The Wolf Of All Streets - Bitcoin Breaks $112K Resistance! Are All Time Highs Next?

Episode Date: September 11, 2025

In this episode we’re breaking down Bitcoin’s rally on Fed rate cut expectations, a Republican senator putting the brakes on the GOP crypto bill, SEC Chairman Paul Atkins declaring that “crypto���s time has come,” Ethereum co-founder Charles Hoskinson pushing for deeper blockchain innovation, and Avalanche’s reported $1B raise for institutional crypto vehicles. Join us live as we cover how these moves could reshape Bitcoin, Ethereum, and the future of digital assets.

Bitcoin is finally back above the key level of 112,000, meeting many to wonder. Does that mean an all-time high is imminent? Price action is looking bullish, even with a somewhat moderate CPI print today. We can talk bad to death or we can just have a more fun conversation about treasury companies, the government regulation and all the nonsense that's happening in crypto with two of my favorite people. Yago and Josh Frank. Let's go. Good morning, everybody, and welcome to the YouTube show.

I've got Yago and Josh here today. Good morning, gentlemen. Good morning. I hope it you are both doing well. talk about Bitcoin price. Should we talk about Treasury companies? Let's talk about Treasury companies. All right. The first big news we have here at the Gavalanche, I didn't even look at the price, but Avalanche to raise $1 billion to create crypto stacking vehicles. The Avalanche Foundation reportedly expects to raise up to $1 billion for treasury-related

ventures, planning to sell millions of AVACs at a discounted price. Josh, this is like right in your wheelhouse of things you might understand. So when I first read this, it was Avalanche is just going to have one of these treasury companies. But it seems that actually they're going to sell a bunch of tokens, OTC, directly from the foundation, to invest in multiple treasury companies? I think I'm reading this live as we talk. So I have not, I have not spent too much time digging into this. It looks like there's going to be two separate treasury companies. And those treasury companies are going to launch by buying discounted Avalanche from the foundation.

So it looks like there's going to be two separate treasury companies that are being set up. I think one is led by hive mind and then the other one is led by Dragonfly. Dragonfly is one of the largest, if not the largest investor in Avalanche Ready, which makes sense just like multi-coin and jump did Solana. And so, yeah, it looks like there's two separate treasury vehicles and they're doing discounted sales. I mean, it's very, very typical for, I mean, I wonder if there's a lock on these. Maybe there's not a lock because they're treasury vehicles. don't think that was disclosed in the news or I haven't seen that yet. But these foundations are constantly doing lock treasury sales in order to raise capital, right? Instead of going out and dumping

the tokens on the market, they're going to go and they're going to try to align with investors to hold their token for one year, two years, three years, or even more by offering a discount, which historically on a lot of these deals can range from 30% on the low end to 70% on the high end. And so not sure how large this is, but I think, yeah, what were the Salana discounts on the FTX sale? Do you remember? I mean, I know they had two, three-year lockups for like 50%, something like, I think they're about 50%. That would probably be. Generally speaking, for anything that's like three years, the discount is, you know, upwards of 50%. For any asset, it doesn't really matter what the asset is. Either way, I mean, I just happened to because I wanted to see what the price of avalanche was as a

result of this, I pulled up the chart. And so, I mean, it basically went from $25 to $29 on the move. Not bad. Like a 20% move there, obviously kind of through a key level. But we're going to see this across the board, you'll go, right? I mean, I know you keep asking friends about treasury companies and we're all trying to figure out what the hell's going on here. But to kind of Josh's point, any entity with a massive investment or bag of one of these tokens is highly incentivized to find some sort of vehicle to push those into and hopefully cattle like a catalyst for price yeah i think one of the look this is this is a play which works out well for pretty much all of the parties involved right so um avalanche would like to have

additional capital without seeing their tokens uh into the market because if they enter the market that's additional sell pressure by selling it into this corporate wrapper which effectively is expected never to sell or you know not you know has no plans to sell the tokens then they can get capital without the tokens hitting the market that's much better than what you'd usually be able to do on an OTC sale because the OTC sale maybe you get a lockup for six months or a year but ultimately when that lockup happens there's significant opportunity for FUD and worse actual dumping. Okay, so that's one side of the story.

