¶ Intro
And we are kind of seeing them move up right now in tandem with the key stakeholders.
So it's actually the massive wallet's.
The ten k or more that are dumping to everybody else right now, so everyone else is trying to accumulate more. I'm still a little worried about this tiny little drop, but the bigger worry is that retailers are getting a little greedy here believing that this is the dip to buy.
Hey, everybody, welcome into the Thinking Crypto Podcast. Joining me is Brian from Sentiment, and as you all know, we're going to do a deep dive into the metrics around bitcoin, xrpe theorem, Solana and much more to see what is happening in this bull market and what may happen next. Brian, good to see you. Happy Friday.
Happy Friday to you, Tony.
¶ Trump Elon & Market volatility
It's the Trump and Elon show this week and all eyes are on them.
Yeah, it's funny that that popped up, and of course it's going to affect markets. The world's witches man, the world's most powerful man battling. The topic is of course on the debt bill, or I shouldn't say the debt bill, even though that's what it is the spending bill, you know, and that's going to have an effect on markets. But you know, it's crazy. I don't know if this is all a show or is legit.
Yeah, I think everyone has their own opinions. A lot of people are just spamming popcorn emojis because the drama is too good to be true for them, regardless of how people feel about Trump and or Elon Musk. You know, when you see two of the most powerful people in the world suddenly engaging in a very public he said, she said, it causes havoc and it creates chaos that makes markets even more unpredictable, on top of all of the tariff stuff that still.
Exists and has existed the last two months.
Yeah, this is such a weird period, man. I am trying to, like, in principle, I understand them. You know, I viewed things from a macro perspective, so I'm not like leaving sleep. I'm not nervous or anything like that. But it's also like, God, this is so annoying, like all these things that are high happening. The tariff uncertainty pushed the natural correction out of Q four way down than we expected. We v shaped recovered out of it, then you have this happen and then big one's pulling back.
So it's yeah, it's crazy, man.
I would I would at least argue that this is not nearly on the same level as like, you know, the tariff announcement or the even like the drama with Jerome Powell. Right, even though Elon Musk is much more well known and more powerful in a different way than Jerome Powell. Jerome Powell directly has to do with the interest rates of the most prominent country in the world to most people, and that's still a much bigger deal
than you know. However, Petty, you think this trauma is between Elon and Trump, it's more of a you know, the the main sidekick that everyone knew was in Trump's corner is no longer in his corner, and what's that going to do? But no one quite knows exactly. It's just kind of like a bit of a shakeup. I think that's how most people are interpreting it right now.
Yeah, for sure. And look, I've been looking at the bitcoin chart and on the daily like, just as an example of just one metric, but the RSI has been in a down trend so expected from sort of pull back on the price, but you know, with something like this happening, be a catalyst to drive even further down than we anticipated. Right, So maybe on that note, we could start looking at some bitcoin metrics and what you're
¶ Bitcoin analysis
seeing as far as sentiment. Are people turning bearers? Are they getting fearful? I see some calls out there at the top is in, the top is in, And it's just interesting how people are reacting to all of this.
Yeah.
I mean, we've talked about the how our feeds look versus the reality when we scrape all of the data altogether, and it's actually not that bad in either direction. People are pretty neutral right now. Granted this is kind of just the one day.
Look.
If I reduce it to like four hours, we'll see a lot more noise. And there is a pretty big spike right here. However, it doesn't look excuse me, it doesn't look like there's anything super euphoria related. The last time we really saw that was you know, arguably around May thirteenth, or after the real rebound around April twenty fourth, twenty fifth. So I don't see people being too swayed.
By this drama either. Way.
I think, if anything, there was a bit of fear after the price dropped and people were attributing it to the Elon and Trump breakup alleged, But I don't necessarily think that it's going to cause nearly as much chaos as as some people have expressed on social media.
What are the whales doing? Because I saw on one of the awn chain metric here from Santaman a big spike in whale accumulation while it's with ten or more bitcoin, which is fascinating.
