The Wolf Of All Streets - Altcoins Pumping: Is The Crypto Bull Run Back?

Episode Date: May 14, 2025

►► Sponsored by Aptos, check it out here: 👉 https://aptosfoundation.org/ Ethereum and altcoins are pumping, and eToro’s IPO just shocked Wall Street - is this the start of the next major crypto rally? I’m joined by Matthew Sigel, Head of Digital Assets at VanEck, to break it all down and unveil VanEck’s new ETF: NODE. We’ll cover what’s really fueling this altcoin surge and what it means for Bitcoin. In the second half, Chris Inks joins us to share some killer crypto trades and what he's watching beyond the charts. Matthew Sigel: https://twitter.com/matthew_sigel Chris Inks: https://twitter.com/TXWestCapital ►► JOIN THE FREE WOLF DEN NEWSLETTER, DELIVERED EVERY WEEKDAY! 👉https://thewolfden.substack.com/ ►► Arch Public Unleash algorithmic trading. Discover how algorithms used by hedge-funds are now accessible to traders looking for unparalleled insights and opportunities! 👉https://archpublic.com/ ►►TRADING ALPHA READY TO TRADE LIKE THE PROS? THE BEST TRADERS IN CRYPTO ARE RELYING ON THESE INDICATORS TO MAKE TRADES. Use code '10OFF' for a 10% discount. 👉https://tradingalpha.io/?via=scottmelker Follow Scott Melker: Twitter: https://x.com/scottmelker Web: https://www.thewolfofallstreets.io/ Spotify: https://spoti.fi/30N5FDe Apple podcast: https://apple.co/3FASB2c #Bitcoin #Crypto #Aptos The views and opinions expressed here are solely my own and should in no way be interpreted as financial advice. This video was created for entertainment. Every investment and trading move involves risk. You should conduct your own research when making a decision. I am not a financial advisor. Nothing contained in this video constitutes or shall be construed as an offering of financial instruments or as investment advice or recommendations of an investment strategy or whether or not to "Buy," "Sell," or "Hold" an investment.

Ethereum is up 44% in the last seven days with a number of other altcoins that seemingly hadn't moved in months finally following suit, leading many to wonder, are we finally back to seeing what we saw in previous cycles where Bitcoin goes up, consolidates, and altcoins actually follow? More accurately is the crypto bull run back. That's one of many topics that I want to talk about today with our amazing guest, Matt Siegel from VanEck. VanEck also has a couple of huge announcements, things launching literally today, probably during this show that

we're going to discuss. Can't wait to dig into all that with Texas West Capitol on the back half. Let's go. What is up everybody? I'm Scott Melker, also known as the Wolf of All Streets. streets before we get started Please subscribe to the channel and hit that Like button as you can see here guys the market when you look at that seven days some huge numbers here aetherium Definitely the most notable 44 percent Solana 21 percent those 37 percent as you come down a lot of things in the 30 20% obviously we've seen some serious action from altcoins across the board.

The first time I think we've really seen that in quite a long time outside of the meme coin casino. Leading many to wonder, is it finally happening? Matt, we're gonna dive into everything Vanek is doing. Welcome, bud. I just want your broad strokes here on the market because it feels like we've had a lot of times where Bitcoin sort of moved when risk was on, but now we've got altcoins really moving when risk is back

on. Yeah, I mean, I think it's I think when the year is done, we will be able to say it was an altcoin bull market. And I think that select alts will outperform BTC this year, but that doesn't mean that my position size is bigger in those tokens than it is in Bitcoin. So feeling a bit better about ETH, I think the market took the fork well. People are encouraged around some of the change in leadership priorities, both leadership and leadership priorities over at

Ethereum Foundation. And so that was a, you know, a big kind of mean reversion move. You know, we'll see if we get follow through. It's been a big move here. And the dollar has started to strengthen, right? So the economist had that death of the dollar cover on April 19th. That was the literal bottom. It wouldn't surprise me to see a pause here for a little while and digest some of these gains. A lot of tech stocks have also just moved like 60%, 70% in two to three weeks. But the macro backdrop is better as well. So again, I think the year will end up a positive one. Yeah, my base case in the short term, which is usually wrong is that we get some sort

of retracement, but this time it's let's buy dips and not and not be scared. It's kind of the shifting mentality for me. What I find incredible is that it, you know, in one week, years of negative Ethereum sentiment have effectively been erased, which I think we see all the time. And to your point, Bernstein had this article that there were three things driving Ethereum's price surge. Basically stablecoin and tokenization boom, I think everybody agrees with that. And we're going to talk more about that. Layer two institutionalization and a huge ETH short unwind, basically showing evidence that people, institutions were effectively long Bitcoin and Solana and shorting ETH as the hedge against it. And that now maybe the risk reward of shorting ETH

into a low or into a bottom is probably a bad idea. Yeah, I mean, just look at the year to date and ETH is still down like 20% for the year. Lots of other things are up. So maybe just more balanced risk reward going forward. So I wanna talk about specifically what you're doing because it's literally launching today and we have you here and it's really exciting

and really interesting and really different. So what we have here, now effective VanEck on-chain economy ETF. This is an actively managed ETF that's trading under node. I believe you're the guy who's actively managing it. Hence why I wanted to have you on today to talk about it, but 30 to 60 names from 130 plus stock universe tied to the digital asset economy.

