Yo-yo, yo, what up, what up? Good morning, Good morning,
GMGN. Thursday.
Oh, it's a beautiful day. Look at that.
Thursday, October. Although it's funny, the first
day of October and the last day of October. 60 down 31st.
Spooky. 202444 Happy Halloween ladies and gents, it's a
beautiful day to have a beautiful day with my wonderful
Co hosts in the house, Tyler Mando.
Good morning. How you guys doing today?
I'm doing great. How are you?
I'm doing fantastic Mando. It's actually 25° in Montreal on
October 21st. 21st yeah. That's wild.
Yeah, it's actually not normal. I appreciate record-breaking,
but it it was -6° on Saturday night.
Yeah, so let me. Tell you where the weather is,
where I am. So in just so people realize
that swings, it went from 21 Fahrenheit to 77 Fahrenheit in
four days. So we went from 70 Fahrenheit to
20 Fahrenheit to 70 Fahrenheit in a span of seven days.
So yeah, it's. 20° where I am. 20° where I am.
It's 20° where I am right now and it's 10:00 AM, which is
wild. But you know, I gotta say, you
know, hate to put that on the record, but that climate change,
you know, it's been kind of good to us over here.
You know, it's been kind of good to us.
The only downside is like we haven't really been getting snow
on Christmas the last few years, which is really odd for
Montreal. So it kind of sucks.
Yeah, that's terrible. That's terrible.
It's terrible. It's funny you say that.
So like, Chicago is a pretty snowy town.
Yeah, it is right. The bigger downsides, my kids
are four and five year olds, four and five.
They really haven't played in snow.
We have not really had substantial snow for.
It's it's around it time checks out.
Five years, the last 4-5 years, yeah, it's, you know what's
crazy? So the kids today will, I mean,
it's good for the kids going trick or treating in Montreal
today because like I've trick or treated in snow in like -10°
when I was a kid like 20 years ago.
Whereas nowadays, like the kids get easy, right?
They get to go trick or treating.
The parents are in T-shirts. The parents are rejoicing.
I may go trick or treating today.
I actually have a question for you guys.
Is it weird if I go trick or treating?
Like why didn't the grown man what, what my friend Pero was
like, I'll I'll tase you if you came trick or treating to my
door and the wizard said I will shock on you.
I'm like yeah like Wizard will blow my head off and pero I mean
he can only tase me because from Toronto, right?
But like. Well, Wizard's off voting in
California somewhere, yeah. Well, you guys wait, is it Wait,
hold on. I can't trick or treat like I'm
what? What if I'm?
Just find a kid. Find a kid that you know and
like and tag along. With that's a.
Trick or treat, That's the only normal way to do it.
Hold on. Hold on, find a kid you know and
like we. Got to stop this conversation
stops, move on. Move on.
The day on the show. Today on the show.
Who's this guy? Oh, I just like you.
So I'm telling. You this is not the time to make
jokes like this, especially after my video from yesterday
went viral. This is not the time to make
jokes like that today on the show today today actually you
know what though we want to do I'll be that uncle that takes
his brother's kids trick or treated today.
You know what I mean? Does.
Your brother have any kids? My brother's 22 years old.
Exactly so. How you say exactly.
But back in the days, back in Tyler's days, at 22, you had two
kids. I just mean you're not.
Which kid are you taking then? Like who?
Who are you going to be the uncle to?
I don't have any nieces, nephews, my brothers.
Vanessa's doesn't have any. So maybe Tyler's option is the
best. Just just find the kid that you
like and and take it home, OK? This, this honestly needs to
stop. You know what though?
I I kind of want to go walk around.
I'll go. OK, fine.
How's this? I'm going to go walk around the
neighborhoods that are like super rich and giving away cat.
This really needs to stop, right?
Yeah, I had some additional thoughts, but I think we should
probably move on. Yeah, yeah, maybe, maybe it's
all right. Today on the show today, today
market report, Bitcoin is rising to 0 on the back of BlackRock
buying $875 million of Bitcoin in one day and Michael Saylor
announcing that he's rating $42 billion.
Yes, with AB to buy more Bitcoin, naturally, you know the
start the market started nuking on the back of those very, very,
very positive news for the industry.
But we'll talk about that in a second.
Maybe it's because we realized that we got data yesterday that
Europe is in the recession, but we'll talk about that in a
minute. We'll let Michael take over.
Data has shown that there's definitely a recession in the
EU. Anyways, it's.
Looking bad. It's pretty bad.
We'll get into that in a second. Actually, we'll probably start
with that before the market, Tyler's top 1000 and we'll see
what Tyler has in store for us. But again, I think I think
Tyler, you probably got a lot to talk about today.
I've seen a lot happened yesterday personally speaking on
the earnings and everything side and then robot giveaway.
So make sure you're retweeting what what you got to retweet.
Make sure you enter raffle bought that XYZ and the the code
today is actually drinks. I give it early, but you got to
have to count it because we're not going to put it on screen
yet. But yeah, so so yeah, that's the
code today. Don't tell anyone it's drinks,
DRINKS. And then last but not least,
this show is powered by. Do you know who is powered by Do
you guys know who this show is powered by?
I wonder if his people know actually who this show is
powered by. Oh, this show is powered by
Galaxies. With seamless built in
monetization tools, Galaxies enables development of
sustainable long term communities fulfilling Bitcoin's
vision of the centralized freedom and independence from
centralized. Come check him out at Miami Art
Basel at the art house is going to be fire.
You guys are finally going to be able to see what galaxies is all
about anyways anyways anyways, early ways Mendo Mendo's got a
speech for us out here. Let's see what he got Who is the
man Michael daddy of the land. Can you dig it?
