The Wolf Of All Streets - Ethereum CRUSHES Bitcoin With 10x Inflows! Wall Street's New Favorite?

Episode Date: August 28, 2025

Bitcoin sits at a crossroads, with analysts split between a rebound to $118K or a drop to $105K. Meanwhile, Ethereum is dominating inflows, with ETH ETFs pulling 10x more than Bitcoin in the past week — raising questions about Wall Street’s new favorite. In D.C., Bo Hines says the Bitcoin Reserve Act will pass in 2025, while Trump’s 401(k) order could reshape retirement investing. Scott is joined by Matt Hougan, CIO of Bitwise, to break down what this all means for Bitcoin, Ethereum, and the next phase of adoption.

Even on this correction, Ethereum has been wildly outperforming Bitcoin, both from a price perspective, but also from the perspective of ETF inflows. All of this, while there's a burgeoning narrative, that Ethereum is the Wall Street token. Man, when Ethereum was dead and over and finished just a few months ago, some of us were still screaming that this could happen, but it has happened a lot faster than even I. expected. Maybe that's not the case for Matt Hogan because he's been bull talking about Ethereum alongside me this entire time. We're going to dig into that and everything else happening in the market right now. Let's go. Good morning. Good morning, everybody.

and welcome to Thursday's show. Yago is not here today, but I do beg and plead of you something I haven't in a very long time, but my producers say I need to to like and subscribe. Because there's going to only be like a thousand of you here live and there's 160,000, maybe AI bots

or people who have completely washed out of crypto over the past four years who have subscribed to the channel. And so we need those ghosts and bots to be outweighed by the actual humans that are here so that people will come. continue to see our content. So thanks for that. As I said this morning on X, I've realized that this show has just basically become me hanging out at 9 o'clock in the morning with a bunch of friends. I count one of those to be Matt Hogan here from Bitwise. Literally every person who comes on the show

now is like somebody I've spent meaningful time with in person. It's fun to be here. That sounds like a good way to start your morning. It could be worse, man. It's fun to banter with friends to start my day and and call it work. So listen, our title here, Ethereum crushes Bitcoin with 10x inflows. Very triggering to Bitcoin maxis, I'm sure. But I mean, it's based in actual facts. I mean, you could have made it worse. Yeah, exactly. Right. You could have made it worse. You could have gone from August as infinitely more inflows because Bitcoin has outflows in August. Look, there's a relentless bid for Ethereum ETFs. They've pulled in $4 billion. So far in August alone, that annualizes to close to $50 billion in a year, right?

For context, Bitcoin ATFs did $36 billion in their first year. It's just a flood of money into a relatively small asset, which is why the chart looks so good. And I think it's going to continue for the rest of the year. It is the institutional attractive asset. The other day I was on with a multi-billion dollar advisor. They didn't love Bitcoin. They wanted everything else. else besides Bitcoin, and they ended up just buying an Ethereum ETF because that's all they can

access. I think this continues, you know, for the rest of the year. Wait, that's curious. I haven't heard those cases. So you and I have talked about this quite a lot of times where people get the Bitcoin exposure and then either they get antsy or they start hearing about this other thing and they want to diversify, but usually it's a smaller position in Ethereum than Bitcoin, kind of the same way many people approach their portfolio. That's the first time I've heard you say, somebody skipped Bitcoin entirely and went all in need. Yeah. Well, the thing is, if you think about professional investors, most of them don't own gold.

Gold is like a niche asset, maybe 15, maybe 20% of them own gold. The other 80% just own stocks and bonds. And I think there's a lot of people who look at Bitcoin. I'm like, yeah, it's digital gold. I don't own gold. But I do own technologies. And so we're hearing, yeah, we're hearing a number of people. skip right past it and go straight to ETH. And I think, again, you know, the tokenization story,

the stable coin story, the cash flow story, it all fits a professional investor framework. So I think we're going to see these flows continue. Yeah, we pushed that narrative for so long that they would eventually get it, but it was hard to believe that they would eventually get it. I think, is it fair to say that this is largely sparked by Tom Lee? I mean, I know that the fundamental narratives are there but nobody cares about fundamentals when price is going down and nobody cares about fundamentals when prices going up right the same the same narratives flip on their head you know and all of a sudden uh on the way down or you can even say on the way down it was dying because eth was slow and expensive it's not really so much anymore and now it's going up because it's

slow and expensive i you know like nothing's changed for the network look i think that i think this bull run has a number of sort of forefathers i actually think started with the beam chain proposal when was that back in november where the eath community like lost its mind uh about you know an upgrade taking place over a decade in a technology that moves minute by minute and that sort of was the catalyst and then we got the changes at the eith foundation then we got the rise of stable coins and tokenization and then tom lee just poured rocket fuel on what was an emerging bull market and accelerated it dramatically but i i think that's actually the chain of of events, throw in the Pectra upgrade, actually working and being relatively on time.

