Good morning, good morning GMGM, everyone, and welcome to another
episode of Omo. Our next next is Wednesday, June
11th. Another electric morning, Joyful
June or the lovely Summer of Risk because our good friend OSF
has coined it. We've got the China trade deal.
It might be Don CPI came in under.
A lot of our coins are moving this morning.
And the question, is it finally time for alts like Soul and ETH
to shot? We're going to break it all down
on today's show. No, for Oak.
He's traveling back from Paris. We got Mando in the house.
We got stats in the house. Logan as well, boys.
GM Mando, how you doing? I'm doing great man.
How are you? I'm good.
Another very exciting and fast-paced morning.
The news has been coming in fast here today.
You can love to see it. You got stats back?
Market's so hot. We we even got stats to come
back on with us. How you doing?
What's up boys, How you doing? And girls in the audience, not
just boys around here. Well, we have a handful, Yeah.
So shout out to the ladies out there, TuneIn, every morning.
Thank you for joining us. So we've got Logan on as well.
Logan, Jim, how you doing? Hey, good morning.
Doing well, sunshine, beautiful day, markets looking good,
feeling good. All right, well, let's get into
it. Not a no one's making too much
small talk here this morning. There's too much to to dive
into. I'm on board with that.
So what are we talking about on today's show?
We're going to get into the market report.
Is this trade deal done? CPI recession odds down to 25%.
The calls for that recession seem to be seem to have been
greatly overblown. We're going to talk about the
E*Trade. We talked about the E*Trade for
like 30 minutes yesterday. But I also want to get stats
depending on this as a longer term ETH holder and bowl.
So we'll talk about that. The sole stake in ETF is
arguably the biggest news of the day.
The sole ETF is likely coming in the next three to five weeks.
Hype actively hitting another all time high.
We got the first Tau corporate treasury Marad back.
Marad fully back as his downstream coins are even
catching the big we got another big Kaido AirDrop and a little
bit of a a major drop from virtuals on ETH, but also a bit
of a a hiccup in there. So we'll talk about that plus a
lot more before we dive into it. Shout out to our partners
starting with wallet connect. Wallet Connect is the
connectivity network shaping the future of Monchen UX.
If you've connected to a Web 3 app, you've seen Wallet Connect.
That blue logo, It's everywhere. An icon.
Trust in crypto as recognizable as Visa at the checkout.
If you want to learn more, follow at Wallet Connect on X
and Telegram to stay ahead of what's next.
And with Kraken Pro, you get full control over your layout.
Drag and drop any module, customize it all.
It's clean, smooth and built for real traders.
If you trade crypto, check out pro.kraken.com.
Trade without trade-offs. We love our partners, as always.
All right, Mando, you're ready. Let's get.
Into. It.
Hey, guys. So yeah, we did have a little
bit of a volatile morning. Let's say we the main figure was
CPI, CPI, the consumer price index.
It's probably one of the more followed inflation indices and
it came in slightly below expectations, which is kind of
what I said I was expecting yesterday or at least it
wouldn't be as bad as people thought it would be.
We've seen a bit of a rally on the back of it yesterday.
Yesterday was pretty strong for for macro but and particularly
some of the L ones. But today we've seen most of
those hold at least hold on to their gains E around 2800 right
now. That was break.
That's kind of broken out of a multi week trend there for for
Eve. So it's a it's a relatively good
sign. We were kind of in that trend
since let's say mid-May, early May Salaam is also creeping back
up. We can get into like specific
news on that, but that's that's kind of been the biggest
outperformer, I'd say after 166 and then height obviously at 43.
So good movement in a number of the different ones.
Let's say. I don't think CPI like I don't
think it's like some crazy chains.
It has been a few more rumblings that, you know, the Fed chair
might be replaced. It's pretty difficult for the
president to do that. I'd be very surprised that
Jerome Powell did leave. But there was a headline
yesterday which was essence being considered for that role,
which I think it's, yeah, relatively surprising still.
But let's see, let's see where that heads.
We saw some retraction of of the comments from Trump and Elon
both kind of like they're making up, it feels like in the
comments at least. So feels like whatever worry
people had around that is is seemingly drifting away for
blockchain specific stuff. I would say the main thing is
what we've been flagging for a bit here, but that staking ETFs
could be around the corner. And we saw more, more concrete
examples of that over the last 24 hours in that the S1
applications for the salon ETS were asked to be resubmitted,
all showing how they would do staking.
Now the east ones, I think there's a number of them already
submitted and we'll see how they go in the in the next month.
But we're, we're in a world here where we could see ETF's
approved this month for staking and salon ETFs approved within
the next, next few months. So there's definitely a path
here for that. And we saw Solana react
positively off the back of that. We saw a number of other L ones
also react positively, ones with staking in particular.
We've also seen some of the big, big like let's say major meme
coins have a have a decent day far coin up to 1.4.
It's continued it's move. You've seen SPX move all the way
up to about $1.5 billion, which is a very strong move.
And yeah, just generally feels as though risk, risk taking is
kind of back on in that bit of the market.
I would say that the hype move is, is also in this context of
D5 also having a very good period here.
We've again seen uni hype and are they all have very good
days. And those seem to be the three
most loved coins that say in the D5 landscape.
And it's yeah, it's been a good week for those.
So decent, decent across the board for a bunch of different
risk stuff. But I would say that the the
number one headline in all the crypto is that sticking ETF's
are coming and that's enough of a narrative to push ETH and
Solana higher. We actually saw ETH PERT volume
surpassed Bitcoin for the first time in many, many months
yesterday. So it is a sign that that is it
is picking up in terms of activity as well.
Big news, a lot of directions we can go, maybe we pull back and
and talk some of the the macro news a bit so.
First, let me just jump in real quick because I think the thing
on Scott. Besson is that Powell's term's
over in 11 months, so. The.
Question right now is who's he going to get replaced with?
I don't think this was discussion of of Trump removing
Powell. There's a big question right now
of. Who's who's he going to?
Replace him with because regardless what happens in
Powell with Powell in 11 months, we're going to get one of the
most dovish Trump friendly fed shares in the history of the
planet. And I think that that's the, I
think that's what the conversation was and I almost
think markets are like. At some level like.