Yeah, GM everyone. So it's not a great day for for
Bitcoin to start, like not crazy, just a little bit lower.
I think. I didn't think we were going to
break all through all time high until the actual Election Day or
maybe the day before, something like that.
You're always going to get a little bit of a wobble.
I think around this, like this level probably.
I don't think we're going much lower, but I also don't think
we're going to breakthrough all time high before the election
just because there's just too much uncertainty around that.
Bitcoin dominance just keeps on going higher as well though.
Like Bitcoin dominance is now comfortably above 60 even that
ETH rally. Just like never trust an ETH
rally. For every fucking every.
Time. Every time we talked about it
and it's not even like it's it's.
Just reverse straight away. So yeah, you back down below
2600, most alts down come to be like 5 to 10%.
Yeah, not, not not a great, great board to to see.
But I think also like not really unexpected.
I do think that if Trump wins, that there's a chance that I, I
wouldn't be 100% certain that Bitcoin dominance continues to
go higher. Like I said that I thought
Bitcoin dominance could hit his all time high before the
election. I'm not too sure afterwards
because if he wins, there is a chance here that people get very
bullish on ults because you can start pushing through policy.
So I like for example, you saw yesterday that somebody else
called Canary Capital has, it's just the originally name that's
the Canary. Labs.
Yo by the way between young has crossed 60 and you realize well.
Comfortably so I think you could get a little bit more bullish on
that sort of stuff. So I, I would be unsurprised if
we saw a little bit of rotation actually.
But at the same time, maybe the media reaction is a timely, it
goes into Bitcoin again, like that's what we've been seeing.
I can't I just think up until the election it was obvious the
Bitcoin dominant keeping going high.
I think afterwards, actually, you can make the case for both.
So I'll wait, we'll wait and see there, but I do think there'll
be days where people get really bullish on some of these
altcoins. So you could have big, big moves
higher, but yeah, a little bit of a wobble actually.
Yes. Well, we've had some like
slightly weakish earnings out some of the big Magnificent 7
yesterday, Facebook I think burned like $5 billion in their
in their metaverse style unit again.
And Microsoft had slightly weakened earnings.
So that kind of that's taken down the NASDAQ slightly I think
today, which is also kind of sets a little bit lower.
Nasdaq's down 2% today, so and that's, yeah, dragged lower by
by Microsoft and Meta. So a week a day kind of across
the board. Yesterday's GDP number wasn't,
was like nothing really to write home about.
It was like not that weak, not that super strong.
It came in at 2.8%, which probably shows that we're not
heading towards a recession. We do have NFPS tomorrow, which
is another relatively important data figure and we'll see how
that one goes. But but yeah, nothing, nothing
to nothing from Mac, sorry. The economic side that's that's
dropping. It's more just like some of
these magnificent 7 stocks came out with weakest earnings and,
and we're selling off on the on the back of that.
And yeah, but we did get some news out of Europe that we're
heading towards a pretty nasty recession actually.
So wrecked drinks the had of complete sell out in in North
America and Canada in Europe still have 3500 to sell.
Guys, we actually did sell a lot of drinks.
So yesterday our staff was telling me that we beat beat the
pudgy Penguins day one revenue when they sold their toys.
I didn't know that until he sent it to me.
It was like, wow, we did sell a lot, but there is still in
Europe. I think they're going to open it
up to the US though now as well. Like we're just going to have to
have longer delivery time. But yeah, we've got about 3 1/2
thousand I think to sell there. But good, good first day for
that. But yeah, North America running
away with it, clearly. Yeah, some, some early numbers
from a recession happening in Europe seemingly, it looks like,
it looks like, you know, people can't afford a drink anymore in
the EU. No, things have gone really bad.
I think the UK upping the taxes yesterday morning did not help
the case. But again, America, you know,
coming out to bail the EU, last time we saw that was in, you
know, the 1940s. And it seems like the America
has come up because breaking news is just out of the lab.
Rogue radio breaking. News Drinks is now restocking in
the United States of America. News fresh out of 10:12 AM
Eastern Standard Time, AKA 4 minutes ago. 3698 units
remainings and can now be sold in the US and Canada as well.
So make sure that you get your rec drinks on recdrinks.com,
recdrinks.com and and get a taste of the taste of freedom.
I've got 264 cans of this coming to that figure out where I'm
going to where I'm going to be storing these things.
I have the same problem. Like I have not told my wife I
was just like, yeah, just let's just see what happens.
When they turn up the kids, the kids are.
Getting for Christmas? We have to run.
The kids might be running a rec drink stand instead of a
lemonade stand. Here.
Yeah, exactly. We got a maybe we'll we'll
resell some of these. Yeah, that's like what they did
with Prime, right in the in the playground, they get sold for
like 10X the amount. Yeah, it's, it's, it's, it's
definitely, it's definitely crazy.
It's going to. Be hand them out on Halloween,
you know. Well, they would have to get
here right now. I mean, I would have them out on
Halloween. I have 5 cases under my tongue.
Yeah, they're here. I I kept them here.
I'm too lazy to bring them back down because I brought them
upstairs. So they're here.
I haven't had a single one to drink because I kind of don't
want to drink them. I want to keep them fresh
forever. I don't know.
I feel in 30 years this will be like a like a collectors thing,
you know, I wonder how they taste 30 years maybe like a fine
wine, like a vintage Chateau wrecked, you know?
Yeah, I don't know. I don't know.
Anyway, let's talk about the market again.
So, Meadow, why are we dumping? Like honest question though,
like dead ass like. We dumped.
I mean, yeah, we lost $2000 on Bitcoin on the news.
That like honest question though, like why is there a sell
off on the back of like I know we'll talk about Coinbase Robin
100 earnings in the second title, but like Coinbase
earnings are not that bad. They're barely missed, right?