Yeah.
So this is specifically the ten to ten thousand BTC line, which is more or less the key stakeholder tier in modern days with bitcoin app anywhere between like fifty two whatever one twelve k the all time high. This is
the tier that tends to move markets most prominently. And they went on a hell of a run between May twenty sixth up until June third, where they accumulated just about one hundred thousand btc during that week, and then over the last couple of days they dropped about a quarter of that twenty six point six k.
So still a good sign.
I mean, you talk about the last six months and just draw a line like this, they're moving in the right direction. Meanwhile, what we are hoping to see is a little more dumping from the small retail traders, because just as much as this is a good correlative indicator, the to one BTC wallets are a good counter indicator, and we are kind of seeing them move up right
now in tandem with the key stakeholders. So it's actually the massive wallets, the ten k or more that are dumping to everybody else right now, so everyone else is trying to accumulate more. I'm still a little worried about this tiny little drop, but the bigger worry is that retailers are getting a little greedy here believing.
That this is the dip to buy.
And historically, if the retailers believe this is the dip to buy, it's usually the next one when they're a little more jaded and afraid to buy the dip that is the actual dip to buy.
Interesting, so I feel like we have to give this like another week to see which direction both go in. Right.
Yeah, I hate to give it kind of a wait and see, because you know, we all want definitive data. But this truly is such a weird time where you know that ten to twenty percent chance that all of this Elon and Trump stuff is orchestrated. You know, everyone has their own opinions that could just cause so much confusion and overreactions, and you know, for all we know, Trump is waiting to see how people react and then
makes a big announcement on Monday. You know, we've seen that plenty of times with the tariffs the last few months. So it's just it's so difficult to tell based on on chain metrics, but we can at least say that social wise, like all eyes are on this Elon and Trump drama. We have this new trending story STAB that's in beta and it's all about the Epstein file stuff because Elon came out and told everyone that Trump was on the list after their their fallout happened, and then
the beef between Musk and Trump. You're in third so you can see just how much, you know, people are talking about it, even Doge because Elon mentioned that a third party could be created in the US named after Doge. Whatever your opinion is on that, there's there's just a lot of talk that all seems to be circulated around that, and a little bit with the Circle IPO because it came out of the gates super hot with a one hund and sixty percent rise, which is super rare for the stock market.
Oh yeah, for sure. That was a you know, the days started off with the good news of that ray and everybody's oh man, this is awesome. Yeah, another crypto company goes public, and then you had the Elon Trump drama just overshadow everything.
Of course. Yeah.
One of the metrics we looked at sign was the MVRV. If I'm not mistaken around bitcoin, I'm curious what that looks like.
Yeah, let's look at how average traders are doing right now, because in a zero sum game, as we've talked about in previous calls, Tony, you want to see the mvrvs mostly in negative range where traders are not profiting. Therefore you'd be buying in at less risk. But right now the thirty day is sitting ride at about zero, so it's about as neutral as you can get. Meanwhile, the
long term it has fallen a bit. It's at plus sixteen point nine percent now after being as high as plus twenty seven back on May twenty first, So the last couple of weeks has brought it back down to earth a little bit. I'd still love to see both of these lines below zero as a great sign that we are bottoming and it's a perfect time to buy, just like we saw when it was max fheartime on April ninth or so eighth, whatever your time zone was.
So overall it's it's neutral to just slightly concerning, depending on the timeframe you want to invest.
That makes sense. Yeah, it seems like we got to give some more time for all of these things. Maybe it's a week or two weeks to look back and see where things find there this definitive position, I guess. And then one of the other things we looked at
¶ Bitcoin ETF inflow outflow
was ETF inflows and things along those lines. I think I saw reports that there has been outflows.
Correct.
Yeah, so three or four out of the last six stock market days, not including the day we're recording Friday, we're seeing more money moving out than moving in. And this is actually some pretty sizable outflow data here. The dates on my chart are actually one day delayed, so when I'm highlighting this May twenty eighth, candle, it's actually made twenty ninth data, et cetera.
