The Wolf Of All Streets - Bitcoin Heating Up | New All-Time High Soon?

Episode Date: July 3, 2025

Bitcoin is heating up again as it reclaims the $109K level, but can macro and policy headwinds push it to new highs? I’m joined by Edan Yago from Bitcoin OS and David Duong from Coinbase to break down the jobs report, BlackRock’s massive ETF lead, and what the Fed might do next. We also dig into the crypto industry's tokenization war, Solana’s staking ETF launch, and whether corporate Bitcoin treasuries are already fading. Edan Yago: https://x.com/EdanYago David Duong: https://x.com/Dav1dDuong ►► JOIN THE WOLF PACK - FREE Telegram group where I share daily updates on everything I'm watching and chat directly with all of you. 👉https://t.me/WolfOfAllStreet_bot ►► JOIN THE FREE WOLF DEN NEWSLETTER, DELIVERED EVERY WEEKDAY! 👉https://thewolfden.substack.com/ ►► Arch Public Unleash algorithmic trading. Discover how algorithms used by hedge-funds are now accessible to traders looking for unparalleled insights and opportunities! 👉https://archpublic.com/ ►►TRADING ALPHA READY TO TRADE LIKE THE PROS? THE BEST TRADERS IN CRYPTO ARE RELYING ON THESE INDICATORS TO MAKE TRADES. Use code '10OFF' for a 10% discount. 👉https://tradingalpha.io/?via=scottmelker Follow Scott Melker: Twitter: https://x.com/scottmelker Web: https://www.thewolfofallstreets.io/ Spotify: https://spoti.fi/30N5FDe Apple podcast: https://apple.co/3FASB2c #Bitcoin #Crypto #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.

Bitcoin broke above $110,000 today before dropping slightly on a very strong jobs report because apparently more people having jobs is a good reason for people to sell Bitcoin. I'll never understand that, but we're going to dig in and talk about what the job report means for the likelihood of rate cuts. Of course, all of our other favorite topics surrounding crypto, the big, beautiful bill Bitcoin, Treasury companies and everything else happening in the news cycle and market. We've got Yago, of course, and the amazing David Young from Coinbase

to help us unpack all of it with chart guys on the back half. Let's go. I think I would get tired of hearing that music every day, but I still kind of like it, honestly. And I hear it like 10 times a day, it feels like, but it doesn't actually bother me. But I know some of you hate it Which is why I just keep it to trigger you and make sure that you come back highly triggered. Good morning Yeah, good morning David. I happen to like the music. Thank you and I don't like saxophones Yeah, I mean, I think it's a trumpet but I'm here for it

I mean, you know, maybe maybe that's why you like it because it's a trumpet, but I'm here for it. There you go. Maybe that's why. I mean, you know, maybe maybe that's why you like it, because it's trumpet. But, you know, we got some horns going on wakes you up in the morning. What else? The other thing that we've got going on here is a very, very surprising, I guess. I don't know if we should ever be surprised because we know the numbers are fake, but a very solid jobs report. I think a lot of people were looking for weak jobs reports here. In June, we got a strong jobs report. And as I said, when you live in the

upside down, like stranger things, which we do, more people having jobs is bad for markets because it means that the Fed is less likely to cut certainly less likely to cut in July gives Powell cover. And that means less liquidity. And that means less printing and party. Did I get that right, David? Yeah. I mean, you kind of have to price it in because the data has changed, but

honestly, I don't think the trend has. So I think they're still going to cut rates by a 25 bits, 25 bits since September and October. That hasn't changed in my book. Uh, in part because I think people also have gotten the other part of it wrong, which is tariffs. And a lot of people have been concerned of like, all right, you're going to get tariffs and that's going to shoot prices higher and therefore it's going to keep the Fed from

