Oh, yo-yo, what up? What up?
Good morning. Good morning.
GMG Wednesday, February 20 something 62025.
Look at that. Another beautiful day to have a
beautiful day. I got my coast in the house.
Tyler Mando. Good morning.
Good morning.
How you guys doing today? Good, fantastic man.
Feel energized at the moment. What about you?
Wow, this is great. I'm getting there, I'm getting
there. I'm getting there.
My ordering chart is up only. So we're getting there.
Yeah, we're getting there. We're still, we're still down
low, but we're going to we're going to be a we're going to be
all time highs very soon. And I'm giving myself until
Monday. What up Tyler?
How you doing today? So we've already gone through a
mini cycle this morning in like 24 hours.
I woke up and we were so back and then it was over again.
So back again. The moment like from the moment
I got up, make coffee, go back to my desk, we were in from 88
eight to 85 to 88. Like Lily from the like it
because I know because like I was texting you guys while I was
making coffee and I got up to my desk and like I open all my
charts before the show. I'm like what went from like
stable coin pricing to just insane volatility.
Yeah, it's definitely like leverage traders nightmare
happening on on, on in this place.
Definitely be careful out there. Anyway, sit down the show.
Let's talk macro, let's talk markets.
Let's talk all that good stuff. It was it was good show.
Actually, this show was very good, very happy with yesterday.
All things market. It was really, really good.
So I feel like the show start retweeting and and get get your
friends involved. Like honestly, like every time
you have friends asking where to start, just just send them to
the show. I do that with my friends and
and actually I've gotten some pretty good feedback.
So I'm pretty happy about that. But anyways, this just was
really I'm really happy about our market session yesterday.
Tyler's top 100. Let's actually go through
Tyler's top. I mean, it's 100,000 now.
It's still 100, right? Tyler's top 100.
It was like top 10 on Monday. Couple 100 yesterday.
We're still in the top 100 period.
But it was it was positive news galore against yesterday,
though. The charts don't paint that yet.
That's coming. And then robit loot box pins.
We have another great loot box and that's how Bernie set the
box at like 3.5% chance when he'll punk or some shit.
So hopefully someone hits a punk today.
That would be really, really nice.
And then last but not least, this show is powered by powered
by Galaxies. Galaxies is a web 3 platform
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Mendo Mendo, Mendo, Mendo Mendo. I started chit chatting about
the market this morning. You're using like adult terms.
So let's talk about that. Who is the man?
Macro Daddy of the man. Can you dig it?
Yeah, I've turned back into being a macro analyst, haven't
I? I saw that the difference is
that you're actually are one. Yeah, although in trading terms,
you know, if I was on a trading floor, they wouldn't call me a
macro trailer. What would they call you?
I used to be a credit trader, to be fair, Like there's a bit of
macro, there's a bit of macro, but.
You were a credit trader. Yeah, it's more credit trading
is more like knowing companies rather than than being broadly
macro, but but there is still some some macro and some of the
stuff I used to do. But yes, I I posted a few things
today. We are bouncing a little bit
here, although Bitcoin had gone down and kind of retested that
86 K area actually at 85 1/2 looks like I said that this 88 K
levels is relatively important and we've kind of tested it
twice and rebounded to it. So this second test we did just
put in a lower low there on Bitcoin.
So I I don't know, maybe we'll have a third test just to just
to just to see if we really are this is really a support level.
I don't know. Interestingly on that dip just
now, most altcoins did not put in a lower low.
If your altcoin did put in a lower low, I would be a little
bit scared. That's what I would say.
So go check what price it moved yesterday, what price it went
today, and hopefully you, you, you, you're slightly higher.
But interestingly, yeah, a bunch of alts didn't.
So it feels as though they are slightly stronger maybe than
Bitcoin here risk adjusted. We in terms of macro, it's been
a little bit of a of a turn over the last 3-4 days like we've
gone from all time highs on gold and on stocks to four straight
days of of down. NASDAQ is down negative year to
date. A bunch of tech stocks, more of
the frothy ones are down a lot. Someone like Tesla is now down
below a trillion dollars, for example, which is.
Down. 40% in two months Microsoft formed a death cross
and hasn't hasn't done that in 10 years stock stock market fear
and greed moved to fear. Obviously we're in extreme fear
right now in crypto, but yet like a lot of lot of worries
about about macro and, and part of this is maybe I'll just do a
bit more macro for a bit. There is a, there is an
increasing worry that the focus of the Trump administration is
now the 10 year bond yield and not the stock market.
And that's partly from comments by the new Treasury Secretary,
Treasury Secretary Scott Percent, but also Elon Musk.
The idea that that they're they're they're hoping to bring
the budget under control. And like their main benchmark is
now the 10 year yield rather than the stock market.
And that focus on that is calling people to slightly
question like how much they're going to care about what happens
to stocks. So part part of it's that and
part of it is also just people a little bit worried about a slow
down here in the US economy, partly because those whether you
might think it's efficiency, he's improving, but it could
also be seen as austerity, which which generally is, is kind of a
negative thing for for for GDP growth, let's say, and just a
general slowdown in in the range of different other markets as
well. So what we've seen is the
dollars that like a three months low 10 year yield is now sinking
pretty fast. I was tweeting about today that
the true flation, which is a very good inflation metric has
absolutely dumped over the last, over the last four, six weeks
from about 4% down to 2% now just two weeks ago.
