The Wolf Of All Streets - BTC Mass Sell-Off! | Crypto Town Hall w/ @Blackwater_Town

Episode Date: July 4, 2024

Crypto Town Hall is a daily X Spaces hosted by Scott Melker, Ran Neuner & Mario Nawfal. Every day we discuss the latest news in crypto and bring the biggest names in the space to share their insight. ►►TRADING ALPHA READY TO TRADE LIKE THE PROS? THE BEST TRADERS IN CRYPTO ARE RELYING ON THESE INDICATORS TO MAKE TRADES. USE CODE ‘2MONTHSOFF’ WHEN VISITING MY LINK.  👉 https://tradingalpha.io/?via=scottmelker  ►► JOIN THE FREE WOLF DEN NEWSLETTER, DELIVERED EVERY WEEK DAY! 👉https://thewolfden.substack.com/    ►► OKX Sign up for an OKX Trading Account then deposit & trade to unlock mystery box rewards of up to $10,000!  👉  https://www.okx.com/join/SCOTTMELKER ►►NGRAVE This is the coldest hardware wallet in the world and the only one that I personally use. 👉https://www.ngrave.io/?sca_ref=4531319.pgXuTYJlYd ►►THE DAILY CLOSE BRAND NEW NEWSLETTER! INSTITUTIONAL GRADE INDICATORS AND DATA DELIVERED DIRECTLY TO YOUR INBOX, EVERY DAY AT THE DAILY CLOSE. TRADE LIKE THE BIG BOYS. 👉 https://www.thedailyclose.io/   ►►NORD VPN  GET EXCLUSIVE NORDVPN DEAL  - 40% DISCOUNT! IT’S RISK-FREE WITH NORD’S 30-DAY MONEY-BACK GUARANTEE. PROTECT YOUR PRIVACY! 👉 https://nordvpn.com/WolfOfAllStreets    Follow Scott Melker: Twitter: https://twitter.com/scottmelker   Web: https://www.thewolfofallstreets.io   Spotify: https://spoti.fi/30N5FDe   Apple podcast: https://apple.co/3FASB2c   #Bitcoin #Crypto #Trading 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.

Can you hear me? Yeah. You know, I find it so cute when you know I'm coming. You never speak till I come so I can warm it up. I find it very heartwarming. It's like a little cute little habit you have. You know my role? How are you, man?

I'm a color commentator. I'm good. Happy 4th of July to all who celebrate out there. Great day in American history. America. Team America. I did it. I did good. Happy 4th of July to all who celebrate out there. Great day in American history. America. Team America. I did it. I did it.

While you're wasting your time and doing nothing for the 4th, I interviewed someone really interesting. It'll go out tonight. I had a face-to-face interview last minute. I think you'll enjoy it. I think you'd really enjoy that interview. You'll see it tonight. I'll just message you the name. Oh you come on bro i'll message you i'll message you today right now on what's up um but the it's the person's really cool uh you i'm sure you know him but uh the

the interview is really interesting really really interesting i think you'd like it where i dug into um you know i literally asked asked him to give me his phone on the spot to go through his whatsapp messages and instagram messages to verify certain things he said it was a really cool uh cool chap um so i'll uh we'll come out today but yes what i did today what did you do in dubai yeah yeah he's here uh for a few days for like four days he leaves tomorrow i i i know who we're talking about now but but I actually, you wouldn't remember, but it was probably 2014. I opened some huge company. No one knows how legit you were as a DJ.

Like you opened shows. I was surprised when your wife or son, because Emmy was telling me about the shows. You had Snoop Dogg on your show as a backup singer, whatever, backup artist, whatever. You were the main show. He opened for you. Snoop Dogg on your show as what do you call as a backup singer whatever backup artist or whatever you were the main show he opened for you Snoop Dogg opened for you um I think you don't give yourself enough credit and then when people google you there's fuck all there you don't even own your own Instagram I don't know man you need a PR manager I swear that's always been my downfall was uh never talking about any of it yeah man I used to do some wild stuff especially in South America I toured for like a lot of pretty good stretch with enrique iglesias playing like jesus christ stadiums and

and south america so those are like you should do you have do you have a lot of 80 000 person shows do you have a lot of footage of that a lot of pictures there's footage around but uh the bulk of your main dj career was before we took videos of things. And if you're alone and on stage, you're not like videoing. There's stuff out there for sure. You should get it and start posting it, man. Yeah. Yeah.

Let's dig into what people really care about. That's the BTC sell-off. And we'll keep the show today short. Obviously, it's public holiday. But we've got you. We've got Dave, Simon, and someone with a weird name we've got follows here as well um guys uh i want to kick it off with you scott just explain the sell-off we had today because yesterday me and you did a interview and um what you said is is uh you said

it before the 60k mark is an important uh support level uh well we're at 50 whatever now 57 at last i checked a few hours ago um can you yeah 57.2 wow it's down five percent for the yeah yeah a lot of people conjecturing that it's because the german government is selling i mean when you look at the numbers that have been moved i don't i don't think that's it i think we always look for a narrative the fact is as i kind of said before i mean 60 is key but we've already seen 56 500 already in May and bounced right back into the range. And we're still even slightly above that. I mean, RSI, as I've said on the daily, was oversold for the first time since we were at 26,000 last August.

And now, you know, we might get bullish divergence, which means a higher low in RSI. Let's just get – let's just – We have the 200 – Go ahead. 200 MA here. Sorry. Yeah, I'll break it down. The 200 moving average is right. Right. The 200 moving average from the daily MA here. Sorry. Yeah, I'll break it down. The 200 moving average is right.

The 200 moving average from the daily is right in this area. You always see mean reversions to those big moving averages. It doesn't mean it'll hold support, but that average was coming up, so that mean reversion could have come at a higher price, but in this area. And like I said, if it bounces from here, we kind of will have the likes of a double bottom from last May. But I think this is like low volume, low volatility price action. And I think the most important point for people to remember, which I've reiterated over and over

again, still from 74,000 down to this 56,500 area, there's a sub under 24% retracement. It's the biggest one we've had in this bull market and would be the smallest bull market retracement basically in any of the previous bull markets, right? Previous bull markets, you always got these 24, 30, 35, 40% retracements. I mean, people seem to forget the summer of 21 we went to 65 down to 28 that was 50 over 50 and back up to 69 right so like this is still really shallow retracement for this part of the cycle for any bull run so to me it's just kind of just wait you know uh but now the waiting yeah but yeah but 45 buy more, but I think it's important. I know you make it sound easy.

