The Wolf Of All Streets - Bitcoin DROPS to $63K as the AI Trade Starts to Crack - Fed Next

Episode Date: July 28, 2026

Bitcoin is back around $63,000 as markets prepare for one of the biggest weeks of the quarter, with the Federal Reserve's interest rate decision taking center stage. We also break down the continued selloff in AI stocks, what it means for risk assets, and the key macro catalysts that could determine Bitcoin's next major move. Learn more about your ad choices. Visit megaphone.fm/adchoices

As we were getting excited about a Bitcoin breakout, price has dropped all the way back to $63,000. Many wondering why, likely because the AI trade is starting to crack and the market is holding its breath to hear the words of one stock puppet, Evan Warsh. But there's more interesting conversations to be your hat around what's happening in crypto. When we want to have interesting conversations, sometimes we let Tom and Andrew talk. But more often we try to have a really smart guest. Today we've got Sid Powell from Maple Finance to join us. Let's go. Good morning, everybody. Welcome to the lovely lakeside retreat, where I'm working summers now. This isn't the Hamptons, I think. I'm going to go ahead and bring on our amazing panel right now.

We've got Andrew Tillman and Sid. Good morning, gentlemen. How are we? That is not the Hamptons. Not even close. It's like a Japanese balance. Yeah, it's more like Bangkok or something, you know. I don't know what's going on there. My college roommate used to think it was very funny to ask people the capital of Thailand. Of course.

That's why I said it. Yeah. Led you right into it. Led you right into it, buddy. Bangkok. Hi, Sid, welcome to Tuesdays. Hey, guys. Glad to be you.

It's nice to have you. So I guess we can start with the market, but then I want to dig into more interesting things around what's happening with Defi, Robin Hood Chain, and others. But, you know, we'd be remiss not to talk about these huge price moves that we've now gotten obsessed with, you know, from like 64 to 63. After U.S. closed, while Korea's Kaspi plunges 10%. I don't want to break it. I was actually coming up with a joke for, I was just thinking about jokes for The Daily Wolf. And I'm going to show, I'll tell you guys a preview. I'm just going to show a squid game for the Korean stock market because that's what it seems like over there.

So, listen, there seems to be a lot of confusion in markets right now. And I'm actually kind of encouraged that Bitcoin is trading sideways amidst all this confusion. Be honest. One of those times when it feels like the bad news is no longer affecting the market. I kind of like that. Anyone can jump in. Yeah, there is, you know, we look at the last cycle. The last cycle with just death and destruction.

you know, very different than an exchange closing down quietly. You had exchange personalities being perk walked, you know, into jails in different countries of the world, right? So very, very different place that we're in right now. You know, the reality is in the same way that Bitcoin isn't moving based on, you know, meaningful headlines. There's not a whole lot of volume in crypto right now. at least from a trading standpoint. That's the reason why... The four of us doing it show, there's actually nobody trading right now.

Yeah, right. So that's the reason why... That's the reason why you're not seeing big moves, right? There's not a whole lot of people around trading at, you know, 2x, 3x, 10x, 100x leverage anymore. Bitnex is about to no longer exist. And I think they were doing like... I think I read 600K volume a day right now or something as they're... Right.

Bitmark, storage, movement labs. We're getting shut downs now in a day basis. But to your point, which I love, is that they're orderly wind downs. And, like, well, I guess storage and movement are Chapter 11 bankruptcy, which does wreak of last cycle. But these are not the, like, monumental collapses that we saw last time that threaten the very soul of the market. Just normal, like, washed out, kind of the middle is getting rinsed and drained.

And I mean, like you're building in this space. I mean, what are you seeing kind of on that side? Go ahead, Sid. Sorry, was that for me? Yeah, I was said by Tellman thought his name was said. I think, you know, I've also been reading the headlines like retail trading volume is down. I think, you know, you can see in the defy space that a lot of defy coins are not really catching a bid at the moment. But what has been interesting has been the desire for yield has been pretty strong.

So I think when people are not getting, when they're not trying to get exposure to market beta and own the assets that might appreciate, they start thinking about how they can put their dollars to work. And so we've seen a lot of interest in earn programs from some of these neobanks, retail trading apps and platforms. And you know, you can see this like in the growth of the Robin Hood Earn program and some these other things. First, these platforms give people the ability to trade crypto.