Like no one was predicting rate cuts, right?
Not for a while at least. If that has turned, then I do
think that we are maybe heading back towards rate cuts this
year. The interest rates are still at
4 1/2% in the US. So they're very, very high.
So if, if bond, if inflation does head back down lower again,
then then I think we could be in for a kind of a changing of of
what the bond market thinks they're according of their bluff
of which I think we could get 3:00 to 4:00 rate cuts this
year. So I move kind of more was the
QE easing sort of cycle in the US, but maybe not full QE, but
definitely shut down of quantitative tightening and and
some rate cuts. So macro's had a little bit of
wobble. It's mainly around tech stocks,
but also this underlying fear that maybe we're in for a period
here of like more austerity rather than efficiency, and that
could have an impact and also like the focus on the 10 year
yield rather than the stock market crypto.
Similarly, Bitcoin is seeing outflows.
The vast majority of these outflows are related to the to
the the basis trade that we've been speaking about.
This is where you go long Bitcoin ETF and you short the
futures, right, because that they were in positive funding.
Whether you understand what I'm talking about or not, basically
there was a trade where hedge funds could make about 7% seven
to 25% occasionally by owning the Bitcoin ETF.
And now that trade has unwound or is is no longer there.
They're having to sell the Bitcoin ETF at the same time the
futures open interest is is nose diving right now because they're
taking off their shorts in Bitcoin.
So net, net, the impact should actually not be that big.
A lot of people are focused focused on it.
But if it's an unwind of the basis trade, which it largely
looks to be given the drop in CME hope and interest again,
only I think a small amount of you might follow what I'm
talking about the IT it's mainly to do with the non one of that
trade, which is actually a delta neutral trade.
It's not actually that big, not actually that much of A worry.
But but yeah, today we have NVIDIA earnings, which I think
will be a large bit of the volatility today, obviously in
the backdrop that that that tech have been kind of smashed into
it. The other one of these textbooks
that people have been worried about is Microcheschi, which I
think we've spoken about a lot. The.
Premium there is down to around 1.5 times, that's down 55%.
Now. Wow.
Yeah, it's now lower than where it was pre the election, which
is very interesting because bitcoins up a decent amount.
But it was squeezed before, right?
Well, it was squeezed all year, yeah.
But the idea it was trading at such a high premium, now it's
now it's massively decreased. So that one's going to be that
one's continues to like create some fear slash FUD.
I look at it a lot because I think it is the number one worry
in crypto maybe in maybe in a couple of years.
But I don't think it's a worry right now.
I don't think it's a worry right now.
I continue to think that he should just stop buying Bitcoin.
Like or is this maybe slower? Like what the pace that we just
buy. Just stop buying.
Honestly, just stop buying Bitcoin dude like you are.
He's not going. To listen though, you know.
He could just keep rolling his current debt obligations.
What what really could fuck him up here and what I don't
understand if this is just like a power play because he wants to
own like a certain percentage of the amount of Bitcoin is if he
keeps borrowing to buy more Bitcoin right now, like Bitcoin
would have to get absolutely destroyed for that to ever
really be a worry. It would have to go down for a
very sustained period to kind of the teens again, maybe after
this recent buys like more like 20, but but like very, very low.
If he continues to buy $2 billion of Bitcoin every single
week, he will, he will fuck himself up and he will fuck this
up for the whole market in my opinion.
So there is a legitimate worry there, but I don't think it's, I
don't think it's that much of AA worry in terms of he'll have to
sell his holdings or anything like that.
Got it. That's, that's my general view.
I would be very unsurprised if micro strategy stock continues
to fall though. I mean, it's that of this that
it's a support, right? But that's that's not why I
would look at it. I would look at it on this
premium versus discount. Got it.
It's still trading at a premium. In the past, micro strategy has
has traded at a decent discount, like a very big discount.
And I think there's that would be unsurprising if it it moved
towards trading at a discount. Maybe not a huge one, but if if
the, if the faith is gone in his policy, then then I do think
that that that would be the obvious thing that that would
happen here and then he would be forced to stop buying because.
3X premium at at at peak, right? Wow.
Yeah, I'm assuming it's 1 1/2. I think Mando was saying OK, a
little a little better. Yeah.
What are you? Decent about and that's that's
that's making people slightly uneasy.
Wow OK, did you see this buy bits just released there?
What? Bibit just released their audit
report. The compromise was not Bibit but
safe servers. They hot swapped the Nosis safe
UI with JS code that only targeted Bibit's cold wallet.
Independently confirmed by Wayback Machine snapshots.
Lazarus Group is on another level.
Hold on this. Looks like safe actually got
hacked here. What?
Yeah. Hold on, hold on.
This is breaking news then Tyler, I want to get you because
I knew you had some thoughts on what Mandel saying you set the
link, but this breaking news so Ben Bybet Bybet had for hacked
forensics report as promised here the preliminary the
forensics investigation of the three signers host suggest the
root cause of the attack is malicious code originating from
safe wallets infrastructure. Wow.
No indication of compromise was identified within bybeat
structure. The investigation is still
ongoing to further confirm the findings.