And you get this series of compounding events. And then you have $4 billion in flows in a month. Yeah. And meanwhile, back at the ranch, Ethereum is doing a record number of transactions, literally at a high, and they're still 70 cents, not $70. So I, you know, I'm too dumb to understand the tech and that the upgrade works so incredibly well. But BlackRock doesn't care about a seven cent versus a 70 cent transaction.

And if this is truly going to be institutional with large pools of capital, it's cheap enough, in my opinion. It's cheap enough. And there's also, you know, the old saying you don't get fired for buying IBM, which was true in like the 90s. If you were a consultant and doing a computer installation, you bought IBM because if you went with another company, you got fired. The same thing is true on tokenization. There's no risk for these Wall Street firms, not just BlackRock, but others building on ETH. there is risk if they decide to tokenize something on any other chain. And so I think people understand that and that creates a flywheel, that creates a network effect. It's worth noting other stable coin focused chains are doing quite well.

If you looked at the chart of Tron recently. Yeah, I always kind of thought that Tom Lee's ethel go up because of stable coins thing was a great narrative that people would understand who didn't understand because we all know that. that stable coins are completely a commodity, right? I mean, they're going to be on every single chain. Tron does better than Ethereum, as you said. I mean, Aptos, I think, is third in Tether. Nobody talks about that.

And we know that Circle's going to launch their own chain, right? So, like, they're going to be everywhere. They're going to be everywhere. And all of those will probably do well, right? That market's going to 10x, 15x, 20x. But I do think this stable coin thesis is playing out on multiple chains. I see you're lifting it. ETH just gets the headlines because it's the biggest.

but you're seeing it lift Tron, you're seeing it lift other assets. I think it's a, I think it's a like a long-term trend. Yeah, I'm wondering when the United States is going to have a Tron strategic reserve. Can't be long, man. I don't think Lomas is going to propose that one. So listen, I want to play a very quick video of our mutual friend here, Jan Vanek, because this one kind of went crazy viral yesterday. And I think it really speaks to everything we're talking about right now

because he said, it's very much what I call the Wall Street token when talking about ETH. So it's a quick clip, but I think it's worth everybody seeing here. I'm sure you've already seen it. Has suddenly reared its head and hit new records. It's very much what I call the Wall Street. For some reason, it didn't actually show it. It showed my other screen. So here we go.

Has suddenly reared its head and hit new records. It's very much what I call the Wall Street token. And what I mean by that is if you think that because of stable coins, now every bank, and they are. And every financial services company has to have a way of taking in stablecoins. If I want to send you stable coins, your bank has to figure it out, or you will find some other institution to do that. So the winner is who's going to be building on these blockchains? It's going to be some Ethereum or something that uses Ethereum's kind of methodology, which is called EVM. And so that's why ETH has, because the Wall Street CTO is going to turn around

saying, what the hell is this stuff? When am I going to build on? And it's going to be Ethereum. It's interesting. I mean, so that echoes what we said, but I do think he's parroting the Tom Lee strictly stable coin part, which I think, like I said, it works, but I don't think that it's necessarily true. I think it's more of what you said. I think actually a lot of them are just going to build their own chains for stable coins. J.B. Morgan's done it. We know circle's doing it. The hidden pitfall here for a company like a circle or even a tether is If rates go down, which we know they're going to, their income is going to go down 60, 70, 80% if we start returning close to 1, 2% interest rates, they're going to have to have

their own chains just to make money. Yeah, I think that's right. I think that is a fairly large risk to those companies that people aren't reckoning with. And I think could rear its head pretty quickly. My view of investing, like how do you invest in this is you assume the market's going to 12x, but anyone who tells you it will just be one chain or knows what? which chain it will be is lying. You have to sort of bet the field. I do think ETH right now, particularly because it's the only one with a normal ETF associated with it, is getting all

