The Wolf Of All Streets - $500 Billion! The Truth Behind Crypto Treasuries & Tether's Future

Episode Date: September 24, 2025

Tether is reportedly seeking a $500 billion valuation in a major fundraising round, raising fresh questions about the mysterious role of crypto treasuries in global markets. How do these massive balance sheets really work, and what risks or opportunities are hidden behind them? Joining us today are Allan and Brian from Upexi, a Solana-based treasury company, to share their inside perspective on how crypto treasuries operate, what makes them so powerful, and where this trend is heading. We’ll dig into Tether’s big ambitions, the rise of Solana treasuries, and what it all means for the future of digital assets.

$500 billion, the proposed valuation of Tether, if they successfully raise $20 billion. Last I checked, that would make them probably the largest private company worth discussing, larger than Open AI and even SpaceX. Huge news today coming from Tether. But what I want to really dig into today is, once again, crypto treasury companies, which ones are good, which ones are bad, if they're good or bad for the market, and how they will impact it moving forward. I have two amazing guests, both Alan and Brian from Upexie,

to break it all down. These are the guys that I go to when I have questions about treasury companies. I figure we can just bring them on and get it all out in the public. Let's go. Let's go. Good morning, everybody, and welcome to the show. I'm going to go ahead and bring on Alan and Brian right now. Good morning, gentlemen.

Hey, morning, Scott. Morning, Brian. Thanks for having us. Morning, yes, thank you. And my viewers will know, as I joked before, that Alan is sitting in Bill Bar Heights living room with the piano back there that everybody in Crypto obviously knows how to play. It's a very popular background, very popular on our show.

So thanks for bringing it back. Thanks, Scott. I didn't know, but I guess I know. I actually do have the same piano, and I have a Yamaha automatic player on it. So I technically at least have one piece from this background. I have a Yamaha baby grand piano as well, see? Listen, as I mentioned here before, you guys are my go-to informational source for treasury companies. As I joked right before the show, I say, when I want to sound smart or when I need to understand what's going on, I go to Alan and I say, explain what just happened with this treasury company launched to me like a five, right?

Because I think that it's really important to note that most of this is way too complicated for the average retail investor to understand. And every time I get into a deep conversation about treasury company, someone says, well, it's all disclosed. Everybody can go read the SEC disclosures and make the decisions for themselves. But I think it's fair to say that generally on this treasury trend, that's not how people have been approaching what they decide to buy and sell, right? Yeah, I mean, from what I've seen. actually it's funny. I had a really in-depth conversation with some of the termy friends of mine yesterday. Our deal was one of the first major deal. Like the first wanted to do 100 million. And then we did have defy debt corp, which their deal was pretty simple too. And we were just

discussing this yesterday. Not too in-depth, but each deal afterwards has gotten more and more complicated. You know, it's kind of what Wall Street does. And they are right, though. The investors do have to read it. I find it really interesting that people, like even on our chat, in our streams. They just don't understand. I think the average retail investor, you know, they spend more time like researching a hotel room when they're going on vacation, then they realize, because if you dig into some of these things, and I was an investor in deals afterwards, I've stopped investing because they're so diluted with just multiple structures I find value-destructing to the individual investor. So it doesn't take that long to read them,

and you can certainly understand it if you spend any time on at all. But Brian, I think it's a lot of words people don't understand sometimes when they do dig in. And to your point, I think they do spend more time on a hotel. I mean, the way that people invest now is friend says, ticker, go on Robin Hood, buy ticker, hope for the best. I mean, that's research at this point. Yeah, it is. And the thing I noticed, and I was an equity analyst for a lot of top hedge funds for roughly a decade. And a lot of this stuff is complicated for me is a lot of the folks looking at these treasury companies are crypto folks.

and a lot of the big investors are crypto folks. And so all this stuff just literally takes decades to really learn and internalize how to think about it. And I think that's what's led to a lot of the confusion and misunderstanding out in the marketplace. I agree. And to be fair, it's not just retail. It's institutions as well. We all remember the FTX debacle. It was like Sequoia invested first and then everybody else's due diligence was Sequoia invested.