There was a mistake. They were $100 million off, so
I. Don't think they were selling
off because of that. No, what I'm saying is like it's
barely missed so shouldn't be selling off because of that 875
mil record-breaking day for I bet and then you have $42
billion announcement of a raise for Bitcoin micro sailors.
So what's the reason why we would be selling Mando like
you'd figured on backup news like that you're pushing?
At the end of the day, like the the exchanges, the bigger,
bigger players and all of this, they, they can move stuff around
as they were like as we get to all time high, we have not
broken through this level 12 times.
Like at every single one of those times it felt like we were
going to breakthrough, right? Every single one of them.
It felt like, Oh my God, this is it.
And then it didn't happen. All I know is that last time,
the only thing that got us out of that range was the Bitcoin
ETF being approved, right? That's what broke us out of the
range some big. And I think it's going to be
something like that again. I think you need that like big
jolt where everyone goes like, right, the game's changed, we
can go higher. OK.
I guess we'll see that.
But you were saying before the show that what we need for for
Bitcoin at all time highs is the selections to be done.
Do you think that no matter who wins, we see we're just going to
just like navigate towards on Taha?
It's like some sort of like overhang happening on the space
right now. Until November.
What date exactly is the elections?
Everyone gives me different dates every time I ask.
It's Tuesday. Election Day.
OK, so. That's fifth in November 5th.
November 5th. So we have 6 days until the
elections. Now, do we think that it's just
the type of thing that election happens no matter who wins?
No, no. I think we'll sell off.
I think we'll sell off if Kamala gets in, but I don't think it
will be for a long period of time.
I think we'll have that initial jolt down probably cements
itself as like even higher on the dominance if Kamala wins,
right? So I think you could see Bitcoin
dominance go up to there like 65% if that happens, OK.
OK, OK, well see there you go James.
Shout out to the restock alert. Order confirmed.
Love that. Love that.
We need some huge news. I mean, damn, what other big
news, Hector, do we need than BlackRock buying a billion
dollars of Bitcoin in one day? I'm like we.
We got bigger news than that out of out of Big Mike.
Big. Michael Saylor, Michael.
Saylor, Man. I I OK.
What do you mean? Shut up, Michael.
I thought you. I thought Big Mike.
Big Mike Mando. You know.
Big Michael Mando big, big, big Mando anyway, so there's that
Quickly though, Tyler Mando we're six days ahead of the
elections before I go to Tyler. Suppose thousand, how we
feeling? What, what, who, who do we think
is ahead right now? I mean, the, the prediction
markets and, and the money markets are all still on a very
strong Trump win. How do we feel?
Like, how do we feel right now about all this?
I said, do I think Trump's going to win?
Yeah. I think Trump's going to.
Win. OK, Tyler, your boots on the
ground, though. Your your your boots on the
ground in the United States of America.
How do you how does it feel over there?
I think that the crypto Twitter sentiment is disconnected from
boots on the ground sentiment. Of course.
Like my perspective is a little biased.
I'm in Chicago, which is a, a very blue city.
I think the vibes, the Pauli market odds have gotten folks to
think that Trump's going to walk away with this in the landslide.
And I'm just here to remind everyone that it is a coin flip.
Silver's got it at 5545. So he's still favoring Trump.
Trump has the edge, but he has the edge in the coin flip.
Like it, it, it is not set up to be a landslide.
And I've seen that. I think some of the, the Trump
tweeting could be interpreted as he's got some internal data that
he doesn't like. I think they're, they're
trailing in Pennsylvania and they're starting to, to get
worried about that. They, they are clearly very
focused on getting out the boat in Pennsylvania right now.
If you scroll through that, that's the, that's the
underlying tone that that I'm picking up and it's interesting.
It really is tight. OK, but when?
You're what do you think he's going to run away with it?
Well. Obviously, yeah, but that's CT,
right? CTS always been CTCTS always
been like a little echo Chamber of an echo chamber, right.
I have to say I really like the whole like garbage man gig.
I mean. He's funny.
Like, you gotta give the guy credit, like he knows how to
lean in. He knows how to lean into this
stuff. Him and Vivek, right?
Like Vivek also went and like worked the truck, right?
But I I I have to say that. These are just.
Ridiculous. USA is one big like just reality
show right now. Oh my God this is so good.
People never misses a beat. So anyways I saw that yesterday.
The elections aren't meant. It's honestly just comical.
Jesus Christ, bad. I, I, I really am excited for
this to finish. I think it's going to leave a
big empty gap on CT for a minute, but I think we're going
to get over the fact that there was elections and we're going to
move forward with it. I'm excited for this all to be
done next. Tuesday I can share my favorite
bet. So I think a lot of the election
markets I think are, are tough because again, like I, I don't
feel like I have an edge. I think it's a coin flip and
like I'm not really one to bet on coin flips.
Yeah, I, I, I picked no on record turn out in the 2024
election. I feel pretty strong.
I feel pretty strongly about that.
I, I think we'll see very strong turn out in the swing states.
But so many of the other like the United States is so divided
right now that most of the states like your vote truly
doesn't matter. And I think a lot of people in
like the deep blue states aren't far enough about Kamala to come
out and vote. And I think so many of the deep
Republican states are like, Trump's going to win.
So it's like you, you don't really need to get out the vote.
Silver's got Silver put out his model.
He's got coming in at around 7 million under what what the
2020? You got you got to love the
comment from the guy who voted yes, right?
Three factors to consider. One, there are more eligible
voters overall. Two, Trump will get more votes
this time than in 2023. That's the funny one.
But that means that the Dems will have to print more ballots
to steal the election. He's got 10 chairs, he's got $5.
He's. Got $5 on the line.
