Oh, yo-yo, what up? What up?
Good morning, Good morning, GMG. No, it's not even Friday.
Probably saying Friday. True, it feels like Friday.
Let me tell you that. Tuesday, Thursday, May 21st,
2020 4 44444 Look at that. Another beautiful day to have a
beautiful day. I got my coast in the house.
Tyler Mando. Whoa, how you guys doing this
morning, GM? Doing fantastic.
What a day. What a 24 hours.
What a day, What a day, What a
day. What a What's up, Tyler?
What's up? It's the greenest day I can
remember, so how could you not be on Cloud 9?
Here this morning the greatest day I can remember.
Look at that. I mean holy holy holy ETH added
Solana's market cap one day Bro that is just crazy.
Oh what you think about this. I mean it's turbo bullish might
have been for everything but I just think I think this is just
so so so so so crazy. Oh my God what a time to oh wait
update from James Seifart. Grayscale just filed an updated
19B4 for the Ethereum mini trust.
We should see a bunch of these coming in today, so I feel like
I'm relieving this again, man. Remember on the show that
morning we're like we're just waiting for 19 B fours for the
Beats by Co ETF live on the show.
They were just coming up. There they are yesterday.
They were saying going to take weeks to have him.
It is a 10:00 AM on the 21st and they're coming in.
We are going to get this theorem, ETF lads and lasses and
you absolutely love to see it. You absolutely love to see it.
Oh my God, I'm euphoric. Anyways, today show today,
today. What do we got, what we got,
what we got going on. I was locked out of my e-mail
account. But let me tell you what we got
going on, 'cause I can probably assume already.
Daily market report, crypto macro.
I mean, we got a lot to talk about.
A lot. A lot, a lot, a lot, a lot to
talk about as a theorem. ETFs are seemingly about to get
approved. I mean looks like it, we're not
going to jinx it but my expert analysis is putting the approval
at 98% right now and that move from 25% to 75% by the Bloomberg
brothers yesterday was that was like that was Mendo.
I should have put that that bed on.
Remember on the show I was like let me just go put a polymarket
12:50 odds and didn't do it because I'm Polygon nobody uses
Polygon. So I didn't and and looks like I
could have, could have, would have, should have 10X on that
one. But anyways, so we're going to
talk about a lot, a whole lot about the theorem ETFs.
We're going to talk a whole lot about Ethereum today, that's for
sure. For sure odds, memes and dreams.
I mean look we can talk about all that stuff but we, you know
probably going to have a conversation about crypto punks
mostly based on what happened yesterday.
Some of the backlash seems to be obviously all resolved this
morning all pieces back and reinstalled within the punks
chat. I was just in there.
We're good. And then and then and then.
Last but not least, today's robot day.
Today is robot day. So two people will win money for
sure. For sure, because the 4th, the
fourth thing you can win is like $2000 with each being up.
All the NFTS are up in dollars. So no matter what, you're going
to make some money on this show if you're selected today.
And then last but not least this show is powered by Moon Pay to
buy crypto with your credit card and and or on PayPal down the
Moon Pay app because they're killing it.
And once you've done that, but you've done that, check out Fair
Site Network, all right to secure and get insurance on your
crypto. They were on the show not long
ago and they were actually really good people and we like
them and we like our partners because they make all this
possible for us. But anyways.
Anyways, Anyway, stuff for the do.
I got to go to Mando quick right now because we got a lot to talk
about. Who is the man?
Knackle Daddy of the lamb. Can you dig it?
DM What a fucking day. So what?
Yesterday afternoon, my time, we got a kind of an A post out of
nowhere that the Bloomberg analysts were updating their
percentage chance of the ETF from 25% to 75%.
ETA immediately mooned 10%. It then mooned another 10% over
the course of the next few hours.
Hit a high of just over 3800, which is kind of a recent high
for it local high, which is kind of a wild move.
Now it looks like all the ETF providers in the last 24 hours
have been updating their applications.
It looks like they are going to be dropping staking from their
applications, but looks like it's going to go ahead the the
analysts say that it's probably going to go ahead by tomorrow.
We're going to get approvals, which will be, which will be
very, very soon. Holly market has a 72% chance
that this goes through right now, actually.
Oh, it looks like 60. Whoa, let me have a look at
this. Let's look at it.
Let. Me 1% chance right now.
So in some ways I feel like that's maybe the best trade, but
this looks like. Which one is it?
Like this one. There you go, 6161.
That sounds bad. 71 right now, but no, look, this one's.
Down. This one's down 20 points.
That's the one. That's the one.
This. This is the one we follow.
No. Yeah, it is, Yeah.
Then you you bet with any size though, it jumps to 70.
Yeah, there you go. Yeah, you only make 40% on
$1000. You may as well just like buy
some meme coin, but. That trade, if I'm honest, 40%
is quite a quite a good upside I would say.
Is Heath going to move 40% if he gets approved?
Here I I I don't know. I mean you got Ovi saying that I
wish Ovi was here this morning because you obviously D theorem
bull but he's saying he's going 5K on approval dude that's
that's that's what Ovi's saying that that's what Ovi thinks so.
Even then, I think that's only about 40% right or less.
So I think that's still a decent return.
That's that's where I'd put my money.
Yeah. Look, crazy.
I did not. I did not see this one coming.
It seemed like it was dying that obviously in the last put it in.
In context in the last week, Biden had basically Trump came
out and said he supported crypto, or at least had a more
populist line. People support it.
If people support it, I'm for it.
