The Pomp Podcast - #724 Why Did Bitcoin Crash?! w/ Dylan LeClair

Starting point is 00:00:00 What's up, everyone? This is Anthony Pompliano. Most of you know me as Pomp. You're listening to the Pomp Podcast, simply the best podcast out there. Now let's kick this thing off. Dylan Leclerc is the Senior Market Analyst at UTXO Management, a digital asset fund investing in the analog to digital transformation of money and the emergent financial system. In this conversation, we discuss Bitcoin, on-chain metrics, market structure, and what to expect from the rest of the Bitcoin bull market. I really enjoyed this conversation with Dylan, and I hope you do as well. Before we get into this episode, though, I want to quickly talk about our sponsors. First up is Mode. Listen up. If you're a UK Bitcoin investor, this is for you.

Starting point is 00:00:38 It's a brand new sponsor, so I want you guys to pay attention. This episode is brought to you by UK fintech app Mode. Mode is an app that allows you to buy, earn, and grow Bitcoin effortlessly. Not only is it an easy and safe way to buy and hold Bitcoin, Mode also allows you to pay and receive up to 10% Bitcoin cashback for free from his growing list of online partner brands. That's right. They've got cashback for free from a growing list of online partner brands. For a limited period of time, Mode is offering 0% trading fees on all Bitcoin buys and sells. That's right. You can buy and sell Bitcoin and pay no trading fees. The offer ends at the end of the year, December 31st, 2021. So hurry up and download the app now. I have to say,

Starting point is 00:01:20 I think the company behind the app is pretty impressive. Somebody who's willing to give 10% Bitcoin cash back and also zero trading fees through the end of the year. You should probably check it out. They are FCA registered and are listed on the LSE. They chose to hold Bitcoin on their balance sheet. They're piloting a Bitcoin payroll product to pay UK employees in Bitcoin as well.

Starting point is 00:01:41 UK friends, I'm telling you, if they're going all in on Bitcoin, you should be paying attention. I recommend you go check out Mode right now. Their app is available in the App Store and Google Play. You can download the app now and start buying Bitcoin with 0% trading fees today. Mode, M-O-D-E. Go check it out.

Starting point is 00:01:57 The offer ends December 31st, 2021. Go let me know what you think in the UK. Next up is CoinCloud. Did you know you can buy and sell crypto with cash? I want to introduce you to my friends at CoinCloud. More than just a Bitcoin ATM company, they're the world's leading digital currency machine operator. They've been around since 2014 and have thousands of machines across the country.

Starting point is 00:02:17 You can buy and sell Bitcoin, Dogecoin, Cardano, and over 30 other digital assets. No connecting bank accounts, no long waits. And if you got questions, you can speak to a live US-based customer support rep 24-7. I've had a lot of Bitcoin ATM companies reach out, but CoinCloud is the only team I've found that's doing it right. They put together a special offer for listeners of this show. You can get $50 in free Bitcoin when you buy $200 or more at any CoinCloud machine and use promo code POMP.

Starting point is 00:02:43 Again, $50 free Bitcoin, buy $200 or more at any machine, use promo code POMP. You can find your local ATM at coin.cloud slash POMP, coin.cloud slash POMP, and use promo code POMP to get that free $50 worth of Bitcoin when you purchase $200 or more at the machine. Last but not least is OKCoin. If you haven't started building your crypto portfolio on OKCoin, there's no better time. They're one of the fastest growing global exchanges around, and they have some promotions happening right now to help even more people be part of the future of finance.

Starting point is 00:03:12 if you have an amount already excuse me an account account account not an amount if you have an account already you can split 100 in bitcoin with a friend when you invite them to sign up for ok coin if they buy 100 of crypto in the first month the more friends who sign up and buy the more bitcoin you get and i always recommend dollar cost averaging as a way for investors to have more control over their average price when building their portfolio dollar cost averaging superpower now you can automate dollar cost averaging with completely fee-free daily weekly or monthly recurring buys on OKCoin. That's no fees at all on purchases until the holidays. Get started on the web or on their new super easy to use app, OKCoin.com slash Pomp. OKCoin.com slash Pomp.