That's incredible. It is actually some of the most
funniest thing I've seen in here.
This is the one. It's such a funny comment.
I got in at 20%. It's doubled since then.
Yeah. So I like my side.
Someone said eligible voters increase by 8 to 12 million
people on average every presidential election cycle even
if turn out were to be down a few percent total number of
votes. Yeah, I will see that that is
that's a risky one. I'm surprised it's so close 4555
here on this one. You'd figure that no, you'd have
a better better odds at that, right.
But but no, All right. Seems like a lot of people seem
to think that as well. Is there any other bets you're
participating in for this? I might look at some of the
state lines as we get closer, like if if comma is a huge dog,
I might take some comma gambles because again, I think some of
these are better than I think Wisconsin specifically is 1.
I think we'll go Kamala. We'll do it.
Yeah. So she's an underdog in in
Wisconsin. She's an underdog in
Pennsylvania. Oh, wow, that's.
Oh, shit. I might have to look at that.
Yeah. And that's, this is the election
bet right there, too. So, Philip.
'S model or you How you How do you think that she's going to?
Yeah, I pulled most of my information from from his model.
I look at some of the other models as well by putting the
most stock in his. Who Who?
Are there any other models that that are doing it?
The Economist The. Economist.
And then 538 still runs the model, but theirs is not as good
since he left. Oh, he doesn't own that anymore.
Correct. That's so he he branched out on
his own. So he's running his under it's
called the silver bulletin. Oh, OK, right.
So he's running it off of a paid sub stack now and 538 kept.
Then even Nate Silver's got a paid group.
Yeah. Does.
That's crazy. All right, well, hopefully.
Well, we'll see if he's right or wrong in six days, y'all, Six
days? Isn't the early vote done now?
Wasn't it like a ton of people that went out to vote already?
No, I voted yesterday. You can really vote all the way
up until I I think some of the states like maybe the mail in
there, there might be restrictions on like the last
day that to do mail in voting. I like that.
All right, Well, make sure you're voting, because if you
don't vote, you're not. Ought to talk shit.
Or or or. Don't vote if you're in a
decided state. Help me win my bet I guess.
This guy don't vote take someone else's child to to Halloween OK
let's play with you all right Tyler see what you got for us
all daily NFT and crypto analysis Tyler T on FOMO our
cause the kids can. Bring the batch of bears a lot
of big macro news, but the top story.
Michael Saylor announced plans to raise $42 billion in capital
to buy Bitcoin for MicroStrategy.
Just an absurd number. This comes the same day as the
Bitcoin ETF set a new local high and net inflows $893 million on
the back of 875 from Blackrock's IVIT.
That number is bigger than all but seven of the 590 ETFs which
have launched in 2024 have seen all year, to put that number in
perspective. So it is a gigantic number.
U.S. Treasury Department, they shared
a new report with concerns around stable coins, arguing
they should be replaced by a CBDC.
So folks, that is a storyline to watch in earnings news.
Bad day for earnings. Coinbase missed earnings.
They saw 1.21 billion versus 1.25 expected, though they did
announce $1 billion in share buybacks.
They also announced 2525 million in funding for the fair shake
pack as they are already looking to the next midterm elections.
Robin Hood also missed earnings. Their Q3 crypto volumes were up
year over year but fell substantially from Q1 and Q2.
Though they responded this morning by listing all the
leading meme coins on Robin Hood EU crypto.
So shout out to Robin Hood for that.
Perhaps Coinbase will follow Reddit.
Turns out they've sold the majority of their crypto
holdings. They didn't have a ton.
Canary, Van Eck and 21 shares are all seeking approval for a
Solana ETF now, and I think we covered this yesterday.
Mr. Beast is being investigated for having pumped and dumped
over $20 million in crypto tokens.
In protocol news, the arena that's all 61% of his claims
token states 3000 new users. Good start for them Myriad
welcome to 100,000 decrypt users into beta access.
So if you are a decrypt user on that sub list, go check out
myriad get your beta access going now.
Kudis Solana based fitness tracking project with rewards
and a wearable ring got mentioned in vogue business.
So that was a big mention for them and then million announced
a 25,000,000 raises. They aim to create the first
private data ecosystem. So some big numbers there and
memes and NFTS. Well, the meme majors were
green. They flipped red after Bitcoin
just fell off Cat the cat Shibu band fartcoin were top movers.
It looks like this new RIPE token is the hot runner of the
morning. Maybe we'll take a look at that.
Moon Shot is expanding to base, so good news for Basecoin owners
and NFT news. We saw artifacts announce prices
for Crypto Kicks owners and a new Move to Earn initiative.
KC Rodemor's Memento Mori opened up at a $15 million market cap
on 100 plus Bitcoin volume, though I think it is down a bit
the last few hours. And then new data shows that the
Bitcoin on chain ecosystem rooms and ordinals, it is not growing
and in fact has lost about 2000 Bitcoin and TBL since May.
So that is an important data point for those who are playing
in those streets. And that is that's the rundown
there. Love that, especially the myriad
news. We'll touch on that in a minute.
But before that, let's talk about MicroStrategy and and
Michael, Michael Saylor. So he's raising $42 billion in
order to buy more Bitcoin and he buys it on leverage, right?
Is that? Is that what I'm getting?
So yeah, they, they split their funds between equity raises,
fixed income securities and like they've, they've done debt
instruments. So they essentially will sell
debt, they'll sell equity to, to buy from perspective.
Yeah, go ahead. They do convertibles, right?
Yes. Explain that for people on the
show. Yeah.
I mean, it's kind of a bit of a financial instrument here.
But like in on an upside scenario, it's equity, on a
downside scenario it's debt. So if it if the stock price were
to fall below a certain level, it would be classed as debt on
the balance sheet, which would be like leverage.
