The Wolf Of All Streets - BlackRock Backs Bitcoin: Is This The Start Of A New Bull Run Before The Big Options Launch?

Episode Date: September 25, 2024

I am joined by Andrew Parish, co-founder of The Arch Public, who will provide un update to the $10K portfolio, and will discuss the latest in crypto! Chris Inks will join us in the second part to share some interesting trades in crypto and beyond.  Andrew Parish: https://twitter.com/AP_Abacus  Chris Inks: https://twitter.com/TXWestCapital ►► WANT MORE? JOIN MY COMMUNITY AND GET EVERYTHING WOLF OF ALL STREETS! 👉https://www.thewolfofallstreets.com/ ►►EARN TOKENS EVERY WEEK ON ROUNDTABLE! 👉https://roundtable.rtb.io/shortUrl/taFNFGM ►► JOIN THE FREE WOLF DEN NEWSLETTER, DELIVERED EVERY WEEKDAY! 👉https://thewolfden.substack.com/   ►► The Arch Public Unleash algorithmic trading. Discover how algorithms used by hedge-funds are now accessible to traders looking for unparalleled insights and opportunities!  👉https://thearchpublic.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.com/ 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.

BlackRock has doubled, tripled, and quadrupled down on their Bitcoin narrative and have options approved for trading coming soon. Everybody asking what will finally be the catalyst to get Bitcoin moving out of this range again? Could this be it? Could this be a sign of more institutional adoption to come? I'm talking about it today with one of your favorites, Andrew Parrish, and of course, Texas West Capital on the back end. Also giving you a quick update, spoiler, our $10,000 portfolio with Archpublic is now up 42.5% in five months. I was not supposed to say that in the intro, but I got really excited. We'll talk more about that. Let's go.

What is up, everybody? I'm Scott Melker, also known as the Wolf of Wall Street. Before we get started, please subscribe to the channel, hit that like button, mark it heating up. Bitcoin's sitting around $63,500, but I guess more compelling to me is the fact Ethereum, seven days up 13% while Bitcoin's up 5.77%. Solana, 15%. Dogecoin, 9%. Cardano, 15% Avalanche, 18% SHIB, 15%. You get the idea. You get the idea. For once in our long, miserable, horrid altcoin looking lives, there's hope. There's hope. Could get crushed, honestly. One more Bitcoin move and all of a sudden all coins are depressed and whatever. But this seems like it has been, and I'll talk to Chris more about this at the end. And I've been saying for a couple of weeks now, this seems like one of those moments where we can look beyond Bitcoin in this market.

Andrew, listen, we're going to talk about Bitcoin and we can get into all coins later. But I think generally a sign of health or optimism after a long sort of period of consolidation and depression that everything is sort of moving. Yeah, there is a follow the leader. And when I say follow the leader, I'm not talking about Bitcoin. I'm talking about Larry Fink. This guy continues to make serious moves in the Bitcoin and crypto space because you can't say to yourself, is he only going to be involved in just Bitcoin on a go forward basis because they already have projects that are associated with Ethereum. These are huge money making opportunities for them. And the guy is just flat out all in every single time he does a hit in the media. It's hyper focused on Bitcoin. It really is. And it's hyper focused on his personal adjustment to the space and then his firm's adjustment to the space there.

You can draw a straight line, even though there hasn't been any meaningful journalistic pieces on it. You can draw a straight line between his commitment and BlackRock as an organization and Bank of New York Mellon becoming a custody situation for Bitcoin, a physical custody situation, right? Yeah, I read about that this morning. Yep. And people don't people don't generally understand the Bank of New York Mellon. It's not something that rolls off the tongues of people that say Bank of America, J.P. Morgan, whatever. But Bank of New York Mellon is it's like one of the three oldest banks in the history of the United States. I think it was founded in like 1794 or something crazy like that. And it's the biggest custodian on the planet. So with all that being said, when Larry Fink is saying to the SEC, hey, good job on that SAB 121 thing you did, but I don't care.

We're going to start doing exemptions. And the first one I'd like there to be is I'd like that exemption to have to do with Bank of New York Mellon. And then there's a rumor about it. And then 20, essentially 48 hours, it's, you know, you know, and it's amazing. Like, like I said, I wrote about it in my newsletter this morning, right. And I went into the black rock, which we're getting it into. I mean, as you said, BNY Mellon is the largest custodian bank in the United States. For anyone who was following the SAB 121 story, spoiler, it's all of you because I talked about it endlessly. SAB 121 was that memo from the SEC that basically said that the largest custodians in the world could not custody digital assets without putting them as liabilities on their balance sheet, right? You had to have equal cash to everything you custody in crypto, which obviously is literally impossible. This set the banks on an absolute mental bender when they saw the ETFs approved,

because all the ETFs ended up being custody with Coinbase, right? Because they had to go to Coinbase because they couldn't use any of these custodians. Well, 121 was vetoed, but now there's exceptions. So the positive side of that is that the biggest custodians in the world are getting this. The negative side, if you had listened to Caitlin Long, who I spoke to not long ago about this with RFK, she literally said, they're going to make exemptions, but not for us.

