Yo-yo, yo-yo, what up? What up?
Good morning. Good morning.
TMG Monday. Oh baby.
I need to kill myself this weekend.
Month, March 3rd, new month 2025.
Look at that, another beautiful day to have a beautiful day.
It is a it is a great month. It's the month of the Persian
New Year. It's the month of the renewal,
the month of the spring equinox on March 21st.
It's 5:00 AM Eastern Standard Time.
I think it'll be 6 by then because we're changing time to
think, but it is a big month for, for, for my people.
It's an important month. It's a good month.
We're feeling positive about it. It's my, it's my favorite months
after my birthday. Actually, I think it's my
favorite celebration. Celebration over my birthday.
That's how big it is. Yeah.
So it's a, it's a nice. Usually it's a very positive
month. So we like that, right?
It starts getting a little warmer.
Montreal didn't get the memo with -27 yesterday, but it's
usually a little a sign of better man.
I really, I really mess my I, I can't move my neck.
I have to like, move my chair to look at my different screens,
you know? What happened just from your
workout? Yeah, Saturday I decided to put
a, I've been like elongating my workouts.
So instead of an hour, I do like 75 minutes now and on and on.
So I did 50 minutes just on my back and then do like a 20
minute buy then do like I was like I I guess 50 minutes was
like a little too much for my body.
Like I think my body was just not down for 50 minutes of back
lifting. So now I can't move my neck.
Yeah, we didn't go out this weekend.
We're still working on the OR on the health chart.
So we're good. Tyler, how's your weekend?
How you doing today? It was good.
I mean, what a wild turn of events yesterday.
We're used to puking all weekend and now we had like the most
green weekend we've had in what feels like months.
What's that mean with Kim Jong Un?
Like in the midst of we're still over?
I thought that when he's lighting a cigarette on, you
know, I mean, it's over again, but it's OK.
But it was a fun I. It was a fun 24 hours.
Now we're coming back to Earth a little bit here.
It was a fun. Sunday.
It was a fun Sunday. The boys all caught the move
right. Like it looks like it looks like
you me Mando. I know Ovie did as well.
I know a few of us and we we cut that small move pretty well.
So it's you love to see that was that was a great weekend
anyways. Also I'm cooking on Marriott
dude, like how much Bitcoin will like.
I bet that Michael Saylor's going to stop buying Bitcoin
this week. And I just made 200,000 points
off that, so that's not bad. Nice.
And the Lakers won. Oh, and I won Adrian Brody best
actor and leading role for Oscars.
Dude, I am on fire on Marietta. I wish my points counted towards
leaderboard. I'd be cooking, you
motherfuckers. We we you nailed the the cricket
bet I I wish I'd I'd put more capital did that. 1, you got
that, that that thrower or whatever they fucking call in
cricket like the guy who throws the ball, he's throwing the ball
with an $800,000 Richard Milly. Like this takes immense amount
of self-confidence and balls. Also, if he has a Richard Milly
on, he probably has a probably like the top athlete.
I feel like, you know what I mean?
So it's like, it's like a mental game, you know what I mean?
So you got to study that. Yeah.
If a tennis player is rocking a Richard Milly playing, if a for,
if a, if a cricket player is rock, we're also rocking Richard
Milly playing. Usually you want to slam it.
Plus, Indians are notoriously good at cricket.
Study OSF, who's actually cricket champion. 2 times under
13 in the peewees. So yeah, yeah, yeah.
So it's a, it's pretty big deal. Anyways, today on the show
markets, we lost, we lost, we lost, we lost the man.
We're we're one man down. I don't know, Mando must have
had an emergency. But we're man, we're man down,
man down. But we'll talk markets.
Don't worry, we can do our thing.
We'll talk markets, we'll talk. What else are we talking about,
Tyler? We have top one, Tyler.
I mean, we got to talk about this weekend.
I mean, this whole what? It's a big week because there's
Crypto Summit on Friday. Anything can happen.
We have an announcement of 1:30 PM today with a big Congress
thing appearance tomorrow night per Trump.
So there's going to be a big, big week.
And then let's talk about this. Then last but not least, this
show is powered by, well, I'll tell you what this show is
powered by. This show is powered Galaxy.
Galaxy is the Web 3 platform empowering creators and brands
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rolling title sponsor today on the show Wallet connect.
I mean, you've, you've all heard of wallet connect for sure.
You've probably used their infrastructure because like 30
million people using it in in crypto.
True story. Wallet Connect is the
connectivity network shaping the future of on chain UX.
If you've connected web 3 app, you've seen wallet connect the
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crypto icon of trust in crypto as recognizable as visa a check
out dude that's a good read bro who wrote that?
Want to learn more Follow at wallet connect on X and telegram
to stay ahead of what's next Dude.
I I like those reads Tyler like our our our partners are giving
us a good look at that blue logo.
It's everywhere. An icon of trust in crypto.
Dude, I love that. Can you name more transparent
hosting us when it comes to sponsors?
We're like out there. I love this shit.
All right, Tyler, I'm just going to go straight to your top.
Let's take a top down for this show.
I think there's a lot of interesting stuff to talk.
About folks, top story yesterday we got the surprise announcement
from Donald Trump stating that the crypto strategic reserve
will include XRP, Seoul and ADA. He then went on to clarify, of
course, in addition to Bitcoin and ETH, this made all five of
those tokens just absolutely skyrocket on Sunday and
impacting the broader market as well.
This came just a few days after the White House announced first
ever crypto summit taking place this Friday, chaired by David
Sacks with founders, CEOs, investors and that core crypto
working group members all in attendance.