Whoa. So it does seem the benign
JavaScript file of app dot safe dot global appears to have been
replaced with malicious code. February 19th, 2025 of 152925
UTC specifically targeting a theory multi sick cold wallet of
by bit. The attack was designed to
activate during the next bibit transaction which occurred
February 21st 2025 at 1513, ETC. Based on the investigation
results from the machines of bibit signers and the cash
malicious JavaScript payloads found on the Wayback archive, we
strongly conclude that AWSS 3 or cloud found account API key of
safe talk global was likely leaked or compromised.
Further investigation should be conducted to validate the
findings of and the and the. Whoa.
Safe about to get saved for 1.4 billion it looks like.
This this makes sense now is because.
We. We've not been able to move
things on Safe for the past few days.
And I know some guys in your side.
Yeah, you guys haven't either. So that's this.
I wondered why we're offline. Safe's been offline for a few
days now. That's my my safe crypto quest
card was like yesterday. I bought hockey tickets
yesterday with the my safe, but wow, this is not great boys.
That's a big blow to self custody, right?
That is not good. And this is all available on.
On pump fun account has been compromised everyone.
Shut the fuck up. Yeah, apparently.
Oh, my God. Be careful, everyone.
It appears. Oh, no, no, no, no, no, no, no,
no, no, no, no, no, no. Let's post this, though.
Let's post this. Let's post this.
Hold on. OK, This is not good.
Hold on one second. We're going to pause the show.
This is OK. Hold on.
This one's a big hack. We should probably tweet about
this. This is a hack.
Do not buy the coin or interact with the account.
God damn it, guys. We really cannot catch a fucking
break, guys. Yikes.
First, like, yeah, that's not how pumps going to launch the
coin. Please donate the pump coin, you
guys. Like, man, OK, where do we pick
this show back on Tyler quickly, your thoughts on what Mando was
saying? You did hear news?
Then maybe let's go back to buy bit and pump fun stuff.
But wow, fuck, dude, man, Fuck yeah.
I mean, we can iterate on the buy bit stuff a little bit more
like so like I I don't use safe wallet.
I use other devices. Safe is mostly for multi. 6:00
AM I understanding that? Yeah, correctly, yeah.
I just feel like the self custody game is just getting
harder. Like when you have a lot of
capital at stake, like I don't know, like we've got bank
centering the game, but this is like going to make everyone run
back to ETFs. Like I know many people have
sold all their there. Wasn't there like a Bitcoin maxi
that actually sold his crypto in the last two weeks like a big
amount for ETFs that made a lot of noise on timeline.
Yeah, So I forget that, you know.
Yeah, Yeah, I forgot to. But he's like a pretty known
like Bitcoin maxi. Wow.
Yeah, I understand the decision. I don't blame them.
At least you won't have someone pulling up to your house or
fucking murder your family for your Bitcoin ETF.
So like, I I know I don't want to jump to too many conclusions.
Yeah, you to play out I guess on the ETF front since we were kind
of talking about that I sent you the stat Yeah, let's put up
commentary made sense. It's more of like an unwinding,
so 1.5 billion in outflows across the last two days.
That's the two day record now and outflows.
But it also kind of shines the light on all of those inflows
that like were easy to celebrate like it it wasn't pure net
inflows, right, because that, that delta neutral trade was a
part of the number. So it looked like only about
the, the stat I saw is only 44% of the inflows were actual true
net buy activities. So something like, let's see
what you pulled up. There you go.
It's like 17 1/2 billion of the 38 were direct long term
investment and the rest, their conclusion here was like likely
more of this arbitrage. So they short Bitcoin futures
and balance out with ETF buys. Is that what you're saying?
That's what they're saying, yeah.
So if this is factual, I haven't had a chance to to go through
and and verify this. But I think this kind of makes
sense like anecdotally with with what has been shared about this
trade unwanting right now. And in hindsight, it was the
days when it was just like 300 million and 500 million every
single day. I remember there was a point
where like, is this real? Like is this real net buying
activity every single day? And it turns out like, no, it
wasn't like it was potentially kind of overinflated by about
two X of what it actually was, which I got OK Says we haven't
had as many net inflows as we thought and there's still a lot
more to potentially come. So if if you're wearing your
bull hat here this morning as we actively shoot off a major audit
report finding that's going to impact self custody and pump
fungi and their account hacks here.
Yeah, I mean, the the post is gone for what it's worth, but
that doesn't mean it won't come back.
So be very careful. Jesus Christ, guys.
So. I'm we're going to talk more at
length with the safe thing tomorrow because there's more
info, but this is not really good.
This say, I know a lot of people have their funds on safe.
This is not good. Yeah, no.
Maybe let's say servers, they hot swapped the noses safe UI
with GS code that only targeted by this code independently
confirmed by way back machine snapshots.
Lazarus Group is another level. Man, these North Korean hackers
like really fucking good. Jesus Christ bro like I don't
even know what that means but they hot swapped the noses safe
UI with JS code that only target by.
Does that mean that they swapped the UI on the person that was
signing like from my computer to yours?
It's actually. Crazy what?
Company did this happen to not so long back where they got a
hold of the front end UI and adjusted the.
UI. That's what they did.
This is, yeah, this has happened not so long back and it was a
big security. Which?
Wasn't it? Yeah, yeah, I forget, but that's
exactly what they did. They changed the UI on the
person's computer. Yeah, So what the buy bit
signers have been looking at is basically signing a false
transaction through the safe UI. That's fucking crazy.
Wow, wow. Be careful, everyone.
Like be careful with your assets, you know, Wow, wow.