Suddenly Washington just kind of started changing their their
tone pretty quickly. Both the both the House
representatives and the Senate moved to limit the powers of the
SEC. Biden originally said he would
veto that, then he did not. Then you saw headlines yesterday
that the House Democrats when were going to pull, were not
going to pull the whip on the two pieces of credit legislation
coming out this week. And you've seen suddenly that
this ETF may be approved. So it feels to me like this most
political and it has really happened ever since that Trump
NFT holders event that suddenly crypto became more populist.
That was a really good line from from Mike Novogratz who said
that, you know, to be against crypto is to be against dogs
because. The dog thing, Yeah, we played
on the show. That was a great one.
So I and I feel like we are that kind of probably hit home like
this is this is a populist thing that people were annoyed about
and Biden's probably moved people within his party to to
try and change that. Notably a high up official at
the SEC who was also anti crypto was leaving as well at the same
time. Like this is a lot of like pro
crypto stuff. So it'd be really interesting to
see where this goes now. You saw the biggest single daily
move in ETH ever. It added the market cap of
Solana essentially in the day. Sorry, Candle.
So a massive move in ETH here. At the same time risk sentiment
has gone up quite a lot. It's the highest open interest
on ETH ever. So huge amount of of of open
interest been added in ETH. The big move is on the back of
it, like the stuff that I thought would move the real
narratives. I think it shifts for I don't
think it necessarily shifts the narrative like your maybe even L
twos, but I do think it really shifts the narratives for RW as
and I think it really shifts the narrative for me.
So you saw Pepe Mog up both up about 40 to 50% since that news
came out. You also saw a lot of the big
RWA firms coins up a lot. Interestingly though like ETH is
the biggest ETH outperform pretty much all ETH altcoins bar
a few bar like the memes which I thought was which I thought was
particularly interesting. But I do think the fact that if
it is going to be, it's going to have its own regulatory
compliance that allows people like BlackRock to do
tokenization on the chain. Big investment companies will
look at that and be that right. We can we can push our
tokenization plans on ETH which I think is the big game changer
really in terms of use cases there because it it provides
regulatory clarity for people. So those are things I really
look to buy at first. It's obviously been a huge move
in ETH versus other things. I think the next if you look
through this, what's the downside here?
One thing that is a big downside is ETH.
There is about 12 billion of ETH which is owned by the Grayscale
Trust. This this ETH has been trading
at a 30 at times even 40% discount over the last few
months. Very similar to what happened
with Bitcoin. You will see Grayscale and
probably even more because the discount was even higher.
A lot of people have been buying that discounted ETH and they
will, they'll probably look to sell.
You'll see huge outflows from Grayscale on this thing being
announced. The Grayscale CEO did of.
Course. I mean, that's what they did
with Bitcoin, right? Like they just massive.
So I think that's the one thing that people probably should be
aware of as we go into this, like people will remember that
from last time, right. We hit 69 Ki believe the day of
ETF and then we went all the way down and grayscale outflows have
been a thing for us kind of ever since the the Bloomberg analysts
had to say we're like we're pretty disparaging I think of
this of this going through and they've been disparaging about
the idea that they will get which is a separate issue but
they've been disparaging about the idea this will get huge
amount of inflows. They just don't they say they
don't see the same sort of institutional interest.
So I don't know how this will play if this will play as
strongly as Bitcoin when the ETF comes through some of the I
think it will. I saw a triad fire report which
said they think 15 to 25 billion of inflows in the first year
which should be a big wig win. But remember like Grayscale does
have 12 billion of which a lot of it I think will also exit.
So I think it's that's just something to be to be kind of
aware of other than that like it's been a huge huge move.
My next move right now was like right?
Well I saw a big move in Pepe which was a which which was a
good trade. On the back of this Mogg's also
got the Pepe. Yeah, both of them a.
Big move on the back of this. Wow, look at that dude.
Cafe, I think is going to 1010 Bears, Yeah, I.
I think it's going. To for me it's just it's really
cemented itself now it's like the the best meme and and it's
got a real community behind it and now with this it just feels
really strong But I do think now you'll see some other things
start to catch up like this finish huge huge movement ETH
with increase in leverage we'll see what happens next but yeah I
think ETH could this really does change the term like we we were
speaking about what people need the narrative need the narrative
we've got inflationary it it is becoming less secure with the L
twos right all this talk about centralization around the
sequences of all the different L twos it was it needed this
desperately desperately and now it's got it.
Now we just got to see how that performs as a narrative.
My guess is that it won't be as strong as the Bitcoin ETF, but
this this could be still a very strong narrative for for ETF for
for the medium term. I don't know what this means for
for other coins. Like does this mean that
everything will start will go down the route if you're now to
get a an ETF? I don't know.
I think the the SEC made its bed with ETF many years ago and was
trying to slightly retract that. So maybe, maybe it had less
wiggle room than it would with other coins.
But yeah, it's definitely a big deal.
I don't think you should fade crypto in general here.
Like one thing I would say if I take a step back this is this is
them throwing in the towel or at least massively softening to a
populist movement in crypto. And I think that is the main
take away here. It's like I'm very bullish on
crypto if this is, this is now what they're going to do.
It's really hard not to be turbo, turbo, Turbo bullish
crypto on, on announcement like this.
I mean, Tyler, what do you think?
Do you think this was a political move?
100% And so DC investor I think he's been like the one of the
loudest bashing the the Bloomberg Bros and he's saying
that they're concocting this unexpected political pressure
narrative that they're putting it forth now to distract from
the fact that they were extremely and loudly wrong.
Those are those are his words I think he's wrong.
I I I mean just last week like the the the this current
administration had been so anti crypto and it seemed like it was
just getting worse and worse every week and this feels like a
fundamental shift. So I think seeing that shift
happen and and updating their odds it makes total sense to me.