So that's going to be a big one. The other big headline, we
talked about this on Friday's show a little bit, but I didn't
quite understand the depth of it, but BlackRock added its
Bitcoin ETFs to its model portfolio for the first time,
adding a one to 2% allocation, which opens the doors to
hundreds of billions of dollars in copy trading.
Still arguably the biggest announcement of this past
weekend. So I think we.
Got to talk about. A bit more Bitcoin ETFs did see
positive inflows on Friday 94,000,000, their biggest day in
in a few different weeks. Arizona Senate one step closer.
They passed their strategic reserve Bitcoin bill.
Now on to the House for final approval.
Metaplan keeps buying even though Sailor didn't Sailor mark
safe from the dip last week. He did not buy.
Thank God. But Metaplan, they bought 13
million and then there's a a vote coming today the Senate on
repealing this one of the recent IRS rules against crypto and D
flash that's going to be another one to watch in token AirDrop
and protocol news. Cauchy designated as a covered
exchange by the CFTC. Saw that?
For prediction markets, Kronos considering a proposal to
reissue 70 billion CRO tokens that were previously burned.
I'm not sure I've seen that any time recently.
Infinex announced self sovereign Bitcoin vaults and then folks
Ruins pumped yesterday. It seems tied to this launch of
Odin dot font, which is I think it's a new, it's on the ICP.
But these tokens have actual liquidity like we're talking 10
to $40 million in daily volume on some of the leaders.
So maybe, maybe some light at the end of the tunnel for Ruins.
We'll talk about that. The rest of the board AI up a
touch. Some of the leaders up 10 to 20%
or more in the wake of the announcement yesterday.
If Arc coin was a top winner, I was up 50% at one point.
Meme coin leaders up about 3 to 10%.
Broadly. The Libra scandal actually made
the front page of the New York Times on Saturday.
Ronald Dino in a sign that we are kind of cooling off from
meme aping Ronald Dino launched the Star 10 meme on B&B
yesterday got to 30 million so it's it's harder for these
tokens to run these days and NFTS on chain heroes introduced
the dungeons as the next phase of their P2E game that starts
today and then Luca wearing the igloo hat today for a reason he
shared something coming perhaps for those American made jpegs
coming out of the the news from Donald Trump.
So an announcement. Is that so?
But it was provocative. It is that so, huh.
It's that, so we should open a market on that.
Will there be an NFTETF? So an ETF composed of 100% NFTS
filed by the end of April, Would you take that?
In 2025. I said filed.
Yeah, in 2025, I take it April
is close. I like that, though.
I like those odds. I mean, you know, pretty sure
Mark is going to have nice odds, right?
Yeah, I'm. Probably also also take yes for
filed. Yeah, why not?
All right, you heard that. Who's who's who's listening from
the, from a team. I I just got off a call with the
team. We're like planning our first
USD markets as we speak. So they're coming, they're
coming. I don't know if you caught that,
but the The Sims is being cheeky out there on the I was like,
what the fuck is this guy talking about?
And then I read the first letter of each word.
I was like, oh, that makes sense.
Before we move on, so I I shared a a post yesterday before all
the the news came out just talking about the myriad Twitter
integration. It's like, folks, if you haven't
checked this out, it is cool. So like I saw one of the folks
that follow eyebrow. Getting better.
A thesis about the Bitcoin reserve market on the state
level and he had the market embedded and I.
Can just, it's nice, Yeah. If you have the extension, you
can bet like, like that's what Tyler was talking about on
screen. It's like if you this is a
tweet, this is not a market, but you could actually click on this
and use the market. So yeah, that was nice.
I saw that they're they're pretty.
It's really nice. It's well done and it gets
better. I, I saw your notes, like if
anyone has notes or like suggestions keep sending.
But yeah, we're gearing up for USDC markets ASAP.
So you guys are going to have a lot of fun anyways.
Tyler, let's go back. Let's take care.
Let's take it back a little bit. I feel like we have, I feel like
we have to talk about this weekend first, right?
But that was like the biggest news.
Markets bounced a lot. I'm going to pull up some charts
here, but take it, take it, take it for us.
Yeah, yesterday afternoon we got the surprise announcement from
Donald Trump. I think it was shared on True
Social. First, he says AUS Crypto
Reserve will elevate this critical industry after years of
corrupt attacks by the Biden administration.
So he's reinforcing here his executive order on digital
assets. He's directing the working group
to move forward on that reserve. The reserve will include XRP,
Seoul and ADA as he makes as he looks to make the US the crypto
capital. Of the world.
So that was the first announcement.
People are just spinning, going wild.
XRP, Seoul and ADA are starting to pump.
I think Bitcoin starts to move a little bit.
Then there's chatter on the timeline.
Wait, does this mean E that's not included?
Does this mean Bitcoin is not included?
And then an hour later, Trump comes out and does clarify that
obviously Bitcoin and ETH, as other valuable cryptocurrencies,
will be at the heart of the reserve.
So I don't know that we need the comprehensive list here.
Like, I feel like this is the potential list.
I've got a lot of thoughts on this.
But that was the news. These are the five tokens.
Those five all just absolutely skyrocketed.
I think Bitcoin printed the largest candle in its history.
Because it's a. $1000 candle. I I think that was whoa.
You mean weekly or daily? Fuck that was a $10,000 daily.
Yeah, I saw, I did not verify this, but I saw a headline that
it was the the biggest daily candle.
Ever. I mean, it has to be largest
daily candles ever on big. It has, I mean, 10,000 dollars,
Yeah, I don't know, but it's got to be right.
Yeah, it's got to be up there just because, I mean, it had to
have been done in the last three months anyways.
Right. I remember not long ago we said
it was the largest daily. It was like 8K.