She was like, this is to screw the industry and give it to Wall Street. So listen, this is bullish for the asset, but this is yet again, the government playing games with the crypto industry. Like you're exempt because you're BNY Mellon, but Custodia Bank is not exempt because you and she predicted this. She said this was going to happen the day it was vetoed. Yeah. Yeah. She nobody has the pulse of the banking industry associated with crypto better than Caitlin.

I mean, she's been in the trenches for years with Custodia and from a regulatory and compliance standpoint. She's, you know, Custodia is suing the Federal Reserve currently. And so from her standpoint, she's absolutely right. It's an interesting philosophical moment for Bitcoin for several different reasons. We talked about for years, 2017, 2019, 2021, institutions are coming, institutions are coming, institutions are coming, right? institutions are coming right and that was a a battle cry when we thought there was a meaningful movement you know headed for for bitcoin in the space at large dude institutions are here they are here and didn't matt hogan

from bitwise yesterday say like they're all personally, like they're all buying it. I got to look for the story. But yeah, it was basically. Well, it's it's akin to this is a completely out of left field, but it's an analogy that works for this moment. Right. When Matt Hogan says that institutions are here. And so personally, these executives have have a position in Bitcoin. It's it's it's I'm a Porsche 911 guy. And so all car executives at GM or Honda or whatever at the highest end, they all drive their own brand, but their personal car is a 911. So same thing here. They've got all of their traditional financial stuff. But they also know that if Larry Fink is here and he's talking about it and he's making sure that there are custody solutions and he's making sure that options options, by the way, have been approved just on BlackRock's Bitcoin ETF.

Now, that'll change fairly quickly. right? But they were the first one. So who's pressing those buttons? One guy with a really big fat finger. His name's Larry Fink, right? So extraordinary moment for the space and for Bitcoin because you have Wall Street institutional architecture that continues to be hard at work 24-7 under construction. They turn on all the big lights when everybody else goes to bed and they're still pounding away building stuff. This options thing, Jeff Park at Bitwise put out effectively a white paper on it. And it was as well received as it should have been. And he made the connection associated with, hey, everybody remember the whole GameStop thing? Well, the reality is the GameStop trade unraveled, not because Robinhood pushed the pause button or Citadel encouraged them to push the pause button

or the DTCC pushed the pause button. That thing unraveled because GameStop was able to issue more shares whenever they wanted. Issue more shares, issue more shares, issue more shares whenever they wanted. Issue more shares, issue more shares, issue more shares. And that enriched GameStop and their executives. Bitcoin isn't issuing more Bitcoin. It's the ultimate hard asset. So the options trade, the options change to the Bitcoin ETFs and effectively Bitcoin is going to really be something to behold. It's going to add so much liquidity and it gives traders and funds institutions the real, no pun intended, option to hedge out their positions, to play in this market with more cash

and less Bitcoin. There's just a million. This is just the next natural step in making this a real asset. You cannot be a real asset class with an ETF without having options on top of it. It was inevitable, but Gary was trying to slow the train. Yeah, he was trying to slow the train. And Larry said, enough is enough. No more slowing of the train. We're going to get this done. And the other thing about options is not only is it liquidity, but now you have a different process by which price discovery happens. You have fractional, quote unquote, fractional shares of the Bitcoin ETFs. It is a it's a remarkable I would encourage everyone to go read that that quote unquote white paper from Jeff Park. It is it is really, really good stuff. And the analogies that he makes with moments where because the truth of the matter is the launch of GameStop from $40 to 400 bucks inside of, let's call it a week and a half.

That was absolutely fueled by options activity, like absolutely fueled by options. And so the only way that that price movement was halted is flooding the actual, the playing field with additional shares to bring the volatility and the price back down. And again, his point is we're talking about, you know, one of the catchphrases in the GameStop moment was gamma squeeze, right? So same thing here with the potential with options and Bitcoin ETFs is that if you end up in a gamma squeeze type of moment, what stops it? We're talking about a hard asset that's not going to be able to issue more shares. And I bet anything that Larry Fink likes that idea. He likes the idea of liquidity. He likes the idea of additional volatility, right? Because what happens, who made the most money

in the whole GameStop thing? Citadel did, right? Because they were there, right? They were able to turn office. They were also able to turn office. Yeah. They were there when people were buying the options. They were there when people were buying the stock. They were there when people wereR. Yeah. They were there when people were buying the options. They were there when people were buying the stock. They were there when people were selling the stock. They were there when people were taking the other side of the options. They were there for the whole deal of it. So that's what's being set up. Now, again, for purists, and I'm one of those, buy Bitcoin in self-custody. This is an awesome long term. This is an awesome long term.