Second side of the story is their investors. They get to kind of double-dip, right? It's a hive mind or dragonfly. They get to take a few points in a publicly traded company without having, you know, to put too much capital or as a bonus to the capital that they would be raising. And they basically are double-dipping because the project that they're investing in is getting more capital and is going to see. like, you know, 24 to 29.

And then for the investors, they come and they get to buy in at this discount and then potentially benefit from the MNAV premium. Now, what we've seen is MNM premiums have been dropping, which is, you know, something I think everyone was anticipating as there's more competition. Microstrategy, Metaplanet have seen compression of their MNets. But what we've seen is two types of companies. their MNAV has dropped to sometimes negative. The two types of companies that we're seeing is companies that are buying BTC but have a large

and failing operating business that they're still running. Or companies that instead of holding BTC are digital asset treasury companies for outcoins, which there's just less faith in. So how do you deal with us? How do you raise capital, right, for a digital asset treasury company when people people can't believe that the premium is going to be there. Well, you get a premium on the discount, right? So if you can buy it 50% discounts and the discounts in the public market is going to be only 10%, then you've got a 40% premium. So everyone gets to make money.

Yeah. I mean, you mentioned Josh before. Obviously, this isn't the only one. And you seem to be getting bigger, by the way. But we had the Salana one, which is galaxy jump and multi-coin, 1.6 million. I mean, the thing you remember about the size of a lot of these, a lot of these numbers. Jump, multi-coint and galaxy collectively probably had a lot more than $1.65 billion worth of Solana already. I think Dragonfly already had more than $500 million with the avalanche on their balance sheet. And so a lot of the times, I mean, I'm sure there's in these in these transactions, but in some cases, you know, like a lot of these firms, you know, like the position that some of these firms have in these tokens is so large that they can't

sell them, right? Like, you acquire so much, I mean, you know, I think it's, it's, you know, everyone knows how much money multi-coin made off of their Solana position, or maybe not the exact dollar amount of money, but everyone knows it was this absolutely, you know, billions of dollars that they made in Solana, right? They couldn't just go turn around and sell all of that money on the open market. If they wanted to sell it, you know, what they would have to do is dividend to their investors in kind effectively, right? And that's the thing that some of these funds have done. When they get such a large position in a token, what they sometimes end up doing is the people that invest in the funds instead of getting back cash, they end up getting the token dividended back to them in kind because the fund manager itself isn't able to actually sell the token. In some cases, the fund manager might actually take their performance fee in token as opposed to take it in cash because of the situation, right, of having a dividend in kind.

So this enables these firms that maybe wouldn't want to go out and market sell all of the token and push, price down to be able to get liquidity and return capital to their investors, because at the end of the day, a firm's ability to raise or a fund's ability to raise additional capital is directly correlated with their ability to return on their last tranche of invested capital. Right. And so at the end of the day, these guys are probably, you know, I mean, jump is different. Jump doesn't have any LPs. Jump is a prop trading firm, right? Galaxy probably, I mean, I don't know if they're buying off balance sheet or they're buying it of a fund or whatever the vehicle is, but for a multi coin or a dragonfly or even a hive mind, I'm not sure if Hyvemind had a big. existing avalanche position, but it also enables you to, as an investor, return capital to your shareholders, show that you're able to generate a return as well. And when they're selling, they're selling the shares of the public company. They're not selling the tokens. They're not causing downward price pressure on avalanche or salon or whatever else the token is. I think it's such an important point that, A, a lot of these announcements we see, not this one in particular. Someone can say they're raising any amount of money. I can say I'm raising $100 billion for

a treasury company and have that in the press right now. So a lot of these, we haven't actually seen the full raises realized, especially on the Bitcoin side. And a lot of them, you got an announcement? Scott, are you raising $100 billion? Yeah, I'm raising $100 billion for a, what was that coin? Josh and I right before the show were seeing who had the deadest bags from last. And I found some. I literally don't even remember how they ended up in my wallet. I certainly don't remember buying them, but they're worth like 80 bucks. You know what we should do? We should launch a treasury company to re-buy-s shitty 2017 ICOs. Like, we should bring back denticoin.