I think it's a very logical move and it feels like we're now in a
much different place than we were a week ago.
But now I mean all bets are off and if if the government is no
longer going to be an obstacle in cryptos path path in the
United States, then I don't know if anyone's bullish enough.
So I think that this this was the single biggest take away
from this and then there's going to be a whole lot of 2nd order,
third order effects and I haven't really had a chance to
unpack all of those just yet. I am curious what what this
means for the the Bitcoin ETS. I'm also very curious what this
means for the the the ETH narrative.
The Mando started kind of going there to a degree.
We were wondering last week like what is the narrative right now.
Well, I guess, I guess now it's the ETFs are the narrative, is
it going to be ETS plus plus tokenization.
I I think that is a strong narrative that is actually one
that that I could get behind quite a bit.
But it still feels a little and you need more than just ETFs as
in there you still need reasons for to tell your tell your
friends, tell to normal investors why are they going to
pick the ETF over the Bitcoin one.
And I still don't know what that argument is.
So I'm not I haven't flipped turbo bullish on 8th.
The fact that it's going to you know flip everything else like
like some others. So I'm not quite you know doing
as strong of a victory dance as others for the the ETH price
action. But it's it's still a a massive
1. I like the narrative.
I like what Amanda's talking about, right.
When it comes to RWAS etcetera, like you had Larry Fink, you
know and a lot of the, a lot of the big asset managers talking
about tokenizing everything, right.
I had a great meeting in Hong Kong with someone from Franklin
Templeton and a lot of the conversation we had was actually
around tokenizing assets and like they're used they they
actually are turbo bullish over there on like the use of
blockchain technology as a use case sometimes even more than
cryptocurrencies themselves. I think it's our pocket of the
world which obviously like number go up.
We're trying to make money. We're all here also to make
money right that that thinks about this.
But I think a lot of these like large asset managers, banks,
etcetera see crypto more of like the blockchain tech and how they
can use it to like you know tokenize things.
You know, you talk about RW as like Mando just mentioned,
etcetera. Like I wouldn't be surprised to
see those assets do really well. There's one you're super bullish
on. You talk about a lot, right,
Mando, it's Ondo or something. You, you nailed that call on the
show early on last year. Was it this year?
I forgot, but like, oh, we. Pendle and Ondo are the 2.
And Ondo, yeah, I've been. Looking at, yeah, what I would
say about that space is that a lot of the coins are like
they're, they're forming partnerships, but they're quite
loose with some of these big asset managers.
I'm not necessarily bullish on RWA coins.
I'm more bullish on it is a trend.
Because I think if BlackRock come on or if Fidelity come on
or or Franklin Temple come on and say they're going to, we're
going to tokenize every single one of our own coins.
They'll probably just do it themselves or sorry, tokenize
every single one of our own funds.
But I do think that that's basically where where we could
be headed. Like Larry, when Larry Fink
comes on and says, look, everything will be on the
blockchain, everything's going to be tokenized and now you see
ETF getting a getting approval. That becomes the narrative,
right? It becomes an institutional
chain in that sense. And I think that that is that
could very easily be the British narrative for, for if it's not
going to be around means or throughput, it's going to be
about kind of the Travi. Chain.
Yeah, yeah, yeah, it could be. It could be.
I mean, there's always been that narrative of like Bitcoin being
that digital gold and you know, ETH digital oil.
Or like that the internet's money, which you were talking
about, like how we kind of lost that narrative for a moment
trying to be the gold. So we'll see where the ETFs take
it. But one thing that's cool, good
to see is look, 19 B fours are starting to come in, which was
like, if I remember from last time, no expert, but that was
really the last thing you needed, right, to get the ETFs
through for Bitcoin, the 19B4 filings.
And then, I mean this was, this all happened yesterday, all of a
sudden it was. I'm trying to find the tweet
again, which was actually from Eric Bakunas which revised the
25% up to 75%. And then there it is.
It was actually James Seifart's tweet.
So it was this one. A quick note, Eric Balkunis and
I increased odds to 75% for spot theorem ETF approvals, but
that's for the 19th before May 24th 3rd deadline which is Van X
deadline. We also need S1 approvals, blah
blah. It's S1S1 was the last approval
needed. What I love guys yesterday is,
is Van X answer to that no sleep.
This is one of the best interns of the game, honestly, when it
comes to the ETFs saying no sleep, did someone say enter the
ether? So they're retweeting themselves
right from November 23rd, 23. You absolutely love to see that.
Tweets like that. That's what's great.
This was great. I mean, they're having fun with
it. I mean, boys, what does this
mean, right? That's something you kind of
touched on, Mando, but I kind of want to dig deeper.
Like what does this mean for broader crypto?
You made a tweet, Mando and I'll go to you and then would love to
hear your thoughts also Tyler. But Mando, you made a tweet
yesterday as soon as that news came out, which obviously it's
absolutely right in my opinion. You said the first thing I snap
bought on the East News was Pepe.
Obviously that is very well, Pepe.
We showed the chart is now up Jesus Christ, 5 and $15 billion
insane. So that's a billion dollar jump,
right? Because it was.
It actually went under 4 billion.
Last week when people were like Max Bearish on on memes et
cetera. And now you quote Twitter
yourself 20 minutes ago saying time to buy soul and soul memes.
So you probably think that that is a good beta.
I saw D Farmer as well who someone that's been training
pretty well on the timeline openly.
He actually said the best ETH beta is Solana and to not
overthink that obviously tend to agree to that but also that's
I'm definitely back biased there.