So usually when we see these sort of indexed funds and actively managed, it's really cut and dry. These are companies that have Bitcoin on the balance sheet or an ETF of miners, but it sounds like this is going to be far more diverse and give people a wider breadth of exposure. Exactly. I've spoken to so many institutional investors about Bitcoin and crypto over the last several years. And I think one of the most common theme among the allocator community is that people want exposure to crypto via equities, but they are totally spooked by a portfolio full of the pure play minors and exchanges that have seen the repeated blowups and bankruptcies.

And they all move together. Yeah, exactly. If one miner, if miners go bad, miners go bad. Yeah, yeah, yeah. So this will be, this is an actively managed strategy. It can hold crypto ETFs up to a 25% weight alongside companies that we think have a credible strategy to make money or to save money by using Bitcoin, digital assets,

and the on-chain economy broadly. So the issue we're trying to solve here is managing the downside volatility without losing exposure to some of the underlying growth drivers. And when you look at these pure plays, the miners, the exchanges, they're trading at two times or even three times the volatility of Bitcoin itself. And why is that?

It's a combination, you know, high leverage, small market cap, very idiosyncratic business models. So first, just simply adding Bitcoin to a portfolio full of these kind of high beta miners and exchanges. The historical data shows that that will improve returns and lower the risk. So we're going to have a core position in a Bitcoin ETF. And then to complement that core, we're going to own a combination of the high volatility pure plays, the balance sheet, HODLers, miners, exchanges, and then we'll complement that with lower vol sectors like e-commerce, semis, and interestingly, I think as a differentiator, energy infrastructure utilities. And these-

Those have to be specifically, that was my kind of next question, sorry to interrupt, but to find 130 names is challenging, right? So some of these have to be pretty far out on the scale of, you know, it's not, they're not crypto companies per se. So they have to be mentioning Bitcoin, digital assets, crypto in their SEC filings or conference calls, calling it out as a growth driver.

And you'd be surprised, I've been scouring these conference calls of the electricity utilities, typically low beta boring companies, a growing number of them are calling out Bitcoin as a growth driver. And of course, some of that is the AI HPC data center boom, but now those stories are converging too, right? Like almost all the Bitcoin miners are exploring some type of AI HPC strategy. So we are able to get utilities exposure,

even by isolating to the ones that we identify as being particularly Bitcoin friendly. And that sector in particular can provide this ballast where the names are paid dividends, they're less volatile, and we can use them in periods of stress or dislocation, jettison the balance, the ballast, and take on more risk during a washout. And what's interesting from the utilities also is that they kind of benefit from the same structural tailwinds that we're seeing more pro growth policy, more abundant energy, a rethinking of that connection between energy, power, money. So when you combine these together, it could be an appealing balance of offense and defense. So this is obviously wildly different from just gaining

indexed exposure to the crypto market, right? This isn't, which I do think is coming by the way, and will be the most exciting products probably. You know, Bitcoin, ETH blended with some kind of indexed exposure to top 10, top 50, DeFi, whatever it is. But this is kind of a good way for institutions who are less comfortable to start to dip their toe in a way that they're more comfortable, right?

Because I think what you just pitched is gonna make sense to a lot of people who are hesitant. Oh, well, I understand like an energy company that energy companies should do well, right? In certain environments, yeah. If Bitcoin goes to as high as you and I think it will, then a lot of things in the traditional equity markets are gonna change and

You don't have to go all in on micro strategy or Bitcoin hodlers in order to get like an attractive risk reward So that's the type of portfolio that we're gonna Attempt to build here for investors who see the opportunity But they want to be able to maintain conviction through the cycle. And if they change their mind, they're not selling out, hopefully at like a 90% drawdown, you know? Yeah. Well, I want to ask you then specifically, there's, uh, this is sort of like ancillary, but we obviously saw Coinbase hitting the S and P 500, which to

me is like one of those stories we look back on and go, holy crap, that's just amazing. It was a huge turning point. Maybe I'm wrong. But I would imagine like Coinbase and exchanges are the kind of things that you could have included in node, of course. Then we have Robinhood rival eToro. It's a kind of a strange positioning for that. But I would have just said eToro. Backers raised 620 million in upsized IPO. So they were able to raise 620 million at 52 per share.

I think if I recall when they were first talking about this, they were looking for like 45. So obviously there's pretty outsized demand for these kinds of IPOs. Galaxy is imminently going public as well, which I don't really hear people talking about. But isn't this non-specific talking about. But isn't this nonspecific to node, but this isn't this giving us a lot more ways to find exposure to this industry in traditional markets now? I mean, it's a perfect time to do this.