So surely this has to be it. Yeah.
Wow.
It's giving back half of that so far.
But it's not a bad place to buy on the bounce.
We talked about it last night. I even told you, like high 80s
probably is not that bad. Wow.
What a candle, though, eh? It feels good.
Right, that was a candle. But then look at Solana.
Solana went fuck. What was the daily on Solana
yesterday? The daily on Solana.
My God. Wait hold on.
Oh my God that was a massive fucking candle bro.
It went from 1:40 to 180 essentially.
Yeah, I mean that. Wow, internal you.
Guys lost that very quickly as well, but like, my God.
That's a 30, nearly 30% candle. Until yesterday.
Nuts. Like the people who bought 135
is like with with the hope of going to 160 or 180 thought that
might play out over like weeks or months and it played out in.
Afternoon day. I mean, we all even thought like
I personally like that's why I have my whatever, like my
astrology on the on the board here.
But it's like I was 163. I thought was top pico top
again. So I sold a bunch like 160 but
went higher. So well done.
I mean, this is really good to see.
It's relief, right? Like you must rather have even
Solana hover over the one 60s than that bottom range here
which kind of sucked. It was nice relief.
It's like hard like, do we know if the bottom is in or not?
We can get into the broader macro conversation maybe a
little bit later. I don't know that a whole lot
has changed like since what we were talking about the end of
last week, right? And like this, this news event
itself, like I've been, I was trying to wrap my head around it
yesterday. Like, is this even news?
Because it's an executive order, right?
He named new tickers, which I think is the specific news.
But like, we knew about this executive order, we, we knew
that this working group was to build this plan.
And even last week we were talking about like there was a
subcommittee meeting and they, they weren't making very much
progress. They were moving very slowly.
So the the real meat in this news did feel a little light.
I guess the the bull and me like the like the hopium here is that
like this reinforces that this is something that is top of
mind. For.
And then, arguably and maybe, the White House summit on Friday
is the actual news. I'm very curious what happens
then. So let's let's revisit.
Some of the tweets from from the White House were close to it.
Eric Trump 12 hours ago. I love the genius of announcing
a strategic reserve on a Sunday when traditional markets were
closed and Wall Street sleeps for the first time.
Retail investors win traditional finance better catch up or it
will become extinct. The world no longer runs on the
Monday to Friday, 9:00 to 5:00. What?
What a tweet from one of our top three Kols, right?
Donald Trump is number one, right?
You have Cynthia Loomis in him. It's like our favorite Kol.
Oh, the Caesar too. So bizarre.
So we have a few big Kols now, Tyler, you're going to be
competing for yaps, dude. And then an hour ago he said,
you're welcome, my friend. Hopefully I made someone's life
just a little bit better. Now my advice is huddle hold, IE
long term. What do you think of Eric Trump
here? I I love that.
Yeah. And so clearly they're they're
they're looking to build tokenization on Ethereum.
I don't know if they're specifically looking to get into
like tokenized stock trading. Yeah, but I mean certainly 24 or
7 trading availability is a is a foundational aspect of it, which
makes it makes it great. A lot of people are angry at the
at the ADA ad here. I mean there's David Saks's
official account from the government and I'll show that
his personal account in the second.
But this has pissed off a lot of people.
What what is your thoughts? I saw I mean Bryan Armstrong not
pissed off but actually did piss off a lot of people.
But Bryan Armstrong's thoughts were excited to learn more so
from an opinion on asset allocation.
But my current thinking is one just Bitcoin would probably be
the best option. Simplest and clear story of
success for the gold 2. If folks wanted more variety you
could do a market cap weighted index of crypto assets to keep
it unbiased. So probably up to one's better.
What? What is?
What is your thoughts? I, I seem to agree with that.
I think for one, like the, the fight against Sax was that he is
an investor in Bitwise and Bitwise's largest holdings are
the, those tokens that were all included.
He did come out and say, hey, I sold all my personal
investments, but I don't, I don't think that carries over
to, to Bitwise and people are just going down the, the crony
capitalism. This is just Trump trying to
enrich his friends. And, and that was the the big
narrative that I saw. And, and it's loud.
And I think there's, there's going to be a lot of pushback to
this. My thoughts In general, it does
feel like this could be a negotiation tactic by Trump.
Here. To start wide, knowing that
perhaps all five of these don't get in, but then it's easier to
pull back and get Bitcoin in to the reserve.
I would agree with Armstrong's take here.
I think Bitcoin is the easier case, especially just comparing
it to to gold market cap weighted of course is probably
the simplest way to do it for the others.
But I think there's a lot of questions on the merit of
including tokens like ADA or XRP in the reserve.
My thought is it would make more sense in the sovereign wealth
fund anyway than a strategic reserve.
So that was my initial reaction. I'm not getting too hyped up
that we're actually going to get a strategic reserve with those
five assets over the the finish line.
Anytime, Yeah, Mando. Hey guys, how you doing?
Sorry, I've only got. 10 minutes, but what do you?
Make of this the reserve. Stuff.
Well, we were talking. Like overall like weekend news
and then like would you agree with the statement?
Like a lot of people are really pissed off about the the picks
when it comes to the pad, etcetera.
What do you make of that? I think there's just like a
probably a misconception about the reserve in general.
My honest view is that people in their mind think the Fed is
about to print money to buy these assets and there is like a
zero percent chance of that happening in my opinion.
There's also a very, very low chance in my opinion of them
using taxpayer assets to to, to do this.
I don't think they'd be able to get through a broad based,
particularly in altcoin based reserve.
