The Wolf Of All Streets - Bitcoin Tanks As Whale Sells! What's Next? w/ Grant & Gary Cardone

Episode Date: August 25, 2025

Crypto Town Hall discusses the recent high-impact events in the crypto markets, especially focusing on a massive 24,000 Bitcoin market dump and what it means for Bitcoin's price stability and the broader market. The panel, comprised of regular hosts and several guest experts, debated the effects of Federal Reserve policies, the implications of the government acquiring a stake in Intel, and the evolving strategies in both macroeconomics and crypto asset allocation. The conversation also covered rate cuts, the role of sovereign wealth funds, and whether current Bitcoin and Ethereum levels are strong buy opportunities given recent market absorption strength. The goal was to untangle the weekend's events, forecast market directions, and get the panel's real-world positions and sentiment about buying at current levels.

Good morning, everybody, and welcome to Crypto Town Hall every single weekday here on X at 10.15 a.m. Eastern Standard time. We've had an interesting weekend to say the least. We just unpacked it on Macro Monday with Dave, who is not here, he's on vacation. He showed up because he just had to talk about this whale selling 24,000 Bitcoin since that's very much Dave Weisberger's wheelhouse. But we had Larry Lepard. Also, James Lavish, Mike McClone, and it's pretty wild. If you look at this story, we basically had a whale just market dump 24,000 Bitcoin on a Sunday and low liquidity in effectively, you know, a couple clips. Market orders just selling off, you know, two-ish billion dollars worth of Bitcoin. Apparently the person still has $17 or $18 billion more worth of Bitcoin, which is just astounding. But clearly, you know, in context of this happening. and the Fed last week and market open, well, we've got the end of August, which is generally down. There's kind of a lot to talk about with what's going on in the market.

Bitcoin right now, though, back up at $112,000, which everybody knows is what we would view is very strong support here. Kind of been ranging from 112 to 123. Let's just take it to the panel. What do you guys think of this Bitcoin seller, 24,000 Bitcoin at one time? and if it means anything significant for the market. Don't have the biggest panel. You guys are going to have to help me out and just jump in. Go, Mark.

All right. I think it means nothing. I'll go to Lynn Alden's post. Even before the Jackson Hole speech was over, because I think she read it ahead of time, that nothing stops his train, and Powell knows it. So they had him, she had a picture of him riding off into sunset or the, the guy from Breaking Bad, riding off just like Jerome Powell.

And that was the main takeaway. He's changed how they look at things. Now they're using the Taylor Rule, which is left for dead. He switched to Gold Post out, didn't even move him. The game's changed, and it's duffish and it's printing forever. And, you know, you take what he did there, buying 10% of Intel. Please help me out, panel, if that's ever been done before. Did they buy it?

Or was it gifted? They're going to, it was it gifted? Yeah, it's definitely free. Yeah, free. Free. So has that ever happened for in non-war time or even during war time? Well, in China. I wonder if we'll see crypto companies start giving like 10% their tokens to Trump,

like they used to do with Italic and things like that. You remember people would donate. They'll give it to him personally instead of the U.S. government. Yeah. And then have him tweet about it. That'll be the funniest time. If he tweets about it, if he gets like a small share of some new shit coin. The greatest carry on.

history. Look at his mean point. Yeah, thanks. Thanks to the coins, fellas. And then the last one is Bo Heinz, I think, you know, being a coordinated move to go to Tether. And if you probably already talked about that. But those three things just show me it is grow baby grow. It is inflation because no one's in charge. The U.S. dollar is not in charge and and deficit spending is alive and well. That's how I'll kick it off on on recent. events back to a longer theme. Intel, the Intel story is wild, probably deserves an entire show of its own. I think we did dig into that further.

