The Wolf Of All Streets - Bitcoin Nears $82K But Most Missed the Bottom - Here’s What to Do

Episode Date: August 25, 2026

Bitcoin is pushing toward $82K as the rally broadens beyond BTC, with Solana outperforming and ETF demand hitting record levels. At the same time, falling yields and a weaker dollar are reviving the hard-asset trade, while Druckenmiller warns Treasury intervention can’t overpower fundamentals forever. We also look at the next leg of the AI boom, where power, uranium, and infrastructure are becoming the bottleneck, and Anthropic is already being priced near a $2 trillion valuation in pre-IPO markets. Learn more about your ad choices. Visit megaphone.fm/adchoices

Two and five Canadians will hear the words, you have cancer. That's why every step and dollar raised matters. On September 19th, join thousands in Toronto for the Princess Margaret Cancer Foundation Walk. Challenge yourself, friends, and family to walk 21 kilometers in support of life-saving research. Together, we can carry the fire and help create a world free from the fear of cancer. Register today at pmcf walk.ca.ca. Bitcoin neared 82,000 American dollars overnight before retracing, and seemingly from reading my X feed and comments, most people missed the bottom.

The good news is that we have two consistent guests on Tuesdays who can tell you exactly what you do when you miss the bottom. And we have another special guest. We've got Avi Feldman from 1000X media here to join us. I have a feeling today is going to go off. the rails as has become tradition on Tuesday. Looking forward to it. Let's go. Let's go. Good morning, everybody. Happy Tuesday and welcome to my intense trading setup here in Singapore. That is obviously real in the background. I'm going to go ahead and bring on Avi, Andrew

and Tillman. Good morning, gentlemen. I feel like Avi's muted. I feel like your background is real. Good morning. Good morning. Yeah, my background is actually real. This is my office. that I got over here. It's good. You need somewhere to be inspired. And I was working to from home and it was just the worst thing ever. Well, I'm feeling very inspired by the market right now. Bitcoin, obviously, was trading in the 60s for 47 years. Unable to break out, make any meaningful progress. And here we are. Andrew Tillman, I think it happened pretty much like, you know, within a day of us being here talking about the endless range last time. I can't recall if it was Tuesday, though, where we talked about, you know,

saying eight of their 12 bottom signals were in and we talked about these endless signals. By the way, if you want the best bottom signal, this is the most important story that's happening right now. I just want to bring it up and get it out of the way. It's not there, is it? I'm on it today. It's that the owner of the miners tried to buy a $140 prostitute in Palestine, Ohio at a trailer park. I mean, well, yeah, that's really important. Thank you for bringing not up. Stupidity knows no bounds. You know what I mean?

I want to make obvious uncomfortable as possible straight out. That's good. This is what we talk about on a thousand. No, that's not at all. Well, by the way,

mainly we talk about markets and, you know. Okay, we're going to get there. Okay, we are going to get there. I would just like to say, as an aside, yesterday I played that video of Sailor.

You know, you guys saw that meme. And I was like, Mike, McGlone, you know, because I get a copyright strike. So I got to make a, sure it's worth it. He was like, that was derogatory to women. Let's move on. And I was like,

wow, we really hit it today. Oh, my goodness. Because it's got the word gins. So that, there was that. All right, Avi, what are you thinking about the market? For real. Oh, man. I don't know. There are a lot of thoughts going through my head right now. But basically, look, the main thing that I always think of when I look at Bitcoin is if it doesn't go down on bad news, that's a really good sign. And that's basically what we got the entire 47-year range that we were looking at over the last few months is that everything that all the news that came out that could have sent it lower, it didn't. I mean, Michael Saylor basically almost blowing up on stretch didn't send Bitcoin lower. We tagged 58. We were back above 60 in a few days. You had all of these things happen in the markets like the

memory trade imploding. You had NASDAQ come off 10% from the highs. Bitcoin stayed where it was. It basically just shows you that you have to really pay attention to flows because Bitcoin is just a flows trade. At the end of the day, that's all that matters. And so what do I mean by that? I mean, look at who's selling and look at who's buying. And the sellers are normally comprised of people that are up on their positions or down a significant amount on their positions. And when you get a long range where it churns and doesn't continue to go down, you reduce the average price that people are holding. And when that average price comes close to the current price, that basically means that they're probably not going to be any more sellers left. And so what you look for is you look for things that are going to send it up.

And what really stuck out to me was gold. When gold started to trade well off that 4,000 base, which is also a completely flow-based trade, you had the Korean central bank start buying again. You had China stop selling the shore up reserves. It just set up a really good environment for what we're now experiencing, which is the debasement trade. You know, you have Bessent pouring $4 billion into treasury buybacks and basically saying that we're willing to intervene. He's intervening in the yen markets. And this kind of wasn't really on a lot of people's radars.

People just didn't think that that was going to happen. And I think that Bitcoin really can only rally when the primary form of returns is money printing or debasement. And that's what we're seeing now. And that's why Bitcoin started to go up, in my opinion. I love the fact that though, which we say over and over and over again. By the way, I agree with every single thing you said. It repeats everything we've been saying here for weeks. fact that Sailor was selling, Bitneck shuts downs. Bitmark has insolvencies. We have an existential

crisis in self-custody, and Bitcoin just chills and sits at 64,000. That was, I agree, the ultimate signal that. But I find it so interesting that it takes one big green candle, basically, called a weekly candle, okay, we can save a bunch of big green daily candles to reignite the same narratives that people thought were completely meaningless and nonsense again just because price was down. Bitcoin goes up, you know, 20% in a week, and all of a sudden it's a hedge, it's digital gold, it's debasement, which we've been saying the whole time. And it literally just reminds us that the only thing that really matters for Bitcoin marketing is higher prices. Hunter, I want to add a little bit of a point here, which is that I do think that the market