the institutional flows, and that's lifting the price substantially. It's worth remembering the asset itself is not that big. It's half a trillion dollars, right? So four billion in flows into an ETH ETF is, I guess, equivalent to 20 billion in a month into Bitcoin, right? From a size versus market perspective. So it's capturing that, but I think you're right. It will be multiple chains. At least it could be. We don't know for sure. And there's, there's a lot of uncertainty around that. So what happens when Ethereum is not the only competitive ETF to Bitcoin then? I mean, I've been kind of, listen, I'm obviously, I believe everybody as an investor, we can get into the Bitcoin maxi case. But I think you should own Bitcoin, some Ethereum, some slata. Beyond that, I, you know,

take your choice, nothing against any of them. I just think that should be the base of any crypto portfolio, Salana is going to get an ETF soon. I would assume. I mean, it's coming. Like, I don't know at what point, but it's coming. And I start to look at the chart here and it kind of feels like Salana could catch the next major bid. I mean, you got Saloniverse Bitcoin kind of at this most key level. Saloniverse USD, obviously breaking out here. You know, is this, I guess the question is, can other things

start to break out and it all goes up? Or is it like, you know, as we've sort of seen you cannibalized Bitcoin on the ETF side. If Salada catches a major bid, does that maybe cannibalize the ETH or is there just new inflows and new money? That's a good question. I mean, first, it's worth the Salada playbook is very clear. We've seen it worth in Bitcoin. We've seen it work in ETH, which is ETF with flows, simple story and treasury company equals rocket ship like returns. Yeah. And it's it's really hard to look at Solana and not see that in the near term future. One or two new. news stories about Bank of America tokenizing something on Solana or JP, you get that and the price

goes up substantially. And as you mentioned, the chart looks really good. I don't think it continues down because I think people will get tired of it. I don't know. My base case is that there's going to be so much demand for these assets in Q4 that it's going to lift multiple boats. I still think Ethereum will find a bit. But yeah, I think you'll see money rotate into Solana for the exact reasons we're talking about. Why wouldn't? Yeah, I mean, people, we talked about the news, but worth noting that in one day, there were three Salana Treasury announcements. And they weren't so sharp link, sharp, whatever that one with a medical company, that was small, I think 400 million. When you see Pantera, who hasn't really made a notable play into the treasury market, to my knowledge,

they didn't do Bitcoin, they didn't do Ethereum, at least not solely say we're doing $1.2 billion for Solana. And then was it Galaxy Jump and Multicor? They're going to do a billion like with Cantor Fitzgerald is the bank. So Cantor hasn't gone beyond Bitcoin to my knowledge. This starts to get like the spidey senses have to tingle that they at least view this is what's going to be next. And if you don't think you can do 50 more Bitcoin treasury companies, you have to start looking at these. And you get someone like Kyle or Tushar from Multicoin could play the role of Sailor or Tom Lee, right? They're exquisitely good communicators.

They make a very strong case, very simply. There may be a little bit more publicity shy, but they're probably willing to do it in this case. And then you remember the thing people forget, because in our minds, Solana and Ethereum are the same size, but they're really, really not, right? Solana is one-fifth Ethereum. We talked about ETH being one-fifth Bitcoin. Solana is one-fifth Ethereum.

So a billion dollars into Solana, if that becomes two or three, that's a huge. amount of money inflows into slana if that's a billion or two billion in a month that's a huge amount of money you have to do that multiple because the media coverage in crypto puts those at like 20 percent discounts but it's 80 percent discounts from a market cap perspective like it's a really different scenario and i think people probably understate that yeah you know there's the famous saying it takes a long time to turn an aircraft carrier well bitcoin treasuries now are kind of an aircraft carrier and they continue to turn and see to go up but like these new ones can be speedboats. Salana's like a little dingy. It's not going to take like a 25 horsepower

motor is going to send that thing on a rocket ship. It's, uh, it is a small asset, right? Like, like imagine Eath in April was a couple hundred billion dollars, $200 billion. And we saw what this strategy did to ETH, right? Double, tripled the price. Salana is that, but even smaller. So I do think, I do think Solana is pretty attractive right now. Yeah, this market is so crazy. I can't like it should August, we should be so dead. I mean, the news, I guess, is somewhat dead. But it's, it's summer, right?