Like, all right, it just goes down more, buy more, goes down more, buy more. But like our business, I'll just talk about my experience right now. I have to make decisions of how much capital to deploy. You know, we don't have infinite capital. No one has infinite capital, really. So are we going to go aggressive, really, you know, really hard now expecting the market to rebound relatively soon? Or should we be even more conservative, deploy less capital?

So I think the timing, even though it's really difficult, it is an important part of doing business. I think it depends on valuations. Like if you're talking about sort of pre-seed or pre-sale rounds, I think you want to be getting better valuations than you would have been in march where everything was euphoric and people were launching you know a million projects if you're talking about buying you know large scale liquid tokens at some sort of otc deal i think now is a pretty good time to start doing that right we're below the prices that people were buying discounted otc deals in bulk three months ago right those people are underwater so imagine we can get a 50 percent that includes me and you don't include

any new people thought this is like you know that was sometimes at a 50 discount you're underwater still vesting or locked and so now if there's some I don't know what's being offered but if there's something out there we can go to someone and say, hey, I'll buy a bulk of tokens at a 50% discount. That's a huge discount from where you thought was amazing three months ago. Right? But I mean, listen, if you're looking at the cycle, I think you've got, I have no idea, but you should have. We should have a good two more to three more miserable months of sideways. That's not long, but that's not too long.

Two to three months is not long, but that's not too long. Two to three months. Two to three months is not long at all. So it's interesting. So what you say, so does that mean, so okay, two things you talked about. First is investing privately

in projects and just make sure you get better valuations. So that's, for us, talk selfishly, it's our policy. Like for every dollar

we invest for projects, we do a big media campaign. We partner with them, et cetera, as well, which reduces the valuation significantly. And then on the OTC side, you said that there's a lot of opportunities now because people were doing OTC deals just a few months ago and all those people are underwater. I don't know if there are. I'm not seeing them. I'm just saying

if you can go pursue those, I think that's a good time. Yeah. So let me go to the panel. So you're saying two, three months. Dave, I'll go to you next. Your thoughts of Scott's analysis of the market. Can you tell us more about the dump we're seeing now? Have we broken a concerning support level, but no, I mean, you know, as Scott basically said, you know, we broke lower last time. Now, could we? Yeah, sure. We absolutely could. The fact is, this feels a lot like the, you know, well, the last cycle was, as Scott said, it was, we're at 120 days. And the last time we had this kind of a market where we'd expect around 180 days or so of staying in this big range. So we're two-thirds of the way there if you're going to compare to the last cycle, yeah? Yeah. I mean, to some degree, looking at chart patterns or like that, it's a little bit like a Rorschach test. I mean, you know, time is an important part of markets too.

People have to get used to certain prices and things need to shake out. Nothing has changed in the fundamental dynamic of the market, which is the move uh the last two times we had this magnitude of a move uh we had about double the amount of liquidations now that's not to say that you know that that you know almost 400 million in the last well 300 well 350 million give or take on of the of the last 24 hours on the long side being liquidated i mean it's not nothing but if you look you look at it, back in April, we saw more than double that for our two-day period. So we're looking at this, and we're seeing lower-volume sell-offs or lower-volume rallies when we get rallies. And in that period of time, the dominant themes are what they are. I mean, Mt. Gox is clearly bigger than the German government because there's more to be sold there. And the truth is, is that's going to drive people's fear. I mean, a tradable bottom

happens when that news is done. People look around and say, okay, wait a minute, where are we? And then all of a sudden, you end up with that tradable bottom. And if it turns out to coincide with a, as Scott puts it, a bullish divergence, where RSI is already over. Now, when RSI goes oversold, it doesn't generally turn in a dime, it generally stays oversold for a bit and then you get a tradable bottom the reality is is the the the market as a whole is incredibly correlated today right that's the other thing that's a feature of this i mean we're talking about bitcoin but you know ether is trading at at below 3100 solana looks like it well short-term bounced off of $132 or $130 or whatever it was. But, you know, it's everything selling off.

Yeah. So, it goes to – sorry, continue, Dave. I want to link it to altcoins as well because I know Rand's show they put out a video five hours ago with one of his co-hosts. It says 30% altcoin drop imminent. So, I want to kind of link it, Dave, and then we'll go to Rand. Just give your thoughts on what that means for alts and the rest of the market. Yeah. Well, I mean, you've seen almost 15% already. So, okay, you know, whatever.

I mean, it's like if the theory and my working theory has been that the hot money is on shorts, is on the short side now, and is going to press itself, that will continue until buyers show up or until you get a turn. And that when does that happen? Who knows? I mean, the tailwinds that are behind Bitcoin are significant. They're not going anywhere. The proximate cause, I mean, I think Scott retweeted an article from the block about standard charters saying, well, you know, Biden potentially dropping out of the race is bad. A lot of the euphoria in Bitcoin and crypto in general was because they thought they see Trump winning. And if Biden drops out, that means he has less of a chance of winning. And so, you know, yada, yada, yada, yada. I mean, we're going to be dealing with these sorts of cross currents that anyone who's listened to me over the last, you know, several weeks has said is a long way to the fall. Right. You know, we'll have a much clearer picture

of the election, probably by October. Maybe we wait till November. And, you know, at the end of the day, that matters. And so when you have those cross currents, it's hard. I mean, there are stories today about the SEC as, you know, they're potentially doing their last window going now going after VCs, right? They're going, hold're going on what the SEC is going after VCS now that was a story I read this morning you know after for what for being unregistered securities dealers because of the way they're selling the tokens that Jesus that that's what Ari said no no there's no reason for anyone to be in the US anymore swears like every person is involved in crypto in any way possible somehow being That's what Ari said. There's no reason for anyone to be in the U.S. anymore. I swear.

It's like every person that's involved in crypto in any way possible is somehow being targeted. I was just talking to Jason Derulo earlier. I mean, it's not only crypto. What is the reason to be in the U.S.? It's a nice place. I'm telling you. I had beautiful – The U.S. I love –

Stop shitting on the U.S., man. There's a lot of doubt that it's one of the most beautiful countries. You don't disparage the U.S. I'm telling you, I had beautiful. The U S I love a stop shitting on the U S man. There's a lot of doubts. It's one of the most beautiful countries, the U S and not on July 4th. Exactly. You know, I'll do it tomorrow. Lee Greenwood on you. But ran, did you go back to the altcoin market? How much lower can they go?