The only way for so, so, so if the Fed doesn't buy it, the only
way to buy it is as Tyler says, either by a sovereign wealth
fund or by, by the Treasury. There is a, there is a part of
the Treasury which owns foreign exchange holdings, but you have
to you, they, they own them under like very specific
national security interest scenarios like security and
defence. So they'd have to argue that
that was somehow needed. And then in terms of how they
would buy them, they would probably need to sell gold
holdings to be able to do that. I think that's.
Going to be incredibly tough for them to be able to do like the
idea that they would sell 10% of their their gold holdings to buy
anything. I think the the number one
scenario here and I know that sounds a bit doom and gloom, but
like I just think put to a side that you think the US is going
to buy these assets. I think they, they might call
them strategic reserve assets. I think they might stop all
sales of them. I think there's a chance that
they work alongside some of the miners and start mining some
some Bitcoin. I think they may get donations
from some of these assets, if I'm honest, like in the same way
that World Liberty Financial does.
Maybe in return for being a validator or something like?
I don't think that the. The the real.
Question is how do they get the money to buy these assets and
that is going to be very politically difficult they're.
Not going. To be raising taxes to do it,
there's some, there's some commentary that that and that
that's on the political level, right.
So that's like, if the Fed was to be able to do it, they're not
printing money to do this. If, if the Treasury was able to
do it, they'd have to sell some gold holding to do it.
And even then, I think that's like politically very, very
tough. An executive order, just just to
be very clear, does not mean they can spend money like they
can't spend like you actually spend money.
You have to, you have to get it through Congress and and the
Senate. So the only way that they could
do it via an executive order would be that via this, this
slice of the, the Treasury called the ESF, they'd have to
sell gold holdings to buy, to buy Bitcoin.
But they're not set like there is no chance in hell they're
sending gold holdings to buy ADA, like no chance in hell.
But they like maybe they could get away with doing it for
Bitcoin. But even then, I think that's
going to be very, very difficult.
I think the most likely scenario is that they get this status,
they get some form of maybe like participation from the US in the
network or they get some form of tax breaks for being there.
I don't know if it will extend to capital gains, but they'll
probably get, you know, maybe there's some of the benefit for
being US based. And.
Then maybe down the line of sovereign wealth fund.
I'm still not sure how the. Sovereign wealth fund will be
funded. There's some talk about again,
like they may have to issue debt, like maybe gold backed
debt to buy things, but which may be more palatable, you know,
maybe they issue some bonds based on the gold, but I think I
think that's going to be a little bit difficult or they or
they maybe get some from tariffs.
There's been some talk about like the sovereign wealth fund
gets gets funded from tariffs, but we're we're not talking
about like hundreds of billions there.
We're probably talking about like tariffs are probably going
to make in the 10s of billions a year of revenue for the US.
So the idea that that that would then turn into like, and then
what percentage of that is going to go to crypto versus other
things is is difficult to judge. So, but what I do think is if
they get this status, you may see other countries.
Other. Countries move more quickly to
buy Bitcoin. The thing the thing about the US
is it is kind of hamstrung in its, you know, it has three
different governmental bodies really, right?
It has the executive executive office, it has Congress, it has
the Senate. So like the idea that like this
can happen, it's going to be a little bit more difficult.
If the UAE wants to buy some Bitcoin on the back, they can
just do. It over overnight, it'll get
done. If Russia wants to do it, it'll
get done. If China wants to do it, get
done. So weirdly, I think getting
bullish around the the EU s s involvement in this.
Like I actually think when you go through the stages of how
this could be done, it's like it's almost infeasible how they
would actually end up holding these rather than just like
confiscating them. But what I think it does set is
a bit of a, a global arms race for these assets, particularly
Bitcoin. And I think This is why Bitcoin
dominance I think has gone up even higher afterwards as well,
because I don't think the UAE buys ADA, even if it's a
strategic. You think it might?
Buy Bitcoin if it's a strategic asset in the US and I think
Russia might, I think China might, you know, China has huge
mining capabilities. Maybe they get involved in
mining. Maybe they encourage their
government owned entities to to to own Bitcoin like so I think
this still is really strong for Bitcoin over everything else.
And I I think, yeah, like when you go through the motions, it's
very, very unlikely that I think any tax dollars or gold will be
sold to buy all coins. Yeah, I, it makes sense.
I mean, at the end they Bitcoin is king and clearly it's shown
its hand over the last what we pumped and I went to bed alls
were OK ish. And then woke up and I mean, you
text me about like Sonic and stuff and I was like I woke up
and it was like everything's like down 10% with Bitcoin still
up above 90 K. So it, I think it shows here
that BTCD is, is, is still king here.
Mandel, quickly because I know you got to leave in 5 minutes
and we'll go back to the topics today.
What's your outlook on the market now like is this, is this
a suckers rally? What is it?
What is it did this believe? It felt is it?
Is it? We're either at the stage that
it'll feel like the rest or is this a suckers rally?
This is, you know, what do you, what do we think here?
We do have the Crypto Summit on Friday, so lots of excitement
around that. I it's very difficult to work
out like where the misconceptions lie because I can
tell you something like this and we can all be like, OK, well,
that's, yeah, that's probably the most likely thing to happen.
But if your Uber driver thinks that the Fed's going to print
money to buy XRP, like we may just be living in a different
reality. It's still difficult for me to
know like what people actually think will happen here, but I
also there there's obviously like quite a lot of uncertainty
here. Like I'm saying, the most likely
way that they would buy Bitcoin would be via a sovereign wealth
fund, which would probably have to issue debt or maybe sold some
like real estate. Maybe like I don't know what
assets would be donated into that fund and whether they could
raise debt against it. But like that's, but that, that
feels very different than I think what some people are
talking about here. And so I I would probably be
fading 60% moves in Ada, let's put it that way.
