The Pomp Podcast - The Bitcoin Bull Market Is CANCELLED?! | Jeff Park

Episode Date: November 19, 2025

Jeff Park is the Partner and Chief Investment Officer at ProCap BTC. In this conversation, we break down why bitcoin’s price has been slipping and whether the market is actually signaling the start of a bear trend. Jeff explains the key forces driving sentiment — from liquidity pressures to global macro shifts — and why a slightly negative year for bitcoin might not be as bearish as it sounds.We also dig into what it would take for bitcoin to rip back toward the $125K–$150K range, plus how geopolitical dynamics in Japan, China, and elsewhere are shaping the broader investment landscape.======================BitcoinIRA: Buy, sell, and swap 80+ cryptocurrencies in your retirement account. Take 3 minutes to open your account & get connected to a team of IRA specialists that will guide you through every step of the process. Go to https://bitcoinira.com/pomp/ to earn up to $1,000 in rewards.======================In this episode, Pomp spotlights easyBitcoin.app—the app that pays you 1% extra on recurring buys, 2% annual bitcoin rewards, and 4.5% APY on USD. Download it now for iOS or Android at https://easybitcoin.onelink.me/F1zP/klc4v1p8 and start earning today. Your capital is at risk. Crypto markets are highly volatile. This content is informational and not financial advice.======================Core is the leading Bitcoin scaling solution, enabling you to lock in yield by locking up your Bitcoin. Simply lock it on the Bitcoin blockchain to secure the Core network, and get rewards. No bridging. No lending. Just holding. Still your keys. Still your coins. Now your yield. Start at https://stake.coredao.org/pomp======================Timestamps: 0:00 – Intro1:50 – Why is bitcoin dropping? Should investors be worried?4:36 – Do technical levels like CME gaps actually matter?8:13 – Harvard’s bitcoin position and how endowments invest12:15 – Has optionality changed bitcoin’s market dynamics?15:14 – What Jeff is watching for real signs of optimism17:30 – Is the 4-year cycle officially dead?23:18 – Macro risks: liquidity, global conflict, & Trump premium25:56 – What would a true upside black swan look like?28:05 – How do you underwrite quantum risk today?

This episode is brought to you by Accenture. When your advertising operations fall out of sync, everything else follows. Spotify and Accenture are working together to reinvent the rhythm of ad sales. Using automation, analytics, and smarter workflows to simplify campaign delivery and access better data across the business. The result? Less time spent on operations, more time connecting brands with the moments and fandoms that matter most. Learn more at Accenture.com slash Spotify. what's up everyone this is anthony pompliano many of you know me as pomp you're listening to the pomp podcast which is my effort to find the most interesting people in the world and sit with them

for hours while i ask questions in an effort to learn so it would mean the world to me if you would subscribe to the show on your favorite audio platform watch episodes on youtube and tell your friends and family about the podcast my goal is to help millions learn from the world's most interesting people. So let's get into today's episode. 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. We know there's

a lot of bad news. We know sentiment is kind of in the toilet and people are very worried. Is there anything you point to that's like, hey, this is actually giving me some hope? One area of hope is that it shows Bitcoin has shown still a little more resiliency in intraday price moves, as I can tell, away from other risk assets. The question is, what's a black swan event for Bitcoin upside? A black swan event for Bitcoin upside. What's going on, guys? Today, we've got a great episode with Jeff Park. Jeff is a partner and chief investment officer at ProCapBTC. In this conversation, we talk about Bitcoin. Why is the price going down? Are we headed toward a bear market? What would actually be the actual positive thing if Bitcoin's price ended up a little bit

negative on the year? What would it take for Bitcoin to go right back to $125, $130, $140, $150? And also, how are we thinking about things like the geopolitical situation, Japan, China, and elsewhere around the world? All that and much more in this week's conversation with Jeff Park. All right, Jeff, the price of Bitcoin is down. People are very worried. Are you worried? And what do you think is going on? Well, it's definitely a little unnerving. I think it was maybe two or three weeks ago when we first talked about maybe having to reset expectations for a price action to expect after the incredible liquidation event on October 10th. The truth of the matter is I still believe there is a lot of unknowns for the risk sentiment since that event.