What do you what? Why do you think soul and soul
memes are it? And do you?
What do you think that means for the rest of the coins too?
The Alcorn market is that bullish, bearish, stagnant,
like, what do you think overall? I I think, I think the ETH memes
were were the obvious thing to buy.
I thought I didn't think ETH would move as much as it did but
it but it has because I kind of felt like the grayscale thing
would would would come into the forefront.
And one thing I would say that is bullish.
There is no one can dump 12 billion Pepe on you.
Whereas you know I feel like that that that overhang is going
to like watch in the next couple of weeks people will be like hey
Grayscale's got all this EVE like they're going to have to
sell it that's going to be that is going to be a like a strong
narrative just because of what happened in the last one.
So I was looking at things that wouldn't get diluted on this
move. Again I didn't buy L twos
because of the tokenomics. It just felt like the memes were
going to be the strongest apart from maybe the RWA because I
felt like that was the strongest narrative.
Now I just feel like you got to let ETH have his day like that
was a huge, huge move and it should have outperformed that
amount. But my my guess now is that also
people will will think broadly what I just said, which is
right. Yeah, for the seven day it
really caught up. But my my view is that this is
very bullish for crypto in general.
Like this is very, if I take a step back, I just think that
this is a softening of the US approach to crypto.
We've already seen Trump come in and say, look, he's going to be,
you know, if people are for crypto, I'm for crypto.
So I think and now if the Democrats are kind of throwing
in the towel there too. I think you've got to think that
the things that people are using on a daily basis, which is what
Tyler was saying, are what people will look for next.
And I just think that that Solana could could be the next
mover. So I I'd be very unsurprised now
once we see a little bit of chop now I imagine we'll see a bit of
a retracement here if things don't just move up like that.
I think the thing to buy here from a risk awards standpoint is
probably Solana and and and kind of getting back to like the
Solana means because I just think that's what people are
doing on a daily basis. If you start to see this sort of
softening and approach more broadly in crypto, then people
will come in and and that's where they're going to be
heading in my opinion. Yeah, I mean This is why like
the the move on optimism and and and and sorry and and arbiter
for example up both like 25 to 30 points each on the 24 hours.
So Altu is definitely caught up on that move that that man,
that's that ether move is that is that's a $70 billion daily
candle like. Dude.
It's so I I think, first of all, a lot of people are sidelined to
ether. Like that's obvious.
That's the obvious move. But like and I I see board Elon
down there. I'm still going to win that
second bet, don't worry about it.
We doubled down on our bet. But but he well, that second
bet, that first bet that I lost so that I thought Seoul would
hit 200 before ETH hits. Was it 3K or something?
Forgot what it was. We both end up waiting but like
one after the other. So he won first but then but
then he doubled down with AK400 which I didn't think we get 400
first. But that was a nice double down
South shout at the boarding on. I know he's happy celebrating
his ETH. I think ETH pumping is so good
for the space, the industry. There's so much money locked in
ETH and layer twos. There's so much money.
Just look at the TVLLL twos. I mean everything is this is so
good for the space. You need degens to make money.
You need people to get rich. You can't just have Bitcoin go
up and the rest is in pain. I mean, you saw the timeline was
in shambles when it was just Bitcoin going up and the rest of
it is all down, people fighting. But when ETH is up too, and then
we go, oh, Solano's a beta, fuck it, Solano's going to be up too
with ETH. Oh, but Bitcoin's still going
up. Like, this is good, This is
super healthy for the industry and you absolutely love to see,
especially when meme coins on ETH also go up because there's
so much money in there. I mean, Tyler, what do you make
of all this? What do you think this means for
the rest of the industry? There's a lot to unpack.
Yesterday was a reminder to me of how small Solana is in size,
right when they printed the size of Solana in a daily candle.
I think this cements the narrative again that that meme
coins are going to be the winner this cycle.
Like we saw the L twos pump 20%. We saw the leading ETH memes
pump 40%. I think Mando's right meme coins
to me. We're in a multi chain world and
and they are an asset class. It's not just memes that are
going to win, it's going to be meme coins across chains that
are going to win. So I think this is good for the
leading Solana meme coins. I think it's good for the blast
coins. I think it's good for the base
coins. I think it's good for the
Bitcoin leading memes. So I think it's good for that
entire sector. I do think we'll see some of the
the the base season base summer is is back on the menu right.
Our base is a a beta here we've got social Phi D Gen. spiked 20%
yesterday. The friend the friend token was
up 10% as well. The friend meme clubs keep
soaring you know so that's that's like the third level
third order effect here from from some of this they're all
big winners. Blast is a big winner right so.
4.44 point 2. Well, it should be, right?
So Blast Gold. Part of the reason that the
blast gold estimate from anti stats was dropped to 6 dollars
is that he also revised down his his target for the FTV because
of how arbitrary and optimism have been performed.
Well guess what? They just jumped 20% each on the
day, so let's let's. Gold that now, what's the
revised we we need? I I mean, you gotta say it's
77720. It's 100, man.
We. Demand a recount.
We demand a recount on the BLAS gold.
Yeah I I don't know if he's he's not going to give a he he got
too pissed off yesterday from all the the punk's FUD on the
timeline. So I don't think we're getting
Sam's revised BLAS gold estimate just yet but that's that's a
huge win. So I mean I'm feeling good just
having this conversation right now and to me if if the
tokenization thing happens on EVE and that becomes the
narrative the the end game for me has always been like what I
don't want to have to sell my crypto.
I want to be able to hold it forever.
I don't want to cash it out to Fiat and like but we we need the
ability to use it. Like I still need to be able to
buy real world assets and use it in other ways.