But either way, you look.
At May twenty ninth, three hundred and forty point seven million dollars moving out in net. The next day, May thirtieth, just about six hundred million dollars moving out, the next day to sixty seven point five million moving out. That's June second, and then yesterday, June fifth, two hundred sixty seven, two hundred and sixty one point seven million dollars moving out.
The one inflow day was June first, and that was about three sixty eight million, and then a very small one the next day, June second, which was I'm sorry, June fourth, which was eighty seven million dollars. Now a lot more outflow than inflow. That's definitely a net of over a billion dollars over the last week or so.
Interesting. So if we're looking at some of the historical patterns, it seems like we may have room to go down a bit more for Bitcoin before we find some sort of bottom and then keep going higher.
Yeah, as you know, we don't take to finive stances or give investment advice, but based on the metrics we're seeing now, it's kind of a wait and see combined with a little more concern based on where we're at. But that said, you know, we're already retraced, give or take about ten percent from our all time high, maybe
eleven percent. And when that happens, you're in a position where you could you could easily buy at a justifiable, justifiable position if you're on the short term trading strategy and you want to just try to see if you can get it back up to one oh five or one of six or so and then take some profit.
You know, there's there's argument that we could see that over the next week, but from a mid and long term perspective, until things change a little bit, I still don't like that the three sixty five day MVRV is as high as it is, and I definitely don't like that there's a lot of money moving out of utfs. That's a pretty big surprise seeing especially this level coming out.
Interesting. Yeah, I have a I could be absolutely wrong, but I have a feeling based on certain metrics like this, there's more downside and my thesis overall is that bull market's not over. But once again, I don't have a crystal ball, but you know, it seems like there's definitely a cool down period here and I don't know what the catalysts. You know, sometimes there's a saying that show me the charts and I'll tell you the news. Right, prices going down. You got negative news, but then it
bottoms out, starts moving up. Then the price turns positive. I mean, you know, the news turns positive. It's it's interesting how all that works.
Yeah, I mean, markets are constantly designed to maximally punish the emotional traders out there. So right now, as we saw, there's kind of a mixed reaction. Traders are kind of equally bullish versus bearish. Once some catalyst comes out, you know, Elon makes some even bigger bombshell about the financial standing of the country rather than just personal attacks. Trump comes out and proclaims another tariff demand unless his needs are met on you.
Who knows.
Those are the kinds of things that are going to swing emotions all over again, and we get a you know, another wave.
Of super greed or super fear.
Especially if that news comes out and then you see the price initially react and then people start to associate it with like.
Okay, this is positive news.
And if they all think it's positive, that's when it becomes a negative story. I know it sounds weird, but that generally is how it works.
Mm hmm, yeah, crazy stuff, man. What do you see
¶ Tether USDT stablecoin supply
on the tether supply side of things? And I know that's something we've monitored, the supply and exchanges.
Yeah, So I'll do the overall supplying exchanges here, and I'll also add the ratio of its overall supply on exchanges, and we'll just look at the last year. And it's pretty pretty jarring. Actually, the amount of supply and exchanges has fallen since its peak just about four months ago February fifth. We've seen about ten point two to one billion dollars worth of teather moving off of exchanges and about thirteen point nine to five percent of all tether
moving off exchanges. So this is this is indicative that there's just less buying power on exchanges at the moment, and it it the trend really has not stopped.
And would you be able to zoom out on that chart, like let's say for the past year.
This is this actually is the last year I can go way back to, like twenty twenty.
Interesting, yeah, because I'm curious, like what's the pattern here?
So it's most moved up, especially in late twenty twenty four, Like this was right before Trump got elected, and then it just surged all the way up until as inauguration, even a couple of weeks after as where it topped and then it just completely reversed course. But yeah, overall over the last five years, I mean, we saw one point two billion dollars worth of teather on exchanges the first week of June of twenty twenty five years ago, and now it's thirty four point two billion.
