The Wolf Of All Streets - Bitcoin To $200K? Ethereum Demand Shock: Will ETH Explode?

Episode Date: July 24, 2025

Will Bitcoin break out to $200K and is Ethereum on the verge of an institutional demand shock? Bitwise CIO Matt Hougan joins us after the SEC’s surprise pause on their broad crypto ETF, while Edan Yago breaks down how Bitcoin OS is rewriting crypto infrastructure. From treasury moves to tokenized money markets and stablecoin legislation, this episode covers the forces driving the next wave of crypto adoption. Matt Hougan: https://x.com/Matt_Hougan Edan Yago: https://x.com/EdanYago ►► JOIN THE WOLF PACK - FREE Telegram group where I share daily updates on everything I'm watching and chat directly with all of you. 👉https://t.me/WolfOfAllStreet_bot ►► JOIN THE FREE WOLF DEN NEWSLETTER, DELIVERED EVERY WEEKDAY! 👉https://thewolfden.substack.com/ ►► Arch Public Unleash algorithmic trading. Discover how algorithms used by hedge-funds are now accessible to traders looking for unparalleled insights and opportunities! 👉https://archpublic.com/ ►►TRADING ALPHA READY TO TRADE LIKE THE PROS? THE BEST TRADERS IN CRYPTO ARE RELYING ON THESE INDICATORS TO MAKE TRADES. Use code '10OFF' for a 10% discount. 👉https://tradingalpha.io/?via=scottmelker Follow Scott Melker: Twitter: https://x.com/scottmelker Web: https://www.thewolfofallstreets.io/ Spotify: https://spoti.fi/30N5FDe Apple podcast: https://apple.co/3FASB2c #Bitcoin #Crypto #Investments The views and opinions expressed here are solely my own and should in no way be interpreted as financial advice. This video was created for entertainment. Every investment and trading move involves risk. You should conduct your own research when making a decision. I am not a financial advisor. Nothing contained in this video constitutes or shall be construed as an offering of financial instruments or as investment advice or recommendations of an investment strategy or whether or not to "Buy," "Sell," or "Hold" an investment.

Bitcoin is headed to $200,000 and there is an Ethereum demand shock that will send it higher. Not my words, but those of today's amazing guest, Matt Hogan. We're going to talk about that. Everything happening a bit wise. And, of course, everything happening in markets and the news with myself, Matt and Yago, of course, sharp guys on the back half to break down the charts and what's happening in the

markets. Let's go. Everybody loves big price predictions, but I think people are actually starting to believe them. We've got Matt and Iago here. I mean, Matt, you're like Mr. Media, like a spokesperson for crypto at this point. But first of all, I asked Chachi Bti, I asked Rock, well, I asked Matt Hogan, he said Bitcoin to 200K by the end of 2025. Here you are in Cointelegraph. Bitcoin supply crunch boost confidence in 200K targets for 2025.

Bitwise CIO. I don't know if I should ask you about the target or the fact that Bitwise is now a pudgy penguin. Well, there is that. I mean, that's an important statement about the future of where we're going about alt season. It's a good looking penguin, too. I mean, very, I mean, that is a very distinguished. Yeah, that's right. You're going to be a penguin. You want to be this penguin. the predictions, we try to make ours measurable bitwise. That's one of the things it's a little scary, but I do have a high degree of confidence we're going there there is this supply demand shock in both Bitcoin and Ethereum. And I didn't study that

much economics, but I know enough that when demand is five to 10x supply, the price tends to go up. And I think that's just the story in crypto right now. Yeah, I agree with you. Obviously, this is one of those times where Bitcoin went up and you didn't have to figure out what was happening in the macro or have a long conversation about inflation and tariffs. You just could go look, these Bitcoin treasury companies and Sailor are buying this stuff a billion at a time.

