The Wolf Of All Streets - Bitcoin’s Massive Pump (Here Is Why It Is Not Late To Buy)

Starting point is 00:00:00 Bitcoin just pushed through $45,000 once again. We are so back, baby. I don't know if we're back, baby, or if we're so back, baby, but in reality, we're just ranging. It is good to see Bitcoin going up, but we had to talk about it because the title says Bitcoin's massive pump. Here's why it's not too late to buy. We will talk about that, but it's just not a massive pump. I don't know what we're doing sometimes when we make these titles. I don't. Maybe we think that people are going to show up more if we say the words massive and pump. But anyways, we are going to talk about Bitcoin's move and we are definitely going to talk a lot about the tokenization of real world assets because we have one of my favorite guests, Sid Powell, here from Maple. He's come on and discussed this a lot. We're

Starting point is 00:00:43 going to talk about what that narrative is going to mean in the future, whether we're still really early on that, what's happening with it, all those things. Of course, we've got chart guys on the back half to probably talk about what's actually happening with the pick point price, which is currently $45,118. It keeps going up. I can't even keep up, guys. It's going up. Let's have a great show. What is up, everybody?

Starting point is 00:01:22 I'm Scott Melker, also known as the Wolf of Wall Street. Before we get started, please subscribe to the channel and smash that like button. I said smash. That one just came out. That was some sort Things just started coming out of my mouth. Didn't even know what I was going to say. And here we are, 45,120. I'm going to go ahead and bring Sid on. Dude, massive, massive pump. Did you see it in the title? It's massive. I did see it. It's what brought me on here. Yeah. You wouldn't have even showed up if we hadn't had this massive pump. But Bitcoin is looking good here. I think probably we're soaking up the final remnants of the GBTC selling by any major

Starting point is 00:02:17 sort of selling there has slowed to a trickle. And now I think we're going to start to see the actual inflows to these ETFs. I don't know if that's what's happening here, but it seems pretty fundamental this time that we can actually see inflows and outflows for the first time. Yeah, it was definitely interesting. So once the ETF was approved, one of the weird side effects that we saw was a lot more demand to borrow BTC. So we actually saw people clearing loans kind of close to or above 10% in BTC yield for about two to four weeks afterwards, which is pretty interesting. If you look at where BTC lending rates typically are,

Starting point is 00:03:01 normally it's like low to mid single digits. So the ETF did have a big impact on borrowing and lending markets for a little while, at least. Why do you think that that is? I mean, what's the explanation? Just that people generally believe it's going to go up, so it's safer then to take a loan against it and have it locked up and you don't have, not the big threat of a huge event where it drops and then all of a sudden your margin called and... A little bit. I mean, longer term, what you'd think the impact is going to be is that having ETFs at custodians like JP Morgan and Fidelity is going to make it easier to borrow margin loans against those assets. And it's going to hurt the rate of lending against BTC. But what we actually saw was people were borrowing to close the arbitrage. So you could borrow, you could lend out BTC at like 10% to market makers who

Starting point is 00:03:49 were going to close the ARB on the GBTC trade. And so that was tied in with a lot of the selling that you were seeing there as people were trying to exit as it was approaching, you know, approaching one-to-one. And a lot of that, you know, there were a lot of good funds who had been buying that at a discount over the last 12 months. And so they saw BTC appreciation and the discount flows. They made a killing on that trade. Yeah. GBTC was the trade of the year, no question. And if you were actually taking advantage of that to do even more significant arbitrage trades, as you said, And there were just a lot of ways to make a hell of a lot of money on that. And it was naturally going to wind down. I think we saw

Starting point is 00:04:29 CME futures interest that were the hedges probably against that trade. That open interest dropped massively when the discount finally closed and the ETFs were approved. So to your point, we're still going to see people, I think, exiting GBTC, but that huge bulk of it was the trade. I wonder what the new trade is. Is there a new trade now? We had the Widowmaker cash and carry trade when GBTC was at a premium, right? Then we had the discount trade bringing it back to zero. I think the GBTC trades are gone. Maybe there's some arbitrage with other ETFs, but I don't think that's huge. I think you're right. I think that one's gone. you know, the big c5 trades, there's not any major ones that we're hearing about. But the big ones that are coming through are these kind of

