We saw Bitcoin hit a high of nearly 72 K and then wicked all the way back down to 68 1/2. It looks like bit of a Darth Maul candle right there and we're now hanging out around 70K, which is what we saw at the day. Few headlines to get through just being our staff. So it'll probably be a bit more quick for us today just by the
nature of these conversations. But we're going to have a guest later of which OSF is right in the hoodie of right now when you can you stand up and and we can see that. Do you? Want to do it now or do you want to save it for like the? Oh, maybe we'll have a big reveal later. Today's show partner is merch or Mama merch. I'm thought, thought, unsure how to say that I think we're going to be corrected when they come on the show. But yeah, my my hoodie got lost
in Portuguese customs. OSF appears to have have got his. Anyway, let's get straight into stuff. Bit of a volatile day. The the headline that came out just before we went live was that the ongoing court case between Coinbase and the SEC is
not going to be thrown out. Remember this is a court case which basically started I think summer of last year and then they I think they had some hearings with the judges back in January and there was some there was some idea that this may get may get thrown out it's it's now been partially thrown out So it looks like let me just bring it up.
It looks like part of the case which was there was a case against Coinbase wallet and there was a case against Coinbase. It seems like the case against Coinbase Coinbase wallet has been thrown out, but the one against Coinbase and and staking is going to continue. Your and my favorite, Fred or Adam Cochran came in hot with his take, which I thought was actually one of the better ones, which is court serves SEC on motion to dismiss.
This means the court case will proceed to the court case. While I'm a bit surprised at the findings, this is not an indicator of how the actual court case will proceed that is true. To be clear, this has been expected that it wouldn't. It wouldn't be, or at least it was more likely that it wouldn't get thrown out. At least the whole case wouldn't get thrown out.
So this isn't. This isn't particularly unexpected and doesn't mean that they've they've been found guilty or anything like that just means that the court case can go forward. He does follow up by saying, although more importantly it did side with Coinbase on the wallet issue, deciding Coinbase wallet was not a broker, which I think is important here which is good and good for D5.
The only, the only staking program stuff is proceeding, so staking within the CES, within Coinbase, that's the thing they're going to get taken to court from, he said. And I think this win is important. Can sex offer staking? Maybe not. Can sex offer a embedded on chain wallet wrapping defy and doing staking on chain? Yes. So I actually think this is not so bad, but the market I think just panicked about it a little bit.
But for me, I read this and go like right, well, you can actually have staking by your own custodial wallet that's kind of bullish for D5. What? What? What do you think here? Yeah, I think it's, it is bullish for D5. I think it is. I think I saw a few takes on Twitter talking about that. I think the important thing about this one is people I think didn't really understand the headline. Like Coinbase filed for a motion to to dismiss the headline. It doesn't mean Coinbase lost to
the SEC to dismiss the case. It doesn't mean Coinbase have lost this case. It just means the case is still going to go ahead and still going to go to trial. So you know, it's yeah, like I guess if you're really hoping and pricing in that this case would be dismissed. It would to be honest with you, it would have been really, really bullish if that happened because it's just like fact the SEC just have no legs to stand on right now. But this case will still go to trial.
We just don't know who's going to win. But, you know, maybe this is an indication by the court that you know, this will be a legitimate trial. Yeah I think it's it just says that they're going to go to trial. I I I still think that the Coinbase has got a good chance of winning. I remember I was reading things back in January by various different I guess lawyers you would say or or people who are
familiar with the case. You said they didn't think it would get dismissed, but that it would go to trial and and the SEC would probably lose because it's similar to other cases that they brought and lost. So particularly particularly ones against exchanges in the past. So I don't know, but this when I read about this Adam Cochrane thing that this could now basically clear the way for for D5I do think, I do think we will rally on the back of that. I don't know. It's definitely not all
negative. It was a very bad first headline which I think hit, which is basically that they had lost and then when you get into the nuances of it, it doesn't seem like a complete loss. In fact, it feels like 5050 here and it's definitely not a finality that they've lost on the on the actual case itself. So that's what caused us to go lower just then. We had had a pretty strong day before that. Like I said, just as the US went live, we hit just just shy of 72 K there, which is a decent, a
decent figure. Oh God, Let me just bring up the the right thing here and that was mainly on the back of the ETF headline. So we had a very decent day yesterday in the ETF, the most strong day I think we've had in a long, long, long time, right. Let me just bring up ETS 418 million of inflows into DTS. So yesterday, interestingly the GBTC outflow really has begun to slow down. But you also saw big big, big big inflows into the I bit into
the Fidelity and Fidelity ETF. It kind of feels like this GBTC thing, they haven't got much left right. So we can start to look through that quite comfortably towards the end of the end of the week. Even this, even this headline for against Coinbase, is that really that negative for Bitcoin? It kind of feels like this. It's just still a decent environment where Bitcoin feels like it could it could push towards all time high. What do you think? Yeah, I agree.
