The Wolf Of All Streets - Ethereum ETFs Are Coming – Here's What Bloomberg Experts Predict!

Starting point is 00:00:00 Ethereum ETFs are most definitely coming soon, but we still don't know the exact date. And we still have a wide, wide range of predictions as to what that launch will look like and what we can expect in the weeks, months, even years afterwards. Of course, when we want to get the real skinny on ETFs, we go to the Bloomberg experts. I've got Eric Valtunis and James Saifert both here today to discuss the Ethereum spot ETF. You guys don't want to miss this one. Let's go. What is up, everybody? I'm Scott Melker, also known as the Wolf of Wall Street. Before we Let's go. hours ago, now trading right around 58,673. Ethereum seeing a little less of a bounce today, trading roughly flat, but nice to see at least that we are not living in a sea of red, which we have been of late. I still think this is just your classic bull market correction, nothing to worry about, but hey, I guess the market will either

Starting point is 00:01:21 make me look like a genius or an idiot. It's only two ways. It's only two ways that it works. I've got, though, two of your favorite guests here today, and we're going to talk ETFs. I've got Eric and James, who both wore pink shirts. Why didn't I get the memo? It's ridiculous. I didn't know James had a pink shirt. He showed up late.

Starting point is 00:01:42 He showed up late. Honestly, his shirt does not look pink to me. I'm half colorblind. It looks white. No, it's pink. It's not as bright as Eric's, but it's definitely a light pink shirt. James, I think we have you coming through your AirPods, by the way, and not your main mic.

Starting point is 00:02:00 It's fine either way, but you're a bit quiet. Yes, you guys have different varieties of pink. I could probably change my lights to make my shirt look pinker, but I don't know. So anyways, nobody wants to hear about our shirts. Let's talk about the Ethereum ETFs. They're coming. They didn't come on July 2nd. I guess in hindsight, Eric, that was kind of the odds on prediction, but that would have been terrible for the market to have these launched on a half trading day week

Starting point is 00:02:29 with a holiday right in the middle. I wouldn't have been surprised if Gensler had done that July 3rd at 11.59pm when the market closed, but we didn't get them yet. But as James tweeted here, the ETF filings are pouring in.

Starting point is 00:02:46 I mean, this is happening. These S1s are all in. Now everybody's pretty much in line. James, I had to laugh when I looked at this, that it's all alerts on ETF and then like a tin hat on Elon Musk and cancel culture at SpaceX. I'm not going to lie. I was actually on a golf course when I posted this. So I looked at it. I was like, look at all these things. And I didn't even notice. I probably would have deleted that thing if I, but it's just what, that's what my phone looked like. I was literally like doing a charity golf tournament. I had an off day and I was like, oh my God, I got to tweet this out. This is crazy. these start pouring in at once, right? This was on Monday.

Starting point is 00:03:26 But I mean, Eric, so July 2nd didn't happen. Here we are eight days later. But do we have any significant dates? Somebody told me July 12th was kind of a drop dead date for something. Is that right or wrong? No. So look, the reason we said July 2nd, I still – it was a good take because the way that – the amount of edits the documents needed were so small in June that they could have easily done it. And this was the feeling that people in the know – that was what they felt would happen. Also, the idea was just to get it done before the holiday.

Starting point is 00:04:04 Then you could just go on your holiday and have this off your plate if you're the SEC. Anyway, they're really taking their time. I don't know why. They might just be just feeling lazy. There could be people out on vacation. I don't know. There's also a theory that there was one issuer that just didn't have their S1 quite up to speed, and theirs did need a lot of work and

Starting point is 00:04:25 they were slowing the pack down. I can't confirm what theory is true, but either way, the SEC took a little more time than they needed. So now we are waiting to find out from people in the know what the SEC is telling them. So I don't think the SEC has gotten back to the issuers yet, but when they do, they're going to give them a game plan, I think they're going to say, okay, here's the plan. You guys are going to send back your documents. We're going to make them effective. And then you can launch on Thursday, July 18th, something like that. Um, and that is my new ballpark. Although it's, it's just totally an educated guess. My, uh, if I, if like a gun to head, if you ask me to pick a date i would say july 18th which would be a week from thursday but you know who knows the good news is all the hard stuff is done they're approved