actually did change a little bit over the last few weeks. And that contributed to the rise in Bitcoin. So if you go back a month ago, everybody's talking about memory. Everybody's talking about how these stocks, these chip stocks, Mag 7, they're driving real returns that we're going to get a real productivity boom and that we're going to get cheaper software. If Adams takes off this traffic calenic thing takes off, we're going to get cheaper actual physical items. We're going to get cheaper manufacturing. And that was going to be good for the economy. And when the economy is growing because you're getting real innovation, that's not a good environment for either gold or Bitcoin. because people are much more likely to put their money in things that are making, you know, actually making money, making revenue that are growing effectively than they are to put it in something like a Bitcoin or gold that obviously doesn't have any revenue associated with it.

But post the memory trade blowing up, which I don't think it's completely over, but it obviously came off. And you were getting more reports about how AI isn't really expanding as fast as we thought. Sam Altman goes on the David Center podcast and says, wow, it's going to take so much longer. than I thought for AI to be integrated into all these different industries. We're not seeing that productivity boom. And we're actually entering into a new period that Besson is trying to push on us where the returns are now going to come from the Treasury. They're going to come from the Treasury supporting the market.

That is a meaningful change. And I think that's what Bitcoin is reacting to. But obviously, that's always been the case. I think that you can't really sit there and say, okay, well, we're truly, entering into new paradigm. I mean, this has been the case since the recession. I mean, that's what drives the market is low, is liquidity. And we all know that the Trump administration wants rates lower. We all know that they want to support the market. But doing this when the S&P is basically at highs is kind of nuts. And I think that's what people are responding to.

They're responding to the fact that this seems a little bit irresponsible. Yeah. Yeah, I agree. I want to highlight this before Andrew and Tilton jump in because you mentioned the flows. And I think this is important. We had reported, obviously, before that, you know, BlackRock had cut the minimum for converting Bitcoin directly into I-Bid ETF to $1 million from $25 million recently. Well, just as an update, that's been a massive boon. More than $5 billion has already moved into Ibit through these in-kind conversions. Bitwise Morgan Stanley gray scale seeing similar adoption. So we have this sort of like, you know, perfect storm, I think, of obviously self-custody in shambles. So a lot of people, I think maybe just moving their Bitcoin into ETFs because they find it safer,

but also, you know, 1.93 billion in Bitcoin ETF inflows last week, 1.92, 1.93, price going up, right? And so all of these things together are allowing those flows, I think, to become more powerful. 100%. I mean, and the biggest question I think that some people's minds right now is, what do I do? Right. So I want Tillman and Andrew to tell us what to do. Well, I couldn't agree more with everything you said.

You're spot on. I think you always try to pay attention to the biggest lever in the room that's being pulled. And the printing press is that lever. It's the largest in the world. It's now, you know, doubling the buyback is aggressive, in my opinion. And I also think, though, that you're going to see, you know, prices skyrocket on every front. So, you know, in short, I'll leave Andrew to the media. of it, but in short, I would be looking at owning a lot of things because the dollars are going

to be cheaper and cheaper and at an accelerated rate to the timeframe that it's judged against. And what I mean by that is just that people, you know, I've been hearing doom and gloom for 25 years about our debt and how it's, you know, it's not sustainable. Well, it is when you can force everybody to use your dollars and you can print infinite dollars. And so if you measure the debt against the liquidity, against the global GDP, against other metrics, it's not so scary of a number. But I do think we're going to have to print our way out of it. And that's what a debt-based economy is built to do. That's literally the function by which we have sustained ourselves for the last, you know, 100 years, 75 years.

So my point in saying that is like all of this points to more money and everything. becoming more expensive. Now, we may be looking at it. Like, you know, if you look at your grandparents' house, it was less expensive than your parents' house and your parents' house was less expensive than your house. That's going to continue, but it's going to accelerate. So you're going to look at, you know, one generation and there's going to be a lot bigger gap there because the dollars printed in that time frame are going to be a lot more, you know, in number. Yeah, there's so, you know, Scott, you mentioned. the $1.9 billion that went into ETSs, 1.6 of it went into BlackRock. So your point about them,

you know, shifting and taking in-kind inflows, they're pouncing. I think to me the fact that, you know, a cold card, quote unquote, hack happened and Bitcoin didn't budge literally at all. That was a seminal moment for Bitcoin in this particular, you know, cycle, you know, whatever term you want to use previously in previous cycles and previous years, if that would have happened, a cold storage hack, you know, Bitcoin would have absolutely gotten hammered. Crypto markets would have absolutely gotten hammered and nothing happened. Literally nothing happened. That was a tell. Saylor sold like 6,000 Bitcoin and nothing. Yeah. Yeah. And that was, that was, That was the market's biggest fear for such a long time, and that's what I was waiting for to actually get excited.

We got to get past the sailor. We got to have a market that's bigger than sailor. We can't have the egg man. There's also commentary about how much Sailor kind of in the grand scheme of just overall markets kind of doesn't matter. Like nobody's talking about Sailor at, you know, Morgan Stanley, Goldman Sachs and BlackRock. Nobody's having that conversation in a unique way. Nobody cares about preferred outside of us talking about it on crypto Twitter about sailors preferreds.

Preferreds are redheaded stepchild type stuff on Wall Street. They just are. Nobody issues them other than banks associated with their overall capital positions that they got to talk to their Fed and Treasury folks about. So, you know, we're all realizing that now. We're all getting up to speed on that reality. And there's a reason why Sailor is more and more and more active because he's created this little machine that he's got to keep propped up.