And then if they're not trading crypto, they're generally holding stable coins, and they want to offer them a yield on those points. Yeah, so I want to kind of bridge that into this conversation. So, wow, less than a month after launch, Robin Hood Chain has become the largest network by tokenized stockholders, passing slot of B&B chain and Ethereum Base. That's one conversation that we should have. But the next is your tweet here, which is Robin Hood Chain went live, is old so we could go. Now they're 500 TBL, but Maple is inside that stack, generating the yield available to 28 million Robin Hood users. As you said, as I dig into the numbers, there's kind of a few segments, I think, that are

trading or using these products on Robin Hood chain, right? You've obviously got like your meme point G-gens who are flipping things. But the bulk of people, to my knowledge, and according to my conversation a week ago with Johan Cabrat, are just Robin Hood users who are not really crypto people who are clicking a button inside Robinhood to earn 7%. And it doesn't feel like crypto, they're earning it. And clearly you're helping create that in the background. but they're offering 7% to all their customers, right, on passive funds that are parked there.

So can you talk more about that? Yeah, for sure. I mean, we, you know, we've been really excited by this partnership. You know, Robin Hood has 30 million users. They've got 350 billion in client assets on the platform. And, you know, this people, people often talked about the idea of the kind of a defy mullet before, where you would have defy in the back end and then you have kind of a nice, nice sleek. FinTech Web 2 user experience on the front end.

And I think this is a great example of this. As you said, and as Johan's pointed out, for Robin Hood users, this just looks like, you know, they hit a button that says earn on my US dollar balances. They don't see the stable coin swaps happening on the back end. And they don't have to understand the defy mechanics working on the back end or navigate, you know, wallets or clicking approvals or all the security stuff that is bogged down the sector for years. But the way that it works on the back end is you have users,

dollars go into a morpho vault that is curated by a steakhouse, and then that vault can lend against collateral assets, one of them being Syrup USDG. So borrowers will post Syrup USDG and as collateral in the vault pay interest on it, and that interest then generates a yield or a portion of the yield for Robin Hood users. And there's other Defi blue chips in there like Athena as well. But the headline is that this is defy generating the yield on the back end, but a fantastic, sleek user experience for Robin Hood users on the front end where they don't have to worry about clicking approvals and that sort of thing. Yeah, I think that that is the entire future. I mean, that's why Frank kind of said their

distribution matters and we can go back to the tokenized side. They have the audience and just built something that looks familiar to them and made it really easy. Guys, when I hear something really embarrassing. So Johan Cabrad is the head of crypto at Robin Hood. I like to be very honest with that. So I kept calling him Johan in the past, even on a call with you guys. His name is Joel. It looks like Johan.

So it's not, but still, right before we did the show the other day, I was like, I have to apologize. I've called you Johan so many times. I am aware it's Johan. My brain just doesn't work. And then apparently, when I launched the Daily Wolf and I listened to it, he thought I said, Johan again, like live on TV. And then it was this big debate, and the Robin Hood execs decided that I said,

Johan. So not Johan or Johan, that I said, Johan. I was convinced that I hard jade it, but apparently I, and then it became a whole thing again. And you know what? We don't get the last minute of this show back. We don't get the last minute of the show back. We completely wasted a minute of this show. But thank you.

Andrew. No, I'll say. I think that photo finishes for a sprint. I think that Sid is spot on as it pertains to, you know, true utility. We've been waiting for that since crypto started. This has all been, you know, a lot of hype and a lot of speculation in the space. And I think we're experiencing kind of the final fleshing out or the final culling of what was a crypto-native group of people. that were involved in crypto, to now becoming a bunch of traditional finance folks that are coming

into crypto. And Robin Hood's always straddled that fence, so it's not surprising that they're first or early to that. But the whole game now is this full integration, full stack integration, top to bottom, offering every market 24-7, 365. That's the race that everybody I see is going towards. And, you know, whoever has the customers has to do the least amount of money. of work because getting the customers to move and to learn new systems and to do anything,

that's the most difficult lift. See, I just think this is an example of a legacy company, a somewhat legacy company, entering into the true utility of blockchain and showing it off. And you're going to be judged on the user interface at the end of the day, in my opinion. That's where the users get lost. Sounds like they're doing a really good job. Coinbase also does an exceptional job of the, where defi is kind of lost behind the user interface and they're, you know, giving people

exactly what they're used to seeing. And so there's a familiarity there and there's a lot more, you know, higher percentage uptick in onboarding. And as we see that continue to grow, because to your point, Scott, like, who's going to argue with those yield percentages? That's, that's, that's, that's, I mean, from someone you trust and it seems. Yeah, I mean, you're going to. You're going to click the button. Right? And that sounds like natural law, right?

Thousands of people do it already to my knowledge based on my conversation with him. And like I said, there is the, there's a lot of crypto people that are doing crypto things on Robin Hood chain. Right. But this is the first time where I can see where you see data that says, oh, a bunch of non-crypto people are clicking a button in defy and mass and doing something different. Yeah. Well, and to the point, and I'll end with this is like Robin Hood is making a big splash to them. This doesn't look like a bare market in crypto. This looks like an exceptional outcome based upon probably what they projected.