I do believe October 10th was pretty cataclysmic in the psychological effects it's had on retail investors, but also general long-term perspectives on what it really means to have an institutional crypto marketplace that otherwise might not be functioning the way people had hoped it to be. So these are big questions philosophically that still remain open-ended. And every now and then you still hear about market makers that potentially still may be insolvent that could come unearthed that is preventing risk taking from happening. So I think we're still living through it. And I think this week more than others prior has shown you

what crypto really can be at times, which is that it's a trend asset. Right. I think we've talked about before. I don't tell people that Bitcoin is a value asset at some level because value means you buy low and sell high. But Bitcoin is not a buy low, sell high asset. It's a buy high and sell higher asset, which means you have to buy it in the momentum when there's a breakout and trend signal breakouts is exactly how the market moves when you saw the gap through the 100k floor i think many then would have anticipated that we

were going to be in a bear market trajectory we are now of course seeing that in the 90k range i think last night it even dipped below 90k um and so we're full swing in that mode of uh of other disappointing panic or uncertainty to come um at the same time look anyone who's lived through these cycles. No, this is part of the rite of passage. And so eventually, there will be new buyers and sellers coming at the marginal price in which they deem the price of Bitcoin to be attractive for risk taking. At the same time, we have to be patient and realize that we're right now in this period of great uncertainty, not just in crypto, but global macro at large. And then I'm reminded of a famous, well-known mantra in the trading community, which is,

being wrong is acceptable, but staying wrong is totally unacceptable. And that's what we're now seeing at 90K, where people are thinking about rechanging their appetite for portfolio allocations towards potentially waiting for better entries for Bitcoin. And those things can actually catch a life of its own. And now you see some folks out there who are gunning for as low as 75K, and it's because you have the sentiment in which you want to be mentally agile and intellectually flexible and recognizing again the core statement that i started with which is that bitcoin that is a trend asset at heart now uh one of the things i've been trying to pay attention to is i usually think all the technical analysis all that stuff is like a game i don't understand i i you know

pay attention to what people are saying but i don't put a lot of credence because i'm not making decisions based on that stuff uh but the cme gap was something that i saw a lot of people talking about and we went we touched it and it seems like now bitcoin is at least you know kind of flat to slightly up. Do you put a lot of importance on these types of more structural or technical analysis type of things when looking at how Bitcoin trades? Yes. I think because it's such a technical market, it's absolutely key that looking at the microstructure is one of the levers in how you can anticipate at least short-term price actions. I make the distinction of knowing short-term price actions versus long-term price actions that can be accrued from

otherwise trend building or mean reversion that is happening. But at the end, leverage drives crypto price. And so futures drives crypto price and perpetual futures drive crypto price. And that's why people look at open interest. It's why people look at different liquidation levels across the perps. And what you have seen consistently more so than the CME breakouts is that there hasn't really been interest in levered long exposure since October. Again, And it goes back to there's not a risk-chasing appetite left in the crypto community, especially amongst the retail professional degen community, as you would call it, that would actually trade these open interests on perps. And so when you don't see that lever long stepping in, but you still do see a lot of the lever shorts kicking in, that imbalance does cause, I think, different kind of gravitational pulls towards where you know there's liquidity gaps, right? Because these perps are always liquidated when they're hit because of the fact that it's meant

to be like a tactical positioning. And so the fact that there isn't anyone stepping in to take leverage long gives the shorts more ammos to continue to sell into that pressure. And it's now been consistently observed. We haven't seen that bid come in. And if there's no bid, I mean, I think we just have to expect the price will generally trend a little bit lower. Now, to the point about institutionalizing capital coming in, I think is the bid, right? So that's why people focus on the ETF flows, which obviously has been negative. It's why people have cared about what's going on in corporate treasuries. And it is why people care about structured products adoption at large in Wall Street that can bring different kinds of Bitcoin adjacent flows. And so I think

those are the right signals to watch because you do want to get a sense for where the next bid will come in. And it'll probably come from that apparatus. My instinct is that there are folks who still want Bitcoin exposure, but they may have been waiting on the sideline as always to dip their toes in. And it's always a little bit easier when you're able to do it at levels where you know that it affords you

a higher degree of margin for safety. And the truth is the ETFs have actually been the most resilient holders. If you look at year-to-date flows across the Bitcoin ETFs, the net inflows versus outflows is absolutely heroic to these being long-term diamond hands.