I want to talk more about Bitcoin. I mean, it's sitting literally cleanly, right on $112,000 right now. Like this is, you know, and if that's as low as this goes, it's just massively bullish. I also thought that the fact that, you know, he sold 24,000 Bitcoin, a price point, correct me, you know, 14 to 10-ish. I think it was a $4,000 drop in a matter of minutes, but bounced right back and very quickly was back almost to where it started. I mean, you had Bitcoin close the day at 113.

It opened the day at 115.5. So even on a Sunday with somebody selling that amount into the market, it was immediately absorbed by clearly sitting orders there because people weren't probably actively watching on a Sunday. So I thought, you know, that that looked actually pretty bullish to me. But go ahead, Carlo. Good morning, Scott. well morning carlo first off uh you see that dip you buy that dip i mean i i love the sunday flush

and uh it spilled over into monday you know i called it live on friday and the receipts are there i predicted the exact opposite of what powell was going to do i thought he was going to continue to dig in and resist and i thought that that was going to be his legacy that that was the hill that he was intended to die on i thought sure we're going to get a rate cut in september a modest one but we're going to probably have a prolonged delay, and the banana zone would kick in after Trump installs his own Fed chair. And you talked about it this morning on your show. And I think we can all agree that that is pretty well programmed, regardless of what follows the September cut, I think we know that there's only one tool left in the box, there's only one lever to pull.

And in May, when we do get a new Fed chair who's going to be more in line with Trump's agenda, we're going to probably see aggressive rate cuts, and that's going to be a good thing for risk assets and for Bitcoin. So I called it wrong, but I still had capital deployed and took advantage of the fact that we gave it all back from Jackson Hole to Sunday, gave it all back and we're right back to neutral. And I think my prediction will stay choppy between now and when people actually see a rate cut in September. Yeah, and that's the best point. It's one Dave has made here consistently, as was mentioned on Macromoney this morning, it's so impatient and wild that we deeply animalize every single Fed comment and the potential

rate cuts at this moment in time because we literally know exactly what's coming when Powell is gone. Like, you know, we're Bitcoiners here. We're supposed to be zoomed out and worried about what happens in a year, five years, 10 years, forever, but we're worried about what's going to happen in two weeks. even if Powell makes it all the way through and doesn't make a single cut, we know that Trump's going to get exactly the kind of person he wants after Powell

and we're going to see a massive rate-cutting cycle. It's coded. It's totally coded. For better force, right? I'm not making a value judgment. It's just this is the most telegraphed play in history. And they've been setting us up for it for months. They're like greasing the wheels. Yeah, so go ahead, Rudolph.

Sorry, try to get the mute button there. But on the basis of the rate cuts, I want to actually ask a question to you guys, looking at the data, historically after each and every rate cut, there's a very short period of, excuse me, very short period of the market rallying, being bullish, that's typically followed by a heavy recession and a pullback. What's your guys take on that, that we managed to get? this off landing because everybody wants the rate cut now everybody wants old season everybody

wants a little bit more boom market but what's your guys take on on that because that's the data that's the trend and the way it's been since forever mark hey thanks yeah is that uh rudolph yes rudo that's like a version of rudal hey ruddo uh i'm like i guess i would say this is more like on the economy since 08, I would have what a statistician would call a, is it a Garch's approach waiting the more recent data? Our recessions have not, if they have followed a rate cut, they've been short. The recession since 84, if you were born in 1984, you've lived in a recession 7% of your life. From 1930 to 1980, you're in a recession 35% of your life. We just don't have recessions, and if we do, they're short.

So I don't, if we do have a recession, it won't hurt the assets. It'll hurt wages. It'll hurt some industries. And then we'll recycle with more support on the fiscal side. So I don't see that changing, which is why, yes, you're right. We may have a blip, but it won't be impactful for anyone in Bitcoin or owning assets, I think. Rudo, can I answer your question? Yeah, fair enough.