There was, there's all sorts of, there's all sorts of great, great 2017 stuff. Look at this walla. I have something called banana token. I think I might have that too. I'm not sure what that is, but it sounds like that. W-fair, quick swap protocol. These are all things that maybe I had actually spent money on that are worth less than $25.

So we need treasury companies. The best thing is round tripping an air drop. Like, I got air drops back in the day. I was like, oh, my God, this thing is worth of 10 grand. I look at my wallet now, there's like, there's like $4 worth of it left. Yeah, you should have probably maybe sold that. But so, yes, you can say you're raising any amount, but most importantly is the point you made that there's so much confusion is that just because there's a huge number doesn't

mean there's any buying. Yeah, and there is a lot of buying in a lot of cases, right? I'm just saying that doesn't mean there is. Correct. A lot of times, I mean, I think it's, it would be cool. if there were disclosures of 70% of this asset is being invested in kind, 30% of it is cash, which is going to go out to buy additional tokens. But I don't think that level of disclosure exists in this market.

Yeah. Yago, in your deep research on these things, I mean, I'm sure you've spoken to some Bitcoiners, like, what's the motivation here? You and I have talked about the whole like, I'm giving up, fuck this, I'm rich, and Bitcoin wasn't supposed to be this thing. So we don't need to go back into that one because I've gotten in a lot of trouble for that. But, you know, is there other reasons why you think that people are so excited about these treasury companies? Well, I mean, yes, there's premium harvesting.

So even if you're making an in-kind investment and the, if the ultimate token, right, what Wall Street call a share, if those shares are going to be trading at a premium to net asset value, then you've automatically made money. And you can actually rinse and repeat, right? So if you make a thousand BTC in-kind contribution and it's trading at a 25%. And sometimes it's, and it has, you know, over the last months, we've seen premiums as high as 24x, right? Then you can sell the shares and use it to buy more Bitcoin. You've made, you know, 20x, sorry, not 20x, 20%, 30%, 30% on your Bitcoin. that's true bitcoin yield so that's a big part of it

and another big part of it is in the situation where you're able to make an in-kind investment if it's properly structured the in-kind investment is not a taxable event and so for example you can go you can take your bitcoin turn it into publicly traded

equities and utilize that as collateral for all kinds of other things you can borrow against that And so when you have a little bit of capital, it starts making sense to think about how you're going to financially engineer it. And these are important tools in that respect. Yeah. And there are also a lot of funds. So, you know, every fund has a different setup. You know, a lot of venture funds don't have the ability to do what's called recycle capital. Right. So a lot of times when a venture fund goes out, they raise a ton of money to invest. And, you know, they'll raise, let's say, $100 million and they have seven year or they have maybe

three years to deploy, but it's a seven-year fund, which means at the end of seven years, maybe there are some extensions, but they return the capital to their LPs. There are a lot of funds that are set up or are being set up that enable recycling of capital. And so a lot of funds now are also taking advantage of the fact that they can go in and with a one, two, three-month trade, they can put five to $20 million worth of capital to work in each of these debt deals and then go recycle them and ridge and repeat and do that over and over and over again, which is something that does not every fund has the structure to do, which I think people are excited about. The other thing to mention is there are a lot of folks that are on these raises that are also service providers that are structuring deals where they're like, okay, we'll invest in your debt, but we want you to trade with us, we want you to lend and borrow with us, we want you to use an asset management division, we want you to custody with us.