Wow.
I mean that's just insane, an increase of twenty seven hundred and thirty seven percent more tether on exchanges.
Now, even with this drop.
I'm hoping to see that that number V shape recovery happened where it's at right now, because if it keeps going down, that's not a good sign. If I'm looking at this chart and I see you know how it was declining in December twenty two two, and we know that was the peak of the bear market with FTX and much more.
Yeah, I mean, it's all relative. I don't think this is the most correlative metric in the world, but you can see that it's a bit lagging. So like if prices start to drop, people wait and then react to the price dropping and start taking money off there and then price is reverse and then people react to that and start bringing money back on exchanges.
So it's kind of like.
An emotional metric in a way, where people see what direction markets are going and then decide whether they want more money on exchanges to buy or to take money off because they don't intend on buying. So all it takes is, you know, another tease at an all time high, and you'll likely see you know, tether start to come right on back because people want to get in on the action and pray for one twenty and beyond.
Oh sure, yeah, that definitely makes sense. See I love looking at all these different data sets and even when it challenges like your thesis, right, Like I have a certain thesis based on certain metrics and signals, not emotions, But then you look at something like this and you're like, h did I miss something right or this is something I really need to take into consideration and a way against the other signals. So very very insightful. Yeah, well, said Tony, how about we take a look at some
¶ Ethereum analysis
all coins. We could maybe start with Etherorem that had a bit of a run a big, nice, big run up, but then you know it took some of it back, well, not much taking it back. It's consolidating, you know. Obviously the market is down right now.
So there have been a few weird anomalies going on with your theorem as of late. For one, it just had its biggest circulation spike in about four months, and this was right as prices started to go down. I think a lot of people were picking up on this was related to bitcoin, but I think it affected all markets a little bit. But bitfinex apparently made some big moves. I can't confirm for sure. I know this biggest transaction that happened on June second, in this post we put
out yesterday was related to bitfinex. We decided to play it safe and just call them all unknown while it's but the actual Bitcoin explorer refers to this as a bitfinx address moving just a ridiculous amount of bitcoin off.
Of their exchange.
And then I think there are rumors that these were also bitfin x. So three of the largest transactions over the the largest over the past month were all at the beginning of the month, and this correlated with some weird stuff with ethereum as well, where there was a massive circulation spike. We even see funding rate moving down a little bit. First time we're or at least temporarily, we saw more shorts than longs, so people are starting to show a little bit of doubt. There not much
whale activity. We're also keeping an eye on mean dollar invested age to see if some dormant coin movement starts to come back on the network. There has been a drop over the past three weeks. We're hoping for more because a big drop in mean dollar invested age would indicate that the network's getting younger. Therefore, more tokens are coming back into circulation and can quickly cause utility to rise and drive up prices.
It's at least flat now after this long stretch.
You can see how it was just going up and up and up and up, and then finally on this huge rally in early May, dormant coins began to move tried to sparkable rally, but I think it was a bit stifled to buy bitcoins inconsistency.
That's interesting. I know recently there were some very big news with ether and being adopted as a treasury reserve asset, where one company I believe it's going to buy four hundred and something million dollars they potentially can stake some. Joe Lubin got added to the board and all that. Obviously we had the price spike as well, so well, guess we'll see.
Yeah. I saw some hype about that too.
We saw the biggest spike in discussion about it on May twenty seventh. Another big spike just a couple of days ago Wednesday. So people are paying attention to that news, and I think it would have an undoubted positive result if it goes through and becomes, you know, a.
Treasury for sure. Let's look at XRP. What's happening on
¶ XRP analysis
that front.
So XRP has been kind of just treading water a little like Ethereum lately, where it retraced a bit. Well, actually it's had a longer retrace.
I should say.