Like August is the worst month in crypto always. Maybe September is the worst month. But this is the dull period of time. One more thing I'd say about Solana is part of its underperformance has been it had to digest the fallout from the end of meme coins. Trump. Yeah, Trump token, the best and worst thing that ever happened, it's a lot. Yeah, I agree. But don't you, like, I wonder if that is played through, right? Like, there's no like- Well, the Kanye token flopped, to my knowledge. I mean, I know it went to like

$3 billion to $1 billion, but that's probably all washed, but nobody's even talking about that anymore. And to be fair, like, if you're going to get something that could have re-sparked the meme coin and shown you it wasn't dead, it would be something like it kind of. Tanya token and no, that's gone. That's right. It's a good example. Yeah, if you had designed it abstractly, that's what you would have said. And I think that means there's no more like meme coin juice in Salana, which means that

story has bottom, which means it can build from a base from here. So it's a pretty nice setup, I think. Yeah, so a couple more things. You had this tweet, obviously, Global AUM and Ethereum ETPs reaches new heights, fueled by ETH price all time high. So that was a few days ago, actually, you know, before we had the correction. But you've got these looking at, I mean, if you just kind of look over here about 50 billion, right? 100 billion by year end, does that translate to us seeing Ethereum price at $8,000 or $9,000 by the end of the year?

That's Tom Lee style prices. Yeah, if we get that kind of inflow, that does mean, you know, you're talking about $10,000 to eat. I think that's not unreasonable. If we really see this, you know, get one, two percent allocations in professional portfolios, If we see month after month of $4 billion of inflows and we see Tom Lee, you know, racing towards his 5% of Ethereum, yeah, this is this is going to be a trillion-dollar plus asset, right? That doesn't seem ridiculous with Bitcoin at $2.5 trillion for ETH to be a trillion dollar asset.

That doesn't seem absurd to me or counter to the narrative. So I think there's every possibility we get that. No guarantee, but every possibility we get that. Yeah, this literally just happened kind of while we're talking. there's a relatively large announcement on link on the balance sheet. So we've obviously seen quite a few of these, but this one interesting. I haven't even gotten the chance to read it. My producers just sent it.

But it's $2.9 billion real estate manager, just announced a putting link on the balance sheet, not just buying tokens, fully integrating chain link into their business. So I think the point, and I had, you know, Sergey on two Thursdays ago actually to break their announcement about their own treasury. So this trend ain't stopping at Bitcoin, Ethereum, and Solana, and shows. play out very well, I think, in this environment, even for these others. Yeah, I agree with that. When you said you own some Bitcoin, Ethan, Salana as like the core, link was the fourth one that I, like, I wanted to throw in there. It's a really critical piece

of infrastructure. It's sort of one of one in the market. It appeals to a certain type of investor who wants to be really smart about crypto and say, you know, let's, let's ignore this competition at the infra layer, and let's buy the service provider to that competition. I think it may be like the fourth horseman of the crypto leadership. It's at least possible that we'll see that. And there hasn't only been a bit, obviously, for these pure Bitcoin, Ethereum, ETF plays. You guys had this announcement. We're humbled to share the Bitwise Crypto Industry Innovators ETF, BITQ, has crossed 300 million in AUM.

So, you know, who we've talked about it before, but you can give the quick TLDR and what it is, but who's buying this instead of buying these Pure Play ETFs and how much interest is growing in these other sort of indexed, you know, side of it. I mean, this is a portfolio of crypto equities, right? So it's, it's everything from Circle to Coinbase to ancillary plays like Robin Hood. It's being bought mostly by financial advisors who aren't yet comfortable owning Bitcoin directly. Bitcoin is not fully approved on all national account platforms. You can't solicit it on some national account platform. But just is just equities. The incredible thing about crypto equities, which people, I think, overlook, maybe two things I would say about them.

The first is they're operating in a market that's growing at 60% per year over the last five years. Take this into any other area of the equity market and think of a market that's compounding at 60% a year. would you want to own the companies building in that space? I think that's right. The other thing that I think people overlook and they wonder why Circle is so expensive is there's a huge acquisition premium for these companies.

You have all of Wall Street wanting to move into this space. They're never going to trade at fundamental values like Warren Buffett-style values because they have this acquisition premium. If a Wall Street firm wants to make a play, they could build or they could buy one of these companies. And I think that combination of like the underlying. growth of crypto and then the acquisition premium has made this like it's great returning ETF. We're seeing a lot of inflows from advisors. It's part of a diversified crypto portfolio to be

really boring. You want to own crypto stocks. You want to own crypto assets. You put them together and you wake up in 10 years and you're rich. Okay, but do you want to own crypto? Because that's where we get to start talking about alt season. Right now, if you haven't, if you missed it, it appears that alt coins outside of the major Bitcoin, ETH, and when you remove Stamylcoins, are the most oversold on RSI here on the weekly chart that they've ever been as an entire asset bucket. That's interesting. Basically relative to the market, when you take out the very big ones, they're the most wrecked that they fit.