And so there are things going on behind the scenes on a lot of these deals that I just think about. To what extent are you guys at the tie monitoring this activity? Like, have you built out the dashboard for who, the most active investors on digital asset treasury companies are? Have you got the- We have data. We have data on who the most active investors are. We also publish a monthly fundraising brief that is totally free. It's just a newsletter that anybody can subscribe to.

If you just search for the Thai monthly fundraising brief, maybe it will show up on Google. I don't know how good our SEO is, but we share it on LinkedIn as well. So if you check out our LinkedIn, that data is all totally free. You can subscribe, no obligation, and you can look at all the fundraising data and who the big investors are. We're also starting to try to do a lot of work on calculating MNAV, calculating the amount of assets that these treasury companies have, but it is very difficult. And the data is largely inaccurate that's publicly available. The problem is if you're pulling data from filings, that data can be accurate, but oftentimes people are announcing things before they're reflected in

public filings as well. So, you know, we can confidently pull data from public filings, but that data It could be a month stale. It could be weak stale. It could be a quarter stale. So it's a challenge because you have to look at a combination of sometimes these companies will announce these raises on Twitter. Sometimes they'll announce it in a press release. Sometimes they'll announce it on a live stream. I mean, it's just it's a little bit cuckoo in terms of making, like, it's very difficult.

And that's why we haven't published anything on it directly yet. Because a lot of people that have published are getting destroyed because everyone's like, oh, well, they made this. It's a very difficult problem to sell. But these companies usually, right, like a big thing, a big thematic thing with these companies is they have dashboards, right? Go to their website and you can see a dashboard of their Mnev and their assets and, you know, price per share. Have you been finding those dashboards not to be useful or accurate?

Well, you have to remember that there's activity in between, like they're not necessarily updating whatever they have right away when they make a change, right? So, you know, for example, as an example, the BlackRock ETF website generally lags their purchases by about a day on the public website. And that's not a, that's not saying BlackRock is doing anything wrong. They're being totally transparent. It just takes time to update data and stuff like that. And so the challenge is there are hundreds of these things now. And so if you want to accurately track all of them, they're all just doing different things.

Some of them might be doing a great job with dashboards. Some of them might not be doing a great job with dashboards. Some of them might be announcing in filings. some might be announcing in press releases, some are in Japan, some are in the UK, some are in Canada, some are in the U.S., and so trying to really make sure you have an accurate sense of what's actually, which is also crazy that people are investing in buying things without knowing how many tokens they have at any given point in time as well. Yeah, it's like, it's really impossible track to your point.

And we're going to start getting treasury companies in every corner of the planet. So like how are you going to track the news for a. treasury company in Argentina, you know, or like, I also saw that we had Kazakhstan and Kyrgyzstan both announcing strategic Bitcoin reserves. Did you see that? That didn't really make a Belarus thing today too. Did I not see a Belarus thing? I mean, the whole block. Yeah, Belarus president urges banks to embrace cryptocurrency and tokenization to counter sanctions and strengthen the economy. I mean, as much as I giggle about that, like this really is happening all around the world and we remain singularly focused on what's

happening in the United States, but it's not the only place on the planet, right? It's just we get the biggest headlines. I mean, there's some big headlines today. SEC Chairman Paul Atkins says crypto's time has come. This was in a pretty big speech where he also addressed the fact that we would get agentic like AI trading and markets and that's a good thing. And the United States needs to lead on these things. I mean, this is in line with other things he said.

We also have news that Republican Senator John Kennedy saying maybe we need to pump the brakes on this thing and I don't think we're ready. So we don't even have consensus on market structure or any of the things that are coming. But I guess the point is, we remain focused on all this U.S. news, but stuff's happening everywhere all the time. Yeah, but I do think there is, I agree with that. But, you know, and no disrespect to Belarus and Kazakhstan and whatever the other country was that you mentioned. The U.S. economy is materially large. Kyrgyzstan.