hiking rates. In fact, that is what Powell said in front of the Senate Bank Committee, in front of the House Finance Services Committee last week. So I understand why people are thinking this. The problem is that the reality is that when you're thinking about tariffs from a long-term perspective, it reduces aggregate demand, which actually should cause a disinflationary effect, which actually leads the Fed to continue cutting rates because if you're thinking about the Fed, you think about real rates. And if nominal rates are stuck at four and a quarter, four and a half, and

your inflation is going to trend lower, that means in real terms, the actual impact of those rates is actually higher. So you actually are effectively forced to kind of cut rates in part two, because you're seeing like guys like the ECB cutting rates by like eight times over such a short period of time, the accounts kind of have to keep pace. So I don't think anything has changed on that front. What do you say, Diego? I think the weirdest thing that's happening right now

is that the ECB is cutting rates and the euro is strengthening against the dollar. That's the strangest thing going on right now. As for what the Fed is going to do, I honestly have no idea. I think eventually they're going to be forced to cut rates. Whether it's Powell or not, I don't know. But the primary driver

for cutting rates in my view is that the US cannot afford its interest payments on the debt that it currently holds at current interest rates. And so there's going to be a strong desire to reduce those rates one way or another. In terms of Bitcoin, I think the most interesting and exciting thing is that even though the job reports came in, and you would have expected, despite I think, Scott, what you think, you would have expected Bitcoin to drop a little bit because people are expecting rate cuts to increase the price of Bitcoin. And therefore, if they think that those rate cuts are less likely, you would expect a drop in the near term Bitcoin price. The drop was extremely mild and after a strong climb up. So I think it's demonstrating very, very strong strength from BTC.

I think what's happening with the dollar is massively important. And I think it's important to our space is important to understanding what's going to happen, because we're looking at an actual regime shift. Over the last 15 years, you've had around like $33 trillion worth of buying of US equities, US bonds, whatever, from foreign buyers, talking about like pension funds, insurance companies. And all those guys were basically under-hedged or un-hedged on at least like half of that position. So like for the longest time, they're like, well, owning the dollar is our hedge. Now all those entities are indiscriminately selling the dollar, like the covered industry

parity model, which we've used to look at the dollar and its valuation, i.e. ECB cutting rates, why is it not impacting the dollar? Well, because interest rates are not driving the dollar performance right now. All the other factors in terms of the debt supply that you kind of mentioned, in terms of what's happening with the global trade situation, all these things are impacting us much harder and they're not going to change. Like I think that's the other thing that people do not yet recognize that even if you started to unwind the tariff situation, all these other things, the damage has already been done. Like I think we're now at a place where that indiscriminate dollar seller is permanently fixed into our

markets and we're going to continue seeing that weaker dollar. Interesting. I don't disagree. So I think the Fed eventually is just going to cut slowly like you said. I don't know if it's going to be September or October, but I think it is inevitable. I want to talk more now since we've dug into that, the macro side of things here. Tokenized stocks seems to be the big narrative of the moment. Obviously, we have the huge Robinhood conference and announcements the other day.

And they said they're going to offer tokenized equities all over Europe. Gemini doing the same crack and doing the same Coinbase, right? I mean, everybody's getting in on a tokenized stock somewhere in the world, not necessarily in the United States yet. But interestingly, Robinhood's Vlad Tenev said that they were doing a giveaway with SpaceX and OpenAI,

which are obviously private companies. And OpenAI was not, not happy about this. They basically came back, they were like, you, this is not equity, we did not release this to them, we have no idea what they're talking about. And basically, Vlad pushed back and said, read the terms. It's a derivative, right? But there's some other entities that are concerned as well about tokenized stocks.

Financial Industry Group pushes back on tokenized equities, urges SEC to reject crypto firms exemption. So this seems like the inevitable wave of the future, but also seems natural that there would be pushback from those who don't wanna see change and profit massively from the current system. Well, I think, and I'm interested in David's view, but my view is that there's relatively little appetite that's been demonstrated so far for tokenized stocks.