Starting point is 00:03:55 Go check it out. All right, let's get into this episode with Dylan. Hope you guys enjoy this one. Anthony Pompliano runs Pomp Investments. All views of him and the guests on his podcast are solely their opinions and do not reflect the opinions of Pomp Investments. You should not treat any opinion expressed by Pomp or his guests as a specific inducement to make a particular investment or follow a particular strategy, but only as an expression of his personal opinion. This podcast is for informational purposes only. Bitcoin was at $66,000, then $69,000. Now it's dropped. Last night, everyone thought the world was ending. Literally, Armageddon is coming. We're dropped below $60,000. What the hell is

Starting point is 00:04:30 going on? Why is that happening? Yeah, a lot of this stuff, when you're thinking about Bitcoin, the Bitcoin market, a lot of this stuff on the shorter timeframe is just driven by the leverage dynamics, a lot of the derivative stuff. So even, you know, the most bullish kind of macro environment, we all kind of, you know, know what's happening with inflation right now. You know, the thesis of digital gold of something that's absolutely scarce has never been stronger. But in the shorter time frames, you kind of get dislocations where people get a little too greedy. And, you know, Bitcoin takes the way of math's pain. So you're going to see those over leveraged traders, you're going to see them all get wiped out. And you're kind of seeing

Starting point is 00:05:07 that, uh, you saw that a little bit last night, this morning. Um, and it's completely natural, right? It's, you know, the volatility is, is the price you pay for returns and anybody that's over levered is, is going to get wiped out along the way. And when you see this happening, do you get excited or is this something that worries you? Do you think it'll continue to happen? Like walk me through just what's going through your head as you're watching this all occur in the short term? Yeah. I mean, I mean, I'm excited as a, as a Bitcoin holder, as a stacker, I, I set some limit orders at 60 K that I was happy to get filled. So, um, you know, that's just, looking at the market every day when kind of the traders are levering up and price continues to

Starting point is 00:05:41 sink down a little bit, I get excited because I know that the strongest monetary asset in the world and the history of the world is going to be at a discount or most likely. So I think in terms of years and decades, less so in terms of hours or days. And so this sort of stuff, blood in the streets is something that excites me as a Bitcoin accumulator. I love it. I love that you have just as much conviction as I do. All right, let's get to these charts. We've got the aggregate futures open interest, and you've got a piece that is circled here in pink that says $26.4 billion. What are you looking at in this chart? Yeah, so this is basically what we're talking about when we talk about derivatives. This is the open interest. So this is on both

Starting point is 00:06:22 sides of the trade, long and short, how much money is directionally betting on the price of Bitcoin in the derivatives market. And so this is recently over the last couple of days when we were at 67, in 68, we had an all-time high there. And some people are saying, you know, that's pretty bearish. We're looking kind of at this double top in the market. And I disagree for a couple of reasons. In dollar terms, we were at an all-time high. But if you go to the next slide there, the makeup of the derivatives market is actually a lot different than it was in April. We've been talking about this, brought it up, I think, on the last couple of times. But what you're looking at is the collateral that's being used to enter these contracts is a lot

Starting point is 00:07:00 different. So there's a lot less Bitcoin margin. There's a lot less Bitcoin collateral that's in this futures open interest, which means that essentially, you know, there's less likely to be these huge, massive drawdowns as traders get over leveraged. And, you know, 68 to 60K is not a massive drawdown. We're talking about the type of stuff we saw on, you know, in May or maybe March of 2020. Just the makeup of the derivatives market's a lot different. For instance, you saw BitMEX, I think last week they said, hey, we have a tethered contract, tethered open interest. And so that has about $2 billion. And BitMEX is kind of notoriously known as this Bitcoin-only derivatives bucket shop. So just kind of the makeup of the market is a lot different. And under the surface,

Starting point is 00:07:44 when you're just looking at the price, you may not see that. So when you look at this specific chart, this percent open interest Bitcoin margin, we see from let's call it March, April, all the through now, we continue to see that trending down. Now we're at about 45% or so, but you can see that the price is overlaid and the price was tracking pretty much until August. And then that's when we saw the price shoot up. What do you think actually creates that divergence? Like why was it tracking so well up until August? And then we get a divergence between the price in gray and the kind of yellow or gold there in that percent open interest of Bitcoin margin. Yeah. So I think during bull markets, you see just, you know, because of more of the accumulation, less of

Starting point is 00:08:23 the derivatives, you see price really go parabolic like we saw from, say, November of last year through April. And during that time, you see a lot of momentum traders, just a lot of natural greed and speculation in the market. You see traders looking to long their longs, looking to margin long Bitcoin to get more Bitcoin because, you know, the thing is going up 500%. And so we kind of all saw that get washed out. And so over the course of, say, April, May into the summer, you saw all of that like Bitcoin margin, all that Bitcoin collateral as the price drew down 50, 55%. You saw all that get wiped out. And in the meantime, kind of, you know, behind the scenes, you see this continued like maturation and I would say like maybe stable