Same thing could apply to hyperliquid, right? Hyperliquid, you go around there, they're not going, oh, doom and gloom, the crypto market's dead. No, they've positioned themselves to provide true utility to a lot of people that wanted it. And I think that's going to be the reoccurring theme going forward. And TradFi is set up perfectly because the customers don't have to move. I thought you're about to jump in. Go ahead. No, I was just going to say, you know, a couple of points. Like people have often talked about how there's no real utility or a value proposition in DFI.

But I point out, you know, Robin Hood could have slapped anything on the backend here. They could have used CLOs. They could have used CLOs. They could have used any, like literally, they have access to every financial instrument in the world. But instead they chose DFI. Defi infrastructure, DFI volts, DFI yield sources on the back end. There's obviously something there, whether it's liquidity or, you know, or, you know, the structure of over collateralized lending or the speed or the cost of operating it.

But obviously, there was something that appealed there to a player that has access to literally every financial instrument you could think of to construct this type of product. And I wonder if it was just the higher number, right? Because T-bills, you could do three or four, but they can, you know, get 7%. But listen, they've done their research here and know exactly what they're doing. I want to go back to the other conversation, Sid, which is obviously, the tokenized stock volume that they're doing there. You know, like tokenized GME is going crazy.

And then I want to put an aside to that. So A, Tillman, your point about hyperliquid is accurate. And it's important to remember that most people aren't trading crypto and hyperliquid anymore. They're trading all these other things, you know, pre-IPOs, SpaceX. I think that's the story is that now with everything all in one, everywhere, you don't need to trade crypto 24-7, 365, when you can trade things on crypto rails that are more volatile.

I don't know if you guys saw this. CME launches single stock futures, enabling investors to trade space, Smicrant, and others 23 hours a day. It's like the top 55 or something most liquid. And now you can trade 23 hours a day, seven days a week on single asset futures. Isn't this clearly a reaction to what's happening on hyper liquid and in crypto? I mean, maybe. Yeah, it obviously is. If you go just to Cracken in the top 10 traded assets, eight of the top.

top 10 traded assets have nothing to do with crypto. There are stocks or ETFs. Yeah, there's what's happening on these on these exchanges. It's it's tokenized stocks or it's just stocks not even tokenized version. So that's what's happening on hyperliquid. By the way, the CME tried that back in 2002 and it radically failed. It may not fail this time around. Andrew, why do you think it failed like that? leverage i think retail risk and leverage is in a very different place and that's what they're betting on yeah the reason the reason why it failed back then it was coming on the heels of death and destruction in the markets in 1999 2000 2001 right like that was a massive massive meaningful downturn

um in markets and a lot of people not all that different than crypto traders right now we're like i don't think i want to have anything to do with the stock market for a while i'm just going to I'm not going to fool with it. So volumes weren't there. Nobody came to the party, right? It's very, very different now. Eric from Bloomberg, the ETF guy, made a great point yesterday. He was on a show on Bloomberg.

And he said, you know, everybody hates on leveraged ETFs or these crazy ETFs that are getting put out. And most people are banging on them. But the truth of the matter is, is people are trading the crap out of them. people are using them like crazy right so there there there there's you know what people talk about and what people think should be happening and then there's the reality and when you look at the reality when you look at volumes when you look at volumes on robin hood it's stocks and leverage dTFs and all sorts of stuff same thing on cracking same thing that people are looking for i think the

tqqq is up like 41,000 percent since it was launched a few years ago like again that's a leveraged, you know, QQ, NASDAQ type of BTF. So, you know, people want to trade. People are looking for meaningful upside. People want to gamble, frankly. Yeah. And that's expensive. Yeah. And the traditional markets are giving them that opportunity with leveraged ETFs, with on-chain stocks. And again, we're seeing it happen. It's just to pivot away to something different. And there are spots in crypto that are working, but it's, you know, they're having to pivot to different, different spots. I mean, you know, also back then, like, there were no other venues for trading futures, right? And it's still fail.

Now, like, I think this is just defensive by the CME. It's like they have to do it when you see Robin Hood and Coinbase and Hyper Liquid and all of these offering things 24-7, 365. I mean, they're dead in the way. They can be closed 70% of the time and hope to compete. Well, and they have no brand. No, they're not a household brand. I mean, CME for all intentsive purposes is already dead, in my opinion. The futures market is one of the most thinly traded markets that exists.

Andrew, I have got a question, you know, is it pertains to that volume. How much of it is short volume or, you know, how much is it distinguishable as coverage against, you know, primary positions and or offsetting? Because most of the people I talk to that are using high degrees of leverage. they're not chasing upside, they're covering upside and or covering another position somewhere or an alternative asset somewhere. It's a good question. I don't know what the percentage is.