It's down about fifteen percent since it's high about three weeks ago May thirteenth. So I think a lot of people are itching for the third largest non stable coin to make another move. It has been getting some circulation spikes but not much else. The active addresses that you can see here in Orange, we're spiking a lot in March, but they've calmed down heavily and the coins honestly really
struggled since Trump's inauguration. Roughly it's down about it's lost about a third of its market cap thirty three point six percent. I still, you know, like it long term, as I know many others who watch your shows do. And it is a good sign that the MVRV here is below zero percent. The thirty day average traders are actually down four point eight percent. So if you're buying in now, you're doing so while the average trader is
actually in pain over that short term time span. So you can keep that in mind if you want to take the risk of, you know, catching a fallen falling knife, as they say.
Yeah, you know, it's it's been really weird for all coins. I think as usual, bitcoin leads the market and all coins swallow, But specifically with XRP, it was such a strong narrative against her getting kicked out, ripplewing the lawsuit, Trump being pro crypto, that it almost took it to this not necessarily a ultimate top, but it overshot maybe what it would have potentially normally did or I would
have done. And then the cool now is happening now and it's going to be a big bit extended because it was such a big leader in Q.
Four, right, it's since it was so targeted by the SEC. It was the biggest beneficiary when Crypto essentially won over the SEC and Gensler was booted from his position because it was the most associated with the asset that is, you know, trying to be torn down. So it had its time where it just really saw a lot of people rushing in to be a part of it, because the theory then was it had been suppressed due to Gensler and all of the lawsuit drama that was happening.
So once that curtain was lifted, people jumped in, pushed up the prices a lot, and the pendulum kind of sway the other way where it I think a lot of people refer to it now as by the rumor sell the news effect when the lawsuit was essentially dropped. But now you know, we've seen both directions of the pendulum. Prices of retraced by a third, and there's an argument that is actually pretty true to it. It's where it
should be relative to the rest of Crypto. Now, it's still if you go back what three years, it's still done pretty well.
Because of that huge.
Surge from November through January when it just about six x I believe, and you know, now the question is can it maintain that two dollars level at least and start to crawl back up to three and beyond.
I think it can.
It's got a huge community of believers, people that I've talked to, that I've done videos with on sentiment that that are very very strongly in xrp's corner. So many smart people seem to see XRP as a great long term investment in store value.
So take that for what you will. Yeah, for sure.
And even though it had this pullback, the charts honestly don't look horrible, and I'm talking like trading View and things like that, compared to other all coins that have retraced significantly. So while it has given back some of those gains, its chart overall still looks very bullish and it almost seems to have taken how should I put it in Like late twenty twenty three to twenty twenty four, Solana was that all coin that was getting so much liquidity it broke its all time high. You know, it
was moving along with Bitcoin that kind of flipped to XRP. Now, don't get me wrong. Doesn't mean XRP will continue in that's driver's sept. It could move to Suite or Ethereum. I don't know, but overall it's chart doesn't look horrible.
I would agree with you.
Yeah, I mean, these are all very large top cap assets you're referring to, so they all kind of take their moment in the sun. Ethereum kind of took like a three year time out to the point where people were laughing at the fact that it was still the number two market cap asset, and then it finally was brought to life about a month ago and had its own time in the sun, not to the extent that XRP did at the end of twenty twenty four, but it at least started to gain on Bitcoin for the
first time in a long time. So, yeah, they all kind of rotate in and out based on a little bit of math and a little bit of news.
Oh for sure. But let's take a look at Solana.
¶ Solana analysis
I don't know what's happening on that front. I haven't heard much in the news about Solana, but curious how it's performing.
Yeah, so Solana's had a lot of social activity and it's I think we talked about it a few months ago, but there does seem to be a lot of bot activity for whatever reason, and maybe that's due to the fact that it has such a big meme ecosystem these days. Sure there are a lot of people trying to persuade other traders to buy the latest you know, Solona, meme coin, Bonk, trump coin, whatever.
But yeah, we saw huge social.
Dominance spikes in March and April, they kind of went away and now it's rising again. I'll take off the volume so we can just see social dominance. I'll make it a different color. Yeah, so it's it's actually getting like ten percent of all discussions right now, which is a ton that's usually about what Ethereum gets. And to me, they're seem to be a spotlight on it right now.