You start pricing stuff in a year in advance, but whoever's
coming in is going to do whatever Trump wants him to do,
which will likely mean extreme dovishness.
Yeah, Yeah, I think that's, I think that's bad.
And market pricing just a 12%. So I think people, some people
are just kind of running with those headlines a bit, but seems
like more of a job search stats. I'm curious actually reactions
to this Elon flood. We were chatting about it in
some of the group chats last week.
Now, I mean, Elon, not only has he deleted the tweets, he he's
come out and basically apologized.
I mean, I tweeted about this at the time like nothing he was
saving saying served him in any way.
Like he gets into these modes. And if you like, I follow Elon
sometimes, sometimes I mute him, sometimes I because if you don't
mute him, you see every tweet he posts.
But I've, I follow him a fair bit and he has these rants where
I personally, some people disagree.
I personally think he's drugged up on something and he's angry
about something and he tweets 20 times an hour.
Which? As someone who tweets a lot,
like 20 times an hour is very hard to do.
Like I tweet a lot and I tweet a lot when I'm buzzed out on
caffeine or whatever. I mean, I don't do really drugs
that are harder than that, but like but even.
Just coffee I I start. Start.
Ranting, you know, sometimes and, and he he was in the same
mode earlier on when they were talking about the visas that
they were giving to people from India and other places.
That became a big issue. He was the same way.
I mean, he just goes on his rants and I think he got into
one against President Trump. And I don't think he was
checking himself. And of course, you come down and
you kind of get back to your normal self.
And these people are very volatile humans.
Like you start to say, wait, that that was probably pretty
dumb. And then on top of that, Trump's
someone who he's aligned with on a lot of stuff.
So I'm not surprised here. I don't like, I don't think what
he was doing. And I tweeted at this at the
time, what he was doing did not serve him or his companies in
any way, shape or form. And it you know, I, it's still
apology or not like, you know, you when, when you show that
side to yourself in such a public way, I don't think you're
ever back on the island. Yeah, and, and not only does he
tweet 20 times an hour, but he's he's Jerry rigged his own social
media platform to make sure that all his posts are by far the
most amplified on the platform. I mean, it's just like he's just
like whittling down his support. Like now everybody's got
something to dislike about the guy on, you know, on both sides
of the spectrum, but of the political spectrum.
But you can't, I mean, whatever you, you don't say those things
and suddenly say sorry and then get back on the island.
That's not how. That's not how strong minded
people work. Tesla stock already totally
rebounded so they shook off the the the fight FUD.
They're worth more than every other car company in the world
combined. Do you think Trump is going to
hold a grudge here or do you think he they're going to make
peace? Well, I think that.
He's, I think that Elon's going to get pissed about stuff in the
future like I like. I don't think he's just going to
be go back to being entirely, you know, entirely subservient.
I think he's going to get pissed about other stuff in the future.
He's a very volatile person. And this is like he's in kind of
a bit more of a quiet time. And then when he gets loud
again, and the irony too is like when he goes on these rants, he
never talks about his companies. It's just always about whatever
he's pissed about. So I, I don't think, you know, I
like it serves both of them to be on each other's team.
There's there's no benefit, but I think there was a lot of love
lost. Well, one of the drivers of the
the fight was over money printing and we actually got a
pretty big money printing headline last night.
Mando surfaced this that China stepped in another $1.5 trillion
fund to boost home market support.
So China is actively printing it seems.
So we're adding to those M2 tailwinds.
Let's see if we've got an updated chart here that we can
briefly pull up. Yeah, that's, that's just going
to continue. I mean, that is not a problem.
That's like, oh, suddenly they're not going to do that.
Like China has a problem of massively building out its its
housing supply and its population is shrinking at a
very quick speed. Like that is just a multi decade
issue like so. And it's, and to be clear, China
property is the biggest market in the whole world, single asset
class in the whole world. It's it's, it's bigger than U.S.
stocks in terms of size. So you're going to talk about
unbelievable amounts of money printing to go into that?
So quickly check WhatsApp, Tyler, while we're discussing
this. OK, Yeah, it looks like the the
Spaces is having issues, folks. Sorry about that.
If you're having trouble in the Spaces, just come come join us
over in the stream. I don't know what what's
happening with this. I'll continue to try to tinker
with it during the show. The other big headline and we'll
get into slow ETF here in a bit. I want to talk about that.
But from a macro standpoint, this trade deal, it looks like
we might actually have the the trade deal done or at least an
agreement in principle. I'm trying to find the details
here. Trump tweeted out this morning,
believe on Truth Social that tariff on we don't have the
details, 55% on China, we're getting 10% back.
Says the relationship is excellent.
Curious, are we buying that this is over?
Like are we out of the woods on this?
And then I guess Part 2, is this a good outcome?
55% is pretty high above where things were.
So like do we think this is the final?
Any reactions to this? I mean, it's my my first
reaction. The reason I think about it
because my wife actually is from Hong Kong.
So she's I guess Chinese and she went to Harvard.
So she was kind of in that bucket of people who are called
the national security risk by, by the president.
So it's kind of interesting to say here to see him say here,
Chinese people going to the universities has always been
good with me when he was calling them a national security threat
just a week ago. I think my view on this stuff is
like the whole Taco thing, like Trump always chickens out was a
meme that people kind of used to dunk on Donald Trump, which, but
I think the, the, the theme there, once you, if you get away
from the dunk, I think the theme there, you know, kind of put
more nicely is that it's been clear that Trump kind of cares
about the stock market, about the stock market's been very,
very closely correlated with his approval ratings and his
popularity. When this market, he's, I think
back to a much higher popularity now the markets have gone up.
The worst he was doing was when the market tanked.
I think, I think it's like clear that he cares about that stuff a
lot more than he cares about kind of the, the, the free
trades or, or the tariffs, which I personally thought was his
priority two months ago. But I think that's just been
proven wrong. And I think the market knew
that, like decided that three weeks ago, 4 weeks ago, even a
month. I mean, we've had one of the
biggest rallies in risk assets that you've had this entire
century. You know, stocks are up
something like 21%. So I think the markets are
basically pricing in that this stuff is not going to have huge
impacts on the market. And I as a result, I don't, I,
I, I feel like this good news is kind of already, it's kind of
already priced in based on, based on the signals that we've
just kind of been getting non-stop.