I do know that as a product, people are using the crap out of these things, right? So whether it's coverage or whether it's holding or whether it's trading on a daily basis for volatility, I'm not sure, but there's an enormous amount of volume in those quote-unquote leveraged products. and, you know, Eric, the ETF guy at Bloomberg knows as good as anybody that, you know, we, we bang on these products. Like we talk about, you know, we joke about these products, but the companies keep pumping them out. Well, why are they pumping them out? Because they're seeing that one or two or three of these, if they release 30, will take off and do enormous amounts of volume.

And therein is the value associated with it if you're a company distributing, you know, ETFs. that type of volume to me doesn't look like retail i bet that there's some sort of i mean c m you need a broker to participate right so that was kind of always the walled garden that was but you wonder why it failed in 2002 it's because you and i never really could use it back then right just go on hyperliquid and trade but with leverage on any asset now right so cm is trying to just catch up in my opinion and said i want to ask you quickly you mentioned vaults so i maybe you could give the five-second primer to people here. We kind of giggled before the show.

We're like, now everybody's using vaults. No problem there. I'm sure it's going to go fine because crypto people tend to manage assets for people very well and never lose them on their behalf. But it's first warned some defy vaults on-chain lending may fall under securities laws. So, like, is this on your radar? You know, what do you think of this? Yeah, I think this is on everyone's radar who's operating in defy at the moment.

So, you know, I think it was probably a prudent move by Hester Peres and the SEC just to kind of, you know, give a steer to the market. Volts have obviously been, you know, one of the biggest themes of the last 12 months. They've been one of the fastest growing areas. They are, for anyone who's not familiar with volts, they're effectively a construct where you have a smart contract on chain. People can deposit to it. They receive a yield. what's called a curator who can take a kind of spectrum of how involved they are. So they can either make active allocation decisions or they can just kind of set parameters

and algorithms do the rest, whether it's over collateralized lending or yield allocations. But I think the reason, you know, the reason that it was kind of timely for the SEC to put out some guidance here was that you started to see traditional asset managers want to get into the vault curation game. You've seen Defi Native operators here. There have been some losses on volts over the last six months due to either hacks or poor quality collateral or, you know, stable coins that, you know, didn't have sound backing behind them. So anyway, so Esther Purs has put out this guidance that says vaults may be subject to securities law. So there's various ways this could happen. They could either be notes, which are a kind of security, or you could be,

if you're a curator, you could be a kind of registered investment advisor. Like only for RIAs or something, right? Yeah. Yeah. Or they could be something like a 40-act company or a kind of trust, even if they're just kind of doing algorithmic activity. And I think the reason that the guidance was put out was because there was a general consensus that where you have infrastructure and then you have a separate curator and then it's all on chain and on custodial that kind of sits outside of securities law regulations. So she's not necessarily putting down a definitive judgment or a conclusion on that, but I think she's giving people a steer so that the rate at which traditional asset managers and others kind of jump into the bulk curation game probably slows

down a little bit and people, you know, try and get a little bit more legal guidance on it. Yeah, I mean, I think vaults are probably incredible, but it's definitely, uh, if you've been here before, it's like a glaring billboard of risk. Yeah. Well, just wait until we get to leveraged vaults. Those are coming, right? Those are coming at some point. Two X reversed leverage vault ETF. Just to go back to the point I was making, uh, Bloomberg, Eric, right?

His post leveraged ETFs are like Adam Sandler. and Michael Bay movies routinely slammed by critics yet widely popular at the box office. So it is that, you know, these are things that are being used in a, you know, big time, meaningful way. So, yeah, it's just, it's interesting. It's interesting to really dig into the scale of it. They've got, you know, a minuscule amount of assets, but they make up 13% of the volume associated with ETF volume on a daily basis.

That's a... Did Adam Sandler and Michael Bay literally ever make a movie together? No, it's just talking about Adam Sandler has made a bunch of crappy movies which critics don't like, but people do. I'll be making the sequel to Melchie about volts. Yeah. I'll be doing more too.

It's kind of good, honestly. I think it's interesting, though, that, you know, the headlines I read that like spot volumes are down, I think Korean crypto spot volumes are down something like 88%. The product seems to be just volatility. People are just seeking volatility in spots not offering that in a lot of ways. Crypto-spot assets not offering that. That was where they used to come for volatility back in 2021, 2022.