And you're seeing that every week. So maybe he doesn't sell Bitcoin, but he sells some, you know, some equity. But he's doing something at all times to keep that machine running. The reason why he has to keep the machine running on his end is because the demand for it has gone lower and lower and lower. and lower. And so the fact that we're having this, you know, pop with Bitcoin, there's a bunch of different reasons for it. But underneath all of it and the real power of it is again inflows. Well, what's he waiting for in terms of the revenue piece? Because I think that was a major

component here. I think utility is going to build this next bull run. And I think Bitcoin obviously has proven utility. Now it's like, why is Michael Saylor so behind the curve. as it pertains to like owning what he really is, which is a bank and being a Bitcoin bank and taking that leadership role, why are we still having to guess as it pertains to how he's planning on making money other than the... I think we have to guess because he doesn't know himself. God, that's the right. He's trying to figure out.

You know, you know that he's used chat GPT to structure all these things, as he's proudly proclaimed on many occasions. And his tweets for that matter. And his tweets. I mean, these AI generated tweets are some of the most ridiculous things I've ever seen. But, you know, I don't want to throw too much shade to sailor. He's built an incredible company where he's financially engineered his way to billions and billions of dollars. Not many people could do that.

I don't think I could do it. I don't know if we could do it. Maybe, maybe tell him, man. He looks like he might be able to do it. He's got a trusting smile. I agree. I think that his plan was to buy as much Bitcoin as possible, raise cash immediately by Bitcoin. And when the environment changed, he had the pivot.

And I think right now he's trying to financially wizard himself out of that situation. I mean, listen, they raised, what, $1.5 billion in a new cash reserve yesterday, separate from the cash reserve for dividends, this one is dry powder, but they didn't buy Bitcoin. Right? So he's selling Bitcoin in the low 60s. It's now sitting in the high 70s. He's eventually going to buy Bitcoin again. My assumption is that now he's probably raising cash to close more converts and simplify

by the structure, but we'll see. I do want to take a very, but I will say, I mean, since you mentioned the preferred, just worth noting, strategy, stretch is back to 97.21. Never in my life have I been called retarded more times than when I said to buy it in the 17th. Not you guys.

And by the way, Sata is at 100, right? So the competitive product from Strive, and I think this is important, actually, as I think through it, because Strive, this is their only product. right they they said we're closing the converts we're getting rid of all the debt we're doing nothing but you know this one preferred to buy bitcoin sailor has 97 other things you know going on and i think for a lot of investors maybe they're just going to say you know this is easier you know you

remember i don't know when these you know type of characters were out but you know the one-man band you know where you're clicking the symbols between your knee and you're doing this and some other noises are coming. You got drums on your head. That's what Sailor's trying to pull off at micro strategy. There's nine million things happening and which one do you keep up with? And there's a new AI generated walking through the jungle thing. And it's just, you know, again, traditional financial markets look at that and they're like, what is that? What's that guy doing over there? Like, yeah, okay, I got other things that I can invest in. So, you know, whether I saw it in a tweet or a post or whether it came to me in a dream. But the reality is, is that there's just

three years ago, Microstrategie made sense because it was one of the ways you could access to Bitcoin that wasn't spot Bitcoin, right? That has sent, that ship has since sailed significantly out into the, into the ocean. There's, there's a bunch of different ways to get, you know, adjacent spit coin exposure, as opposed to, you know, micro strategy. And, and he's, he's, He's trying to bridge that gap in ways that, again, you know, a bunch of different symbols and trumpets and stuff that he's got to be loud about to make happen. Now, again, to his credit, bringing stretch, you know, close to par, the other one is at par, you know, that's all great stuff.

And he's got a lot of capital to be able to do it with. But again, my guess is a year ago, whenever he had to make a move, he just called up one of the banks he works with and loaned me an extra $500 million. dollars doesn't seem like that call is real easy to make these days there's a bunch of different things that he's doing to to generate capital as opposed to simply getting the next loan associated with buy bitcoin 100%. I do want to say a point on stretch here which is you got to ask what what is the product? Why does the product even exist? And it exists because he wants to give you exposure to Bitcoin in a way that you get some of the returns from the fact that Bitcoin is an

asset that you might think will go up over the next few years, but obviously have capped downside. And I think that what happened is that confidence in that product broke because you obviously don't necessarily have capped downside, especially in moments of panic, and you can enter into these liquidity crunches. I mean, if you trade in the 70s, obviously that's not great, especially if you're looking at a 12% dividend. And that's, I think, one of the reasons why it's not back to par. I mean, one, it's cannibalized by a lot of products, but two is people realize that they can't treat this as a savings account, which is how it's been pitched. They can't just part capital in it, and and pull it when they need it.

It took a long time for stretch to get back to par. And so if you part capital in that thinking that you're just getting a dividend and when you see an opportunity, you can go pull it out and go reallocate, that's just no longer the case. And so you're actually dealing with a volatile product now. So it's actually probably not going to trade at par in my personal opinion because it has to be discounted for that for that reason. I'm actually, I kind of shot that.