Yeah. Right? So even the largest institutions throw bad money. after a good money just because somebody else said so and it is complicated it is it is it is complicated you know so I think even when you know I've been doing it for 30 years I look at it and I think it's easy to me but then you realize like you know my wife or my kids will ask or my daughter like I have trouble explaining it you know why the dilution matters or why these things matter so it is you know it is it's funny because Scott and I met we're talking this morning on it'd be pretty pretty interesting if someone built a white paper that just said deal after deal and how more how much more to and all the other things made it into a really simple chart that they could post on a Yahoo. I think maybe we'll look at that internally and see if we can create something interesting. I'm not sure if this will make it easier or harder to understand, but the analogy that I think about

when thinking about treasury companies is just simply that of a bank. And maybe it's easy for me because I've managed a long short bank's book for a really long time. But essentially banks make spread income. they basically borrow from depositors, they lend to borrowers, and they make the spread between the yield on loan and the cost of deposits. The market will then essentially present value all that future spread income, added to book value. Then the bank will trade above one time's book. And then it doesn't happen too often, but if the bank wants to partake in M&A, it can issue equity. And when you issue equity above one times, it's by definition accretive. And I think of all these treasury strategies

is exactly the same construct. So instead of raising funds from depositors, we raise funds from the capital markets that of investing into loans, we invest into a digital asset. We are in the spread between the return on Solana and our cost to capital. And then whenever the market thinks

that the return on sole will outpace our cost to capital, that spread will be positive. The market will then present value all that future spread, add it to our nav, then that will work out to be a valuation multiple that is above one, which we can then monetize similar to a bank. And by the way, banks all trade above book value as well. So that is the analogy in case it's helpful that I use in my head. Yeah, I think people just even get lost in the weeds of the words, right? Like, what's a warrant?

What's nav? You know, I think there's basic concepts that we have to do a better job of educating retail on. Bottom line is that, Alan, as you said, if somebody could create a simple white paper or spreadsheet to give an idea of how these can be differentiated. It would be really useful. But to your point, it just seems that people are having to get more creative, which means more dilutive as they create new companies. So it's almost like the newer ones are worse for investors. Structurally. I guess like like Brian said, you trade above book. And so if you make, if you're making that spread, if 100% or 95% of that goes to your investors, because your, your cap structures, clean that's very easy to determine when there's all of these warrants and sponsor warrants and

bank warrants and options and you know consulting contracts those just those take away from that spread so it really does matter and it's it's very significant and I think that yeah you know maybe Brian I'll put together something and it just interested me yesterday and I said talking to the couple of words at the same time and they're all commenting like how our deal was like the very beginning and how each deal has changed since then so yeah it'd be pretty interesting If we do do it, Scott, I'll send it to you because no one could make it simpler than you. Well, I mean, I'm a simpleton. I think, though, you guys specifically, when you talk about you pexying the way that you structured your deal, it's extremely low leverage.

I mean, what's the percentage of NAV that's leveraged? We shoot for 20% is probably right around there. Like, it may go up and down a percentage or two. But, you know, we do that mostly for just the volatility around. on Seoul, right? So as an early mover, we're a little, we have a little advantage over everyone is our cost bases. Based on Seoul today is much lower. I think it's closer to 160 where it seemed like these new navs, you know, are somewhere. I think, I think Ford said they're at 232. So, you know, they're underwater, a hundred million dollars today. Obviously, crypto, that can be over, that can be,

that can be in the money in 20 minutes. So it's, it's just a moment in time. But we do have a little advantage there. So that, but we, we just, you know, that that early mover does give us some, some cushion. for, you know, any crypto winner. Yeah, we have $40 million line outstanding. We have over $400 million worth the sole. So we have like single digit percentage in terms of credit risk leverage. And then micro strategy has always said

that their limit relative to NAV is 20%. We're dealing with an asset that's much more volatile. And so we want to be really prudent with the amount of leverage we take on and we think that will position us well to whether any market environment. Yeah, so before we move on to the news, obviously I think it's worth discuss

And I know I talked to Kyle Samani, who launched the new darling of the treasury company world, recently, obviously a very different deal than yours. But why Solana? I think it's really important, actually, to discuss why you chose this as the benchmark asset, how you can actually beat the value of Solana in this structure. I've been pretty critical of Bitcoin treasury companies personally, and I stand by my opinion that beating Bitcoin using Bitcoin is effective. impossible without taking higher leverage. But with Solana or Ethereum or others, you obviously have built in ways to earn yield and to beat the benchmark asset. So I guess why Solana and how do you currently beat it and intend to beat it?