Starting point is 00:05:11 restaking. You know, restaking and like delegated staking. So eigen layer airdrops and so the narratives shifted to being around each so people are looking to either lend or borrow each ahead of these anticipated airdrops and the kind of the shifted to being around ETH. So people are looking to either lend or borrow ETH ahead of these anticipated airdrops and the yields from restaking. So wait, people are borrowing ETH so that they can stake it and then restake it and eigenlayer. That sounds very last cycle-ish. Yeah. History doesn't repeat, but it certainly rhymes. How many times can I utilize this eath to get yield on how many

Starting point is 00:05:45 different levels it's sure yeah well i think that's that's where the leverage is going to come for this next cycle is from a lot of these restaking platforms and then that will bring yield whether that's from tokens or something else but you know that it's it's always some form of leverage that begets each you know each cycle in this space and so you know i think we're just seeing the early innings of that new one but people are people have been borrowing eath at north of 30 in anticipation of getting an airdrop just like buying a solana phone yeah yeah yeah yeah yeah this airdrop this airdrop cycle is blowing my mind i mean we've had i don't track it too closely but obviously jupiter there was another one a day or two ago on Solana, a couple, and these are airdropping and then

Starting point is 00:06:30 trading at like multi-billion dollar valuations. It's literally like we launch a platform and it's worth more than Levi Strauss five minutes later that it happened. I think, I mean, I look at the airdrops as somebody who's on the borrowing and lending side. And I think if there's some kind of market to be done there, if people are going to borrow assets to collect the airdrops, or for tokens who are going public, if they could use the impending public token as collateral of some kind, I think it's still early days. There's kind of a lot to observe in the new market structure, but it has been fascinating.

Starting point is 00:07:12 This is what we're seeing as kind of the early innings of the new bull market and this is it's pulling capital out of lending and borrowing because people lending and borrowing in a regular sense because people are looking to go farm airdrops, buy the dip, get exposure to market meter. But altogether, it's been a total shift from what

Starting point is 00:07:33 we saw in 2023, which was people wanted conservative yields. Now people are definitely going risk on again. Yeah. The good news is that in DeFi, generally, the liquidations are orderly. It's not like the CeFi collapses in the past. And I think that people still just hear yield and get triggered. But generally, in DeFi, outside of, you know, exploits or the other things, the protocols have generally hummed along very well and actually managed this. Yeah, generally, pretty good. Generally, risk management has been pretty good. There was the kind of the preemptive issue with CRV

Starting point is 00:08:09 and the Curve token founder being, you know, just that it was a massive concentration issue. So, you know, somebody, a single party had 50% of the tokens and pledged them across a bunch of protocols, but had, you know, over $100 million of debt outstanding. So, I mean, that's a fairly conventional credit issue, but DeFi seemed to get ahead of it fairly well. And there was a good coordinated effort to kind of manage his exposure down. DeFi got ahead of it by a whole bunch of really

Starting point is 00:08:35 rich people buying tokens from him to make sure it didn't collapse the whole market. Right. And we forget about the fact that that happened. And then CRV, I believe, dropped back down to the discounted price, is the CRB token really worth that much if it's dependent on his efforts in terms of developing? But it just shows the highlight. I suppose it highlights some of the similarities that we still have between CeFi and DeFi. Do you think that there were lessons learned from that, that certain assets shouldn't be used for collateral or at least only in very small percentages of the total supply. I'm taking 50% of, yeah. I mean, listen, no single protocol would have taken that risk, right? So it was spread across multiple lending pools.

Starting point is 00:09:40 He knew what he was doing to make sure that he could utilize all of it so that well my two mansions in australia if i remember correct yeah in the second sense it was spread across multiple protocols but in the first it was predominantly on two or three um but i think people seem to learn their lesson and in that it was then banned as an asset or significantly pared back as an asset on on ave. So, you know, everything ultimately comes down. Like nothing works in principle at infinite scale, which is you can lend over collateralized, but if you have almost all the asset as your collateral, you're never going to be able to liquidate it.