And that's what's happening with Ethereum too, right? I don't even actually, I haven't tracked whether Ethereum treasury companies are actively buying yet or whether it's just a whole bunch of announcements and they're waiting to convert. But clearly the idea that they are has sent these things flying. I mean, Tom Lee's token went up 3800% in five days on the idea that they were going to buy Ethereum and I'm pretty confident Ethereum is never going up 3800%. Like in. I think they were betting that Tom Lee would go on CNBC and say Ethereum is going up 3800%, which is probably true.

I mean, look, you've seen Ethereum price targets take off. It was hard to find someone who's bullish on Ethereum a few weeks ago. Yes, you were, credit. I was, yes. Insistence, taking the pay. Even Yago, you know. Yago, there you go. So the few, the proud. But we saw Arthur Hayes come out with $10,000 by the end of the year earlier this week.

There is a demand shock. I mean, I wrote about this on Twitter. Since May 15th, companies and ETFs have bought 32x the new supply of Ethereum. We love to tie ourselves in knots. Is Ethereum driven by discounted cash flow? Is it a store of value? None of that matters if these two forces are buying 32 times the supply. So I think it's as simple as that. I think it's going to continue.

We've done 4.4 billion in inflows into ETFs this month. Yeah, there's my Ethereum demand shock. I just want people to see it there. We've done 4.4 billion in inflows into ETH ETFs this month. Yeah, there's my Ethereum demand shock. Just want people to see it there. Again, people overcomplicate these things. You can tie yourselves and not. There's the chart. Yes, look at what happened to Ethereum ETF flows. They were basically nowhere until May 15th.

And now it's just a building crescendo. We've done every day but one has been inflows this month. The one day, July 2nd, we had $1.9 million flow out, effectively nothing. Right? We've done a billion dollars in the last three days. This is accelerating. And I hear it in my meetings.

Everyone wants to talk about stable coins. Everyone wants to talk about tokenization. And that leads them to wanting some Ethereum alongside their Bitcoin. So this is gonna ramp to the end of the year. I'm really bullish on ETH. Yago, I would love your thoughts on this, obviously the Bitcoin versus ETH,

we've had multiple days now where Ethereum is outperforming Bitcoin by far in ETFs. We actually have days where Ethereum is doing almost a half a billion and Bitcoin is having outflows. Yeah, I think I don't know to explain sort of the outflows of the Bitcoin ETF. I would suspect it may be two things. One is there is a degree of profit taking, right? We've introduced a new audience. They're not used to, I just made 40% this week.

Over the couple of months. So yeah, they see it and they take profits. And then the second thing is I think there is a degree of rotation within the Bitcoin space from ETF to a treasury company. People are looking for greater potential upside. There's obviously much higher volatility. These Treasury companies represent a beta play on Bitcoin and so that's attractive. Yeah I really agree with that, Iago. Scott, you've been talking about alt season in TradFi for a

while and I think that's exactly right. People, you've been talking about alt season in TradFi for a while. And I think that's exactly right. People made a ton of money on these Bitcoin ETFs, right? 36. And Circle. And Circle. Well, Circle was the first alt season, but I agree. It goes from there. They made all this money, all this money flowed into Bitcoin. The price went up, you know, 140%. And what are they going to do? They're going to rotate into like Kellogg's. No, they're going to rotate into a circle and eat and treasury companies and now eat treasury companies and now Solana treasury companies, Joe McCann's

out there raising a Solana, you know, treasury, it's going to be, I gotta get Joe on it's going to go all the way, right? That's what it's all season in TradFi, for sure. So I want to show you something because this is supported, right? I mean, you don't have to look further than Kathy would, right? And she's literally rotating like selling certain crypto related stocks, we saw she had sold some Coinbase, she actually had sold some of her own ETF, which freaks people out,

but it's just rebalancing in the funds. It's not like it's natural, but to buy BM&R, this is Tom Lee's treasury company. So I mean, this is, we're not talking about some vague idea that might be happening. You can actually see this transparently. And this is the first time in crypto, you can see transparently exactly what's happening

because these regulated entities have to report. That is exactly right. If I didn't have compliance requirements, I'd be rolling down the hot ball of money too in the PA. So Cathy's doing exactly what she should do. Of course these treasury companies are gonna do well. They're gonna trade to multiples of DAB. That's what's going on in the market right now.