If I go to our social trends page and we go to trending words all right, sorry, trending coins that is, you'll see just how much of a lead Solana has over everything else. So, yeah, look at just how big the sentiment the overall discussion is for Solana compared to other coins right now, and it's mostly very positive, which isn't the ideal sign you want to see a little
bit of negativity. But the point is it's just getting a ton of discussion to the point where it's very likely at least partly related to bot activity, but it does seem to be related to Solana's token utility, staking returns,
swapping options, transaction fees, and tools. There's a lot of discussion on Telegram in particular with the trend centers around Solana's price, market performance, technical analysis, ecosystem growth, DeFi, and then ft activities in future network upgrades with optimistic price forecast for twenty twenty five. So it's just there seems to be a lot of discussion and interest. Take that
for what you will. I'd like to see the bullish sentiment that's currently showing from the crowd drop down a little bit because people are just a little too optimistic about it to justify that whales are going to buy and push up prices.
But we will see how it goes.
That's interesting. Even in this market, it still has that outlook which is interesting.
Yeah, it's a weird, weird time for Solana in particular. There's just has been some strange behavior socially surrounding that asset. In twenty twenty five.
Yeah, and to your point, you know, maybe a lot of it has to do with the meme coins and people launching all kinds of crab and pumped out fun and all that stuff, and that maybe playing out in the box, the social sentiment and all that.
It's interesting.
I'm curious Tony, by the way, before we wrap up,
¶ Michael Saylor Strategy Bitcoin
what do you think about the micro strategy stuff and this thing with Stride.
Are you following any of it?
Yeah, So I'm all for companies having a bitcoin corporate treasury, as long as they do it the right way. And what I mean by that is if they take some of their cash on their balance sheet and buy some bitcoin, I'm totally fine with that, even if they raise a little bit of debt kind of the micro strategy micro strategy playbook, that's okay. But I'm worried. I'm putting up the red flags that I believe Michael Saylor is taking
this to the extreme amount of leverage. And now you have this s SCRD, so he's creating another way to just pile on the leverage. Here different tranches of leverage, and I feel like there's gonna be some sort of blow up. I don't want there to be a blow up, but I'm concerned the amount of leverage. We've seen this in tradfi, it usually doesn't end well.
Yeah, he's certainly maybe the most polarizing guy in crypto, if you don't count Trump and Musk because of their association with crypto. But his strategy is certainly bold. You know, he dropped the word micro fittingly, and I think it's interesting and extremely what's the word I'm looking for, aggressive and ambitious. That's the word that I think is showing
just how confident he is in Bitcoin's future. The question a lot of people have is is he over leveraging so much that there could be a drop that causes too much of a bump in the road before Bitcoin eventually gets to those million dollar price levels.
That they get to one day.
Yeah, because you know anyone who's been liquidated before on ten x or more kind of leverage. You know, maybe they they did their ten x when bitcoin was at twenty k and they were right, because bitcoin's above one hundred k at the time this recording. But if you try to get too aggressive on your way up with
your investment, you can lose it all. And that's with someone like sailor who owns billions and billions of worth of bitcoin that can that can create some chaos for the entire crypto market if for some reason he gets liquidated at prices none of us will will ever know until it happens.
Yeah, and I'm hoping it works out for him, man, you know, because I think it collapsed with you know, anything micro strategy. It's going to be bad for the entire market. So I don't want that to happen. It's just I'm looking at it and I'm like, when does it stop. I understand, you know, you're bullish on bitcoin and obviously bearish on FIAT, but at a certain point this thing is all cyclical. There's going to be a
bear market. And if you prop up this thing so much with these different stock products and you know, to buy bigcin and raise all that debt, I just feel like it just takes something that could make it all collapse.
I agree.
And Arkham revealed their wallets last week as well, which was interesting.
I don't know if that was the best thing for crypto.