If that's actually going to be our our end game in in four to
five years then like that is a very, very strong narrative.
I think it's the end game narrative and it's hard to to to
be bullish enough. Yeah, I mean it it's it's it's
tough to feel any sort of bearishness at this moment.
I mean it's like for Pepe just hit another all time high, do
like it's insane. I mean this thing is trading at
$5.22 billion and everybody that's probably listening to us
was there when it was first when it was made because it's not
that long ago, it's a bear market token which has
definitely survived the test of multiple times across across,
across the. Pepe here.
What's the bear case for Pepe? Honestly, I.
I don't see. I generally like.
I generally do not see the bear cage for Pepe.
I just don't see it like it is. What a barely.
Most used meme in crypto like no one's having approach yet.
It's not not dependent on one person.
It's now on EAFE, which people were trying to get exposure to.
Yeah, I just, I don't know, like I sit there and just go, you
could tell me this thing flips shib.
And I'd be like that makes sense.
I I yeah, I actually agree with you.
And that's the narrative that Saka went from making fun of
people being comfy and spot, you know like all your favorite big
traders on the timeline trying to chase you out of your Bitcoin
AT60K in your theorem of 2800, making fun of you for holding.
And now they're all talking. New narratives are going to flip
everything you know. And my favorite traders are all
starting to sentences, which I think now you know, they they
knew last week, this week they think, right.
So I thought that was funny. I've been studying.
I've removed my notifications on for a lot of space over the last
few days. I have my notifications on for a
lot of big traders. They have all been removed.
If not a lot of people actually unfollowed.
I I don't just talk shit all the time.
I actually do it. Man.
Fuck the bears. I I'm not kidding.
Dude. This is wild.
This. You know who won?
I'll tell you who won? Raul Powell.
That's the tweet I put out this
morning. I said Raul Powell logged in.
Drop this video. Invented a new term.
Got laughed at by CT and won forever.
Welcome to the banana zone. Don't fuck this up.
Clip that Sims. We're going to send that to real
vision. Going to get a lot of views, you
know, You know what I mean? Like it's it's wild.
But like see timeline then and now.
Like, I, I, I, you know why I pause on those things?
Because I studied for myself. Because how I feel sometimes.
Obviously I didn't sell through any of this because like, I have
my targets. I ain't selling 2024.
I ain't selling any crypto this year.
Fuck this. I don't care whether I'm right
or wrong. I I think over time I'll be
right. More right than wrong at least.
But This is why. Like study how you felt last
week when everybody was Max bear tweeting and then how you feel
this Morning Post. Like you know there is some
sense of euphoria. Rightfully so.
But even if there's euphoria, ETH is still $1000 away from its
all time high. When do we think ETH reaches its
all time high boys. All time high.
At least here my my charts on cracking is 4848 forty 800
right. That was the wow, it's pumping
right now. What what do we think?
When do we think we hit this all time and do we think with the
actual approval, the stone cold for sure approval, we hit that.
I think, I think everything hits its all time line.
I think all the all the majors hit their all time line.
Like I thought for a while that ETH dominance was in trouble and
I'm more than happy to see see that this changes the the now.
I think, I think the tokenization narrative is what
you'll see. I do think you'll see, like I
said there's going to be some short term FUD here from what
happens with grayscale. No doubt in my mind like I think
that will probably stop us from getting for 12 time high just
now on EVE. But Bitcoin's about to blaster.
It's four time high. This is so bullish of Bitcoin.
It's so bullish for Solana. It's so bullish for for crypto
in general that you're having a softening of of the the SEC's
approach to crypto. Just like think take a step
back. Like people in the US have been
scared to do anything in crypto for years and if suddenly now
you have some sort of more clarity in what can be done,
particularly because it's going to be now probably led by some
of the biggest financial institutions in the world,
right? If Black Rock's doing something,
you're probably going to be OK to do it too.
Stuff for me for crypto. So yeah, I am Max bullish today.
Max Max bullish. This completely changes the
narrative. Don't fade it I.
Love this. I love this.
Crazy. Like literally 12%.
I opened the fucking Polymarkets last week on the show.
We've been opening every single day.
We've been talking about this every single day.
It went out 12%. Twelve percent, 12%.
This is crazy. Same show where they laughed all
year last year when we said Pepe is going to be a $5 billion
token. And they laughed, they laughed,
they laughed, they laughed. And here it is.
Here it is. Here it is.
Tyler. Tyler, I know you've been
bullish. You've been bullish.
You were on the show last year, but you've been bullish.
I see you. I mean, what?
What? What do you.
Oh my God, this is wild. This is just wild.
Do it. So when's the approval?
It's in two days, right? It could.
It's supposed to come on 23rd, right?
If we go per like what happened with Bitcoin, they waited until
the very last day. So it was like on the last day
where like the S1, so the 19 B fours and the S1 filings came in
and then that got accepted. The Bloomberg brothers.
I mean look, I went back and forth James yesterday.
The thing is they didn't know better either.
It's like because James responded to me because I was
like he was like wondering like he's like look like we're
probably gonna get hit on for a while here.
I think the lot of the hate they were getting was not because
they they had the position so low.
It's because James said that black rock's about to be handed
their second loss. Like word for word, someone got
the tweet out. And then Eric Balkunas is to go
on and say that ETS are like nothing burgers, which I
personally strongly disagree about the thing.
It is a big burger. It's actually a bacon
cheeseburger. It's a Baconator with double
Patty and and and so I think that's why they get backlash but
it's not like they knew better and this is definitely taking us
by surprise. I mean what what happens now?
I'm so curious about politically what happens now.