I think I'll let Brian, but I will say on the Bitcoin, you know, we still consider that the number one monetary asset. I do think though, like micro strategies has proven how leverage you can actually beat. Bitcoin with not, you know, with the way they've done it. However, you know, you need to have premium and you need someone like Michael Saylor who's been creative in those financings. I think one of the things that's gotten lost in the deals that have kind of gotten done is, you know, there is a, there is a art to Wall Street and to finance and crypto is completely different. So there's a learning curve for a lot of these new companies. You know, I've been on Wall Street

for almost 30 years. But I'll let Brian go on why Solana because honestly he explains it better than I do. Yeah. Thanks, Alan. So as far as beating the underlying, I think it has to do with the multiple value accrual mechanisms that you don't get with owning the tokens natively or via other instruments like an ETF. Alan hit it on the head. The main one is issuing equity above book, which is by definition accretive. I can run you through some simple math that can really help viewers internalize this, but essentially when micro strategy issues equity at two times nav, they're literally selling a dollar for two or they're buying Bitcoin half off. And this is how they've created $26 billion worth of free Bitcoin for shareholders over the last six quarters and how they've roughly

tripled the return of Bitcoin since it launched this treasury strategy in 2020 without being very levered at all. We can actually improve on the micro strategy model by staking our treasury and turning it into this productive asset versus a Bitcoin treasury company that just sits on its treasury and does nothing with it. And then on top of that, we can actually buy Loxol at this discount, we're getting a roughly 15% discount in the current marketplace. And because we have this buy-in hoddle strategy, and as that discount will move to par over time, these are essentially built-in gains for shareholders. So for all those reasons, we feel fairly strongly that as long as we are underpinned by an endgame winning asset that

will tend to move up over time, our stock has a great chance to actually outperform that underlying asset. And then as far as why Salana, Alan got it exactly right. So we view Bitcoin as the best monetary asset. Salana as the best high performance blockchain. Could have done this on Bitcoin, but it's a $2.5 trillion asset, literally the fifth largest in the world. Probably not going to five X any time soon, whereas something like Solana, it's 5% the market cap of Bitcoin. It literally could five X over the next year. Also, when we launched, there were probably 50 Bitcoin Treasury companies. We didn't want to be the first. 51st, we'd rather be, you know, one of the leading Solana treasury companies. And so this moved us

over to the smart contract side of the spectrum. And then we really chose Salana for three reasons over other smart contract blockchains. Number one is the first second generation smart contract blockchain. So you benefit from best in class technology like parallel transaction execution, but also because it launched in 2020, it enjoys these really great network effects. In addition, It has this large and growing and vibrant ecosystem of users, developers, and DAPs. You can really build anything on Solana. And then lastly, it's actually putting up the best stats of any blockchain. And so these are things like daily active users, DAP revenue, index volumes.

And so Ethereum's obviously the biggest, has the most institutional visibility. But Solana has been making huge inroads and we're trying to skate to where the puck is going. Do you think as we move forward, obviously, I think we just saw the first little bubble in the Treasury landscape, right? A lot of these launched. They weren't even able to buy the Bitcoin yet. The stocks went up to 10, 15, 20x multiples. By the time they could buy,

the stocks were all the way down, and then the pipes obviously register and right back to where the pipe investors were. Okay. So I think there's a cautionary tale there. Do you think that moving forward, since we know that there's going to be thousands of these things, that we're going to just start to trade

at much more reasonable valuations that people could expect, hey, if I buy this and I get 1.3, 1.4, you know, times NAV, that's going to be great. A really good investment. I'm beating it. You know, you can differentiate between the companies, or do you still think we're going to see this insane kind of hype train where you get these 20, 25 X to NAV launches? By the way, we talked about NACA as like a 20-something X to NAV and they didn't even own Bitcoin yet. So how can we even know what it was to NAF, right? Yeah, I think that's just the euphoria around new things. And what I think is the more mature a company gets, the less those registrations have, have

have effects, you know, it's historically on any company. You raise money, the stock goes down closer to that, you know, on a regular basis. The secret here is to pick the one, to pick the companies, you know, not investment advice because I don't only give it, but like the way we look at it is we pass on as much of our economics to the shareholders as possible. It's really like a stairstone, you know, you bring your nap up to $4, you raise money, you bring your nap up to $5, raise money, it brings up to $6, or bring up $7, so forth and so on. This building a treasury is the same as building a business. It doesn't happen overnight.

It takes a little time. But as long as it done correctly, the value metrics are very, are very attractive for investors. You know, I would say that be careful on these deals, you know, that are launching because there is no real price discovery. Like, same happened with us. I mean, we woke up the morning of the stock was at $22 from $2. Like, what is going on? Right. We really couldn't understand it internally.