And I don't think we've reached the end of that. So we're gonna see this continue. I think it's gonna be even on in the market right now. And I don't think we've reached the end of that. So we're going to see this continue. I think it's going to be even stronger in the fall. And this story is not over yet. Oh, definitely not. I mean, we're starting to see the first treasury company focused investment funds raising capital. The first one I think is probably Pantera, who just,

I hope I'm not revealing on publicly for me. You mean they're raising a fund to invest specifically in treasury companies? No, they've already raised it. It's closed and they're now already raising a second. Well, that's what Nakamoto is doing. I mean, that's the David Bailey model as they raise a bunch of money, they're buying Bitcoin, but then they are publicly investing in companies that will buy Bitcoin. Right. So we're starting to see dedicated capital specifically to this play. And so it's remarkable, but we're actually in the early innings, I think.

I agree with that. And I know that's counter to the media narrative, which feels like we're peak bubble. We're March 2000 in the internet, but we're not. We're 1998. Like people are still just getting excited. The amount of flow that comes through my inbox is incredible. And if you're, I'd add,

if you're bullish about crypto generically, why would you think this trend stops? If I think Bitcoin is going to $200,000, do I think this treasury trend increases or decreases? It's almost like a self-reinforcing loop until it gets overblown and I don't think we're there yet. You would have to think that this cycle's top is in to think that we're at the end of the treasury bubble,

to your point. Just know those things can't, they have to be aligned. Right? That's exactly right. I wanna ask you about another kind of story that we've seen, obviously Trump said that he wants to open investment accounts, IRAs and Roths and 401ks to allow crypto, right? So crypto's wealth pitch grows on tax trades

as 401k push builds. Once again, we just have so much news that this didn't seem to get much attention. But A, self-directed IRAs are totally screwed, right? All these IRA companies that have pitched you can buy Bitcoin and Ethereum directly and hold your keys. You're going to literally apparently be able to do that in your normal IRAs. I privately have had conversation with a few of the bigger platforms and they think this

is coming in months and are building for it. And they sure is. How huge is this? If all of the retirement accounts are open and you can start, I mean, this means for people listening, like if you had a Roth IRAs with a hundred grand in it that you saved or whatever, you can trade Bitcoin and Ethereum till the end of time tax-free with that money. That is right, yes.

And it's a long duration asset. It's a great retirement asset because it has huge upside and it has long timeframes. Why wouldn't you add it at some level? I think the thing for people to think about what this means for the market, there are two things it means. One obviously is number go up because it's eight trillion dollars or something starting to gain exposure to Bitcoin. But the other is vol go down because the thing about these retirement accounts is like I invest, I don't know, in the S&P 500 in my 401k without thinking about it every two weeks.

I don't even really... It's an automated system. It's effectively a government mandated DCA. That is exactly right. And so you're gonna have to- And nobody manages these things. They said it once and they forget about it. Exactly. Forget it. And there's gonna be like two and a half percent Bitcoin.

And then every week or every two weeks, 20 million Americans are gonna invest two and a half percent of their wealth into Bitcoin. And that's going to crush the vault, just like we've seen in the equity market. We've crushed the vault. We've crushed pullbacks. Part of that is this retirement effect. And that's now coming to crypto. And it's really going to change the shape of the asset. Okay. So, Yago, in context of everything being built, these insane announcements every single day from institutions, what does that mean for all of the projects like yourself that you're working with to build things on Bitcoin?