Yeah, exactly. The capital markets are wide open. This investment universe is growing very quickly. If we were to isolate, you know, just the pure plays, there's something like $200 billion, $250 billion of market cap. If you expand it to take this wider lens, we count like $8 trillion of market cap, and there could be 10 to 20 billion of IPOs this year. So the universe is very wide, right? And Coinbase, eToro, these stocks that you mentioned, they're all in it. I'm a bit surprised by this appetite for eToro specifically, though. Maybe it's just I know Yoni,

I think they're incredible. He's built an amazing company. He's been around obviously forever. I just didn't realize it was viewed as that big of a name and that there was that much excitement around this IPO. I think the initial pricing was pretty attractive. So, you know, their geographic exposure is a bit more Europe centric and the brokers in Europe trade at much lower valuations. So the initial marketing of this deal, you know, I think came at a pretty attractive valuation. They have the crypto exposure, their crypto exposure, it's small. It's like, I think 5% or so maybe at the business, but it's reasonably innovative. They say that 20% of their crypto users are copy trading. And they have signed up these influencers, portfolio influencers, it's like the, you know, the top one tenth of 1% who you can copy trade, they get paid a percentage like running an ETF. So it's interesting and the social strategy is differentiated.

Say it's funny because I would have thought that eToro was much more than 5% crypto, just knowing Yoni and understanding. So maybe the Robinhood comparison is actually more apt than I gave it. Although I think Robinhood is more than 5% crypto now at this point exactly Robin and now Robin Hood Obviously this was news we discussed yesterday, but making their move into Canada with wonder fi Acquisition which is obviously mr. Wonder adjacent But leading into Canada with crypto like this is the thing now This is the way that all of these companies are going to gain more attention, more market

cap, more, I think just more interest. Crypto is like the tip of the spear here. Yeah, Robinhood, if you look at the average account balance, it is still so much smaller than a Schwab, but the surveys of the young people show that they trust it as much as something like a Schwab. So for boomers like me and you, right, like how much of your wealth would you actually put on Robinhood? Probably not 100%. But over time, as you know, Gen Z grows up, I think they do have a big opportunity to gain

share of wallet. Yeah, I mean, I talk about it a lot. A close friend of mine sold his RIA recently to Robinhood. There's someone I've known forever, huge, he's now basically like the number two guy at Robinhood. But that is exactly what you discussed is their entire new business model. It's like bringing adults into the room and trying to mature and growing these 20 somethings into 45 year olds and 50 year olds

with multimillion dollar portfolios that are actively being managed in Robinhood, and they bought a bank became a bank, right. So I think that's the way we're going to see each or a Coinbase Robinhood full suite of financial services, the new Schwab, right. But if you're the old Schwab, you're going to want to gain act, you're going to want to gain some exposure to this industry through the kind of products you're building. act, you're going to want to gain some exposure to this industry through the kind of products you're building. Yeah,

yeah. So you guys also have just happened to be in the news literally today again, VanX securitize launch tokenized US Treasury fund across for blockchain. So I found this really interesting because we're seeing a lot of this obviously be a bit old from BlackRock, you know, surpassing I think 3 billion in assets under management there. But you're doing this on four blockchains avalanche, BNB, Ethereum and Solana with wormhole facilitating cross chain interoperability. So this is

unique. It's sort of a legacy offering but has all the underlying tech and value of crypto. has all the underlying tech and value of crypto, blockchain. Yeah, I think this is a, it's becoming a crowded space. So, you know, I did hear some pushback like, hey, who needs another tokenized treasury fund? But we had demand from customers, and you're gonna see over the next couple of weeks, some announcements of seeding partners

and some AUM out of the gate. And I think what is novel about it is just the daily 24-7 subscription and redemption. You can mint V-bill tokens 24-7 using USDC. And then you can also swap V-bill into other stable coins like Agora AUSD, which VanEck has backed and that can happen even on weekends. So it's that ability to move cash on weekends that I think is the kind of the killer use case of this fund and look forward to more tokenized offerings here this year.

I recently had a conversation with Nathan from Ando and then one that I haven't published yet with Michael Sun and Sean, who's now at Securitize, obviously, and it's pretty interesting how much extra usability and how much more attractive these very simple products are even when they're tokenized for the reasons that you just said, because I my first question always is kind of like, I can go buy t bills, like, why do I need a tokenized t bill doesn't

have a higher yield doesn't have any of those things. But to your point, you can take these things and go participate in defy and do all the things you would effectively do with a stable coin while earning yield. And that yield, to my understanding, is not accruing quarterly or yearly or whatever it's can be accruing daily. Daily, daily. Yeah, it's really the use case is for institutions who are moving money around and trying to

settle transactions on weekends and want to eke out that little bit of float from the interest bearing portion. So in huge numbers, those can be a huge difference over a year. Totally, totally. And like if you look at some of the M&A in the space, Ripple buying Hidden Road, which is a traditional prime broker and a crypto prime broker, they want to integrate their RLUSD into those customer workflows. Anchorage buying Mountain Protocol,

another yield bearing stablecoin. So again, a custodian who's gonna wanna keep more of that customer float within their ecosystem. And this is our entree into that space. So you just mentioned this is sort of crowded, right? Stablecoins are starting to feel crowded. Do you think that we're moving into a place, assuming we can actually get stablecoin legislation,

which seemed like a layup until last week, but assuming we get stablecoin legislation, do you feel like this is gonna be the thing everyone does? I mean, Meta already kind of back in the mix, right? Talking about, we know they went through Libra and DM, but talking about their own wallet, clearly some sort of stable coin integration, probably their own.