Anyways, we don't have to, to, to ponder on that too much.
But Mando we got on the market. Looks like we're, you know,
we're hanging in there, hanging on a thread, but we're hanging
in there. It's like you don't know where
we're going next, right? It's like we're like in this
weird period where it's like, are we going to get like a this
like 1 turbo red candle? Like I I always just want us to
RIP the bind it off once for all.
Is that too much to ask for guys?
Have we not ripped off a few band aids?
On all coins, but I mean, on Bitcoin, I guess, like, just RIP
it off, you know, just RIP it. Like, let's go like fucking give
us that mega red candle once and for all and let's go back up.
You might get your wish at 5:00 PM Eastern.
Yeah. Earnings aren't.
Oh, my God. Yeah.
Is that 5 ET? Is that what it said?
Yeah, oh God, too long. Yeah I'll be I'll be I'll
definitely be on my computer then Yeah.
It looks like safe wallet posted about this 15 minutes ago.
Just quickly we'll go through a statement then let's go to
Tyler's top 100. But safe wallet posted safe
wallet statement on target attack by bit.
So let's see quickly. So safe smart contracts are
aren't affected. So don't worry everyone.
Like if you're you have money and safe, it looks like the
smart contracts unaffected. An attack was conducted by
compromising safe wallet developer machine, which
affected an account operated by by bit.
So they added security measures. So you know, there was a target.
It was like a really obviously targeted account on this
specific theorem wallet on by bit.
So it's really a specific wallet.
So it appears that it was safe indeed, but the front end
remains operational, blah, blah. But you know, obviously exercise
extreme caution and caution and remain vigilant when signing
transactions. So it's a good time to to stay
safe. Like I'm not even trying to like
be punny and stuff like just be careful everyone, please,
please. This is very weird.
Weird times for crypto Tyler, Weird times.
I don't know. We need like we need a vibe
shift. Indeed.
Where's that tweet like vibe shift plus new thing plus up
only plus. I miss those days, right?
Like people used to dunk on Wagney, but fuck, last cycle
like that actually like made like you know, Amanda Cassa once
told me the market is an aggregation of vibes and that
quote stayed with me forever and 21 wag me era feel like it
lasted much longer than whatever you logged in everyday and
you're like, yay, I'm can't wait to log into my Twitter.
Like, you know, you know, I logged in every morning.
I'm like, fuck, I'm excited to wake up now I wake up and I'm
like, well, I'm excited because I get to work, but like I wake
up, I'm like, fuck, is Bitcoin going to be like 65 K this
morning? You know, like is my net worth
going to be slashed by another 40% today?
You know, anyways, all right, another day in a golden bull
run. Tyler, let's see what you got
for us analysis Tyler on FOMO hour calls the kids all right
top news on the day crypto majors.
They fell further yesterday then rebounded Bitcoin back at 88 K.
This is admits the Bitcoin ETF seeing their worst two day
stretch ever with $1.5 billion in net outflows.
The SEC has dropped their case against uniswap, the latest high
profile case from the Gensler era to be dropped by the new
leadership. Hyperliquid has beat all chains
and Dexes in four hour revenue. Big day for hype.
PayPal to ramp up adoption of its stable coin this year.
Plus plus more product integrations breaking this
morning. It looks like Bank of America,
they're saying either they're stable coin or stable coins are
coming. So Bank of America now pushing
stable coins as well. We had the Ethereum Foundation
director IM Mayaguchi shifting from director to president
amidst calls for leadership changes for the Ethereum
Foundation. Interesting.
Bitwise, the Bitwise CIO, they were interviewing wealth
managers at a conference. 53% of 350 the wealth manager survey
plan to allocate to crypto and client accounts this year.
So that percent is just going up these days.
GameStop, their CEO received a letter going to buy $5,000,000
worth of Bitcoin. So good GameStop, let's let's do
3 point O here this year and he replied right yes.
And then Senator Loomis teased America's KOL, America's crypto
KOL that today's Senate Banking subcommittee hearing on Bitcoin
and crypto or in digital assets will be, and I quote a big deal.
So stay tuned for the results of that.
Let's see token AirDrop and protocol news.
Swee launched a new feature allowing for private connections
across video, audio and text powered by their chain and
walrus Kaido. And it's used to soar, folks.
Man, this token, Oh my gosh, 240 50% today.
I don't know what's happening, but no one, no one wants to be
short Kaido right now. They are introducing styled
loading and and 9 new protocols to vote for here today.
Monad shared this the last day to be an early user of its test
net so that actually that that timer may have eclipsed and then
Solana depend this Geo Geo net project offering data for growth
robots raised $8 million. So more than just meme coins on
Solana. They've also got deep end AI
crypto quickly market cap is up about 5% leaders kind of
chopping they are green here a bit This morning virtuals did
introduce this new virtuals ventures as their new ecosystem
fund aimed at helping AI teams with funding and launch support.
And let's see, a couple of Mt headlines.
Big rebound on the OCH heroes after yesterday's weekly XP
dropped for abstract and saw that those heroes players were
getting a lot of XP. And then shout out to OMB and
Ordinals folks. They sell sell 6.7 with the
Ordinals in a primary sale yesterday.
They're nice too. That is quite the accomplishment
in in this market. So what does that mean for Pups?
Bongo? Can you?