Yeah, when it reaches 100 and goes slightly over, we again going to see him buy billions of Bitcoin at a higher price than he was just selling it at. Yeah. No, he's now, he's now a hedge fund, which is the issue that I think people have with it. And that's why it, but again, all of this to say, that's why it's good for Bitcoin that we are now trading at $80,000 and seller has not bought a single penny of this thing. And we have an amazing environment ahead of us. But, you know, you do have to, you do have to stay on your toes. I mean, yeah, go ahead. The reality is that the market can shift under you very quickly as it did it in the last three weeks. If we do get in two weeks a breakthrough

model from AI and companies start integrating it and productivity starts going up and Bessent doesn't feel the need to be intervening in the treasury markets, guess what? Boom, narrative shifts immediately again, which is why I personally have no interest in calling for like a six to 12 month bull market in crypto. I think you take what you can get when it's presented to you and you stay nimble. But in my opinion, the memory trade is going to come back at some point in the future and that will drive flows away from Bitcoin. And we're just going to be in this cat and mouse game where retail is on one side, then they're on the other pods and Millennium and Citadel are on one side and then they're on the other. And this is why we have a show, guys, because this is

trading. This is the best time ever to be an active market. participant. I think the thing that you're hammering on, which is very underspoken or most people don't realize is that, you know, the volatility is something that can be harvested. So if you're literally trying to just sit on your Bitcoin, you're the sucker in the room. The reason why the inflows happen is because it has the potential to give you the volatility and the depth of liquidity needed to harvest the volatility. That's a very unique value proposition that Bitcoin has given the world across a global market.

So why wouldn't they take advantage of even this last move? I think we liquidated like a couple of billion dollars in shorts. That's easy money for the big players. I mean, when you see on-chain data, you have so many things to draw from from an intelligence perspective on where the price needs to go. to find the maximum amount of pain and to liquidate as many people as possible. And, you know, that's unfortunately the nature of the markets these days. It's like the people who bet on the volatility win and the people who are betting on the

directional move have to be very patient. And if you are betting with leverage, you can't be patient. And if you're expecting to live up to some annual return like Michael Saylor is, you can't be patient either. You have to engineer your way through that. That's against first law principles. You can't engineer your way past those types of things in the

market. They're immovable forces in my opinion. We were talking before we jumped on Price Equals narrative, right? The narrative shift. Is that Kramer? He just stuck his arm in your ear. Yeah, that's right. Yeah, he did. It looked like Rudy Giuliani

right now. You all need to move. You were perfect. So price sequels narrative, which by the way, that has been the case across, you know, markets for forever. You know, 15 years ago, CNBC for like three weeks, they had this button where anytime anybody mentioned Qualcomm, they just, they would just say Qualcomm, Qualcomm. Why? Because Qualcomm was the sand disk or the micron of the moment. It wouldn't stop going up. No matter what happened, it just went up and up and up and up. Same thing with Sandiskin Micron. Nobody mentioned those stocks for a decade because they were basically dead money until they weren't.

And then nobody will shut up about it now. Now it's the trade that everybody's talking about. Oh, what's going on with memory? Memory skyrocket is, well, memories come down. Well, what's going on with the memory trade? Nobody will shut up about the memory trade, right? So, yes, price equals narrative. Same with Bitcoin.

Bitcoin did what it did, up 25% or something. thing when I hit 81K last night inside of seven days. That's meaningful. We'll all talk about it. And it'll have additional days and months where it does even more than that. The underlying theme that we seem to be talking about and we can't stop talking about is volatility, which Tillman mentioned. Volatility is everywhere. And it's going to get sharper. It's going to get edgier. And how are you going to handle it? What are you going to do? to manage your way through volatility to take advantage of it, right? Because in a lot of ways, it's a gift.

It gives you opportunities to find your way to better prices in assets that you want to hold. And it also gives you opportunity to harvest volatility, which turns into yield, which if you're doing it the right way, can effectively finance the other stuff that you want to buy in this type of environment. So it's a really, really unique opportunity. and it's happening literally everywhere in the financial world right now. Well, Jeff Park said it best yesterday. He said it paraphrased, don't chase velocity. Don't react to it.

You're behind the curve. And if you look at a VWOP, volume weighted average price of Bitcoin and you measure standard deviations of movement above or below it, we're way out there right now. Like way out there. Yeah. And so like to the point earlier, you know, take advantage of the volatility. That's probably, you never know. But I do know that physics defy that anything can go straight up forever.

Jet airplanes can't go up. They stall out. Like try to beat that notion. They can't. And so stocks are the same way. Bitcoin's the same way. And so, you know, I'd be looking at taking profits just like what was mentioned earlier. It's a prudent thing to do with asymmetric movement off of the BWW.

Yeah, I mean, you look at this. The surge, D.K., you're in by short sellers. Okay, I partially agree with this, but to your point, I think we had, and we'll talk about Bessant, I think, in a moment. But we had Bessent sort of provide the spark. We know that the historic short liquidations were the gasoline, but I don't think that explains the move from 70 to 80 and the fact that it's sustaining somewhere up there. And I think that's more about the flows and a renewed interest. in the narratives, but you do have to be careful here. Yeah, I think that this is, you know, listen, I algorithmically buy Bitcoin using Archpublic

from Tillman and Andrew, right? So listen, it sold some for me, you know, of everything here this morning in the middle of the night. And it's probably looking to buy back lower the same that it's sold. But like, I would be looking now if I was just taking a blind look at the chart. Take a look at the 200 M.A. down at 69,000 on the daily that was just broken for the first time in the entire bull market. Look at the, you know, low 70s for like the retests.

You don't actually want someone to your point, not only do things not go up forever. You actually don't want them to go up forever. Because if they go straight up, the pain that comes afterwards is almost inevitably worse. Right. Like I would love to see a constructive, slow grind now up going back in testing levels and, you know, giving more fuel on the way up. We are historically overbought here on the daily right before this move.