It's been tried in a bunch of different ways. It's been tried with tokens. It's been tried in a bunch of different ways. It's been tried with tokens. It's been tried on purpose markets and with things like Nvidia stock or Tesla shares. And there hasn't been that much interest. I think what's interesting about what Robinhood chose to do is try to provide a product that you can't actually buy from your broker, that you kind of would only be able to do with crypto. And that is stock for a private rather than publicly traded company. And I think there there's substantial demand.

There's a lot of people who would love to own a piece of SpaceX or own a piece of open AI and today have zero access. Yeah, so I think that I'm not surprised to see that financial industry groups are trying to protect their moat because obviously this would eat into their business model. But what I kind of worry about is that we're going to learn the wrong lessons from all of this because we're still looking at tokenized securities

1.0 and there's nothing wrong with that. It's just that this model basically still needs a custodian like DTCC to kind of sit there hold these assets in custody while you tokenize the replica on chain. And that's fine, except that that's not where the benefits of being on chain and what blockchains actually offer. Like in terms of instantaneous settlement, in terms of being able to reduce intermediaries, in terms of being able to reduce the cost, like all that stuff, I think is going to be a lot more powerful, because then you won't have guys who need

to actually like trade the stuff, have assets sit there for t plus two, actually being a cost to them at like, say 5% interest rates, because like they're going to need to accumulate like, you know, $5 billion in order to kind of pay that off over like over a few days. Like those things go away when you have tokenization. And by the way, when you start to actually have real tokenized assets, that is assets that are natively securities that are natively on chain, then you can actually start integrating this stuff into derivatives. If you need to have collateral, that can actually be margin called instantaneously. That is where the power of actually tokenized securities could come from in a version 2.0, but we're not there yet. And I'm worried that a lot of people are going to look at this and say,

well, 1.0 didn't work. So obviously 2.0 is not going to work. These are two different animals. Yeah. So that's a really good point. This is basically somebody to work. But no, these are two different animals. Yeah, so that's a really good point. This is basically somebody has to buy the stock, tokenize it, and then you trade it, but there's still somebody that owns the actual stock, right? And in the future, maybe they're actually issued on the blockchain and therefore you don't have that sort of middleman,

which is the whole problem with crypto anyways. I mean, that solves, I mean, right? So if the point of crypto is to solve having middlemen between our transactions, that's really not solved by this version of tokenized stocks. Interesting. But I think that's part of the reason that Robinhood have chosen to do the derivative, right? Because derivative allows

them to tokenize something which is not available and as a result, other than themselves, doesn't require an intermediary and you actually could build a completely decentralized version of this, like a contract for difference. Two people take a bet of what the price of OpenAI is going to be in a year or five years, and the derivative of that bet,

that tokenized version of the bet, that bit, that tokenized version of the bit, effectively acts as a tokenized version of OpenAI shares at a cost which you can purchase. Yeah, that makes sense. So I think that you guys got it right. It's really encouraging to see this happening, but we're in the very early innings of it and I doubt that it will be massively popular. Especially, I mean, first of all, it's not available to Americans who are the bulk of stock trading for a reason.

And Americans aren't gonna be interested if it does come here and tokenize stocks when they can just trade stocks, right? So it's just gonna really be foreigners who want access to these things and don't currently have it. So the next topic we have today, my favorite of course, Bitcoin treasury companies. Franklin Templeton flags uncertain outlook

for crypto treasury firms citing dangerous feedback loop risk. We've got Scaramucci saying that crypto treasury company trend will fade away. I talk about this every day. I tend to agree with both of them. I don't think that there's anything inherently wrong with Bitcoin treasury companies.

