The Wolf Of All Streets - $$$ Billions For Bitcoin | This Will Make Crypto Go Wild

Episode Date: October 22, 2024

I’m joined by Andrew Parish from The Arch Public and special guest Jeff Park, Head of Alpha Strategies and Portfolio Manager at Bitwise. Together, we will dive into the latest insights on Bitcoin and crypto ETFs, breaking down why recent developments in the crypto space are set to change the industry forever. Jeff Park: https://x.com/dgt10011 Andrew Parish:  / ap_abacus   Unleash algorithmic trading with The Arch Public: https://thearchpublic.com/  ►►JOIN THE CRYPTO CONVERSATION HERE! NO BOTS AND YOU EARN TOKENS EVERY WEEK 👉https://roundtable.rtb.io/shortUrl/uIS5FOp ►► JOIN THE FREE WOLF DEN NEWSLETTER, DELIVERED EVERY WEEKDAY! 👉https://thewolfden.substack.com/   ►► The Arch Public Unleash algorithmic trading. Discover how algorithms used by hedge-funds are now accessible to traders looking for unparalleled insights and opportunities!  👉https://thearchpublic.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.com/ Spotify: https://spoti.fi/30N5FDe   Apple podcast: https://apple.co/3FASB2c   #Bitcoin #Crypto #Investments 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.

There are literally billions of dollars flowing into crypto right now on a weekly basis and some catalysts coming that are likely to make crypto and Bitcoin go absolutely wild. And there are still people who are long term bearish on Bitcoin. I don't understand it. We're going to try to convince them today to come to the light side. I've got Andrew Parrish from Archpublic, of course, and Jeff Park from Bitwise. You guys do not want to miss this one. Let's go. What is up, everybody? I'm Scott Melker, also known as the Wolf of All Streets. Before we get started, please subscribe to the channel.

Hit the like button. Not going to waste even a second of time. I've got Andrew and Jeff here. Good morning, gentlemen. I hope you are both well. Jeff, I know you're in New York. You're Yankees. I'm not going to be presumptuous, but the New York Yankees made the world series against my Dodgers.

My wife is a Yankee fan. I'm a Dodger fan. So. Might have to come up for that one. We're actually having Jersey day, the bitwise office this Tuesday, and I'm already seeing a few Yankee jerseys here right across in front of me. Yeah. I want to rub it in you,

but it's fine. You know, it's bad for the Mets fans, I guess, but Hey, look, so we're going to start talking about options. We got this. This will make crypto go wild in our title. We're

really talking about options here. By the way, for anyone who doesn't know, Jeff is the head of Alpha Strategies at Bitwise. Does that mean that you graduated from Andrew Tate's Hustler University and now you can teach us all how to be alphas. Yeah, that is the honor that I wish I would have had had I been maybe a decade younger. But unfortunately, I have a more hackneyed version of alpha in the industry. So I'll take it though. Yeah. So head of alpha strategies. Well, this is very much on your radar. And you wrote this incredible thread and piece on what's coming with Bitcoin ETF options. That's this catalyst that will make crypto go wild. We first saw them obviously approved specifically for BlackRock, but I think we're going to be seeing them all across the board.

So what does this mean for the industry? Give us the TLDR on this very long piece here. Yeah, the TLDR is that this is going to be a zero to one moment for Bitcoin and the new flows it will bring into the market that we have not seen before. I think people are quick to dismiss that we've seen history in ways where this might look similar in the past. Some people say we've already had Bitcoin options, we have things like CME group and ledger and Deribit, etc. So this is a nothing burger. But I tell the exact same folks, many people thought the Bitcoin ETF would be exactly the same parallel that oh, you can already buy it on Coinbase, you can already kind of do

the things and you've have been able to for 10 years, why would anyone buy the Bitcoin ETF in that wrapper? It's a nothing burger. And and of course all of them have been proven wrong it's the most successful product of all times and and there's there's actually like a great reason for this and the to appreciate it we don't even need to talk about derivatives and the constructs of why bitcoin is so special in meeting derivatives it's actually the structure of the market itself so taking a step back if you look at the regulated markets today in traditional assets, the derivatives market is much larger than the spot market. So if you look at the equities market, which in the US is about 50 trillion, the derivatives market is about 10 times that. And the commodities market also,