And I think I said to Brian, I said, this is the worst thing that can happen because it just all these people think this is real. And there's nothing we can do, right? We can't control a market. we can't even say anything. But I think that, you know, this is, it's just like you have to think about it as there are still going to be highs and lows and lows in crypto. You can wake up tomorrow morning and, you know, Solana can be 260. So everything is going to run. It's just the way it's going to be. You just have to have a little longer time frame in your mind other than a week, you know, or a month and realize that if they're executing that you can really build value. I saw you,

I saw your cringe, Scott, because I know everybody wants it today. Because that is literally how every single person approaches it. This hasn't got up today. What are we doing here? I like to think that's not true, but I see it on my ex-account that it actually is true. So true. It's so sad. So I'm hoping that we can see the real value over time here. We do put full metrics on our website. We've even designed every way possible, fully dilute it.

And I still get things like, hey, you're trading under a nav. And I'm like, please see the website. Like, it's not. It's just, well, the problem is you also have like treasury dashboards that are wrongfully calculating now. They said NACA was at like 0.7 when it was at the bottom. And if you actually included the 200 million, whatever, they're wrong. I run a dad and I don't know what half of them are today. I can't tell you the NAV on half of these companies.

Yeah, makes sense. Right. I don't know if you're about to jump in. But if, yeah, go ahead. Yeah. My only thought is like, I think we've been inundated with that supply. And I think we have to work through some of this oversaturation. But at that point, I believe very.

very strongly that these things should trade above one, given the multiple, like, compounding value accrual mechanisms. And as Alan mentioned, you know, there is a pretty high correlation that we've seen historically with MSTR and the price of Bitcoin. So should we get into a full, full market, which I believe quite strongly we will, once the U.S. passes its digital asset market structure legislation, I do think you'd see a lot of these MNABs move up even higher. And then my last thought is like, we're at 1.5 today. A, like, that is still pretty nicely accretive if we can issue equity via an equity line out into the marketplace at that price. And we can actually do, you know, issue converts where that conversion price is typically above where the current market price is right there.

So we can actually issue it at an even higher multiple. And you can buy Salad at a discount, right? I mean, you actually broke it down on spaces the other day. Like when micro strategy is trading at 2x nav, they're basically buying Bitcoin at half off. Yeah. Exactly. Right? And you guys can buy OTC at a 15% discount, I believe you said. So you're, you know, theoretically you're buying Salana at an extreme discount. Yeah. And one of the advantages for even us over Microstrategies, even though obviously they have the ultimate size advantage is that if we issue 100 million or 200 million convert above the market, that's very accretive to us. Like if Micro Strategies issues 200 million, it's not even, I don't know how many decimal places you have to go out. That's every Monday.

It's Monday morning, right? It's between 9 and 10 a.m. So the implied value for these smaller debts that are growing rapidly will, it will find a base, right? Like Brian said, this is all supply. We saw so many come to the market. I think people are digging through what the real metrics are about all of those. And we'll see who, you know, we'll see who the winners are and which ones are executing. Because as much as we hate, you know, we hate the market does find.

you know, value, and it will find which one's executing, you know, at the highest level and what, what the best return for investors are. It will have its bumps, but, but I think it will. I have faith. Brian, let me ask the hardest question. What if it's, what if we go into a, what if we go into a bare market? Oh, so I have so many thoughts. I would argue that in a bear market, a debt can and probably should trade at a discount to its nap, but that the model is simply on pause. And I think like micro strategy demonstrated this perfectly. If you look at its increase in Bitcoin per share, 2024, it was 74%. 2021, it was something like 47%.

So in the bull markets, it can really monetize that premium multiple. And then when it traded basically at NAV or slightly below, it was just on pause. And it still was able to increase Bitcoin per share, but more like mid single digits. So I'd argue the model is more on pause. Micro Strategies obviously come out and said, we will never sell a Bitcoin. But I actually think a treasury company could go out and just play this game in exactly the reverse way. So if you sell your digital assets at the market price selling at one time and you use it to buy back your share, that is by definition accretive for shareholders just in the opposite direction. I think a company would have to weigh, be like evangelizing a cryptocurrency and saying like we will never sell our digital asset and the cons of moving off that versus like actually accreting shareholder value.

by engaging in buybacks, but something that you can do, and in fact, you probably don't even have to do it if you just hinted to the market that you were going to buy your stock back all the way up to now, the market should want to get in before you do that, and they might close that gap for you. And for us, like with, that's another benefit. You know, we have the staking revenue. I think we announced it's like $105,000 a day. So you have that money to reinvest should it trade below there, right?