Okay. The U.S. economy is materially larger than a lot of these. I mean, the United States is, you know, Texas is bigger than any of them. Actually, probably Rhode Island is probably bigger than any of them as an economy, to be quite honest. What did you say, sorry? Rhode Island is probably bigger. Yeah, that's my point, right?

And so, look, it's great. And obviously having a global, you know, having global adoption of crypto is, is great and having more people interact with it and more people buy it. Every, every dollar of buying power is helpful, right? But, you know, New York decides to pass a law that makes it easier for people to, to buy tokens and get bit license and stuff, I mean, that's going to have an outsized impact versus almost any country in the world doing anything, right? I mean, I think if we saw news, China starts to embrace crypto or other very, very large, you know, developed countries,

that, that I think is, is that that's really material. I mean, I don't know. This feels like, you know, like, you know, I think what Bukali is doing in El Salvador is great, but he's not, he's not moving the price of Bitcoin at this point. No, I agree with that. And I think, that it didn't even move when he did it yeah if we all remember that was years ago right and that was years ago you know it didn't even move uh when bucali made that move but i think you know still many people looking at all of this buying all these potential catalysts and wondering how bitcoin is still just kind of trading it you know 112-ish i mean now we're probably 113 we're at at 114. When we started 113, 702. Here we are. I mean, what is our next big catalyst? Do we need one?

You know, how are you viewing the market, Yago, coming into the fall? The four-year cycle, homers definitely think we have to be at like $500,000 by November or something, right? Yeah. So one of the things that I said to you starting in March was that I was anticipating that we would see significant price increases as we were emerging from the summer. That's around about now. So far, I'm wrong. So anything I say should be taken with a grain of salt. We've seen very, very significant value in, and you know, Scott, you've spoken about this

on different occasions. Just in the last few weeks, we've seen many, many, many, billions of dollars worth of Bitcoin sold into the market. And despite that Bitcoin seems to be maintaining a floor, right? But what people want to see is not, you know, maintaining a higher low. People want to see higher highs. So are we going to see those higher highs? I'm not overly bullish on any sort of short term, near term catalysts in terms of so like

the macro market or the regulatory space. I don't think any of them are going to be, anything that is significant enough is going to happen. We probably will see a drop in interest rates. It probably is going to signal higher prices across all kinds of assets and probably will mean the same for Bitcoin. But what we haven't seen is Bitcoin sort of going on its own, ripping its own trajectory for multiple. months. And in the near term, I see mostly a continual grind up. Yeah, the old just slow climb instead of the parabolic 50% move in one day. Josh, you got something on your screen. I don't know. You said Bitcoin to 500K in November and it just reminded

me of this tweet. So I just figured I'd bring this classic back. Oh my God. How'd you find it? I just, I mean, I just, if you search for McAfee, eat my dick on Twitter, it's not that hard. I mean, can I assume that everybody in the comments remembers this? Or like, I don't think everyone remembers this. This was a. For those who don't remember John McAfee in, I mean, you tell, you tell you, you go ahead, tell the story. No, go for it, please, Scott. I mean, John McAfee, the very famous, you know, founder of McAfee, anti-virus and, you know, wild libertarian machine gun.

fielding, non-taxpaying, living on a yachting guy. One said that he would eat his own dick if Bitcoin didn't make it to a million dollars by the end of 2020. And this is on February 2nd, 2018. No dicks were eaten to my knowledge. I don't believe any dick's. John McAfee also, sadly, is not alive. So not, you know, but there was, do you remember the phase, Yago, maybe the craziest phase

ever in what, what year, was it that year? Was that the time when he was like, McAfee? coin of the week that was in any and then remember he tattooed sky coin on himself he had like these random tokens and then he tattooed one on himself there was i mean i remember i mean that you know this was like that was like probably july 17 through like march 18 where if i had to guess the time frame where he was doing this but yeah these things would blast like 200% immediately i mean he was doing like it was all on they're on chain it was like he and him and his team would buy you would tweet about it as a point of the week they go way up they'd dump it back down and

those were a simpler days you know they were talking we weren't talking we didn't have the the president himself doing this there's a theory that the reason that um 2017 felt so easy you know people who were launching tokens felt like they were playing an easy mode was because there weren't that many tokens so i went and i looked at this and i did a um I did an analysis of how many tokens were trading on the major exchanges in 2017. So, you know, we're talking about like... Oh, it's got to be... I mean, it's got to be so little.