Starting point is 00:09:03 coin dollarization of crypto markets, which, you know, some people think is bad. You see a lot of tether FUD, but this isn't just tether, it's tether, USDC, a lot of other stable coin competitors. and in terms of, you know, the maturation, the financialization of Bitcoin, you know, this is really good. This is bullish, but the more kind of stable coins, the more kind of integration with the legacy system and rather just, you know, instead of crypto collateral where you kind of see this huge convexity and all these downside moves, that's a good thing. So you're just, you know, you're continuing to see the aggregate amount of stable coins in this market continue to go up. And I think that's a trend that, you know, won't end anytime soon. So I kind of expect this

Starting point is 00:09:44 chart to continue to go lower. When you look at the perpetual futures funding rate, you've got here kind of earlier a week ago or so in November, and then you've got similar activity now. What are you looking at in this chart? Yeah, so I didn't label it at the top, but this is Binance, right? So Binance has the, basically is, you know, tied for the CME, but the Binance perpetual swap contract is basically the biggest, most liquid Bitcoin derivatives market in the world. It has about $3 billion, I think, across the Bitcoin and stablecoin that's had their margin contract. You have like $4 to $5 billion of open interest here. And this funding rate is basically showing what longs are paying shorts on an annualized basis. So when this is at 0.69%, that's equivalent

Starting point is 00:10:25 to basically longs paying shorts 75% APR on their notional position size. So what that means is like, you know, the books are really not too balanced here and longs were getting ahead of themselves. The bulls were levering up at the same time where the spot market wasn't really trending in that direction. And so, you know, these kind of pullbacks, they're quite natural because there's such a strong incentive for the bears to come in and kind of capture this large premium. And so you can see kind of the market diverge sometimes and, you know, sometimes the longs don't get punished. But if there isn't this, you know, huge inflow of spot demand coming in the Bitcoin market, then a lot of times, if you see this, this PERP funding really creep up there,

Starting point is 00:11:07 you know, it may be a low glass top just, you know, on a short timeframe. We're not talking about weeks or months or even years. All right. Now you've got this thing titled driving catalyst for Bitcoin bull run. And when I was looking at it, you've got the real 10 year treasury bond yield versus the 10-year TIPS yield. And this is not on-chain metrics like we would think about it. This is more kind of macro analysis. So what are you looking at here? Yeah. So I'm really just looking at basically the 10-year yield, the real yield. And this is even if you're thinking about CPI being true, which I think we both could kind of agree that it's not the most accurate metric in terms of stating the actual inflation rate. I think it's

Starting point is 00:11:48 personally a lot higher. But essentially, the reason I'm so confident in the kind of the Bitcoin thesis, long term, even medium term, really, really bullish on Bitcoin, regardless of the leverage dynamics over the next day or week or even month, is because essentially you have the entire world, the entire global, all global assets are based off basically the US treasury market. And the treasury market is $30 trillion alone. But when you have real yields, basically the cost of capital is negative. Every single asset on the planet is distorted. And, you know, a lot of really smart macro guys that I, that I trust and respect are, and I agree with them are basically saying that real yields can't even go positive or else the entire financial system

Starting point is 00:12:30 collapses. The Fed has to continue to print money and inflation has to continue to run higher than interest rates. And so, you know, in that, in that environment, you have just the bond market alone is, you know, on the low side, a hundred or maybe a couple of hundred trillion dollars of capital that is guaranteed to lose money um and so you know basically with bitcoin at a trillion dollars you know 1.2 trillion or whatever it is um that's still super super small and just a tiny amount of outflow uh from these bond markets where you know all these contract holders are guaranteed to lose money uh into this you know global you know monetary asset that nobody can can create more of is supply and elastic you know we've the whole nine yards um you know the the price of

Starting point is 00:13:13 Bitcoin will have to really, really go a lot higher for it just to absorb even 5% of this market. Got it. And so you've got two charts here next that are the Bitcoin realized price. Talk about this in terms of, uh, it just looks like we just keep hitting all time high after all time high, which is what we would expect in a bull market, right? Yeah. And so I, I showed like the kind of the, you know, the four year chart and I show it in linear terms and then I, I zoom out and I show the decade long chart, uh, in logarithmic terms. And essentially it, you know, But this is just kind of displaying what's going on in a long-term timeframe. You have the monetization of a new asset class, this from scratch, this global money that