And then the other side of keeping a small amount of leverage, like, like Brian said, if we're only 10% levered and somehow Solana came down to 160. We could technically lever up 20%. So buy another $40, 50 million, you know, or actually it would be less. But then you could add it to your balance sheet. So really, this is really a financial, you know, exercise at being prudent and planning for these things. And we, you know, Brian and I and internally, Andy, our CFO, we have a very detailed plan on what we would do in each of these places. But like Brian said, you can create value in all markets. It turns out that buying GBT at a 50% discount was a really good idea in the last fair market. It really is. And that's why I said it's stair stepping, right? You've got to just,

you've got to be patient here. ECHF approvals obviously helped in that case. But still, I mean, you know, it's something that's a tremendous discount to that asset value. If you don't think they're going to zero is an incredible buy. So maybe the bear market becomes a major opportunity. I do want to talk about some of these bigger news stories as well as we kind of go on here. This is just, I would need your opinion on this. Crypto Giant Tether seeks funding at $500 billion valuation, raising $20 billion. First of all, they're so flush with cash. You've got to wonder what they're going to do with $20 billion.

But this would make them more valuable than SpaceX, Open AI, all of the largest headline private companies on the planet. I mean, this would put them at one of the larger companies on the planet, including public companies. this is wild and i think they have like 100 employees so so let's go i don't go back to like you know before probably half of our people on here or wherever we're investing you know so when i was building expio logistics back in 2000 we we brought in you know a pretty key a couple key investors peter lynch and some other investors and the the truth is what they said when when valuations are high and the money's available take it i'm like but we don't need it he said shut up and take it so i think if they're if they're able to get a five

$500 billion valuation with 100 employees, why are they taking $20 billion? Well, because they can't. To get the $500 billion valuation. Yeah. I mean, I just saw because actually I was an early investor in Open AI, and I just saw their last round, I think was $400, $400, $420, pre-money. Yeah, it's somewhere in the $300,400-ish range, I think, as well, depending on. Yeah, so they're all, you know, there's nothing, every chart's the same in the public markets.

So usually in the private markets, it's even worse, like the charts higher. So, you know, it's, it's just part of, it's just part of bull markets. Okay. So there's a private company, though. Brian, I know you're about to jump in, but do you think that this hints at the idea that they might take advantage of that to go public eventually? Brian, I mean, you know, when you're getting these kind of valuations, the scrutiny about being public on a daily basis is really like literally daily. You get someone every, no matter what you say today, 49% of the people are, you know, hate what you say and 51%. So if you're getting this kind of valuation, I would, you know, personally wait for, you know, but who knows what they're going to do.

Yeah, I'm not sure why they would need to. But I actually think this is going to be fascinating to see how this develops. So obviously, like Tether, is this insanely profitable company. I think they made $13 billion last year, like with only 100 people. As you mentioned, there's not many ways for investors to access. stable coins and there are huge network effects because everyone uses tether because everyone else does. And so I can actually see why they would command a really high valuation.

That said, I think it's going to be really interesting to see how this stable coin landscape develops over the coming years and to see if they actually face competition from yield-bearing stable coins. This Genius Act kind of protects this a bit because it only covers payment stable coins. But, you know, it'll be interesting to see if at some point some of these leading stable coin companies will be forced to share some of the economics with either their distribution partners like exchanges or their end users if others are actually doing that as well. Yeah, I mean, I've just taken a look here at banking stocks. I mean, not that tether would be really comparable to a bank. But if we're talking about payments and yield bearing and all those things, it starts to really, I think, infringe on that territory.

Only J.P. Morgan would be bigger at this valuation. it's twice as large as Goldman Sachs. I mean, there's a real serious big boy number. And JP Morgan, I think, makes more than $13 billion a quarter. So they, you know, I think, but, but, you know, like Brian said, when you're, when you're on the cutting edge and you're going to get that valuation. So even at, even at $13 billion, if that's what their money is, you know, that's still only 40 times earnings, you know, 42 times, you know, for $400 billion, I think.

So it's not, it's not crazy. It's not crazy, you know, especially with the growth rate. Yeah, Tether is a bank with free funding, so they don't have to pay for deposits or borrowings. Even better. Yeah, I mean, it's the most incredible business that there is. I know we're kind of getting close to time here, but a couple other stories that were really big that hit yesterday. Although this is kind of a continuation of a story. But Morgan Stanley, close to offering crypto trading through e-trade calls the tip of the iceberg.

They've said first quarter of 2026, they anticipate, or first half, to be specific, that they anticipate off. direct spot crypto trading to their customers. I mean, I think this is just another step in the inevitable evolution and, you know, climbing the ladder of opportunity. But still, this is Morgan Stanley, right? I think this leaves like pretty much Vanguard just hanging out by themselves in the anti-crypto army, right? But this stuff's becoming available to everyone.