Like, I mean, exchanges like Gemini had like three coins back then. Yeah. Yeah. So there were exchanges like Gemini and Coinbase that had relatively few tokens. But they wouldn't explain it, right? Because the token... Because they had so few tokens, they weren't the catalyst. Well, the catalyst was Poloniacs, later it was Binance.

Don't forget, there were others. Don't forget BitTracks. BitTracks was driving a lot of volume. It actually had a lot of coins. That's where I started trading. So I looked at it. And actually, the main exchanges today, the main offshore exchanges today, are trading the same or fewer tokens relative to back then.

So, you know, if you look at like, Is that just because they're all on dexes? Like, obviously, like, every meme coin doesn't make its way to, you know, get stamped. Yeah, so, look, back then the activity was not on dexes. Yeah, there was nothing. A lot more of the activities on dexas. But the amount of activity on centralized exchanges today swamps what existed on sexes and dexes combined back then. And so it's a bit of a mystery why we're not seeing sort of, you know,

Yes, there's like 200 billion billion tokens. But the reality is if you look at HTX, OKX, Binance, Upbit. I think it might also be, and this is a gut total guess, it might be something like a rising tide lifts all boats. And what I mean by that is back in the day, you needed to buy ETH or Bitcoin to participate in ICOs. And so somebody would launch an ICO. Everyone would go out and buy ETH.

And then they deposit ETH in kind into the ICO. And so I think it was because, this person raised, then people wanted to participate, so they bought eth, they participated. That pushed the value of everyone's Ethan up. And so then they could use their eth and they could buy into another ICU and another ICU and another ICO. I talk about this all the time. The only way you could buy all coins when I started was you had to buy Bitcoin first. Yeah. Now I can buy it on your credit card. So there's no like instant pump of anything just because you're participating in crypto anymore. And that's why now there's like nine hundred

100,000 people with a million followers on X who are apparently huge crypto influencers that I've literally never heard of and have literally never said the word Bitcoin in any of their. It's the easiest way to tell who they are, because if you just look at their comment section and you're just like, this isn't English or no one would say this, then that's not real. I know. I'm just right. I'm getting that. But my point being is that there's a lot of people now, I would say the bulk of people who come to crypto don't know what Bitcoin is or don't care or never buy it or if, for that matter, because they just came to buy some meme coin and be in the casino or they, you know, we had that with the NFTs and then there was the Doge people,

you know? I just think to your point, we've gotten farther away from the. So we did a bunch of research a few years ago on basically this fallacy around token price. And this was a few years ago, we need to update it and it might not be true anymore. But basically, we found that the lower price the token, the better it performed. So there's this kind of logical fallacy that people have where basically, I think we found that the optimal price was like sub five or sub 10 cents for a token because somebody's like, okay, if the token's four cents, if it goes to a dollar, I 25x my money without having any sense of market cap or thinking about market cap or FDV or any of these metrics, I do think the market is becoming more sophisticated. But that doesn't mean everyone is becoming

more sophisticated. And I think, I mean, it would be fun to rerun that, rerun that, those numbers. I read a paper recently about retail investors in Wall Street, right? And so there's like trad-fi stocks, make their typical investment six minutes after hearing about the stock. So six minutes of investment in terms of educating yourself. Makes perfect sense, though, right? Because first of all, you use. to just have the natural time gap of get to your computer or call your broker, whichever those things are. Now that it's in real time on your phone, your friend tells you and you buy it like giggling while they're sitting there. Yeah. So even if the market is becoming more sophisticated,