I think it's good to see a slowdown in the GBT. Yeah, the GBTC outflows, it's still large numbers. You know, it's still 212 million yesterday. That's not the lowest number this week. So those numbers have been pretty consistent. And the good thing about yesterday is we had some, some of the other ETS, but in some big numbers. So Fidelity for some big numbers in the last couple of days.
Arc had a decent number yesterday, so it's good like 418,000,000 is a really big inflow number again and that comes after a small number yesterday and then five days of consecutive outflows the the week before. So it's good and it's something definitely to get pulled up about and we'll just have to see how that progresses. I think like I think as you said markets kind of misread the headline a little bit and sold off. We've now bounced back pretty aggressively.
I think we've we're back lower again a little bit today so things will just continue to be to be can't fucking speak today will continue to be volatile and I need, I need, I need Tom. I know, man. I know. I'm just tweeting out the FORL link for everyone here. You can just kind of see along. It's difficult when you have to speak so much, right? And it's just me and you. Yeah, Another thing worth noting by the way is also Fidelity.
We've also filed an S1 for or. They just found an S1 for the ETF application. So. Yeah. So that that is the first time they've we've seen any sort of movement from any of the major providers they, they they filed, let me just bring it up. Yeah, and S. One father they father nineteen 4B today and then they just filed the SS1. Oh, it seems to have been deleted, but yeah that that does show some movement in the in the ETF which is decent.
We did have a slightly negative and a positive headline yesterday which is the DOJ was coming after Q coin which is which is I would say a second tier exchange. They were based I think out of the Seychelles, right for a long time and the DOJ came after them for money laundering in alongside this TFTC. The interesting thing about this was the CFTC named ETH and Litecoin as commodities in that case. So a little bit of a land grab
again by the CFTC. Obviously there's been a lot of wrestling here about whether ETH is a security or not. I quite like the sack of tweet yesterday about, you know, this isn't great because I think Q Coin saw, you know, 800 million of outflows since that headline came out. But a few sex is getting sued in exchange to the CFCC hammering down on it's these tokens are communities, not securities. Get your shit together. Gary's stance. It's a fair trade. I kind of agree with that.
If you if you have my own cue coin, maybe you're annoyed at the same time. This headline I think was broadly positive but it it still felt as though it has not really. It's it's it's kind of in line. It's not. I haven't really seen any major outperformance by any of these over the last over the last 24 hours. Looks like over the last 24
hours is down slightly. So long is down kind of I guess B2 adjusted that's probably down the most but bitcoins been the one that's still been outperforming at least over the
last 24 hours. I I don't know like ETF it still feels as though the base cases this isn't happening but we are starting to see more evidence that that you could have tail events at this this could still go through the strongest one actually over the last 24 hours has been Doge mean coins again just having a very very strong period Doge going up towards its local high again. There's been a lot of positive
sentiment about that. You obviously had had like with and some of the other Solana coins were hitting highs recently and Doge has kind of been quiet. But then it's taken over the last 24 hours I saw you, you hardly did a positive post by by trade main right? Like, what do you think here? Yeah, I just think he's, he says it's one of those. It's one of those things where like you, there's a few different trades out there where people like this should happen this cycle.