Starting point is 00:05:13 this is just crossing keys and dotting eyes and waiting for the government to like um you know the slow-moving government to finalize this are you saying that our government is inefficient? Shocker. How dare you? It's election season, Eric. How dare you? Yeah, James, it's interesting. Eric said, you know, there was a theory there that maybe one of these issuers

Starting point is 00:05:35 didn't have their things in order and that was holding up the PAC. Isn't it really unique that the PAC is a relevant consideration here? I had Matt siegel on from banek it must have been two weeks ago and he was basically like dude they should just approve us first we were first what's this pack crap in the first place right like why why would we wait for one issuer who doesn't have their uh their t's crossed and their eyes dotted at this point and

Starting point is 00:06:01 why has it sort of become this all or nothing approach to approvals? Yeah, I mean, I tend, I would agree with Matt, for anything other than Bitcoin and Ethereum, like we've seen people apply and to get denied over and over and over again. And I'm not sure you should get some sort of advantage for like, just having to file at the right time when the SEC like loses a court case or what have you, because theoretically, then ARK and 21 shares should have been first for Bitcoin. We're in unique circumstances. People were trying to launch a Bitcoin ETF for a decade. People have filed for an Ethereum ETF years and years ago, and they just kept getting denied. That said, he does have a point, right? The whole point of those putting everyone in a pack is we don't want to pick favorites. We don't want to pick a

Starting point is 00:06:42 winner like we did with the Bitcoin futures ETF for pro shares. Like they went out a few days before anyone else and they completely owned the market for a few years till spot came out, right? So the flip side of that is when you're doing this and allowing everyone to launch at once and when everyone includes the likes of BlackRock and Fidelity, two of the largest asset managers

Starting point is 00:07:00 of the world, yeah, you're not picking a winner in a way, but in a sense you are because you're giving them the smaller issuers like the VanEck, the 21Shares, the Bitwise of the world. They're not going to be able to compete with the likes of, well, with BlackRock and Fidelity, they're not going to. So I don't know. I kind of think if there was one issuer, the SEC should have just left them behind, like that's on them. So it's just a rumor. So I think they might've have done that but it doesn't seem like the sec is in any rush it seems like the division of corporate finance the one going through these documents didn't really even know they were going to approve these ethereum etfs until like

Starting point is 00:07:33 around when we when the sec approved them so they they might they were just like we haven't looked at this yet we're not gonna we're in no rush there's no deadline there's no reason for them to rush so well but let me push back i that. But the documents that were the people-footed you and i are both in the same page that this was political um can't there's no smoking gun but all the circumstantial evidence is really good but even with that flat-footedness the first round is when they gave him like six or seven comments those came back it was this second round that was odd because the issues were like there's literally nothing and they don't need it for a week and when they asked it to come back they said fees aren't even necessary so that to me seems like they were either occupied with something else

Starting point is 00:08:34 during that little period and they're just like we can't deal with this right now so we'll just basically punt for two weeks um or there is one issuer that is, you know, slowing everybody down, but I, they, according to the issuers and the, uh, people we speak with, uh, there was this, these could have been done two weeks ago. Yeah. Yeah. I love, I mean, you even look at like coin desks headline here on when this is going to happen to your point of the confusion, Eric, what still needs to happen before spotty three tfs can trade okay whatever spot either exchange traded funds

Starting point is 00:09:08 may begin trading as soon as this friday or in a few weeks how big it could be tomorrow or maybe 2027 it's fine right i mean that's that's how that reads to me yeah so clearly this is a very different process and but can i say something here? When I, somebody was like, uh, here's Eric about shooting us in, in the year 2030, ETH ETFs could launch this.