Let's see how it plays out. Look, I'm a technical analysis, so I tend to take things level by level. So for me, it doesn't really, you know, impact me that hard. But, you know, I tend to believe, I'm a firm believer in the trend is your friend until it bends. And, you know, there's no real data saying that the pivot needs to happen and there's it needs to be a recession immediately, but or a crash in the markets. but there's typically after that has been, you know, a correction. And I think you said it nicely, well, I can take that as a good answer.

Thanks, my friend. Dan. Yeah, I think to give a bit of a different view, the establishment hate Trump. They hate him. Everybody hates him. And I think Jay Powell is at pains to do these rate cuts. He's really at pains at rate cuts. and I think he's holding off as long as he can

I do wonder if now that J. Power is turning the corner and he's starting to consider these rate cards and he telegraphed it in Jackson Hall and this kind of stuff, I wonder if the data's really bad. I wonder if we're already in the start of recession and that's why things are breaking apart. From what I know in the Fed, I have a friend

that works at the Fed for a while and he says from his people there that there's a bit of a mutiny at the Fed against J. Power the moment. A lot of people, low-level people, don't really like him, are not following his orders and things like that. So I don't know, take that with the grain of salt that I received it with. But, yeah, I wonder if Jay Powell's cutting it now because it's really bad because I think they didn't want to cut it and give him an economic boost. But I wonder if now they're doing it because they're really forced against the corner.

The jobs numbers are pretty bad, all that kind of stuff. Don't know. Don't know. But that's when they're supposed to cut, to be fair. Like, listen, they use lagging data. That's always been the criticism, right? Is that it will be too bad by the time they cut or something like that. And we know that we had transitory, quote, unquote, inflation on the way up.

But, I mean, Powell, to be fair, I guess, not to have a Powell fan by any stretch. But he should cut when things are bad. That should be the catalyst, right? Shouldn't cut when things are good. Yeah, I just wonder if they're worse. I wonder if they've been trending bad for a while. and he's allowed him to get very bad before he does the cut. Right. Out of stubbornness, you know, he clearly didn't want it.

We saw when they were looking around that building site and Trump was giving him a bit of a ribbon about the numbers and he's like, what are you talking about? I just wonder if the data is worse than they think. I don't know. I'm not a conspiratorist. I know some of the guys on here, they go in for the conspiracies. I've never really been in for that. But I wonder if it's worse, you know, if it's worse than we take this. All right. Let me, let me, anybody also have specific thoughts on the Fed here? Before we move, happy to keep entertaining this, but also happy to move on. So I'll ask the most important question. Gary, you and I were talking about this top of last week, or the last week, I think, on Friday.

I just want to know from the panel, views on the market, money where your mouth is. Are you a buyer at $112,000? About micro strategy Thursday afternoon at 338. Yes, I am a buyer. The Fed is dead. it doesn't matter what he does he's completely out of control i love what mark said recessions are completely out of the dictionary now they're not allowed they're illegal um look i think what you know trump buying a grabbing 10% of intel is a big deal that's a big

deal i don't think it's the last deal either intel's basically hey i'll give 10% of my equity away to have you as a client and i think you're going to see more of this you're going to see more of companies. And I actually support this. This would probably be a really good debate or discussion. Look, once we decided we were not going to globalize, once that whole COVID-19 trap fucking imploded on them, we have multiple markets now, a polymarket, and every player that's competing with the United States is nationalized for all practical purposes. China, India, Pakistan, Russia, all of Europe. I mean, I think this is where this is headed. And I think Americans are going to be like, whoa, whoa, what are we doing? Like church and state has been

completely combined. But I do think that's where we're headed because it's just going to be, you're not going to survive as a small guy in the global, a global market like this. I don't think. Yeah, I think the issue there, though, is the free market, right? You can't, you have to Imagine Intel is going to get a tremendous advantage being owned 10% by the government. Well, they're going to get huge contracts, right? So, and quite frankly, that's better than the U.S. government spending money with a shitty contract, which is what we have right now. Yeah, I'm actually, yeah, I find the idea of a sovereign wealth fund that was floated months ago by Lutnik to be really, really interesting. I wonder structurally how this works.