Now, who knows? These are volatile people.
It could, it could go the other way, but that, that's kind of my
rate. I don't, I don't, I, I think you
had this happened, you know, in the market, you know, a month
ago it would have been a huge sigh of relief, but I think at
this point the market started pricing.
Yeah, and we already have a full V shape recovery from the the
tariff sell off on our was it, it wasn't Independence Day.
What what was the? I'm blanking on on what we
called. Liberation Day.
The the Liberation Day sell off.
You can see it here the. Bad news is that we didn't get
liberated from every we were liberating from The good news is
that no one want to be liberated anyway, so it's the good and the
bad. That's exactly how it played
out. But I think one of my takeaways
looking this morning, so CPI was good.
I think the CME futures odds of a rate cut in September jumped.
I, I want to say I saw them over 50, oh, 57% now.
So looking favorite outcome. We're going to get a cut in
September. Now it is, it looks like some of
the barriers, the FUD levers have been removed.
So like inflation's OK right now trade deal with China is being
worked out. So it seems like more of a setup
for clear skies, which is driving what the people are
starting to coin as this joyful June narrative.
And I'm I'm certainly feeling more joyful by the day.
Let's talk about this the soul ETFs, man, Maybe I'll I'll throw
it to you. And we talked a couple impacts
already. Staking is going to be likely a
part of this. That's going to be a huge
differentiator for both ETH and Solana.
Do you think we're going to see sole pump into this?
Have you adjusted or have you been thinking any differently
about trades or positioning because of this?
Potential news here. No, I, I think my gut here is
that the salon ETF is still going to be a few months away,
but I don't Polymarket has odds for all of this, right?
So if you go to Polymarket, maybe we can look at it sole ETF
like in terms of timing, I actually haven't seen if it's
been adjusted, but I still think we're talking probably about Q3
sole ETF. Interestingly, now it's like
5050 for 61% is by July 31st. So maybe it is sooner than I
thought. I, I, I still got the feeling it
would be, it would be like autumn time, but it's now 60%
chance that it'll be done by 31st.
So December 31st is like 90%. So it really depends on the
timing thing there. But I do think it's a good, a
good headline for that. My trade is still the spin that
I think ether is going to be OK. So I have not adjusted on
anything around that. I think this is good for solver
for sure. This, this is the the staking
component. Like you can stake ETH and you
get like 3%, you stake Solana, you get like 6 or 7%.
So like as a relative thing about the ETF, this will be more
attractive, I think for Solana, but I think it takes a while for
these sort of things to were up and get AUM.
That's my, that's my guess. As we saw with each like it
doesn't takes a long time for like the pitch for it to go to
all the different investor classes to get to get to all the
different wealth managers. Like this is a very slow moving
bit of, of the industry. And I, I, I don't think you're
necessarily going to see like unbelievable inflows into the
Solana ETF at the start. We've only just started to see
if it right. We've only just started to see
decent inflows into the ETF. So my guess is it can be
slightly slow at the start, at least for like the first three
months. The first day you can still be
strong or the first like week can still be strong, but it can
be a bit slow. But I do think this is a good
narrative for Solana. It's interesting, I think ahead
of the Bitcoin ETFs, we had the huge run up tons of buy pressure
and then it was sell the news. And I think somewhat similar
with ETH, but a little bit less. So I'm wondering if the market
will have corrected A to a degree and just understands that
just because Seoul ETFs get approved doesn't mean that it's
going to be massive capital influx week 1.
So perhaps we'll see more of a muted run into the He's fighting
bro, are you? Fighting.
Fighting on the timeline. I mean, Ethan's up more this
week than Seoul with the with the ETF news.
I mean that there there's some kind of signal there.
Well, it's kind of weird. You know, it's like, on the one
hand, a year ago, ETFs were everything or I, I don't know,
maybe I have my timeline mixed up, but there was a time where
like ETF flows were like ETF news was the only thing the
market cared about. And I think rightfully so.
I mean, look at all the new money that's kind of flowed into
Bitcoin and Ether as a result of the ETFs.
But at the same time, Ether's performed poorly.
So I like I, I don't know the exact numbers, but ETH has not
done well since getting the ETF. So I think there's just a bit of
confusion in the market. Well, now we're 2035, but.
For much of the time, like ETH has not done well since getting
the ETF. So I think there's a lot of kind
of confusion in the marketplace of like, do I want is, is this
the catalyst we want to buy given the trajectory ETH had
after the ETF? Like how bullish is this
necessarily? Like on the one hand, I don't
see how in the world it's not given the fact that you're, as
you've been tweeting about, Tyler, the amount of inflows
we're getting in into ETH, but also the amount of inflows we've
gotten into. I mean, Bitcoin's gotten like
some like $80 billion of inflows just an I bet.
Like it's crazy the impact of this, but, but still ETH has
done poorly. So I, I think the market's just
kind of confused about how to treat this type of news flow.
Yeah man, hit it right like the ETF once and now they've seen a
billion in the last 17 sessions. It's like now you're really
starting to see it pick up yeah 8th is up significantly.
I. Talked to someone who's like you
should just own soul into the ETF like you know and granted
you can talk to someone who will give you any opinion but I don't
know who knows I'm I'm saying nothing I'll stop.
Well, so like, let's look at so Bitcoin, according to D Gen's
dashboard here, 45 billion in net inflows since inception, 3
1/2 billion. Yeah.
They've been around for what 6 months less I.
I also don't have the the exact dates in front of me, so smaller
if. It's just a more difficult pitch
like, like you have to consider the people buying it, like
buying digital gold. Actually, it's very easy to sell
to pensions. It's very easy to sell to, to
insurance funds even or four O 1 KS or multi Strat funds.
Buying EP is just like it takes a while, I think to really make
that pitch. And particularly if there's no
staking element where there's no yield element, I think it can
take a little bit longer. I I do think that the Solana
pitch will take similarly as long like remember, these guys
are going to turn around after having just sold their clients
ETH and be like, actually, we've got like a faster blockchain for
you. Right.