Starting point is 00:09:36 And like, people are dumping on me a little bit about, I think they're just impatient. The ETH crowd is like, it's finally our turn. And we're so excited. And it's like christmas morning and it's like santa keeps like pushing it back and they're like oh my god like how long do we have to wait for this the bitcoin people didn't have to wait what was it they waited yeah they waited a long time but it does feel like a little eth mid child syndrome kicks in here you know what i mean red headed stepchild yes yeah yeah they're like if bitcoin had a better life it was you know you

Starting point is 00:10:14 guys were more accurate why is everything messed up with our launch they just want it out i get it well the thing is the it's seemingly the SEC followed more of a defined predictable process with Bitcoin and the whole fire sale on approval. It's clear you can't make a prediction when the SEC has no idea what they're going to do at the same time. It's like they're figuring it out as it goes. And I think that that's very clear. But in the Bitcoin spot ETF lead up, because we had so much time, we had the marketing campaigns, we had the fee wars, we had so many things happening. Now, I mean, besides, maybe I'm wrong. I've only seen VanEck say they would do zero fees, at least up to a certain AUM. Have we seen any other battles here on fees? Is that a thing right now?

Starting point is 00:11:03 Yeah. Bitwise also threw in a fee waiver. Those are the only two that are out with a fee waiver announced as far as I'm aware. Granted, I haven't gone through all of these S1 filings, so that might not be the case. But yeah, it's out there. It's just not as aggressive. Bitwise does have those commercials out on Ethereum, so Bitwise is doing it. I think VanEck is coming out with a commercial as well but it's just you're right it's not the same level of hype but it lead up so we have had we have three fees i don't the waivers i don't really get excited that's like free steak knives kind of stuff um okay fine it's nice but the base fee is what you pay over years and decades it's the most important thing the

Starting point is 00:11:43 expense ratio i think we have van franklin came in at 19 which is pretty low 19 bips that's a low bar i mean a bar van neck is 20 and we have invest go at 25 so like the same as it's the same as their bitcoin etfs it's going to be very similar now we'll be fine. The question then becomes Grayscale, right? Are they going to literally have the sack to go 1.5 again? Yeah. So Grayscale spinoff, which is the mini-me ETH, there was something in a document on the Bitcoin one that they were going to charge. Was it 15 or 10? 15. 15. I think it was 15. So if the mini-me Grays scale is 15, that's interesting.

Starting point is 00:12:27 What's Blackrock going to come in at? My guess is 25 or 20. And as long as you're within earshot of Blackrock, you have a fighting chance. You kill that variable. You can't be much more above Blackrock. But ETH, if you're 10 below Blackrock, once you get seven, eight basis points below, like a leader like Blackrock, you can then say we're the cheap ones. One basis point harder to do that.

Starting point is 00:12:51 People can see through that. But if ETH is 15 first launched that we have a GBTC, which would be better for things because I don't think you'll see the organic interest in the new eight or the new seven to offset that dump. But if ETH mini-me can absorb what would have been a dump, that's hugely helpful for the cause. So they'll be launching the ETH mini-me outright. Is that the theory here? I mean, look, I'm looking at the ETH 8.89 billion market cap. That was almost 11 when the market was sort of at its peak a couple months ago. So obviously, that's not a result of outflows for people. That's just because Ethereum is priced lower. Right. And so that happens. But when GBTC was about $25 billion, I think, when the ETFs launched. $25, $26. $25 to $30, yeah. Okay. So you're looking at 30-ish percent of what the Bitcoin situation was in a much less liquid market.

Starting point is 00:14:02 So if they did come in at a 1.5% or something, and listen, ETH will sell off to some degree because there's people who are playing that discount trade. There's other reasons besides fees. But if this sold off proportionally the same, I think it would have a much more immediate downward effect on the price of ETH. Temporary again, but immediate and bigger because it's just a much lower liquid, lower volume market. Well, the other side of that is, yes, I agree. There's going to be some selling, but we don't have a whole bunch of massive bankruptcy with billions and billions of dollars locked up that they need to get cash out. I don't know. There's probably some bankruptcy

Starting point is 00:14:42 that has ETH out there. I haven't seen any huge numbers, but the lockups of people that are forced to be in there is not the same as at the level that GBTC was. The other thing is- Yeah, FTX outright sold a billion, forced selling of GBTC day one, right? And then three days later, we were like, oh, that made sense. So you're right. I didn't think about that part. And ETH, the mini trust, it's looking like it's going to launch essentially right after these things are actually launched. So we don't know exactly when. They haven't declared the date.

