GMGM everyone, you're looking happy there.
OSF it's just a two night show again, me and OSF.
Farouk is still in Paris. I think he's just flying back
from Paris. We've obviously came back over
the weekend after the wreck show.
We obviously missed a few shows last week.
We apologize but we are back better than ever.
OSF looking mean as hell in that.
Wrecked. Wrecked.
Can you shut that off for the? For the, for the camera?
Wow. Oh, that's the RLD edition.
It's the the RLD edition. Wow.
I don't even know if I should tell the audience what we've
been doing, but there's an inside joke there we've been
doing. We did a Speech Speech Workshop
class, myself and LSF because we realized we talk like crap and
now OS FS pausing between everything he says and
enunciating every single word. So let's see how the show goes.
Anyway, interesting day today. As OSF said, we were selling off
while we were in Paris, and then the moment we we come back home,
things seem to be rallying again.
Looks like Bitcoin is breaking out above to recent highs.
Heath is doing the same and even Solana's moving that part of
today. So a stronger day all round.
We'll get into get into that shortly.
I don't think that obviously we're sponsored by roll but at
the moment I don't think we've got any prizes again today.
I think Ferrari wanted to wait until he got back so if you're
if you are waiting for those you can have to wait for the what is
it quadruple rollover that we're going to be doing on tomorrow
when he back takes back over. But anyway, we'll get into,
we'll get into the market in a minute.
Let's let's maybe just talk about Paris.
How was how was your Paris? My trip in Paris was amazing.
Sorry, sorry to everyone in the audience for that.
Yeah, well, this is going to be a very, very long show.
We had a good, we had a good rec show.
It was I saw your face everywhere.
I was only there for 24 hours. I did the rec show and I kind of
went home or maybe 36 hours. But you you were there for a
little bit longer. What?
What was the rest of the What was the rest of the trip like?
So on Friday we did the 5A side football tournament and once
again it ended in heartbreak for wrecked City FC.
We lost in the semi finals and we only really have ourselves to
blame. What happened there?
Because I I think no one in the rest of Paris even knew there
was a footy tournament or cared apart from the people who were
there. And you were like Carb Loading,
sending videos of like Barcelona's victories to the
group chat like you really, really, really cared.
And yet we're in the semi finals again and we're out.
There was, there was one team that took it more seriously than
us, which was uniquely and they had a bunch of ringers from
Poland and they even had a manager and he was like the
Polish Gareth Southgate, he had like a full three piece suit on.
It was pretty legit. And The thing is like we lost to
them first game and after that game we basically won every game
between 7:00 nil and like 15 nil.
So it's frustrating because I think we would have, if we were
a bit more warmed up, we could have won that game and won the
tournament, but once again. Did they win the whole thing?
They ended up winning the whole thing, yeah.
Yeah, it's always the case, right?
No matter how good you are, there's always going to be one
team that's just a bunch of ringers and the B2.
I feel like we're better than them.
We just just had a We just didn't England really.
We just choked when it counted. It's kind of classic to you
because we actually launched a drink in in Paris and the the
main take away seems to be the five side football tournament
that were in the same final. Like maybe let's talk about that
for a little bit. Like how how was the drinks
launch, how was, how was that event?
Yeah, so our drinks event was really good.
It wasn't. I felt like sometimes when we do
these wrecked events, they get super, super crowded and we have
massive queues outside. But I think this was like it was
really busy, but it wasn't like too busy and I don't think
anyone had to queue up for too long and I don't think anyone
was unable to get in. So from that perspective it was
good. I thought the reception to the
drinks was pretty good as well. It's the first I only tried the
drinks out of the cans for the first time 2 weeks ago, and we
just made these flavors randomly in like a random lab on the
coast of England. So you never really know like
how well the reception is going to go, but people seem to like
them. I think there was just one, I
think maybe 2P, two or three people told me that it wasn't
really their thing, but overall the feedback on it was pretty,
pretty strong, I think. And we had a stall at NFT Paris,
the actual Convention Center as well, and we were just handing
out drinks for free. And yeah, it was good.
I I I enjoyed it. I think it was a good, we had a
good buzz about it. I think I feel I'm feeling
pretty good. Yeah, it was definitely a good
mixer. It felt like for the Wreck show,
I think it was the mixer for majority of the drinks and then
some people were drinking it, even at the event.