I think that companies that actually are Bitcoin balance sheet companies and adding it to their balance sheet is great because that's the original ethos of Bitcoin, but financial engineering to buy more Bitcoin in my mind can just can't end well, but let's talk about it. I mean, David, are you a massive

Bitcoin treasury company bull or do you share the skepticism of scare moochie and Franklin Templeton here? So I like that you're making that distinction because you have companies that we've been hearing like figma this week For example, like we found out that they have crypto on the balance sheet figma is pre-eminently not a crypto accumulation company They are not actually out there to just accumulate crypto on their balance sheet. They just happen to have it for cash management purposes, business operation purposes. And I think that's great. And I think that part of that has to do with the FASB kind of rule change that we saw back in December 2024. So this is allowing a lot more of these companies to actually have it on balance sheet and not be a problem because previously they could only write down the value of the crypto on their balance sheet. They could never write it up.

Now again, quote unquote, marked market. But like I think the other question, which is the financial engineering companies, like what's going to happen? Like do we need like a hundred like micro strategy clones, for example, like do we need a hundred of these guys doing the same thing? I think that's going to be the big question. I mean, certainly there are the ones that are doing the long tail stuff, which I think is kind of interesting. Like, you know, the one who's like doing like tau, for

example, I think that that represents a something that's really, really hard for your average person to do, which is to like, a accumulate tau, and then be actually stake it. And you know, like if you're in this space, probably not so hard. But if you're like your average person, those are the guys who are like, I just want someone to do it for me. Like, and I just want to buy the equity. And by the way, like there is an actual buyer of this stuff, because there are like, you know, firms like on the institutional level, who can't even access the ETF, much less like buy the real thing. So they are actually still forced into some of these proxies. So I don't think that this trend is necessarily just

like, oh, and all these guys just want to do like a 5x on their stock like over like the on the convertible they have like, no, no, no, I think that there is actually a buyer and seller for these things. So I think that this is the reason this trend exists in the first place. But I Yeah, I would be cautious the fact that a lot of the debt cliff, so to speak for a lot of these things probably would will happen like four or five years time, like somewhere in 2029 is what I calculated. So you know, like I'm worried

about stuff for selling pressure and the impact on our space. But also, I think the idea that this stuff is going to be like, a Celsius or a block fi or Voyager or FTX, like that's completely exaggerated. That's not broad. gonna happen. That's not broad. Well, I've made those comparisons, but not at all on the fraud side, only in that I think when we get the 90th and 95th and 110th of these companies,

they're going to be competing for more risky offerings to raise the debt, right? But that doesn't blow up the market, that just crushes the shareholders who buy that thing. Right, so I think it's a much more localized risk to anyone dumb enough, I guess, to buy like a more attractive convertible debt note from the hundredth company that's doing this.

But maybe that demand won't even be there in the first place. But at the same time, this isn't the gray scale kind of effect. Like gray scale, like you couldn't, you know, you couldn't offload these things. I mean, like, if you're trading at a premium, and you're a company that's going to start trading at a discount, for example, like, what do you do? Well, you will just

like, start to, like sell some of the holdings you have some of the crypto holdings you have, which arguably, that's kind of the one word about in terms of the foreselling pressure. But that's an market impact. But then what and then what do you use that with those funds do? Well, you buy back the stock stock and then you bring it back to parity. So at the same time, you're not going to see like those deep discounts you saw in the like GBTC kind of era. Yeah, I agree. I'll go.

I've been starting to come around to the idea that this could last a lot longer than people anticipate. Yeah. So, you know, basically when you're buying one of these companies, you're buying two things. idea that this could last a lot longer than people anticipate. Um, yeah. So, you know, basically when you're buying one of these companies, you're buying two things. You're buying the BTC, but really what you're buying is the premium. Right. And you're sort of taking a bet on how much premium there will be in the future,

because if, if BTC goes up at the premium goes down faster, then you're actually going to lose money. And, um, as more and more companies come on board, what they're competing on is not the BTC they're competing on the premium and you're actually going to lose money. And as more and more companies come on board, what they're competing on is not the BTC, they're competing on the premium and they're potentially going to, because they're competing to offer you sort of better and better terms, they're offering you cheaper and cheaper premium. So my initial thinking over the first few months of this trend was that premiums are going to go down to to zero, everything's gonna be priced to the price of BTC and the trend will end because these companies won't have the means to