while smaller, has maybe even more leverage in the notional of the derivatives market. And in crypto, what is incredibly fascinating is that we do have a derivatives market today, but it's lopsided. So the derivatives market is actually something less than 5% of the spot market today. And so if you think about the kind of zero to one moment that we're going to experience is not only are we going like 10x for what traditional assets support, we're going from less than 5% into a 10x moment. So the delta on that flow is monstrous. And so there are reasons to be extremely excited about what that might mean for traders. But I in particular think that

long only investors should be equally enthused because in the end, both converge to helping the excited about what that might mean for traders. But I in particular think that long-only investors should be equally enthused because in the end, both converge to helping the discovery of Bitcoin's price. And that price will inevitably lead to a place higher based on the mechanics of the natural funding model that the financial system supports. Yeah, as I dig into your thread here, I'd read it obviously before. We've got some incredible terms. Volatility smile. A negative Vanagamma squeeze acts like a refueling rocket. Bitcoin itself cannot be diluted to accommodate this newfound leverage. But this is where it gets interesting. Compare this to stocks like GME or AMC. This is where we go from trading vernacular in the Greeks into holy shit, everybody knows what happened there. So what does this mean in

context of what we've seen in the past from these meme stocks that have gone flying? Yeah, great question. This is the most important thing. And this is actually, I believe, the part that regulators also are aware. And they will try to create an environment that allows for safety and stability in which they may put position limits that are a little bit more onerous than otherwise you might see on other stocks. And so this is actually the key question. The truth is for most stocks, there is a phenomenon called the volatility skew. And what that means is that people generally pay a little bit more for puts than costs because there's a natural desire for protection than speculation. And so you will generally observe that

there's a path dependency to how the volatility surfaces shape. Bitcoin though is different. And many people have already observed this, is that there's a volatility smile. So it kind of does this, which means this is the upside where people are equally likely to pay for speculation as much as insurance, because we all know Bitcoin does have melt ups as much as meltdowns. It is actually just as likely that Bitcoin moons as it might crash. And so because of this reason, volatility goes up when spot goes up. That's the phenomenon that you sometimes see with short squeezes like GameStop and AMC. And when you combine that with the nature of Bitcoin itself being an entity that cannot fundamentally engage

in issuance, there is actually not an easy way to imagine what a ceiling could be. So take for example, MicroStrategy. I love looking at MicroStrategy and Bitcoin and comparing the term structure and the volatility surface. And what you sometimes notice is that they are not in the same shape. What you'll see is that Bitcoin has a normal term structure, meaning volatility goes higher as you go out further in the dates of the contracts but micro strategy sometimes you'll see it's in backwardation yeah so what that means is the long term ball is actually a little bit lower than the near term ball and what does that mean the market

is maybe saying hey like if if bitcoin and micro strategy go up a lot maybe there actually might be a ceiling on micro strategy because there are ways that you could issue new shares, create dilution. Of course, then Saylor would go out and buy more Bitcoin and there's a recursive nature to it. But you can imagine why someone might think MicroStrategy ceiling is a little bit different than Bitcoin ceiling. That is the beautiful thing that highlights exactly why Bitcoin is different. And I think many people also misunderstand the recursive nature of microstrategy on the wings. But that is something that we're going to experience, I think, sooner than we think. Yeah, it says here, in summary, the Bitcoin ETF options market is the first time the financial world will see regulated leverage on a perpetual commodity that's truly supply constrained.

I mean, Andrew, in your mind, we've talked about it a bit, but now that you see these are obviously going to be approved, I'm assuming for every single ETF. We have the structure here that's extremely bullish, obviously. And then we actually have the fact that nobody's using them yet. And we're going to have just this flood of degenerates coming in. This is the stuff Jeff, like Hunter and Matt can't talk about when they come on the degenerate side of the gambling, but wait, will they get a load of this?

Right. I don't think people here realize that meme coin traders are like a fraction, the degenerate of these hedge fund guys. Yeah. It's the financialization of Bitcoin. And so there's these structures that are being built. So you take not only options,

you take Bitcoin ETFs. Now you take a custody partner in BNY Mellon, and there will be additional custody partners that are in the traditional financial world. These structures are being built so that they can handle the scale of what Jeff talked about. being 1050x the volumes and size you know you know outside of the actual spot version of the asset those things have to exist and those things have to be available to use as structures around the the Bitcoin as an asset itself for the growth and liquidity to flow in. It is a, you know, where we're headed on this in terms of capital that ends up being a part of a story associated with Bitcoin. I'm not entirely sure that most of the masses