Well, I think it has two impacts. First of all, obviously, as Bitcoin, its market cap grows, its ability to act as an engine for a Bitcoin native economy grows with it. And as the type of investor who comes in changes, we're going to start to see people who are looking for more actively managed ways of growing their BTC, utilizing their BTC as collateral and growing Bitcoin yield. So one impact is just a natural increase in the scope and possibilities of the market. But the second impact is more indirect, but possibly more powerful, which is that there's a very powerful trickle down effect that we're already starting to see. The huge capital accumulation that occurred in Bitcoin

has already started trickling down to Ethereum. As we start seeing treasury companies, you know, for Sol, for Tau, for Hype, those, the impact, even for people who are nowhere near treasury companies, right, the assets that they hold increase in value, and then those funds increasingly flow through the, you know, the longer tail of assets. And so this effectively lifts all boats, and the tighter you are tied to one of these ecosystems that is growing and by far the largest is Bitcoin,

the more of this trickle down flows into that specific ecosystem. Well, it's interesting because we're bringing TradFi or Bitcoin to TradFi, I should say, right? So you're going to be able, we saw Schwab make their announcement that you're gonna get Bitcoin in a spot in ETH trading and that you're gonna be able to use that

as part of your portfolio for lending. Then JP Morgan made the same announcement. But on the flip side, we can't forget that you're bringing kind of TradFi to Bitcoin, which is that all the things you can do there, you don't need to go to JP Morgan and Charles Schwab where to literally know Bitcoin

or wants to be a real Bitcoiner and you can do it on Bitcoin, right? Yeah, absolutely. I think, look, we've, we're already used to this sort of, you've got the centralized C-Fi world, you've got the decentralized DeFi world. And because money is spongable, these are effectively two different pools of capital that have merged into a single pool of capital. And now we actually have three buckets, right? So we have DeFi, we have CFi, and we have TreadFi. So there's a huge new pool of capital. But money will slosh.

Any dislocations that arise between these two will be arbed away. And I think what we're starting to see is more and more of the emergence of a blurring of the lines between these three pieces. The exchanges have all launched their own chains or DEXs. There's a tokenization of equities. We've got a stonkinization of tokens in the form of ETPs, ETFs and these treasury companies. And so very rapidly, just over the last year, we were starting to see this wall, this Berlin wall that stood between the 900 trillion TradFi market and the two trillion bucket of crypto is dissolving. The Berlin Wall has fallen and people are running

just like they did in Germany in one direction, right? So it's TradFi definitely. Well, some of the original big players are running out entirely. Yeah, but they're, they've had. West Germans went into East Germany to buy assets. East Germans ran into West Germany in order to have a life.

And so we're seeing the same thing. So Matt, like, interesting segue, obviously in the place where you operate, you've been deeply in crypto for a long time, but you're dealing with all the TradFi rules and you're really at the intersection of what we're discussing kind of on the other side. Yago's on one side building it,

you're on the other side incorporating it into TradFi, hasn't always been that easy, right? As much as we've had these incredible stories of ETF launches and deregulation, well, you guys just had a rough one, seemingly from the outside. SEC hits pause on Bitwise ETF offering broad crypto exposure. So we've been long been talking about how the future of investing in crypto because it's the present of investing in everything is indexing. Right?

And so you guys, we had this huge news story we all shared that the Bitwise 10 crypto index fund was going to be converted to an ETF. You would add broad exposure to the top assets in crypto and an ETF. Holy crap, this is amazing. And then all of a sudden, the SEC made us all look dumb because we reported what was factual news and then they put an indefinite pause. What is that? Yeah, it was like, it was the greatest 42 seconds of my life, Scott. We've been we've been working to create this ETF since 2017. And it won approval at the staff level of the SEC. And then there

is this weird thing in the SEC where a single commissioner can effectively pocket veto a staff decision. They can just raise their hand and say, we're going to consider this further at the commissioner level at the five person commissioner level. And there's no process that I'm aware of. And you know, I've been ETFs for 15 years before bitwise to force them to make a decision. So it just goes into this never neverland. Now I'm hopeful that we'll get out of this never neverland by the end of the year. I'm hopeful. I know.