If it keeps on going. If the stock keeps on going
above a certain level, it's it's equity like it for all intensive
purposes. Though I feel like you're scared
about like if Bitcoin tanks, that would be debt.
Like in the bad scenario, it would be debt and it would be a
levered bet and it could get nasty.
OK, I think there's it was Peter Schiff that was under Sailor's
tweets calling him out, saying at some point he's going to go
bankrupt right there. I do think Sailor increased
because Sailor's strategy is is to buy stuff on leverage.
Essentially. It's got like this incredible
deal where like the interest that he actually pays on the
converts is basically close to 0.
But, and his stock actually, if you know, like if you followed
micro micro strategy stock versus Bitcoin, but it trades at
a premium over where the the its Bitcoin on its balance sheet is.
So like he's actually like creating value for himself by
printing the equity and then just buying Bitcoin.
But yeah, like we remember that last cycle, right?
Sailor has a level. He worked.
He does, and he's buying it on the way up, which means his
liquidation level is going higher.
So yeah, you have to be cognizant of that.
I do think it's like mathematically certain that he
will blow up. I don't know how to describe
this but like. But that's that would be just
like terrible for the industry though, Like it's not like.
Way up with leverage. At some stage there's going to
be an 80% drawdown. And but what?
Question is what? What then if isn't he smart
enough to know that? Like what's the why, how?
Would he pay interest on the debt as long as he can cover the
debt payments? You have to be able to cover the
debt payments until the Bitcoin price got above the level again.
Well, no, it well it really depends.
Yeah, what you're saying is he would be considered in like
insolvent, but he would if the interest payments are still low
enough, then he could probably satiate them until he wouldn't.
It wouldn't be a trigger, let's say.
So yeah, what you're actually saying Tyler is correct Like he
if it drops 80% and it stays below there for let's say into a
maturity of one of his debt instruments, that would be a
real problem for him. Yeah, it makes sense.
I think there's growing calls in the timeline like this is the
next potential Luna certainly see that scenario, but it feels
like he's he's going to give himself some outs.
So I don't know that I'm convinced he's he's going to
blow up. But to share some perspective,
they've only got only they have 252,000 Bitcoin.
It's worth 18 billion. So they're looking to basically
more than triple the amount. Like that is a monster amount of
like even for like AI don't know how much debt, for example,
Apple has and not many of these companies have big amounts of
debt because they have so much cash.
But like, that would make him one of the biggest borrowers in
US credit markets with that sort of size.
Interesting. OK.
It's a massive number it it is worth if folks haven't been
following micro strategy stock, it's like it's worth pulling up
the chart. Yeah, let me pull it up for you
right now, Trading View. Bitcoin's up 70% and micro
strategy is up 260%. This.
Year. So I remember seeing this and
asking like the chat and stuff, like I think it was KBM that was
telling me that was just like a massive squeeze or some shit.
Is that what happened? More than that.
So he actually owns essentially levied Bitcoin like we just
said. So so whenever Bitcoin does 100%
like he actually does get like 200 and like it should go up by
by that amount. But yeah, it is also trading at
like a 30 or 40% premium right now versus the Bitcoin on the
balance sheet. OK, interesting.
So we get working as intended though this.
Yes, it's working, right. I mean, clearly it's working,
yeah. Then you've got the ETFs which
offer like 1 1/2 X and 2X levered bets on MicroStrategy,
which are starting to catch more volume as well.
Yeah, that's insane. Speaking of which, Tyler,
record-breaking day for I bet, huh?
Yeah, I mean, we covered it early.
I mean, this is just an insane number like on basically on
back-to-back days, like folks are just struggling with like
how did the price not go up? So I think it's still like
raises the question, is it like delta neutral or like exactly
what what is happening here? And then, yeah, Nature Rossi is
actually the one who who compared it to the rest of the
ETF industry. And it's wild that yeah, all but
what the all but 7 of 590? It's it did more volume in a
single day than all those have all year.
Just to put this in perspective, I mean, I share this close and
like, you know, we talked about like down the risk curve stuff
and I think we talked about the macro picture a lot, but like
more and more billionaires are coming out and talking about
this. So we talked about Paul Tutor
Jones and I was listening to the All in podcast.
Shamath is the Bitcoin champion on that pod and he said on last
Friday's show that the resounding inflation hedge asset
for the next 50 or 100 years is Bitcoin and that the die has
been cast. So I mean, he he's saying it is
gold. Like the market's decided this
is this generation, all the next generations gold is Bitcoin
digital gold. I don't know.
It's, it's pretty powerful. I don't don't miss that.
Like, don't get so caught up on the day-to-day stuff that you
miss the the big picture. I love your Aussie tweets.
This was literally me last night, so funny.
And then this is so good. Remember that nobody knows
anything that was JP Morgan doubts that the approval of the
US Bitcoin ETF would be a game changer.
That was back then July last year.
And then I don't think you're going to see massive flows into
the spot ETF, said David Donabedian, chief investment
officer of CIBC Private Wealth. USI don't get the sense that
there was a massive pent up demand to have Bitcoin exposure.
Those are all obviously like receipts from from from a year
ago and it looks like obviously they're aging like fucking
terribly. It's crazy, man.
Spot Bitcoin ETFs now hold over a million Bitcoin.
It's the delta neutral trade, just like Bitcoin.
It's you can do a delta neutral trade here and and clip 12% on
Bitcoin a year. Now that like in Bitcoin for all
of us who fucking have all of our money in in crypto and see
that sort of day, that's that's nothing.
But for the funds like if you can make teens as a hedge fund,
like most hedge funds don't outperform the S&P.