that watch this show are aware of. It's going to be so big that we're, I like the term zero to one that Jeff uses, because there's so many people in this space that have been here for more than five minutes that think that we're not early anymore. Well, as it relates to what we're talking about here, and as it relates to the scale of volumes and liquidity on a go-forward basis, we are still very early. And you're right about degeneracy. And so there are flash moments,

like the GameStop and AMC moments. Those were moments where something took off. It turned into almost a viral thing. But again, the reminder is that GameStop didn't go from 40 to 400 based on kids in their dorm rooms just buying more GameStop. It was all options activity. It was all options activity. When you woke up and GameStop was up $60 in pre-market, well, where's that pre-market volume come from? It doesn't come from people just pushing a button and buying more,

more GameStop. And so that phenomenon is, is on its way in early 2025 to, to Bitcoin. And I, you know, what happens and is the when of it all, there will be these moments. And the question for me is, you know, Jeff mentioned that there may be some different structures or different, you know, levels that are built into the options here. And I'd love to get his opinion on what that potentially may look like. Because if it's just left the way that it currently is, for example, options on GameStop or AMC, there's no end in sight if we get a melt-up moment, right? There just isn't.

So, you know, love to get Jeff's opinion on that. Yeah, Andrew, this is totally on point. I think really profits and losses can be a zero sum game, right? Someone makes money, someone loses money along the path of a stock street directory. But the path of Bitcoin's actual destination doesn't have to be a zero sum game. That's actually an open ended journey. So, you know, what I think is helpful then is you marry that particular common sense with the insight in which most of the funding models that we know in the financial system just does not support short volatility. It can't. And so margins when you buy longs, buy calls and puts are easy. You just post your premium.

But when you short these things, that's where the math gets tricky because there has to be a model to account for that particular negative gamma that you're alluding to. And the important thing about options is it gives you a chance to express two things that futures won't. It gives you a chance to express duration. So you can buy an option that's very far long dated, potentially. You could also buy options that are way out of the money. And those two qualities actually are not something that most margin calculators are very good at recognizing how to account for. So I think the opportunity is going to be buying calls on highly improbable events that are very long dated. And there is almost a world in which those margin models are never going to be perfect. And that's actually how you think about the squeeze

in a way that could affect even Bitcoin. You know, I hear sometimes also the common pushback, you can't short squeeze a trillion dollar asset. So this is different than AMC and GameStop. And I like, and I have to remind folks, this is another fun metaphor I came up with, Andrew. I don't know if you like this, but I love your feedback. You know, I made the statement that, you know, saying you can't short squeeze a trillion dollar asset is like you can't make an elephant dance.

Of course you can make an elephant dance. Right. You just put some tightrope around it and you pull it the right way. And even then, like elephants will dance. And so the point here is like options don't necessarily create like money value per se in absolute dollar terms, but it creates velocity. And that's how markets move. And that's why I think even trillion dollar assets, you have to think about it and the relative value of capital efficiency. If I can buy a very long data out of the money that is allowing me much more leverage than anything else that's possible

today, and I can own that leverage for a very long time, unlike perps or zero-day expiry contracts, I mean, that's leverage in the system. Well's a trillion dollar asset, but it's low float. I mean, the bulk of Bitcoin is sitting and never moving, right? So it's not like there's that much Bitcoin being traded and then you put the options on top of it. There's a pretty short term example of extraordinary volatility in a commodity and quote unquote a trillion dollar asset. Anybody remember when oil traded at like negative $30? Right. I tried to buy some, but they wanted to physically deliver it in my bathroom. So there's a world where this stuff, you know, trillion dollar asset. Okay. You know, you put

that, put that, um, you know, out there and say, well, that can't happen. Nope, nope, you're wrong. That oil thing happened, right? The price of oil trading under zero, you know, markets, again, markets are extraordinarily dynamic. And so it's just a question of where does the volume move? And how does the market respond to that volume? And so, yeah, a trillion dollar asset can, you know, I just, you know, extraordinarily appreciate the smart thought process and commentary associated with, I believe it's the Venna Gamma Squeeze, right? So, you know, talk about the structure of how that happens, Jeff. Talk about what that actually means. That sounds, that actually is greed, right?

That is greed. Before Jeff moves in, the notion, by the way, that you can't short squeeze a trillion dollar asset, we don't even have options yet. And Bitcoin gets squeezed in both directions, literally. I mean, Bitcoin's three, $4,000 moves that we see on a daily basis are 100% squeezes on spot, excuse me, on derivative exchanges, right? It's just perpetual swaps instead of the same structure here but it happens literally every day without even having the added volatility of options. But go ahead, Jeff.