Are we gonna live in a world where everybody has like these private stable coins that they use for settlements? Or do you think that we're gonna get, you know, really the most use out of the incumbents that already exist, which you guys are building, the ones that are coming from crypto natives? I think that both are gonna happen at the same time.

So last week, Stripe rolled out a stable coin issuance platform in Latin America. It's not gonna be a Stripe branded product, right? Each of their partners will essentially be able to issue their own branded stablecoin. And then my understanding is that it's Stripe's backend will help make these interoperability, interoperable. So there's a race to become the platform.

Circle wants to be the platform, like lots of people want to be the platform. And then there'll be an explosion of individual stable coins. And whether the platforms end up buying each other and creating a super platform, I think we're too early for that. So there is room to compete here, right? Tether is arguably over earning. Circle is a little bit compromised

in that they have to pay a portion to Coinbase so they can't keep their full margin. So I think there's kind of room for both to happen at the same time. It's a time of great disruption. I listened to an interview with the Collison brothers, the guys who founded Stripe and man they really, they really get it. And it's incredible when you realize the size and scope of these payment giants like Stripe,

what stable coins can and already do for them. So as you said, they're launching this platform, but they're quietly using USDC for all that weekend settlement we discussed without even earning, I don't think a yield on it. So imagine if they start to gain exposure to the superior products and use them in that way. But I mean, this is going to happen so fast, I feel. Totally. And sometimes, what I learned over many years is sometimes the impact of disruption can be bigger on the losers than the winners in aggregate, right? You might end up with mostly losers and a tiny small number of winners. And if you can identify the companies that can actually profit from some of the cost

savings that these new rails will enable, that can mean a big difference to their earnings and their multiples. So some of the work that we're doing with the Node Fund, for example, is looking at companies like Shopify or some of the online gambling companies, Mercado Libre, a Latin American e-commerce platform. They're starting to integrate stablecoins and Wall Street analysts are starting to ask them, like, how much could you actually save if you implemented these new rails? And those types of companies, the users, can also be eligible for this type of strategy. Yeah. I want to ask you another question because we've got, obviously, you're building these strategies,

and now it seems that the new EnVogue thing is to do a reverse merger or somehow create a company where you can just leverage and raise debt to buy a bunch of Bitcoin. Right. So obviously, we saw that the Jack Mahler with Cantor Fitzgerald and SoftBank that announced a few weeks ago, they actually just made their first purchase that I saw publicly, I know they had some contributed to seed it, but they made a $600, $700 million purchase. We saw David Bailey from Bitcoin magazine raise an oversubscribed fund. I think it was supposed to be 300. It's going to be 700. They're

like kindly MD some defunct medical company that's listed basically merging with them to raise debt and buy Bitcoin. How much risk are we having as we have more companies coming on to raise debt and buy Bitcoin? To me, this feels like mentally the next bubble pop. It's definitely a change in the driver of Bitcoin price from what we're observing. It's corporate adoption that is taking the mantle from ETFs as maybe the biggest driver of Bitcoin accumulation over the last couple months. So this is an explosion and the number of companies that have decided instead of allocating

maybe 5% of your balance sheet to Bitcoin just to perform the S&P 500, maybe commit 100% and add leverage and eventually use those gains to buy out every company in the S&P 500. So I think it's a volatile and risky strategy. It's akin to running a hedge fund inside of a listed company. There are likely to be some blowups, but it's also becoming increasingly likely that one or more of these will succeed in addition to micro strategy. So it's about, yeah, it's about position sizing, valuation, company access to the capital markets, right?

So I think Michael Saylor is actually forming relationships with some of the risk takers on some of these arbitrage desks to make sure that the demand for the convertible debt continues. And that's going to be a differentiator. So a disclosure that we did participate in the David Bailey fundraising in one of our private strategies, I think that he has kind of the right combination of financial wherewithal and the media distribution piece via Bitcoin magazine, which is very, very powerful. Yeah, so- I think all three of these that I mentioned

will do exceptionally well, actually, just because of who the partners are, to your point, the way that they're structured. I'm just thinking 10, 15, 25 more of these down the road. You know, because as it becomes more popular, we're gonna just see 20 more small ones. And to your point, they're basically gonna be hedge funds, you know, that are sort of parading

as Bitcoin treasury companies. I'm 100% all for every company in the world adding 5% Bitcoin exposure to their balance sheet to hedge against, you know, inflation. Bitcoin exposure to their balance sheet to hedge against inflation. Raising a ton of debt to do it starts to worry me. I think that's... I agree with you. Yeah.