Look, I've been worn down over the years, Scott. I'm used to it. I'm hopeful that what the rationale is, the SEC is working on what's called generic listing standards, which would mean you don't just launch one crypto ETP. You can launch it on any asset as long as it fits a series of characteristics. I'm hopeful that they're waiting to get those generic listing standards to allow our index to list. But the crazy thing about it is we just don't know. It's like someone just told you no and you ask why and they're like...

That's like the last four years. Yeah, yeah, yeah. It's a little bit of a flashback. So it's disappointing, but we'll get there. I'm confident we'll get there. Do you know which commissioner? Like, do you know who did it? No, I have two theories.

I mean, there's Caroline Crenshaw, who is the- She's still there? She's still there. And she's still waving the flag for Gary. Oh, she got canceled. And, but on the other hand, maybe it's the pro crypto commissioners And she's still waving the flag for Gary. But on the other hand, maybe it's the pro crypto commissioners who are looking at this generic listing standards. Oh, so they just don't want to push something through until like, why even preempt their

own efforts on the standard? Yeah, if you're going to have, I mean, the way the product was designed, it was going to be mostly Bitcoin and ETH, which are already okay. And then in ETFs, you can have a sleeve of other stuff. And the other stuff was the other assets. But, you know, I try to I try to be giving and put myself in their seat. Maybe they want those other assets to fit these generic listing standards. We'll find out I guess. I don't know. We're in we're in the dark, same as you and have the same emotional up and down. We'll find out, I guess. I don't know. We're in the dark, same as you, and have the same emotional up and down rollercoaster.

Way more of a rollercoaster than the rest of us suffered simply reading it. So I sympathize, but Yago, isn't this the whole reason like we build a bunch of things and don't rely on the SEC? It's pretty weird. Bruce Fenton, oh my God, I had Bruce Fenton on Crypto Town Hall yesterday. I know he clipped it somewhere.

He went on a five minute tirade about like, you know how he does, the nanny state and holding us hostage with guns and the regulators and stuff. But it was pretty compelling because he was really pissed off about how, I guess, dependent Bitcoiners have become on Wall Street and the government.

Absolutely. I mean, we talk about we use these vague terms, you know, unsensible, immutable rules without rulers. But this is a concrete example, right? The fact that there are no rules, there are arbitrary decisions being made for reasons that we don't understand. There's no appeal system, right? That is effectively a form of, of malfeasance, at best corruption at its worst. And what Bitcoin and what crypto offer done right, is the fact that

for the first time in human history, people really are equal before the law, right? The law being Bitcoin consensus. There are no arbitrary decisions. And the way decisions are made are based on rules and transparency. Yeah, I imagine. But it was supposed to be so much better now. Yeah, but just to be fair, Matt, this is a bit of an outlier.

Like we have generally had pretty steady. It's a bit of an outlier. But what have generally had pretty steady. It's a bit of an outlier. But what Yago said, you know, appeals to me. Look, the network's been running for 15 years, processed $125 trillion of transactions with no failures or incorrect settlements. This is incredible, right? It's incredible.

And people who have participated have done well, and people who have ignored it have not. That seems pretty fair to me. What are you going to say, Iago? Just because the system happens to make arbitrary decisions in your favor today doesn't mean it's going to make arbitrary decisions in your favor tomorrow. And that's the problem with a system where rules are not based on a rule-based order or transparency. And you know, like, unfortunately we're having

this conversation with Matt, like it was worse than that. The answer was yes, and then it was no. So. Yeah, and to me it's interesting because like, that's why you build what you're building. So you don't have to deal with this. But on the complete flip side, Matt, it's why everybody who actually wants Wall Street and and the government involved is pushing

so hard for clear legislation so that the next administration can't just say that executive order didn't exist, or Gary Gensler comes back as the head of the SEC and just like they erased everything he did, everything these commissioners get done gets erased. So it's like you can see both sides. One side is opt out entirely. The other side is, well, if we're going to be here, we need rules. Yeah. And I think both are probably right. I think both are probably right. Right. For me to bring the TradFi audience into crypto more and