Like Tyler you talked about this last week like they repealed
this bill. It was both Dems and and and and
and Republicans. Like, do you think this just
made the main narrative now for the rest of the elections?
Like crypto? Yeah I think there's a new bill
I believe it passed in the House yesterday that it's appointing
one of the the Chambers of Commerce I believe who's going
to oversee crypto policy you know and advise the president on
that and like the the wins there is that it's it's another blow
against the FC, CS power to to a degree.
So it's just another sign of adoption and and change in in
Washington and I agree with Mando it just seems so so
important. I think my concern is like is
this just dims posturing to win the election and then are they
going to reverse course. It's like it's been it's been so
bad for so long like that is my like I'm I'm still not 100%
there yet like I I don't want to be too overly bullish just
because you know we we've seen this but if it truly is flipping
then I think that is incredibly important and you know from an
all time high standpoint I think my I'll give a prediction and
I'll say Q4 just because I think we'll run into it.
We'll see the the selling just like we saw with Bitcoin.
I think Bitcoin took like a month after the sign to to come
back and hit all time high. Feels like it might take a
little longer for East, so I'll say Q4.
Yeah. OK.
Let's see QQ 4 for all time.
I I personally think like East Rips to AT to all time high post
ETF approval like I think I think I think we'll like I think
it's something that rips right away like straight up like after
what I saw yesterday that daily candle like $70 billion candle
and that made me even more bullish in the rest of the
market because imagine that amount of volume like 110th of
that volume going to a coin like Solana for example, right or to
any of the other alts could be crazy.
I saw B&B for example like a lot of people have been bull posting
B&B and that's been getting quite a bit up actually it's up
it's up 10% in 24 hours. So that's something I've been
good to see and all over the board.
I mean that top 10 is going to look much different very soon
and I think the shift starts now.
But anyways in other news, so we had that of course today.
Sorry lads and lads is listening to the spaces but it has to be a
heavy ETF. I remember that Bitcoin ETF
week, it was every single show for 10 days was all about ETFSI
mean the other thing that happens which happened like 5
minutes before the ETF news so it kind of got swept on the West
medal. Jealousy to come back.
We should try and get Eric back on the show.
Yeah, I mean he he decides he's on the he's in your friends show
now. Right now he's he's on the
crypto channel Crypto banter show.
So. Oh really?
No. He is on another show.
I'm in. I'm in.
To get them on again.
I'd love to. I'd love to get them on again.
Definitely would love to. I mean James, James.
Dave doesn't follow me. But but Eric Bakunis, I can hit
him up again like I did last time.
Get him on. Let's get him on tomorrow.
We don't have guests this week. Fuck it.
I'll, I'll damn it. Let's get him on tomorrow.
If James follows you or or you, Tyler, definitely DM him to get
him on because we have Eric last time.
Could be cool to have James this time.
Yeah, And our girl, Eleanor. Eleanor Tarrant, who we had last
time she was on vacation this week and she tweeted like shit.
That's like the worst time to pick a vacation week, huh?
Come on, Eleanor. You were dubbed the Queen of
ETFs last time when you go on vacation on the week that
potentially ETTFS are approved. Come on Eleanor, we'll get you
back on the show too. She's gonna, she's gonna she's
gonna come back from from her vacation to get get on the show
for sure. But anyways, the other thing
which also happened on a theory yesterday, which was the the
crypto punk stuff. I'm assuming you all saw what
happened yesterday. Look it looks like this whole,
like conversation just kind of died down now, especially that
given that the ETF stuff literally came in like 10
minutes later it was planned right?
Like Garga called James safe and Eric Bell.
Kunis was like, yo, we need you to like revise your your your
ECTF like position here to like change the narrative. 5 minutes
for 1015 minutes everybody was like at Nina Nina Chanel's
fucking throat. I'd utilize his throats on the
timeline throwing jabs left and right.
Next thing you know ECTF approval up to 75%.
We forget then Gargan you same night saying look we're going to
leave the punks alone. There's going to be a super cool
world like raffle for 500 pieces this happens.
Mando though managed to catch the the most liked tweet under
that post. So Mando I'll go to you first
and then definitely your thoughts your Tyler as well
because you put a tweet out about this yesterday.
But what was your guys's first reactions my fellow no punkers
on the on the on what happened yesterday because it's
important. Mando made a point before the
show. It's important to know also how
people don't own punks feel, because that's the people that
technically are going to could buy into punks.
All right, so I'll go to you guys first.
Amanda, what do you, what did you make of yesterday and what
do you make of the decision Gargo made right away to to pull
it back? I thought it was dumb, so it was
really dumb. I thought it was like the
complete opposite of what they said they were going to do.
And clearly they had a strategy meeting where they said they
were going to do a bunch of, like high art inspired drops
alongside the crypto punks. That's clearly what this was
going to be the start of we're going to have an artist in
residence who's going to do a drop and it's going to be
inspired by the crypto punks. The good issue about that is
that, like, the communities may not fuck with some of these
drops. And I just thought this was
clearly, yeah, maybe it's high art or that sort of stuff, but
like this doesn't really feel like something that people are
going to immediately jump towards.
And I also just kind of went against the idea of we're not
going to do anything with punks. It's like, yeah, we're not going
to do anything with punks, but we're going to do punk inside
derivative drops. I think that's that's doing
something with punks. So I think by the way they move
quickly, well, that's the thing, like why do I want some punk
derivative from a high artist, which where you're telling me
that this is high art, so I need to buy it.
Like I just don't think you want that.
I just don't think you want that you want don't want to have like
literally punk derivatives being pushed by Yugolab.