Does this meaningfully impact here? I should ask you this question. When these assets start to become available to everyone, and Salana is probably going to get an ETF that will include staking soon, how does that, how do you view that through the lens of your potential buyers who might just go by Salon on Morgan Stanley? Again, we actually would view it a different way. You know, the whole scale on Solana at 5% the size of Bitcoin. Ryan, imagine when these funds make it more available, it becomes more forward-facing,

never mind when investment advisors, like Brian said, what could drive a bull market, you know, the Genius Act. And when now Morgan Stanley allows you to trade it on your platform, that's great. But what happens when their advisors start adding 5% of crypto to every, you know, investment account, you know, in their purview? Like that's enough money to drive all of crypto up 100%, 200%, just having that available. Even as a Morgan Stanley, like, client, we can't hold it. So this is great.

It's great news. It's great news for us. It's great news for the whole industry. I think this is just part of a broader movement of enabling access to digital assets for people in all different forms. And so you have the executive order, which will enable to find contribution plans, which is a $13 trillion market. You know, that will probably move forward. You're seeing more avenues like the ETFs. And then you're seeing treasury companies enable access.

And so all this is opening up investment into cryptocurrencies, which, like Alan mentioned, should really have the effect of pushing price up over time. So basically anything that's good for Solana is good. It's good. It's good. It's all right. Anything is good for crypto. It's good.

You know, this is really, like you said, this could be the beginning of a bull market like we haven't seen in a long time. I mean, yeah, we saw obviously the executive order that Trump had signed saying to allow spot crypto trading or investment in 401ks. I mean, we have this now being pushed by U.S. lawmakers to get this done. I mean, once again, just another story along the same lines of more institutional adoption, more regulatory and legislative clarity. But like, unlocking a casual $10 trillion in investment accounts to crypto seems like also a big deal. And now it's really being pushed. And it goes up every pay period, right? So everybody, it just becomes the underlying liquidity in the market that's really needed that, along with, along with, you know, the regulatory clarity.

It's just a good thing. It allows America to catch up for the rest of the world. Awesome, guys. Well, we've got to move on to the next portion of the show. I really appreciate both of you joining. You can find both their ex accounts in the comments. You should give them a follow. And obviously, check out you pexy.

As I said, they're my go-to source of information when I want to. actually sound smart talking about these things. Thank you for that. And so I look forward to having you guys on the show a lot more and definitely on spaces a lot more as well because that helped a lot to have you on that space when we discuss these topics. Thanks, Scott. Thanks, everybody. Thanks, Brian. Thanks. Thanks, guys. See you soon. All right. Really, really interesting. Obviously, treasury companies right now remain, I think, the biggest topic in the space and important to get accurate and information straight from the source. So I know these guys are doing it the right way.

So always going to them when I need to figure out what the hell is going on in this market. I'm going to go ahead and bring on Chris. What's up, man? Man, you know, Bitcoin since overnight there, up a little bit. 113, 12, 113, 126. That's a nice little candle, though. It is. We got three little.

And we got some bullet. Your favorite, our favorite signal, we got some really nice bullish divergence there, too. Yeah, yeah. He saw the four hour and the six hour, but pretty clear. Well, I'll tell you, man, this is, you know, anybody that follows me, I've started every Tuesday, I join in with this Trading Tuesday's Spaces. And it's got myself and bits of wealth and trade flying, a couple other people on there. And it's just a really great space.

We kind of talk openly about, you know, the finer points of trading. And so yesterday we talked about this actually happening during that show there. And we had this, you know, it was the swing low here. And we said, okay, well, we're looking for potential to sweep of that low move up. And it's exactly what we got. You know, definitely not hating it. You know, we're finding support at that range support there. I mean, you couldn't have asked for a better pullback there.

It's basically, you know, there between the 61-8 and the 70 and a half retracement. But we've run up here. And so what am I looking for now? Well, I like it. I like on the daily that we've got this reset of stock. Castic RSI into oversold here. We've got RSI still kind of trying to hang around the neutral area, which is good. But so far, like you said, pretty good candle, nice bullish engulfing candle.

And we just want to see some follow through. And so we do have this blue pivot here. This is the monthly pivot, just sitting right above us holding his resistance. And so what I want to see is a daily candle, a nice impulsive candle, breakout and close above that to kind of signal that low is likely in. But we need to break out above 116 up here, 116, 216, 217 on this chart. If we can get that, that'll add confidence to the whole idea we're heading up. And my initial target to the upside will be right up here around this 122-256.

But if we are breaking out above that 116, 217, I think for all intents and purposes, we've all but confirmed that that low is in and we're going to new all-time highs, which I know is very anti-bear. and I know there's a lot of bears out there right now who keep swearing to people that the top is in, but we're just not seeing it yet. There's not anything that's happened here that says that top is in, right?