And Caitlin makes all the right points that the SEC and to some extent, Larry Fink, they're picking winners and losers. Bank of New York Mellon. I'm almost certain based on conversations I've had that the next few custodians are going to be really really huge banks that you've heard about street bny melon we know exactly who it's going to be it's going to be all the ones who bitched and moaned have huge lobbyists and who they can interact within i'm not going to say control but who are in bed with the government it's not it's not

well happy i mean these are the guys that are evolving. Goldman Sachs as well. These names will be announced in short order. There's been some conversation in crypto Twitter about Coinbase's position here. I don't think this is a killer for them. They've only been doing this for, what, eight, nine months now. Will there be a shift? Will there be an adjustments in custodians? Yes. Again, yes, there will be. But I think that's a good thing for Bitcoin overall.

You want diversity. You don't want every Bitcoin held by an ETF in any single custodian. Right, right. We don't- Coinbase or otherwise. Yeah, Coinbase becomes a, you know, if it stayed the way that it is, that's worse for Bitcoin than these additional custodians.

Agreed. I think even Coinbase would agree with that from a fundamental perspective. Now, I want to talk more about Fink and BlackRock because we've seen him. It's amazing. It's like following your own path down the rabbit hole and like the extent of orange pilling.

You know, it started with like being a financial asset. Then you start hearing about a hedge against inflation. And then, oh, you know, people want to buy this because they don't trust their governments and all the things. Now, kind of the big one here, which I mean, I love. This is from Robbie Michnik, who came over from XRP, from Ripple. And he is the one who arguably orange-pilled Larry Fink. BlackRock's Michnik sees Bitcoin as risk-off asset.

He's on the road show. He's on shows talking about this again. But I want to dig in. This is from my newsletter this morning. But this is coming from also an official BlackRock report. Bitcoin, a unique diversifier. Now, just listen to this, guys. In the case of Bitcoin, we strive to bring the same measured approach to our clients as they seek our insights on this highly unique and relatively novel asset. We believe that Bitcoin, via its nature as a global, decentralized, fixed supply, non-sovereign asset,

has risk and return drivers that are distinct from traditional asset classes that are fundamentally uncorrelated on any long-term basis. We maintain this conviction even as short-term market trading behavior occasionally diverges, in some case profoundly, from what Bitcoin's fundamental characteristics would suggest. They go into describing how it is a risk off asset. It is not a risk on asset, a whole thing here. And then even say, listen, it's risky, but that does not mean that it's risk on. And then a full conclusion here. This is the stuff we've been screaming from the mountaintops here, how this is the holy grail for a portfolio. It's uncorrelated. Historically, even though right now

we have a high correlation on a 40-day moving average, if you look historically, it's almost non-correlated. I mean, they keep finding the most compelling Bitcoiner narratives that we have and screaming them to the world. BlackRock has turned into Adam Back. That's who BlackRock has turned into. It's remarkable. I put out a couple of posts a week or so ago and this kind of came to light. And by the way,

they put out another paper or research report last week. That one was from a couple weeks ago. It is hard to fathom that those sovereign asset risk off a hedge against global financial instability. I mean, literally, they are borderline plagiarizing the white paper, to be clear. I mean, these are the same arguments that Satoshi made himself in the Bitcoin white paper, which is why I referenced Adam Back, who's one of the few guys left that was referenced in the Bitcoin white paper. Right. So it's remarkable. And if you don't act on that in some meaningful way. And by the way, if you don't think that BlackRock has designs beyond Bitcoin associated with the crypto space, you're nuts. They already have an Ethereum ETF. They have an Ethereum ETF. They've tokenized BUIDL.

And oh, well, you know what? While we're talking about that, I don't know if this story got me. Crypto's real world assets are finally heading to primetime. This is Bloomberg. This is Bloomberg. I don't know. I had not seen this,

but this is not just like, like a think piece. By the end of the year, a subcommittee of the CFTC's Global Markets Advisory Committee, whose members include Citadel, BlackRock, and even Bloomberg LP, tend to make recommendations to the full committee

on how registered firms can use distributed ledger technology for holding and transferring non-cash collateral. Guys. Yes, so... The CFTC. This is not like, hey, guys, we're going to tokenize some shit this is like we're going to the government and they're going to allow us to tokenize all the shit right so those are like the crib notes of what citadel and blackrock are going to build in texas

when they build a different stock market basically um and they've they've already announced it it's already been talked about. It's happening. There's going to be a 24-7 competitor to the NASDAQ slash the ICE companies, global stock markets, and BlackRock and Citadel are going to run that thing. So those are the meetings that are effectively approving and setting up that particular entity. And that entity, I'm certain, is going to be a 24-7, always on, to compete with cryptos, because obviously that's what they are as well. But the real world asset part of it, they're probably going to tokenize everything that gets listed.