More yield. And bigger world.
I actually think they might just be like, let's just sell ETH
rather than coming in here and trying to sell something else
straight away. Like I don't know.
I think, I think it will just take a while, but but I do think
it's really bullish and I think, I think that may push Solana up
to like 200. What could be an interesting
angle is if they're like the joint ETH plus Soul stinking
ETF, so they're bucketed together because I think you
make a great point. How come they're, we're just
seeing the pitch for Ethereum now in the infant stages.
The pitch for Soul is a little tougher, especially on the back
of that just from a pure timing standpoint.
So I'm with you. I don't necessarily, I don't
know, price target. I guess 200 feels like a nice
round Number. There's other tailwinds.
I mean, Bitcoin rallies, ETH rallies.
I think Seoul's going to move along with it.
The the question is, is it going to outperform or not?
We'll see if it depends if it's an alt season or if Bitcoin's
going to continue to leave the rally.
There are some signs that the alts may start to move both ETH
and soul up on Bitcoin on the week.
Well, stats I I teed this up at the beginning of the show.
We talked with Mando about the ETH trade for a solid 25 to 30
minutes yesterday. Yeah, here's for your thoughts.
Some of our like the TLDR is that we were kind of conclusion
we got to the narrative is stronger now than it seems like
it has been for quite some time. Yeah, I mean, you also say like
I'm a perennial ethball. I'm actually not.
I, I, I like, I'm, I own more Bitcoin than ETH.
You know, I've kind of, I have moved a little bit of Ethan.
I'd say ETH is probably, if you include my NF TS, it's, it's
still a big position. The reason I'm like, the reason
I'm like, I own a lot of ETH is 2 reasons. 1 is that I kind of
got into the space because NF TS that's just kind of my origin.
And two, I'm exceptionally lazy. So I'm just like, I've been in
this bag for a long time. Like, you know, that's just kind
of my native place. So I'm just holding a bunch of
ETH, but it it's not like I, I like to my, my posts.
I've said this last time I was on the show when I post like
who's your daddy or whatever, Like show him who's daddy with
ETH. I'm literally it's just a meme.
It's just a meme. It gets the hype people so
pissed. Now the hype people get so
pissed. If I say ETH is up, you're all
like, what about me? What about what about my bag?
I feel like I'm, I feel like I'm talking about 4-6 and eight-year
old boys. I say something nice about
something. The other boys start screaming
about why they're not getting attention.
That's what that's what the hype people are like on the timeline
right now. Total snowflake behavior.
But you know, I'm used to it because I've been in this game
for a while posting stats and everyone saying what?
About me all the time. As far as my views go, you know,
I don't know, like I feel like I don't have super strong views.
I feel like the vibes, like I, I think these are still like vibe
based assets. Like it's very hard to say
there's any reason that cash flow support any valuation
whatsoever. And it just kind of becomes a
game of like, where's the FOMO and where's the positive energy
right now? And, and I think like ETH, like
there, there's just this Bitcoin dominance narrative that was
taking over. And when Bitcoin dominance takes
over, you know, ETH is going to be one of the 1st to go because
you have the most market cap there to pull from.
But then on the other hand, like when crypto starts rallying and
it becomes a bit more of like a public trade, you know, it kind
of goes back to the ETF thing. You know, ETH is one of the best
places to get to get exposure. And we've seen that, what is it
20 straight days of ETF inflows like recently?
So like, like ETH is when, when crypto's rallying, when Bitcoin
dominance gets to like all time highs and people say, hey, I
want to get back into a trade. I want to get back into
something here that isn't where the charts not looking like
Bitcoins does. ETH is the 1st place they go.
So, you know, am I like super bullish on that?
I think, I hope it continues to trade with the market because I
think the market's going to continue to be, continue to be
bullish. What's the catalyst to, to make
it, I don't know more, you know, a $500 billion token instead of
a $340 billion token. Like like it's very hard for me
to say like, oh, that's like we're underpriced at 340 billion
for ETH. It's just like, where are the
vibes right now? And I feel like with kind of the
D5 focus that we've gotten with the ETF out there, it's rallying
and just going to, I'm just going to keep holding because
Amanda's price target. What?
We had this debate in the in the DMS last night, but I'm of the
view that ETH is a non consensus trade in.
I think so too. OK, Yeah.
I mean, I think it's. I think not like.
The consensus ones on my timeline that I felt was Bitcoin
is obviously about this consensus kind of everywhere
hyper liquid. I would I would have said
thought coin because I just feel like I see it a lot.
And then I would have said I Seoul, I agree is like a bit
more like I think there's a little bit of thought around
Seoul right now. So maybe that's not a consensus,
but I actually really thought that ETH was a non consensus
trade. Do you see that?
Because you probably have a slightly more.
This is an interesting question because yesterday Faroque said
what is the most consensus trade.
He sent out a survey. On the back of that.
On the back, yeah, So survey so Faroque said, sent this out,
said what's the most, what's the most consensus trade?
I think on our timelines it is 100% Bitcoin because there's you
can't say something negative about Bitcoin.
Like, yeah, not everyone owns it.
But if imagine saying something negative about Bitcoin on the
timeline, like you'd be a pariah.
Yeah, that'd be like saying something positive about Peter
Schiff right now, like like or whatever Dude, is that his name?
Shit, whatever, whatever. The dude who's talking about
pedophilia is like you cannot say something negative about
Bitcoin. That's just like we don't play
that game. The issue though, is that
Bitcoin, we aren't the people who move Bitcoin.
We are not like crypto Twitter has nothing to do with Bitcoin
prices. That is a much bigger market
that is so much bigger than our bubble.
You know, Ethereum in our world, I'd say it's not a consensus
trade at all. Like everyone hates Ethereum.
Like people talking shit non-stop.
Outside of I'd say my world, probably a little bit less
because I came my my followers are more NFT native.
But again, I think with ETH, I also think that's above us.
I don't think crypto Twitter matters for ETH.
If you look at the inflows that like crypto Twitter matters for
Azuki crypto Twitter, we, we can move the price of good vibes
club, we can move the price maybe even a far coin, you know,
So I think that is just an interesting question in the
sense of 1 is whose consensus within our world?