You're still on stage, dude. You're like the Bitcoin, like
Messiah. Can you just fucking like, get
people to buy puppets and pups and our ordinals and ruins
please? Come on man, this is it.
They just bottom and from here we go up, I mean.
It's your job. Yeah, yeah, it's you.
We now have a feeling of when ordinals are gonna bounce back.
It's the most like a sticky community of this type of bull
market and I think this is time. Return, return, return to
Bitcoin. I love how this Boggle was right
there. I looked at my screen like, oh,
let me, let me just get Boggle involved.
Tyler, where do we even start? I mean, yesterday there was
quite some good news coming on. Let's, let's, let's move on to
better news. I know we talk about hacks and
markets and stuff, but there's, it's funny.
Let me let me start by showing you this tweet by Dan Romero,
the founder of Forecaster. And I think you're going to
relate to that a lot. I mean, everybody in this
industry is going to relate crypto right now, regulatory
versus charts, right? You know, you have the
regulatory, which is like a plus plus plus plus, right?
You got the unit swap even like a case that was dismissed
yesterday, right? Again, like more and more.
But then the charts are looking pretty grim.
Take us through some of the positive headlines we got.
Yeah. I mean, I think it's just such a
tale of two markets. I think we we keep saying this.
Yeah, but people I guess just don't want to believe it.
But like institutions are quite literally they're just starting
to get in to, to crypto, like full, full feet ahead.
And it's because of the executive orders that Trump has
signed. We, I shared the stat from the
Bitwise CIO. They're in front of wealth
managers, they're pitching crypto 53% say they're going to
allocate to client portfolio. Like that's a part of when I, I,
I call it the infinite swap where retail takes X percent of
their weekly paychecks or X percent of their portfolio and
it gets allocated to crypto and that doesn't stop.
It happens effectively for forever.
It's the same that they've been doing for index funds and now
the crypto index funds are going to be a part of that.
So when people think about bullish catalyst, I think that
is absolutely one. You've got huge players like
Bank of America talking about getting into stablecoins.
It seems like stablecoins clearly one of the hot button
topics. All the big players are trying
to to get into it, figure out how they can get a piece of the
pie. PayPal already established with
with PYUSD, but they want to go even further and they talked
about trying to get it integrated into more and more of
their products. So as that happens, like
barriers are broken down, more people using stablecoins.
The way I see it, stable coins go up and to the right it is, it
is a wealth effect for large crypto as well.
And it doesn't mean that all these stable coins are going to
be converted into crypto assets, right?
More people come on chain and hold wealth on chain.
It it is a bigger high and some of that, some of that capital
will I believe at least that is my stance.
Have you seen this crazy stat? Let me show you something
insane. Not insane, but it's really like
it. Chris, There you go, 1% of M2 is
stablecoins. Wow.
Yeah, of US DM2 the 1%. So here you go.
Per our network, stablecoins have not crossed over 1% of USD.
SM2 just 99% to go. It's pretty like impressive,
like honesty 99%. That's fine.
That's provocative. I mean, yeah, that is
provocative. But you know the the part that
it's like 1% of it, it's impressive.
But like what, what, what percent what you put by 2035 ten
years that what what would be your over under?
I am not well versed on the stable corn market enough, but
we're moving toward a digital era that has nothing to crypto,
right? It's just digital like like
crypto side, like we're moving to digital era, right, Digital R
digital is so 10 + 10 was my number and my 10 yeah, like 10X
with by 2035 things, you know, Tyler, like tech tends to
accelerate so fast. It could happen 2030, like, you
know, things just accelerate like crazy.
Like we've seen it with AI recently.
It's I think people understood how fast things could accelerate
in this in that sense. That doesn't mean that our odds
going back could accelerate higher with that.
But you know, and like we're, I do believe there is a real
scenario where we are laying the foundation for that hockey stick
growth right now. Like, yeah, all these major
institutions are just now really opening up the doors to to do
this because they couldn't rest that that they would be able to
build these programs and these teams and it not just get
basically shut down. At least in the United States.
Now that that concern is gone for seemingly for at least four
years. We're at the dawn of the era.
And I think that this is how you can start to to get hockey stick
growth. There is real advantages and we
talked about this on Underexposed before, but like
the the fees and digital transactions and credit card
process, we're about two 2 1/2 percent.
It's a crazy business yeah that's that's where you can
attack so like there there's real money to to be made and
there's real anyone who's who's transacted in crypto part of the
reason when we got into this game right.
It's still eye opening. Send 5K to your friend in Paris
or across the world or just in seconds.
Yeah, it it takes seconds. It's much harder to do that via
tread baking. So I think there's a lot of room
to to grow there. So that that's positive.
I think we're going to continue to see those positive headlines.
We'll be very curious what the Senate subcommittee on digital
assets has to say today. We we've talked about this a
little bit in our chat. There is some concern.
I think Gabe Laden raised this concern over which one of
regular like basically there's some yeah.
Piece of packed with the regulations come out perhaps.
I mean, there was this Van Spencer tweet, right, about a
major player. I mean, a lot of people seems to
say it's, I'm not saying it's circle, but it seems like they
think it's circle in the comments.
There's a major players trying to really like regulate that
whole industry and kind of own it.
So right. And I, I certainly see the
argument that we don't want to be pushing competitors out at
the favor of right folks who are spending up in Washington.
And I would tend to agree with that.