Starting point is 00:13:50 was airdropped on the world a decade ago. It continues to accrue value exponentially throughout boom and bust cycles. And the realized price is basically the average price of every coin on the network when it was last moved. And so this continues to just take higher. And that's what we see during bull markets. price uh bids up at the margin and kind of pulls this realized price up and i kind of think of this as like almost the the true value of the network and and the most transparent sense because you

Starting point is 00:14:16 can see the price at which all these utxos or which all these bitcoin have moved and so right now the realized price is about 24 000 and if you can kind of look at this long-term chart you see that really price only ever briefly dips below this and so you can kind of think of realized price is like the all time floor. And this, you know, all time floor continues to creep up and up and up as the as the weeks and months go on. If we go back to the first Bitcoin realized price chart, when we look at this here, I'm not a genius, but it appears every time that the spot price goes below the realized price, that tends to have appeared so far to be a really good time to buy Bitcoin. Is that just like a starting point, super easy historical analysis in terms

Starting point is 00:14:59 of the relationship between the spot price and the realized price? Yeah, it's basically saying that the, you know, the market price for Bitcoin is less than the price that everybody else paid for the network. So, you know, if the realized price is 10K and, you know, the spot price goes to, you know, 8,000, it's essentially saying, you know, it's a fire sale. Everybody's paid, everybody's paid more for this asset, verifiably so, because you can see the ownership on chain, you know, every block, every 10 minutes, the property rates, essentially, you can see when these coins are last moving. And if price is below that, then, you know, it's basically a fire sale. So I don't know if we get that again. I imagine so, but definitely not any time in the

Starting point is 00:15:41 coming weeks or months, in my opinion. All right. Hit us with MVRVZ score. You're going to have to remind everyone what this is, but what is it showing? Yeah. So essentially, if you just disregard Z score for a second, but market value to realized value ratio, it's just those charts that we were showing you before that realized price and the market price, and just a ratio of the two. And so you can kind of see this dynamic during the bull markets where price gets really, really bid against the realized price. And essentially, that's because there's so much money coming into the market, and none of these holders are really selling. So anybody that wants to secure an allocation has to really bid up the market

Starting point is 00:16:17 price to do so. And so the Z-score is just a statistical term for standard deviation, and it basically just makes the data set fit better. You know, we don't have to go into that, but you can kind of see what a bull market looks like. And so this threshold of like three standard deviations, a Z-score of three, that kind of dotted line I drew right in the middle there. Basically, when you get over that,

Starting point is 00:16:41 historically, that's been a bull market and we see price go parabolic over the coming months. And so I'm kind of in that camp where I think we're in the beginning innings of a reflexive bull market. And, you know, the realized the NBRB and the Z-score kind of shows that dynamic really well. All right. 90 day rolling coin days destroyed. This was dropping very, very quickly all throughout 2021. But it seems to have kind of turned around over the last few weeks. What is this telling you?

Starting point is 00:17:06 Yeah. So coin days destroyed basically because you can examine the UTXO set. You can examine all of the Bitcoin when it was last moved, when they were spent. One coin day is essentially or maybe like 365 coin days if one Bitcoin is held for a year. And so if that Bitcoin is spent, if that Bitcoin is moved on chain, 365 coin days are destroyed. And so essentially, if you apply some moving averages or here we have a rolling sum of coin days destroyed, 90 days, you can kind of see during market peaks, you see lots of coins basically get spent. You see lots of old coins cash out, move on chain, most likely being an economic sell. And so right now we can see even even though we've started to creep up in this metric is really, you know, one of the strongest accumulation periods we've seen over the last decade. And, you know, even despite the brief uptrend, what we're seeing is, you know, we're nowhere near a market top in terms of on chain holders spending their coins cashing out.

Starting point is 00:18:04 When you look at this for supply adjusted, this last chart that you have here, what's the difference between the two in terms of what you take away from it? Yeah, so this is coin years destroyed. It's the same kind of thing, just over 365 days. days. And essentially, it adjusts for a growing supply over time. But really, what we see is we see actually this metric starting to bend down. So that's kind of more of an accumulation over the last year. And so if price goes 4 or 5x, we can really expect this metric, the coin days destroyed metric to really pick up. And so over a longer term, not 90 days, but over 365 days, over a year, coin years destroyed, we see really, we're still in the midst of an accumulation phase we're nowhere near kind of a, what maybe a bull market top would look like. And so, you know,