But then two, for what assets does that even matter at all?
I, I don't think hype is a consensus trade necessarily in
the sense that like I surveyed my followers, I think 60% said
they don't own any. That's not no, that's actually
not. That's quite.
Yeah, that's like, let me put it this way, if Bitcoin goes to 150
Ki agree with you. I think that like that's maybe
not the best thing for the timeline.
We've seen it, we've seen a bit goes to 50K to 100K.
Like it's kind of beyond CT. If height was to go to 100, I
think that the timeline would be fucking euphoric, like
absolutely euphoric. If Solana went to 300, I also
think the timeline would be absolutely euphoric.
If ETH went to five Ki actually don't think it would be like my
view is like, it's like, Oh yeah, OK, you got one over us
again. Like like I just think about
what I would see on the timeline.
If Salon goes to 300, there would be like a huge party going
on on the timeline. Like it's the best thing ever.
Like Salon is the best thing ever.
Hype as well. It feels as though like
everyone's in it like, oh. I think there's been a lot of
people, I think in our world, there's been a lot of people
who've capitulated on Eats. I think that that's going to
happen over the past four months that ETH has been the funding
trade. I talked to a fund manager the
other day, like who sold all his Eats for for Seoul.
You know, I think we've seen stuff like that.
So, yeah, in that sense, like there's nothing worse than a
trade you've unwound rallying like that is that is a trader's
version of depression. So, yeah, I can see, I can see
what you're saying. I, I think, I think ETH has been
the funding trader right now. So people are either like me or
I'm like, I've owned ETH for five years, It's up to 2800.
I'm not going to freak out because just like I didn't, you
know, it's just kind of my status quo position.
But I think the incremental player has sold out of it like
that. Like there's no one who's, I
don't think many people up there like, like being like, I wasn't
an ETH guy, but I'm buying it at 1800.
I just don't think that person exists.
Whereas the people who are like, I can make a a lot more money
and other stuff. So I'm selling ETH to buy XYZ.
We got a lot of that in our world.
So I think that that's probably like a bit more of the, of the
sentiment you see. Although the other thing I would
say is like sentiment on the timeline is the loudest voice
you know, and the loudest voice is just one voice you know, but
it it doesn't always mean that much.
You're saying that CT can't can't pump ETH prices?
We're pumping live on the back of this commentary.
Oh yeah. Someone in the comments Matt
Mando talking about 5K already boiling my blood.
Every time Mando says 5K. Really.
Piss someone else. Subtle shift from 4K to 5K has
has made a meaningful difference.
Yeah, we'll say that. And a quick tangent.
I think our far coin bulls need to take that advice to heart as
well. We got to start raising the
targets from 10 to to a higher number.
So let's let's keep that in mind.
The FAR, what'd you say? Where's the FAR coin price
target going it? Has been 10.
I think we need to raise it to either 50 or 100.
I think it's ridiculous that circle is worth more than far
coin I. Agree I'm.
Just kidding, I'm. Just kidding, what's your view
on the consensus versus non consensus trade here?
Because obviously lit a fire under.
I feel as though in the I would agree that in the last two weeks
as as ETH looks like it was about to break out of this
consolidation, there's been a few more traders being like, oh,
it's a trade, but all this sort of stuff.
But I don't, I don't feel like it's a large trade.
What What do you think of your most consensus trades that you
see in your town then? I don't think it's ETH.
I think the people who had 100 or 200 ETH in 2021 have probably
sold that off or maybe they bought it, they turned it into
MTS, maybe they rotated it to Seoul and now they've rotated it
downstream. I think there's I think the the
leading ETH betas are definitely held.
I mean we've seen SPX at all time highs.
Pepe is a consensus trade MOG maybe not as much, but the time.
I will be euphoric if MOG goes back to all time high.
I think for Oak nailed the the primary ones right like these
are the big four. Well, OK, let me let me take
that back. Bitcoin hype for a coin I think
are probably three of the most public CT plays.
I don't know if the theorem really is.
I don't think I don't think people are holding Solana that
much. I'd agree.
I think Solana has lost, lost it a little bit too, which is
probably a good thing for Solana right now is that it doesn't
feel like everyone's bullish on Solana right now.
Feels like they moved to AVAX and Suey and all these other
like because they the gambling money is slightly not not been
making money on it right? Yeah, or or they moved
downstream to to memes. Logan, curious if you have a
take on? This yeah, I don't think Etha's
consensus at all based on my timeline, I would, I would have
said hype one Bitcoin 2. Again, just based on my timeline
and the way that I'm receiving things, I think those are the
clear leaders. Yeah, FAR Coin probably deserves
to be in there if you're trying to come up with a list of like
four or five different coins. But even that, I would say
alongside, you know, Solana and some of the other leaders over
there, it has definitely fallen. And in my opinion, as far as the
consensus nature goes, But you know, if you're looking for
something that's going to rise alongside everything else, I
think most people would have Far Coin on the list I.
Feel far point's going to feel a lot more consensus when you're
talking to Farooq and Tyler every day than it will
otherwise. That's, I mean the data backs up
right 159,000 on hold basically on Jane holders.
Yeah. I just feel as though when I
think about the big traders, that the big, let's say, mean
point traders, they're all kind of in Falcorn, right?
Like I don't know, but I would pick like who who's the biggest,
who The Who win all the mindshare from for memes.
I guess it's not a mirac coin, but like it's a bunk I coin.
It's a is it? Is it an Anson coin?
It's a coop coin. It's a whiz coin.
It's a rope coin. It's a dip weeder coin.
It's a it's a base 16Z coin. It's a like it's a rookie coin.
It's I've been bullish shit. OSF owns it.
Like I couldn't, I don't know, I looked down and I'm like, if
you're in memes, you've kind of been built at least at one time.
You've been bull posting thought coin or like all bullish.
Yeah, I think so, But still hasn't had their chance at it.
They're cut at it. So we'll see what that demand
looks like perhaps as soon as tomorrow.
And then I'm very curious about SPX here.
I mean this thing is not stopping.
SPX She. Hasn't really been.