Yeah, the soon to be revealed stable coin markup apparently
has requirements to shut off access to the Treasury market to
centralized international stable coin issuers, which is straight
up bad shit. Crazy.
This is a blatant attempt at regulatory capture by US players
done at the expense of U.S. National interest.
So you're curious about this Pythianism?
By the way, great follow. He was a whistleblower for SBF
way before everybody else and everything went down.
So it's really rare. Actually the last time he spoke
up against something was SBF pre SBF fall.
And they, I think a lot of people laughed.
So it's definitely not something to take with a grain of salt and
something to probably pay attention to.
But wow, we should have just been in the stablecoin business.
Jesus Christ, why is everybody launching a token, just launched
stablecoin. We'll be competing with Square
and the Collisons, right? But it's wild.
And then obviously Paolo had some words on that.
I really want to interview Paolo.
We got to get Paolo on the fucking show.
Who knows, Paolo, come on, man. We got to get Paolo on.
That would be a per capita of anyone, right?
It's actually wild. It's what he's what he's
anyways, Tyler, what else you got for us?
Let's see what are favorite headlines?
I just I know I keep talking about every day, but like this
Kaido token is dude. Let's talk about it.
Hold on, talk about it. Let's pull up the chart.
Hold on trading view. This is I actually, I really
want to talk about this because I, I had to take on it this
morning, but take us through it and I'm going to pull up the
chart. So the news today is they, they
continue like to share new information about staking and
staking reasons why folks would hold the token.
It looks like staked token voting will go live here too.
I, I don't know that that's the headline that that drove this
huge candle right now, but that it, it's, it's pumping amidst
that news to, to say the least. The reason why folks remember
there were the Kols and I got included in one of these rounds
too, where there, some of the, the, the launch partners were
paying up to like $2.00 per vote.
Yeah. All right.
Previously, the only way you could get votes was via Yaps.
Now you can get votes by staking your Kaido tokens.
So companies are just buying the Kaido token in order to allege
like they could like that's what you think would lead to the
yeah, they they could, they could buy their own votes
effectively via the token. I don't know if that's the
economic you probably want to trade pre vote post vote right
there. There's a lot of calculus to to
to go into effect for sure. Probably less likely that we're
going to see like the the big yap holders getting paid for
votes now since there's there's other ways to go.
Yeah, no way. So I would probably wouldn't
hold your breath for any more big vote payouts.
There's there's nine new projects launching today.
Also like they, they said that they didn't release their algo
for how people earned tokens and AirDrop one, but participating
in votes was one of them. So if you're in this ecosystem,
if you're, you know, if you want to be participating ahead of
AirDrop 2 and future airdrops, I think like voting is something
you should do. And I mean, it's never bad to to
research projects and figure out which ones you you want to throw
your support behind really anyway, So like, that's the news
here. But man, two $2.40 dude, wild.
I mean, sellers in shambles, sellers in shambles.
This is becoming one of my bigger fumbles.
But you know what, like that, that's the thing, like you, you
also did what was right given the gift specific market.
Like that's what people don't understand, right?
Like it's like every single AirDrop.
I mean, historically every AirDrop has gone to 0 or like
much lower, right? Everyone like since beginning of
times, everything's gone lower, right.
And so, especially in this market was a lot of uncertainty.
Cattle came in is like this like knight in signing armor and it's
going the other way, which is fucking awesome.
It's amazing. Yeah, we do love that you bought
a punk that your punk's down now, but it's OK, it'll go up.
But but the it's it's it's amazing.
It sets a precedent. My take this morning was just
very simple and I'll I'll just read it out loud here.
All the time on here was get used to apps becoming more
valuable than blockchains kind of leading the way.
And it's this is just the start of a new trend.
And for the longest time this cycle, Tyler, we said, and we
meaning like you, me, but also the, the timeline, too many
chains, not many apps and it's chains and chains and chains and
chains. And people are just investing in
these chains to dump on retail and dump and dump and dump and
dump. And like there's nothing
actually, no one's like it's crazy.
But like Sophie had a radical take yesterday, which is like,
hey, let's build cash flow positive businesses in crypto.
Hot take. Like this is a hot take in 1/3.
Like like having revenue generation and regenerating
companies and crypto is like a hot take.
You know what I mean? And here comes Kaido with the
successful tge with the Coinbase backing.
I mean, whoever the market makers is probably doing a
really good job as well, but you know they have done it right,
right. They they built a business, they
built attention, they built mindshare, they built revenue
and then they teach. It's just well done.
Like shout out to you who right like it's it's it's incredibly
well done and and they've really cooked on that son.
Now we don't have the numbers, but it didn't matter.
Like clearly it's doing well and and I really love that and I
hope, Tyler, I really, I pray that this starts the beginning
of this next meta of the second leg of the cycle, which is going
to be like a super app cycle, right?
Like, fuck the Super meme coin cycle, shit like fuck that stuff
like he was going to be meme coins for I love uncorns.
You know me. You can't be in the space and be
a host like everyone in the anti meme coins.
Like you got it, like it's part of the game.
You love meme coins, but you got to also have that can't just be
memes, right? Of course.
So we we want the apps to succeed.
I love that they didn't wait for like perfect market conditions.
They launched on a very rough week and their token is pumping
well, majors are falling off cliffs.
So this goes to show that that that is possible.
I think it also reminds us, hey, this is not a bear market.