I. Don't I don't think I just don't
see a world where that really happens other than than than
maybe tax breaks for the alt coins is probably like my
biggest bull case. But in terms of the global arms
race, I think that really even if it doesn't happen in the US,
even if the US doesn't, just ends up confiscating the Bitcoin
that it has and says, look, this is going to form part of the
treaty reserve. And then in the future it says
any, any Bitcoin we confiscate will just be kept.
I think I think other countries should buy Bitcoin.
Yeah. Yeah, that makes, that makes
perfect sense. So we'll see where that takes
us. But yeah, Bitcoins definitely
was that was the that was the move of the weekend.
You'd love to see that. Markets are shaky right now when
it comes to the rest, but looks like we're good on on the
Bitcoin front for now. Each I mean one of the.
Takeaways is like did did this just kind of cement 78 K as the?
Bottom or 88? K, right.
Like if you actually take a look, take a look back like it
kind of that's kind of just a deviation below that 88K level
of support. Yeah.
Deviation, bruv. You know, 88 K was the Yeah,
whatever that. Means we kind of held it.
So. We didn't hold the 88 K pretty
well. It looks pretty good.
I think Bitcoin looks pretty good to me.
Yeah, I really don't think. Any buys in the 80s will age
well. Yeah, I really.
Don't think you're heading to 75 K Bitcoin.
We just. Did 78 like if everyone's
expecting 70 usually get people were calling.
For 69 to 75 K, yeah, but that's.
Keyboard monkey. No, it wasn't.
Just keyboard monkey, right? I think my answer I think the
number one KOL in the whole of crypto is calling for 75 K
Bitcoin. I I like these.
Individuals like as people, all of them.
I'm not. I'm not.
Saying, I'm just trying to say it like people were saying that
something gets the guy's character.
I'm just saying big, big people said we were going much lower.
I know. No, I know like Evan on some
Arthur, a lot of the a lot of the like you said, the bigger
like, you know, multi cycle guys has been around a little longer.
Like they they all called for a little bit.
If you got 78, like how much lower do you want to go?
Like we're from 99.5 K on Friday by Friday to 78 K on the Friday
after one week. One thing you should.
Just be cognizant of is that like it doesn't when Bitcoin
does this goes, moves 20% and then back 10%, it's going to be
very volatile. So like, again, take profits if,
if they're in hand, don't FOMO, really don't FOMO.
But just, I always say it, but like we, we were just talking
about it on Friday, you know, just like buy stuff when
everyone's like, I do not want to own anything Well, Friday.
With the Fear and Greed index, Tyler 10.
How obvious. In hindsight, right?
Like, in hindsight, yeah, that played out well.
And I was buying it. When it was high, right, Like I
was buying it when the fear and greed hit 20, right?
And it was at 88 and then of course about 86 and then 84 and
then 78. And like feels like, yeah, it's
not a bad, not a bad thing to do.
So like there are certain buy good things on bad days is
basically what I'm saying. Like I don't really think, I
think Bitcoin, Bitcoins kind of in a little bit of a no man's
land here. Like maybe you buy it right now
because it just retraced a little bit, but it's not like
screaming either direction. It's.
Just at the bottom of that original range.
Now remember that range is like between 90 and one O 4.
It's literally just that it's hanging at the bottom of that
now. Just chop now.
It could chop now until until we get more clarity on what it's
going to be. So this is the original.
Range. This is the range, the famous
range, right? It's tracking the range.
Yeah, it went. Slightly under, people thought
75, but we got 78, which is pretty close and now we're just
back there. We're just literally back a
little slightly under the range, so see where that takes us.
But even Solana, I mean, it looks better 158 than it did at
1:20. You know, it was bleeding.
Question for you guys. Did any of them like on the meme
side on Solana, did we see any relief?
I didn't pay attention at all. Memes.
Memes less so. AI, interestingly, has had a
much stronger bounce than than memes.
Solana. Solana AI.
Solana AI Tyler, I mean your your eyes are always on that.
How's that doing now? Actually, a lot of the gains are
giving back, but in the in the news yesterday, a lot of them
are up 20 to 40%. Falcorn's still up 33%, but it's
giving back some gains right now.
Arc was up 20%, AI 16, Z was up 10 to 15%, whereas like Virtuals
was up like 3%. Yeah, Virtuals already is back
red actually. Wow.
NA. XPT is back red so yeah it
doesn't feel like they're coming back.
Like there's this is not the sector to FOMO into right now.
Like you can build positions over time.
I don't think you want to buy the RIP candles necessarily,
especially ones that don't come on in the back of any news, but
they're sticking around, which I think is a sign of optimism.
I think for the rest of the mean board, those that was the
biggest mover, it was up like 6 or 7% on the back, but nothing
really had much more than that. Joe Trump was up a lot briefly,
but I think it's starting to get back as well.
OK, that's that's good. I mean, look, yeah, someone's
asking, discuss. MST are not buying any of that.
I don't know why this guy doesn't just wait for the dip,
but it is what it is. I mean, it's insane to me.
Like, I have a question, like honest question.
Like if you're Michael Saylor, you have like technically
speaking, you have a share, you have a you owe it to your
investors. What's it called?
Duty. It's not duty is the word but.
Yeah, fiduciary. Duty just have fiduciary duty to
invest like wisely ish I'm not saying like everyone could have
timed this talk but it feels like a lot of people could like
at that level you have quants that are like funky next level
quants like you know to pay 10s of millions of dollars to their
job. Don't you wait.
It feels like he. Telegraphs the moves a lot, but
at the same time it also feels like the market responds now to
his to. His buys, yeah.