purchase more BTC. I no longer think that's possible and I no longer think that's possible for two reasons. First of all, they're not just relying on the premium anymore, they're not just selling shares in order to buy BTC, they're starting to be able to tap into debt markets and those debt markets are extremely deep and can offer very, very significant yield, which is still below the cost of, below sort of like the returns that you get on BTC appreciation. The second thing is there's a very, very strong reflexive effect here.

Right? So the more these companies exist, the more they're buying BTC, the more pressure there is on BTC, the higher the BTC price goes, the higher the BTC price goes, the higher the shares in these companies go, and then that sort of desire to close that gap on the premium is diminished somewhat. So I think this could go on for quite a while. David, what do you think? I mean, I do think that there's a bubble here, but I don't think it's soon. So I kind this could go on for quite a while. David, what do you think? I mean, I do think that there's a bubble here, but I don't think it's soon. So I kind of agree. You said 2029.

I mean, that's in crypto years. Like, we'll be on to 15 other things by then. I mean, 2029 is when MicroStrategy's next big convertible debt comes to. I think it's like 3 billion in December, 2029. It's around like another 4 billion between Marathon Holdings and MicroStrategy's next big convertible debt comes to, I think it's like 3 billion December 2029. It's around like another 4 billion between Marathon Holdings and MicroStrategy in March 2030. And by the way, like, you know, they have optionality so they can convert that and pay it IE through like equity at some point before that time comes around. And also keep in mind that for the big companies like MicroStrategy,

these guys can actually refinance, do other things. This is not the end of all things. Once that debt starts to come due, they're able to roll it over in some way. So I think that there's going to be a lot more that they haven't even looked at. But I think Yagla makes a really good point that one of the reasons why these companies are doing as well is because they can finance so cheaply. Like you're basically financing next to zero in order to be able to kind of buy these things and buy these assets. I think that is also why this trend, it's hard to kind of see it kind of kind of leaving anytime soon because it seems like a good deal for them. Let's refinance it like our finance at zero, accumulate like crypto, put it on a balance sheet,

and actually we look like a much stronger company. Okay, so explain to me like I'm five years old, why you would buy the stock in one of these companies instead of just buying Bitcoin. Now I understand why somebody would buy the debt for them to be able to raise Bitcoin for all the reasons you just said. But if you're your average person, why would you buy one maybe even a better question?

How do you choose which one you would want to buy if you do if there's gonna be so many out there? And why would you do that instead of simply buying Bitcoin? So I think the mode around Mike's strategy is is what the word is like so so why I guess because I think that You if you're thinking about proxies You really kind of only need like one or two of these you don't need a hundred You know like my strategy has firmly established itself as That key player in all this obviously the one who kind of got the ball rolling with a lot of these strategies

and so I think that probably if you're a, you know, let's say a, I'm probably not family office, but maybe an endowment or a real money shop who's looking to get exposure to this stuff. You can't get into the ETFs because your board won't let you like, it's easier to look at something like Mike strategy slash strategy, because you know, then you can actually say like, well, this looks like all the other stuff in our portfolio. It looks, it's another equity company. We know how to value equities. Cool. But to your question,

like, but if you're just an average person, why would I buy this other than the expectation that it may 2x 3x 5x relative to its leverage holdings of this stuff? Like, are they accumulating like Bitcoin or whatever crypto asset at a fast enough pace that justifies that cost for now It does but to Yaga's point at some point it might fall back to parity But then your downside is parity You know like it like if you're buying it unfortunately at like the 5x valuation and not parity valuation Then you're in trouble, but if you bought it as 1x then Yeah, I guess the question to me that it's just that

if you naturally know that more of these are being created, which they continue to be, you would assume, as you said, that the premiums will be arbed away. So why not just buy Bitcoin? Well, I think the reality is that what these companies represent is a cheap but imperfect leverage to play on Bitcoin. So the leverage you're able to get leverage on Bitcoin

much more cheaply than you would elsewhere, but at the same time, it's not a perfect proxy for that leverage. And one of the reasons that you might want to go with one of the smaller companies rather than MicroStrategy is because a company that has like, say, a thousand BTC can much more easily double its BTC per share than MicroStrategy, which is sitting on 600,000.