Was it up 20% in the last day? Probably I was up 70% of the day
it. Was like 134 or 1:40 when we
were talking about it on the show yesterday.
It's performing like the number one ETH beta like that.
That is objectively true right now in joyful June 2025.
So what's the state of Maraud? And the reason I ask that is,
you know, I, I'm not in his world other than the fact that
I'm on crypto Twitter. And I think there was a lot of
hype around him. He was like, he was kind of the
figurehead of meme coins kind of as a like an intellectual asset.
And I think that that became proven, like not proven, but
like at the beginning of 2025, that was just the wrong trade to
be in. And people who, and it became
clear that a lot of the meme coins that people thought were
these stable assets were actually vaporware or just not
worth a lot of money. And then and then now it feels
like like he's having a company. And I think that Murad kind of
had some back on his face, at least from a reputational
standpoint, when I looked at my timeline, which maybe is the
wrong one to be looking at. But so I've I've been surprised,
Tyler, that you're like, this is a huge coin because this is
Murad's coin. I'm like, I thought that guy
like kind of lost a bit of his glory recently, but I don't
know. You know, yesterday I posted
about ENSI thought ENS was totally dead.
And then like 500 people are like, yeah, ENSENS is awesome.
Digits are going to 1000. So there is a community out
there for everything and I'm just not part of most of them.
So you can tell me like what's the what's the state of the
Maraud reputation and community? He went from main character to
the most hated single. Most hated.
Well, maybe. Maybe put Hayden Adams up there
with him. I don't think he was hated, I
think he was more ridiculed. No, the the pitchforks came from
a rod first. Oh yeah.
It's not like. All time, all time highs
February all time highs March like the guy.
Everyone was like this guy's leading people to the slaughter
at a time where everything is going lower.
There was a lot of flood. It wasn't, but it was.
And he did get caught a bit of a scammer too.
It wasn't like just like, oh, you get bad intellectual points.
Like people didn't think he was like selling his own tokens.
But then he never gave up. He he stuck with the mission and
now he's on his comeback arc. And it's unclear if it's
actually the the TikTok video watchers who are buying SPX or
if it's the whales on chain who are kind of using that as the
new narrative. But the reality is SPX is an all
time high now that his downstream coins are starting to
move. So in the past day, Retardio up
50%, locking up 140%, USA up 50%.
So that's. What it means that you're buying
Tyler? Man.
All of them. Of this list, I only hold SPX.
I said on the show. I've been looking at lock in and
it felt safe. It felt like it on the safe
floor. Now it's up about 100%, but.
Yeah, that was an interesting one for sure.
Aura had this like crazy move. You see this up to 85,000,000 on
the Binance listing. This is the the biggest crime
wake of summer 2025. It was.
It was below 1,000,000. Yeah.
And it went to 80 million in a day.
I don't think we've seen. It's basically like the peanut.
I mean, the peanut pump actually probably wasn't even this big on
a multiple. It might have been up there.
This is as big as it gets. Peanut was at least like 200
million and it was on. People's One 5200 yeah, for
sure. What what do we think out of
those MOG? I don't think like if you're
looking for like a single day candle on the on the Murat
coins, like, Oh my God, this is going to quickly go.
I yeah, bring out your bring out your memes.
It's not going to be pop cat or mog.
I don't think either of those are going to I've got like a 50%
move. And then they both feel like
maybe mog gets finance spot, but maybe or or or pop cat gets but
I don't think pop gets first from any lists.
Giga feels like that community kind of fell off right or like
the ones that I would really look at here are are like yeah,
lock in feels like the most obvious one just given price.
Maybe like maybe like apple, you know, like just like one of
these other like ETH memes that can just like just like fucking
go, you know, like and it feels like no one really liked that
one because it was like a Pepe knock off, whereas the.
That's a that's a not a bad chart, right?
I like the the reason why I'm saying is that I think I'm like
slightly more drawn to the ETH ones than I am to the the Sol
ones. I.
Mean ticker Bitcoin. It's curling.
Is it a? What sort of chart pattern would
you call that? I mean you you see the cup and
handle from. Look at that handle, boys.
I'm. Breaking out right now.
I'm wary of these others. I think I didn't interrogate his
timeline too much, but I think there's some explaining to do
about like why he's just, you know, latched to SPXI,
Understand it's the one he's, you know, kind of foundationally
built off of. But these like beta versions of
his list, I think they get, they get the bumps of course, when
he's front and center like he was when he was main character.
But I, I, I'm, I'm definitely wary of holding them versus just
holding SPX. So.
You're saying he's no longer public pushing his list of 10?
No, I I can't say that for certain because I did not do
the. I didn't do any of the
background. I'm not saying it, man.
Unless. I, I actually think that's good
for him. That was what the thing that
people felt like it was going to cause the scam, right?
I actually felt like if he didn't have 10, he just had like
a couple, it would have been better if he now gets everyone
back into like Mini. It does feel like, I don't know,
feels like that that would also turn, turn on him.
Maybe not now I do three months. I do think that's no, I think
that's good as well, but that like him not pushing other
people, not pushing like I don't see any reason to own those
coins then really like I don't want to own APU on its own you.
Know well the reason. I can tell you the reason.
I can tell you the reason Right now it's because it costs $1.72
per SPX token. And if you think SPX is going to
double or triple from here, do you think you're going to get a
higher return on lock in at $0.02?
Sure. That's that's the reason.
I'm not saying it's, it's, it's good or bad, but that's why
people do it. What, what are our SPX targets?
We were talking about this in the in the chat a little bit
yesterday. We haven't seen a 1 billion unit
bias token go above 5. It's like a width at 480 I think
at peak for our coins at 270. The memes that have gone higher
have that lower decimal so you can buy.
More for your buck. Is anyone talking about this
Tyler? You're the only person on the
timeline. Am I who I see talking about
this? Is there like?
A one of our SPX targets. You're not you're not.
You're not you. See that?
Yeah, not an SPX target. I also like this one.
I mean, SPX targets guys. Let's get around the circle on
that one. I'll put that survey out on the
X and see kind of where that it would get like 70 votes.
It would get as many votes, as much attention as my asking
people what they thought of the Tony Awards.
The guy yesterday. Yeah.