Like we're seeing a lot of these OTC, there's a lot of these discounts go on the red now. How much more can they bleed? Can bleed a lot more. I mean, look, the way I look at the market is you got to look at when major support breaks and just by the way, I don't think major support is broken. It could be like everyone's talking about the 200 EMA and the 200 SMA, the 200 simple moving average and the 200 exponential moving average being broken today.

That's on the daily, by the way. Everyone way everyone's like saying oh that's a major support you know when when bitcoin breaks major support which by the way i don't think it's broken because it's not on a weekly time frame but when it does the first thing you want to do is you want to analyze is something broken in the market or not um and the truth is that on the bitcoin market you can look as hard as you want there's nothing broken in fact all you see is opportunity on the eth market, you can look as hard as you want. There's nothing broken. In fact, all you see is opportunity. On the Ethereum market, you can look as hard as you want. There's nothing broken.

All you can see is opportunity. On the altcoin market, there is something broken. We have high FDV, low float projects, which have destroyed the market. They were overvalued. They came onto the market overvalued. There was only one way for people to get into those projects, and that is to pay exorbitant prices. And as a result, I can say with conviction, there's nothing wrong with a Bitcoin market. I can say with conviction, there's nothing wrong with the ETH market. I can say with conviction,

there's nothing wrong with the Solana market. But on a lot of the other markets, on a lot of the other altcoins, there is, you know, I can say with conviction that it is broken. It's just the valuations are too high. The VCs bid them too high. And that's pretty much got to heal. That's the problem. The problem is now we have to go through a period of healing where the market brings down the valuations to reality. You know, when protocols come onto the market with zero fucking users, like a stock net, and they come onto the market at $20 billion valuations, like there's something wrong with the market. And that has to heal. And it will take a bit of time. It happens every single cycle that we get this healing.

And you just have to basically go through this normal part of the cycle. What does it mean? You talked about what it means for startups and the VC rounds. How about meme coins? I know you did another video on your show. What is it called? I saw it. No one will expect this. 90% won't believe blah, blah, blah. Meme coin show. And obviously, you've got two meme coins on the market as well, baked and gummy. So you're pretty deep in that world. Is it going to continue to bleed? I think meme coins are a game. I think the game will last for a long time.

I think the game will take on multiple things. I mean, if you're buying meme coins, if you're going to correlate meme coins to market cycles, already there's a problem because you're correlating a game to investments. And meme coins is a game. But NFTs,

I don't know why you keep calling it a game. NFTs were a game and then they became an investment. ICOs were a game and they became an investment. Because meme coins are a game. I've told you before, meme coins are a game which is cultural roulette. And basically, it's people hopping from one chair to another chair. And the game is how quickly, how soon before everyone else can you identify a culture move and how long will that

culture move last and that's a game it's got zero it should have zero correlation to markets except for one correlation which is the fact that when people feel rich they will spend more money on this game and when people don't feel rich they'll spend less money on this game but it's a game it's it's a it's a game of musical chairs of of which share can you jump onto and can you get there first? It's not an investment. Let me go to Dave. I know you wanted to comment on this and getting Simon's thoughts on the markets as well. And then we'll go to follow.

Dave? Yeah. Look, I think Rand is spot on. And I know you don't like to hear people saying nice things about Rand, but I think his analysis and he's been… What did you say? You don't like people saying nice things about ran but i think his analysis and he's what do you say people you don't like people hearing saying what's about ran i said i know you don't like it when when when when when we get on team ran here but okay i don't like it you're right but the fact is that that you know my thesis i i express it differently because i come from a

different you know generation but the reality is hot money is looking for 10 X's, 100 X's, 1000 X's. And investors are looking for clean, you know, 20 percent returns and, you know, like asymmetric upside, like Bitcoin, et cetera. I mean, every time I hear people or see people in the Twitter sphere or the X sphere of whatever the hell we call it these days, saying, oh, well, Bitcoin's boring. What's it going to do? You know, if we're really lucky, it'll 10x. If we're, you know, maybe it'll double to the next year. Ah, that's boring.

Let's go for blubbity-blub because it could go up a thousand times. I think of, you know, old American cartoons like the Flintstones, which was actually based on the show, where people are looking for get-rich-quick schemes. And what is that? That's a game. People are buying lottery tickets. Well, you know, if you spend all your investable dollars on lottery tickets, you're not likely to do too well. The insiders are the ones who are making money. I mean, the lottery has often been called the tax on the poor. And so I look at many of these projects as just a wealth transfer from the wannabes to the people who already have the money, which is more or less what Rand is saying. And we see it in the OTC market in equities, too. I mean, I'm not talking about NASDAQ.

I mean, the over-the-counter market where there are tens of thousands of pink sheet stocks that people, oh, I got this hot stock tip. And the number of stocks that actually go from that to become something is vanishingly small. It doesn't mean you can't make a ton of money in the interim, but they're not investments. It's a game. And the memes and a lot of these projects are effectively a game. You're trying to do the same thing. Let me go back to the markets here before Scott leaves the space. Simon, your thoughts on the dump we're seeing now, your thoughts on the markets in general,

and how would you compare it to previous cycles um yes for me uh so if if anyone's in you know a cycle for the first time then this probably is something you feel concerned about um congratulations it's part of the learning curve with bitcoin simon simon just whoa stop stop you didn't say full disclosure i'm invested bro like you gotta say full disclosure i'm invested in x and bitcoin and i've invested in satoshi go ahead simon yeah um yeah well uh congratulations and like this is part of the learning curve this is a very normal repeatable cycle um as ran said and dave said um you can rely upon bitcoin to do this um but if you've been investing in looking for the next 10x 100x 1000x and meme coins then you just got to understand that's the game you're playing that everybody like when bitcoin's going up every all those go

up higher and the next cycle comes along and everybody uh feels like you're you know you you make the bitcoiners feel like they're idiots for not investing in all the all that stuff um and then when bitcoin when bitcoin's going down everybody kind of feels okay with bitcoin unless the new people are along. And the new people that haven't got the strong hands end up selling to the people that do have the strong hands. And then you just zoom out and realize that this is just all part of the market movement. But Bitcoin has been in a bull market for 14 years. And this is just a normal part of it.