So I think the next up cycle will get will be at the benefit of these institutional capital that aren't taking leverage. They're taking multi-year views. And for that, we need a little bit of a macro reset as well, because those investors are not looking at Bitcoin versus Zcash, ETH, Solana. They're looking at Bitcoin versus gold and NVIDIA and JGB bonds and whatever else in that mix of global macro allocations. You were at Harvard for a while. Recently, it came out that their largest position is in Bitcoin. I do think that there's some talk about maybe it's not just like a spot position and it may be that they're actually using Bitcoin in some sort of short-term trade or

something. Just describe a little bit as like how these endowments invest and like should people put a lot of importance and credence on the Harvard revelation or is there maybe more to the story that people aren't quite wrapping their head around? Sure, sure. So Harvard's a fascinating endowment because the investment model has changed a variety of times across the tenure of the types of CIOs they've had. When I used to be at the Harvard endowment, it was a very dynamic organization where you might almost call it a millennium-style pod model internally that happens to be running a giant balance sheet where there were active risk trading that was happening with SMA structure types and capital efficiencies to be had.

I believe the version that is existing now under NARV's leadership is more conventionally typical of the Yale endowment model, which is allocating capital to third-party funds to take risk, so less internal balance sheet risk-taking. But for those portions that they do, my understanding is that they're fairly tactical and specific about exposures that they think are high sharp ratio or otherwise portfolio tilts towards asset allocation that they think the beta is more worthwhile than the seeking of alpha. Bitcoin could fit into that paradigm, right? It probably doesn't pay a lot to seek alpha for Bitcoin if you think the underlying core beta of Bitcoin is what you're looking for. At the same time,

it's a great relative value trade if you could do the long spot versus short futures. And that historically is the trade that the pensions did on their balance sheet. I don't know specifically what Harvard's, but my guess is that would be the same because it is the kind of risk-free yield that sometimes exists in crypto episodically, where you can take Bitcoin risk in a different direction. That being said, I should also mention Harvard was an early investor in crypto. They sought it mostly through venture fund exposures, but they've been in the arena now for almost 10 years. So they know what they're doing. They're clever about a lot of different ways to access alpha. And nonetheless, it is still shocking to see that it is the number one line item because

regardless of whether that's directionally long or it's market neutral, what that shows you is there's great volume and great liquidity and depth to the market that for a $55 billion endowment, this could actually show up as their top holdings and not cause any issue about liquidity concerns or things of that nature that, I don't know, five years ago, you wouldn't have thought it's possible. Today's episode is brought to you by Bitcoin IRA. Are you a crypto investor with a retirement account but don't have any crypto in that retirement account?

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All you have to do is add funds to your account. Search for Bitcoin IRA in the App Store or visit BitcoinIRA.com slash Pomp, and you can join 200,000 Americans on their journey to upgrade their retirement. That's BitcoinIRA.com slash Pomp to upgrade your retirement today. Well, I also think that in the market, you now have many different types of players, right? And everyone is optimizing for something different at times. So you have retail, you now have the institutions in terms of hedge funds and traders and true asset managers.

Then you've got what I would consider more like the Black Rocks of the world who are doing passive ETF structures. You've got the endowments who may be doing certain balance sheet things. You have countries that we've seen come out and say they're buying the ETFs. You have the corporate treasuries. There's a lot of ways to play this market now. And I wonder how much of optionality is fragmenting capital and energy away from spot. and it's not a perfect analysis because you know if you put a dollar in strategy

does that dollar go into bitcoin well it may not be 100 cents on the dollar but there's some portion of it that ends up there uh if somebody buys the etf technically you know uh as close to you know 99.9 percent of it or whatever is going into the uh spot bitcoin but it does feel like just maybe optionality has changed the market dynamic in a way that we haven't had you know pre the ETFs? Yeah, I think there's definitely more choice available. And more choice means different kind of risk segmentations, different kinds of duration segmentations, different kinds of asset liability segmentations. So all of those, in a way, have different spot beta relative to, of course, the underlying coin exposure. At the same time, I think it creates an awareness that

But it's just a very dynamic market where the pin risks for different people's exposures are going to mature into a way that institutions can understand better than historically what crypto used to monitor. So again, before these fancier products existed, all you could really get insight from trading crypto was looking at exchange volume and the derivatives market and looking at the variety and characteristics of on-chain footprints. And those are kind of the big decision nodes that people would have. But now you do have other decision nodes that are big players. So for example, Strategy does now have a variety of different credit instruments. These credit instruments that are correlated to its Bitcoin acquisition strategies, depending on its price, which has coupons associated with it that has implications for the common stock.