You know, you're finally getting a reset on some of the low. time frames on indicators. You know, I think we're just breaking out here, but you don't need to chase at 80. You might. I could be wrong. Maybe you do. But, you know. I mean, I think, I think just in general, the whole point of looking at liquidations is that you're, you're either, you want to take the other side. You want to either buy from people that are selling because they have to or sell into people that are buying because they have to. That is obviously the crux of what an inefficient market, like that is inefficiency is when people are forced out of their positions and you want to take the other side of that. And also,

More importantly, it seems like Bitcoin actually did find sellers above 80K. And so I think we're going to take some time to turn again. It goes back to the original point of flows, which is you have to understand who might buy and who might sell at any given moment. And I think that at this point, at $80,000, there are enough people that bought in the low 70s. There are enough people that were looking for a trade. And there were a lot of people looking for that breakout trade. And when that breakout trade fails, you might see a decent amount of selling come in.

And so I think you can be a little bit patient here. But when people were saying that during the first move, right, the first move above 69 for the first time, you break above that resistance level, that's not something you want to fade because, obviously, if you haven't moved in an extended period of time, there are probably not that many people willing to sell at 70. A lot more people willing to sell at 80.

That's just how it goes. So my viewpoint here is you can be patient, but I mean, also the rest of the market's looking great. You got a Zcash ETF coming out today. Literally just started trading right now at this moment at 9-30. I had it queued up. I was ready. I wrote a whole newsletter on it today.

Wall Street's about to sell you privacy. Yeah, I mean, this is the big news of the day. The irony of Zcash was delisted everywhere for being private hitting a Wall Street wrapper. Should not be hit on anyone. Right. I think the funny, I mean, the funny part about Zcash. And you have these two privacy coins, Zcash and Monaro. And Monaro is the coin that's actually used for privacy.

Zcash is the coin that's used to invest in private. privacy. And that's really the distinction. And that's why Zcash has an ETF and Manero is literally never going to get an ETF because it's literally, it is used by criminals. It's very much so used by criminals. So Zcash is not really. Zcash is kind of something that people like to buy because they like to feel good about themselves, which I do. You know, it feels good when Zcash goes up 25%. But it is something that I don't necessarily think will last forever. Well, the percent stuff in the move we've had in the last week also just happened to be right at the end of sell and may and go away. So we're going to get additional volumes happening across all markets.

August is early now. To include, you know, to include, you know, Bitcoin, you know, spot Bitcoin inflows. So, you know, we're going to last five days of August. So we're starting to hit it. So my guess is, is that we'll, you know, we'll sustain some of these prices for a little bit. I mean, if it's good, like, right. Listen, we got to, we had four-year cycles dead consensus that turned into four-year cycle is alive and well consensus, which turned into, well, if we topped in October, we have to bottom exactly on October first and then go up. And so do you think everyone's going to be right?

Or do you think that maybe the market's going to front-run those people and give them a lot of confusion and they're all going to buy whatever the local top is here, right? I don't know if it's 86, 85, 80, whatever, but, you know, the market was never going to give everybody an obvious bottom on October 5th because of a Reddit, you know, for him. By the way, it's going to now bottom exactly on October 5th and I'm looking at. Timing the market pulls there into like, you can't do it. And if you do it once and you're right and you make money, you've set yourself up for a It never happened to you.

Yep. You know, money's made between the 30 and 70 yard lines. I mean, you don't have to, you don't have to be in the end zones to make money. That's my, that's my take on it. But it is, it is funny that the way that the way that Bitcoin is trading now is really unlike any other price actions I've seen going back to, I mean, 2021. The bottom in July is, I think probably maybe the best comp for this. You sell off from 60. You trade at 30 for an extended period of time.

And then you get this massive move. off the lows, you go up all the way to 44. But then you have a 10% drawdown. You go from 44 back to 39, back to 40, and then you get a rally. And I think that's what this is setting up for again. And now the fact that this is happening end of August is great because all the guys are going to come back

from the Hampton's vacations through Labor Day. They're going to sit down to the desk and be like, did I miss a fuck, do I need to pile into this thing? It's amazing. You might think the professional investors don't have FOMO, and I'm here to tell you that is the furthest thing from the truth. they absolutely do have promo. Like, they're the original DGens, man.

Like, people think they're the only DGens. Like, it's a degeneracy has existed in markets forever. That's exactly why markets exist. I do want to talk about the Treasury thing because Druck and Miller has been on a heater just shitting all over percent, which I'm here for. But basically saying that these are extraordinary measures that we should not be doing that, we should not be intervening. The market should take care of it.

And then just as an aside from our friend, Haseeb Qureshi, said the most interesting thing was that Drucken Miller's entire op-ed for the Wall Street Journal was written by AI and everybody knew it. Yeah. Yeah, just hit rewind and play again. I mean, every time there's been some sort of intervention, there's all these experts that are against it, some are quietly for it, and then Marcus just go up. I mean, that. By the way, Dr. Miller also bought a hyper-liquid ETF right before Trump said it in a speech. Right.

Yeah. Okay. So, again, markets just go up. So it is, by the way, we miss an opportunity here. I did not know that there was a 70-yard line on the field. Obby just said the 30 and the 70-yard line. So that's something that we should be able to mean here to four going forward on this show. I don't watch football, to be honest.

I know exactly what you're saying. That ain't for me. I'm a baseball guy. Well, first of all, this entire podcast has been too serious, all right? We need a little bit of The 30 and 70 yard line for a while. You're almost saying for fat show football. Can't say that in front of tell me.

It is interesting to me the whole Zcash thing because, you know, Tyler's now tweeting about it all the time. I would like your opinion because I missed the trade because like you had mentioned, Manaro was always, to me, the better tech stack. And if you were really going after privacy, which is not something that I'm a huge believer in. But why Zcash?