Is this effectively the beginning of a sovereign? Wealth Fund, and it just hasn't been stated as such yet? I think they're trying to, they're doing things inside what they already have budgeted. So if you really look at what they did with this, they fit the Intel deal under two contracts that had already been blessed. But they had not been given the Intel. Yeah. So they just buried those deals in there. And Intel should benefit as a shareholder.

And it's symbiotic. U.S. government wins, Intel wins. U.S. government wins. That's much better play than just throwing the money into these vendors. Yeah, I was going to say it's in the budget because it's free. Yeah, exactly. Yeah, well, it's been allocated. Mark.

Mark, I think you lifted your mic there. Can you guys hear, Mark? I cannot. No, he's muted. Yeah. Hey, guys. Okay, there is. You never know in this in spaces whether someone's talking and you're just not hearing it. Go ahead, Grant. I mean, go ahead and Martin. You always give me an out, Scott. I appreciate that. That was an own goal. I was going to go take the other side with Gary until you said when you were talking about, look who's rising, China and India and it's centralized and its government sponsored. You're right. If we tried that with spending, we would have the even more of a civil war because of our. quality of life and the and the siphoning of cash away from the support structure at our much higher you know income uh levels or uh gdp per per capita but what what was done with intel

which was a gift what you're saying is you know there's maybe tax breaks i don't know that's different and that actually has plausibility it's crazy the trial balloons that are going on and And it just underscores the frenzy and the anxiousness of the U.S. government for good reason about, you know, the loss of its unipolar power and the rising of, you know, China and India. So I agree about a non, what they say, a non-budget impact investment. It's crazy. Does anyone know what Intel got for this? So the power of the United States government. They got these two contracts, Mark.

I'll try to, I'll find. Okay, got it. I mean, there are two, look, there's contracts. You can go into the U.S. government. If you can solve a problem, they will give you a contract called indefinite quantity, indefinite time. It's IQ, ID, you know, how they give it all these acronyms. And literally, you just go in and you know what the minimum is. You don't know how long this contract's going to last, could last 30 years.

And it has an unlimited value. you want it um so i think i'll try to find the post but it's clearly two contracts that they intel acquired with this transaction thanks tom and uh tom and adam yeah i think so sovereign wealth funds are for nations that have net surpluses usually through natural you know commodities whether that the oil or natural gas or whatever. And these are shared resources by the nation. I think it's really a tricky situation when you have the U.S. government saying publicly traded equities are national strategic resources that we should invest in and then effectively play Kingmaker for some of these assets and crowd out public market competition because they have a vested interest in these

individual equities or businesses. And this is exactly what capitalism was made to kind of push against in terms of, you know, creative destruction and bringing new and interesting startups to, to the space. So I think it's really dangerous territory if we keep going down this line personally. I mean, right now it looks good and then it's great because we all care about chips and we think that's a new and interesting commodity. But I think it's a super slippery slope. bro yeah exactly tom i i mean i appreciate gary's point it's like this is kind of the way it's going

so let's get in front of it and encourage it and stuff like that but at the end of the day what you're doing is just basically saying hey let's nationalize every every company in the u.s make it a symbiotic relationship i almost i almost vomited my mouth hearing that um you know just having worked with u.s aid for years and you know these you know never ending contracts We joked in the office that it took us, you know, half a million dollars to distribute $50,000 in aid. Like if that's the way we want to go, it is a terribly slippery slope. And, you know, you're basically saying this is the only way we can beat China. And I just think it's the wrong way to approach it.

I think we can beat it with free market and real capitalism and get away from this basically a grift, which is like, okay, now we're just going to make it transparent and open. on how you're going to gift part of your company to the U.S. government. If that's the case, well, yeah, let's open up the wallet addresses. I got a bunch of, you know, crypto companies I work with. We can start donating tokens, too, and just basically pay for play. I mean, that's the road we're going down. I guarantee you that there have been token guys, and I won't mention any names. Oh, it's already happened, bro.