As to being able to actually give any advice to anyone on which one you would actually buy, I haven't the faintest clue. I don't know. But I think that the attraction here is get leverage on BTC cheaply. And then also maybe if you time it right and the premiums are relatively low and you think the premiums are going to go higher, you sort of juice your returns that way as well. I think these are the ICOs of 2025.

I think that these are just altcoins with people with a creative way to beat Bitcoin. I agree because it's in public markets. And I'm just saying, though, the real reason is because people are just desperate to beat Bitcoin somehow in this market. I think the real reason is that I see it as the flip side of the tokenization theme. We've talked about tokenization here for ad funidium.

And, you know, it's, it's important because, you know, we just talked about, Hey, where we want to tokenize and put like open AI on chain or space X on chain. Uh, but equally Wall Street wants to put tokens on equity. And so like we're seeing the tokenization of equity, they're doing the equity station of tokens. Like, I think they're just like all parts of the same theme. I mean, David Bailey said that on some like podcast, he basically said, hey, we used to pretend that tokens weren't securities. And now we're just taking a bunch of securities and making them trade like tokens. It's exactly what you said. And that's correct. Hence my comparison to to ICOs.

But yeah, I don't know. I just feels like unless you're an early investor in one of these, which is who always profits, I don't see how at the end of it, you're the one who wants to buy the shares of this stuff. Micro strategy I do get because of the wide moat, which you said, and I believe that Michael Saylor has a much broader plan to become a Bitcoin financial institution. But the rest of them are like, we're gonna do Bitcoin products.

Not even the rest of them. I'm just saying the newer ones that will come on. We're gonna do Bitcoin products, but for now we're just buying Bitcoin. Well, you can go buy Bitcoin. I just, it's still, logically I just can't get there still. Maybe maybe I'm maybe I'm stuck stuck in my ways here. So Yago, you're gonna become a Bitcoin Treasury Company. You know,

I don't know, maybe maybe maybe we need to find another another token to tokenize, right? Let's let's find something that no one's thought of. I think I think basically what's going to happen is more or less that, right? The new projects, the new sort of companies that are offering this kind of offering are going to have to have some kind of twist on it in order to be able to just get attention.

And so that's gonna be other kinds of tokens. So we're gonna continue to see this tokenization of tokens and we'll also be trying to generate yield either by using the BTC as collateral or through some other means. Miners might have an interesting play here. Yeah, that makes a lot of sense. And the last thing I wanna talk about

before I let you guys go is that we actually got the launch of a sort of kind of Solana ETF, which is the Solana staking ETF. So I'm not going to get into the nuance of it, but they basically found a creative way to get on the market without going through the entire SEC approval process for ETFs. And some of it is Solana staking. It's blended with other things, but 33 million in volume on the first day of trading. Actually, according to Eric Balchunis, that's really, really, really impressive. Far outweighing the Solana futures ETFs that have been launched at any point in their history.

And he believes that this is showing some actual first or demand for products like this and knowing this is a imperfect product. You have to wonder what a pure Ethereum staking ETF or Slana ETF comes out, what the demand will be like. I mean, David, are you guys watching these? Does it, you know, interesting to you? Yeah.