Then they went to mean points. Now, you know, stocks, SK-Hinex, the semiconductors, the neoclods, people are going there. But even there, the volatility is kind of dying down a little bit. or it's not tickling the itch and so they're going to these like leveraged ets and things so it's just people are shifting to more volatility Korea is wild I think you just made the best point of day I mean I don't know if it's like two months ago or something um we did a whole segment on how not to invest here because it was like retirees in South Korea selling off their insurance

and savings to buy leverage ETS of the SK-Hinacin Samm right and that I mean and it was like a huge thing that was happening there South Koreans are the biggest DGens on the planet. And when you see what they're trading, you know exactly where all of the volatility is. I don't know if you guys saw this one, but this literally happened last night or today this morning. Perpetuals tied to SK-Hydics hit by flash crash to $900 on hyper-liquid. So while the Kaspi was not even open, you know, because these are thin markets. I think there's a cautionary tale maybe actually about trading kind of the tokenized version of these assets is the market's still not open for the big volume, right? So you can have these things where someone

maybe, you know, either fat finger at a big order or got liquidated. It drops 20% immediately goes back. And then the Kaspi opens and it's down 15%. So obviously this was a bigger move. And then they hit their circuit breakers, right? So like these markets are not exactly efficient yet. And crazy things are going to happen, especially when the main market is not open when you're trading these tokenized assets. Yeah, I think that's a fair point that people should understand they're trading something that's completely separate from the underlying asset, right? because it doesn't have the same coupon value. It doesn't have the same, you know,

value at the redemption. And so when you're talking about the risk profile of some of these assets, you're exactly right. I think that the depth of liquidity is how you should judge any asset that you're wanting to trade specifically less for investment purposes. But, you know, I think the comment of the day

was the Cid comment about the volatility. Everybody wants volatility, especially people who trade with automation or algos, because that is nothing more than energy that they just harvest. And if you have a new retail coming into that volatility, the market can stay irrational longer than retail can stay solvent. And so that just aids in their collection of profits from a market maker perspective. And some of these markets, to your point, are so thinly traded,

it's not hard to be a market maker. You can go in with very little money and very little backing, and you can almost dominate the action. And so it's the Wild Wild West, but people are chasing these highly volatile, highly liquid markets. The combination of those two things don't last for it very long unless you have true utility and true user interface that's exceptional.

Because any other version of that, you're going to fizzle out and people are going to get sick of the downside attached to it and they're going to chase it somewhere else. I think that's going to be a reoccurring theme going forward. Yeah, I totally agree. I think that it's just going to be, get really weird. By the way, it's going to be really weird for a while until we figure out which the dominant venues are

and where people are actually trading these things out there. We don't talk about it as much anymore, but we should. So kudos to Sid and his firm working with Robin Hood. What a story Robin Hood is, right? They should have been absolutely. dead after what happened with mean stocks. And they have grown in the past five years. They've grown it, let's just call it users have grown at about, you know,

eight to 10 percent a year. I mean, that's extraordinary. The work that they've done since that event, to grow and to grow and to grow and to keep shipping product, shipping product, shipping product, pretty extraordinary. That's a very, very rare thing. They almost got Ken Griffin and they survived. Sid, I know we're kind of coming against time for you here. Like, yeah, any last thoughts, anything you guys are doing at Maple that, you know,

maybe gives us a hint to the direction, all of this is going? No, I mean, look, final closing thoughts, you know, with continuously kind of strong demand for yield products. I think, you know, expect to see more neobanks and consumer apps kind of come into that. That's sort of the same DFI. game that Robin Hood has. I think, you know, while prices are down, as Andrew pointed out, I think traction has actually been fantastic. You can see it in, you know, these high-quality names coming into the space and kind of partnering with defy firms or doing stuff on

chain. But I think, you know, prices just aren't reflecting a level of traction that we're seeing under the hood. And so from us, you know, we're really excited about these what we call maple and bed type products where we can offer yield to neobanks and fintech. And so I think that's going to be a huge growth area for everyone in DeFi. And we've just got to grow the pie overall. Like I think Defy-TVL has been relatively stagnant for the last two years. But the entry of these Web2 fintechs, I think, is going to help grow that. So for you, I mean, it's just providing the infrastructure and effectively being the white label solution underneath all the products that these large institutions are offering.

I mean, beyond the other things that you're doing. I think for the time being, I mean, obviously it's fantastic to own. Yeah, obviously it's fantastic to own the customer relationship, but that's pretty hotly contested. You can't always do that. It's hard to compete with the big name. So, you know, in the meantime, being infrastructure and partnering with them is, I think, a great trade. All right, man. Well, thank you so much for your insight. As always, everybody gives Sid a follow at Serp Sid, best Twitter name there is. Yeah, very cool.

Thanks for having me, guys. All right, guys, thank you. Okay, we got Honey Tillman. Andrew. Listen, very, very important announcement now. Extremely important. A huge, or let me say it, a huge giveaway, right? In the vein of Johann versus Johan, this is a huge and huge giveaway.