Here's $4 billion. Absolutely. I mean, I've been offered free. I mean, stuff. 100% dude 100% I mean we already saw that with the Trump so through world liberty financial let's remember that there's you know it doesn't have to be to the government but obviously yeah hey I just want to respond one thing Adam said Adam you said the premise is that we have a free market and I'm going to suggest bro it's not no no no premise at all there's zero free market right now there's no free market yeah we agree the only way this game ends up happening right like you can't if we I know it like I hate it Because I am a, like, leave price alone and the market will actually work. But we have interventionists, and I don't see how the U.S. government doesn't do more of this. If I'm a broken company, and I think there's a lot of fucking broken companies, a lot.

They're just hanging on. Hell, man, I would probably have somebody inside the government looking through companies. Which one of these guys could we take and turn into a, a beast. Now, one of the ways they could work around this Bitcoin thing, why couldn't they go to the Intel and go, hey, look, we'll take a billion of this, but we want you to start putting Bitcoin on your balance sheet. So they do a workaround. And by the way, a sovereign wealth fund when it was first discussed, a lot of people pointed out that could be a way that they could buy Bitcoin without it being on the, you know, coming from other budgeted areas.

This is an investment, basically, depending on what the allocation is to the sovereign wealth fund, you know, in total, Bitcoin could be 20% of the sovereign wealth fund, right? What happens next when foreign companies start giving some of their shares to American comfort, to the American presidency? What was when Qatar starts handing over some of their stuff? They're doing it to American universities instead. I guess the only positive thing would be that it would be transparent in some sort of way. At least we'd know who's gifting the money rather than like close behind closed door deals being

done? I mean, in theory, if it was like completely transparent, you know, I mean, I hate to say it, but it could be a better system than the system we currently have. Yeah, I want to talk a bit more about Bitcoin here because it is at a key level. Gary, you said you bought micro strategy, you know, I bought Bitcoin at 112 for full transparency. I don't think they'll fail, but I'm laddered all the way down to 88. I've got buy orders in, so I would love to see a bigger correction that we're getting. But I would love everybody else's opinion here. I mean, Grant, obviously, you're publicly on the books. You bought $1,000.

You're buying more. I think you were trying to get up to $3,000 this year. Is this a level you're interested in how you're approaching it? Not sure you heard me. Tom, what do you think? Oh, yeah, there you go, Grant. Can you guys hear him? No, no, anything.

Nothing. I don't know if Grant was in the, yeah. Yeah, I don't know if it was in the shower or in some sort of rainforests. Oh, it was Gary that had the rain, and I was going to make a comment that I know that Gary is sitting outside this house because we live a couple miles apart and it's pouring. I know exactly where Gary's sitting right now in this show. Totally, dude. I'm smoking a cigarette watching this awesome weather. It's been an awesome 10 days of just nice storms.

Hey, let me just, maybe I can help answer the question. I think once you start on this strategy of buying Bitcoin and, putting it on a balance sheet in any way, whether it's private or public, private is probably a little bit easier. But I think it doesn't matter where the price is. I mean, you just keep stacking and packing for this strategy. Look, look, and on the price, I don't know why anyone would be, like, if I'm a new guy in this market, and I see 24,000 Bitcoin sold on a Sunday two weeks after 80,000 were sold.

and I can't get it below 108, dude, I love this fucking price. This is a beast. I mean, we go to 123 very fast, I think, once all this noises out, and I don't think it's going to last two weeks. I know we're all waiting for the summer to get over, but it feels like it's coiled up, man. Even some of the alts are like the miners are moving, micro strategies back above where it was Friday.