Okay. So I'm not crazy because this feels like one of those things where we're starting to fly a little bit. But just to push back a little bit, last cycle, remember Janice's loan book, it was $40 billion. No one has stepped in to replace that in terms of centralized lending. So when you look at the leverage levels or funding rates in futures markets, there's no real evidence of a leverage cycle. And it's been my argument that with the use of now options on Bitcoin ETFs, structured products from the banking sector,

capital markets plays like this. The leverage is coming from TradFi rather than from private companies selling direct to individuals. And we've got a longer track record. I can't say it's so illustrious, lots of blowups in TradFi as well, but longer track record of managing that sort of leverage.

And I do think it's necessary for the space to grow. Yeah, I've said this a couple of times, like over the past couple days, I don't know that I think it's going to be the thing that like puts the blow off top in. I just think that if we thought we were going to get 30 or 40% retracements now in shallow or bear markets, that maybe those now are 55 or 60% when these unwind at the bottom and are basically forced to sort of cascade. That's more of my concern, I think. Totally right. What happens when the premium flips to a discount and then these folks are selling Bitcoin and buying back their own stock while in the middle of a Bitcoin bear market and

half the publicly traded companies are selling their Bitcoin. That's a, that's exactly the scenario that I fear, but I guess a fear for another day. Nothing stops this trade is what Alden says. So anything else, listen, before I let you go, like anything else from VanEck, anything else you want to touch on for node, I literally need to let you go because it's starting to trade in like one minute. But I got to put in my, my personal buy order here.

Awesome. Yeah. Well, I really appreciate having you. We're gonna have you on it. You'll be on Crypto Town Hall today too, right? Yeah, I'll see you in a bit. We'll talk again in 45 minutes. Good luck, man. Congratulations. Thank you. Bye. Awesome.

Yeah, I love what we had. I remember we had Hunter Horsley, the CEO of Bitwise on, I think like during the launch of their first Bitcoin Spot ETF totally randomly and I could hear if you guys remember we could hear like people cheering in the background at 930 and I was like what's happening is like I mean we're literally like launching right now. He was on here just shooting the shit. Which was just absolutely amazing. Obviously guys it's Wednesday before I bring on Chris which I'm excited for

because there's an interesting spot in the charts. Obviously you talk a bit about Aptos. I actually had a meeting with them early, early, early, early this morning, which is something I do very regularly to make sure that I'm updated and everything they're doing. You'll see if you follow Avery, their CEO, that the topic really they've started talking a lot about the global trading machine. You can see it's the idea here. It really got me thinking about what's happening in crypto because obviously at the primitive level, at the base base layer, what people really want as we know is speed security, speed price to be low and security. So they want

cheap transactions and they want them to be exceptionally fast. And we have a lot of blockchains that are arguing that they're doing that. But you guys may remember stories from the early 2000s when high-frequency trading became a thing. And I was kind of kicking this around with them. But there were companies, I remember reading a story of a company that was like in Fort Lee, New Jersey or something,

right across from Wall Street, and spent like $50 million on faster fiber optic cables or something. And they spent all this money just to be like a hundredth of a second faster than their competitors for order execution. And when we think about blockchain becoming the underlying tech for settlement of stocks

and Forex and literally everything, which I do think is the future, I think many agree, this fractional faster speed and cheaper transactions is going to mean billions if not trillions of dollars over time. And that's really what they're focused on in building. So if you're building something, obviously, in blockchain, I highly recommend that you take a look at Aptos and go build it over there. And now without further ado, Mr. Christopher,

what's up, man? What's going on? Full market, full market going on? Crypto bull run back. When ETH goes up 44% a week, it feels pretty good. It's definitely been the talk, right? And you and I have been looking at Ethereum for quite a while now, and it took a bit, but I mean, structurally, as far as the macro structure goes, I mean, it's looking pretty good.

And this big bump up here just recently, I think just kind of really, you know, the big bump up here, I think, is the biggest thing that we've seen in the last couple of weeks. And I think we've seen a lot of good results. And I think we've seen a lot of good results. And I think we've seen a lot of good results. And I think we've seen a lot of good results. And I think we've seen a lot of good results.

And I think we've seen a lot of good results. And I think we've seen a lot of good results. And I think we've seen a lot of good results. And I think we've seen a lot of good results. And I think we've seen a lot of good results. And I think we've seen a lot of good results. And I think we've seen a lot of good results. And I think we've seen a lot of good results. And I think we've seen a lot of good results. And I think we've seen a lot of good results. structure goes, I mean, it's looking pretty good. And this big bump up here just recently,

I think just kind of really erases a lot of that, of what it lost against Bitcoin this year. But Bitcoin itself, I mean, it's actually a beautiful chart, right? And the thing is we've still got people out there that are bearish. And I mean, it's kind of crazy to think about sometimes, but there are there, you know, they've been bearish since, you know, really since up here.