But beyond, beyond, yeah, so I think one thing you said, and Scott says, and Dave says, and I say, and Rand probably says, is like, hey, in the grand scheme of things, these ups and downs are not really that important, which I think everyone knows by now. But then I think on the altcoin market, no wait, I think on the altcoin market, this is different. I think on the Bitcoin market, honestly, this is not even a Bitcoin correction. It's 20, 21%. Like, 21% is a fucking correction for Anspro. It's not even, it's not even a Bitcoin correction. It's 21%. 21% is a fucking correction for Anspro. It's not even a real correction. I remember

in the 2016-17 market when the Bitcoin price went down 50%, that was a heart-dropping correction. Even in the last bull market where Bitcoin went down 30-40%, that's a correction. This is 21%. guys. We are at $57,000. We started the year at $20,000. This is not

a correction on Bitcoin. On altcoins, hold on, different story. Some of the altcoins are down 80, 90%. That's a correction. You've got to separate the market now. There's three markets now. Bitcoin, ETH, altcoins. What's there's three markets now bitcoin eth altcoins what's that what's the biggest opportunity right now for you um depends how much risk you want to take high risk are going to a basket of very strong altcoins but but you gotta have balls of steel scott what's your in opinion on the biggest opportunity right now? You'd probably be with him. I also think

Ethereum is an obvious trade, but maybe after. If we get it after the potential sell-off on the approval. Do you expect a sell-off on the approval? Well, I mean, to me right now, I think everybody should be paying attention to what Grayscale does with their fees. Because obviously, we had GBTC unlocking when the Bitcoin spot ETFs were approved.

I think they were about $25 billion AUM at the time. They went for the 1.5% fee when everybody else was like 20 bips or free. And so, of course i think that's a mistake scott i think that's a mistake i'll tell you why i think he's gonna sell off regardless because there's people who are exactly discount but there's still 10 billion dollars in ep that's i mean that's dramatically higher percentage of the market of ethereum versus bitcoin and the gbtc was versus the bitcoin. It's a lot. It's probably not even today based on price going down. But I don't know what's going to happen.

It's funny. Just so you know, I'm talking about the strategy. I'm literally writing right now a message to my team. The amount of investments we're making is mental. Like we're not slowing down. I'm literally messaging Tarek, you know, Tarek, Scott, saying like, because there's like a, let me tell you, there's exactly right now, today I've got to pay for 1, 2, 3, 4, 5, 6, 7, 9, 10, 11 investments today

I'm going to pay for them, I'm telling you guys, don't let them stack up, like you should do every day so in other words, I think it's a bit different to what Ryan and Scott are saying, because Ryan and Scott are talking about tokens that are listed, I'm moving away from the ETF discussion, sorry Scott but talking about tokens that are listed. I'm moving away from the ETF discussion. Sorry, Scott. But talking about tokens that are already listed, which I agree, and I think we need to do more of those. That's a message I sent to the team yesterday and again today.

I think we need to scale those. But investing privately and trying to get better valuations is 100% still a good strategy, in my opinion, despite the high FTVs. I think you get some good deals and a good project, like getting in a good project,

even those early high FTVs, still could perform really well if you come in really early i think the the the the risk factor in crypto used to be a lot less earlier and now it's getting closer to vc traditional vcs uh previously every project was pumping like we're talking now about the high ftvs being um unsustainable. But I think we just, because the success right now of projects is a lot lower than what it was in previous cycles, which is more normal, to be honest. But let me go back to Simon on that same question. Simon, what's your strategy now in crypto? I know you've been investing in every single project probably comes across your desk.

How's the strategy now? Yeah, so I don't tend to invest in tokens. I'm all long-term. So my token investing days have kind of gone and passed. I did do a lot of that back in the day, but, you know, I just more about. So, you know, I'm really boring. I buy Bitcoin every month. I stake ETH and convert the stake into half of it into Bitcoin and the other half into compounding for income. And then I invest in the shares and

private equity and public equity of different infrastructure plays. The token sides, I used to participate. And so I've still got some positions from that. But yeah, I don't tend to do that. I don't like trading. So if you get involved in the token game or the meme game, then you're going to be a trader, and I don't want to sit there. I want to have a passive same thing every single month and not have to be involved in the ins and outs of everything.

That's why I invest in exchanges. So when you earn equity in the exchanges, they have to be on top of everything. And they earn fees, no matter what the market's doing, they have to adjust based upon real data of exactly what the what is trending. And they make fees and the downward market sideways market and an upward market. So my whole way of getting exposure to that is just own the shares long term. Any exchanges you invested in in the last 12 months? Well, I know, I mean, I've got most I got shares in most of the exchanges. So I try and have a portfolio in all of them. Oh, sure. Did you invest in FTX? I didn't, no.

Yeah, I built most of my positions in like 2013, 14, 15, 16. And then when we were in the 2017 markets and 2018 markets and those exchanges that came along, the VCs had kind of taken over the market at that stage. Which exchange do you have the biggest stake in? Kraken. Kraken. Kraken. I knew it. Yeah, Kraken, Coinbase.

Coinbase. Not in Huobi. No, I missed the Huobi round because when I was there, it was the China crackdown at that time and everyone was getting arrested at that time. Binance, I guess. I didn't get into Binance i was there at the

chondoo meeting when he pitched the ico and i didn't invest because i was bearish on icos at that time so i missed i missed that one i also missed the um i got pitched the um what's his name the arthur hayes seed round in hong kong um why am i forgetting the name what's his name? The Arthur Hayes seed round in Hong Kong. Why am I forgetting the name? What's the name of Arthur Hayes exchange? BitMEX. Sorry, I'm getting old. I can't even remember these names.

Yeah, I missed those. So the two rounds that I missed where I was actually pitched and could have got into the seed was Binance and BitMEX. So those are two bad ones. Let me go to you. And Dave, I want to ask you about your strategy. But follow us.

We'd love to hear your talk. I know we've talked about a lot of things. We'd love your thoughts on the whole discussion and the markets in general, especially the bloody day-to-day. Yeah, thanks, guys.