So, or near that. So, uh, look strong to me, man. Um, yeah, I agree. I think what you're seeing here is the digital asset treasury effect here and that any dip is then tewopped into by these larger entities. I mean, if you look at any of these rises besides the, the Powell, uh, you know, Fed pivot, you've seen a pretty steady, steady, um, rise in price. So like, look at EVE.

this morning from whatever it was a few hours ago, three, four hours ago, wherever your local time is, and then just a steady climb up. It's been doing that the last few days because all these guys, and same thing with Bitcoin, have just like slugs. They're willing to throw in and have the ability to throw in from raising these money at the money shares and then purchasing each of these individual assets. So I think you just have a really strong floor from all this capital. It's sitting on the sidelines right now, and their express purpose for each one of these digital asset treasuries is to buy those native assets so any dips they're going to get they got to buy grants are mike working yeah yeah i think it's working hey why a i's here but i can't

keep a good signal um why would somebody dump this weekend and last weekend and why on a sunday night rather than waiting till the volume's up yeah i mean the all i could manage in the conference earlier with Dave Weisberger, and he runs coin route, so he actually sees a lot of this price action. It was definitely effectively a market dump. So the question is either, I guess there's a few scenarios. One is their idiot. Two is accident, like I guess a fat finger, but three, which he thought was the most likely from looking at it, is that the person has either a short leverage position profited massively from, you know, a $4,000 quick drop, or they want to open a leverage long position sold the market down to their positions and built that up on the other side. But that's

literally illegal everywhere. It's not so illegal in crypto, but if you did that on a stock, you go directly to jail, do not pass go. So it's the dumbest possible way to sell. I mean, they could, you know, sell slowly, it could hire somebody, but to just dump it is ridiculous. And as you kind of said, on Sunday is the dumbest time. You could possibly do it at the end of August, even being the thinnest folks that we have. So it's pretty wide. I mean, you can't think the first piece is that he's dumb is you've got to kind of throw that one out if he's got 24,000 Bitcoin. He's got $17 billion or more worth, by the way. So they know exactly who sold it.

Well, they can see the wallet, right? So they don't know who it is, but they know the entire size of, I guess, his position, which was about $20,000. The most important part of this, so whatever the reason was that they did it, let's assume he was an idiot or he tried to shove the price down so he could make a bunch of money on a, on a shark. The price held extremely well. This is awesome when these people do this. Okay. There's literally been a hundred and four. Very small, uh, timeframes.

And we've had a three percent retracement. Wow. Yeah, I mean, the strength is incredible. I mean, Tom laid out the clear consensus, which is that even if you sell 25,000 into this market, there's just bids and there's endless bids. I mean, and we have more transparency on that than ever before because we have these treasury companies sitting on multiple billions of dollars that haven't bought yet are looking for the approval to do so. Yeah, go ahead, Mark. yeah i i love first of all scott how you said it's it's even uh bad for for crypto when you said that kind of action it would be bad it would be illegal in stocks and it's even bad for crypto

just shows you that we still have some bad actors i think it's a proper testament to some of the you know transparency or lack of it we have as far as the 24 000 it given that it only went down a hair could it have been a transfer by someone doing like can add them back by committing money to a Bitcoin treasury entity and having to do a third-party transaction, meaning it couldn't be a direct transfer. They went to the market and the market bought it. So it was an arm's length with some slippage. Because I think that the Bitcoin Treasury company and the little window I have. But still, they could have gotten a better price, right? I mean, it doesn't, like unless it had to be done, you know, we're doing this deal. It's got to be

done in an hour. There are more holes in my argument. But that's, as far as where the demand came from, you know, that's the only thing. Why would someone else, as you said, sell 24,000 now unless, you know, their spouse found the most beautiful house in Hawaii that they finally wanted to buy? I don't know. I agree. But that's my thought. It's just the transfer into a Bitcoin treasure company, but the slippage makes no sense. Agreed.