If if the cycle is what we think it is, and one of them is Doge going to one another, 1-1, maybe Bitcoin to 100K, another one might be like ETH to 5K, whatever it is, Salon to 300, whatever it is. Yeah, I thought that was an interesting one because he's talks about Doge going to 1 potentially this cycle, which is a possibility. And then he brings up the question of like you know what happens with WIF because it's now one of the biggest and premier memes. He calls about it.
It's definitely one of the biggest memes by market cap and it's the new meme. It's the one that's been only been around for four months now or whatever it is. So it's an interesting point. It's like, you know, if Doge goes to like let's say it goes to 80 billion again or $100 billion market cap, where does that put something like whiff and where does it put something like Pepe and all this other stuff they're? Getting very close, aren't they? I thought handsome tweeting about it.
Obviously for over the last 70 days. WIP is up another 50%. Pepe is up 10. Percent. They're now within. They're basically at the same level here. Yeah, they've been tracking the same level. Yeah. I guess that yesterday was a was a big move. Well, the last seven days there's been a big move. I think Whiff did flip Pepe like momentarily a week, two weeks ago or so. But yeah, they're getting very close and if you flip Pepe, you're now the number three coin.
Even without flipping Pepe, you're you're in the top 4 coins. So, but it's the new coin as well. So it's definitely we're on Solana. So which which has its own narrative, like that's the thing, Doja is a certain change. Shib is in the RC20, Pepe's in the RC20. I don't even know what Floki is. I'm guessing it's an ERC 20, but WIF is the one that's on Solana. And I think Solana still has a
very strong narrative this year. And you know, if Solana continues to outperform ETH this cycle, does that mean soul memes outperform ETH memes the cycle? I don't think the answer is like that transitive or or that obvious or clear, but because it's definitely a strong, it's definitely a strong narrative, I think. They're definitely taking up most of. The Yeah, yours sincerely from a from a whiff. Holder Yeah, exactly. But you know they're still dominating all the top trades,
at least on Chain at the moment. We'll get into kind of what happened yesterday because I think some of the other narratives which have been pushed recently are are Blast and and and BASE. BASE had had a strong meme coin launch yesterday with the Roost it looks like Bruce went all the way up to like $150 million month. Well I could get that was a pre sale which did like a 10X or something like that and then blast blast blast blast this is quite a story over the last 24 hours.
So it looks as though Munchables which was a which is kind of is like a defy gaming sort of play on on blast. It's not something that I ever ever was involved in but they they got hacked. They got hacked actually by their their own dev. It looks like this looks like the dev actually was basically four different devs at the same time which I thought was pretty funny based out of North Korea who took sixty. I think he upgraded the the the the code and and took 63 million of the treasury.
There was pandemonium yesterday when that happened. A lot of talk about we need to roll back the chain fork, basically blast since before this export happened to try and protect everyone's funds, everyone was up in arms. And then in the end he just kind of gave it back. I didn't really, I didn't really follow. That's not, that's not normally what happens with North Korean
hacks here. So it did feel as though, yeah I was surprised but yeah yesterday we saw Pac-Man come out and say look 97,000,000 has been secured in the multi stick by the blast Corps. Contributors took an incredible lift in the background by grateful the ex Munchables Dev opted to return all funds in the end without any ransom required.
He gave it all back because also the money that I think Duke Finance which is the lending protocol had a pool related to Munchables which which also was basically taken and it's it's all been given back. What's your view here on on, on on this did you firstly did you think he should have rolled it back? There was a lot of questions about whether this was decentralized or not, and I don't know my my answer was just that I didn't really think anyone thought BLAST is decentralized.
But what? What did? What did you think? Yeah, I think they should have rolled it back. I mean, don't forget ETH has a theorem is forked because there was this thing called the the Dow hack, I think back in 2016 or where it was and that was to the tune of similar amount, I think 60 or 70 million. So you actually have Ethereum Classic and which is the original Ethereum. And then you have ETH, which is what it is now before before that happened.
So I do definitely think rolling it back would have been the right option. I think they found an even better solution, which was to get the guy to give back the money. But yeah, what a story. I mean that was just fucking mental, wasn't it, Zach? I mean Zach XPT really pulled through on this one. Like, he's like identified who the person is, said it's the same person showed where the funds are going. And the guy has to like, the thing about blast hacks, right?