But we ran out of, we ran out of cans almost like immediately,
right? I think we were slightly under
stocked. Don't worry, we're going to
change that. Got more, more stock.
Yeah, it's weird when you give out things for free that you.
Yeah. It sells out quickly.
I think we had it for literally about an hour and then they were
all gone, both, both days. So clearly, clearly good demand.
I thought Paris was really good. I actually thought Wizard of so
hard, but I could tweet earlier, like talking about the main
takeaways that he was hearing. It does feel like Hudgie
Penguins came up a lot, gaming came up a lot, Portal came up a
lot because obviously that was the round that everyone had been
a part of recently. And then just just a bunch of
VCs I met coming back into the space, a lot of them out of
Asia, it felt like. So it does feel like money is
coming quite quickly back into the space from like an
institutional level and a lot of people interested.
But everyone's just talking about air drops, right?
Like that. That seems to be the the word on
everyone's lips. It's like, oh, which, which,
which NFTS again, Air drops. Which ordinals?
Which, which new like chains again, air drops.
Just feels like everyone's waiting for free money.
Yeah, the air drop meta is something that's really taken
off and there's been a lot of farming and stuff this year as
well. And I guess the difference is
air drops in a bull market are actually worth a lot of money.
Airdrops in the bear market are basically worth 0.
So it is that meta. Now you've seen some sizable
stuff for pudgy Penguins. For example for a few different
projects we had a couple for rec guy and these are all like non
zero events which are which are great because I think if you're
a newcomer into this market and you haven't already made a ton
of money in crypto it's a good way to actually farm money, farm
crypto and make some money without putting up much capital
or or much risk. So I think we will continue to
see this. I think we, you know at times it
feels a bit frothy. It feels like like everyone's
just now just firming into all these token pre sales and you
know aping every single new token that comes and it all goes
up and just kind of feels like this money glitch can't go on
forever and it won't go on forever.
But I still do feel and believe it's early in the cycle.
If you if someone sent out that tweet a while back which showed
like some of the numbers in the in the top of the bull market
and it was just stuff like how Dogecoin DOGE went up 10X in a
day in January 2021 when it was already a billion dollar coin
like AXI, AXI went from 200 million to $10 billion.
FTV in in the space of five months went to $43 billion at
the top like these are crazy crazy crazy numbers that and we
haven't seen anything anywhere near that yet.
I mean we're not even at all all time highs yet on Bitcoin or
wreath. We're far from it still.
So I think that just goes to show how much room, how much
more room there is to run with the market the way it is now.
And yeah, I just think it's going to be, it's going to be an
exciting few weeks still. So maybe let's get into a bit of
the market now because obviously it was, it was a little bit
mixed. I would say you you put it well
on put it well on one of the chats I'm in that ETH has really
broken out recently in the timelines in shambles.
Like it feels as though people are under invested to that
narrative. ETH bitcoins gone to 9.96 you've
seen ETH Solana go back to kind of nought point, is it?
Not? One nought three.
Yeah, not 3 area. Three, yeah.
Yeah. Yeah, It's been quite a move and
I think people were under invested in that move.
But there's clearly strength happening.
I think last week we saw another 500 or so million of inflows
into into crypto products. Thursday and Friday we're both
pretty strong like another 200, three, 100 million, which I
think we'll kind of see every single day at the moment.
Obviously you have GBTC selling happening from from Genesis
right now, but largely we're just going to keep on getting
inflows. I I just don't think it's a
market to fate. I I kind of think you're going
to echo something like that but I it it can funding went higher
on Sunday. I think naturally it does
because a lot of the spot buying is happening on the on the
weekdays at the moment, the vast majority.
So like on the weekend you often see a lot of people getting over
levered and very little follow through spot buying, but you're
seeing just crazy crazy institutional demand every
single weekday at the moment. Yeah.
We had a little bit of weakness last week when the net inflow
into BTCETFS was lower than usual.
And I think I believe we had one day which was an outflow that
was after the holiday weekend. So I do think and believe things
were just a bit slower. And by the end of the week you
had $250 billion inflow on Thursday, you had another 200
and $250 million inflow on Friday.
So we added another half a billion dollars of inflow at the
end of the week and things are pumping again this morning at
the open. And remember, the Tradify guys
will have those info numbers before we do.