And here's the other part, just to poke maybe a slighter hole in that, is that it's that. if you're transferring to a Bitcoin treasury company, these guys are usually doing it to be tax efficient or to gain some kind of premium, listen, I don't know what jurisdiction he's coming from, so it may not be an issue. But to market, sell it, make less money, have the taxes on the entire sale and then fund in dollars, it would be a pretty brutal way to go about this, in my opinion. I would bet you this is an offshore guy put a monster short short on. Yeah, that's what I did. The fuck out of that thing.

I was going to say when you're saying, and then you find that's in it and Sunday afternoon is the time you can move the market the most because nobody's city with their debt. When you're saying this is illegal, even in crypto, I'm sitting here in Asia going like, you got you. That would not be legal. See, this is a global market now. Yeah. It would not be legal to do that. In America. In America. Sure, it wouldn't be legal in America.

Some parts of Asia that I've been around, what stuff when goes off on that on a Tuesday? I got to tell you, I would do. do this in a heartbeat. This market is going to allow us to do this. You most certainly are going to have it. For people that are hoddling, you should be very comfortable. People are able to push the market around in an hour or two really impact it, but the impact is only three or four percent for a very short period of time.

So, like, for an immature market, that is so healthy, man. This thing should be gaping all over the place and it's not. Yeah. The balance was really encouraging, but then obviously that was kind of filled up overnight and into this morning. But it feels like we're just trading sideways at the end of August. But back to the question to the panel, like, are you guys interested in buying Bitcoin at 112? Absolutely. Absolutely. This is a cool, you know, we talk macro. We talk what ifs 18 months ago, late 23. We put out a piece when I was at 3 IQ calling for 250 at the end of this year. And the news has only gotten better. We're far away from it, but I am not removing that midcase for Bitcoin at the end of the year.

You can't because of the coiled spring because of the nature. It may be March, but yes, I think this is an unbelievable setup positively, and people will be shaken out and they'll be very unhappy if they are. Bruno. I have to say, stay above 104. I can say, yes, absolutely. But there's one thing I just want to put the counter argument in. When you buy something, especially when you're getting into Bitcoin, for an example,

you want to use fundamental analysis, what we're doing now looking at where it's going to go, plus technical analysis to measure the risk. When you want to take profit on something, you can only use technical analysis, because the fundamentals will always remain the same. They will remain good. You know, so previous boom markets, you had Bitcoin still being Bitcoin, still being good, and then you had Bitcoin retracing 70%, 60%. So if you're trying to get more Bitcoin,

now is also a good time to start selling some of that so that you can put the money aside to buy the incoming dip. And, you know, these stops tend to take a little bit of time. We find that Bitcoin tops out, three months later, the alts start topping out. Then only real bear market. Complacency takes time. So yes, stay above 106. Bitcoin is a but as soon as it starts moving below that,

the strong berries divergence divergence is going to take effect, and we're going to see a prolonged retrace. Anyone else? 112, you like it. Mark, I know you like it. Gary, I know you like it. grant i think you probably like it uh what do you guys uh everyone else what do you think i'm just trying to get a gauge here for where everybody's sentiments actually stands on this panel because you

when you go on twitter obviously have a lot of people bull markets over it's going down want to buy much lower and then there's the uh you know 250 000 by next week people so yeah i think Well, the, we're at the part of this asset class and that this little small crypto, Twitter community, unfortunately, does not matter for big macro assets like Bitcoin and Ethereum like it used to. Now you've entered the real capital markets where you're having big traders actually put positions on in these assets. And your digital asset treasuries are part of that. ETFs are a part of that. You know, capital allocators that are following along Tom Lee and others are a part of that and you know these people who are going to put on billion

dollar trades are not people who are going to be ship posting on on ct anymore so like for these major assets i don't think it matters at all what what people on twitter are posting anymore these are and it's really simple like flows over people's opinions and we have the flows for bitcoin for eith and you just saw salana another billion dollar treasury vehicle being announced like that's what matters Parlo, I thought you had your hand up before, but I'm not sure. Maybe you were just high-fiving and fist-bumping. Oh, no, I'm buying it all day at 112.