It's huge, it's huge, and it's huge. Huge. Boy, that was a, I don't know why you went there on the show. of us like what is he talking about nobody understands this I guess it's his show so we have to sit through it I mean you know I didn't so ours public we are given away a massive massive package which just also happens to include a Rolex so a $50,000 lifetime Genticau go license and a Rolex submariner so we're doing this because listen as much as we talk about what's going on on Robin Hood, what's going on on different exchanges. You know, everybody's talking about agentic trading. Can you do this here? Can you do this there?

You want to familiarize yourself with those tools. We're the biggest agentic trading community on the planet right now. And so the way that we're able to do that is that we're platform agnostic. We work with a bunch of platforms, Robin Hood included. And so we want people to come and use our tools, a huge, warehouse of tools. And this is one of the ways that we do it. By the way, we did this year ago. We gave a Rolex away. Scott, you were there. Yeah. We gave a Rolex away. I had Bitcoin at the Bitcoin Conference 2025. Yeah. And so we're doing

it again. And we want people to get involved. We also want people to benefit and have a good time. This is fun. And so Scott, why don't you just go? Sign up right now, baby. I'm winning. Yeah. Meltler, that's me. Scott is God 9 at your mom. Gov.

Yeah, he can't really put his real email and real telephone number on TV. Yeah, I think he's excluded from winning as well. Listen, I will, I'll tell you this, it was a wild hit when we did it a year ago. We're going to make this a reoccurring theme with Arch Public. We like it a lot. We think it's a great way to give back to the community. Number one, you know, speaking of utility like we were talking about earlier, you know, at Arch Public, we're growing.

And we have been for the last year at an exceptional clip. And we're proud of that because everyone else isn't because they aren't providing utility. If you're providing utility, you're growing. If you're not, you're not. And so we want to show you that utility. Please come and talk to us and schedule an appointment. We'd love to show you behind the curtain as to how to use this toolbox, get you set up for absolutely no cost.

You can use the product for free. And this giveaway is a way to kind of give back to, that community that's been so supportive of us. So pretty excited about it. And, you know, nope, who doesn't like Rolexes? I think you hit this button right here. Yeah, share it on Twitter. Do it.

Well, you get extra tickets. One billion fans. That's right. One billion. Yeah, so what happens there is, is when you share it, you get extra entries into the giveaway. I have a lot of, do I get like extras per person that, you know especially at scott is your mom dot com the email that you follow that

closely um but no i'm not even if i won now that i use that very real it's uh it's super easy to sign up it's super easy to share you get people also to share it in your circle and uh you get more entries to win so um listen we're excited about it uh you know there's a There is a world, depending on who wins it, we may end up handing over this giveaway on this show. We haven't talked to Scott about that, but that would be cool. Scott, you've won the Rolex. To have, you know, to have an in-studio sort of discount. That would be amazing, yeah.

Either that or if they can't do it from a scheduling perspective will come to you. So it'll be a big spectacle nonetheless. How much time do that? It's 30 days out, right? Yeah, it's a month long. Yep, it's a month long. And we'll keep talking about it. Keep pushing it because, listen, we want people to have fun with our company

as much as use our tools, right? And we want people to use the free version of our tools as often as they possibly can. There's a free version of a crypto. There's a free version for equities. There's a free version for ETS. Right? So go and jump on board and use the free version and try it out.

Talk to us. More importantly, that Rolex will hold value than any token you've bought. That's right. That's absolutely right. Most tokens that you buy in crypto, they immediately go down. When you put that thing, it actually goes up. So, yeah, you know, listen, we try to impart value here at our Republic. That is the core pinnacle of what we do here at our department.

Very serious. No, it's a lot of fun. We had a lot of fun when we did it a year ago. When we announced it, you know, the guy screamed, you know, in a version that an adult man screams. So it was a lot of fun. And so, yeah, it's just, it's fun for us. It's fun for the people that we work with.

It's fun for our users. I will tell you that people that are already in our concierge program, they also get a chance at this, but instead of just winning a $50,000 prize, they actually get a bump up to the unlimited version of our tools, right? So even they, an already paying customer with us, get an opportunity to really benefit from this. So, yeah, we get a watch.

Yeah, and win a watch. Yep. I don't know why you're giving them something else. Well, there's a, there's a few people out there, Scott, who still don't have any idea what agentic trading is. And, you know, all due respect to our partners, but even most of our exchange partners have said, come trade agentically,

but you have to code in Python on our platform to figure this out. Like, nobody has any idea how to do that. Or they haven't thought through the, unintended consequences of agentic trading like being in this space for five years we've learned as much what not to do as what to do and customers left to their own devices customers not knowing how to use tools customers not being familiar with this is in a lot of cases the the hazard that needs is most attention and we do a great job of giving you that attention we've got an incredible staff They're available to you both by phone and video conference.