Starting point is 00:10:16 And so I think that was just the principle everyone learned there. Okay. Is unsecured lending back? It's going to come back. I think in a different, you know, in a different form. So you're already seeing like unsecured lending back? It's going to come back, I think, in a different form. So you're already seeing unsecured lending picked up again in the first month of the year. So Clearpool is doing unsecured lending. They've got about 23 to 25 mil outstanding. We're getting a ton of inbound from market maker borrowers who want to take out unsecured loans. Now, pricing on this has gone really high. So pricing here is probably in the 15% to 20% range. And that's just because

Starting point is 00:10:53 there's no market at below that rate, or there's very little supply of capital where you'd lend it out at 12%, 13%. But the other thing that we're seeing here is people, you know, people are learning the lessons of last time. So there's a big emphasis on diversification. So you wouldn't have, you know, one market maker borrower being, you know, let's say more than like 10% of your outstanding loans. But the other thing is using escrow accounts. So things like BitGo's Go Network as, you know, a clearinghouse to settle to make sure they can't take the assets out. Using off exchange settlement through fireblocks, through copper, through Zodiac, and also using DeFi versions of these, whether it's Fractal or Arcus or

Starting point is 00:11:37 Definitive is another one. But all of these kind of control what the market makers can do with the assets or at least limit where they can place them. And so it's an example of kind of risk mitigation to enable this to come back again. But it's worth noting, you're not going to have a really strong bull market unless the market makers have inventory and they have to get it from somewhere. And that will be from lending and borrowing. Yeah, they obviously can't own it all. So you guys had kind of big news. And I want to switch to RWA first with treasury bills, but then a bit more about the actual future of RWA. Obviously, I think there was $100 million pool, if I remember correctly. Is that accurate that you guys had opened this effectively with one hedge fund and they're buying treasury bills really safe one month super liquid treasury bills. Did I summarize that correctly? And I want an update on that because let me just jump in because we even talked about this before. I always open this rwa.xyz. And I remember being like, we've got almost a billion in tokenized treasury bills. And I looked

Starting point is 00:12:36 again today and it's like, we have almost a billion in tokenized treasury bills. The numbers really haven't gone up here. Yeah. And that's a great dashboard by rwa.xyz. So I use that one a lot. But what we've seen is that it's basically flatlined over the last month. So we launched that product middle of last year, around May. We saw a significant amount of interest and it really grew strongly to about 40 mil within the first one to two months. But since then, there have been a ton of other people come into the space. It's very competitive. You can see there's probably more than a dozen protocols

Starting point is 00:13:09 doing it now. And the pricing is really 15 to 25 bps. So you can't charge a ton on it, but we're seeing the space get very crowded. And unfortunately what's happening is that as the market is starting to move upwards, people are finding T-bills less exciting. And so they're starting to, as we said, they're going to buy risk on assets. They're going

Starting point is 00:13:29 into Solana, they're going into altcoins, they're doing airdrop strategies. And that's why that chart hasn't really moved in about one month in terms of the T-bill cycles. Isn't that echoed? I mean, that's also echoed in the stock market. That's nothing you do with crypto. As the yields go down, stocks go up. People are buying Apple and Nvidia and Meta, and they're less interested in bonds. That bond narrative was last year. It was the time to park your money and wait. And now everybody's risk gone once again, in all months. Yeah. Yeah. Yeah. Yeah, exactly. And the expectation's risk on once again, all in all. Yeah, yeah, yeah, yeah, exactly. And

Starting point is 00:14:05 you know, the expectation is coming up towards, you know, a November election that you would want to hold risk on assets in anticipation of rate cuts, potentially a change in administration. And that, you know, that's what we're hearing across the board from VCs, high net worths, in terms of appetite there, as and as you said, it's kind of reflecting and mirroring in the traditional markets with with stocks and equities Yeah. And we've been waiting, I think, for financial advisors and RIAs and all of them to sort of turn on the tap with the Bitcoin spot ETFs here. I think we've talked it to death, but these things aren't really available to that many people. But we're starting to see a lot of articles and opinion pieces saying that actually

Starting point is 00:14:42 for financial advisors, real world assets could be a safer path to crypto. So tokenized real world assets, this study, I believe says there you go, 4 trillion, somewhere between 4 trillion and 16 trillion worth by 2030. That's really not that far away. But what's the comparison here as TradFi gets a hold of this and really starts to look at it as an investable asset class? Well, I think eventually they will look at it as an investable asset class. But one of the problems is that the RIA who goes to his high net worth client and says, I want to put you into reward assets and crypto is getting told by the client that they want an extra two to 300 basis points. So two to 3% yield versus the conventional asset, which of course becomes