I think it's bullish that not many people are in SPX and it's
this high. That's basically what I think
it's. I think that's the most bullish
thing for it. I think that it can go higher if
it starts to flip or come close to like Pepe.
I don't think that's right. A bit of that.
Way what did what did Pepe get to like?
What's the all time high Pepe? Sorry.
Yeah. I mean, I feel like I don't know
this to be true. Pepe, of course, is evidence of
a bit like the ETH coins just feel like, you know, when the
money does start to come in to the just the the ceiling is a
little bit higher. I don't know why I feel that
way. Of course you have Pepe sort of
bears it out, but I think 5-6 for SPX.
Why not? I know I mentioned yesterday, I
don't own any, but I do like these, you know, these kind of
community narrative coins. I think it's the best one
standing at this point in time. You keep, you know, you keep
price going up and then more people believe in it, right?
I could see it. I I could see it becoming.
I could see it flipping Pepe. Why not?
690 is my first target. No one asked me, but I'll I'll
sure $6.90 and then we'll then we'll look from there.
That probably takes. You probably need Pepe to move
40. Percent.
In what world is that 690? You think ether's going to be
like 10 Ki? Feel like for for that to do a
6X from here. It's more like a 4X.
Is it? Sorry?
Maybe I'm confused. SPX is at $1.70 I'm.
Talking about dollar seventy. Yeah, sorry.
Wow. If anyone needed their signal to
sell this token, I think we've done.
Let's I mean, look, look at this if you need a signal, I mean,
it's going straight up. So like, let's like a little bit
of euphoria. It's at all time high, it's
going straight up. So, so take all this with a
grain of salt stats. I know you got to go.
One other question. I actually did want to get into
part of the ETH discussion. How are you viewing your ETH
held in your punks? And I guess Part 2, how do you
think your NFT followers like I'm getting at, do you think
betting on a punk is a good bet on 8th or do you view it
differently than that? You know, back when I was an
interesting Twitter account, I used to do a lot of analysis
where I would like, you know, I would look at kind of different,
like kind of statistical trends in, in NFTS.
And one thing I found with punks and really with everything is
that they're very momentum driven.
And I think it's related to market structure.
But like the single best indicator of if the floor price
is going to go down today as if it went down yesterday, like
it's a very like, which is not true for S&P 500.
It's not true for Bitcoin. Like for those assets,
yesterday's price has no statistical relevance to today's
price movement. Like you can rally off but but
but NFTS like when they're in these funks just go down.
And I think it's related to the, the way that listing and buying
happens. So right now it's just kind of
like a low, it's just like a low energy trade.
I think a lot of people, I mean, it's basically gone down ever
since the announcement of the takeover from node.
I think there were, you know, I, I knew nothing about that until
I bought a punk when I bought my third punk, like because I just
kind of, they were, I kind of wanted one.
Someone pinged me and said, Hey, do you know anything happening?
That's why I was like, oh, there's something coming up, but
I think so I think there was noise about that, that kind of
so this is more of a short term perspective, but I think we're
still kind of unwinding people who want to own it for that
trade. My view on punks is like, I'll,
I'll be honest, everyone, everyone in crypto has their
asset that they feel like kind of a real personal connection
with. Like the thing that got them
into the space that, you know, for some people, it's for a lot
of people it's Bitcoin for for me, it's punks.
Like punks were the reason I got into crypto.
I just kind of like punks. I, I think they're cool.
I like the story, I like the, I like the long term story.
So I own three of them. I have 3 kids.
Like that's just kind of my view.
I, I tell people who are like a bit more, a bit younger, a bit
more into the game, that punks maybe aren't the best asset for
them. I said this when easy bought it.
I'm like, dude, you, you're like looking, you're trying to, if
you're trying to optimize every dollar you have, it ties up
money if you know, and if you're trying to play quick trades like
they're slow grinding, you know, you don't get that many
incremental buyers per month or whatever.
So I think it's a harder asset to hold for people who are A,
trying to optimize every dollar and B, people who are a bit more
fast with their dopamine needs. Like this is kind of a set and
forget trade for me. And that's kind of the type of
person I think it makes sense for.
I think that's a good that's a good explanation.
Good good logic for someone to think about buying this.
It's something you need to go put in a cold wallet.
I want to be more. I like I'm, I'm just not someone
who Shields assets. Even though I like punks, I'm
not someone like, that's just not my personality.
And I'm even less likely to shield something I own because
that's where reputations are destroyed and just my own, you
know, kind of eccentricities. I feel we're doing that.
I do want to say one thing. So someone asked above what's
going on with meme land and, you know, and I think there's
definitely a lot of frustration. So before I go, because I got to
go in 5 minutes, I do just want to give a quick comment on that.
Yes, I do still work in meme land.
I've always just been a huge tweeter regardless, like when I
work at proof, when I work in meme land, I'm always just like
tweeting and and like I just said, I kind of keep the own the
assets I own or that I work for out of it.
Unless there's like, unless there's a distribution need or
like a story that that that has to get out.
But the big things going on with meme one, I mean meme strategy,
figuring meme strategy is the public company we bought 2440
dot HK Ray bought it, but that's taking up a lot of time trying
to figure out how to turn that into something that benefits
meme coin. The second big thing is meme
pay, trying to figure out how to make that model work, because I
think the initial model, just a credit like there are better
ways that we can make that more effective.
And then they're also like tons of like the engineering teams
working on a couple products that hopefully will get out
sooner than later, a couple JVS that we're working on and then
deals like that. Those are kind of the three
things and we never talked about like with JVS projects or deals,
the last thing you want to do is talk about them until the bow is
tied. I think most projects talk like,
want to talk like, say, oh, something big's coming.
And that just leads to trouble. So for us, it's just always
about working on them. And then we think it's something
that that, but it takes time and it's, it's, it takes work, but
there are there are things cooking in the background.
It's certainly not a thing where the team is not like 100%
working on that stuff. So I think it was D Jen Boomer
or something Boomer D Jen who wrote in the comments asked
about meme land. So I figured since I got your
stage, I'll give a quick one minute.
On that, yeah. Thank you for doing that.