So everything kind of doing the way we were looking. When it was down here, we were looking for the rally up to the EQ of the range here and that structural 117, 440, and 43 cents. We got the break out there. That should indicate that that's three waves down, which is corrective, which should indicate that we're heading,

up again with Wycoff here this becomes a spring rally we get a last point of support here looking to head up higher i mean just everything seems to be aligning at the moment but locally what you can look at locally um let me kind of zoom in here a bit is uh you know i said that monthly pivot which is sitting just above here and really there's a swing high right here that i'm interested in and i'll see if i can pull that in there a bit maybe not oh there it is yeah the 113 5 I-45-82 on this chart. I really want to see a close up above that. If we can get a close above that, I'm feeling a lot stronger about that low being in there.

But we did have, you know, again, we had this very nice, just this dip down here and this move back up. And as a matter of fact, this right here, right before this happened, I was recording my evening update for our students. And I said, yeah, it looks like we're going to take out this low. We'll probably get right about this area where we went to. I said, and I'll look for a reaction off that. If we can get that back up, we should be good to go, you know, toward the top here and potentially even higher.

And, you know, we ended up getting it. So feeling really good overall about it, but I do want to see some follow through, you know, for Bitcoin here. But the structure itself, this is, this is fantastic structure. I don't know how you see something like this, even without everything else on here. I don't know how you see this. You get bearish, right? You've got support. You've got support right here.

You've rallied back up. You've pulled back again. again to this support. I mean, it's exactly what you're looking for. Things are holding where you expect them to. So definitely not, not, not, you know, upset about this at all. Today's candle looks really good. It's helping.

What was that? Today's candle's looking really good. It's helping a lot. If it starts to close like this, you know, clearly there's some seller exhaustion. And of course, we do have, you know, that there's still a lot of hours into the end of the day, right? And so, you know, there's still a lot of time, still another eight plus hours. But so far, like you said, looking good. So let's just see how this daily candle kind of finishes.

What he got in the Alcoigne world? Astor, Astor and Astor. There's actually, like, quietly, like people haven't, I don't think, been paying attention. But even in this kind of downtrend, there's been a couple just monster token launches, which has not been a thing for a very long time. I know that's not what you look at. Yeah. But like Astor was up, I don't know, 10, 20.

20, 30, 100. I don't know how many percent. Obviously, that has B&B. There was another one I was watching. It's called Hemey, which because I know Matthew Rozac and Jeff Garz. Like, I mean, this thing launched here. It's up, you know, over 10x or something from the lows a month ago. That is not something that happens in a bear market. Just as a general aside. Yeah, yeah, exactly. Right. And, you know, bear markets don't, you know, start with everybody being all upset that it's a bear market, right? That realization comes at the end of the bear market and then everybody sells and then it goes up right so um i'm still you know i think alts are still looking somewhat constructive i've zoomed out a bit here because daily we've just got a lot

of overlap um but we do have this support right here on the yearly s one pivot that it seems like this is uh ark ark um arcum us d a rkm and um you know since back here you're right exactly since back here the beginning of march i mean basically we've been finding support we've been range bound here around that the yearly S-1 pivot. I do like the move so far. We had a big bit of volume on this push here. We've got to pull back into it. So I'd like to see some continuation where we're out here pushing out higher. And if we can get that, I think initially we get kind of this 85, almost 86 area. And I think what we may end up seeing is something like maybe like this, the kind of a pullback just below it here. And then maybe up here toward

that dollar you know basically a dollar and a half almost to that yearly pivot so this is kind of what i'm looking for i like the the volume here within the range and whatnot but i am cautious i am cautious because this is a lot of volume you know you've got this up trend here and this is the top of the upturn so far and there's a lot of volume there so we definitely want to see a breakout above that uh and a close above that to kind of nullify that as uh controlling you know action there So again, if we can, you know, get this breakout here above, whatever that is, there's 0.711. I think initially we head up here to around 86 cents and then we kind of pull back. And like I said, then you get that nice big move, maybe from, you know, 55, 60 cents on up there to like a dollar and a half on the next then jaunt up from there.