Like BlackRock will know what their info number is, like
Fidelity will know what their inflow number is, right?
And especially for BlackRock, when they get their number, they
know they're the biggest buyer of the BTCETF in the market
right now. So that will give them a good
bellwether and what the overall inflows are.
And with crypto pumping at the US Open again right now that
tells me we're probably going to end the day with a good a good
ETF info number. So it's really hard to fade that
and I think we're just going to keep seeing it.
We're going to keep seeing it day after day after day.
I I do think you mentioned you know the timeline not feeling
that great about the ETH Valley. I do think a ton of people
probably sold their ETH for Solana or other things when it
was underperforming for a while. There was a massive like ETH is
dead narrative going around for a long time.
I mean ETH has the the ETF coming up, it has the Denkun
upgrade coming up, you have BLAST coming up right now.
There's a few different narratives for ETH which we
should put it back into favour. And actually funnily enough for
Solana, there isn't really anything that anyone is looking
forward to right now there that is like a short term catalyst
and I'm still really Bush Solana.
I think Solana will outperform ETH this cycle, but as the
market still seems to move in short term matters, right now it
does seem to be all about ETH and I think it will continue to
be as we get into and and get closer to the ETF which is now
less than 90 days away, now something like 8385 days away.
Yeah, it's just under 50 days to the halving and it's just under
90 days to the ETF. I do think the ETF.
So there's some comments by the Valkyrie CIO last week he says
that he doesn't think it's going to be this year.
I do still think it's it's still a 5050 bet and I think as the
more it outperforms the less I like that trade.
I feel like with Bitcoin it was becoming more and more likely,
more and more obvious that it was headed that way and with ETH
I haven't really seen that like it hasn't.
The story hasn't hasn't become more more obvious to me so oh,
it's actually increased. So 82% chance they think it's
going to be done by June 30th, but.
June 30th is not is not May 23rd though, so May 23rd is the
official last deadline, so I wonder if there's some I.
Think I just do it by by quarter.
That's OK. Fair enough.
Yeah, but that I mean that is I
guess, I mean the bid off of there is pretty high.
So it's more about 70%. But I would say I don't know
like that seems like a bet I I wouldn't necessarily bet the
house on but yes it obviously been outperforming ETH.
The ETH futures ETF wasn't really as big a story but I do
think the spot one will be big just because the amount of fees
they can drive drive into it but that that story is becoming more
and more more and more liked we've we've we've it's just more
and more inflows though I just that's the thing I don't think
you have to fight like the narrative of ETH is strong right
now you have a couple of things from the in the LTV ecosystem
including BLAST which is starting to bring some like more
D Gen. Activity back to ETH but it just
has the strongest one But yeah I'm I'm still now that it's it's
starting to outperform so much I am more wary that I'll have a
I'll have a moment where I'll take off that trade for sure
like I moved all my levered trades into EA while back
wherever it was 2500 there but the now it's like above 3K if it
starts head starts to head towards 4K I'll definitely I'll
definitely consider rotating out of that one.
The other stuff that we saw over the weekend in terms of altcoins
gaming coins have had a big big run so we've had a a bunch of
different gaming coins have started to move back up 8 coins
nearly back at 2:00 so 8 coins nearly down at 2X.
You saw a bunch of the OG coins moved overnight so Gala was up.
You've got zai which keeps on hitting new highs up 20% on the
week. Pretty much every single major
gaming coin is is has been having a move a move higher.
You also saw D Fi had a big move over the over the over the week
and that was mainly because there may be a big a big change
in the uniswap fee sharing pool. So this is quite an interesting
one because D Fi as a sector has been largely quite boring for a
lot of its a lot of its coins. And the stories behind them have
not been that bullish, mainly because a lot of them have gone
down the Dow route. Like UNISWAP is a Dow, Lido Dow,
Maker Dow, and they haven't found a way to share the profits
of the protocols of which are the highest.
Often a UNISWAP for example, I think is kind of the second
highest generating Dow, or maybe it's not even #1.
So is Lido makers up there too? But they've never found a way to
kind of give give money back to their users.
It seems as though UNISWAP is now going to go out on a limb
and have some form of a fee sharing protocol potentially.