That's so true. That's so true, right on. Yeah, so to explain the Vanna squeeze, generally, the assumption you have to make is that dealers have to hedge their book, right? You have to assume that if dealers are engaged in options market making, they don't want to actually run risk. So they're going to go out and try to hedge that risk as much as they want. So let's say, you know, Andrew, you and I, we buy call options, that means the dealers are basically short those call options, right, they're on the

other side of the trade, and they're gonna have to hedge that short call exposure. What that means is that there's a hedging implication between long gamma and short gamma, that's fundamentally different. When you're long gamma, what happens is, as the stock goes up, as you own a call option, for example, your delta will increase. So you have to actually sell to hedge it, right, to hedge your long call option. So it acts as a counterbalancing force that as stocks go up, you have to sell into the strength for your hedging portfolio replication. And so it creates this mean reversion dynamic.

Now, you can probably assume then the short call is the opposite. It actually creates momentum because the hedger has to buy more as the stock goes up. So you're actually kind of pushing it in that direction. So that's the first principle. The second principle here is the Vanna point, which is Black Scholes uses a few inputs in giving you the delta as an output to that hedging portfolio replication, right? One of them is implied volatility. And what that tells you is that if the implied volatility is high, you probably have more delta you carry with that because of the moves that the stock can demonstrate. And so the vol being higher means more delta. And as we talked about, generally when markets go up, volatility tends to go down, right? Because that's not really a risk event in the ways that people are worried about or think that there's going to be more

volatility coming. They actually expect reversion, right? If the S&P goes up 10%, you're not going to say, oh, it's going to go up another 10%. You probably think it's going to maybe come in a little bit. So there's a stickiness to the vol surface. Bitcoin, though, has this phenomenon where volatility, the implied volatility, right? Not realized, not trading, but like implied volatility can go up with you as spot goes up. So there's actually like a hidden Greek in there. I call it a hidden shadow Greek where the model is wrong. The model doesn't, black shoals in a linear way will not understand local path and local volatility. And so what happens is you get there and then all of a

sudden the model now says, actually, your hedge was wrong. You should have had a higher volatility. So you didn't buy enough. got to buy more and so that shadow effect kicks in and that's the double whammy that is i think particularly profound for something like bitcoin well by the way the the the volatility that showed up again in gamestop when roaring kitty came back to the surface like he came back to the service, was sending out tweets, right? Generally speaking, the majority of his quote unquote moods, you know, I don't know when it was six to nine months ago or something, was all based on options activity, right? I mean, that was the entirety of his play. And so again, we saw an incredible aggressive spike higher and lower in that particular asset.

And, you know, money was made associated with options. So, again, that goes to the power of options and how it can be used by even retail. Yeah, it's people forget. We're talking about Bitcoin options and people are, you know, just Bitcoin price. People immediately go to Bitcoin price. But the reality of options associated with any asset, you have to look at architecture and AMC, and then again with GameStop, where just one guy shows up, starts putting out some tweets. It's a meme of a guy sitting up. Yeah, yeah. Pay attention and the stock doubled.

Yeah, yeah, yeah. It's the the the association and the market forces associated with options, even though we're talking about them here. And even though they've been fairly talked about over the last month with Bitcoin, I don't think people realize the size and scale and power associated with this right now. I don't think people have realized it still yet. Yeah. Yeah. And we got to bring the banks back into this conversation, which was mentioned, Scott. And so what do I worry about? What do I actually worry about at night as to what could happen where some of this gets a little bit muted? Well, one thing is that maybe actually the CFTC and the OCC work together to say, we should not give Bitcoin that much duration. So we're not going to allow contracts that are longer than three months out, right? That would

be a thing that debilitates my thesis. But this is what I think about the banks and why I think that's not going to happen. Because I come from the structured products world at Morgan Stanley. I used to be an exotic derivatives trader. And the structured products business is the golden goose of these trading desks that have wealth management distribution practices. Because so much of these alts investments love this concept of yield. And so you do this business where you're basically creating these structured payoffs on high vol assets like Apple and Tesla. You wrap it with your bank's credit, Morgan Stanley credit, in my example, and you tell investors, hey, you can earn 14% risk-free on this thing, maybe with a little bit of Tesla upside, maybe a little bit of downside, whatever, but you get this