Why did they do? Is it just the 21 million narrative and that it returns to the Bitcoin-centric narrative? Or, you know, why did that movement happen? Why is it happening and continuing to happen? It's literally because it's the only thing that you can buy that it has meaningful privacy attached to it. I think that's what it is. And then you have the co-law, I mean, I think Chumath tweeted about Zcash, a bunch of other KOL's

talking about Z-Cash Merritt's all over Z-Cash Winklevoss Twins have been all over Z-Cat. I mean, there's quite a few people, I'm not saying whether the Merck guys, multi-coin guys, I think, a lot of people at the same time sort of grabbed onto onto the narrative, you know, I'm not saying that there's

anything untoward about that, but a lot of very I think it's natural. The sweater and Z-Cash, yeah, when you tell Z-Cash his sweater gets higher, I think is what happens? Every $10 adds a new rung. There's a great name on that. I mean, that's, you got to buy it.

Marjorgemello rings around the same. Oh, yeah. I mean, look, it's like turtles all the way down. It's just flows, flows, flows, flows, flows, flows. That's all that matters at the end of the day. And you, okay, if I told you today, go buy some manara. How are you even going to do it? Do you even know where it trades?

Basically, trades on Binance. Good luck, right, if you're a U.S. investor. So it's kind of just you need to buy Zcash if you want exposure to the privacy narrative. Now, I do think that Bitcoin, Because of the sailor issue that we spent way too much. That's not the hour. So good. All right.

No, you've gone too far. It's too much. It's too much. He's a glass of wine. And he's got the wine. Yeah. Coming out. That's good.

Okay. I'm sorry. I didn't mean interrupt. No, the only thing I can think about is sweaters now. I'm sorry. Well, I was watching, I was watching Scott type and smile at the same time. I'm like, all right, here we go. Here we go.

That would hit different. Oh, my God. You were saying? At some point, we were talking about Z-Cash, but basically, yeah, you just, you got to, you got to buy it if you on privacy. That's a long and the short of it. Yeah, I mean, it's not, I mean, listen, it's not, this is, I find it interesting that this is not a Bitcoin-only rally to that point, right?

I mean, Zcash obviously has its own narrative that it skyrocketed on hyper-liquid went up because Trump said hyper-liquid. I think we all understand that, but the flows are not just to Bitcoin, right? I mean, Ethereum also had seen $600 million last week. I mean, not a rounding area in error into DTF. Salon-Eathefs extend gross streak to five days after a year's biggest inflows. So what do we make of the fact that there's money provably coming into other crypto assets besides Bitcoin on this move?

Well, I think, I mean, one, it's great for the markets to see that, but two, I do think that this is a bifurcated rally. You have the things that are actually good going up. You have the hyper liquids of the world. You have the salinas of the world. You've got, you know, the bit the bit of the bitcoins of the world, the Zcash is the world. Defi has done very well on this move of a aerodrome, all these assets.

And then you have all of the infrastructure L1s kind of not catch up in the same way. And that's actually a very good sign. But on the flip side, you have all of these insane runners on chain. And so what that's telling you is that the crypto market has really split into two. You have the absolute DGens that are chasing your cash cats. And then you have the actual allocators that are buying the things that make sense and are actually finally making money. And I think that's very good for the industry. And I do think that also should inform your strategy.

I mean, maybe you want a barbell. Maybe you want to buy some crazy meme coins on chain. but then not necessarily allocate to anything that isn't the top, you know, a top asset that is actually doing well right now. And that's how you play it. But what's funny, what's funny to me also is I'm seeing so many people sign up for FOMO now and pump. Everyone's, everyone's rushing back on chain for this fast of popcorn trade.

That's going to go great. Yeah, no, it always goes great. These things always go. I mean, where's WIF now? Everybody's going to become a billionaire on chain. every, the market's not a zero, some game. That was actually, I was sitting in my, in 2021, I was sitting in my living room. I think it was like November, November 2021.

And I had a couple of these guys that I knew from crypto Twitter over, over at my house. And one of them looks at me dead in the eye and says, guys, I'm worth 30 million today. I think I'm going to be a billionaire by the end of the cycle. And he said it with a straight face. And he really meant it. And at that moment, I knew I need to get the fuck out. Yeah. I too will be a billionaire. I am going to be a billionaire by the end of this cycle.

My sweater as a better chance to be a billionaire than I do. One could hope that utility would come to the space and it would be rewarded. You know, one of the metrics that I always pay attention to, but it hasn't done well for me is like TVL and really people who believe in a network. You know, that day is coming in my. opinion. I do think that, you know, the shiny object always gets the first chase. But true flows, like you've been saying, this, you know, inflows matter. And then people who are willing to park that capital there because they're getting some benefit that keeps it there. I think that really is a narrative to watch over the next few years, because AI is going to be needing to connect to a lot

of these blockchain networks and actually start to utilize the networks. And I think that's going to be kind of the, I think the amount of use on chain from AI compared to humans is not even going to be comparable in the next 10 years. I think AI is going to dwarf human interaction. Look, in order to make money, you either need to buy things that have absolutely zero use or usage at all or things that have a lot. No more sitting in the middle. You can't, you can't buy something that says, we will have, we will have usage. I promise you, we will have usage. That's, that's a game of the best. It either needs to be explicit. This is never going to be valuable. We're never going to make money. This is completely useless. That might go up. That's like what Andrew always says about that movie is like, do not make money.

Do not make money. No, no, no, no. No, no. Rezzo. That guy didn't make money for 10 years. We don't want to make any money. No money. It limits the imagination once you start making money. That's the issue. You're still going to judge against how much you're making. Yeah. All, Avi, we generally let the guests go at this point. And then I talk to these guys about what they're doing with their algos. We appreciate having you and your view.