That's got, I mean, that, you know, that has me thinking the way we were thinking about eat that 1400 not so long ago maybe maybe i think you're going to get punctuated all coin season look i think there are a lot of uh zombie alt coins that are just straight dead i know i own i own them all okay this scott milker portfolio you guys can sell that index go come on help me out hey short flows help us as well so uh we'll put it together um yeah i so i think it's going to be punctuated. I think there's going to be a class that probably is oversold and does really well. I continue to be really excited about some of the defy protocols, which I think people, I think they still overlook that they could change from a tokenomics perspective in a new regulatory regime

to be more useful for investors. I think there's probably a play there. But I don't know, look, I'm an index guy. I create index funds. I'm not sure an index of alt coins will do well because I think there'll be just divergent. This will be binary performance, a class that does really well and a class that is wrecked forever, right? Bitcoin Cash used to be an all-coin. How many people are yellowing into BCH? Everyone I hear on the streets. Yeah, I mean, but it's hilarious that until the Trump administration, like when you'd see any listings for anything and crypto anywhere, it would be like Bitcoin, Ethereum, BCH.

The greatest trade of all time. It's always there. The greatest trade of all time is long Bitcoin short BCH. It's like the ultimate hedge trade. It was free money for so many years. And people forget that BCH was also literally free money. That is true. That was the craziest weekend.

When I was really degenerate trading 24-7, 365, I'll never forget the weekend that you got basically airdropped Bitcoin cash for holding Bitcoin. It was literally just a fork. It's free. Like nobody bought. And it was swinging 200, 300% every two hours. And you could just short every rip and long every.

It was the most fun trading weekend I've ever had. But it was literally free. I think people don't remember that. It was an incredible time. Those were the solid days for sure. You know, as as Bitcoiners were very against money printing. Unless, of course, they're printing money and sending it to us on the blockchain. That's right.

So speaking of Bitcoin, we have Bo Heinz, who's now the former White House Crypto Director, saying that he still thinks the Bitcoin Reserve Act will be enacted in 2025. I have my doubts. But my only thought on that is it's not priced into the market at all. Everyone is 100% skeptical of that happening. Everyone is 100% skeptical that the U.S. will buy it. more Bitcoin. And I think the chance is probably greater than zero. It may be low. It may be 10%, it may be 15%, it may be 20%. But I think the market is priced it at zero. So like when I talk to people

about a question I get at conferences a lot is what could cause the price to go just haywire up and to the right? This is one of the things where you could see an announcement and the price could double. We bought a million Bitcoin over the last four months while it was consolidated. That's exactly right. And then every nation in the world. I mean, it's unlikely, but I don't think the chances is quite zero. The Trump administration has shown that the chance of anything being zero is zero. So you never know, right, what's going to happen. And I think there's some small chance that we'll see something like that. I don't think so, but there's a chance. I mean, we've got a lot of Trump things, obviously. So we know that he had made the announcement a couple weeks ago. I don't know that you and I've ever talked about, but about 401k's and that basically be able to buy and sell Ethereum and your 401k, Ryan, your trustee researcher over at Bitwise, if crypto captures X percent of the 8 trillion 401k market, I mean, these numbers are just astounding. You know, so this is just, I wanted to talk about too deeply, but there's just another one

of those capital unlocks that seem infinite. Like all these new pools of capital that haven't had access that still could. Yeah, it is infinite. I mean, think about, you know, go back in history to when 401K started, the PEs and Wall Street were like 10. And today they're 25. Part of that is that there's a persistent bid for most American workers that every two weeks, they buy U.S. equities just automatically and without thinking about it. I do. And I wouldn't, if I thought about it, allocate to U.S.

No, I'm not going to wake up a Monday. I'm going to get lazy and I'm going to skip that. That's exactly right. I'm supposed to buy today, but I want coffee. Or I might buy something else. Right? Like I might buy crypto assets, but it's just automatically set up. Look, it's going to happen slowly. That market is slow moving, but it's going to happen eventually. It's going to happen in 529 plans, right? People saving for their kids college are going to want some percentage in Bitcoin. And all of that is going to crush volatility and like do the equivalent of increasing the PE ratio of Bitcoin. There is no PE ratio, but it just means price up. It means more. inflows in. Yeah. And so I believe, I don't want to be misquoted, but World Liberty Financial launches the first, September 1st. So that I have a feeling could be one of these crazy catalyst for the

all coin market in general. I mean, regardless of your thoughts on any of this, we saw what happened with Trump token and that was a pure play meme. And we know that World Liberty Financial has bought a ton of crypto assets and is actually attempting to build something, like whether you want to participate in that or not, I don't know, but this should be one of those Lollapalooza Super Bowl events, I would say for crypto, if the timing's right. And you can see it in the market, CRO, which they just announced this treasury company with Kronos, with crypto.com. I mean, this thing's up over double, more than double, and just rocketing on the Trump-related news. I mean, for better or for worse,