Just bringing the conversation back to Bitcoin and to the market, I think it's important to kind of stress the point, especially for newer traders. Maybe it's your first cycle. Maybe it's your first time

experiencing these kind of pullbacks. These pullbacks are completely normal. These kind of corrections are very typical of bull markets, right? The sentiment on CT would have you believe that this is a doomsday scenario. We've lost key support levels. We're going to 40k. The bull market is over. When in actual fact, the data that the that the reality is very far from that i mean we're currently seeing a 23 20 24 pullback on btc we had a similar pullback in january we had a similar pullback last july um scott mentioned at the at the top of the pod at the top of the conversation that you know last in in 2021 in the summer we had like a 55 60 percent pullback um over the summer before btc went to all-time high you have charts like total three are showing that we're

you know 30 30 percent down and in the last uh few months but we're still 80 percent up from october last year which was the local low for a lot of altcoins a lot of uh newer investors that say in in the space a lot of 2024 buyers are going to be underwater. But the vast majority of guys I know and the vast majority of investments that I made last year and the year before are still in good profit. This is just a normal pullback. This is a normal correction. We haven't lost any key support levels. We haven't even put in a new low. I mean, we're still we're still trading above the low that we put in on the 30th of April slash 1st of May of this year, which, you know, then followed

a kind of a 20 day, 21 day up only pump that brought us back to 71k. And you guys will remember, I mean, I know, we all have short memories in crypto, but that was only a couple of months ago, you guys might remember how bad sentiment was. People were legit calling for 40K, end of the bull market. It's so over, you know, and people were capitulating. But in reality, we were still just ranging as we still are today. And price proceeded to rally. So I just think it's an important message, particularly for newer traders, particularly for the new capital

entering the space. This is normal. There's no major cause for concern here. There are, of course, various factors that I think people should be aware of. But just looking at the chart itself, it's very far from being over. And I think as long as we're holding this range, as long as price is still kind of trading above, you know, 55, 56K, I think that the alarm bells for me start going off if we start trading below 55K and start accepting at that level. So what do I mean by acceptance? I mean, there's no indication that buyers are willing to step in to push price back above that level, to push price back into the high 50s, back into the 60s. At that point, you're kind of asking yourself, okay, well, maybe we're about to reprice lower. Maybe the market is seeking another valuation for BTC that happens to be a bit lower. But I mean,

just play things level to level until then. Until then, we haven't seen any indication that the market wants to do that. So I would just say, just try and ignore the sentiment. Sentiment on CT, I had a quick look around this morning. It's the worst I've seen in months. And that's saying something because sentiment has been particularly bad. I would just say to try and ignore that, block out the noise, focus on your own read, focus on the charts, and try and interpret the data in an unemotional way. So when you say if it goes below 55k, you'd be concerned. By concerned, would that actually drive you to sell your Bitcoin? Because to me, even if it goes below 55k, there's no there's no amount that will get like someone like me to sell my Bitcoin. Yeah, end up buying. long-term spot holdings that effectively do not get touched right and when i say cause for concern i i more mean my short to medium term bias would flip because at the moment you will not catch me

dead shorting here right i cannot i will not short range lows into support right because my expectation here my bias here now you know that you have to see various things first i mean the execution is separate but let's say the analysis is that this is where it's ev plus to play for the bounce right your expected value here at range low is much higher if you're aiming for upside rather than rather than trying to squeeze that last drop going downside however if price drops to like 55 54 53 and starts looking like it's accepting at that level. So right, there's no indication that buyers are willing to reprice things higher. There's no indication that the market is seeing that level as quote unquote, cheap or undervalued.

In fact, it looks like the market wants to reprice it further down. At that point, there are permutations in my head, there are paradigms in my head that are shifting and saying, okay, maybe now I start looking to play some downside here. But until you see that break, I think it doesn't make any sense to play for that kind of trade. Yeah. And I think important to point out is the company that has no choice, even if they are bullish on that, is obviously the miners. So if your majority of your expenses are in dollars and your revenue is coming in in Bitcoin, then to reasonably manage that business in a responsible way, you have no choice,

whatever the price is, to try and offload some of your Bitcoin. And it's a real treasury management exercise trying to figure out how to do that so the bitcoin miners don't necessarily have any choice so that's why being long term is such an important like part of the ecosystem because you're if if you're investing for the long term you don't necessarily need to get that cash flow. So you don't need to be concerned about selling your Bitcoin to buy dollars. And, you know, only those that have to sell it are the ones that have to sell it. Let me go to the last question I have for the panel. I shall just ask Simon, Dave and Follis, because I know Ryan and Scott have talked about this already.

Follis, I'll go to you first, just very briefly. When do you think we'll see the bottom of this kind of mini correction? When and what price level? Yeah, I mean, it's a great question, but actually I tend to shy away from these kind of questions for good reason because I think these kind of predictive exercises are an exercise in futility. I think when people say where is the bottom going to be well you know what price are we gonna we're gonna put in low i think that's

you're just you turn into a psychic at that point if you're trying to say with any kind of confidence yeah but it's i think it's easy to avoid and it's easy to say hey we can never predict it true but then again we all have businesses to run we all have to whether we like it or not we have to somehow predict and base our strategy around it in most cases at least i mean i feel like or your startup but i feel like it's it makes more sense to have multiple levels in mind and to have a reactive plan for those levels like for instance one of the one of the things i'm looking for right now is if we take the the may low so if we if we run 56k we put in a big lower wick on the daily and we see signs of aggressive buying coming in and sellers stepping out right there'll be a maybe a cvd switch there'll be a big open interest flush and price pushes back into the kind of the 58 59k area

for me i think that becomes a very obvious buy signal right we've taken liquidity a lot of uh a lot of uh let's say more lower time frame minded traders will have capitulated at that point and sellers are looking to maybe take profit on their positions buyers are looking to sell it step in if we get something like that then i'm a buyer then i'm looking to play for a potential rotation back towards the range highs back towards the ice do you think that rotation could come sooner than previous cycles like in the next few weeks well i i think it's it's it's funny to talk about that like we in the last three so the the having the post having chop right is uh you know well documented i think the very first bitcoin having there was six or

seven weeks of absolute chop afterwards before up only the second having there was 18 weeks the third having there was 22 weeks so if we're adhering to this kind of lengthening cycle uh theory you know we should be in for 22 plus weeks of chop after the having and i don't have the exact figure off the top of my head but i think think we're, we're, you know, we're kind of coming up to two months post halving now, uh, or just over it. Um, and I think, you know, that this kind of idea of like time-based capitulation, like, can you stick with a choppy market while it proceeds to, you know, seek and destroy PA kind of wrecking both sides until we get our, you know, hopefully, uh, uh, green market again. So I don't know, I think it's really just play what the market gives you and don't try and force a narrative.