Starting point is 00:15:14 But it seems like it's very possible that ETH launches before the mini Bitcoin trust launches, BTC, depending on when all this goes down. And so, listen, outside of ETH, and maybe we could circle back at that at the end. But Eric, you had some great takes on the Bitcoin spot ETFs that I do want to discuss while I have you guys. We've had some pretty monster inflows, actually, the last two days, even in the midst of this sort of downturn. But as you said here, a pretty good day for IBIT is more than the majority of ETFs launched this year will have in total AUM at the end of the year. I love this. That's how Looney Tunes these numbers are and why skeptics- There's going to be 600 ETFs launched. And over half of them will have less than 50 million. I could have said more than 70%.

Starting point is 00:16:02 Only about 30% will have over 120 million of the 600 launched this year. Something like that. That's ballpark estimate. And that's just one day. Yeah. I mean, it's absurd. And then you had this, which is really telling. Bitcoin had 20% drawdown in a month, flat, pretty nasty.

Starting point is 00:16:22 I would have been impressed if 90% of AUM hung in there, but it was over 100% as they saw inflows. The boomers hung tough, even tougher than I predicted and kept the all-important year-to-date numbers of 15 billion inflows. Hanging tough during drawdowns is as or more important than inflows during rallies for long-term net assets, just ask Vanguard. I like that shot at Vanguard at the end who won't obviously allow the trading of these. But when you're still seeing net inflows and price goes from $74,000 to $54,000, that means those people are more diamond-handed than us. Yeah. Look, this is so underrated. I've been trying to make this case about ETF investors for 20 years because sometimes the media will call them dumb money mom and pop and all this

Starting point is 00:17:05 stuff and i'm like these are the smartest people why they found the etf most people get sold shit from their broker because they get kickbacks from crap funds that's the way this industry's worked etfs don't have kickbacks so you have to kind of make your way through the sludge and the intermediaries to be like wow wow, this ETF is a great deal. It's cheap. It's easy. It's tax efficient. So you have to have a brain that knows that's the best deal. So the type of person that would invest in an ETF or use an advisor that uses ETF is pretty with it. And I really try to push back on this theory that they're dumb or they're like the GameStop retail or just some like random

Starting point is 00:17:45 person. Now I call them boomers. They're obviously all ages, but A, the majority of money in America is owned by the boomers. So the odds are it is a boomer. The other thing is I think for the crypto crowd, anyone who isn't them is a boomer. My kid calls me a. 47. I've been a boomer for like 15 years around here. Yeah. So I sort of say boomer as like trad fi client type. Right. And they, what was impressive about that drawdown, 20% is no joke, even though Cliff Asness said it's not that big of a deal for Bitcoin. But I'm like, it is a big deal for a stock and bond person.

Starting point is 00:18:22 And 20% in a month is pretty nasty. And yes, there were some weeks and days of outflows, but even, even if we didn't take the last three days or four days where there was a nice uplift, it's still just to, it's like flat or down a little. So what that tells me is what percent of people hung in there during the worst of the drawdown? Well, it's 110% because it actually took in money, but let's, let's cut out the last week when it was drawdown well it's 110 because it actually took in money but let's let's cut out the last week when it was good and it's still something like 97 so the fact that 97 of the assets hung in there net is remarkable i would i would have thought 90 93 and i would have said that's pretty good you know but there's people out there i won't name names they act like

Starting point is 00:19:04 50 of the people are going to leave in the first drawdown and clearly hasn't happened and i wish some of these people would just take the l occasionally and be like you know what i was wrong they really hung in there but they double down they double down and uh like i said earlier it's like arguing with a flat earther like i don't know what to do i show i just showed you a globe i you know i got you all the all this data and like no the earth is flat okay i don't know what to tell you so i don't even engage I just showed you a globe. I got you all this data. I'm like, no, the earth is flat. Okay, I don't know what to tell you.