you know, and if your comparator is sort of, you know, NASDAQ, S&P 500, etc., there's still, there's an endless supply of not so sophisticated activity for ever. all right guys we're right here at the end any any final thoughts here i'm going to let you guys go in a second i have like one more one or two more things i need to say before i go get on serious but unless there's anything pressing i just tell everybody to follow josh and yago and i i'll just say this you know like i think you know scott one of the things that you're i get the feeling is that you feel like this week the news is a bit boring and if the news is a bit boring. What better buy signal is there than boring? Yeah. Listen, that's because there's two kinds

of capitulation. Price goes down and you finally give up or you get bored and you think it'll never go up and you give up. So those are both times to buy. Yeah, look, I think the other thing is, you know, I think everyone is now pricing in a 25-bip rate cut based off of the news and everything happening today. If we get a 50-bip rate cut, that could be very bullish. Not suggesting it's going to happen, but I think that the market is not pricing that. It could happen. could definitely happen. All right, guys, I'm going to let you go. Stick around for one more second. Thank you, Yago. Thank you, Josh. See you guys. Cheers. Very, very soon. Josh, yeah, both of us. I both, I both, I actually owe both of you

individual conversations. We'll catch up later, Scott. Thank you. Thanks very much. All right, guys, listen, before we go, obviously, usually on Wednesday, we talk about Aptus. We have them here today. I just want to highlight some big news that they had this week is that chain link CCIP is officially live on Aptos, the high 3.L1 and chain link scale member. on locking defy liquidity and advancing institutional adoption. I also saw Avery on the floors of Congress. Again, you guys know that we've had a very long relationship here with Aptos and highly recommend that you check them out. And as a final note before we go, I wanted to let the guests go. Obviously, the chat today is dominated by politics and the events of

yesterday, the assassination, we'll call it, of Charlie Kirk. And I want you know that it's not insensitivity that we don't address it with the guests or bring it up right away. It's that this show has a very specific purpose, and that is to be a release from things like that, to discuss markets, to have an optimistic view of the future, to talk about this technology that brings us all together. It's really an endless rabbit hole once we start talking about politics and obviously the level of violence in the United States. I would say, obviously, I was extremely disheartened by the events of yesterday by the Ukrainian woman who was murdered on a train.

But if you've been paying attention, these are things that have been happening in the United States for a very, very long time. And sadly, nothing that happened yesterday is new. I'm not saying that I don't believe things can change, but I was here for Sandy Hook. And when you saw the murder of innocent children in the United States and you see it repeatedly, you very quickly lose the blood. that anything is going to change because of these individual events. I, as you know, I'm very apolitical. We talk about politics constantly on this show in the lens of what this show is about, but they're not political views.

And I'm not going to dig into the political side of what happened, only to say that the state of affairs in America, the division, I can see it in the chat beyond just in the world. and it's an extremely sad indictment of the current state of things and the current state of affairs. And I would urge that everybody saved their bad takes for another day, still don't even know what actually happened, right? Who did it? I don't know why. And we're very quick to blame everyone for everything at all times.

And I would just say that, you know, take a deep breath. it's another event that happens in the United States and this one happened to happen on TV but this happens every single day all over the place and I would hope that it could stop but have very little belief that we're in a state with this much division and this much lack of clarity that that will happen any time soon.

So I did want to address that it's obviously extremely sad and sometimes it's not the right time to fight. It's not the right time to get. get political. It's not the right time to puk your biases out. Sometimes it's just time to sit back and reflect on the problems that we have and maybe one day how we can solve them. It's all I got for you guys today. Obviously, you know, go give your kids and your wife a hug. If that, you know, if this has deeply affected you, I understand that it has for many people. And then otherwise, we will be back tomorrow for the Friday five. Thank you all.

Let's go.