And the flywheel of MicroStrategy's Bitcoin accumulation engine, at this point where volume is not as high right now is probably more significant than any other things that is happening. When Saylor announced last week, he acquired close to $900 million in Bitcoin, which is one of the bigger purchases in recent memory. That is still the most dominant news flow, in my opinion, as to whether there's a physical bid that's real or not in the marketplace. So yes, it looks different, but ultimately it does channel down into people who want Bitcoin exposure and Bitcoin risk. And that does have to come from somewhere. And it usually means that there is somebody buying Bitcoin on the other side of it. Now, what are the areas of optimism?

So we've seen some whales start to step in and buy a little bit around 89, 90K. Are there other things you're looking at where you're like, okay, we know there's a lot of bad news. We know sentiment is kind of in the toilet and people are very worried. Is there anything you point to that's like, hey, this is actually giving me some hope? One area of hope is that it shows, Bitcoin has shown still a little more resiliency in intraday price moves, as I can tell, away from other risk assets. So there's the possibility that in the equity market sell-off we might experience in the quote-unquote AI bubble, that Bitcoin could still be indifferent to that outcome, right? So if we have Palantir come down 40% from here, which is possible. It's not likely to me that is going to

be a correlated event with Bitcoin coming down 40% at this point in the cycle. And so once these correlations break for either lead lag reasons that Bitcoin's ahead or behind, it gives institutions a little bit more of an excuse, if you will, or a desire on the optimistic side to buy Bitcoin because it just behaves differently in their portfolio. So the most important thing for the institutional cycle of adoption for Bitcoin is that it needs to behave differently. It needs to behave differently than your equity book. It needs to behave a little bit differently than gold.

And as long as that concept of some orthogonality exists, then there's a desire for it to be a part of somebody's portfolio. And so look, it's bad because it's not up as much as gold or it's not as volatile as NVIDIA. But at the end of the day, these things are differentiated characteristics. And I think that means the long-term bid and the tail for that is ideally higher. So that's, I think, something we could be optimistic about. And the other thing I would just mention is Bitcoin came down like $35,000 or so in 40 days.

If that happens, it means that Bitcoin can also go up $35,000 in 20 days. That's the kind of asset that Bitcoin is. And so a sentiment change can be pretty quick, and that can be really more of a catalyst if we thought that it was a differentiated exposure. This drawdown is about 30% or so, which historically has been about 30% drawdowns multiple times in a bull market. I think there's a lot of folks who look and they say, hey, October 6th was the top. That's kind of the four-year cycle. When would you think the four-year cycle thesis is invalidated? Is it just like we go back to a new all-time high?

Before we revisit, you know, kind of lower than 90 or 89,000 or like what it would be the trigger point where you're like, okay, we now have like definitive agreement four-year cycles over. Yeah. Well, in my mind, the four-year cycle is almost definitively over if you consider the fact that what it was based off of historically, which is the halfening, is just irrelevant from the additional marginal demand that comes from other channels that have opened up. So logically and fundamentally, the four-year cycle should no longer exist, and a new cycle should emerge that is more in sync with institutional risk capital appetite. Now, the reason it could still exist, and I have some room for it, is that there is still a big group of investors that believe it should exist. And that group tends to have also been the earliest adopters. And they have these characteristics that almost feel like the occult where they have prophecies. And if you look at still Bitcoin holding across the board, let's not forget the biggest Bitcoin holders in wallets that are 10,000 and plus in size still control a good chunk of the market. there's still a third of the Bitcoin market. So I never, ever, ever discount the reality of that

market structure that exists, which is if a third of the Bitcoin holders believe the four-year cycle is true and they act like the four-year cycle is true, well, then it doesn't really matter because they're the price setters because they control a third of the supply. And so I always have to have a little bit of room that these things can be self-fulfilling. But at the same time, like it shouldn't. And the joke that I think now I've been having in my head is like, you know, we're below year to date now, right in 2025. And so as we near the end, it's possible that we're going to have a red. And in some sense that breaks the four-year cycle because now we have a red. And so it's a three-year cycle. And that'd be crazy. A part of me thinks, man, maybe we do need

this red right now. So we could have the ability to unleash the super cycle for Bitcoin to come without ever having to talk about the four-year cycle again. Because the last thing I want, honestly, is like have an up 5% year to 2025, where we close at like 98K or 99K or 100K. And that counts as a green year. So the next year, everyone's going to talk about, okay, this is the down year now.