They love to meet with customers, both free and paid. They're very passionate about educating people. And I can assure you one thing, if you have preconceived notions as to what agenic trading is or what automation looks like, I can assure you what we have is different than what you're envisioning. So just come try it and put me to the test on that. And if I'm wrong and you go, you know what, Tillman, it's exactly what. I thought it was and I don't like it. We want to hear that too. Be the first to shout that and tell us exactly what that looks like. I'm not a Gen. I'm not a Gen. I'm just like that.

Well, Scott, literally Scott and our relationship has blossom into more than just a relationship for like the passion of crypto. We're friends and we get to see Scott kind of for for that and what he is to us as a friend. And you know, he's a prime. example of seeing the evolution of what our customers go through. They come in and they're kind of scared and they start placing a little bit of money. And then as time goes on, they start to build this confidence. And then it becomes, I mean, Scott, you've told us this a million times. I'll never go back to the way I used to do it. This is, this is removed all the emotional stress. Again, ever. So, I mean, that-

Apply this to my kids and my life and my everything, like just. Yeah. Well, and I, and let's point something out in that statement. We've been in a bear market since you started. Imagine when we're in a bull market. If you're finding a satisfaction and a high degree of value when price has been plummeting from 126 to 60 and you've seen the benefit of harvesting the volatility in that time period, imagine harvesting the volatility and having your position go up in a bull market. We have the best is yet to come, is my point. And that's what I think my cost basis now on Bitcoin is like, between 80 and 81 and I started at 126 with my heaviest buys. Right? So yes. Yes, to be fair, I was the greatest top signal ever when I came on this show.

And it was like, I'm 4% down, guys. This is fucking amazing. So of course, it jumped from there, you know, back under 60, which was highly predictable. But like, it bought last night, right? When it was the daily, I think it was the daily that fired, it dropped, you know, when price dropped from the 65s to the mid-63s or something. that we you know there hasn't been as many triggers obviously when there's no volatility but it keeps spying down here which i want to do in the 60s very consistent lowering cost bases sit sit sit said it on the show like people are looking for volatility and if you then have tools which automatically agentically execute on that volatility without you being involved and having to sit in front of a

screen 24 hours a day you're way ahead of the game right like you're not a south korean hoping that things go well as you're trying to keep up with all your other south Koreans who are playing that game over there right you are simply using tools to harvest volatility we can show you an immeasurable amount of case studies even on absolutely crappy stocks where you would be down 40% if you buy and hold but when you use our tools you're up 40%. It's mind-blowing stuff associated with volatility. And by the way, volatility isn't slowing down across all assets, right? It's accelerating.

More and more and more volatile. And what do we just talk about on this show? Leveraged DTFs are being used at scale. That's more volatility all day long. So you got to figure out a way to use that to your advantage. Here you go. Well, and volatility is like trying to catch rainfall. all, you can't run out once it starts raining and set up your catch basins too late. You can't

respond to the volatility and expect to harvest it. You have to have the catch basin set up prior to the rainstorm. If you do that, you don't know when it's going to rain. You don't know how much it's going to rain. You do know you're going to catch some water, though. And that's kind of like harvesting volatility. You don't know how effective your traps are going to be and how effective your automation is going to be because that's predetermined in the settings and how you, you know, program it. But you do know that if volatility occurs, that meets the requirements, that you're going to be ready for it. And that's something most people have never felt before. They've never had systems ready to respond on their behalf. And that's really where we live and breathe every day. So let us show you.

What else should we talk about the other things people are now using? So you got agented trading, we got tax loss hiring, we got equities, we got all the existing algas, we got names, Yeah, there is some really interesting crossplay that can happen. If you're interested in Bitcoin, for example, and you're interested in continuing to stack physical Bitcoin in the form of spot, both on exchange or in your cold storage wallet. Let's say that's your primary goal. Well, microstrategie, the reason why Sailor has created that vehicle is because it's more volatile than, Bitcoin is natively. It has an increased volatility to it. And it gives people access to Bitcoin exposure that can't hold spot, which turns out to be a lot of people with a lot of money.