incredible yield number. Then the yield works when there's vol. And you know what else it needs? You need term structure. You need to go further out because that's how you actually can get more yield and lock that in. No one's going to buy a three-month note, right? They're going to go, oh, it's not worth my brain damage. I don't want to talk to you again in three months. Give me the two-year note. Give me the two-year Bitcoin note. And the banks know how much money there is in this business. I mean, if you think about why the banks have changed even their tune on Bitcoin, it's no surprise to any of you here, right? Because the Bitcoin ETF and all the ways that these things have opened eyes to enrich the system. So that's why I'm actually fairly

confident that we are gonna have the chance to have these longer dated options, because the alignment that comes from the banking industry is profit-driven in ways that we're going to have that to be a free and open market. My God, people are going to make so much money on these. 14% risk-free yield, right? But I mean, Bitcoin is almost permanently in Contego with future contracts. So I mean, there's been the cash and carry trade without being able to wrap it into credit, as you discussed. And once banks get a hold of these products, for better or for worse, they're going to go absolutely nuts. I brought up something before just to show you guys, and that's not even it. But we're already actually seeing an all-time high in open interest on CME by a few percentages, up 36% in the last two weeks.

I would say part of this is probably the market starting to anticipate what you're talking about is coming. Yeah. Yeah. The other thing that kind of kept me up at night at times would be whether the OCC and the CFTC may actually end up not approving, of course, on the back of the SECs. And the 3D kind of chess movement you could think through here is the idea that, of course, the CFTC and CME want to have as much exposure to the options market themselves. And it's no surprise that the CME has tried to win this market by having futures first, options on these futures. They actually just released these Bitcoin Friday futures a few weeks ago, which I don't know if you saw, but it's like the smallest contract ever created for retail interests. And so when I saw these kinds of movements, it made me a little more optimistic because it's the first time the CME groups have, has ever actually catered to like

the retail audience. I was actually surprised that they came up with that acronym BFF and like, so explicitly marketed for retail. And you know what the CME has never done? Go for retail. So I think what they're showing you is, look, we're going to compete. We're going to compete with the equities securities market, and we're going to have futures products that are also interesting for retail and innovate around it. And so when you see these kinds of motions, it makes me think that there's actually a fairness to wanting just an open democratic access so that people can choose. If you want to trade the BFF, go for it. If you want to trade Bitcoin ETFs, that's your choice. But it's better when there's more options. It's better when these things are better

financialized to suit and tailor each person's needs? Well, the markets and the structures of the markets are following a guy. We all know who that guy is. That guy keeps getting on shows and talking about Bitcoin. And so the structures of the markets, the CMEs of the world are like, at some point, it's going to go from Larry talking about it to everybody talking about it. If we're not positioned right, we're out of the game and we're not going to make the money that our competitors are going to make. Same thing with wealth management organizations. They have to be in the game because at some point, there's going to be a froth. Even though we know it's not the right time to be asking and talking about Bitcoin when we're at highs, that's just the nature of human psychology.

They're going to ask and they want to have the ability to make money too. and interesting products that most retail folks never hear about or have access to, those products still at the same time exist and have to exist for those moments. People want access to stuff. And oftentimes, people that are in the ultra high net worth space are like, wait a minute, I do want access, but I don't want to chuck a huge chunk of money and just hope for the best. Give me some sort of structure where I can benefit to the upside and I have some protection want it and you had to want now i mean with the options you can get exposure even if you hate it and make a ton of money for your clients it's just something you're going to have to touch whether you believe in it or not yeah yeah yeah it just

gives you also a lot more um flexibility to express views that doesn't have to be so linear so you know for example maybe i'll drop a little alpha here as I see it today. I think it's one of the more interesting traits. I actually try to imagine what Bitcoin's price might be if Trump wins versus a Harris win. And you can do that a little bit by extrapolating polymarket odds to Bitcoin's price movement and doing a very basic merger ARP style probability math. You have to, of course, also assume a floor. And that's where you actually have to draw in some numbers around Harris winning. And that roughly for me, spit out $92,000 might be the price if Trump wins. Now, you can make that bet by just being long Bitcoin, or you think about trading, for instance, a digital call option,

right? And digital call options are payoffs that happens if Bitcoin hits a certain price by a certain point. Those things are actually just very levered call spread. Right. So what that means is if I just buy the $85,000 to $90,000 call spread, but multiply that by like 17 times, So I have it very levered. Then I get the digital payoff of it hitting, you know,

85,000 or 90,000. Can't you just hedge by buying Harris on poly market? No, you can't. It goes way up. If Trump wins and if she wins, at least I get something. You could,

you could, you could, but I'm telling you, this is an even clever way to do it because guess how much this, guess how much this digital call spread is priced at for the probability of a Trump win? It's around 12%. So you can either buy that and express a view about where Bitcoin might be if a Trump presidency were to occur. Of course, it's basis risk here, right?