Starting point is 00:15:24 impossible if you're taking the same asset, which of course becomes impossible if you're taking the same asset from TradFi and then packaging it and putting it on chain. You can't bridge that yield disparity unless you're starting to do a token liquidity mining program or something. So I would expect to see that from some of the new RWA protocols coming out. But that has been the challenge is that the clients are saying, well, I can go to Morgan Stanley and get a structured note for 15%. So why do I want your private credit on chain for 13%. And that is something that we faced in talking about clients. And that's why we kind of this year are focusing more on the crypto native lending. So whether that's secured, secured against

Starting point is 00:16:02 altcoins, or through like some kind of prime broker mechanism. But we're just seeing more appetite for which I think to be successful in the lending space this year, you have to have some product that hits, you know, 15 percent or higher and has to do with crypto native borrowers. Yeah, that makes sense. Are we going to see yields that high that are safe? Well, I think it depends. And so the answer is like, as trading activity picks up, market makers will be making more money. And so they could do prime broker structures where they're paying north of 15% if they're making north of 30% on their own trading activity. So it does very much depend, it all comes back to again, what are volumes coming in from kind of retail on the

Starting point is 00:16:50 centralized exchanges. But also the other thing is if you're expecting to get an airdrop that is going to net you 50%, well, you'll probably pay 15% or 20% to borrow the funds to do that. So as I alluded to earlier, that's the other source of the yield that's coming through. I'm just curious how many, like we talk about these airdrop hunters, isn't this a very small, like very crypto native population that's doing all of this?

Starting point is 00:17:17 I mean, this is our own washing machine and our own people that are taking advantage of these things, but this is not any sort of real adoption, I guess is how I would put it. No. It is a smaller segment of the market, but if you look back to what happened the last cycle, again, it was as these prices started to go up and as these perceived yields from market neutral strategies went up, that was what introduced, like that was what brought a lot of TradFi money in, into yield funds, into, you know,

Starting point is 00:17:48 into providing funds to market makers, the last cycle. And ultimately we do need to, we need to see something bring people in from outside crypto into the market. And at the moment that the most exciting narrative around that is restate, like restaking of assets, airdrops. I like tokenization of real world assets, but I feel at the moment, most of that narrative is actually being pushed by the issuers. So the KKRs, the Hamilton lanes, the people who are tokenizing funds for them,

Starting point is 00:18:16 and then also the consulting firms who will get paid to come up with tokenization programs. So you can see that McKinsey is going to make a ton of money when so and so wants to tokenize, you know, a billion dollars worth of assets. But the missing piece has been there are no buyers on the other side, because crypto degens don't want a private equity firm in a tokenized format on chain. You know, and that's, that's really, that's really been the blocker for adoption is the lack of crypto native buyers for KKR, Hamilton Lane, and Blackstone funds on chain. What I like is kind of flipping this and going, how could you raise a fund off chain to invest it in on chain credit strategies? And that's what I think is a really interesting angle for this year.

Starting point is 00:19:04 And we have Larry Fink talking about tokenizing everything, which doesn't hurt. Yeah. And they have an incredible sales force. So those of us in the space can kind of ride those coattails to him selling to family offices and pension funds and endowments this idea of tokenization. Let's just hope it doesn't turn out like the ESG narrative. Yeah, exactly. He won't even listen to the letters ESG anymore in an interview. It's hilarious. And he's the one who created it. But I want to talk about also the idea of sort of cross-chain DeFi,

Starting point is 00:19:36 because I think right now we still have sort of siloed TVL in all of these chains, and they're not really interacting. I literally, in my newsletter this morning, I just took a look at ranking chains by TVL. I didn't realize, I mean, still Ethereum is over two thirds of TVL. As much as we talk about what's happening on Solana or any of these other chains, it's still largely dominant on Ethereum. How do we start to get this to operate cross chain so we're not siloed off in these different pools of TVL that really, you know, we're not big enough that we can have them in different buckets, in my opinion. Yeah, I tend to agree. I mean, we get pitched a lot, this idea of cross-chain, you know, take maple cross-chain, put the pools on other chains.