So it's like bigger. He's waiting.
Until he bought and then sell off took place.
OK. I mean, it is tough like I was
kind of joking about this morning, but my God, man, like
you could have gotten a 15% better entry on 2 billion if you
just waited five days last week. So maybe you don't.
You don't have to deploy all in one chunk.
I don't. I mean, I don't know the the
rules and everything, but yeah, it does.
It does seem wild. If we hold 88 K this week, I
think we're going to be feeling good after last week.
Yeah. Just back.
In the range, I think we'll we'll be good enough for the
near future, but we've got catalysts.
So today, 1:30 Eastern, the president's announcing an
investment decision. So we have no idea what that is.
So, so stay tuned to find out. And then Friday, first ever
crypto summit. So I think there's already been
chatter about like will we pump into that summit on Friday and
then will Friday be another sell the news event?
So I think expect more it it also seems I think Powell,
Powell is talking Friday. So Friday's got the double.
It's got the the Crypto Summit and a Powell speech.
Someone's saying guys SPX they smashed all memes yesterday.
Why faded? First of all, it didn't.
AI 16 seems far. Coin moved more than SPX which
is back down to 560,000,000. Second of all, nobody's fading
stuff because you're buying it. Because we're not talking about
it, because we don't give a fuck.
There's like a million other memes to talk about and more
important news. Just wanted to put that out
there. It smashed every meme yesterday,
bro. The average AI meme moved more
than that. And I don't even hate it.
I'm just saying we talked about SPX on Friday.
Anyways, Tyler, what else do we have?
Feels like we have a lot, we have time and we have a lot to
talk about. Yeah.
Should we talk about the the crypto Summit here?
The hell yeah. I mean, what do we?
Know right, it's like. We know a decent amount.
We got a decent release here. So it's happening this Friday.
Attendees include prominent founders, CEOs and investors
from the crypto industry, as well as the president's working
group on digital assets. It's going to be chaired by
David Sacks, our crypto czar, administered by Bo Hines, who is
the working group's executive director.
So, so those two are going to be running the show, given we don't
know a whole lot else than that based on the announcement.
But what Sacks has kind of come out and said he he's been
responding to the criticism on on the strategic reserve
already. And he said this morning like,
hey, we're not going to use taxpayer dollars.
Like, like, where are you getting that from?
So I yeah, that news was. Weird that that thing was weird,
so I do. Think we should expect a little
bit more clarity about that. So it's about 25 people I heard.
Is that what it is? Yeah, I haven't seen.
Numbers and that's going to be a tough, I would imagine that's
like not the easiest room to get into, I know.
But that yeah, yeah, it's fucking great.
So the news cycle started with that this weekend, right?
It was the first thing. It was Friday night that this
happened and we saw the news. I don't know, man.
I mean, what do you what? So surely, like the
announcements that came this weekend are in line with the
summit being Friday. So you have to assume that there
will be some talk of a reserve. I think so.
But I think like I think you buy dips, especially today.
I'm going to after the show, I'm going to buy a few dips spot and
you sell into Friday probably unless the Friday news is
fucking insane. But it's giving me vibes of
like, hey, Monday dump from the Monday from the Sunday move,
like ETH gave it all back, for example, so long.
I give half of it back. Bitcoin give just 50% back,
maybe a little less than that. And then you probably like, I
mean, there's going to be so much speculation around Friday,
right? It's like it's, it's a crypto
summit. It's not a crypto NAI.
It's a crypto summit, Yeah. And.
And we know like this, this crypto working group has been
tasked with AI, think I developed policies and
frameworks for the industry. Another bullet point on their
list is the strategic reserve. They've got 90 or 180 days, I
forget off the top of my head to develop that plan.
So the clock is ticking. So I think you can expect
progress on at least one of those.
And it's not, you know, a huge jump to think they're going to
talk about both, right? So I think we should expect some
some news out of that. But again, it's going to be a
very volatile day with Powell's conversation on Friday as well.
So if Powell perhaps shifts more dovish.
So I think we saw those trueflation numbers going
around. I don't know exactly how
trueflation kind of fits in. I've seen some flood around it,
but Trueflation showing that the the inflation numbers are lower,
like at 1.5%. So that's another wild card.
And added to volatility on Friday is the PAL conversation.
So it's a big day. We're going to see a lot leading
up to that this week, yeah. It's going to be one thing's for
sure is it's going to be a very volatile week, week again.
So be careful. Don't.
I wouldn't. I wouldn't.
I hope people aren't leveraging or like listening saying you
should leverage. I had fun trading spot this week
in size and it felt nice because it's like worst case I'm down,
but it's spot so I'll be up over.
Just hold up. The time.
Best case, I make money. So the best case, the better
case happened. But like it's like worst case.
So for a moment I was a little down and like, OK, it's OK
because it's spot, you know what I mean?
And you're not paying funding fees, which kind of sucks and
you don't you're not going to get, you know, wrecked by an
exchange down the line. So good thing to mark what else?
I feel like there was even more going on this weekend.
Well, the. BlackRock model portfolio, we
talked about that a little bit on Friday.
I do think it's worth bring it back up.
I just sent you the link. So I.
Was looking for that. There you go.
OK, yeah, you got it. Added their Bitcoin.
ETF to the model portfolio. So what does that mean?
So the model. Portfolio is effectively like
their official portfolio of investments.
And the reason that matters is it's copy treated so like other
funds. Imagine in your mid, your mid
level investment fund who sits in Oklahoma or just like middle
America, right? Smaller assets under management.