Like don't try and say we're in a bull market, therefore price has to bounce at 55k. That's where I'm setting my bids. That's where I'm, I don't think that's, this isn't the type of market to play those kinds of hands, right? This is the kind of market where you just sit back a little bit. It's a low volume, low volatility summer, right? Lots of jankiness in the price action. Fund managers are in the Bahamas or whatever. They're taking it easy, right? There isn't a huge amount of volume in the books.

Don't put your portfolio on the line, guessing on things, predicting things. Be a reactive trader. Just sit back a little bit and wait for your levels to hit. And if you get the right reaction from the market, then you jump in, then you execute. Dave, same question to you. Yeah, I mean, I fully agree. Actually, that's been my thesis. It's time based capitulation

on Bitcoin. I do think that that people are that there's a lot of cross-currents that in the short term and in the longer term, there aren't cross-currents, there's tailwinds for Bitcoin and for ETH and likely Solana. It's funny, as you mentioned strategy, I mean, I don't trade because, you know, my company CoinRoutes, we support traders and so we don't trade, right? Because, you know, customers have to trust that we have to trust that we're not trading in the market, but we can see it and we have tools for it. Even the correlation inside of crypto is higher than normal. Normally, you get cross-currents. The Bitcoin-Ether ratio hasn't moved during this. We saw a few weeks ago around both up and down, we've seen substantive moves in that and that generally matters.

So when you see a sell off that's kind of across the board on low volume and then you see a bottom looking to be to be formed. I mean, my snarky answer to you is, you know, when the bottom is the tradable bottom is when Peter Schiff and Noel Rubini start start taking victory laps. When that happens, it's probably too late to buy. Yeah, I don't think it will happen in this cycle, though. I just don't think we'll go to those levels. I don't know. I mean, whatever. We'll see. I'm just saying that's when you get those sorts of longer-term swing-trading bottoms. But traders are clearly having fun trading today.

Scott basically talked about 56.6, and we got down to 56.8. It bounced off it three times today. We're a whopping $500 above it, which is nothing for a long-term trader. But for short-term traders, there's all sorts of interesting action. The truth is that we don't see a whole lot of movement in things like the funding rates. They're low, but they haven't gone crazy. I already mentioned liquidations are low. So if you ask me, what do I think is going to happen? I think we get a tradable bottom around, and I don't know what price it'll be at,

but when we have a pretty clear idea of what's been sold out of the Mt. Gox holdings, and people look around and say, okay, where's the supply going to come from? And when you want to know when the sustainable rally happens and why we tend to have these lengthening cycles off of a halving, it's when people look at the miners and say, okay, wait a minute, they survived this debt spiral. This is okay. And look at the strength of the network. And that generally takes several months.

And Simon kind of said it right. So the ones that are going to survive will do well. Now, there's a complicating factor here. In previous cycles, miners didn't have ordinals or runes, and they didn't have the ability to pivot their data centers towards AI. And so it could very well be that the miners – That's an interesting point. That's fine. But that's generally when people say, okay,

wait a minute, the bottom is here. And then there's always news. And let's face it, money printing and what's going on in the debt crisis in the economy is what matters. And people will start looking at that as we get into the fall. So it's kind of looking like the summer is chop. Who knows? It could be big moves both up and down in the summer but i don't think you get a new trend established until the fall which also lines up with the election in the u.s you know we're about to get an election in the uk does anybody know what the crypto policy in the uk is going to be post-election i certainly don't uh you know all of these things matter and not a of moving pieces. The macro matters.

And so there are going to be news events that are going to move markets. And if you're asking the question, that's in terms of Bitcoin, Ether, and to some degree Solana. We'll call them the large cap trio for now. And maybe some Chainlink and other things like that. But the altcoins, the true, when you go out on the curve altcoins, that moves based on animal spirits. And animal spirits right now are muted out on the curveball coins that moves based on animal spirits and animal spirits right now are muted and on the beach and so that doesn't mean that it can't change it just means that it's muted and on the beach i mean let me go to the to castle blackwater i think uh we've analyzed the market enough for july 4th and i want to have a discussion with uh we've talked a lot

about web3 gaming where today's sponsor is a Web3 game that we're again invested in what's up guys? Hey, what's going on? Great discussion guys, very informative Appreciate it, so essentially what Dave just did now and I'm not sure if you noticed he just told everyone it's a great time to trade

and leverage up, so it was Dave's advice to the audience from what I understood so everyone could, Dave you want to jump audience from what i understood um so everyone could uh dave you're jumping in correct no it's a it's a joke for anyone listening uh but who's who's behind the account uh what's your can you hear me by the way i'm having some yes i can hear perfectly fine yeah what's your name great my name is jojo i'm the ceo and co-founder of castle of blackwater i'm happy to be here pleasure to have you so can you tell us more like the the um obviously token launches this year and before getting of Castle of Blackwater. I'm happy to be here. Pleasure to have you. So can you tell us more, like the obviously token launches this year and before getting into Castle of Blackwater,

they've just been hammered. How's your experience been as a project that did launch earlier this year in April? So barely been three months. Well, I think we kind of got lucky with our timing. We obviously knew that we were entering a hype cycle in the beginning of February going towards March. And because we've been building for two and a half years, we had all of our ducks in

order to capitalize on that hype cycle. Because we had a working game, we had a planned play to airdrop. We thought it was a really good time to be one of the first projects in March to do a token launch. And to be honest, we're very happy we did because our token launch part went well, sold out all the IDOs, got all the investors. Now we have sufficient capital to maintain a burn rate for two years. And we heavily intend to keep using that to keep building this great game that we have. But what about the token? That's actually a good point. So you raised the money and did the launch early on. benefit being able to raise the money easily but what about what happens to the token afterwards and what about would you are you worried about those struggles or you think it's part of the game and

you don't work like you don't mind what happens to the token till the game is live and you have users etc is that what's your what's your process there yeah so we we can't control the market right you know we could be investing tens of thousands into marketing right now and it wouldn't make a difference. It wouldn't do a drop in the bucket compared to the external macro market forces that we would be battling against, right? So we're kind of riding the waves of the tide. And in times like these, when there's FUD everywhere, you kind of just ride with it and you focus on the building and hosting the events, growing the community, and showing that behind all the crypto stuff, there's just a rock solid project that's making progress every single day and showing up and being there and not being distracted by the market forces. Because we know

that as soon as this is going to turn, and judging from the conversation you gentlemen were having, seems like it's going to be between two to five months from now, things are going to eventually look up again. And we'll once again, be in that position to capitalize on the hype momentum, we'll be ready to launch a public steam build, we'll have a lot of players, and then we'll start investing in the marketing, when the market is on our side, and the timing is more favorable. Yeah, Steve, just for the panel listening, I told you timing matters, even though we try not to give it time. This is so important for so many projects and players in the market for different reasons even though it's impossible to really time the market um or close to impossible but let's let's go back to castle blackwater so i'm on your website now

what is it exactly and how does it work because you've obviously you've got a token you've also did an nft raise um i'd be curious on on what the game is and um you know why should people be interested in looking into it buying the token token potentially, or not for the investment, but playing the game, participating in the game. And do you want to stop rubbing the mic on whatever it is you're rubbing it on? Oh, sorry about that. That's all right. No worries. Yeah, I'll start with the gaming side, right?