Starting point is 00:20:17 You know, at any given week, we probably get a half a dozen pitches on that. And so I think it suggests that it's a sector that people are very focused on. But as you said, it's very hard for an application to justify going cross-chain unless there's liquidity there. So I think what they really need to focus on is bridges, getting stable coins on, and then it makes it more attractive for other protocols to go there. But as I alluded to before, Scott, this is what is going to drive a ton of airdrops over the next 12 months, is each of those chains has to get dollars on there. And what will bring dollars of airdrops over the next 12 months is each of those chains has to get dollars on there. And what will bring dollars is airdrops in the native token of those L1s and L2s

Starting point is 00:20:51 and or the bridge providers as well. I'm not going to get into the debate whether these are helicopter money or not. We could talk about that another time. Yeah. We can leave that for another time. But that is the big problem that all these L2s face is how do they attract protocols? To attract a protocol, you have to have liquidity. To attract liquidity, you have to have protocols. And so they really face this chicken and egg dilemma. Exactly. Exactly. We are on Solana and base and the growth on base has probably been below what we would have wanted to see. You also look at the ranking of protocols, and I think the top one's maybe like 100 mil. And then you have a very quick sort of power law tapering off. Interestingly, Solana, our Solana cash management pool is actually about the same size, slightly larger even than our one on Ethereum. So that is pretty interesting in

Starting point is 00:21:41 terms of seeing that develop as like an organic DeFi ecosystem. I think the airdrops will also help like salon has definitely got probably more than its fair share of airdrops coming in the next uh six months and that'll probably bring a lot of you know a lot of stable point activity there so what are you planning then for 20 we got four minutes left 2024 obviously we saw kind of what you did in 2023, we had the treasury bill narrative was huge. Now, if those are sort of becoming less interesting, what do you build in anticipation of this bull market we're all sort of expecting? You got to have a suite of products across different risk return profiles. And so we have, the one that we launched late last year was secured lending. And so that, you know, has done probably like 40 mil of originations currently since about 25. And that one's kind of a replacement.

Starting point is 00:22:31 You know, it's sort of the two of what Genesis was doing the last cycle, which was over a collateralized lending, but with reduced risk by using custodians. So that's like you're that's at the lower risk. So you've got T-bills, then you've got that. Then you have things like prime broker lending, which would be where you lend to market makers, but you're controlling liquidations. You have them tip in some equity. And then you have the higher risk stuff, which I'll leave people with a little bit of suspense, which is we're not ready to announce what we've got there yet, but it's going to have to do with newer token projects. And what we're interested in is the use of tokens as either a collateral or some kind

Starting point is 00:23:09 of convertible mechanism. And I think that is what we think is going to interest a lot of TradFi investors coming into the space. So that's kind of broadly the theme is crypto native this year in 2024. So we're still early. We're still early. We're still early. Okay, so when do we get the flood of TradFi in interested in these products? Is that this cycle or are we next cycle? I think it's this cycle because if you look, there's a lot more infrastructure there.

Starting point is 00:23:39 So you've got a lot of, you've got a pretty developed custodial ecosystem, which all of these TradFi players I expect will use. You've also got more stablecoin options and more robust stablecoin options. I mean, Tether is now pushing 100 bill. Circle is approaching an IPO. So stablecoins are much better understood now. And so I think that will be the path for institutions to come in.

Starting point is 00:24:02 And then you have, if you look at Coinbase's product suite, they have custody, they have the wallet, they have, you know, institutional coverage, and they're increasingly leaning on tokenization. So I just think a lot of the foundational elements required for institutions to come in are there this cycle. And so I think this cycle, not next one. I'll take that. So everybody, you can follow Sid, Syrup Sid, right? It's the best name on- Syrup Sid on Twitter. Maple Syrup Sid, guys, you get it, right?

Starting point is 00:24:34 Syrup Sid, I highly recommend that you follow him on the Twitter X, call it what you want. Where else can people find you or check out Maple? They can check out some, maple.finance is the website. You can sign up, um, there. We're also pretty active.

Starting point is 00:24:49 So, um, at maple finance on Twitter, and then we have a telegram channel, which you can access through, um, through the Twitter page. But,

Starting point is 00:24:57 uh, yeah, anyone who has any questions, reach out. Awesome, man. Love what you guys are doing. Thanks as always for joining.