They're trying to figure out, you know, how the hell they're
going to invest this money. And all right, you know, here's
Blackrock's model portfolio. Like let's take a look at that.
And now for the first time, A1 to 2% allocation to, to Bitcoin
via the ETF. So like this is where to me, you
really start to unlock that What I call is like the infinite swap
where on a a weekly basis, monthly basis, the the
investment money starts trickling in.
Like this is not something that's going to pump the price
this week or this month, but it is that, you know, using that
the bitwise analogy, this is what makes it a cargo ship,
right? And like the ship is going this
direction now and it's harder to to veer the ship off course and
it's got a lot more weight behind it.
The ship's getting bigger. So I think this is such a big
deal just because like, I just don't think people may even
realize like. Investment managers, it's the
same thing as like coaches in the NFL, like no one wants to
make their own decisions. Everyone wants just to copy
everyone else because that's the safer thing to do.
Like you're going to keep your job by copying BlackRock.
You're not like you make your own decision and you lose,
you're going to lose your job, right?
And some people are are willing to go do that, but in fact, the
average is not. So that's why I feel like it's
going to be copy treated so much and why it's such a big deal.
And I feel like that's been overlooked, right?
Everyone's keeps talking about like, what is the next bullish
catalyst? Like we've got the strategic
reserve. Like what could possibly be
bigger than that? And I don't know.
Here's one, here's one major headline.
The biggest investment firm in in the US is now formally
allocating 1%, one to 2% of their portfolio to Bitcoin.
It's a big deal and it just opens the door, all of this to
me, in aggregate, it opens the door for more investments in the
crypto in the United States. Yeah, I think that's the I think
that's what's still being overlooked, right?
Like we don't know exactly what's going to come, but just
the fact that money is pouring into this space means more
people are going to start building in this space like
that. That's that's my optimistic view
of this. So I think that's where we can
get surprise Catalyst from. Yeah, there's definitely going
to be a lot going on. And again, but that's very
Bitcoin focus, right? It's supposed to show you, man,
fuck these dips, you want to really add as much Bitcoin as
possible to feel the safest. It just always feels like the
safest portfolio. Even if you think, yeah, Ether's
a second or Solano's a thing or whatever, whatever you like,
second, That's to the UPS, the people.
It's always Bitcoin. It's wild.
Everything else kind of give him, give him about the returns,
All right? What about NF TS?
We haven't talked about NF TS in a little bit.
How are NF. TS doing NF.
TS were up nicely today, green pretty much across the board.
Looks like we're giving a little bit of a back now.
They kind of moved in line with alts, so punks 35 1/2.
Pingos were back over 10, now they're slightly below apes at
14. Couple nice punk sales.
Yeah, it was on the ape sale, right.
That was I think that happened just a few days.
Oh. I forget OV bought an ape, a ape
punk, actually. So if you go to recent sales, it
was this weekend. It's dude, I'm telling you.
Like there was so much weird fuck we going on this weekend.
Like you had the flash loans on the punks.
That was like $50 million flash loans and ape sale, which
usually starts with quite a bit of a run.
And then you had all the news, like it's one of those weekends,
you know? Yeah.
And what? Are you talking about this?
Yeah, there's a $2.2 million digital collectible sale, pretty
big. The guy took a fat loss though,
so it took 1000, a 1500 ETH loss, but you could argue just a
$500,000 loss. But still like it's 1500 ETH
that he lost on that sale since July 2022.
So he held three years, 2 1/2 years and then sold it.
It's not the best ape in the collection, but do you think
this sale age as well? What?
It's 1000 eighth and $2,000,000. Yeah, I was thinking about this.
Does this age well? I I still like putting that
money into the floor better from it, and that's more just because
of the liquidity. But if you think the floor can
get back to 250 K USD, have to assume it.
An ape is worth more than 8X the floor.
Yeah, apes were selling for about 10 million last cycle.
So right now they're trading at 24202324 X.
Like, literally. $10 million a year, three years ago, I think
he could hit. A double on that, yeah.
He can definitely hit a 2X on that.
I guess it could be someone that's very like Rich and
doesn't really. Yeah, like at this stage it's
like you probably have so much more.
It's not like he's full pointed like, you know, does that wall.
Have other poxs? No.
Nothing. It only has.
It was only created to buy the tape.
Yeah. From Coinbase.
Look, Coinbase prime, yeah, only one transfer internally.
Yeah, I know it was. It was only acquired for this,
you know, it was fun to be a Coinbase.
So too a liquid for. Me, but well.
I was thinking the other day, that's why I put the thing on.
I was like, do I buy 10 Bitcoin or do I like 10 punks?
The answer is probably 5:00 and 5:00 for what it's worth.
Yeah but but 80% of people trended towards 1010 Bitcoin.
I should put 55 as an option if that mistake I I do think 1. 1
is different question than 10 tens because with 10 ponks yeah
but 10/10. Is high stakes it?
Is right. No, I like that it, it makes it
a more interesting conversation that the liquidity does come
into issue a little bit more, right.
It's going to be a little harder for you to unload 10 ponks than
than Bitcoin. So like one punk you can
probably get out of on the floor if it's decent within a few
days. 10 like I mean, this last week we had a stretch where
there was like 1 sale per day. So like it, it can be dry at
times, but if you look at these recent sales, the last, the last
two rows of sales are are sick. There's no.
It's so nice because in dollar terms they're down so bad.
So people with cash probably like they were down to like. 72
K they might have got lower than that I saw. 72 K they're not.
Much lower in ETH, right? It's really in dollars that they
they got wrecked. But you got.
This one's sick 3. D You got the the TR1 this.
One this one this, this, this, this, this, this one that's nice
3D punk I actually really like. I almost bought that floor
yesterday because I was like, it's not really floor floor.