The guy you have to fucking bridge your blast, bridge your ETH back, which takes 14 days. So the guy must have been like, fuck, like I done this massive exploit, but now I have to bridge back. It's going to take you 14 days and yeah. He's this is really worth. Is it? Am I really going to be able to pull this off? This reply Come in hot Zac XPT. I was like, whoa. Yeah, I've never seen him like that before. Came and clap back at the North Korean devs who basically stole the money.
Definitely came in hot. That's the hottest I've ever seen Zack get get. He normally gets. I mean, he gets kind of annoyed when people take advantage of him, but he definitely, definitely, crazily got that money back. A lot of people. I think he even tipped him send him money because this was huge. 62,000,000 would be a massive hack. A massive hack. Huge hack. Yeah, Blast we have this. We, I mean we had a conversation in the background and we had this even this conversation on
the show. My honest view is this, this is just the beginning for hacks on on on Blast and there's nothing against Blast. It's more that I think a lot of these protocols and new protocols, they were all fairly hurriedly pushed out at the same time in order to get all the points and the gold and all this sort of stuff. So they all had to launch at the same time and it's and often they haven't been on other chains, so like there was they obviously got nerve to their pronoun the chains.
They haven't been really tested before. And to me it just means like if I was a hacker I'd be all over this ecosystem. Like it just feels like this is the place to be. Your point, which I completely agree with too, is that you don't actually really need to. I mean you can do all the gold stuff and interact with all the protocols, but you can just kind of chill and and still get points and and you obviously you're getting native yield.
But yeah, what's your view on this about the BLAST ecosystem? Because I think it is in some ways picking up pennies in front of a steamroller when you see this sort of stuff. Yeah, I just think people, you know, there's there's always risks to this kind of stuff and something to remember, you know, we always talk about not your keys, not your crypto, right.
So as soon as you put your money into a smart contract, which is like whatever you know this Munchables thing was, it is a smart contract where you you when you once you put it in there, you're no longer self custed custodying your crypto. Like if you put in your money into a smart contract to yield farm or whatever it is, you will no longer, you know, in control of it and you're at risk if that gets exploited.
So you have to remember that it is a risk when you do that and you have to factor those risks into what you're doing. And I think people just forget that sometimes because they just feel like, oh, because it's still my decentralized wallet that's interacting with it. I still own it. But you don't actually own it. The smart contract owns it until you retrieve your funds. So it's always going to be a
risk. And then you have to you know question like is it really worth doing all the all these things to make money when you could just own spot like, you know
fucking spot Bitcoin now right. Which is still going to give you like massive you know, still giving you a great return or so the other coins like, I just think there's so much better risk upside downside in holding spot of good coins, even fucking meme coins because you know you're not going to get compromised or exploited or anything like that.
And the worst thing is like doing one of these like things where you're trying to pick up yield here and there but you're not actually cost of doing your own crypto and then it gets exploited and then you're just like fuck, I I wasn't even doing something with like a huge amount of return. But I just perceived it was safe because I'm not like taking price risk, but I took massive operational risk and yeah, and
just got screwed basically. So I think that's just for me that's something that people are not very good at assessing risk wise I think. Yeah, I think B Check put out a good tweet earlier, which is he thought I lost 12 Ethan Munchables. I've never been to an expensive Business School but I just thought I'd paid my tuition law. Now it looks like funds are safe. Here are my reflections. Don't follow big accounts
necessarily. Size appropriately to risk managed cornering individual and blocking path out is not AW for decentralisation. He basically said this whole thing. I think everyone is is doing a lot of experimental things on blast and I think unlike maybe even other chains this is this is a more risky chain by nature you know like it is a lot of new stuff. So just be aware of that. I'm not saying don't do it. But this isn't, this is I think we're going to see a lot more of
this. I I really, really, really do. But this is not going to be the the, the, the only time you see an exploit like this on BLAST and the the the concept of rolling back the chain. I think this was enough funds that they probably would, but if you see an exploit for like I would say less than 10 million, I don't think he'll be rolling back anything. So don't assume that you know there's a fail safe here for anything that isn't like a
catastrophically big hack. Essentially, yeah, that's the thing. It's like, you know, once you do it once, you kind of set a precedent for the future and you can't just keep rolling it back. So it's really good. It didn't have to go down that route and they were able to
solve this issue, but yeah. Yeah yeah so that was that was probably the biggest headline in terms of even NFT stuff because it feels like a lot of NFT people are involved in blast because obviously they're involved in blur and it's kind of moved on moved on to that. But it does it does still feel like NF TS are are are a little bit quiet the the main the main activity has definitely been in mean coins.