Yeah, tokenize stocks and we're going to be settling in five seconds. I mean, that's what they're talking about. Whether you like that or not, by the way, I don't know that we want the tokenization of everything from BlackRock and Citadel. But Citadel, listen, it was big news that they went to T plus one. Yeah. Right from T plus two. Like, yeah, you get to get your stuff in

24 hours how about 24 seconds there's no way they don't see the the potential of that and nobody wants to be blockbuster when netflix comes in yeah there is um you know i go back to a another thing that was mentioned this week or maybe maybe late last week. And it's the very idea that, you know, when we, the movement from, and most people haven't been around long enough for this. You and I, you know, have wink, wink, but a lot of, a lot of, a lot of our leaders probably haven't. And mutual funds were, that's what everybody used for years, 70s, 80s, and into

the 90s. And ETFs were invented and nobody buys a mutual fund anymore. Nobody does. Literally nobody does. All those assets moved to ETFs. Why? Because there were a movement from mutual funds were a mechanism where you bought something and at the end of the day, that share price settled and it wasn't traded during the day. It wasn't liquid. There was no liquidity with mutual funds on a daily, hourly, minute by minute basis. ETFs changed that. Now you're liquid on a minute by minute basis and they're all traded almost as stocks on the exchanges. This is another move to the next thing. Just like BlackRock saw some little company create an ETF back in 1996 or something, they're like, wait a minute, that's the next thing. We're going to grab this,

take it over ourselves. And effectively, BlackRock became the father of ETFs. Same thing here. Just same thing here. And if there's anything that Larry Fink is and the reason why and I like to remind people of this, Larry Fink is not just the CEO of BlackRock because at some point in that company's history, he got to that position. He's the founder of BlackRock. And the founder of BlackRock has built that company from zero to 11 plus trillion dollars in assets. So the guy's relatively sharp. You know, he's relatively sharp. Don't fade the Fink. Don't fade the Fink.

Yeah, and important to remember that these ETFs are still doing well. Bitcoin ETFs remove nearly five times daily supply. So it's pretty crazy, right? You're talking about 1,548 Bitcoin a day, and we're getting a couple hundred. There's 400 or something in daily issuance. Not that 450. Not that there's no or something in daily issuance. Not that 450, not that there's no other supply, but guys, eventually the having six to eight months

after the having tends to kick in and it tends to matter. And we have extra demand. And I know there's people in the comments who will say, oh my God, institutional demand. It's not a thing. Guys, be patient. This is exactly what is supposed to be happening right now.

I just want to, I want to really quickly, before we talk about our trial, I just want to highlight two stories that blow my mind. Just because. Carolyn Ellison of FTX. While charged guilty and sentenced to two years in jail, must also forfeit $11 billion USD. Okay, first of all, two years seems short, but they said that she was the cooperator of all cooperators. Some quote from Judge Kaplan was like, this is the biggest snitch in the history of snitches. Basically what she said.

And this snitches apparently will not get stitches unless she gets them. But must forfeit $11 billion. How the fuck does Carolyn Robinson have $11 billion and why is that going to the government? $11 billion. What?

$11 billion. How much does she have how does she have it and how is this not going to people who she stole it from yeah i i it's a it's a mind-blowing stat right what where where has she kept it where why wasn't this disclosed at some point earlier you know this is from somebody who, there's the famous video about her ability to trade and that she really doesn't know how to trade, but yet she has $11 billion. Yeah, she was hedging and using stop losses just with her own $11 billion. What the, how does she have $11 billion to give? And is she like, all right, I got like 30 more. It's fine. Like how much does she have? Yeah, I've got $14 billion.

So let's agree to disagree, but I'll give you $11 billion back. You know? I mean, seriously. And Diddy's like on the floor in the same kind of cell as SPF. They're having a baby lotion freak off. And Carolyn Ellison is doing her two years with $11 billion. Dude, sign me up. Like how much does she have left how i do two years for i mean she's got a she have a casual bill like left over what's happening i don't first of all let's you know baby lotion freak offs i mean that just

sounds like token 2049 i mean that's you know let's let's be having all dudes but maybe that's well i mean i mean it makes sense that they're in prison now and then all dudes. But maybe that's what it is. Well, I mean, I mean, it makes sense that they're in prison now. And then all dudes like that makes sense. Oh, here's another one. Nancy Pelosi's husband's husband sold more than 500K worth of visa stock just weeks before DOJ's antitrust lawsuit. I mean, come on, man. Yeah. You're doing it right in front of us.

Yeah. Right. And laughing about it. You know what I mean? The guy's wearing a funny looking hat in that picture. Look at him. He knew what he was doing when he took that picture. The video, to be fair. Like, come on, man.

Cheaters. This is ridiculous. It is ridiculous. Well, that's, you know, we come back to the ethos of Bitcoin, that the game is rigged and Bitcoin isn't rigged. We're starting to get to that line of demarcation, options, infrastructure, BlackRock. Yeah. So buy Bitcoin in self-custody. I'll say that until... I'll keep saying it. That's the way to avoid the system being rigged. $11 billion. Yeah, $11 billion.