I've said this since the second of the Trump token. I think I tweeted that day, was not popular. I said, you know, whether you like it or not, Trump controls the crypto market. You know. There, there it is. I don't know if it's for better or for worse, to be honest, at this point. I think, like, the policy side is incredible. The family side is very muddled if the Democrats ever gain some steam back in power. Like, if Elizabeth Warren ends up as the chair of the Senate Financial Committee in a year at midterms, which is very possible because if the Senate goes blue, that's what happens. This is going to all be fuel for the anti-crypto. Army fired. That is definitely true. Yeah, on balance, it's all net positive for crypto. But yeah,

that specific family aspect is net negative and it's a risk. But it also, you know, it has impact on the market. And supply demand has impact on the market, right? Launching these treasury companies has impact on the market. I think you have to take, I guess you have to take the good with the bad. I wish I wish that sort of stuff wasn't happening. I do think it exposes us to risk. but but on balance right it's part of the market now it's part of look I wish we didn't own 10% of intel that strikes me as sort of strange yeah can we talk about that for a second it's weird and we didn't buy it and we did it post fact uh it wasn't here here's here's here's your 10% of our company sir sorry for allow you criticized me and we want to be able to compete it's very

I don't know, I've seen people cheering it, but it's very China to me. It's very China. I mean, look, look, the balance of deregulation pro-business, you know, is great. I think it's great for crypto. I think it's great, you know, but that stuff is weird. That's a little, as you said, it's a little China. I just wish it weren't happening. Maybe we shouldn't give them money.

Maybe we shouldn't be, you know, supporting industry directly. Maybe we should give them tax credits or other things, but wanting to own. It's very much like the government picking winners. Like, how do you compete in that space with a company that is going to guarantee to get every contract because of the incentive of the United States government? It's very concerning. How do you launch a startup? Right?

Yeah. I mean, it's, I don't know. You just air drop World Liberty Financial, 50% of your token supply. Like people used to do with meme coins and Vitalik, and you just say, I said, come on, man. Yeah, that's not that far from too, by the way. I'm sure that their wallets are getting flooded with like scams and meme coins and tokens that people are just gifting to them in a hope that they'll catch an Eric Trump tweet or something.

And they might. Yeah, I know. Yeah, that's, that's unfortunate from my view. Yeah, I think Solana's about to fly, by the way. I'm just looking at the chart as we're talking. Matt, I've kept you enough. I know it's still dark out there as I can see, man. Thank you, as always, for the incredible insight.

I mean, quickly, is there anything else that I missed or anything that Bitwise you guys might have on the radar imminently? We didn't even talk about the amazing Bitwise report, but I did write an entire newsletter on it for anybody who missed it. No, I really appreciate the report. The only other thing I would add is crypto is like fretting about the market pullback. I will say I'm on the road right now, I think doing eight of nine weeks of travel talking to financial advisors.

There is no market pullback for them. Bitcoin is up 70% over the last year. They still see it in a raging. market. I do think crypto gets like, oh, no, we're down from 120 to 110. In the traditional world, we're up massively. And this is the most attractive asset on Earth. And that's what that report said. So it's going to be the best performing asset in the world over the next 10 years. So I would just, I would share that outside perspective for people who are inside crypto. As you're talking, if you're wondering when I'm typing, I'm like, Matt just said that there is no

pullback for institutions. You've got to clip that. I was on fire with the clips we did when you said Ethereum was outperforming by Affinity if you go back beyond August. That one was highly the playbook we talked about, about, you know, getting an ETF and then flows, then Treasury Company. I can't wait to see my DMs and responses on that one, Scott. Matt Hogan, ladies gentlemen, is undefeated. Also the man who told us the most quotable thing I've used in last year that recessions are

illegal. Governments have made recessions illegal. we've said on this show, and I have never stopped saying that. It is true. Thank you. Yeah, man. We'll be back tomorrow with the Friday 5. As always, Matt, thanks so much.

Guys, we will see you tomorrow. Bye. Thank you.