Starting point is 00:18:48 this coupled with the macro thesis coupled with, you know, just some, some confluence over the short-term with derivatives, uh, you know, to the downside, uh, that's not something that worries me too much. And I'm, I'm pretty confident that we're, uh, you know, you know, the thesis, the Bitcoin bull market is still intact, uh, despite the, you know, the kind of choppy price action over the last week. Joe, Joe, what questions you guys got? Hey Dylan, what's going on, man? Uh, I tweeted out earlier and your mom responded to it. which was hilarious. I enjoyed that. Uh, but so my questions around price, right? So all these charts are super helpful. It gives us a good overview of everything. Uh, but I think a lot

Starting point is 00:19:25 of people, at least in the chat are asking questions about, uh, price prediction, right? So plan B has at the end of this month, I think his low was 98,000. Um, and we're obviously getting towards now we're halfway over with the month and stuff, everything you're looking at, uh, do we have a shot of getting there? I mean, I wouldn't say we don't have a shot. I mean, I think it'd be an upwards battle in the sense that we'd really have to have some major catalysts, but I wouldn't rule it out, you know, some sort of announcement, especially like, you know, what happened with Tesla, say, earlier in the year, where it really kind of changes the attitude in the legacy markets, whether that's some big player announcing in quarterly earnings or something like that, or even, you know, no announcements. It doesn't really matter, you know, just the broad kind of accumulation in the macro backdrop. If some big player is looking to secure an allocation, price could really get a bit up there. But, you know, the leverage would have to, you know, stay away a little bit and we'd have to or just, you know, not let that kind of cascade us down away from that 90K spot.

Starting point is 00:20:26 It would be tough. I think the options market's implying only like a 1% chance of that happening. I would say it's a little higher than that, but, uh, you know, looking at in the middle of the month here at 60 K it might be an upwards battle. Are you buying options, uh, at 98 K? Oh, I still, I still am holding all my, uh, call options from this summer. Uh, you know, they're bleeding a little bit. That time value is dragging down a little bit, but still, it's still very bullish. Um, you know, still, still stack and increasing my allocation here. So nice. John, what do you got? What's up Dylan? Nice to see you again. Got the beanie. love it um so it all the metrics that you're looking at seem to be that we're still in a

Starting point is 00:21:04 bull market the price has appreciated a lot when you look back 365 days ago to today um obviously we had that mini i would say mini bear run during the summer but going forward what metrics are you looking at they're going to be key drivers like to when the bull market's ending um how high the price can go what metrics are you looking at there yeah it would be it would basically be um kind of both on-chain and derivatives markets kind of screaming some of these bearish signs. So when we're looking at like the accumulation metrics, like Coinbase destroyed or, you know, NVR, the market value to realize value, if these things are really spiking, showing kind of, you know, we're overheated in an on-chain perspective. We've kind of, prices ran up a

Starting point is 00:21:45 bunch. You have old holders cashing out at the same time where, you know, everybody is euphoric and thinking this time is different and leveraged up, you know, going long still, you know, if prices at 150 or 200 or whatever insane, you know, multiple we're at, at some sort of market top, that would be a sign for me to say, hey, well, maybe we pull back a little bit here. And, you know, as a Bitcoiner, as someone that has this decade long thesis, that's not a sign for me to sell. That's a sign for me, you know, to maybe reduce a little bit of leverage, stack some cash

Starting point is 00:22:21 and be happy to buy the dip a few months or maybe a year later. So regardless of the price action, my conviction and my thesis for what's unfolding here, it doesn't really change. It's just taking advantage of securing the largest allocation I can with this data. Great thinking process.

Starting point is 00:22:40 Dylan, when we look at the next six weeks, there's a bunch of people who say, hey, Q4, that's when bull runs end. We saw that happen in 2017. is your thought process that the bull run ends in Q4, or do we push into 2022 and kind of see a continuation of the bull run in the new year? Like, how do you think about timeline? Obviously like, you know,

Starting point is 00:23:00 we're going to have to see in terms of the activity and the metrics and the on-chain data and the derivatives, but I'm not in the camp that I think, this thing just, you know, putters out in six weeks and then we go home. And, and, you know, we see another 70% drawdown. I don't think that at all. I think in terms of, in terms of adoption, we've kind of hit this threshold, this, you know, the secular level of adoption at a nation state level, at an individual level, at a corporate level, institutional level, Bitcoin is much more accepted. You know, in 2017, you know, price had run up from 250 bucks to 20k in what, two