Now I don't think it was that was proposed by anyone on the
team. Obviously Hayden Allen's leads
UNISWAP as it was proposed by someone in the community, but
the idea is that potentially they may have, they may have won
something. So there was some bullishness.
I think it was yesterday. People have been speculating for
for for a while that Coinbase, so this was a tweet that kind of
went a little semi viral. I was already very bulled up
beneath, but the combo of grill tweet and Uni fee switch has
been thinking a large victory is won on a regulatory side, and
we'll soon find out. So there's some idea that maybe
Coinbase has won a legal fight. You know, it's obviously
fighting the SEC about unlicensed sale of securities
and that might mean that the D5 ecosystem could also be turned,
turned on. So that's been driving a lot of
the D5 coins. Pretty much all the OGD 5 coins,
because a lot of them are O GS were moving up higher.
UNISWAP moved up about I think 75% on the day.
I think it's retraced slightly since then but anything that is
generating fees and was had more like a Dow structure to it where
they hadn't been returning that revenue to to users of the
protocol. They they all had a big move.
So DEFY awoke over the weekend. AII mean world coin had a crazy
move. World Coin moved all the way up
to nearly $100 billion FTV, which was just kind of insane.
I think I saw today, which I put in the minutes, is that the
World Coin FTV actually eclipses the valuation of Open AI.
Open AI is looking to raise I think at around 80 billion FTV
and World Coins at 90. So that is kind of and obviously
Sam Altman is linked to both projects.
This was actually talking about how World Coin is like a multi
generational opportunities are the short.
But I it does just show that AI in this market is just having
absolutely crazy valuations kind of detached from from reality
that it feels very much like the last bull market.
What's going on? AII don't know if you agree.
Yeah, just I I've even seen some AI coins from last cycle that
are just doing crazy, crazy numbers right now.
But it's just it's just a game of narrative and attention and
with all the AI stuff that's happening, people are just
pushing AI coins. Meme AI meme, AI meme coins, if
that makes sense. And.
AI meme coins. That's the other one.
Yeah, world coin. Just world coin just was.
I mean, in hindsight, it now looks like one of the most
obvious plays and it was a heavily shorted and heavily
hated coin as well. So that just adds more fuel to
the fire I think. Yeah, World Coin doesn't make
any sense. They have got some unlocks
coming up, but yeah, that's it's been a crazy move.
Maybe it keeps going like it is still most hated as it moves up.
Everyone's continues to think this has gone too high.
This is Rally. The most hatted rally, yeah,
nearly 100. A 100 billion would be wild.
Like that's 1 1/2 times what Solana is, obviously.
The other thing I think people focus on is this EPBC rally that
we kind of already spoke upon. Crap hold document, an absolute
stunner that does like an interesting chart doesn't it
like it does feel like we're now breaking out over a long long
term issue for for ETH, we're at now a bit of a critical time.
I think for it we'll see how that goes.
I do think ETH is going to is going to hit all time high round
about the time of the halving. Like I just don't see how it
doesn't with this this number of inflows and and like the
narrative picking up there was some there was some talk today
that you know the search trends are now starting to pick up
again across crypto. So altcoins it's starting to
pick up again back to kind of 2020 levels by crypto has not
and coin market cap is starting to pick up but like we're going
from a very low base. So I we've still got a way to
go. I I feel like Coinbase volume
retail volumes are still kind of tiny but this is this is a sort
of chart you can be like wow this could this could really
explode in the same way that it did in 2020 again if if people
kind of come back to the market and I think that could drive us
to just to just crazy levels in terms of what's going on in in
in NFTS as we spoke about it does feel as though the AirDrop
meta is driving a lot of NFTS at the moment.
Creeps are up to five ETH now portal trading at 3 billion FTV
is kind of nuts. Kangpai Panda isn't now at 12
ETH. Oh sorry, can't fight.
And the the pandas playing at 3.60.
So huge move there. I saw ice bags tweeting about
different air drops potentially for them going forward.
So APC have had a few different air drops, even record I've had
a few different. It has the sinkers thing, but it
feels as though air drops is driving a lot of what's going on
in NFTS. But the big thing to talk about
over the weekend was what was going on in ordinals.