And, you know, like, as you kind of mentioned these aren't necessarily the the same as the existing ETFs I think there was one person who actually said that you can't quite describe these ETFs in the same way but you know like Good luck because that's what we're gonna call them I mean like but I think the interesting part is like how efficient a vehicle for staking is this going to be and the interesting part is like how efficient a vehicle for staking is this going to be and like what's going to happen to the existing crop of like ETFs for example that are waiting to be converted into staking ETFs which sounds like we may have to wait until October before that actually happens. I think that this is going to be a good first step to actually seeing what

the mechanics look like because I think we're still worried about, all right, what if like, uh, you know, we need to withdraw. What if there's a math mass withdrawal event, for example, like, does this present a problem, uh, for these ETFs? I don't think that it's going to become a, a big issue, but at the same time, I think these are the kind of things we got to think about. Yeah. I got to think that we're gonna have to end for HBAR staking ETFs or whatever

we're gonna get down the road? I think there's demand to create them. I don't know how much demand to buy them. There, I think as far as I understand this particular sort of quasi ETF has a million dollars in sold. That's not a lot. So people are gonna try all kinds of things.

I think the fact that it was traded heavily but that the AUM is low, I don't know that that's a particularly successful launch, but we'll see. Yeah, I guess we will. But as we talk about ETFs here, let's talk about successful BlackRock Bitcoin ETF drives more revenue than its S&P 500 funds There's a signal of the thirst at least for the Bitcoin side once again. I mean, that's a pretty impressive

Stat here and these things just keep on chugging along David Yeah, I mean like they're charging 25 bits for the ibit ETF versus like three bits for their S&P ETF for the iBit ETF versus like three bits for their S&P ETF. So even though the S&P like it gets more in terms of AUM that they actually, or AUC, whatever, that they actually put in their coffers, like you can make a lot more off iBit, which was kind of the proposition. And I think that also no one understood

how successful this was gonna be. We did, like obviously in this space, and Scott, I know like you're kind of more connected in terms of like that traditional institutional side and their participation in the crypto space. But I absolutely think that this is part of the reason why we're seeing so much interest now for you know, all the other stuff in the space like on the IE the the equitization of tokens that we were talking about earlier, because we saw how successful ETFs were. And I think a lot of people in Wall Street want a piece of that now. And so that's why Circle is really popular when they IPO'd. This is why like Mike's strategy

is like doing better than the Mag-7. So I think that this is part of why like more and more like people are coming off the sidelines and getting into the space. Yaga, final thoughts? Bitcoin and crypto are a miracle for banks in the financial industry. They're making more money off of this than anything else. I wish I still had the article pulled up because we ran out of time. But so is Donald Trump. There's a big article that came out that was like this guy was totally screwed.

And then they found crypto and they're no longer a real estate company. They're a crypto company and they've made hundreds of million dollars. But we'll talk about that on another day. David, Yago, thank you guys both so much for joining. Everybody give them a follow down on the description. Appreciate it guys, have a good one. Cheers. All right, now we got the chart guys here

to talk about the markets, jobs report came in, saw this kind of little wobble and then Bitcoin at least bounced right back up. I haven't even looked, I guess we're opening right now. Yeah, market's still really strong. I mean, we're seeing perfect, beautiful rotation. You know, we had semiconductors leading the way, and then they pulled back for just one day.

And while that happens, healthcare shoots up, consumer staples shoot up. It's just exactly what bulls wanna see in terms of healthy rotation. And so the S&P 500,&P 500 has a higher low every day for the last two weeks, pretty much. What I'm watching on Bitcoin right now is this four hour chart. And we had 108 to 109 as a very tough resistance zone for three weeks. And we got over it yesterday. And so far, this back test is going very well. This is exactly what the bulls want to see. A resistance

level you get over it and now it acts as support. So that's what the bulls want to see. A resistance level, you get over it, and now it acts as support. So that's the second hold of it since yesterday. And if we keep holding that level, we're going all time highs. So that's a great initial response here. And just patiently waiting. Again, last week, there was so much confidence in the broader market where the NASDAQ and everything said, it's bull time again. We're going to all time highs. And so that instantly makes me look to be bullish everything and OK, Bitcoin's knocking on the door of all time highs, focus on Bitcoin and crypto stocks and after one day drop that said we have to be a little bit patient.