To be honest, I have been looking past you at the water the entire time. It's lovely. I appreciate it. How many books? Thanks for bringing me on. Where can people check you out? It's in the description. It's in the description.

It's in the description, but sign up on YouTube, Thousandex Pod. follow me on Twitter at ThousandXPod. We stream on Wednesdays and Fridays, and hopefully we'll have you guys on at some point, too. That could be cross-over. I had never said it publicly, but you might have to stay on for a few seconds to upload your video. Okay.

You got it. You've got it. Like in Crazy Tuesday. All right, see you guys. Crazy Tuesday. What we were doing, by the way, for you to, right before we jumped on was watching robots to the Robot Olympics in China. Have you seen any of these videos?

Oh, yeah, yeah, it's awesome. Look at this guy, wait. Oh, that's not it. That's not it. That's not it. Okay, here it is. That's not working. No.

Okay, whatever, man. I was going to try, but we got a shitty clip. The dude is like, and then it, like, it's like 12 pounds. Yeah. It falls if it's like. Yeah, but I can see the one that broke the 100-liter record. Well, listen, our, our robots are. better than those.

When when Scott's emailing the team saying, I just sold some I just sold some, some, I just sold some Bitcoin at 81,000. I don't think I want to sell anymore. How do I turn, how do I turn to sell off? Well, D.

I want to sell them all right. Bitcoin. Yeah. Yeah, it's, you know, there it is. There's large public, guys. There's selling my Bitcoin. Yeah, that's people doing it themselves, and there's our, oh, wait, our public was coming up.

So, listen, we've had our giveaway for 30 days. It ends tomorrow at the end of the day. Two more days left. And it's been a massive, massive success. We're excited when we are able to announce the folks, well, the individual that's going to win it. It was going to be a fun time. But I will say that, you know, had our guys run some numbers yesterday, if you would have been using our tools from the time this giveaway started with just Bitcoin,

just Bitcoin, you'd be up 33 and like a half percent. I'm selling. Yeah. So, I started at the dead top. I started at the dead top. I'm in profit above cost base. And it's now selling to buy the next step. Well, that's the testimony to not doing it the emotional way, right?

We talked about it today. And by the way, just couldn't agree more with all the points on the call, I mean, on the webinar today. It was unbelievable in terms of like sound advice, you know, take the middle meat of the bone. Don't try to get out into the crazy, you know, major multipliers. That's where all the risk is, right? And that's where none of the liquidity is.

And so you look at these types of moves where you're up 30% in a very short period of time. This is where everyone gets emotional. This is why people call and why they're engaged. And guess what? If you're sitting there flat-footed in the carpool line with no automated tools, you're not reacting to the risk profile that's dynamically changed in the last 48 hours, 72 hours. If you think about like any type of rebalancing effort, it always, involves a review, right? When you go to your registered investment advisor and you look at all your

investments and how they performed over the last quarter, you're reviewing them and then you reallocate across those. Well, you typically reallocate those because there's times to take profit off the table. There's times to add position to the table. But there's always a new formula because times change. And times are changing so rapidly now in the markets where in a 72-hour window, you can see a 20-plus percent move. Well, you need tools to react to those conditions or you're flat-footed because unless you're going to monitor every single market that has volatility and try to play them, you can't be ready to respond and react. And if you are, you're reacting to a big green candle, which makes you late to the party. So these tools are

just going to shine as the markets continue to prove volatility is the only. thing that you really can count on. And at the same time, you're going to have exposure to volatility across a much wider array of assets. And that becomes a management issue that can't be done in any other way than through automated trading and algorithmic agentic trading. Cannot do it. So it's a very, very exciting time. And we've been doing exceptionally well for our customers and as a company through our growth, even in the, the bear market because the tools work in any market. Now when the market rips like this, it creates all that hard work and all that discipline and all the actions that the strategy

is taken over the last X number of months. Now you get to reap the benefits and the rewards of that at an even higher level because it's, you know, the seed has been planted. It's there. So it's an exciting time. I love it. Yeah, we have all men. of customers. So we have customers that are using our tools with $100. We have customers that are using our tools with tens of millions of dollars. And it's interesting to get texts from all different types, right? I get texts from guys like, oh, man, I just locked in this or I just did that. And, oh, boy, I just sold millions of dollars of this. And I did that and, you know, was able to capture this. And so it's, it's tools that are just endlessly diverse and can be used with our

free version for a hundred bucks, you know, on any given trade or all the way up to our enterprise clients who are using it with enormous amounts of capital. The bottom line is, is per Tillman's comments. If you're not using this tools, then you don't get to have the outcomes that Scott just talked about. Buying at the tops and you're just in misery, you can't even enjoy a 25% pop inside of three or four days because you're like, oh, that's nice, but, you know, I'm still a long way away from where I bought it at 121K. So I still don't want to look at my account. This completely changes that paradigm. It allows you to feel like the guy, you know, on the podcast that's got the cool headphones and the mic and you're like, hey, I'm, you know, I know how to do it, right?

You really end up feeling like that guy, right? By the way, I need to get a head, I need to get a set of those like I just mcglone wears it and people think he's smart actually that's not true i mean over that you need that yeah man i i need to get i need to get some of those i think i would actually so um i don't know you're going to feel like headphone guy if you use it's the best i could say you know what i mean the most common response we get from people is it's changed the way i think of markets i loved it now. I'm excited about trending markets and channeling markets. I don't even have to think about emotionally where I am and what I have to do next. It's freed up that space in my life. And then it also is a time multiplier. I mean, you're not having to sit there. It's an extension of your will

representing you in the markets all the time. And that's going to be a theme that's going to continue going forward. Markets are going 24-7. And there's more derivative products being created every day than any time in the history of mankind. So it's like if you want to take advantage of that volatility that you can count on. My dad used to say this to me. It's like there's a new train leaving the station every day. So don't get infatuated with just sitting there waiting for the one train to leave. That's what a lot of people in Bitcoin do is they just buy a huge amount all in one lump, some.