So I'm stuck on it. Like, I don't care what you say now. This is $11 billion. Casual $11 billion. How much does SBF have laying around waiting for him to get out in his 50s? Good question. Dude, like if she's got $11 billion, that dude's got that. And he didn't have to pay back money like that.

No, no. He just caught, you know, that dude's got that. And he didn't have to pay back money like that. No, no. He just caught, you know, caught. I mean, he's paying for it every day in jail at the freak off. But he didn't have to write an 11 billion dollar check. This is absolutely insane. Listen, I see Chris in the back. We're going to talk arch public really quick before that, because holy crap, we are absolutely murdering it. Right.

You guys may remember like five months ago, the whole, when Andrew, we started bringing Andrew and Tillman who hates us now and doesn't come talk to us anymore. When we started bringing them on, we were like, we're going to try this $10,000 portfolio. I know a lot of you are trading much larger portfolios than that. Yes.

Yes. Wait, wait, wait. But we're up 42 and a half percent in five months, months. 42.5%, that's $14,250 on a $10,000 portfolio trading stocks. And there was a 5% bump yesterday. Wait, I've got it. I've got the charts. There was a 5% bump yesterday and 13.84% bump last Thursday. Yeah, so that chart is emblematic of what our algos do.

And by the way, we have a bunch of them underneath our tent. It's not just one. We have a bunch of algos that people have access to. This is the one I'm running for. Yeah, this is the one you're running. And so over the last five months, it's up 42 plus percent. A 5 percent bump, 5.04 percent bump yesterday. And you take a look at that. Our founding principles at Archpublic are liquidity and stop loss protection and risk mitigation. And so you look at that particular trade and that's emblematic of what we do.

You're not in the markets all the time. You're not taking trades every day. You're in the markets for 30 minutes, 7 minutes, 90 minutes at a time. And you're extracting alpha from those minutes that you're in the trade. And it just works out phenomenally for folks. People that understand markets really, really appreciate the quote unquote sharp ratio with which our algos work. The bottom line is they absolutely protect you on the downside and you benefit in a big way to the upside. So 42% of the last five months is what it's supposed to do. And then on top of that, I think the trade before, we had had a negative trade, but it stopped out at like 1.7%, which 2% stop loss protection. So for us, internally, when we see a stop loss like that, we know that the next trade has the ability to go to make a

real move because they're coded as such. And so we're, you know, as soon as that trade hit yesterday, we were like, all right, it's going to be a good one. And it was, it was. Real quick, this comment, I just want you to clarify for him. It's not 40% taxes because it's tax efficient to trade. Go ahead. Yeah. You do it. Yeah. So, so because we trade futures contracts, you get a tax benefit. It's the 60 40 rule. I'm not an accountant.

Talk to your accountant, but that rule exists. That means you get a hybrid of short-term and long-term capital gains because you're trading futures contracts. And so it's not 40%. It's significantly less than that. Okay. Now I have to do one more thing because literally, uh, Carlo, you guys might not know Carlo, the lawyer, he just sent me, he's clearly watching the show and he sent me, met a lawman's post that says Carolyn or Ellison was ordered to pay 11 billion, but doesn't mean she actually has it. There's no determination of

what her assets are. And the judge also ordered SBF to pay okay well i can start breathing again all right um so yeah i wasn't trying to fud so guys try the arch public dot com it's right here check it out uh dude we're going to be doing a lot of things with the bitcoin algorithm coming soon we're not allowed to talk about it yet um but it's going to be awesome and you can sign up for this for 99 bucks. And guys, listen, like, Hey, no, I'm not even like having sponsors generally on this. I just, this is awesome.

It's awesome. Yeah. We back tested it. I, we put some money in it to prove it. It's up for, I don't know. What do you want?

Yeah. People love it. And, and the interesting thing is when we have conversations with people, they're like, we can't find anything negative about you. And that's kind of the whole point. My face is on your show every week.

I'm fairly recognizable on Twitter. Yeah. If our stuff sucked, people would tell us it sucked. Nobody says it sucks. Our stuff is legit. It's the real deal. It doesn't suck.. It doesn't suck. It definitely doesn't suck.

Hey, listen, I'm going to bring Chris on, but you guys are like bearded friends. So Chris, can we just leave him on? Yeah, why not, man? We'll be talking here in just a couple hours as well. That's today. Is Tillman going to show up for that? Tillman shows up for that, right? He likes you better than me.

It's fucked up. It's a Texas thing. That's right, man. show up for that Tillman shows up for that right he likes you better than me it's fucked up it's a Texas thing so guys Tillman Tillman uh from Arch Public you know Andrew's partner who used to be here it was like he was like a all-american offensive lineman for Texas yeah uh and on November 9th unfortunately for my terrible horrid awful football team the Florida Gators uh the Gators now have to go into Texas and Austin and play at Texas because Texas has joined the SEC. But I'm going with these guys to the game to just literally take a moral and ethical and probably physical beating.