Ordinals just just hitting absolutely crazy levels at the
moment. I think the the node monkeys are
now naughty .4 Bitcoin, so just over 20 K Bitcoin puppets nearly
at 9 K you know these are these are proper proper levels and the
the I saw today the Bitcoin shrooms are nearly at like 190 K
floor. So those are the things that I
saw in Sotheby's the other day. So you're seeing all these top
or like if I go through the floor price of all NFTS tracked
on degens ordinals are now making up a lot of the top 15.
They're making up five of the top 15.
And those are actually ones that you may have even heard of.
Some of these like are kind of obscure ones, but Bitcoin
shrooms, OMB, ordinal. I don't know what a nordal
Penguin is, but that's what they're we call dam files.
Like Node Monkeys. It's amazing how bad the Solana
NFTS are and to be honest with you, that ecosystem as well
after such a strong end and start to the year.
But the only thing in the top 25 are mad lads and even then
that's ranked 24th out of a slew of heath and and ordinals.
Heath projects and ordinals. Yeah.
So what I would say about this list is a lot of them are very
small collections, like a lot of the reason why they're hot.
This isn't a market cap list. So it's quite difficult to work
out whereas but it is, yeah, it is very, very interesting like
how how Bitcoin is taking a lot of that small supply, premium
style NFTS and just a crazy move like if you're involved in any
of these, I think largely this is also linked to the AirDrop
meta. So a lot of airdrops are
happening right now. Remember there's this new
there's this new protocol for a fungible token happening on on
Bitcoin which is this ruined thing that Casey Casey
Brodermore's coming up with and they are very similarly going to
be air dropping it to all the top NFT collections.
So part of what's driven what's happened in in puppets and and
what's happened in in No Monkeys is that these are now cementing
themselves as the top projects on ordinals and that means they
are the most likely to get the NFTS.
It's kind of what we've seen what happened with pudgy
Penguins sorry get these air drops.
It's kind of what we've seen happen with pudgy Penguins.
So that just keeps on driving them higher.
I I think that could keep happening too.
Like if you own these, I think you're going to keep on getting
air drops just because of the the amount of things that have
been built on Bitcoin at the moment and they want to onboard
communities like that. So it feels like if you own some
of the top ones in terms of traded, you're going to get a
bunch of different air drops. Yeah, it.
I mean, there are just so many pockets of things that are
rallying right now. ETH NFTS are rallying.
Ordinals are rallying. Meme corn stay are rallying.
D5 projects are rallying, gaming is rallying.
Ether's rallying, Big corn is rallying.
Like the entire space. We've talked about how it's felt
very hot potato ish for a while, but really in the last truly in
the last two or three days, the entire space is is.
I mean the only thing that hasn't really rallied once again
is Solana, but I expect that's going to catch up soon.
I think that's prime that looks now, looks prime to catch up
with everything else. But yeah, it does feel like
everything is starting to move now, which is good to see.
And if we keep getting those Bitcoin inflows, I think it's
going to keep pushing stuff higher and higher and higher.
But as you mentioned funding is is also high.
So I think it's going to be volatile as.
Well, funding is high, so you get these like Wicks and you got
to be very, very careful about it.
It did come down actually over the course of the Today it's
it's it's gone back up for Solana but but for Bitcoin and
for ETH I mean it will go on the heat map because it's probably
the best way to show it to people but or yesterday
afternoon I took off a bunch of the lever trades because it like
you had 50% funding for each 4:00 PM yesterday 65% for salon
like that that's very high. We're now back down to look
about half of those levels so it did peak but yeah you you've got
to you've got to appreciate that people are again over their skis
slightly on in terms of like leverage here.
The other big thing that that happened on Friday was you had
the ending of the the Blast competition.
They picked 47 winners. I think I went into it.
What was it, 25th? I went into it the day before
maybe. But yeah, there was a bunch of
different projects that won the blast competition.
There was one RUG. It looked like Risk on Blast
became the first project to RUG for over a million.
And there was some heat on the timeline for because I think
there's been a lot of shilling of of blast projects.
What what do you think of that whole leakage says?
I know you're big into BLAST, but what do you think of all the
different projects launching? I just think it's amazing how
many projects are launching. They they received over 3000
applications for something that's been just in test net and
main net launching in the next few days or possibly even a
little bit later. But I think it will do really
well. I just think we all know this
but a lot of crypto doing well is just about how things are
marketed and having the right people involved.