Now it's back to maybe we get an exciting long holiday week. The markets closed today at 1 p.m. and we've got three and a half weekend days. Let's see if the bulls can get something going in a lower liquidity environment. What else are you looking at? Still watching those Bitcoin related stocks. I mean, this was actually ETH, BMNR. Again, just the same theory of just jumping around to these, these stocks. And, you know, you get Tom Lee plus crypto, you know, he's going to be on CNBC. This thing ran 500% in two days. And again, it just goes back to what we were talking about, where this is where the opportunity is for trading. And, you know,

I don't, I think most alts are not going to run 500% in months. And here we have a name going 500% in two days. So it just shows the thirst. And here we are testing the hive yesterday as we speak. It's holding these gains. And then you've got the miners, CLSK, breakout yesterday, Riot. These names have been very quiet, but they're hitting multi-month highs as well.

It's just a big, I just imagine the ocean tides of capital out yesterday, Riot, these names have been very quiet, but they're hitting multi-month highs as well. It's just a big, I just imagine the ocean tides of capital sloshing around and it's in these crypto stocks. I paid attention yesterday, altcoins did lead the Bitcoin solid bull move. So okay, I'm keeping an eye on things. And again, the biggest thing for me is it's the names that are closest to all time highs that don't have years of overhead bag Holder supply that don't have you know, massively increased coin supply versus four years ago Those are the names to be focusing on and you look at something like hype hype is holding on

I don't know anything about hype fundamentally, but it's holding on way better than all these other altcoins It's it's up near its all time high. These are the kinds of names you want to be focusing on because big money wants to be able to push things easily. And the reason BMNR runs so hard is you can push it 50% after hours in a no liquidity environment. And again, there's just not a ton of altcoins

that meet that criteria. Yeah, okay, I keep saying these are just the altcoins of 2025. Altcoins will go up. I'm not saying they won't go up. I'm just saying that this is where the action is. I mean, it's your question about it. It's so obvious. And then, you know, maybe you get some altcoins going a couple hundred percent

when it is time for altcoins and that'll be great. But again, I just don't think we see anything like 2021 when when everything's in blue sky and doesn't have that overhang of supply. Yeah, you look at anything else? I just opened the iron chart because I hold that I've had a bunch of friends who keep asking me to have room to run. Wow, yes, it does. Yeah, that's a piece. That looks pretty good. My friend was asking me at like

nine. He's like, I've been in this a long time. I don't know if I saw I think this is going to go wild. Yeah. Getting, getting over 16 was big. I do have to push back against one of your prior guests, uh, the blasphemy over the saxophone comment. Um, I can't be associated with that. Saxophone is one of the best instruments.

I saw steel pulse last night, 50 year anniversary reggae tour and the saxophone killed it. So I just don't wanna be associated with Iago in any way with that blasphemy. I like saxophone. I played saxophone in the middle school band. So I'm basically a professional at this point. All right, man, anything else? That's, I mean, there's plenty of things I'm watching,

you know, quantum picking back up. Just bullish, just bullish until we get a clear You know, I see people trying to pick tops and we're overextended and euphoria. It's nice to be aware of those things but again, it's just always price action and trends and and Literally the S&P 500 in the Nasdaq have not had anything bearish happen on the daily chart in Two and a half months at this point not even close to something bearish happening So just ride that momentum because we are clearly in a euphoria building environment. And that's when you know, we look to add on higher lows and look to ride the momentum until it clearly shifts.

Yeah, totally agree. All right, man. Thank you so much. As always, we'll see you next week, guys. Give Chuck guys a follow as we always say and we will be back next time tomorrow Friday five. Thanks man. Have a good one. See ya.