They were bearish at every top coming up, you know, and I talked about this being the low down here. And we got the breakout, you know, we've got the we've got a lot of great movement here. We've got these big, big candles that are moving up here on the daily. They kind of move up, do a little sideways, up again, do a little sideways, up again. This is what you like to see. You know, this is the thing. And so, you know, and this is, as you can see here,

this is different from what we saw coming down here, where you have a lot of overlapping price action. And so, you know, the overlapping price action, generally speaking, is something you look for when you're, when you're correcting. And this, where you've got these nice big moves are usually what you look for in a trend direction. So I mean, you know, even when we're looking at this, we've got all this overlapping price action. And then over here where we've got this, the big movements, you know, the differences, the night and day difference

in the way that price action is happening, they would like to pay attention to. Now, locally here, we're finding, you know, support here at the monthly R1 pivot. I think this is probably a flat correction here. And so based on the height of that then, you know, just a simple kind of price action and even an LA Wave kind of target that you can get off there. You just kind of measure out the height of that on your on your fib

retracement tool. And you look at that 1618 and it's up there at $108,905 which puts it just prior to the the all-time high. Personally I like that target because generally what we look for when you complete a pullback is you look for five waves up in or around that previous swing high. So you know this would kind of get us you know potentially five waves up there get us a pullback and then we could break out. But here's the thing, we've been, you know, sideways here since his first attempt up here. I mean really it's been since over here around, you know, the last kind of week of November of last year. But even if you look up here at around the mid-December, I mean, you know, we're sideways for, you know, five, six months here.

And I say sideways and we're kind of down a bit, but really, you know, this is kind of what we're sideways for five, six months here. I say sideways and we're kind of down a bit, but really, this is kind of what we're doing. And so people are now hungry, as we can see with this movement up. So, there's always this thing of, okay, well, it might be one of those more rare occasions where it actually just kind of takes off, especially with all that blue sky up there.

So the way I'm playing this at the moment is I'm looking initially at this 106-352, see if we can get that in a pullback. And if we do that, you know, I hate to say this because it should be credit crazy, but you know, you're probably looking at about 115,000 to get us up there. So maybe just a peek out, get people excited

and then it drops back and then all the bears come back out of the woodwork. See, we told you it was the top and then you build a bull trap. Double top, double top, triple top. Yeah, exactly. But you know, some kind of move like that. I guess my big thing is this idea

of breaking back down through 100,000 again 100,000 is such a psychological level. I could see this continuing to grind up. I'm not saying it has to but I could definitely see that because that hundred thousand and you know we finally broke it back out above it but you know if not we're looking for a pull back down here around that 90,000 right here that top of that low volume node. So for me right now looking, and crypto con or whatever he had mentioned a few months back that he thought the top was in yeah he totally capitulated which I respect yeah yeah yeah yeah yeah yeah you know I got a lot of questions back then about that a lot of answering a lot of my Friday show my public show and you know at the time I said listen

you know it doesn't make sense I know that's what the online metrics maybe look like I said but it doesn't make sense and I said, listen, you know, it doesn't make sense. I know that's what the online metrics maybe look like. I said, but it doesn't make sense. And I said, especially with the fact that so much of that, you know, that money is ETFs now and whatnot with Bitcoin. I said, you know, I don't believe that that's it. I think we, you know, we're making new all time highs. And so, you know, he came back and he said, hey, listen, I was wrong, which is great.

Absolutely love that because, you know because again, being a trader is, you're not gonna be right all the time, right? You're gonna be wrong a lot. And he was using his tools that he did. But for me, I don't really watch a whole lot of online metric stuff. I'm still old school trader, still look at charts. And to me, again, as we're kind of seeing here,

it didn't seem like the top is in. So I think we've got a lot of good setup here still. The question is, how far does this continue to push? Right. Because, I mean, realistically, we were already overbought here on the stochastic RSI back on April 11th, and we stayed overbought until the beginning of May, dip down, then we're back out again, you know, RSI staying right up here and overbought, now we're overbought, now we're bouncing off the SMA. So again, the ability of this thing to continue to just grind higher is definitely there, but we don't want to assume that's what's gonna happen. So I'm looking at these two targets and then we'll see from there what happens if we're

gonna finally get that bigger pullback. But my way of looking at this is once we finally get this pullback where we're getting 50% or whatever on that pullback off this low here, I think even if you're bearish, I think that's the time you really start looking for a reason to buy. Doesn't mean you just blindly buy a 50%, but you kind of zoom in on the four hour chart and see if there's something showing up as some sort of you know reason to go long around that area and I think and I think you'll be alright I think I think we continue going up overall um but the big question is is your alt's the thing now and I think there's two compelling cases for that here. Here's the monthly on Ethereum Bitcoin.

And again, you and I have been talking about it a while. I think just kept going. But interestingly enough, we kind of, you know, found support here last month in April, right on these monthly, where these monthly candles kind of opened and closed here, all in that same area right there. This month, we've got this nice,

large bullish engulfing candle. Volume is not there though. There's just absolutely no volume at all. We're half right now, half the volume of the previous month. So what we like to see when you're getting a bullish or a bearish engulfing candle at the end of a trend is we really prefer to see that engulfing candle

with greater volume. So we've still got you know half a month here for it to pick up its volume, but last month that volume was about 23.96 thousand. Right now we're at 12.68. So we want to get, we would love to see that get above that 23.96 to really kind of add some oomph on this. But one thing I you know I teach in the Academy is this idea where you move from expansion into contraction here on a down move. And it makes kind of get this little sickle looking thing. And usually when you can get that, that's a good indication that there's a bottom in that downtrend and that pullback. So that's something else I'm looking at here. I don't like that it did dip down below the S1 pivot.