It's going to be a blast. We're going to turn it into a blast for you. Yeah. Well, the game will probably be difficult let's put it that way 95 to 3 yeah something well i i'm a i'm the world's biggest michigan fan i was born and raised in michigan so we got our butts spanked by texas in our own place yeah that that's the sats and gays says i'll buy you a beer in austin so you can cry in it to be honest i don't i don't honest, I no longer assign much of my self-identity to being a Gator fan.

It's just where I'm from, but it'll be fun. But we're going to talk about actual price action now. We got Bitcoin back at $63,500 right here. I'm just going to say, Chris, for me right now, I'm looking for this to be a higher low and to get above $65,000 to get a higher high to confirm that higher. Yeah. For me, that's like the whole ballgame right now. But you may have a different approach. No, no, really. That's a good way to look at it. I wanted to bring up here on the weekly.

We can note there's this level around 43 or so on the RSI that's worked as this support resistance level going way back, you know, years and years and years back here. And we just kind of were, you know, kind of bouncing off that area there. And then we've just crossed up above the SMA here. So, you know, just from a weekly standpoint, we've got a lot of room to run the stochastic RSI, a lot of room to run on RSI. So I think, you know, again, I'm like you, I'm looking at that. I'm thinking we're probably bottomed out there. I've talked about it so many times before, you know, we had the great volume decline here throughout the range, and then we had the capitulation here, huge volume spike, large lower wick, closed back up, printed a bullish SFP right here, rallied up,

pulled back at three waves, and here we are now potentially threatening to break out here. But at the end of the day, if we want to be, you know, legit about this, we're still in bearish market structure. We've got our high, our low, lower high, lower low, lower high, lower low. So really, you know, from the all-time high, we have to break out above this 70,000 area here to kind of break that bearish market structure. A good start though is definitely this, you know, where we can get a high here locally and then a low and then get a higher high coming out of that. So, you know, we're going to continue to look for that as we're playing here.

Wait a minute. Where's the Larry Fink indicator on this chart? Does that exist somewhere? I couldn't get it, man. You posted it on my timeline one point there on Twitter, man, and I just couldn't figure out where it is in the thing, man. You're going to have to show me where that is. That's a real thing?

Is it like every time Fink talks? Yeah. Titan View has to create the Larry Fink indicator. You know what I mean? With his head at the top of a green candle. You know what I mean? Yeah, exactly. We've had good rally here But we remain within this channel

And so often Most often when you remain in a channel like this It's kind of corrective So the other possibility that I've got here And I don't like this possibly a whole lot But sometimes wave Y Which is this one right here I've got here It's three waves down

Can actually be a triangle So it's possible this could be three here Instead of five this could be three here instead of five, this could be three up. So A, B, C, we get a D here and then we'd pull back, you know, probably down here toward that 58,000 area for wave E to finish a triangle. And then we'd break out. I mean, yes, that's the only other thing I'm really looking at. I'm not really concerned at all that we're going to go lower than 49. Again, if we did, you know, can I, can I ask a question real quick? Can I, I like this. I'm going to leave.

Yes. So, um, Chris, uh, if you pull back, can you, can you pull back and show a little bit, a little bit, you know, uh, longer. Yeah. So, so let's, right there. Yeah. Right, right there. What is remarkable to me is, and this goes to where we're at in the, in the Bitcoin cycle, right? Is that, that price action that you've got, you know, covered there with the red lines, that is such a huge divergence from previous cycles where we're talking about a 20 to 25 percent range to the downside max versus what used to be a 50 to 55 to 75 percent drawdown range after the having before. And people talk about, you know, it's boring, you know, Bitcoin isn't moving, blah, blah, blah. But the fact of the matter is, is that's a huge deal, man. That is a really, really, really big deal. And it's, you know, I'm not a chartist, you're a chartist, but that just longer term, that feels spring loaded to me is what that is.

I can't get a smile out of you guys. I'm grinning over here, man. I'm grinning over here. Come on, man. That was pretty good. Look at it. Yeah, no, I agree, man. I agree completely.

You know, it's, you know, people are like, oh, all the ETFs came in. And if they're buying up all this, why isn't price going up? It's being manipulated. And the fact is people are selling. You know, I posted a lot of charts from CoinGlass and others showing just how large that selling activity has been. And miners have been huge. So the more important thing is not, oh, you know, it's being manipulated because it's not shooting through the roof. It's like it's in the grand scheme of things as you said it's barely gone down in spite of this like almost record levels of selling that we've had

coming into this swing high so to me that is the much more important uh kind of thing we're looking at here so miners miners have to sell to be able to survive in the first especially after the having yeah after the having their, their profits get absolutely destroyed. So they have to sell. And that was a larger, it wasn't talked about enough because there were all kinds of crazy stuff going on in crypto at large, generally speaking, in the last few cycles. But those were the larger portions of selling that turned it from a 40% to a 70 70 or 80 percent downturn before. And so the fact that there's a floor essentially now is something. It really is something. We'll revisit this when we're at 39.