So, but I do like it. I do like the, you know, the sideways here and setting up. So we'll see if we can get this to follow through. let me see here again still zooming out right so i'm got i mx usd here it's got its own bit of a range you can see that we've got a lot of volume build up down here in this area and then of course we pumped out higher and so kind of like the other one you know and you're going to see this on all the else it's pretty much the same kind of week the same day there that you have that big spike of volume so in this case here once again you know we got the big spike on

would break out the pullback. But I'm thinking, you know, as I'm looking at this, I'm thinking these breakouts may have just been kind of clearing this overhead supply before kind of going through, right? So here on the weekly, on this weekly, let's see if I zoom in a bit here. You can see we got a nice hammer-looking candle here. And it's only Wednesday, so still more days left in the week. But again, looking for this to continue higher here up toward probably like $1.24, $1.25 would be my next initial target area.

And then with this one in particular, I'm looking at this much bigger range here. This looks pretty decent for a range here. And so if we can get this as a bit of accumulation all the way from back here around, wow, basically the bare market low in 22 to the sweep here, if we can run this as an accumulation, we've got significant upside. coming in here. We should break out to new all-time highs. So getting us above $6 there on this pretty easily. So but right now locally looking for that $1.248, $2.48 there. And, you know, and again with that, I think maybe we get a pull back down here toward this 80 cent area and then

a breakout higher up again toward almost $2.0090 up here. So kind of like that other one, you know, you get this break out of here higher. You pull back to. to the previous range here and then you rally up and in this case um you know at least right around this dollar 90 area and at that point we're making you know a pull back down here toward you know a dollar 20 dollar 25 and then potentially you know that breakout higher there but overall making its way up to swing low here um and then i've got algo here we all know Algo, right? Yeah, we all know. So Algo's had a couple of nice

breakouts along the way here. We rallied up into the yearly pivot. We've pulled back. It looks like we want to break out higher. So, you know, again, I just want to see a breakout above this descending resistance here. A nice impulsive breakout and close above it. And I think at that point, the likelihood is that it does rally up here toward about a 46 cents, 0.463 up in that area. So a little bit over twice where it's at the most. moment here. But once again, you know, the idea being that we'll kind of rally up into there

and then pull back here and then, you know, maybe down here around 30 cents and then kind of break out higher of this larger range here itself, which again, like the other one, if this sets up, then we can kind of get that breakout there. There's, you know, good, good chance to see it running up above $3 and more there from, you know, where we're at. But it's not going to happen overnight, right? This is a weekly time frame. Again, you know, this low over here was that in this was in 20, March of 20. So COVID, you know, and then we broke down here, 23, and now we've been making higher lows and higher highs since then. So really looking for that breakout there to kind of get to this point, which then really opens up, that move up here to a $1.53,

hitting that $1.3, you know, you get a pullback here and then really opens up the breakout. much higher there. So, you know, I think all still looking constructive overall if you zoom out to a larger timeframe, the local timeframes are a little more questionable on it. But, you know, that's what you do. You know, you don't just sit there and look at the five-minute time frame all the time and say, oh, my God, it's the end of the world and this thing's ending and that thing's ending.

You got to zoom out a bit and use that larger time frame as your, you know, your big reference point. And then you zoom into the smaller timeframes and see if you can get some trades in those smaller timeframes. yeah i think the market's about to heat up big time well i mean we hit you know on total three there we hit what one one point one five uh trillion uh just recently and i pulled back to one 08 and it feels like oh my god we're losing so much but for the month two months prior you know it couldn't get above a trillion uh you know and then it was sitting it at 1.02 to 1.05 for another month month and a half so the fact that we've kind of you know popped up to 115 and then pull back to

108 and we're kind of sitting above where we were for months there, you know, kind of like what we see in the charts with the support, right? So I think there's a lot of opportunity potentially getting ready to open up, but, you know, we do want to make sure we're looking for, you know, we're not entering just because there's a chance, right? We want to find those those proper entries there, use proper risk management, good stop losses, and then just, you know, trade with it. Love it. Where can people check you out after this show? man follow me at tx west capital here on x man um you can follow me at texas west capital on on youtube as well i do a couple of shows a week there matter of fact we've got beards and

bitcoin with uh years and my friends there andrew and tillman uh coming up here at 11 a m central 12 pm he and his beard is less impressive that it was but still solid man you know what he told us he was going to shave it on the show and then he came in with that baby face on the show and i was just like you got to grow that beard back in um i think he's And other than that, they can catch us over at members. Dot TexasWestcapital.com. Learn how to do the thing, guys. Don't think it's just going to happen because osmosis.

You know, learn how to trade. My God, there's so much money to be made if you do it proper. Especially if we go into this bull market that everybody's talking about. That apparently we haven't been in for the last year. I don't know. Anyways, guys, that's all we got for you. Chris, thank you. As always, everybody, go give them a follow.

And we will see you all next week. Peace. Let's go. Let's go.