I would have loved to have seen it hold on the yearly pivot. So I'm still cautious, but there's a lot of stuff where we've got a lot of room to go on the stochastic RSI. We got a lot of room to go in the monthly RSI. So again, the setup is there. It's just, will it follow through and do it? So I think that setup is there. We can also look here at total three,

and you can see that we got the big breakout through that descending resistance. After kind of finding this support right here around this previous kind of resistance area. So very solid area where we would look for a bounce. We got it there. We continue to move up. where we would look for a bounce. We got it there. We've continued to move up. I think we're probably nearing the end of the current impulsive movement up for alts. But I do think, at least right now,

I think we've got this one here. Yeah, probably bouncing up there to around, what is that? 1.01 trillion. And so so for me the way I'm kind of reading this is probably a 1 2 and then that would give us a 3 up there and then we get a 4 and then we get a 5 probably you know heading up there and again what does this do this gives us five waves up right around the previous swing high which is what we really like to see, preferably, because that gets us into that hole. There's your one up into

resistance, you pull back, gain support, boom, and then break out. So I do like the way it's looking overall. We just need to get that breakout higher there. So we're going to kind of see that play against across these alts that I'm about to talk about here, same idea. A lot of these looking for kind of the next movement up. And so like for this one locally here, again, potentially some sort of a flat correction here. This is a H-bar. And that'll give us a target up there just above the R2 bit right there at around 0.25.

And then again, I think we get a pullback then and then we get a breakout higher toward about 0.27825. And that's what I'm kind of looking at there. So if we can get this breakout higher, we kind of move up past that R2 pivot, we pull back and then we head back up there toward the almost 28 cent area. Let me see here. ICP USD.

Again, same idea. We've got the same general structure. You're gonna see this, you know, I don't know if you can see it. It's like inverse head and shoulders, double bottoms across the board. All of them. Yeah. Yeah.

That hasn't done it yet. Yeah. And that's what you'd like to see, right? I mean, if you think that all are kind of, you know, finally reversed and do a thing, you want to see them all kind of doing that same general structure, not all of, but you know, a lot of them doing that. And so, you know, people that are watching, again, I'm only showing a few charts here, but, uh, you can go look at your own charts and most of them will look pretty similar. So again, if you're looking at it, all you've got to do is grab your, grab your retracement tool here,

measure out from that swing high to that swing low there, and then look at your 1.618, and that gives you a target in this case of 6.628 for ICP. So that would look to me like the next kind of move up there. And again, then we'd pull back down here, and then we'd break out higher up here, probably closer to around $7.25 seven dollars and 30 cents on that and then we get our bigger pullback and again that kind of aligns with what we're looking at with

the total three we have the you know the measured move up the pullback and then one more up to kind of finish that five five wave movement let me see here. I've got OP here. Again, same idea, right? Got the same pull back here. Looking for initially a move up here to a dollar, basically a dollar nine. Gets us right above the low volume node here. And so, you know, that's kind of our next move on this one. And then we'll look for the pull back. And of course, you know, potentially then of our next move on this one and then we'll look for the pullback and of course you know potentially then the the next move higher probably to get us up closer toward this you know this swing high up here maybe this fair value gap up here around a dollar 20 dollar 30 kind of area here as our final move up then get our pullback and then we've got that really big one so you know

if you're watching these, and you're like, oh, but that's not a big enough movement because I demand profits right now and lots of them, you know, that isn't the way it works, but you wanna watch, you know, if we can get the one short movement up, the pullback, and then the movement up, that next pullback is where you wanna be looking to go long

because that's gonna give you a large wave three to really kind of be in, you know, the participation wave where everybody kind of gets excited and joins in because they're figuring out, oh crap, I'm going the wrong way if I'm trying to short. Once again here, the FTT, same idea, based on this local pullback here, it gives us an initial target of $1.35.

$1.35. I love that this token still exists. I love that there's an FTX token that we can still actively trade. It's crazy, isn't it? and I'm going to sock it to the man. I'm going to make my money off this defunct idiot company. Anyway, get it all back. But yeah, so this kind of gets us right up here into the low volume. No, there's a really large low volume node here. Um, and so, you know, that's at least the next move up and then we'll look for a pullback and see if we can get one more push out higher before we get kind of that pullback and the real big move up. Right here, two more here, we've got DAG. DAG, this looks like a, this looks like an ABC here, this

looks like an ending diagonal, so ABC 1 2, ABC 3 4, ABC 5. So you know to me, know again like the other ones this looks like this may be complete here and we're going to break out you know higher overall but locally looking at this pullback you know the breakout higher gives us that initial target up there at about about five and a half cents or so just shy of five and a half cents and so that's kind of my next target on there and so you know I'd love to give higher targets overall but you know when I do that here a shy of five and a half cents. And so that's kind of my next target on there. And so, you know, I'd love to give higher targets overall, but you know, when I do that here, then people get frustrated if it goes up and it pulls back