Because that's what it really comes down to. It's important to know that as a Web3 gaming project, our focus is primarily on the gaming side of things. And we think it's very important to innovate in the gaming genre, to do something new in order to get that mainstream growth and success that we're looking for. Castle of Blackwater is a social deduction game. People here will probably know games like Among Us. Very important. We're not an Among Us clone or reskin. Let's pretend people that don't know what is a social deduction game yeah so it's a game that revolves around communication and among

us is a really good example which most people have heard of just imagine it's multiplayer it's session based a group of people will go into a game everybody will belong to one of two teams either good or bad everybody will get a specific role that has like abilities um you'll have some kind of objective of something that keeps you busy but the real purpose of the game is trying to suss out who is on your team and who's secretly like a spy working against you oh wow um yeah and the game ends when either side wins okay it's interesting so so you have like a bunch of players and i'm not a gamer so it's pretty fascinating to me so you have a bunch of players and then you're meant to collaborate it's like it's like who's the backstabber type games like a very strategic game i guess like

and you have different players and then one of them is meant to be a spy and you have to try to find out who that spy is yeah so in the current format uh ideally there's 10 players um two of them are the bad guys the backstbers, and they'll be working together in their backstabbing as well. They're the only ones who know of each other like, oh, you're also a bad guy. So they can really collaborate in secret. Everyone else is one of the good guys. And they have no idea who the other roles are. So they're really in the dark. They're kept busy by doing quests or like little mini games. These are like hyper casual mini games like Fruit Ninja,

that kind of stuff. And that also creates kind of like a diversion because people have to spread out into this castle and do these tasks, which creates opportunities to be murdered. And then we have like a whole bunch of mechanics where the killers leave clues and people can like solve clues. Then there's a voting round and you can accuse people, vote them up and eventually one team wins. Huh. That's actually cool. But then where does the crypto side come into this? Well, why do I have a token NFT? Yeah, it's a good question.

And it's something that we've been evaluating. It's a good question for all Web3 projects. It's something that we've been constantly evaluating as we progress, right? When we started initially, you know, play to earn was super hot. We kind of came off of the hype of Axie Infinity and everyone thought, you know, this whole play to earn thing is going to be figured out. Nowadays, we've taken a couple of steps back and said, like, you know, it doesn't make sense to reward people crypto in order to play games because that doesn't really create a lot of value for the people who buy the token as like a speculative asset, if they do. Because you're constantly creating these inflationary pressures, and you're nurturing a player base that's not playing because it's fun, but they're playing because they want to earn the token.

And the behavior that they portray is not qualitative play. It's like farming, it's AFK, it's botting. It just creates a whole lot of issues. So right now, we've kind of done a an evolution so because the incentive is not really playing the game the incentive is making money so when the incentive is not alliance the incentive is wrong exactly the entire main game mechanics will fuck up like you just want people to play the game because they enjoy you want them to engage but when you've got the game mechanics like hey the only goal is to make money

that all the players all the users would do is like find a way not to enjoy the game not to play the game but to how how to just make money and that just ruins the entire experience correct exactly exactly and then of course there's the inflationary pressure on on the token itself yeah and you know it's still such a uh it's still such an evolving world and we're all just trying to figure out how we can use these kind of token incentives where they do make sense. I do think there are areas in game development where token incentives work. Like for example, in user acquisition, I think we're seeing the trend of mobile gaming stepping away from Google ads and stuff because of the new regulations about privacy. And I think there's a real power in instead of paying advertisers, you know,

paying a user like, you know, come play this game, do some quests. And if you enjoy it, or if you get to a certain level, you can maybe win a dollar or two in crypto. I think that's a really powerful message in order to do user acquisition. I also think risk play is a really interesting trend that we're seeing where, you know, it's kind of like a gambling risk. So risk playing? Risk play. Yeah. So it's kind of like a gambling mechanic that you add where people, before they go in the game, there'll be like, I'm going to bet five of my tokens. And if I win that game, I'll win back more tokens. Um, I think that has potential in certain games, certain types of games. Um, and then finally in the form of like, uh, leaderboards and tournaments, right? One of the ways that we're going to be giving out crypto or allowing people to earn is that we're going to have monthly tournaments and players who have high playtime stats.

And we're going to be looking for certain KPIs that track qualitative play. So the amount of kills you get, the amount of tasks you complete, you can't just farm that. Whoever gets the highest on a certain leaderboard in a month will be able to earn some crypto in order to kind of promote player liquidity and increase matchmaking speed. Interesting. And then you've got an NFT as well. Can you explain why an NFT as well? Yeah, I think the NFTs are actually the most powerful play in general. One of the things that we were really inspired by was like how Counter-Strike skins are traded for really large amounts of money. But when it comes down to selling them, you kind of get stuck in the Steam ecosystem with their credits.

We think that what we're seeing is that players are developing this like really fun speculative side of games. And we think that's really going to be a big part of the future of gaming. So what we're doing is we have cosmetics, right? In the game, when you play, you have this cute little ghost character and you can dress them up with all these different kinds of cosmetics and we have a couple of them live if you go to our website click on the staking page people can right now stake our coin kobe token and in exchange for that you can get cosmetics so we don't have an inflationary staking mechanic no we have one that works tied in to the gaming

mechanic and those cosmetics can be traded on the market every cosmetic that we create has a predefined fixed supply with a rarity and that ensures that we create this kind of like speculative ecosystem where some cosmetics which have high rarity low supply may become super desirable in the long term you know think about party hats and runescape for example thus increasing their value and that creates this whole speculative layer that we think players are really going to enjoy next to playing the game can i ask you another what was your name sorry again jojo jojo sorry man um can i ask you another tough question how much how much how big of a role do you think the coin plays on the game like you guys like you seem like a solid team again we're investors as well so so obviously we like the team and stuff but you seem to be a solid team. Again, we're investors as well, so obviously we like the team and stuff. But you seem to be a solid team very early on.