I don't think tokens launched a $2.4 billion FT VS in in bear
market. So there is opportunity to be
had if you have a good product and a good app.
So I think you just launch. Yeah, we have to be rooting this
on. Just launch, just launch, just
launch. I think they launched at the
perfect time obviously at market wise.
But given given their mindshare, it's like, yo, how much longer
can you drag the whole yap thing, right, Because it was
going from for like 2 months, three months.
I think we've been farming app for a couple months.
So I think for that market wise, no, but for them it was like
nice time. Like and I and I look into that
as well myself. Like we we talked about like yo,
first you launched the myriad like points program, you
launched a product, you fixed the product as people go, then
you launched USDC markets. Then you show that you can
generate enough revenue for the next four to six weeks.
Then you TG right. And so it's like it's you want
to do things properly. And I think that they have shown
that they're doing things right. And I actually really appreciate
how you who talks openly about his token, his plans, what
Kaido's doing. Like, you know, I really like, I
didn't, they're like, I'm a fan. Like doesn't matter whether I
sold the air drop or what not on day one, I did what I had to do.
When, you know, you taxable dollars day one on your claims
this and that, like this is this doesn't matter.
Like you, you know, credit goes where credit is due.
I think, I think they're doing a really good job and I really
hope they inspire the next wave of the cycle with what they're
doing 100%. And we're already starting to
see some now some more positive movements.
So fancy top launched on Monet. Yeah, that that that's so that
that's how I made sure I got my actions in on monad testing.
And you may get an air drop. I don't know if you will, but
hey, maybe that'll get you paid. It's worth doing.
I think it it's honestly for folks who are who are kind of
looking for like low capital play apps to try.
It's free. You sign up, you get 15 free
cards with that. You can sell some of those you
get like the monad faucet tokens.
So they don't, I don't think they have any real value, but
you can get in, you can learn the game and effectively play
for free. And I think there are some real
prizes. I don't know the exact prize
pools, but they are launching, they are running tournaments on
Monad in in parallel with the the tournaments running live
still on blast. So that one has been doing well.
Abstract abstracting. Jeez, that's this is your next
quote. Abstract abstracting.
You know what let's do right now.
Hold on, you always come up with the best ones.
You're like my Ghost Rider now I'm done.
Can you hear me? Yeah, Yeah, I was saying you
always come up with the good ones for me.
So you're like my Ghost Rider. All right, let's look at
abstract NFT. What's the best place to look
at? It's magic Eden.
Magic Eden. And you go to the abstract.
Got it. All right, let's let's look into
that. Wow.
On scene. Heroes are killing it, bro.
Ch heroes totally back. They're back.
I think they hit point 5.54 overnight.
I was a little concerned this weekend that maybe they topped a
few days in. It looks like they haven't.
I think basically what happened yesterday is Abstract dropped
their weekly XP in that game. Heavily rewarded, which was
always the thesis, but I think it was important to see that for
folks. So folks doubled down on the
game. I think the antis has gotten to
like .3 so they're back up 50% off local lows.
What else is going on this segment Adventurers Project?
I I totally whiffed on this. These were viable around like
point O1, but I guess the Vanek, some folks at Vanek and their
web three department are behind this one.
Wow. I got all tweeted out this
morning. He's the head of digital
research at Vanek. He said it is a Vanek backed
project. So I don't know if that
interpret that however you want. You know Vanek has a pudgy PFP.
Yes. And you know how like Matt, the
CEO of Bitwise, also always bull posting pudgy and Igloo like
it's in part of their NFT thing. You know how Luca in my
interview of him in Paris on stage said that there's going to
be NFT investment vehicles coming soon?
I think I'll put on the record, I think it's going to be an
NFTETF with pudgies in there coming.
That's what he alluded to. It's starting to hit bro What?
Because dude, if the Venex folks are being a fucking NFT project,
they could have picked any chain.
Why don't abstract? Imagine your tweet, ETF NFTS and
and how viral that will go tomorrow, tomorrow, like one per
day that that will happen. But I practice cooking man
instead of playing the TVL game, dude.
They're like, I know a lot of people, including you and Sims
like are like genuinely playing the XP game and getting
involved. Like half of my team is on the
fucking Rd. tracing game. I was just playing this while
like building Myriad, you know, Yeah, like I, I'm not an expert
in these, in this ecosystem. I need to dive in deeper.
But I'm I'm on myriad every day. I'm running the line and I can't
wait for these money. I'm cooking on Myriad, bro.
I'm on fire. Every day I wake up and say when
money markets, when I know, look, I just cooked burst.
Oh, I just want 380,000 points on this one.
Holy shit. What's called I gave that call
also in the myriad in the myriad chat.
I was like, guys, the draw is going to hit the draw is going
to hit and then 92nd minutes like last minute of the game we
drew. That was nice.
I know when USD Marcus, but hopefully within the next two
weeks. That's like that's our target.
Please, devs, please, can you do something please running this
out. Let's talk Bitcoin and FTS
briefly. So we OMB was no yes, OK, fine.
So OMB, the puppets are point O43 those those briefly went
below O 4. Then there were 10X data at
peak. When do these were three?
That's the question on a lot of people's mind here.
The dips keep dipping the number like in my head I was like, if
things get to point O2, like am I going to buy like 50?
So my entry is point O 1. So I still have full round trip
on like 16 puppets, but it still stinks at point O1.