And so you have a depth of market and you have a lot of trading and you have a lot of volatility in those spaces. So if I have a Bitcoin strategy and I want to accumulate spot, but I want to harvest volatility on the same asset or rooted in, you know, in the same asset, having Bitcoin ETF exposure on the equity side and having your Bitcoin spot exposure and having that volatility harvesting machine on both sides, it's a very, very powerful system. It's unlike anything you've ever seen. And it becomes the eye-opening kind of, you know, this moment of realization for you that it doesn't have to stop it too.

you can harvest volatility across 10 symbols, 15 symbols. You can set those traps and forget it. And then you're not having to manage the increasingly complicated portfolio that you want to harvest against or you want to accumulate against. It's being done for you and you can manage it effectively in your sleep because things will actually trigger in your sleep. And that's literally one of the things that we get from our customers when they get most excited is like,

I was in the car. John Deaton's comment to me will, will stick with me forever. He had his first trigger event, his first trade, when he was in the carpool line picking up his daughter from school. He texted both Andrew and I in that moment and said, this is unbelievable because I can't miss these types of moments with my daughter. And so it's like one of these things where that's, you know,

cheesy as it may sounds, time is valuable. And, you know, the theme of the watch giveaways is kind of on that head nod. But you'll find when you use these tools that you get a lot of your time back. You don't have to worry about the markets like you used to. You don't have to dedicate as much time to them as you used to. So six months ago, you had the ability to use volatility inside of crypto with us using whatever tokens you really want to buy more Bitcoin, to effectively finance the purchasing of more Bitcoin for yourself, right? And now we can flip that on its side.

So now you can use the volatility if you want with altcoins to buy more Tesla or to buy more Nvidia or whatever asset in equities and ETFs that you want to. Either or you can go back and forth. So use the volatility in equities in ETS to finance your Bitcoin purchases or use the volatility in Salana and Suey to finance the additional purchases of. of Tesla and Nvidia and whatever else that you want to do. So there's now a circular ecosystem that you can use with us to do, you know, incredible stuff. Well, Sid said it really well on the call when he said, people just want the volatility.

They're just chasing it, right? So instead of chasing the volatility, with our tools, you can get ahead of it. You can lay traps for the volatility ahead of time. That's where the real magic happens. You don't have to, you don't have to sit at the crossroads and wait. for the event. There's a trap at the crossroads. And when the volatility and the parameters meet itself, then, you know, that trap is sprung. Again, there's no way for us to describe it. Seeing as believing, please come put us to that test. We'd love to get you set up.

It's a metal trap, like those old bear traps, and you run by it. Roll-like goes out of your wrist. Volatility, depending on how hard it's swinging, you better latch on. Roll-wet, trap. Got my wrist. Can't wait for that. Rolex right there. You guys can enter. I did it. I did it. It's not how easy it was. You can tweet it. So what do I get for tweeting it? Do I get like $12? You get a half of the Rolex. That's what you get. We're going to send you the band. We're going to buy you a Rolex. I heard you like, I heard you like La Croy's. There's a palette of La Croy's coming to a way.

You ran out today. I'm not drinking a La Croy. I went in there to get my fresh pompomboose and there's just nothing. Which flavor did you say taste like perfume? That's the one I ordered for you. So you've got a... Lemon cello. Yeah. Like cleaner. It tastes like floor cleaner.

It tastes how pledge smells. I have not drank pledged since the day I turned 21. Take me back to 1987 and cleaning all the wood furniture in the house. All the furniture was wood. Of course it was. How much wood to clean. High quality stuff. Lemoncello is disgusting.

It's just gross. But if you know, I give you $50,000 and a lifetime slide of lemoncello, I'll take it. Yeah, love it. I'll take it. All right, guys. Scott hates lemoncello.

Comment right here. Yes. Not my fault. I don't like universally hate lemoncello. I just hate McCroix's version of it. Terrible. All right. Guys, that's all we got for you today.

Go sign up. Wait, I can do it one more time. Go sign up. Go down. You go right down to the little box. You do your name. You enter a very real email address if you want to actually win. And then you do it. Thanks, guys. Appreciate you. Give Andrew and tell them to follow. Check out Sid. And we'll be back next week. Bye. Today's video is sponsored by Securitize. You've heard the word tokenization putting assets like funds, bonds, treasuries, and stocks on-chain.

Securitize is the regulated infrastructure, the biggest names in finance, build on. They're the tokenization partner for Black Rock's on-chain Treasury Fund Biddle, working with New York Stock Exchange, Van Eck, Hamilton Lane, and Apollo. SAC-regulated entities nearly nine years running. Most money still moves through slow, decades-old systems.

Securitize puts the real asset on-chain itself, not a synthetic, a wrap token standing in for it, and regulated in the United States. It's the institutional grade bridge between traditional finance and crypto. They didn't just build it. They just proved it, listing their own stock on the New York Stock Exchange and simultaneously tokenizing it on chain on Solana and Avalanche. They're the first and only public company built entirely for this.

Their mission, tokenize the world. Learn more at securitize.io. This is a paid partnership, not investment advice.