Starting point is 00:23:36 years. And so, you know, we were very, very overheated. And I don't think we're really at that level at all. We're still, you know, flirting with, you know, the 64k all time highs we hit earlier. The on-chain metrics are not overheated. And so, you know, the longer we chop, the longer we consolidate, you know, people may be getting, you know, antsy, but that's actually really bullish. The longer we chop, the more this kind of sprint compresses and the farther we have to run, in my opinion. So I think, you know, a bull market into 2022 is honestly my base case at this point. All right. And then when you look forward, there's obviously the Bitcoin futures ETF. Do you have any thoughts yet in terms of what we've seen so far with the futures ETF? I know that

Starting point is 00:24:15 Barry Silbert and the Grayscale guys continue to tweet out every chance they get that GBTC is more closely tracking the price, not performing the futures ETF with their trust. But any thoughts there just at a high level? Yeah. I mean, I think in terms of someone that's looking to gain exposure to Bitcoin, it's better than nothing. If I was, if I had money, you know, trapped in some sort of retirement account or, you know, as an institutional investor, I'd honestly be looking to allocate towards GBTC at something like a 10 or 15% discount in that asset value, even with a 2% fee, just because that kind of that rollover month over month with the futures ETF, you kind of bleed out against Bitcoin. But again, it is better than nothing. I think it's good for the

Starting point is 00:24:53 kind of institutional adoption of the asset class. You know, it gains, it allows for easier exposure and allocation, you know, from these big money funds, not the average retail investor, but, you know, the institutions with trillions of dollars of capital to allocate. And so, you know, I think it's just the first step. I think a spot ETF eventually comes. But in the meantime, you know, Barry and the guys at Grayscale will be trolling a little bit as the competitors, you know, get declined like Valkyrie just did. And so the last thing I'll say is give us kind of a heat check on your friends, right? So we've now seen Bitcoin hit multiple all-time highs in the last couple of weeks. Do we have more friends that were not Bitcoin kind of knowledgeable or

Starting point is 00:25:35 interested or invested in Bitcoin starting to hit you up and ask you about it? Or are they still kind of asleep at the wheel and, you know, they're not even caring about it? Yeah, I think, I mean, You know, I've definitely seen an increase, especially over the summer. You know, I was talking about it a lot in 2020 and before that. And, you know, price runs up 600 percent and it's obviously very enticing. And then, you know, price draws down a little bit and maybe some people get a little bit scared, you know, when you're buying at 60 and it goes down to 30. But, you know, I preach especially to people that aren't too in the weeds with financial markets or investing and just like, hey, man, this is a savings account. And you just want your Satoshi count, your Bitcoin count as high as possible.

Starting point is 00:26:14 And so, you know, passive DCA is honestly the way to go for most market participants. You know, just literally just accumulate savings in the best money ever. And I've definitely seen some sort of sentiment shift, especially as, you know, inflation is really hitting everybody. It's not something that's more of an idea. It's actually like, you know, hitting you at the grocery store. It's hitting you with rent, you know, at the gas pump. And so it's much easier to explain the Bitcoin. Hey, you can't print this thing. And so in terms of just sentiment around friends, family, you know, just people I talk to about investing into Bitcoin at scale, it's definitely, you know, I think the conversations changed from even just, you know, six months ago. Got it. And then before I let you go, tell us about the newsletter that you're writing. I've just dropped the link in the chat for anyone who wants to get it. You guys were kind enough to give a discounted link. So maybe just tell us kind of what you do, how often it comes out, etc.

Starting point is 00:27:06 Well, yeah, so I lead off content at the Deep Dive. And so the Bitcoin magazine markets newsletter, we send daily stuff on on-chain analytics, Bitcoin derivatives and kind of the macro landscape in terms of, you know, how Bitcoin interplays with all of this. And so, you know, there is a free and paid tier. We send emails daily to paid subscribers, but we send out free emails about once or twice or, you know, a few times a month. And so if you're just kind of looking for, you know, a more in-depth, you know, analysis of the Bitcoin market, we provide that and we think we do a pretty good job. All right, man. Listen, thank you so much for for coming on. Anyone who is interested, please go follow him on Twitter. Help us get him to 150 so that we feel like we did something and we'll we'll make this a regular thing. We will do like every Tuesday or something. We'll have you come back. But I appreciate you coming on and talking about all this. I think people learn a lot from it. Appreciate it. Appreciate you, Pomp Bros. Catch you later. All right, everybody.

The Pomp Podcast - #724 Why Did Bitcoin Crash?! w/ Dylan LeClair

There aren't comments yet for this episode. Click on any sentence in the transcript to leave a comment.