So crazy. So, and if you can lock in teens
returns, that's pretty good. It's yeah, it's, it's, it's
actually so insane what's happening right now on the ETF
side. So it's.
What's mostly insane is the ETF. The ETF go pull up the ETH board
on DJs, I'll tell you. BlackRock.
BlackRock had 870 million into their Bitcoin and 0 into their
ETH. What like that that that
honestly like it just doesn't even make sense.
It's just. Hey, it was a Green Day
yesterday. There was $4 million worth of
ETH bought. I think Mandel bought more in
that in like an hour. It's.
So red over the last five days. Mandu does more volume than the
fucking Ethereum ETFs. RIP youth.
That's. Actually a crazy thought for.
For the ETF, it's not going to get looking good for the Solana
ETF that means as well though guys.
Like. You can't sell the you can't
sell. Like you know what the trade is
is Trump wins and then the idea of Solana ETF running up and
then you sell the shit out of the approval, right?
Well, I think the, I guess if Trump wins, you have a, you have
a bigger call for like a broader tokenization regulation.
What's XRP? It's Solana.
It's a basket, right? It's all the ones that are that
are that are kind of being listed and then maybe like a
meme coin basket. I don't know, but would be
interesting to see what happens there.
Yeah. I mean, I, I joke about it, but
I think if you want a Solana ETF, you have to be rooting for
the ETF because it does feel like it's a pretty big long shot
for the Solana ETF's to do well if, but if the other crypto
basket can't get any inflows. I mean, I have a question.
And it would be like, is there because what if like the new
participants in this economy actually believe that Solana is
the better tech because it's more adopted?
We don't really know that, right?
Because so far I've shown that there's more demand appetite for
Solana in the markets than there is for Ethereum.
So I'm just curious about how people outside of our bubble
feel about it. I probably don't even know the
difference, but. Well, no, that's the thing.
Like I do. Have the headlines, like all the
headlines right now mostly being about Solana is accepting this
or is building that or plug in the marketing of it, I don't
know. It's definitely right.
We're, I think we see a lot of that.
I do think that that what I meant by tokenization is like
the tokenization of real world assets.
If you see a big trend towards that, then I do think that
Solana probably has a slight edge there just because it's,
you know, a faster, cheaper chain to do those sort of trades
on. But but I don't know.
But I do think that I said before, if Trump gets down or do
you think Bitcoin dominance could go either way?
It's definitely not. We could be seeing like the mini
high for it here. OK, we'll, we'll see where that
takes us With that. Just a reminder, the code is
drinks, DRINKS, rafflebot dot XYZDRINKS.
Make sure you're tweeting, make sure you're following and get
all that done. Speaking of earnings, I mean, we
may as well keep going on the earning side.
I thought there was a bunch of good earnings across the board.
Tyler is there not? I I think they all missed.
That's why the stock market's down today.
A couple points. It was a huge day leading into
like at close yesterday, all these stocks were, were kind of
pricing in like 5 to 10% moves plus or minus based on how
earnings would come in. And they all pretty much came in
down on the crypto side. So Coinbase, they, they came in
1.2 billion. They just missed on the overall
1.26. It does look like trading
volumes were down from Q2 that came in at 185 billion versus
226. I don't know.
That's a huge surprise when you think about Q32 of the the peak
summer months. It's July and August, right?
I think people don't realize that Q3 is this weird, isn't it,
as a founder like Q3 is this weird like quarter where it's
like not much happens? It was quiet, numbers were down,
you know, the the majors were kind of chop solid dating or
what not. They did stay profitable.
So $75 million profit in the quarter that compares to
$2,000,000 loss. Q 3/20/23.
So year over year is still pretty strong.
They didn't announce a $1 billion share buyback plan to
capitalize on the market. So there they are betting on
themselves. Then I think the other aspect of
this or so stable coin income rose to 250 million.
So that's a, that's a pretty, pretty solid line item right
there. They saw USDC on Coinbase jump
to six, 6.6 billion and then they're going deeper into
politics. So they announced another $25
million for Pearshake focused on getting pro cryptocance elected
in 2026. So they're already starting to
look ahead. So I have to have to keep
rooting them on there. OK.
I mean the Coinbase miss was not crazy, right?
It was they, they earned it was 121 and then estimate it was
125. Amando, I saw you make a tweet
about that. I made the same joke yesterday.
Right away, it seems like it was quite a lot of people thinking
that way. Do we think that this is what's
going to push Coinbase to finally acknowledge meme coins
for the, for the revenue for this quarter?
Do we think this is what it's going to take for them to to, to
finally sort of start buying into that?
I honestly just have no idea why.
Like Coinbase have listed some stuff only futures in Europe.
That's kind of how they like, that's what when you get
Coinbase listing these days, it's only for futures in Europe.
They say, hey, we're going to list it.
We're going to list this pub. They should be listing these
things like these are meme coins.
If Coinbase can't don't think that they can take that risk
with meme coins. I just, I don't know, like it's
we could be maybe, maybe if Trump gets in, they'd like,
yeah, we're going to start listing some meme coins, like,
but meme coins, right? Like.
I don't know, it just it seems as though they're being very,
very defensive to not list them. Is there a reason for that?
Because they listed bunk quick obviously.
Like they're very connected. It seems they listed not even
not even bass means actually the one thing that made no sense to
me. I'm sorry it was the D Gen.
chain. Like all three perps like that
and that makes absolutely no sense.
But they haven't even really listed acknowledged the memes on
Coinbase, have they? This is a point like they
clearly have a thing against it which which I would see is the
cleanest all all everyone's trading is memes like you you
bring up do. You think it was because of the
SEC suit? I think it is, yeah.
I think, I think because it's not just them, a lot of
different US exchanges don't list them for spot, right.