I've seen folks kind of asking about mainland a bit over the
last weeks and months so so good to hear some big projects being
worked on. Yeah, there are definitely,
definitely some pitches being thrown in the background.
It's just, you know, it's, it's hard to make the pitches
connect. So you you kind of want to make
sure that you're in that place before you start bringing them
out. Yeah, definitely.
Well, we wish you the best and the mainland team on those
certainly will be following along.
And thank you for joining us. I know you got to run here
shortly. Wife at her college reunion, so
I got to take the kids to school.
All right, kids are still in school.
Sorry, Camp. Science camp and golf and tennis
camp. Those are the.
Two awesome sounds like fun camps.
Yeah, I think science may be less.
I think I'd get bored there. But golf and tennis, I could
spend a few hours on that. Our kids don't start in for
another two weeks, so I'm running camp that here.
Right. Oh, damn.
All right. Well, multitasking Tyler, we've
always seen you as the efficient guy who can get a lot done, so
not surprised. Logan, I saw you.
Yeah, If you need to run SAS, go ahead.
We'll wrap up here in a couple minutes.
Logan, I saw you nodded along during the pump the punks
discussion. Thoughts.
Man, well, I just you know, former punk owner, don't have
any exposure to it at this point in time.
But of course still love them as an asset, have the personal
connection, but still like as a long term asset, believe in them
as well. And all this talk about Ethereum
in the last few days. I think if you see ETH run, you
see punks run too, maybe not, you know, outpacing ETH or
something like that, but it just feels what is what is 44?
It's like 100 and something 1123 thousand yeah, there's still a
long, long way off from all time high and all that stuff.
But I I think you start to see any sort of euphoria around
Ethereum. You know, the native asset.
You you get a little bit of a a shine on punks as well.
Right, 'cause it's, it's kind of as far as owning, you know,
something on top of or you want an ETH beta, if you want to call
it that, right. Like there aren't too many
better options that have the, the shine, the nostalgia, the
whatever, you know, insert XYZ attribute for crypto punks, a
major, major point in Ethereum's history.
So yeah, I, I like punks. I would love to own one right
now. Not really in the cards but
maybe need a need a couple meme coin hits.
Before need you need you back in the trenches and hitting some
100X's. Yeah, we're going to run out
that punk budget real quick. I I tend to agree with you and
rightfully or wrongfully I, I think a punk is an is a fun way
to hold ETH and bet on ETH. And historically the prices the
floor has been pretty strong on ETH.
We'll see if if ETH runs to 4K in the next three weeks.
Is the Punks 4 going to dip in ETH terms?
Probably would be. My gut reaction probably goes
down a bit. But then once ETH consultants, I
think you can, you have a real chance of leveling up.
So it's to me, it's a bet on ETH, but it's more than that.
You've got the collectible narrative.
It's more scarce than Bitcoin, so you've got more outs for ways
that it can pump beyond just ETH, which I also like.
And I actually, you know, the stats is making the point that,
you know, this is not the, if you're in need of or seeking
instant liquidity or the dopamine that comes with the
trading of mean points, etcetera.
This is not it. But I, I actually like that
component of it quite a bit. You know, it provides you that
level of ETH with the potential to go higher and, and yeah, and,
and not feel, you know, you don't feel too bad about the
floor here. You're not.
You're not getting rugged overnight on Crypto Punk.
Yeah, you don't have to sweat it.
And I think it's for meme coin traders who make big wins
rotating to something like Bitcoin, rotating to a punk can
make a lot of sense in a, in a way of you not just going to
give it right back and just to puke back all your gains.
So I've seen folks do that. Logan, we got one or two minutes
left. There's some kind of big news
out of virtuals. They they launched their first
agent on the Ethereum mainnet. You want to give us just a quick
TLDRI think this was a big story today.
Yeah, so the tweet you have up on the screen is the best
summary in my opinion. Just it's a public good smart
contract audit agents. You know how all the agents do
different things. This is a smart contract
auditing agent, but they launched it on Ethereum mainnet
as opposed to base where all the activity or most all the
activity have been taking place up to date called Iris.
You see a little trailer video. It's kind of fun if you want to
watch that a little bit of I don't know, controversy is the
right word, but someone else launched a an iris token or
agent that was eerily similar. I can't remember the exact word
closely replicates the branding. That's the the word they used.
So some folks were a little confused, of course, put their
points from the virgin system into this.
Some, you know, money of course behind it as well.
The team came out this morning to try to address that and
provide the points back. It'd be a refund, of course,
virtual not being done. So tough.
It's tough when you make these announcements that people can do
things like this. It's not the first time we've
seen it, but good at least for them to be refunding the points.
Well, there's been, there's been people flocking to virtuals in
this virgin's program as of late.
So there's been a lot of new folks probably felt like some
newbies perhaps taking advantage of here.
But I think what people who are participating in this doesn't
need to know there's going to be a whole lot more of these
copycats going forward because it was an obvious, it obviously
worked today so much that virtuals had to step in and do a
refund. And they say here they're not,
they're not going to do it again.
So I think the the DYOR beyond order going forward is a strong
message. Yeah, they definitely don't need
to do it again either. I don't think that part should
be controversial. People need to DYORI mean it.
It's a hard, harsh lesson to learn, of course, but like,
that's, that's the game you're playing here.
You, you can't cry, you know, every single time you, you're
making the decisions. So.
They're not they're not refunding money, they're
refunding points. So let's let's also be very
clear. So people, they earn these
virgin points. They it's a bidding system about
basically how much token allocation you could potentially
get. So it's the points that were
refunded. It wasn't the actual funds being
spent, but yeah, we'll, we'll see.
And we'll see how this IRIS token performs.
And there's a lot of eyes on this one and certainly more
folks in this ecosystem. So perhaps we'll be reporting
back on that tomorrow. But As for today, fun
discussion, fun chat. Good to have stats on going
deeper into the the ETH trade folks.
I think we're going to go ahead and wrap it up there.
We're at the hour mark. I want to thank our listeners as
always. I want to thank our partners.
Want to thank my coach Logan. Thank you for jumping in these
last couple days, folks. We'll be back tomorrow at 10:00
AM Eastern. Until then, go make it a
beautiful day. Goodbye.