more, we need these rules. Right. We've seen that with the Bitcoin ETF, right. Just look at the flows. It definitely helped. But that doesn't mean that what we're building on the actually decentralized side, that's the end game, right? Like we're the interstitial. I recognize that as an asset manager, right? There's an irony to building a Bitcoin ETF. And there is a time delimited nature to which I think that should be valuable. I think it's probably a few decades, right? Plenty of time for me to build a valuable business, but eventually that's not the solution. Eventually the solution is direct, it's self-sovereign,

it's decentralized, right? This is, I'm aware that this is a bridge, valuable bridge, great bridge, but eventually we'll get to the other side. valuable bridge, great bridge, but eventually we'll get to the other side. Yeah, I wonder when all the things Yago's building that are happening on that side get somehow put into TradFi wrappers. Because I mean, we're already seeing, you know, the application for staking ETFs, right? Everybody wants Ethereum staking, the companies are already filing for those. So that is a little bit of, hey, we're going to put DeFi inside

this TradFi wrapper. So when do all the things that are being built, you know, Yago, you, you know, you work with someone and they build something that has yield and all these things and that goes into an ETF wrapper as a way to earn, you know, it's kind of like a treasury company, right to beat in an ETF wrapper to beat Bitcoin or whatever it is. treasury company, right? To beat in an ETF wrapper, to beat Bitcoin or whatever it is.

Yeah, it might be very close. It might be very close indeed. We're gonna chat afterwards. I would add that, Scott, probably the most common request we get from people who want to be Bitwise customers is I have a ton of Bitcoin, how do I generate yield and income with it? That's the most common request.

We talk about altcoins all the time, we talk about Pengu filings, but Bitcoin is the biggest chunk of the economy and there are a lot of people who have a lot of wealth in that space and they wanna do stuff with it. So we do it in SMAs, which are like a customized TradFi wrapper.

And some people are comfortable with that. And then some people wanna go direct and are more comfortable direct, but it is a huge and growing market. What does that look like as an SMA? Like you create basically a product or a strategy and they can buy into that specific strategy that you have like blended an ETF and a Bitcoin ETF?

Is that what it is? It's like 80% Bitcoin, 20% ETH, and you create that product and they buy directly into that instead of having to do the individual steps? Or you come to me and you say, I have $50 million in Bitcoin, I want to generate a 5% yield, and we bring in your Bitcoin and do option overlays or those sorts of strategies. It's bespoke service. You know, the ETF is a generic wrapper. It's a beautiful wrapper. You can buy the same product as the Abu Dhabi sovereign wealth fund.

That's such a gift to the world. But for people with large positions, asset managers will develop customized strategies one on one for them. That's pretty cool. Yeah, yeah, it's fun, fun. Yeah, I honestly, I had no idea you guys were doing that, but that makes perfect sense. But, and I know that, you know, obviously the active management is a huge part

of what's coming in the future. Now that we always talk about those guys with 50 million or 500 million or a billion, they all seem very confused right now I don't know I think look I mean some people who have large bitcoin holdings have never actually had to manage money in any way have no experience with it many of them are many of them are either already sophisticated or rapidly becoming pretty sophisticated. Yeah, I talked to Rick Edelman this week, which will come out on Sunday, who's like the kind of the Michael Jordan of

independent advisors. And I asked him kind of that question, I was like, what are they all these people do? He said, get involved advisor, which is like the last thing they all want to hear. Right? But like, if you want to actually diversify and figure out what to do with all this, you need someone who's a professional to help you understand the tax benefits to doing different things and stuff. Or you can just send your 80,000 Bitcoin to galaxy and dump it on the open market,

which some way I did last week, which like, call somebody man. I'm sure there had to be a better way to do that. Like call our good friend Bill Barheide and take a loan, man. I don't know, but it seems like that would have been, you know, maybe the guy's in a tax advantage jurisdiction or something. Oh crap. It's 930. Matt, Iago, thank you guys so much.

Matt, we're going to get updates on the 10 because I think the crypto 10, like this was the product we've all been waiting for. I really think that that was kind of like a really huge unlock. I appreciate that. We're excited to get it out. We're gonna keep working till we do. So, wish us luck. Awesome.