So my view was that they should do nothing.
They ended up coming out and said they're going to do nothing
and and we we can move on. But yeah, yeah, I just thought
that was that was silly move. Yeah, what about you, Tyler?
I mean, you actually put a tweet out yesterday.
Yeah, well we can get there in a second.
I I'm on the opposite side. So I think the only mistake was
was walking it back at the end of the night so.
Interesting. Right off the bat, I I don't
like this collection. It's not for me.
But I like the concept behind partnering with leading artists
from the traditional art world, modern art world, and providing
access to their art for your holders and the idea like So
what? What is the artist in residence
like? What have has the punk sleeve
been doing? They're trying to elevate the
brand and bring more attention to it overall.
Now some of the punch holders are saying no, no, leave it
alone. But you want attention on the
brand for the brand to be elevated.
And I I don't think punk owners themselves are doing all that
much to elevate the brand right now.
In fact I think some of the discourse on the timeline from
the punk holders was was more off putting than perhaps the
Yuga man. I think a lot of the backlash
was driven because people just love donkey on yuga and Yuga's
not going to do anything right right now.
Again, I I don't love this collection but I thought that
the pivot to just giving it to the Nina Chanel holders was.
I don't know it was it was giving an in but then it just.
It shows that their strategy that they had for this whole
roll out they've been working on for such a long time is just
admitting it was just totally wrong.
So those are my thoughts there. But then the same time I I did
raise the point. So who is the incremental buyer
of punks here? And my point was that that the
folks making money in the trench, the the boys in the
trenches making money right now are not interested in buying
crypto punks and and it seems like like the DS ES of the world
from the 2021 cohort they have enough punks and and they don't
seem like they're interested in buying more and of course
there's there's small exceptions to that rules.
My question is who who are the buyers coming in.
Of course this happened you know an hour before the entire ETH
narrative shifted. I guess in in the world where
like ETH this dominates, owning that the leading digital asset
on ETH, maybe that becomes the the narrative again and maybe
that's enough to to bring people around.
But you know at that point in time yesterday, it just didn't
seem like I could really pinpoint who who the next buyer
is. And like myself personally, I
got, I've been able to run up enough eat this year to buy
pumpkin. I just haven't.
I haven't done it because of the opportunity cost.
And. And maybe the we have to wait
for the opportunity cost to go away, maybe we have to wait for
beams to do their thing for the farms to run out and then maybe
MTS will finally have their time in the sun.
I mean punk's four in terms of U.S. dollars was up 25,000
something dollars since since since yesterday.
But in ETH I mean on your screenshot was 37 five it's
still 37 here so and ETH is unchanged.
So it's easy to say oh like change narrative like it's ETH
is 1 ETH is 1 ETH when it's good for my bags and it's in USD when
it's not. So I don't want to be that guy
either but but it what what what I think here is like that's why
I responded to you honestly yesterday on the on the timeline
was like people are not at the stage where like they buy
themselves like an expensive JPEG an expensive wash an
expensive car an expensive anything here like especially
with the ETH approve like potential approval on the news
yesterday is where you like actually now you remain not like
I yeah they bought up milady but that's a better trade than the
car but it's it's easier to make a trade on the three ETH asset
than the 48th acid right but I. Think I think what I'm trying to
get at is that like Milady's are closest to the culture of of
crypto right now. Like this to me felt very
detached from the culture of crypto.
Like we're going to give you something which is clearly
polarizing. That was, that was for artworks,
right? It was not a risk, yeah.
But it's kind of like the proof model, which is what something
in the comments has said, where it's like, right, we're going
to, we're going to make you the art PF like.
Well, they have always been the. Art like I just.
I just feel as though. Yeah, crypto.
Punk are crypto culture. I don't see themselves like, I
don't think so. For me, I just felt like this.
To me it looked like a thin like veil of yeah, we're going to try
and elevate it to which we're going to try and make some money
out of the crypto punk brand and we're going to do drops
alongside it. And I just think that whether
you, whether they can say, you know, no, actually this is going
to elevate the brand, sure. But at the same time you're
going to have a bunch of punk derivatives which people are
going to buy from you for. And it was a Dutch auction,
right. So like.
Yeah, Dutch Auction. Like let's.
Not. Let's not.
Let's not be blind to the idea.
They were going to make quite a bit of money from this and I
just feel like that's not what punk soldiers want.
They they want you to put them in at the same time they have a
poison chalice. Everyone said this about when
they bought it, like you have this brand, which actually no
one wants you to fucking touch. I'm not saying they're in some
amazing position, but if I was a punk solder and I saw this also
as not a punk solder and I saw this, I was just like this looks
like you're trying to make some. Oh my, my assessment from it
yesterday. It was like yesterday that I
even wrote this morning in the punk chat.
Yesterday was the first time that I saw some punks that are
usually not vocal because they kind of gave up on being vocal
and stuff that actually care about crypto.
Punks become vocal and not be happy about the development.
Like it was one of the rare times when I was talking to
these and he was like, yo, fuck this.
Like I I don't like this and these to me there was always a
tastemaker in crypto punks. When I got into punks I looked
to G Money. He's in here shot G Money these
by the way. G Money that's fire the fucking
Chance the Rapper at the fucking the voice crazy after Bradley
Cooper. Anyways.
G Money these etcetera, like and I saw a lot of punks that I
personally look up to as tastemakers in the punks
community right. There's the people that I will
probably text before I buy a punk to ask them what they think
of the punk I'm buying right Not be very happy about this And I'm
not saying G Money was whatever. It's just like I'm saying like
because I saw G Money was like taking the other side of this
and whatever. But I'm just saying like a lot
of the punks usually are not vocal, were vocal.