Starting point is 00:25:03 Awesome. Thanks for having me, Scott. Yeah, guys, while we were looking, there was one piece of news I wanted to share, which is kind of crazy. If you guys remember, the big narrative of the last cycle was this previous to the, I guess, two cycles ago, backed. Guys, remember, crypto firm backed. You're going to buy coffee at Starbucks with your crypto, and they were backed by the New

Starting point is 00:25:22 York Stock Exchange and first publicly traded, And they're apparently going out of business. So I guess we're just seeing the dinosaurs who led the way and advanced the ball. Maybe they're going to fail where others will succeed. Moving on, we got Bitcoin tops 44K with whale accumulation suggesting conviction and more price gains. We don't need to look at articles. We know that the price says it's over 45K right now, way over 25. And I've got Dan, the chart guy, to join and talk about it. What do you make of this Bitcoin move, man? It's a good one for the bulls.

Starting point is 00:25:56 Yeah, we had a really tight range. And if there's one thing that technical analysis can help us with, it's to know volatility is coming. You look at the daily chart for Bitcoin, it was sideways for about two weeks. And you look back and say, okay, this is the tightest it's been in months. We know a break of this range is coming, whether it's bull or bear, and volume and volatility are going to accompany that. And so of course it's a bull break. We get some nice follow through. If you are going to be buying bull breaks in crypto, there was a time when you buy a bull break and it follows through 10%. We're obviously not there anymore. But if I'm going to be buying a bull break, it's got to be a really tight range breaking bull just exactly like this. So nice leg up

Starting point is 00:26:33 weekly timeframe now. Bounce retracement is to the golden pocket. And what that does is it increases the probability where even if we fail the recent high initially, we're going to look for a weekly higher low compared to the recent low at 38.5,000. So it gives the bulls a nice cushion to work with. And there are certainly no red flags. The question that we have now is, you know, are we going straight to a higher high, which would need more bull volume to show up if that's going to happen? Or do we tighten up through February? And that's the information that we're going to be looking for over the next week, week and a half to try and determine probabilities of each of those two

Starting point is 00:27:09 scenarios. It does, I think, increase the probability though, that that 38.5, 38.4 low was probably the low for now. Yeah. And like I said, if we were going to, you know, reject and it would, it would likely have to form an equilibrium that then breaks bare, but there's no sign of that right now. So it's almost like a sigh of relief. We get just a recycling of, all right, people taking profit from the ETF. And then of course, the downward pressure based on the shuffling of these ETFs. And now just a really nice bounce.

Starting point is 00:27:42 And just keeping the daily EMA 12 as our guide. I love simple statements. And if the bulls can keep holding daily EMA 12 every time it's tested, there's nothing to worry about. And so that's my guide. If we're going to set a weekly lower high and tighten up through February, we have to lose that daily EMA 12. Yeah, I actually, I mean, I generally just look at ranges and stuff, but on the daily, I kind of was sharing the idea of this pennant with the flagpole here. I mean here that is as classic as it gets with charting consolidating around the 50 ma there and so this pop to me i mean i really to me i do think we're going usually i'll get the target i think probably that lower high if i had to guess i know that shows a slightly higher high but uh i

Starting point is 00:28:20 think yeah i think we're gonna go like 47 48s here, and then we'll see. But that's kind of the target I have on this breakout. I mean, if you take that flagpole and take the measured move, you do get about 49.4. But, you know, that's right at those highs. Yeah, just keep an eye on volume. I mean, the volume, this is Coinbase up right now, but it's been trending down over the last couple of weeks, which makes sense, you know, all that volume that was coming in because of the ETF and all that. But that is going to be key for me, volume to help us determine those probabilities. Yeah, right when ETH just happened to be looking through

Starting point is 00:28:54 my charts, right when ETH happened to be starting to look good against Bitcoin, it got just absolutely smashed down. Once again, ETH cannot move when Bitcoin, like against Bitcoin. If Bitcoin goes up right now, it just takes all just sucks all the air out of the room. It's struggling. Yeah. It gets these nice, hard, fast pops, but the follow-through in terms of trends, uptrends, it's just not there yet. Yeah, I totally agree. So what else are you looking at? So on the same thread, just coin. This is just a good example of previous resistance acting as support. And I know you're keeping an eye on this level as well, but 116, 114, look at that range where weekly bear flag confirms zero follow through perfect backtest. I mean, the bottom of 114.51 is right off of that level. And now it's just a question