Just kidding, guys. Just kidding. That's a triggering statement. So, Andrew, you're going to have to cover your ears now because I'm going to ask Chris to talk about some Alcoid picks. Well, yeah, I've got a couple here. I'm going to head out, guys. You guys do your thing. It's been a good one.

Andrew, we'll see you later. A little bit later here. Wait, when's your guy's show? You can chill. 11 a.m. Central, 12 p.m. Eastern. Beards and Bitcoin. 12 p.m. Eastern. Beards and Bitcoin.

That's right. That's right. All right, let's do this. Tillman says he's the pretty one. Yeah, clearly. He's big as shit, I'll tell you right. Tillman says he's the pretty one. So clearly he's big as shit. I'll say that you guys are all huge, but yeah. So yeah, man. So I've got, I've got about three here that I'd like to talk about. Um, this one's NCT USD here. Uh, I like it. It's, it's a pretty clean one and two. We've got this overextended wave three up here. Um,

so I believe we've got like, uh know, that will be heading up here toward about point 02367. And then wave five should be minimally headed up here around point 02777. On the daily here, you can see that RSI remaining bullish above neutral here just crossed bullishly above the SMA. Stochastic RSI here. We dipped down below, but now we've crossed bullishly, looking for it to pick up and continue to head up higher there. So, you know, really, we popped up above this swing higher,

so this has me looking up toward those two targets on this one here. And a lot of what you're going to notice is a lot of alts look like this right here. They, generally speaking, look like this right here they generally speaking look like this yeah i was saying something this this morning in the newsletter but also like on the website i did a video yesterday and i was like you just sit on your hands for all these months at a time waiting for it to happen and then you look and they all like kind of start to ramp up the same to me that's when you know that it's like, listen, this could all go bad. Bitcoin could do something.

But like this is one of those times after sitting here for six months saying kind of don't trade alts that looks like you can trade them right now. Yeah. Well, if you remember, you know, a couple of months back, I was on here looking at the total charts and all that. And I said, man, it looks like we've probably got a bottom or pretty close to it with alts. Um, and so, you know, here we are, we, we had that one lower low for most of them there in August, a slightly lower low there with the wick. And then now we're in this, you know, at least locally coming off the bottom, we're in these, uh, higher high

situations. Right. Um, and so looking to continue this up. So looks good there. We've got BTR, BTRT USD. The one, the thing I like about this one is we've got this very clear resistance here. And then we've got on the pullback here, let me see if I can zoom in a bit. So we've got this really clear resistance here. And then we just had this pullback, which had this nice doji on this volume. Looks great. Now we're getting this great follow through coming up. Stochastic RSI almost reset and oversold RSI breaking back out above the SMA and trying to pop out above neutral there. So I think we get the breakout here. And if we can get that, that gives us an

initial target of 46.2 cents and then a secondary target up there of around 48.7 cents. And again, like the other one, like all these, this should just be the beginning, right? So it's not like all these sectors go lower. Is this BTS? Is that what it was called? B-T-R-S-T. R-S-T.

I was like, BTS is like a Korean boy band. Okay, cool. Yeah. Well, youT. I was like, BTS is like a Korean boy band. Okay, cool. Yeah. Well, you know that I don't, but okay. I'll take your word for it, man. BTS. And the other one I got here, everybody hates math, right? Well, we got math USD here.

They might like this one. So again, same idea. Working on an interior third wave here, large candle spread, large spikes of volume here. We've got a pullback, which looks to potentially be complete. So we're looking for this to rally and get up above this R1 pivot here, right above 23 and a half cents. And then I've got multiple targets here. 34.2 cents and then 37.6 cents 46.56 cents and then 52 cents working its way up there kind of just making its way up toward that swing high uh so you know again we're at 21 and a half cents right now looking like a pretty good trade we just want to get that break out there to kind of get

that in motion um in heading up there so i think these are three of the better ones right now that aren't the big names everybody's looking at. But again- Yeah. I told Chris that we're trying to give maximum alpha and pick our best, so I didn't want to do 19 of them. I actually have a couple too, which is never a thing, but I've been looking over here. First, I wanted to say you did mention total. This is total three, which is market cap excluding Bitcoin and Ethereum. Guys, listen, charts are charts. This is not a traded asset. So I always say take the patterns with a grain of salt, but this does look like it's ready to break out with a bullish cross of the 50 to 200. There's so much room to run. I mean, we're 50% off basically, and that's with more supply of altcoins coming on all