Because now you're assuming it'll go to 90K. But if you think it might in a certain timeframe, but I pulled up the Darabit 1227 expiries to price it out. And hey, it looks pretty good to me. And it might be kind of a smarter way. What's the 1227 expiry? At what price? I took the 90,000 digital payoff.

Yeah. And it was about 12% chance that it would hit. That's the price. That's the premium you'd pay for it. Right. So just for the dumb kids out there, if you think Trump's going to win, there's a really good chance that happens. And 12% is way under if Trump has a 64% chance of winning. I was told

early on in my 20s that anytime someone gives you a 10 to 1 market and it's on a topic that someone is extremely, extremely attention-driven about, you should bet on it. I like it.

I just need them to allow Americans to do all of those things. And meanwhile, you have like the CFTC freaking out about election betting and, you know, all of the world is that picture, man. What are they? It's got a Brian Quintenz, who's the old guy over there in the ad from the CFTC. Hilarious guys where I know we're kind of out of time here. Jeff, I'm gonna let you go and talk to Andrew for two or three more minutes. That was awesome. We would like to have you back for sure on more Tuesdays. We haven't gotten so deeply into the options conversation here.

And I think we have a mature enough and smart enough audience to actually listen to it. I'm like the other crypto YouTube audiences. We're talking about dogs and cats, probably, right? I don't know. So, yeah, we would love to have you back, man the other crypto YouTube audiences. We're talking about dogs and cats probably, right? I don't know. So yeah, we would love to have you back, man. Thank you so much. Thanks for having me. Total fan of the Wolfgang. Awesome. Guys, you can follow him. Sorry.

DGT10011 on X. It should be tagged down in the description. Thank you, man. All right, Andrew. We got said we told you guys we're going to be doing Tuesdays, Andrew and I with guests. It's going to be doing Tuesdays, Andrew and I, with guests. It's going to be awesome. I want to give you, before I have to literally run out the door, I won't be here the next two days, guys. Last night.

But I'm going to give you the last shot here, obviously, to talk about what's happening with ArchPublic this week. Yeah, so on Friday, we had another trade concierge program, folks, another 5% to the upside. I think in the last 70 days, those folks have made 37% or so. Very, very limited downside, tight stop losses across all of our outgoes in our program. People hit us up. We are running a pretty unique, let's call it an opportunity, through November 15th from a pricing standpoint. So people should get in touch. Not only has the concierge program done that number over the past 70 days, but again, over the last five months, the 10,000K portfolio

with Scott and our group here has has done 45 so yeah we're by the cash concierge program do i get this house with it yeah you do you actually we're gonna yeah no problem no problem we're all gonna we're all going to own it we're all going to own it collectively yeah nft it we're gonna nft it that's what we'll do. We'll NFT it. That's how we'll do it. Guys, I mean, I can't, I can't, and I'm going to let him talk again, but I can't express to you enough how much the people who have signed up for this love it. They do. They do. They absolutely love it. And we find that people at the three-week mark, at the three-month mark, at the six-month mark, they continue to level up because they see the principles of liquidity. They feel it, they can touch it. And then they see the stop loss protection and risk mitigation

associated with it. And then also the performance. So, you know, people love what we do and the way that we do it and the diversity of outcomes associated with the multiplicity of algorithms that we absolutely have. So yeah, multiplicity, uh, we can, we can go down that rabbit hole. I have to leave. I would do the whole thing, but I have to literally leave for a flight in like the next two minutes. So, so yeah. Um, reach out to us, uh, again, running a pretty unique opportunity through November 15th. So, so get on a call with us. Thearchpublic.com. It's Try Archpublic on X. You can follow Andrew at AP underscore Abacus. We're going to talk a lot more about the Bitcoin algorithm that's coming, even though we talked about it last week.

But once again, I cannot express to you enough how happy. I mean, this is the only thing that I even put on our shows anymore. Yeah. How happy I'm sponsored. But we don't do that um it's just been absolutely incredible for me and uh literally like people in my neighborhood using it you know friends family uh if that doesn't express how much we like it uh nothing will so go check this out the arch public set up a meeting it will likely be with andrew himself dude i gotta

run uh we'll see you very soon you gotta fly you gotta fly safe flight to go guys later bye let's go