And we have to live 2026 with this harrowing weight over your head that we're actually going to have another down year. So maybe just pulling the Band-Aid off at this point and saying, let's get it over with. And I would be pretty happy about that. Today's episode is brought to you by EasyBitcoin.app. They offer a simple, rewarding Bitcoin investment experience.

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Again, that's stake.cordow.org. Or go click the link in the description. There is an old saying, you know, uh, it ain't over till the fat lady sings. Still six weeks left in the year. Bitcoin's done some crazy things in six weeks before. Is there a world where it could just kind of rip right back in everyone's face and go to 140 or something? I mean, it's absolutely possible. Anything can happen. And I think that's the case we either have to hope for, which is that it either goes up a lot to make the year count, or we just try to notch in a small loss here for the year. So we

can just wipe out the four-year cycle altogether. So that overhang doesn't exist forever anymore in 2026 and beyond. And so there is a little bit of a question as to the long-term PV of what the right closing price for this year would be. But Bitcoin can do anything. But being realistic, what are the catalysts we can look forward to for that to happen? I just don't know if there is a bunch of things that are short-term directionally positive relative to what I see as really serious problems in the global economy. So we've talked about the K-shaped economy. This is clearly a problem. I think there's lots of more bad things to come generally for the US economy where we may have a liquidity crisis. And it's not even about a rate cut anymore, whether it's

going to happen around December that obviously has also taken a hit. It's like just general sense of unease everywhere, like global conflict risks appear to be rising. If you've been following what's going on in Japan, relatively this weekend with China on the Senkaku Islands being contested again for territory, that piece of history may not be familiar to most in the West, but is essentially the catalyst for World War III in Asia. It's what brings China, Taiwan, Japan, and Korea all into the waters for a war. And I believe just last night, Japan sent some foreign dignitaries for appeasement, and China came out and said they did not accept it. And they do not feel that it went in a positive direction. So they're playing ball. I think China is also playing

this ball because they know they're feeling a little bit cornered in this trade war with the US. So a lot of this is negotiating leverage dynamics. But these things take a long time to resolve itself. And if you're telling me that's going to be the overhang where people are going to be concerned about risk-taking, then I think that takes precedence before a rate cut. It takes precedence before anything else where we can expect Bitcoin to go to $150K. I mean, the other real risk here is Trump. Because if you believe the Trump put and then the Trump call is the reason we moved from

$75K to $125K, you may also have to underwrite the possibility that it's going to unwind. If Trump's popularity continues to fall, or if there's continued fiasco in the halls of DC with other things that are affecting the ability to bring clarity to the legislative halls of crypto as an agenda, you almost have to wonder if that risk has not been accounted for, where then, man, are we going to test back to 75K to unwind all of the great momentum that we otherwise had? So I think it's hard to know what that catalyst could be. It could happen.

Anything can happen. but it usually has to be something so fantastic, just like the fantastic downside of there being like a black swan event. And the question is like, what's a black swan event for a Bitcoin upside? A black swan event for Bitcoin upside would be sovereign adoption. If there was for some reason, all of a sudden news that a major, major developed market OECD country was going to buy Bitcoin to balance sheet and actually do it. That's the kind of news that I think could one day just you wake and Bitcoin's at 150. But it would have to be real. It couldn't be this fake version that we lived with for about a year. There's a lot of fake stuff that happens. If you think, remember

somebody hacked the SEC account about the ETF, right? Oh, do I remember, yes. You know what I mean? There's all these things that have happened over the years that if you said to somebody outside the industry, like, no, dude, somebody literally hacked the SEC's Twitter account and tweeted a fake approval. They're like, what is going on over there in that corner of finance, right? Yeah. No, it's unreal. It's crazy. The other thing that maybe could help Bitcoin get some price action recovery is some clarity on resolution on Quantum. I know Quantum is this weird boogeyman that people keep talking about in the back. But again, going back to this idea that if the whales are selling, they're selling for reasons that are probably just as