and then it goes up again. So, you know, initial targets are what we're looking at here really. But looking for potentially a rejection around there. But you know, again, these are just targets based on price action. They're not guaranteed and price can can and often does even push up higher. So, you know, these are kind of like, listen, initially, this is where I want to see it get and

if I can get in that I can make some profit. I'm happy. Not worried about chasing, you know, every finger, you know, every penny that comes out of it. And then finally, I've got near us DT here as well. Like, yeah, I shared this chart just the other And then finally, I've got near USDT here as well. I like the I shared this chart just the other day. Yeah, I was looking at this one. Yeah. Yeah. Yeah. I mean, again, locally here, same idea. You get this three way pullback here. You know, shoulders.

Oh, yeah, yeah, yeah. Right there. Yeah, exactly. And, you know, just from this alone, you know, you got a pattern target of $3 and basically 65 cents. I think, you know, it then pulls back and then it rallies up here to around $4 and 27 and a half cents, which gets us right here at that previous support, the upper, you know, middle upper area of this, this low volume note here. So, I mean, you know, again, I think, you know, our alts, yeah, I think there's a good, you know, you're going to continue to make some good money out of it. We've made a lot of money over the last few weeks here. A lot of our trades have hit targets here over the last few days, both with stocks and with crypto.

Stocks, man. Stocks looking great. tech just keeps ripping it up there. And so, you know, this is the same thing. You know, everybody was like, oh, the, you know, the tops in and, you know, and then you get to that sentiment where everybody's kind of hating life. And, and, you know, they've got to find every reason why it's the end of the world. And, you know, that's usually when price turns around, that's what we've gotten. So I'm liking the setups. I'm liking the opportunity here, but again, you know,

the only thing you control in the market is how much you lose. That's it. So, you know, if risk management is not the number one thing that you're concerned about every day when you're trading, it needs to be, it needs to be because in everybody- It can go so bad, so fast. It can go so bad so fast.

I mean, yesterday was just a great, when I came in a little bit late to a Crypto Town Hall yesterday, but it was such a great conversation. Yeah. Oh, so. I'm so glad that it was Alex from Swiss Borg that he called me a negative Nancy or whatever he called me.

Negative Nancy, yeah. He was like, Scott, I love you. We're friends. He was like, but I've noticed you've become negative and people need to follow like, Scott, I love you. We're friends. He was like, you know, but I've noticed you've become negative and people need to follow like a, you know, big cross section of people, including brand new people to the market. And I was like, don't follow anyone who's brand new

to the market. They're just, all they are is pre-poor. They're quick, quick rich, but pre-poor. He was making the argument that all of us who've been here a few cycles are way too cynical. And I was like, yeah, you'd need a proper like dose of jadedness to manage your risks, you know, so you absolutely do you really do. You know, the reason why we're here still after multiple cycles is because we've gotten to that

point where we understand we need to be more cautious. You know, it's not just balls to the wall, drop everything, YOLO, FOMO in, you know, all that kind of nonsense. You know, if you're doing that, you know, again, when you come into trading, everybody comes in the same way, just about everybody comes in thinking they're going to get rich overnight thinking it's easy to do. You know, thinking they can do it. We all come in and it's been the same way since I've been in.

So this is my 31st year. So from 31 years back, I came in that same way. And everybody I've seen in every market, stocks, futures, Forex, crypto, it's the same person over and over again that comes in. So there's nothing special about thinking that way, which means you can kind of forgive yourself for doing so and figure out, okay, this is what I thought and I'm wrong and I lost money. So how do, what do I need to change? So, cause otherwise, you know, as long as you're not taking responsibility, you'll never change what you're doing and you're going to continue making those same mistakes over

and over again. And you're losing money. And why do that? Why throw money into the market just to lose it? I mean, the whole idea of coming into the market is so you can losing money and why do that? Why throw money into the market just to lose it? I mean, the whole idea of coming into the market is so you can make money, right? Yeah. I think that there's a lot of rude awakenings coming. The more alt season we get, the less rational people are going to be. Sadly, it is what it is. All right, guys, give Chris a follow over at TX West Capitol.

Join his group, check out everything he's got going on, man. Just amazing over there. And I guess until next week, buddy, right? Yeah, we'll see you next week with probably some pullbacks. I mean, I feel like this is a good time to pull back. As I said to Matt, though, like now it's more like a buy the dip opportunity than a sell the rip opportunity. And I think all coins generally for the past while has been like, if you get a pump, you just

get out and look again later. Now I really feel like we've flipped that. So yeah, yeah, I would definitely 20% discount from here. If you believe there's gonna be like this bit of an alt season, I think that's great. Yeah, exactly. I would definitely default to buying the dip versus selling the rip these days right now. Yeah. You got it.

All right, everybody. Thank you, Chris. See you next week.