moment and that and again you'll make your right and wrong bets. But to me, it's just the overall bet you make on the whole market is the right move. So it's to me like I think ordinals. I don't see it replacing ether
or or NFT's on either. I think that we're gonna see this much larger world with digital assets like I talk about a little time where like you know, this is this market and this world is not being built for us, right? It's being built for our children who are going to be using digital assets and the blockchain. It not even realising they're using it because it's going to be behind. The same way we search on Google, We don't know how the search engine works or drive our
car. We don't know how the car works. They're going to be using all of those things and there's going to be certain chains that people are going to use and there's going to be certain things or not. And I think also, as Seb said astutely that yeah, I think Bitcoin Shane will have those things.
I think there's going to be times when there's going to be really good artists that are going to for provenance wanna put on the Bitcoin shade and you're gonna have people who are very wealthy Bitcoin people who are gonna say, look this is the shame that I feel comfortable with and and the last thing I will say is that the amount of people that are odd Bitcoin and ether right now and to me is a tiny number.
We aren't even at the point where hundreds and hundreds of millions of people are are billions of people are using this and when that happens they're all going to be onboarded to use different chains. So to just to just poo, poo chains away and just say this is the right one and this is the right one, That doesn't make any sense to me because I, I we have no clue who's going to be using what. So I think it's just a matter of just being smart on the perspective of taking.
Just. Overall on the whole market and our whole industry rather than picking sides right now and for me that makes sense and that's worked for me. That makes sense. Look, we can expand on, on, on on on Bitcoin and and and go deeper. But it is 11:30 and we are on the hour. Just a reminder, just a reminder for everybody, make sure you're
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We post a lot of content every day and we also are live every single day at the exact same time Monday to Friday 10:30 AM Eastern Standard Time to 11:30 where we really you know we've been kind of diving a lot deeper on the coin and and the and the market side of things obviously Mandovi and my eyes being experts on all this stuff. So it's good to to get some some
sound advice. Not advice sorry but sound you know takes especially on days like today that are absolutely euphoric and you probably don't know what to do. Just pull up at 10:30 grab a chair you know get a get some coffee and and come enjoy the show. So we just make sure you follow at formal hour and and subscribing to rough video on on YouTube if you're on there because we go live every single morning. Look boys looks like the market somewhat rebounding looks like
the Eric or goat our hero. That's our hero now Eric Bakunas is our goat. You know he he tweeted something else. Ovi, while you guys were talking originalism what now? He said that that meeting that that is being held with the SEC, with NASDAQ, CBOE, NYC is something that wouldn't happen if it was a denial. So it's all all roads you know seem to lead towards an approval when it comes to the CF, he said. Things you probably don't do if you're going to deny or delay
hearing similar by the way. And why why, why? When we see updated final 19B4S role and that is sign approval imminent. The SEC has been doing back and forth now with the shores offline to perfect their 19 four be all bunch of stuff words like S1S stuff. I don't understand. I'm not I don't understand this lingo and you know it's OK if you don't understand it either. Ohh you gotta understand is that we're gonna get this damn ETF it's just a matter of when before January 10th.
But anyways anyways any ways with that I think I think that's a good round up. Listen, you want to learn more about the Jupiter AirDrop Decryptor like Torticollis on it? Yesterday I just googled decrypt Jupiter AirDrop. It's really good. They put all the details in there and it's really, really good. And then tomorrow, tomorrow, other show, We'll see what tomorrow brings.
With that, we'll show tomorrow morning, 10:30 AM Eastern Standard Time, 7:30 AM Pacific Standard Time for the episode of Four More Hour on Rock Radio powered by Ledger.