They certainly were diligent about not revealing their wallets, but something leaked that caused Arkham to get a hold of them, so now it's public information if they're crypto ever moves. I did a little bit of digging, not enough to do a research report on it, but I did find that most of their big wallets just had massive amounts, like thousands of bitcoin moving into each one of them three four or five years ago and they haven't moved ever since. So everything that Sailor says he's doing seems
to be true on the surface. But you know, there are so many different wallets when you're talking about billions of dollars, most people don't hold them all in one, and my strategy certainly has broken them up.
So I don't I don't know.
I just it's such a unique and interesting saga going on there with Sailor and strategy, and there are people who know more than I do about it. But I'm always just curious what other you know, crypto experts like yourself are are thinking about it.
Yeah, and by the way, I don't know if you saw this, but I had tweeted about it where he came out and said he doesn't he doesn't believe in proof of reserves. I'm a I am in total disagreement. I believe this technology and what the ethos a bigcoin and so forth. I think there should be some sort of proof of reserves. Okay, if you don't want to release everything to the public as far as your wall address, maybe bring in a third party auditor. And Big four
Forma says, hey, they have the bigcoin. They say they do, it's not paper bitcoin. Then okay, I agree with you there, but I don't like his stance on I don't believe in proof of reserves and so forth. And then you had, like Jack Maler's do to complete opposite, and I shout it out. Jack Maller's like, uh, I forget his company is called twenty one. I believe that they formed to buy bitcoin, and he's like, excuse the proof of reserves.
We have the funds that we say we have, and I believe in that transparency.
Yeah, I think that's that's a well founded way of looking at it. It's just yeah, I think people know that it's that they have a crap ton of the bitcoin's overall supply now, And for the most part, maybe he's looked at more as a hero than this weird goofy guy who's just gambling, making the ultimate gamble experiment. But you know, I do think that people are, especially when prices go down, they start to turn.
On him a little bit and they talk about how he's a little too leveraged.
This is scary, what's going to happen if you're liquidated. So he's like the ultimate meter for people as to whether markets are moving up or down.
If it's going up, he's a hero.
If it's going down, he's He's like a crazy komakazi gambler that could recavoc at any moment.
Yeah, And I personally, I'm not being that. Like I was happy that he was the first mover and he you know, took He was certainly brave of him and innovative of him to do that, and certainly happy. But he never used him as a benchmark. I know a lot of Big oneers sometimes they retreat him like this god, and I'm like, dude, like, don't do that. Okay, the big point, Big One doesn't need somebody like that in
a sense. Right, as an asset, it is amazing and we can all participate, but we don't need to be like kissing the sailor's ass and keep buying more Big One, Like no, Right, And then the thing that worried me though, is just the amount of debt. As I said, so he kept going, kept going. He's like he's become like a bitcoin addic, like I need to keep buying. I need to keep buying. But it's dangerous, man, because it's not like he's just using the cash on the balance sheet.
He's going out there raising debt and now he's doing all these different things and that has me a bit concern man. But you know, like I said, knock on wood, everything goes well, nothing collapses, because that'll be bad. And there's no major blow.
Yeah, I mean, let's just sope for a little short term rebound between now and the next time we speak. I think that's what most people watching this video are hoping for, and we're right there with you. We're happy when crypto is moving up. It's good for our businesses and it's good for you know, our overall content when we can celebrate more and more games.
So let's get back on track soon, Brian.
I know, the last few episodes, when we've wrapped it up, I kept saying, you know, hopefully by next time we see each other, bitcoin's pumping. I'm gonna I'm gonna do the opposite. I'm doing the inverse, Brian. I hope the next time you know we chat, biitcoin is down.
I like that you're you're admitting that you're the counter indicator. It's it's best to just, you know, just like alcohol looks anonymous. You know, the first step is admitting that you're the reason that prices are going to the opposite direction.
I'm a bear, and I hope the price crashes.
I like that. You guys should totally believe him.
All right, Brian, good stuff man, Thank you so much.
Thanks Tony, good chatting