Starting point is 00:29:36 of can the bulls turn this around? They certainly have work to do. Key resistance 136.70, but certainly a nice backtest initially. Yeah, I love that chart. As far as the altcoin space, I'm keeping an eye on XRP as a potential laggard. It's getting a little falling wedgie. It's been underperforming massively. Again, I don't care about the fundamentals. I'm just here for the technicals and the trading. And so if Bitcoin were to continue to keep control, same thing, same concept. XRP is tightening up on the daily. And right now we can say this is the tightest it's been on the daily in months. That tells us, keep an eye out for a break of this range, for some volume and volatility

Starting point is 00:30:14 to kick in here. And so just worth keeping an eye on. We would have to see XRP BTC do something because it's been nothing but fading ever since the court stuff was going on back here. So that's got a bottom and that's got to do something. But just worth keeping an eye on stocking that trade to see if it can shape up a nice bounce. God, that community just takes such a beating. Imagine like you get the best news you can possibly get. And then that's just the top of a beginning of a downtrend. It's wild. The sell-off from the spike isn't that surprising, but for it to be this persistent for months and months and months, that's pretty brutal. Brutal.

Starting point is 00:30:53 What else you got there? Still keep an eye on MSOS. We're shaping up the potential for daily consolidation here. I see we have an inside bar that just broke bare to start today, and now it's all about 978. And so if you have been watching this sector and wanting to get in, it's patiently waiting for weekly consolidation. I'm having deja vu in this sector with the Bitcoin ETF, where we get, you know, the fake announcements and all that, because we keep getting, you know, my sources from the government say a big

Starting point is 00:31:19 announcement from cannabis is coming. And, you know, I don't doubt that that's true. But it's well, is it is it this month? Is it this week? It's the same thing. And so don't doubt that that's true, but it's, well, is it this month? Is it this week? It's the same thing. And so if it doesn't happen this week, then I anticipate that that will lead to some weekly consolidation, but there's tons of space for a weekly high or low. So if you've been waiting to get in, weekly consolidation is a good time to be keeping an eye out for an entry. Yeah. For that high or low and a retest sort of that other high over there on the left. Yeah, yeah, there's lots of space, weekly stair steps, seven weeks in a row, consolidation inevitable eventually. So keep an eye out for it.

Starting point is 00:31:53 Perfect. I see one more. So obviously, the semiconductors on absolute fire is NVDA. It's a new all time high today. The key for me with the perspective of the broader market is when we top out and we are definitely getting towards a spot here where we're keeping an eye out for a temporary top. But the key is, do we then rotate into IWM, ARKK, these growth names to keep the broader market healthy? Or do semiconductors consolidating on the weekly lead to the entire market consolidating. That's the next big clue of information that I'm looking for in terms of gauging the broader market as a whole. So we're not done yet. We're still going up, but keeping an eye out for that top. I got a turkey flying on my roof as I'm trying to talk to you. Keeping an eye out for that top

Starting point is 00:32:40 to potentially be shaping up soon into weekly consolidation? And where does that money go when weekly consolidation takes place? That's the question that I'm looking for an answer for. Not into Turkey. No, I've got eight of them right out here right now. And one of them just flew on the roof. That's awesome, man. I need some turkeys on my roof. I'm slacking over here, man. Well, thank you for all the insight as usual. Now I'm slacking over here, man. Well, thank you for all that. Uh, all the insight as usual. And I can't, I, now I'm just so closely watching what's happening with marijuana, which I never did in the past. I love it. Yeah. Just, just wait until the, I mean,

Starting point is 00:33:14 we need the headlines, but, uh, it's exciting. You know, it's fun. It's we'll see what comes of it. Yeah, man. All right, guys, everybody follow chart guys, check out his channel. Of course, you know, the drill and that's all I've got for you guys today. Thank you. We'll be back tomorrow with the Friday five, 9am Eastern standard time. Dan, have a good one, man. Thank you guys. You too.

The Wolf Of All Streets - Bitcoin’s Massive Pump (Here Is Why It Is Not Late To Buy)

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