Yago, thank you man, as always every week. And we're going to move on to Mr. Dan. Thank you guys. See you soon. Thanks everyone. All right, now we can unpack what actually happened in the market. Dan, I haven't even looked at the charts today.

I have not even had time to take a peek, but sentiment seems all of a sudden bad when I read Twitter for a minute, like all coins were dead or something. I don't think that's the case. Yeah, game over. We're packing up. Now, we've got Bitcoin still sideways. And again, we've talked many times about how sideways there's nothing wrong with that We have the dominance see a bounce and the only two ways the dominance is gonna bounce is if Bitcoin breaks out and leads alts or if alts are weaker than Bitcoin and we had a little bit of both

But yesterday it was most clearly, you know Bitcoin pulled back a bit But stayed mostly sideways and while that was, the alts pulled back real hard. But it's important to remember that that has to happen. If you're gonna run up 50% over the span of a week, you're going to pull back 20% fairly easily. And it's very important to distinguish different, my general trading as a professional trader day in and day out, I have my base hit mode,

which is the vast majority of the time where I'm more conservative and I'm just going for my small wins. And in that mode, I don't want drawdowns. I want, you know, my account to be higher than yesterday. That's my goal. And then you have these euphoric environments. And for anybody that's trying for a big win, or to, you know, level up with their accounts, you have to expose yourself to drawdowns. That's a part of it. And just an example, 2017, I was going for 100% gain is my goal and ended up being 4,000% in seven months. But there were periods there where I clicked, I misclicked and I made a mistake and I went to dinner and I came back and I was down 200% of what my starting capital was. And normally you think that is a disaster, but when you compare it to, you know,

it's much easier to sit through those drawdowns when it's just your profit that's fluctuating. If you're going, you know, deep red, it's a lot more stressful. But again, it's part of the process and we have to set daily higher lows if we're gonna continue uptrends. And so the bulls are hoping that the lows from yesterday or early this morning are those daily higher lows if we're going to continue uptrends. And so the bulls are hoping that the lows from yesterday or early this morning

are those daily higher lows. The bulls still have some proving to do, but we're still just waiting for Bitcoin to give us direction. It might take until next week, considering, you know, weekends are generally slow. But, uh, for Bitcoin it's one 15 seven is the most important support for me. And resistance is one 21 and then the all time high one 23s.s and we're not gonna get any information until one of those levels breaks otherwise it's just you know is May low kind of as resistance. So maybe I could, you could see it there, that kind of wick, yeah, right down there.

Yeah. I mean, in an ideal world, again, for the bulls, you want to see, if you're an altcoin bull, you want to see a daily lower high set here. And the reason that that daily lower high is being set is because altcoins are setting their daily higher low and going up more than Bitcoin. And again, just to pull up some of these altcoins, XRP, we broke short term support. I mean, we had a higher low every day almost for two weeks. It was one tiny day in there.

But again, the best case for the bulls is set that daily higher low, get a bounce going and wouldn't be surprised to do something like that and tighten up a bit. But again, you know, bulls definitely want to hold that low that we just hit at this point. And there's a number of altcoins that are holding on a bit better like CRV as a base of support didn't pull back nearly as much. ENS is another one thanks to its relationship with ETH, but you know holding sideways so there's a couple that are stronger but you know overall that low needs to be set and you just want to see one time frame at a time you want to see bulls confirm an hourly uptrend and you zoom out to the four hour you want to confirm a four

hour uptrend and that would show us you know an over leveraged flush and that's why those flushes are so hard because everybody gets confident and bullish and over leveraged and you got to flush some of that out and so that's why those flushes are so hard because everybody gets confident and bullish and over leverage and you got to flush some of that out. And so that's what happened over the last 24 hours. Yeah, that's it. Nothing goes up indefinitely. Everything was overbought and it just seems like a very reasonable time for the crypto market to take a breather and for the crypto market to take a breather while Bitcoin is

trading between 118 and 119 and only be giving back a little bit of the altcoin gains, this is reminiscent of cycles of the past. Yeah. I mean, again, just to cool off and not a crash. And for me, you know, ETH remains captain alt. And look at this daily consolidation. We just went straight up.