You list every other fucking utility coin that has fake
utility governance. What's like, I don't understand,
I mean, I guess I'm speaking to people who think like me so but
I just don't get it. I think it's it's it's strange
from my pet because for one thing, they've been pretty,
pretty strong in their defence of what they've done is
completely right. So I don't see why they feel
like listing mean coins would make their case worse.
Yeah, that's yeah. The policy for sure.
It's a policy from them that they don't.
It's clearly a policy. I just now I'm I've been pro
Coinbase stock from an investment standpoint before
earlier in the year, but now like I'm looking at it like why
would you own Coinbase stock over just owning Bitcoin at this
point? I don't really know that it
makes sense to. Yeah.
I, I prefer it versus ETH because I think a lot like we've
spoken about before, the base is just capturing so much of the
trading and right now, so I would look at Coinbase versus
ETH, but I, I prefer Bitcoin and Solana to play for them.
Yeah, I would agree. OK, so yeah, I don't know, I
think they're gonna, I think they're gonna start listing meme
coins. I also think I do anything that
these people wait for the right time 'cause like if they had
listed our meme coins, like in the summer, what happened then?
Like they sound like they performed very well, right?
And then they sound not great. But like if you list like a Pepe
for now, like I saw you tweeted about Pepe first Mando, it's
like, oh, it would start with Pepe.
Seems like it would start with Pepe.
It's the most logical coin to list first, though I do think
with as well because the hat is on.
But. Because of my bags?
No, I probably. You should see the lines I drawn
with. Only Tyler has seen them.
They're private. No, it's just like you.
You never don't see Pepe in the top derivative of what?
Like it's never not there, but but that's not the case for,
for, for. So like it put put in
perspective yesterday Pepe did 1.3 billion, Wif did 7700 and 70
million Mudang again did Mudang over a billion.
So yeah, yeah, like WIF is there, but Pepe is the obvious
one. Like it has always been there.
It's by far the most obvious thing to mean to be listed yeah.
So I guess we'll see we'll see what that unlocks.
But you know, Pepe would would help a lot and it would help
overall the ETH ecosystem for coins.
I think could use could use could use a dub like that.
And then the on the Solana side, I don't know who they would list
first, but if Mudan got Bitcoin, Binance bought Binance futures
and if they get spot, we'll see. But anyways, did you guys
actually see that clip of CZ that surfaced this morning,
People of the prison guards? Yeah, they they want to know his
tips. That was a funny 1.
He reveals that a couple prison guards asked him which coins he
should buy. Didn't say which ones, but yeah.
I'll switch. Tell us which indeed.
Of course you'd ask that question.
Let's let's ask him, Give me some, give me some money.
Yeah, he's he's not allowed to talk about crypto at all,
actually. So he wasn't able to, to mention
anything. And that's part of his thing.
He's he can't talk crypto. He can talk family, can't talk
all sorts of things, can't talk crypto.
Oh, shit. I just saw the time.
Tyler, what else? What else was like top, top
headlines for you this morning? Robin heard Europe they're
they're they're listing the top five meme coins.
So if you want to know which which coins.
There's no money in Europe. It's like we're launching it in
Europe for like $5 volume like. There's going to be $5000 volume
traded in the next. They pay you.
They pay you to trade. Yeah, yeah, exactly.
So there's not a whole lot there, but they picked basically
the big 5. So I think we still have those
coins as the the primary leaders in the meme streets.
Let's see, other than that kind of the the memes are all pretty
much bleeding this morning. Goats coming back to 500
million. Love that is down.
I don't know. I like this goat dip I actually
added a bit before the show. What's GOAT looking at right
now? Let's let's let's go look at our
memes. 20 before the show, let's.
Go look at our memes. Let's let's check in on our
memes that are bleeding right now as Solar is literally
trading like SBF is dumping the rest of his bag goats at 5:20.
How is Murad's memes doing right now?
They're down. I think Ricardio was up.
Most of the board was like slightly red.
Oh, Mog was MOG was up. It reflects SBX looks like those
two. Oh yeah, we strongly mention.
That though, right? Make sure you mention it please.
Those are my my top 4 fog mog. I mean, goat goats down what, 6%
from yesterday's show? But yeah, those are the four.
Those are much. Though I believe Ricardio
survived the Mendel Kendall so we we've made it.
I sold just to let you know, no. No.
No, no, no, no. No.
Oh my God, I'm so bullish. Yeah, yeah.
I would consider my entire life for a second here.
Not 4, but it's not not what I sold.
You know, the one that I'm surprised is actually performing
like trash is lock in. I'm very disappointed in my
locking bag. But it's OK, we stay locked in.
But I have to say, like this is the one that I thought like
that's the that's the term, right?
Vodamo, where you at? Vodamo, everybody tag Vodamo at
the bottom right. There's Twitter spaces right
now. Please And tell Vodamo that
Farouq has a message for him. Farouq needs Vodamo to stay
locked in yeah Anyways, besides that outside of this list, yes
fog. I mean, I can I mean saw a huge
pump to 300 mil, obviously like a retrace here, but for me like
this form like I think this one's the next one they're going
to send to a billion. I don't know what you guys
think. I no skin in that game but I
think this is the one. Looks like they've got a good
set up there. I have my four that those are my
four favorite. I don't think Fog's gone a
billion, but I do think you can do it.
I think you can do a 3X by year end if.
Well, 3X is pretty much a billion dollars, brother, but
yeah. Close.
That 3X here from here is what 790-5800 mil so so that'll be
pretty nice. Make sure you tag Vedamo here
and then what else we're we're on the watch list in terms of
memes and Mudang. Let's talk with pardon.
Pull up Mudang and then we'll go runes.