And you may build the the most amazing thing, but if you don't,
if you're not getting the right eyes on it and you're not
getting the right participants in it, it's not going to do
well. It feels like BLAST has done
that stuff well in the past and they have the right kind of KOLS
involved. I mean just look at some of the
judges who are part of this Big Bang competition, right.
It's some of the the most OG people in in crypto to better.
So I think they are going to, I think it's going to do well.
You have to be careful because we don't know some of these new
projects or the teams behind them and you've already had one
rug. So it's just like anything in
crypto, it's definitely buy everywhere.
But I do think when this launches in the in the next few
days, it's going to take up a lot of focus and just don't
forget like the $2 billion of ETH lots in last right now that
unlocks and maybe a lot of that will stay and go into some of
these projects in the ecosystem, maybe some of it will come out,
but that's a ton of liquidity that's just going to be
available to the market, not to mention all the liquidity that
we're going to get from the portal AirDrop and the portal
tge on on Thursday as well. So there is just everyone in
this market has made a lot of money in the last few weeks or
the first few weeks of this year.
And there are more and more and more airdrops that are coming
that are all worth something and all worth a lot and just
liquidity is continuing to increase.
So it's really hard not to just be bullish overall ecosystems
here I think. You bullish on any of these in
particular? Yeah, I thought the fantasy, the
fantasied up top thing was interesting.
I was playing around with that yesterday where you can like
pick Twitter profiles and you're basically gambling on like, I
don't know what the exact metrics are, but you can have
some kind of like engagement score.
I hope that's kind of an interesting one.
They obviously have the usual deckses and stuff.
Yolo games, is, is, is, maybe that's one that's interesting.
There's a couple of you have Thrust I think will be the main
decks, but you have Blaster swap as well, which will be another
decks. There's a bunch of different
stuff, you know, we have there's.
A lot of new stuff, isn't it? It's kind of amazing like these,
and I mean some of them you've heard of, right?
Like bananas obviously moved on to it.
I think NFT Perp has moved Wasabi's move, which are like if
you're in the NFT space, you kind of have heard of.
But a lot of these are just like these central games as well as
another one. But a lot of these aren't
completely new, so a lot of people aren't familiar with
them. There's obviously now going to
be this whole play that you can pretty much join any single one
of these and get some form of points for getting involved with
some form of airdrops going to be coming.
These are all going to have a new token.
It feels like four blast, so it's worth you know it's worth
looking through these and and even the runners up like there's
there's a ton of different stuff that's going to be built here.
So I think it's worth worth going through.
I do think the attrition rate is going to be very, very, very
high. You know it's not often launched
with how many perp decks is 123456 different perp decks.
It's one you know and then another five spot decks is one
another what 7 lending companies one like generally there's one
main leader on some of these chains so you have to be aware
that you know a lot of these the effort to to bag ratio I think
could be quite low unless you're playing them all or you've got
to have quite a good understanding of what might what
might be the stuff that that continues but yeah there's
there's going to be millions made I'm sure playing this game
correctly. OK.
Look, I think that's it for for what's been going on going on in
the market, what how's, how's everything doing right now.
Pretty good. Like bitcoins about to hit 53 K
If it's not hit there already. Ether's at 3150, Seoul's at one
O 5. I mean even.
Some of the meme comes Pepe's at the highest level it's been for
at least three months. I think it's it's Pepe.
Pepe's almost at mid $600 million market cap.
Wow, so a big move in a bit. Moving, yeah.
But big move in a bunch of different coins right now.
Yeah, Dog with hats move back up.
Pepe's move back up. Orbits moved up.
Ape. Yeah, things are getting full
scent. You're right.
Like this is one of the few times where it feels like
there's very few things which are lower.
Yeah. Everything is rallying.
There's a lot of money coming into the space.
You just can't really fade it. Just got to be aware of like
being slightly over your skis sometimes.
But yeah, you just can't really fade this.
We are going much, much, much higher.
All right, guys. Well, thank you for tuning in.
I know this was, this was a shortened show.
We will be doing the rollover spins with Robert tomorrow.
I think we've got a ton of money.
We're actually giving away tomorrow, if I remember
correctly. But yeah, thanks for tuning in
and we will see you tomorrow.