I saw most of the Solana mean coins are still appear to be doing well I think when hitting all time high that we said with is about to flip. Pepe I saw you saw the headline that the UK now is now going to come down hard on on me one of the first jurisdictions to to really crack down on this and I don't know this kind of feels like we could see this from a bunch of different bunch of different countries.
The headline is the UK is regulating memes about crypto and other investments to curb scams from influencers and I saw you put a tweet about that that earlier. Do you want to make just give a like ATLDR what this is? Yeah, it's, it's sort of guidelines on promotions. And in the UK you have something called financial promotions.
So if you're promoting a financial product, you have to abide by certain things to get that promotional material out, which is usually things like mentioning the risks, you know, not inducing FOMO and maybe not talking about future prices without having shown historical price action, all this kind of stuff. Basically if anyone has ever done the CFA or studied finance financial ethics, you'll be familiar with a lot of these concepts.
So what they're saying is, you know, that's historically applied to it should really apply to anyone to be honest with you. But the focus has really been on companies and companies have to often seek regulator approval before getting this communication out. I think what they've realised now in in recent times is obviously a lot of influencers are out there pumping and dumping crypto and saying crazy stuff.
And they're basically saying crypto could potentially be a complicated financial product for which you would need to abide by the FCA rule book in terms of the communication that you put out there. And which I think is fair. Like it's it's it's good in a way, it's a good thing.
It should protect people from you know buying rugs or pump and dumps and it creates a a higher standard for communication that people put out there, influencers put out there rather than just like the shit that KSI would tweet or whatever and then people go and buy it and then and the whole thing is down
100%. The the big question here is like you know some of the articles and and the documents allude to even influencers requiring FCA permission before getting the communication out and if they're not authorized people and that's the bit which is I I think to me a step too far. Like you can't just stop all communication on crypto and just have everyone, every single thing needs to be approved. But rather I think you should make clear what's allowed and what's not allowed.
And when someone breaks the rules, just like, you know, go after them and and and give them a fine or or a punishment. And I think that would do a much better job at policing it, but allowing for, you know, a little bit of the freedom of speech that we should have in crypto. Yeah, it's definitely heavy-handed and they've been a bit heavy-handed recently.
A lot of crypto fans obviously left the UK a few months back when they changed from their advertising laws and then this is the next thing which is about meme coins. I would be unsurprised if you start to see other other. I think largely meme coins have kind of escaped the concept of regulation, right? Like even people that are just like, well, they're memes, you know, like they should have
their own value, but they have. This is the first sign I've seen since this meme coin mania that kind of start to see governments start to move in. I I would be unsurprised if you saw stuff like this in the EU or or other jurisdictions relatively soon. But they are. That wasn't that wasn't a a great headline. I thought over the last over the last 24 hours it doesn't feel like we are bouncing back here. I do, I do.
I would be so unsurprised if we if we start to see Bitcoin go back to 72 K There was a headline yesterday that that hedge funds have been shorting crypto stocks the most kind of amongst the most ever. I think it's 11 billion of crypto shorts on stocks like Micro Strategy, Coinbase and some of the miners. So I it feels as though there's a short base back in in crypto right now where I think we could, I think we could bounce even on on headlines, headlines
like this. And then finally we saw that the that the Hong Kong again has come a little bit closer in its step towards getting ETFs. So I think, I think yeah we're in a decent step. The the, the final point for NFTS which came out just before we went live was to do with the Zuki. Izuki had been rallying for, has been rallying for the last couple of that was done the wrong way around. Anyway, the Izuki has been rallying for the last couple of days.