And then they just sit there and watch the train and wait until they leave. they're really happy if it leaves early. They're really sad if it takes a long time to leave. It's much better to be just looking at the tracks and which train's going to be moving that day and getting ahead of that volatility with tools. And so if you want to see it for what it is, please come download it for free. Contact our customer service division. They'd love to get you set up and walk you through the software and show you how to, you know,

program it to exactly what you want it to do. Well, it's one thing to give away a Rolex and every, you know, A lot of people want to sign up because they want to get a Rolex. But it's also a metaphor. Our tools give you your time back. Our tools give you your time back. So we'll probably do more of these, you know. We'll probably do more of these.

And we'll do so many that Scott will get so annoyed that he hasn't gotten one. That, you know, that's kind of, that's really the reason behind it. If I warn people would scream, I'd scream, bloody later, though. I mean, I'm just laughing. Somebody in the comments, it might be a bot. I just someone asked why Zcash

all of a sudden went up because it was in a nine-year consolidation pattern keep your eye on light coin it's going to rocket while you hasn't been talking I took a lot of Cache which was factually like you know made its all-time high back in

2018 or something and it wasn't this huge channel which it's at the top of but visited the bottom of that channel again I have to say I've looked at the light coin chart here man you know what would probably do a great job of cat. I don't know.

I know. I'm interested in like Lightcoin, but wow, wow. Yeah, set up an instance with Archipublic on like coin. See what happens. All right. Do it, do it. Do it. Do it. Do it. I'll do it. I'll do it. I'll do it. I'll do it. Lightcoin is fascinating. Like literally,

the guy that invented it just like, he just quit like seven years ago. And somehow it's people still talk. Charlie Lee, he was amazing. Well, he didn't put up owning light coin. Very different. He actually is still building light coin very actively. He was just like, you guys are dumb, and this is way too overpriced. And I'm a billionaire now.

Charlie's a legend. It's the greatest trade in history. This is my thing. I'm going to publicly sell all of it at the dollar to the dollar top. Extraordinary. But nimble-wimble, you know, privacy. That's a privacy narrative, too, actually, if you're, if you're into that kind of thing. the Zcash, I think, you know, the KOLs you all mentioned is probably the narrative, you know, the real reason why it's going up.

All those people have big money. And a lot of those people were the same people that were involved in Salinas backing at the very beginning. And, you know, we saw where that went. It doesn't make sense to me, but it doesn't have to, as they say, the markets can stay irrational longer than you can stay solvent. But, you know, the whole light coin thing, like if it did, God bless them, good for them. It's, it's, uh, I have zero conviction in a. I heard that conviction, light coin. I'm just saying that factually, I mean,

that chart does look very, if you're going to go back to being a chartist, we've got to get the sounds and stuff in the background. You're an air horn. Let me get an air horn. There we go. Back, baby. There it is.

Yes. Yes, we got it. We got it. On a Jamaican beach playing, yeah, yay. I made that same sound about 1230 last night. It wasn't an air horn. Let me tell you that. It's something entirely different.

Perfect. My wife was thrilled. She wasn't thrilled at all. She's like, really? Come on. I'm trying to. Cliff it, clip it, clip it, clip it. This is why the world can't take it.

Pull up the Chamath stuff again. Pull up the Chamas stuff again. Let's end this with a bang. And this is an absolute bang. I'm just going to Google it. That's what I was looking for. This is the one I was actually looking for. But look at the one where he doesn't have the wrong.

No, the ones where they talk about taking the rings off. Oh, my God. Everybody has with me out. Listen, this is why we need. Marco Rubio realized we have to get a cap. Marco Rubio. He's part of the couch. He's part of the couch.

Now we're running out. Oh, goodness gracious, man. So good. Look at this one. Really good. So good. Poplar else. We throw in the marshmallow sweater if we win.

Yeah, for sure. We've got to do it. Oh, light coined. It's, uh, we haven't, we, we keep putting up this picture, but the actual URL is Archpublic giveaway.com. It's in the description. I made sure they added it. Good job, podcaster.

Thank you. Yeah, we put it in. We put it in. description well it's been a pleasure guys um i'm gonna go watch some football see if i can punt it to the 70 see you see you in tampa in uh in october buddy oh yeah what's up with that yeah we'll give you the details it's gonna be a good time i'm together is at my house yes yeah it is at your house yeah we'll let you know about 48 hours before so emmy be thrilled about it you'll be happy about it you'll be happy about it Just in case.

There you go. I feel like we should have a sweater on the Rolex now. Like somehow, you know, we should put it on. That would be, I think there's a good marketing opportunity. Art Public, there it is. Hey. There's Scott. Scott.

I'm going to die. Here comes Tillman. I'm going to buy that right back. Hey, there goes. All right, guys. If light coin, yeah, I mean, like this, with light coin pumps, the market is over. That will be the last, high breath of the bull market. Now I'm going to be here for it, having bought it on their show.

All right. All right, guys, we got to go. I'll see you later. It's been fine. Go get yourself a Rolex. Let's go. Two and five Canadians will hear the words you have cancer. That's why every step.

and dollar-raised matters. On September 19th, join thousands in Toronto for the Princess Margaret Cancer Foundation Walk. Challenge yourself, friends, and family to walk 21 kilometers in support of life-saving research. Together, we can carry the fire

and help create a world free from the fear of cancer. Register today at pmcfwalk.ca.ca.