I think it's a great entry. And there was also some sort of rumors that, and I have not seen the evidence of this, there were other whales I know that were dumping Bitcoin to buy Eath, but some people were saying that this whale was also buying Bitcoin to buy, selling Bitcoin to buy, I believe it was on look on chain. Has anybody seen that? There's clearly, I saw it. I did not confirm it. I also heard rumors about B and B.M.B. Binance, you know, their wallets were empty moving ETH. I think it was $2.2 billion sold in Bitcoin and then 1.6 purchased in Spot Eath and then like $5 or $600 million in Perps long Eith on hyperliquid.

Oh, was this like, forgive my ignorance, but can you tie those to the same person? Or is it just, could be coincidental? Same wallet, same person, verified by smarter people than me. Oh, looks on chain. Yeah, it was the same place. Okay, so they definitely, so it's true. I mean, you can see it. What does that mean for Eif?

Does that make you guys buyers for Ethereum here? Where are we at? 4651. I mean, Eif got like a hair's breath away from 5,000. Yesterday, two days ago. I didn't remember it this way. Yeah, yesterday. now trading of 4650. So does ETH feel like it's at a good price here, Tom? Every day, ETHs under 10K is a good day. I think... You and I've been saying that for like

years, by the way, so I don't want people to think that's a new sentiment. We took our beatings repeatedly on YouTube for that comment. Oh my God, yeah, for a while. But I mean, like the fundamental story has not changed. I mean, the story that has changed is just these flows, right? I mean, you have Tom Lee trying to buy 5% of Ethereum. He has the at the money offering to be able to do that and the toggle really is trading volume, which he has. So he could sell his shares and then buy more Eath. So he's been doing four to five billion a day. And, you know, he can sell four, 500 million into that get cash by ETH pretty easily. So that continues great. Then you have Joe Lubin shop doing the same thing. And then ETH Zilla and all these others are looking to get five percent

of Ease. So it's a big rush, right? I mean, you look at the numbers on how much ETH is left on exchanges. It's 18 million, you know, roughly nine hundred billion, I think, in terms of, or sorry, $90 billion and how much is left. So, hey, there isn't that much out there. So, you know, this is what causes short squeezes and quick price action is, you know, people try to pile into an asset where there's not much supply. So I'm bullish, but I've been bullish for a while. So you can ignore me.

Mark, yeah, you were jumping on. Yeah, I think near term, it was like, you know, Dave said a while ago, he's not an XRP bull, but, you know, when it was a buck 80 or two, he said going up higher he wouldn't get in the way of it i think xrp is the same way i'm not you know that's that's not on my uh i'm focused on bitcoin but as far as a stable coin game that is for real and it's going to involve uh ethereum and i think how that plays out it's going to be definitely more upside than downside from here from a fundamental standpoint and then you know But we just heard about the supply demand.

But just from a fundamental standpoint, the stable coin dynamic is in early innings by a lot. Yeah, I agree with that. It would just be interesting to see if Circle and others create their own chains to capitalize on that, rather than doing it on the current blockchains where they're deployed so heavily. But the only time will tell how much demand there is for that. I'm also kind of having these spidey senses that Solana might get a nice run soon, but that's just sort of my gut. It looks a bit bottomed out against Ethereum,

so maybe it could kind of become the darling here as the Treasury companies on that side ramp up, some of whom I know. But yeah, guys, I think we covered basically everything we had today. So go ahead and wrap it up, everybody in the audience, give our amazing panel a follow, a high-five, a heart, whatever you do on the Internet to make people feel good about themselves. I don't know.

I don't know anymore. we will be back tomorrow 10.15 a.m. Eastern Standard Time for another Crypto Town Hall, Gary Adam, Dan, Carlo, Mark, Rudo, and formerly Grant. Thank you guys for joining. See you. Thanks, Hull.