But you've got a pretty good community that like the game. The game looks pretty cool. You're really thinking about the game mechanics. But how big of a role do you think the token itself will play on the success of the game? It's like one thing that every startup in crypto, when they have a token listed, it's like it becomes a public company from day one. And I've taken one company public, and we're looking at taking another public and i'm always worried about doing that i haven't launched any tokens and i'm gonna mute you just because you that's a now either you're eating your mic or shrubbing on something but um it's like i just don't want to take the company public because i don't want to be cut i just don't want to be

focusing on that and then i don't want to launch a token because i just don't want to sit there focusing the energy on that um how big of a role do you think the token is having first on your decision making how much of your energy where your energy goes and also the success of the game like is it possible you could build an incredible game but just you struggle because of the token itself which is unfair but is that reality in crypto? So our opinion is if you want to be successful as a Web3 game long-term, you have to move away from purely creating a game and attracting the Web3 gamers. I think categorically Web3 gamers have proven themselves to be extractive, mostly focused around ROIs and investment. And any game that pushes that kind of narrative and tries

to turn it into something long term, it always becomes a Ponzi scheme and it fails inevitably. Our opinion is that the only way you can make it successful as a game, Web 2 or Web 3, is you have to convince the mainstream gamers to come and play your game and to be willing to actually spend money to increase their fun perception in the game. The way we do this is, first of all, launching the game on Steam and making it super accessible and very crypto neutral. Our Steam version of the game is not going to have, it's just going to have a regular free to play economy that feels very familiar. And once that grows and people are in that, we're going to have this speculative side

economy, which happens on the website, which is synchronized with the game. So when you buy an NFT version of an asset, you can synchronize that to your game account. But when you buy a Web2 version of an asset, it gets stuck in the game. You can't trade it. There's no speculative side. Our hypothesis is that we convince people that the game is fun and we grow that Web2 player community. And those that really get into it, they can then kind of dip out into the web environment where the speculative side occurs. And all of that will be based on the token. So anybody who wants to participate in the cosmetics speculative side will be doing so in the Casa Blackwater token. And that's, I think, going to play a huge role in its success.

And you guys partnered with Drip Finest. Explain. Correct. Yeah, that's something we're doing uh currently it's a short-term campaign it's another way that we try to attract new users into the ecosystem and to become familiar drip finance is kind of like a launch pool but they're doing that for a post-launch project such as ours right now anybody who wants to can go and stake their uh idle capital so if you have any stable coin that you're currently holding out on, or you have some ETH that you don't want to trade, you can temporarily lock that in the DRIP finance protocol. And in exchange for that, you can start earning free COBI tokens.

And the way that works is on the backend of DRIP, they basically use that idle capital and put it into revenue generating DeFi protocols. That APY from the idle capital goes to us as a project and in exchange, we do an airdrop of the Kobi token. So at the end of the campaign or whenever a user wants to, they can unstake all of their assets at no cost and you'll get a free bag of Kobi tokens delivered to your address. Yeah, I really like the game, man. I think it's a fast... Is it live yet? Like the concept game? Yeah, it's currently live on Hyperplay. We have weekly sessions.

We actually have a game night tonight, which is starting in two hours and 45 minutes if anybody wants to come and try it out. It's really fun. I highly recommend it. And so the game is live. How many daily active users do you have? So right now the game is only live on a session basis because it's difficult to fill a 10-person lobby. So we're enabling it when we on a session basis, because you know, it's difficult

to fill a 10 person lobby. So we're enabling it when we do a session, and then we close it off again. But we usually get about 20 to 30 people showing up to any session. And we do a lot of cross community game nights. So our monthly active users is a couple 100 users right now. Okay, so there's a very, very, very early stages. Now, last last question will be is that what's your strategy to get you know a million monthly active users it's a good question and i think the only way to really get a million monthly active users is to do that in an organic web 2 mainstream kind of way we're gearing up for a steam launch in january of 2025 and we've done a lot of research into the steam algorithm and how to kind of get on that organic momentum hype cycle.

We're now using a lot of the powers that Web3 provides around incentivized play and partnering with partners like Carve Gaming, Earn Alliance, GamesGG to make sure that we have this early incentivized player base ready on the day of the launch. We've already amassed over 10,000 wishlists on Steam, which already makes us eligible for the initial kind of organic lists that you can get into on Steam, like projects hot and upcoming, if you will, and that already does a lot to get organic momentum. And on the day of launch, we're going to make sure that we have

thousands of players incentivized and ready to play the game, which will really catapult our game into like the steam charts um new and most played and we really hope that that momentum is going to drive us into a million players this is like d-day for you that launch yeah pretty much it's going to be more stressful than tge yeah 100 and that like obviously the churn or the stickiness on that day will determine the game's success in a way. That's exactly right. Well, of that month, it's going to be a month campaign.

Yeah. Cool, man. I think it was a good back and forth. I really enjoyed the discussion. I really enjoyed what you guys are building. I think we started with the token and launching so early in the cycle because we were talking about it earlier

to digging into the game and the whole backstabbing narrative behind it. Who's the backstabber? And then kind of getting into the strategy of what your plan is um it's it's yeah it's just fascinating to see like builders you know so like the way you deal with the token performance during bull markets and bear markets just a fascinating discussion uh but look guys uh you know appreciate being part of the the journey i hope you guys do well um you know the game is watching the game now on your website so anyone that wants to check it out castle of blackwater.com or just click on the icon on stage or the the the the tag in the title

and um and yeah there's a game like net night tonight i thought you think you guys do it on a weekly or monthly basis so check out that twitter really appreciate castle of blackwater coming with us today enjoy your july 4th everybody stop freaking out about the dump and the pump. We're getting excited about the pump. These ups and downs will continue. We'll be covering it live, giving expert analysis on them and trying to help you make some sense of it. But yeah, don't stress yourself out too much.

Try to get a long-term view on the markets. But I appreciate everyone. Thank you so much. And we'll see you on the next one. Bye.