Let's. Go let's talk about runes,
because your tweet that you shared from Farmer Joe is pretty
interesting. Yeah, so this was opening for me
and I guess I shame on me. I hadn't been paying attention
to this closely enough, but it's been the liquidity suck out of
the runes and ordinals ecosystem.
Basically since the run up when runes launched in May, the
overall ecosystem is down about 2000 Bitcoin.
The the value is down a little bit less because the price has
gone up, but this kind of shows you that it's going to be hard
for sustained pumps in the existing ecosystem until that
starts to turn around. And I think we're seeing it with
memento Mori drop. You know, it's maybe it's just
confirmation bias, but basically all the leaders sold off 10 to
15% as folks got funds ready to buy the, the shiny new runes and
it's all 110 Bitcoin volume. It got to 15,000,000 and now
it's kind of a question of what's going to be able to do
from here. Yeah, it's down to 12.7, so a
strong first day. But until more Bitcoin comes on
chain and starts playing with these assets, it's it's hard to
be super bullish, right? Or, or again, like the surprise
sex listing is the wild card here.
Yeah. So we're rooting for sex, yeah.
I mean, we're rooting for sex. I mean every single crypto
participant is but but it seems like we can't even get our memes
listed so so we'll see what happens there.
You're right, dude, like honestly, like every single time
a new room drops like there was a memento more yesterday, like
pops takes a 40 million market cap hit and it's not just pops
just because that's the one I look at because I own it, but
every single one of them just drops.
Even the collections like the major 4 collections that we talk
about quantum cats, no monkeys, pop cat puppets.
And what's the other one? I get O.
MB. O MB they dump like 1520 points.
The second is one other hot narrative on routes.
It never. Happened that everything goes up
together. I mean it's sorry, as soon as
something's out like as soon as it's a hot shiny thing,
everything dumps. So I don't think there's a lot
of people trading ruins at the moment on there.
No matter how much like magic Eden is really doing a good
effort and making it easier. But it's it's tough so far.
So let's root for sex and right Griffin.
Of course Griffin would tweet that with message out because
Griffin did it. What's up?
How do I look at the top? You just go to ruins and sort by
volume. And you look at the top.
Ruins here, you go to Magic Eden.
They've honestly done Magic. Eden is the incredible job here,
and you go by volume. I was trying to, I was trying to
sort by market cap, but that's just terrific.
No, by market cap, you can't. You want to do by volume here.
There you go. So by volume and Mentor Mori has
done $8 million in volume, but you see $8 million volume is
like the total volume for ruins like for the last like 15 days.
Nothing else is over a million. I mean, yeah.
Like Pops is doing 200 K volume a day.
Yeah. So there's not much volume.
Yeah, there's really not much volume going on there.
Like Puko was the new narrative that was 5 mil.
It's doing 71 K volume. Like the average shit going on
Salon on those like 10 times at volume.
You know what I mean? What?
We'll say is all these coins did level up in that time period
where the Bitcoin total supply drops by 2000.
So we still did see a pretty big run without an influx.
So it's possible, but like to go further from here it seems like
it's going to take a little bit more.
It's going to take more right, But the good thing on the flip
side is if you catch the pumps on a little volume, it's
fireworks, right? Like pups just went from 90 mil
to like 175,000,000 like a day Mendo, you know what I mean?
So it's like and that wasn't like 400 Q volume.
So it's like it really doesn't take much to get fireworks going
on that. Is that like?
You need to sell these pumps. Yeah, it reminds me.
This reminds me. Oh, I know what it reminds me
of. Just a little bit and then you
can buy it back but like it. The gaps in runes are just
insane. You could write like 90K, you
could write 90 mil to 150 mil on pumps probably for the next
three weeks and it's going to still happen, right?
And the thing, you know what reminds me of trading NFTS?
Pre Genie 3X2Y2 pre looks rare. Pre all this stuff opens.
Remember buying them one by one off the floor and having to
front run each other because you didn't know where to buy so had
to go 3 rows down? That's exactly what it's like.
And in a way some people made a ton of money because if you play
that to your advantage, you know it works out.
So you should accidentally sell your your your your pups like
Tyler does and then it works out.
It's still so there's still an advantage to like this ruins
like the low volume sucks, but like go look at RIP ETH the the
runner from this morning. So everyone was sending me RIP.
ETH same and it's dead now. And it and it died in 5 minutes.
So like you have to be. You can't even go outside to.
Classic. You know how many times I got
rugged? Yesterday I got rugged three
times on three different coins. Actually, I think I got rugged.
I got rugged like 6-7 times this week.
I'm so tired of it. A bad week for the trenches.
Which is weird because like, Luche was a big hit and it
seemed like everyone printed on that.
I had a huge dump overnight, and then it came back as well.
Yeah, yeah, that's some dump when it came back.
Anyways, I'm seeing the time we'll get to robot spins.
But quickly, just to to mention what Tyler talked about earlier,
the crypt readers, are you going to be able to access Marriott?
We've been keeping Meteorite in close beta all October for
reasons that you're about to find out over the next month of
November. It's there.
Marriott is available for decrypt newsletter participants
just going to crypts Twitter account.
I think you have to retweet that today anyways to enter the robot
giveaways. So you can check it out, but
make sure you check it out. Don't sleep on that.
And if I were you, you know, once you're, you know, let's let
drank points get farm first. But I would I would start
farming that as well because it's going to be an exciting
November, December coming ahead on our front.
But yeah, definitely check it out.
We're going to be allow 100,000 more people.
It's been good so far. We've only opened whitelist to
3500 users and we have 1000 weekly actors.
So it's not about ratio. And now we're finally able to to
open to some more people. We have to wait a little bit in
the back end. So some exciting stuff going on
drinks.