We ended up with a situation where they announced today that there's going to be a chain, which I think was a rumour had been coming coming for a long time. It is a chain called Anime Chain and it's going to be on Arbitron. We're excited to bring the anime industry on chain with Anime Coin and Arbitron with our anime productions, games and physical products who will showcase the power of decentralized model for growing IP on Anime chain.
That was all that was sent. I don't know if they oh they have a little bit here. So it looks like they're basically going to be using it to build IP. I don't really know why it needs to be its own chain, but what do you think here, this is this. I think this is basically been leaked leaked for a while, but and what's happened to Ozuki since that headline came up? It's it's that it's, you know,
it's so funny. It was like uploads the last two or three days and then today it's just like down as people like dump their Ozukas into the the price section. It's just crazy how this information just gets out. Yeah, are you Bullet on anime chain? I like the idea of anime chain. You know, like I when someone told me Ozuki, you were doing a token and I went to go on there. I just expected there to be like some sort of random token as part of like a game or something.
But then it's this whole thing called Anime Coin, which I thought was interesting. Like, it's a cool idea. I think I'm interested to see how it integrates into what they're doing. But it's something that was better than I would have expected Having you know, if the only information you gave me was there's there's going to be an Azuki coin. Yeah, I mean it it been rallying like you said the last week. It is interesting that as soon as that headline here everything just got dumped.
So clearly this was private trading, private private information beforehand and and then it's been leaked. I mean I've even heard that this might be happening. So I'm sure people closer to Ozuki and I own 0 Ozuki. So I think people closer to that situation would have would have heard for sure. It's interesting to see it on
Arbitram actually. You know you had you had a, you had Zion Arbitrary, which which obviously has done has done pretty well and now you have Azuki, which is you know whether you like it or dislike it or are looking at the price action it. It has really been one of the largest NRT projects out there in the last two or three years and it's done a ton of volume. So it's a really big project to go over onto Arbitrary. I think it's pretty, it's pretty noteworthy of that.
Well, Pete side chair came out and said the node sale met was only possible in arbitrary because of the bridge eats totals. This is very important. So the amount of eats on options obviously very, very high. I think you saw Ether. I think it's cool. They did a node sale. I think this is an Arbitron too. And they sold like another hundreds of millions of of nodes essentially very recently. Obviously Zysoft sold all of its
nodes. I would be very unsurprised if this Suzuki plan involves them selling nodes, which is basically like token bags which are going to be, which are going to dilute over time and that's basically how they're going to do the anime chain. So it's just because Arbitrage has so much heat on it. Like not many of these other chains can really actually support the idea they're going to do a massive heat sale. So I think that's where this is
headed. I think we're going to see a big big EE node sale from from the from the anime chain is. It going to be a node sale thing as well. Well, they didn't say that. They didn't say that. But like this is very talent. This is put out, you know, just after the announcement. Do you think, do you think Pete came up? Do you think Size Chat came up with this himself? She's a genius. He's a complete genius. I mean, no cells have been so
popular recently, right? Like, it's it's ever since I did them and they were popular last cycle with gala and then zai did them and obviously raised a few 100 million. Ether has now done them, raised a few 100 million. If I'm sitting there as a zuki and you can make a pitch that they can sell a few 100 million of nodes, that's pretty appealing, right? If you're running the Azuki Azuki chain or you're part of the Azuki team. So I think it's kind of a slam dunk what they're what they're
going to plan to do here. Interesting like that was the only real NFC that saw decent body. Everything's a little bit lower. There was, there was some movement in sense, which is this Bitcoin thing, which I'm only really just reading about now. And there was the, what's it called the there's a gladiator thing which is related to that, that that meant yesterday the gaming gladiators, which rallied on the back of that. But yeah, it's been relatively
quiet again in new NFNFT stuff. There's still some interesting stories here, particularly ones I think around around airdrops, which that's where you're seeing the majority of like the, I know, positive momentum, positive volume, but even even bitcoins, Bitcoin all took a little bit of a a a dip over the last 24 hours. So still feels like the focus for now is on is on meme coins.