And I go and I think that also that goes towards like and then
somebody, Chad said, well what if it was Jay-Z, people wouldn't
have been as vocal. While I may agree with that, I
also do think that it comes from a place where a lot of the punks
don't trust that yoga will like do the right thing with punks
like that's. I'm not saying I don't, I'm just
saying that's what I'm reading from the timeline.
It's obvious at this stage, and what they like is the Avant Art
Collab fire. I have one right I actually need
to unbox it. The putting punks in museums
fire. It's why they belong.
The punks brunches at Isaac's putting together fire though.
All my favorite events are always like ours or the punks
brunches because I just love meeting like my individuals.
They're always good. But no they don't want any
derivatives minting this sandwich.
The point you're making Mando and actually Tyler as well.
Like they don't want more. It's not even a knock on Nina.
Like I love. Personally, I love Nina Chanel
Abdi. I think her art is really cool.
They like this drop specifically.
Maybe it's not my taste either but I'll take what Tyler said
he's right. He's like, that's just your
taste in art. It doesn't really, It's not
really like, oh, you can't think this is bad art, this is good
art, but people just don't want punks to talk with and touch.
I think that was really like really really really like my,
my, my main take away, Obviously derogatory comments, like the
homophobic, transphobic, like racist shit is never cool.
But also like that is a discourse that I saw come from
non punks like within the punks to me.
Yeah, some people are very, very, like, unhappy with the
whole. I was annoyed by that discourse.
I I was annoyed by the like, the council culture around the idea
that the people, if you say you didn't like it, somehow it was
like, oh, you know, like. That's what.
That's what I'm just saying. Like there is also like, it was
both ways, right? It's always both ways.
But I know what you mean. I know what you mean like.
Look like a derivative it looked like to me.
And whether whether it's whether it's like right or not, like I
thought it was, it looked like a derivative, which people were
going to have a mixed view on, right?
Like my my tweet there was like clearly people are not going to
have like some amazing view of this is this is as good as like
the original crypto punks. And that's bad for punks.
That's bad for punk. I like the residence program.
I thought the residence program. I was on the show, We had a
debate. I think it was one day where you
couldn't make it, man, it was like me OV Harold Benny.
And I think, Gee, I forgot, is it G1?
You know, it's like four or five punks.
We're just talking on the show. Oh, Loxy.
It was Loxy and I was on the side that was like 4 OV was
like, yeah, fuck this, don't touch this.
Don't do anything, whatever. And I was more on the side,
like, yo, like the residence program is actually really cool.
Like Nina Chanel's a big artist. Like they're not bringing some
fucking bozo like small name no name person.
Like they're bringing someone who actually is like extremely
reputable in the art world. Right.
So I see where they were trying to go with that.
I like the residence program. But now obviously that's that's
never going to happen ever again.
But I think if you go deep, deep, deep, like, I genuinely
think like the deep, deep core punk holders just still don't
sit right with them. The sale of the punks to yoga,
they just don't like the association to yoga.
I think that's what it comes down to.
That's my take away from this again, because that's the main
comments every time. It's like, oh, yoga did this
right. I think it's that, and I think
they don't like the execution more than the concept itself.
Like what? What if this was Sam's brat and
it was a punk inspired like the next iteration of Skulls of Lucy
collection that that everyone loves like so do you hate the
idea then that you guys using the brand in in that scenario?
I feel like the reaction is just because of the output versus
the. Makes sense.
Anyways, what I love is that punks, they care about their
shit so much like that that you can saw what happened.
Like that's that's one thing I love about crypto punks, that
they really, really care and and that's also a big take away that
I see from that community at all times.
And I know Natalie Stone. Like you know she's she she
works hard on on that whole like the trying to do her best with
that stuff and that team does care.
So anyways we'll see we'll see where that takes us but that was
a lot of the discourse on on the timeline yesterday besides that
and what we just covered for the last 40 minutes.
I don't think there was much unless I missed anything Tyler.
But it's really that in fantasy top still going you can share
your revenue. I don't know if you guys saw
that but you can share your Rev. I will definitely share some.
I just have to decide how much. But you get to decide how much
you share with your holders, and then based on how much you
share, you get rewards, right? Right, exactly.
And and the the incentives for heroes to share their ETH
rewards is huge. So like like personally I'm
getting like a 10X bump and blast gold and the fantasy
points for for sharing the ETH. But like I I was only getting
0.6 ETH. So for me it was an easier
decision. For someone who's getting five
or six ETH back it it becomes a little bit tougher.
So I do think the team is kind of putting the heroes in in a
little bit of a weird spot. Like it is tremendous pressure
to to to be sharing and it's all going to be pretty obvious and
on chain now. So we'll see if if there's any
backlash against that. But I think perhaps, I think
perhaps the bigger more important is that you also get a
soul bound legendary. So now every hero will have
their own legendary card. Oh, we are.
So if yes, so if you're not playing your legendary card, I
don't want to play your legendary card.
So like that that is now something like certainly to
watch. So like I'll be running my
legendary card out in every main tournament now, which also means
that I'm going to have to perform right?
Because my my standings will will be based on that.
Yeah, I mean I was, I was personally opting towards the
25% from the get go before they even shared this.
So I find it interesting you get your own cards finally get a
stole bound legendary which is fire.
Don't worry Tyler, I will play my Soul Bound legendary.
Don't worry, I mean the tournament's where I can.
But anyways, so that's that on that front.
Anyways, it is robot giveaway time.
I just saw the time, sorry, I'm just in chatting blah blah and
we've been going over anyways.