likely to be improbable for their reasons of having bought in 2012 and 2011. So you have to just ascribe these tail events as the catalyst for how their behavior changes. So if there's any chance that they're worried about quantum and there's some resolution to it that may come through it, that could be the kind of thing that just stops at least the selling pressure. Because if you stop the selling pressure, at least, then the buying pressure is actually adding incremental more capital for price action. So it has to be on both sides. We need a demand curve reset function, but we also need a supply side reset function as well. And over this weekend, we saw some more news from a very famous cryptographer, Sorensen, who came out and

said it's very possible that by 2028, that Bitcoin's short algorithm may ultimately be compromised. And that's much sooner than people anticipated. We're talking about the next four years. And so those kinds of things, I think, still have clouds over Bitcoin where the cataclysmic tail risk has to be removed for then the supply shock to be gone. how do you underwrite that like the the quantum thing right yeah i always joke with people uh there's no quantum computer no one's built one yet that may be getting closer but still don't have one yet yeah um there's a lot of technology people have promised us you know with flying car um this feels a little bit more like hey you know there's a lot of progress a lot of research being

done um do you worry about it do you underwrite it do you try to put a probability on it do you just say, hey, I'll deal with it when it's here? How do you think through it? Yeah. I mean, I like to observe at least what's the meta that is driving people's interest in crypto and how they're voting with their feet and their money and their wallets. And the incredible meteoric rise of Zcash, as we've observed it now for over two months, latches onto some of these conversational points about quantum resistance and the ability to navigate it better than Bitcoin. And so you kind of have to pay attention to, one, what are the metas and where are the capitals flowing? And to me, the context of this quantum and privacy seem to matter quite a bit.

And I think it's made maybe a little exacerbated and worsened by the fact that there's been a fracture amongst the Bitcoin developer community. So while you can't underwrite, of course, the risk of quantum in the near future, what I could underwrite is the health of the Bitcoin developer community and whether the ship is sailing the right direction with the coalition building that they're able to do with their constituents and get everybody on board and paint a positive story about the arc of technology and how Bitcoin is going to be advanced further. But that's been pretty abysmal too. The things that you're hearing amongst Bitcoin core developer community has been a source of frustration for many early Bitcoin investors too.

uh so i think maybe watching for a turn in that sentiment i don't know maybe you have to run like a social intelligence analytics tool to see like the fear greed i'm a denominator of like bitcoin dev communities willingness to solve real technical problems um but that too i think is kind of at an all-time low and if you talk to people who's witnessed the block size war back in 2017 like they'll make a lot of references to this has very similar parallels to the energy that eventually led to that chasm and so if we're going to anticipate a soft fork or a hard fork to come then it's almost hard to be excited about taking risk before any of those events unfold because most people actually just don't want to deal with those kinds of raptures at that time

i mean could you imagine uh these large financial institutions being like wait what they're gonna fork it i'm gonna get two coins do i keep it do i sell it do i hedge i'm kind of excited though But like the masochist in me actually is potentially excited about something like that because, you know, I've always wondered and thought like that's when a firm like Bitwise can shine versus BlackRock. Like because we actually know at the core that these are living, breathing technological assets that require servicing, that we might have a different path of navigation than someone who has a different tolerance for risk appetite. And I'm just reminded back again with the block size war that in this corner of history, Coinbase did not support Bitcoin cash and Kraken did. And that's when a lot of people went to Kraken and went out of Coinbase. So as institutional as Coinbase was, they chose not to support it. People moved like it can't happen.

I don't think it's likely that like the ETF paths will diverge like that. Um, but these are the questions that then ask financial advisors to pick up their phone and call, like, Hey, what is this BIP 444? Can someone tell me about it? I don't know. I think the chance of a crypto native asset manager adding value there is significant. All right, Larry. So it's like a warrant dividend that, I mean, like that's, what's going to happen, right?

Is they're going to have to figure it out. Yeah. Um, all right. Where can we send people to find you on the internet or find more about your writing? Um, you can find me on X. My handle is DGT 10011. And you can also find me on Substack as well, where I do my longer-form writings. We're due for a Jeff piece soon.

Oh, it's coming. I got a good one coming. You got one? It's a bear market reflection from the heart. Oh, God. All right. There we go. A little teaser for everybody.

Thanks for doing it. We'll do it again next week.