Like are are you just like crying and puking or are you
thinking I'm beyond the point of crying and puking with these?
Like I was worth like my bag was worth 7 Bitcoin peak.
I was walking around Paris last year and I was acting like, Oh
my God, I got so much Bitcoin. Oh, by the code.
Sorry, raffle bought dot XYZ raffle bought dot XY, the
coldest punk, PUNK, punk raffle bought dot XYZ Code is punk or
someone's going to win a punk today.
Anyways, back at you, Tyler. They they kind of look like
they're buys. There's the thing with puppets.
And that's also why I didn't don't do what I did.
I married the bag because I love them.
Yeah, I love, but I don't need 16 of them.
I just did one. Yeah, you don't need to have 16
or something to prove that you love it.
I think we we're we're past that part.
There's an incredible buy. I love those things, dude.
Fuck, you're making me want to buy.
Like, just what are we talking about next?
I can't look at these. I love them.
I don't know. They're so like, they're so
redacted. Like, oh, good.
The prices are just getting so low in Bitcoin terms that, yeah,
if I had to pick an NFT to 2X or 3X, this is probably the board
I'm looking at right now. Yeah, I'm being honest.
But also like, they could just keep going down.
And maybe like also, let's be honest, like quantum caps were
third of a Bitcoin if you're a little richer, like if you got
the money, like the appetite for quantum cat, maybe like at the
end they, they are like the most, one of the biggest teams
on Bitcoin, like Taproot, they just announced like a $70
million raise. Like, you know, you could argue
that, right? But obviously the appetite like
would you rather 4 puppets or 3 1/2 puppets or 1 quantum cat?
There's also argument there. You could go for like 1 node,
one puppet. Like, you know, also ordinal Max
V is a point O29. It's kind of cheap and I'm gonna
lie. So the the Fantastic Four was
these 4 right of Bitcoin, the top 4.
If you're just getting started and got capital, just grab one
of each. Call it a day, man.
One of each peak was like 2 Bitcoin.
Yeah, but one of each peak was the worth of 1 quantum cat, less
than the worth of 1 quantum cat. Think about that.
So if you have the money and you have the appetite to take the
risk, I'm not saying take it. I'm saying if you have the
appetite to take a risk and you want to put into like a longer
play. But I think and I was talking to
this about about this with men yesterday because he cooked on
the puppets early on. I was thinking, I think the the
ordinals trade is going to be end of cycle trade.
Like at this stage, I'm holding my puppets to end of cycle like
NFTS 2021 like it's going to be the thing that really pumps once
Bitcoin stable above 150K super cycle conversations are back on
the board. Everybody's euphoric and we're
buying it like risk because it's high risk assets on Bitcoin
right yes yeah, I think that makes I was just toggling over
to the runes board. I'm not sure that we even need
to do that. No, no, we're not talking about
this. Let's talk about this last
collection, though. Where is it is it in the OMB?
Oh wow floors now the the the I think they're called black eyes.
How do I see them? Why can't I I mean those those
are it you're seeing them. No, that's the regular OMB's.
Isn't that the new ones? Oh, are they within the current
OMB collection? Bongo?
Yeah, yeah. Yeah, you're, you're looking at
the right. One OK, thank you those.
Are the black guys? I love having Bongo on stage.
That's perfect. He's like, you know, that guy on
Joe Rogan that's just there, like ask him a question.
So yo, I actually, I was always a fan of the OMB art.
These are cool. Yeah.
I kind of like this. I like I fuck with that.
They they have some good art in the OMB if you dig into like the
actual like there's just some rare ones to fuck it. 6 so you
told me they sold what 6 Bitcoin worth?
They sold $6.7 million worth yeah 35180 NFTS sold for point
O2 one each so like 70 Bitcoin or something.
Wow that's a big sale. Wow, very impressive.
Damn. They've got a community, they've
got some believers out there. This doesn't happen in the bear
market, by the way, just pointing it out.
I know a lot of the stuff that we're seeing on time doesn't
happen to bull, but like, this doesn't happen in the bear
either. You know what I mean?
Yeah, interesting. So it has it has to be some
confidence that ordinals aren't just all going to 0 immediately,
at least that people are ready to put $7,000,000 in some jpegs
on Bitcoin. Yeah, that's absolutely crazy.
I like this this like this one. There's some good.
What else is there? There was the bolder unitis back
then. I still have mine that I minted
and that was nice. While the Bass angels point OO5
and damn frogs point OO99. That was one of the first
collections on Bitcoin. Those ones are .2 to .3.
I think at at peak yeah that they were like way higher than
puppets for longest time. What's up, Bongo?
Just putting it out there, but I think CKHR or is well know that
CKHR has made over $50 million with OMB like across all the
collections selling them. It's way more than that.
Wow, that is, that is impressive.
Let's look at the rules board, man.
Dog to the moon, bro. That's it.
That's that thing's down above 200 mil, like the whole entire
time. It's wild.
Yeah, dog dogs holding up well, the volumes are are anemic.
Yeah. Oh, God.
Pups. Pups is 24,000,000 Rs.
We've round tripped it not only once, we did it twice.
Twice we did a second time. That was funny.
Anyways, Kodis, Punk, P1 Ki think we're running around the
board pretty well here. That's actually, well, unless I
missed something, Tyler, but I think we went around pretty
well. Yeah, we we did it.