the time. We're 50% off the highs from 2021 of the market cap of alts that aren't Bitcoin and ETH. So money is going to eventually flow into these. I don't think it's going to be quite as easy to throw a dart and just choose one. I think you'll have to choose better, but there's so much room to run here. And there's a couple that I had looked at on the website that, so first of all, uh, core, this one broke out. I don't know if you guys have been watching Sui. I mean, I'm just trying to give you guys an indication of what you can look for. Like I was talking about this when it was bull flagging. I mean, look at this, but from 96 cents

to a dollar 79 since September 12th. I mean, there's real action here happening. I don't want to dig through all of them, but I usually sei say whatever it's called usually follow suey i haven't even looked i bet that's gonna happen just like you know uh stellar used to follow ripple you just kind of get these like narrative things and i was looking at dot earlier today i don't know if you saw this one but this looked really good too it looks kind of like it's warming up yeah hasn't broken out yet but i mean you're seeing, to Chris's point, like we're seeing so many coins that are coming to potentially break their downtrends.

And ADA. ADA is recently kind of breaking out and everybody loves to hate ADA. Yeah. Listen, I don't know if these will move or not, but like looking at, you know, the indicators I use, I think we're about to, you know, and listen, it makes sense.

In March, we were like, dude, this is the top for like six months. You know, like I was saying it, like meme coin madness, 74,000 overextended. Well, this is when we get back into it. Yeah. Yeah. I mean, historically it is.

And this time around, we've even got some other catalysts. You know, if people need narratives, we've got all that money coming back from what was it, FTX or whatever? Dude Billions of dollars. Yeah. We've got as much as Carolyn Ellison can spend. That was crazy. We've got the other big thing. I don't think people understand about the options on, on iBit is that they're going to create liquidity, right? So you can generate yield from those options. That yields got to go somewhere. People are not just going to sit on that money. And so we're likely to see a lot of

that flowing into alts as well. These guys get in here, they can hold their Bitcoin, they can generate yield, they can take that yield and they can then put it into more degenerate stuff and try to get higher returns on it. So we've got quite you know, quite a bit coming back here as to, you know, extra money flowing in Q4 here, potentially. So yeah, it's gonna be great. And of course, rate cuts, whether those end up being short term bullish or not, there's more liquidity. And I just looked at say, and it's already moved. Yeah, it already has doubled off those lows where I gave the indicator. So there you go with the breakout, but like, see this pattern, like this is where dot is, you know, like is before the the breakout so i think you just want to be watching

these things i'm just starting to feel actually confident about all coins after like having no you know listen in this space there's a lot of pressure chris will tell you you have a group right you're telling like you're in there doing signals. Yeah. You see the YouTube traffic in crypto. There's a lot of pressure to be like delivering daily alpha every day. Here's the thing you need to trade. Here's what you do. But if you're a real trader, you need to know that there's going to be six months at a time that the best trade is doing nothing. And nobody wants to hear that shit on YouTube. Nope. That doesn't make for very engaging content and thumbnails about hundred X's.

Yeah, everybody wants the, you know, everybody wants the dopamine fix, you know. And the reality of it is trading, trading is a marathon. It's not a sprint. You know, you get in there, you put together a system and you can think of it as a business where, you know, you're tweaking that system to be better and better the longer you're in it. And then, you know, that's the way you've got to approach it. If you're looking in it to get, you know, to make a million percent overnight, you know, because somebody says they did it online. Well, the odds are they didn't show you all the losses they had before they got there. You know, that was a one-time thing. Most people that do that don't end up keeping the wealth. It's like lottery. You know, what you find about lottery winners is most of them are worse off than they began three to five years later. And

it doesn't matter if they won 10, 20, 50 million, you know, people, you go from one extreme to another and people don't know how to deal with that. And so, uh, you know, they just end up kind of losing back casinos, right? What do casinos do? If you went big, they don't kick you out. They give you a room. They give you free stuff. Yeah. They want you to stick around because they know that you're going to end up giving it back most likely. And so, you know, markets are no different in that respect. People come in with that same dopamine fix attitude. And that's what unfortunately is their biggest thing. You know, it's not that Wall Street or crypto whales or somebody's, you know, stealing from them or tricking them, is that they've got emotion.

It's not manipulation every time you lose. Oh, man. It's not somebody else's fault. Come on. Somebody knows your emotions better than you is what it is. That's right. They know exactly what you're going to do because they're looking in the order book. I'm just kidding.

It's just human emotion. All right, guys. You can catch Chris and Andrew in two hours and 10 minutes. Correct? Is that on your channel? Yep. On Chris's channel. You can catch Chris and Andrew in two hours and 10 minutes. Correct? Is that on your channel? Yep. On Chris's channel.

And you should definitely check out ArchPublic, right? The ArchPublic. That's what Andrew and I were talking about. It's awesome. It's awesome. And it'll make you less spastic about your trading. Guys, that's all we got for you. Chris, see you next week.

All right, man. And until then, guys guys talk to you later bye