It was like the cheapest, cheapest, cheapest punk on the
floor like that. I don't know.
It's it's interesting. The only issue, man, is this guy
Ethereum. I mean, it doesn't help, right?
It's in theorem assets. So it's a long on Ethereum,
right? I think it's a long on culture
funks, not just ETH. Personally speaking, that's me.
But at the end of the day, it will be denominated in Ethereum.
And that's what you're seeing happen right now.
It's Ethereum floor prices holding and the dollar's
fluctuating. Yeah, that is the biggest risk
to it. So you you do need to have some
level of conviction that ETH isn't just going to go.
To 0 to buy the. Punks, but I don't know, I still
feel like my I think my theories, my thesis stays where
in a world where Bitcoin sends people are going to look for the
scarce assets. And I do think even despite E
flagging, I think people will. There will be a look to punks
and hey, maybe why the AJ peg ETF from our old pals Van EC,
the Lucas teasing dude. Let's see I think.
It's going to be the NFTTFI. Just don't think it's going to
be crypto. Sorry.
Penguins only. I don't think it.
Would be Penguins only. I think that would be it.
Also like. If you were to have an ETF
around NFTS, you have to have punks.
It's like it's got to be, it's the main.
Like it wouldn't make sense to be only one asset.
I don't think it would. It should be like 60 to 70%
punks. What do we think?
If if we were to have if we were to have an NFT ETF, what do we
think? Punks for Sure there's going to
be Penguins because Vanek and Bitwise are both super like.
I mean Vanek has had the pudgy Penguin PFP forever so you'd be
it. It would actually probably be a
Vanek filed ETF where Bitwise filed ETF in my opinion.
Yeah, Punk's apes. Do we pudgy?
Do we think there's an ape or? Apes.
Yeah, I think they would have to be in there.
OK. What else though it?
Raises the question of like, are you going to include art or is
it just going to be I think. I was about to say art over PF
PS here. That makes it trickier.
I think they would. Probably add a Rafiq if they
were to add art just because of the MoMA shit.
I don't know what, unless it's just a big basket of Penguins
and punks and apes, but azuki? But if you put apes and
Penguins, you have to put azuki. See, that's the tough part, man.
Yeah. It it it really is tricky like
when you when you go down the PFP route, but then the art
route like are you doing one on ones?
Are you only doing higher supply so bitwise?
Has a blue cheap. Bitwise has a blue chip NFT
index that they launched in 2021.
See that's from 2021. That was the index back to have
to be friends. That would definitely not make
it this time. So that's what they had in 2021.
That is OK guys. Like that doesn't mean Kongs.
This was here. Yeah, Cyber Kongs, which by the
way, Kraken just announced they beat the case.
So I see dropped against Kraken. So I hope they drop against
cyber Kong soon. But punks see that's what they
would do. See that was 2021 though.
That's the. Problem with actually.
Autoglyphs. Perfect.
That makes perfect sense. It does but like so like this is
the problem with us creating this right now it's like 3
years. If whatever list you create, 30
to 40% of the list is going to be like out.
I feel like they still. Have the fund right now, the
index fund I I'm so curious. What they actually had, Yeah,
it's on the. Website what the hell?
Oh fuck I have to like apply. I just want to see it like what
is this Oh my God -80% since substantion.
Oh. No, Look at.
That at least they're honest -40.
Yikes, the index. Fund is down 80% since 20.
Oh, there it is. OK, that's OK.
So it's still the same. Oh, there it is.
There it is. 50% punks, 14% apes, 14% pudgy, 5% mutants.
See that? That's surprising to me because
I feel you. Yeah, I'd rather have more apes
than mutants. Right Quiggle, Milady, Uzuki,
Lil pudgy captains. So here's what I would do.
I would remove lils. I'll remove mutants.
I would replace them with autoglyphs and fedenza.
Yeah, problem with. Autoglyphs is.
It's so liquid it's like hard to I know, but.
These funds don't give. Maybe I don't know.
Anyways, we're just speculating but I have a feeling this is
going to happen. Like think about it, they filed
ETF for every coin at the stage. There's like no more coins to
like add in terms of filings. It's really next thing you go
for ERC 721, right? Yeah, I mean.
Where everything's getting tokenized, everything's going to
get an ETF. It's just a matter of time.
They should add red. Guys and and and and rogue radio
on a TS. I do.
Yeah. There you go.
Well, this is great. So Kraken then then we're going
to go off announces that the SEC staff has agreed in principle to
dismiss his lawsuit against cracking with prejudice with no
admission of wrongdoing, no penalties paid and no changes to
his business. GGS G Oh, grifters.
Makes sense UIT port for X copy grifters that.
And that actually is a good call.
You're right. Sorry, I should have said X
copy. You're absolutely right.
I apologize. That's a good point.
It's Brett. Mass coming up.
You know Sam's he's up there, you know what I mean?
I guess like when you think ETFs, you think safer side
utility. That's tough dude.
That's going to be an interesting one man.
I think that would be really hard to pass though because the
ups and downs are insane. Like do you think you're you're
the person buying the E NFTTF will like the fact that Azuki
apes and punks or everything was like so much higher in 21.
Like he sees the things down 80% in 2-3 years.
That's just the indexer. Does he buy?
That I struggle a little bit with the pitch.
I struggle with the pitch as well, but hey, Lucas kind of
good at that. So we're going to, that's his
job and we'll leave it up to him.
All right. I think we went around the horn
pretty well today. We'll be back tomorrow morning.
That's 10:00 AM Eastern Standard Time for another episode of film
where we're on rock radio. Let's go.