We're pulling back. This is still a possible daily bull flag. The burden is on bears to prove to us that this is not a bull flag. But my simple statement is always, you know, this EMA 12, if that is holding, it's a bull flag. And so, again, the consolidation at this point, there are no red flags. And what the bulls are hoping for is that we can get some type of cup and handle kind of action where you know we stall out just under 4,000 that's not surprising at all especially when you're overextended but whether it's a daily bull flag or a weekly bull flag just keep consolidation healthy and then you know of course we want that big green candle that just busts through that range and triggers

a bunch of longs in triggers a bunch of shorts out but uh again just after going straight up you pull back you set a daily higher low. And in an ideal world, that daily higher low is now the support level that holds into next week as we see uptrend continuation. What are you looking at in other markets? Psychedelics, AT, again, I don't want to have people chase now. Did you see on Tuesday? You were in Tuesday? Okay, cool. Yeah. Remind me the ticker. It's T. It's one of the I think over the counter is truth and trip. Of course, truth and trip. Yeah. Like truffle. Yeah. ATAI is doing that as well. They have Bitcoin holdings on their balance sheet.

But again, one of the things that has stood out for this company is just for this chart, I should say is just that it formed this, you know, multi-year long term churn sideways breakout to two year highs. And you know, I'm you know, I'm watching psychedelics and cannabis and it's a very stark difference in the general action of uptrend for psychedelics while cannabis is still struggling around and waiting for a headline catalyst so The psychedelics have been doing it without you know, we've got the underlying positive administration kind of backdrop But there's not that big headline that gets retail involved and retail is still not on this one There's there's a lot there's not a lot at all of social media sentiment

And so again, we don't want to be chasing this name at this point But you're watching for daily higher lows. This we just talked about sideways. Look at this beautiful sideways consolidation before its next leg up. Yeah, that's what was so interesting to me. I've known Todd for years. Obviously, they were the first publicly traded. I mean, he really was a groundbreaking stuff. And I think psychedelics are about to have a moment, a in a vacuum,

but be the idea that they would just take some of their cash and put it in Bitcoin, which I obviously believed is really compelling for me. You would be mind blown by the amount of money that people are trying to throw to turn them into a Bitcoin treasury company though, the minute that announcement came out. It's like forget psychedelics, let's just send you some money and buy Bitcoin. Yeah. And that's, you know, a lot of penny stocks do that where they'll, you know, there'll be a mining company that's nothing anymore, like an oil mining company.

And then they switched to cannabis because it's the narrative or whatever. That's what all these treasury companies are. They're taking like dead NASDAQ traded medical stocks that like didn't get FDA approval, but somehow got public and turning it into a Bitcoin treasury company. Yeah. So the one cautionary statement with that is anytime you see a company doing that, just make sure you're watching what they're doing with the share structure in terms of

issuing debt. Are they diluting a bunch? Is there convertible debt? And you got to dig through the balance sheet to learn about that. Yeah, I mean, that's been my question every time they pitch, I'm like, but they're gonna want such a huge portion of the company that they're gonna want to be liquid. Like there's no way this ends well for most of these companies. Yeah, yes. But but for I guess if you're like an

executive in an existing zombie company, and somebody is going to come in and basically pump your shares six, seven, eight, nine, 10% and you're already liquid. I could see why they would do it. But there's no long term play there for investors. Right. All right, man. Well everybody give chart guys a follow of course on X and all of his amazing YouTube content. He will teach you how to do all of this which is I think the most important thing you know teach Amanda fish. Yes sir. So give Dan a follow. I'm running off to go do my appearance on Sirius that I do on Thursdays. Dan, thank you so much. Everybody, we'll see you next week. Bye.