Starting point is 00:19:29 So I don't even engage. I have a friend's brother who's a hardcore flat earther. And man, I like to have a couple drinks and just go deep down the rabbit hole. There's just no convincing. I mean, but this is crypto, man. If your prediction is Bitcoin's bottom is going to be 10,000, you're still predicting that Bitcoin's bottom is going to be 10,000, right? Even if we make you high. People do not like to admit they're wrong, especially in this industry. But I love the perspective there on just how big these Bitcoin spot ETFs are, which leads us,

Starting point is 00:19:58 obviously, to the question of what we'll expect when we come around to ETH. Galaxy actually had an amazing research report. I don't know if you guys saw this, but sizing the market for the Ethereum ETF, very much in line with what Matt Hogan had come on and shared from Bitwise. I mean, at the most basic level, some of these products trade elsewhere. So you have some precedent for what it would look like where there are Bitcoin and Ethereum products. You know the market cap of Ethereum versus Bitcoin, you know the volumes, right? So in your minds, what are we expecting? I mean, we had, I think it was 15 billion in 18 months. Was Matt Hogan's sort of big prediction? I mean, what do you guys think? You want me to go first, Eric? I mean, Eric and I actually disagree a little bit on this. Eric's

Starting point is 00:20:40 lower than I am. So like you said, ETH is like 30% the size of Bitcoin. I read the Galaxy report. I've talked to Matt about their report. I do agree with Matt on one thing. I think it's going to be a slower burn. With the Bitcoin ETFs, it was like all up front. Like everyone was just piling in. There was so much like pent up demand. I don't think we're going to see the same level of immediate immense demand for Ethereum.

Starting point is 00:21:02 So if you look at Ethereum, it's 30% of the market. I think my base case is these things over the first year are going to take in 20% of whatever the Bitcoin ETFs do, maybe a little more. But I think there's going to be a bit of a discount for a few reasons. One, you can't get staking. So the only people that are going to use these are people who literally can't access Ethereum directly, because that's almost like it's like a 3% fee tacked onto the fund because you're performing better. Yeah, it could be more. So if you can access Ethereum directly, you probably would. So that leaves people like with, I don't know, IRAs and different things, 401ks, you lose a little bit less of the utility of Bitcoin by putting it in an ETF wrapper than you do Ethereum, in my view. And also, I just don't see the same level of excitement when I

Starting point is 00:21:45 talk to RAAs and advisors and different people in the traditional financial world that I saw with Bitcoin. There's just not as much, I don't know, it's not as simple to understand as digital gold. There's a lot of more, it's a little more complicated to talk about Ethereum. I do think when people start diving into the fact that there's revenues here, there's underlying money being made in the way that the L2s are operating and L1 and things like that. I think that'll get more TradFi people on board, but I think that'll take time and education. So yeah, my number's 20%. I think they'll take in over 3 billion in the equivalent amount of time that Bitcoin ETFs have taken in 15. And again, as you said, that money coming in, we talked about money going out. Theoretically,

Starting point is 00:22:24 Ethereum is a little bit smaller. It doesn't trade as much. A dollar coming into an Ethereum ETF should be a little bit more impactful than a dollar going into a Bitcoin ETF. Robert Leonardus Yeah. So maybe a bigger, depending on what ETH does, maybe a bigger proportional drop at the beginning, but then a bigger move to the upside when that selling pressure is reduced. I mean, Eric, maybe we should frame it in terms of rails. What would be rails. Like what would be a disappointment and what would be a wild success?

Starting point is 00:22:49 And I guess what's the gap in between? Yeah, I would say under a billion or two in the first year would be pretty disappointing given Bitcoin is at 15 billion in six months. Bitcoin, by the way, that the boomers holding on during that drawdown is very good because in a rally, the flow should heat up. So Bitcoin, our estimate was 12 to 15 billion in the first year, and they're already at the upper band of that. And the way they survived this rally

Starting point is 00:23:15 makes me think that we're going to be very wrong. It's probably going to be like 25. So let's say Bitcoin's 25. I would say Ether under five is going to feel like a letdown. So in other words, if Ether is less than 10% of Bitcoin, whatever Bitcoin is at after a year, if Ether is 10% or less, it's a letdown. If it's over 25%, I think it succeeds expectations. Let me ask you, Scott, are you like Bitcoin maxi or are you open to them all? I've been banned from the Bitcoin Maxi. Okay. But you're not.

Starting point is 00:23:58 The high priests have decided that I have talked about ETH on my show and therefore do not qualify for Bitcoin. I don't know the terrain or that well. So forgive me for being naive. Fair enough. Actually, they're putting me to death in six months if I don't repent. You know, with Ether, is it really decentralized? No. I mean, so listen, decentralization, if that's the question, I think, is not black or white. And it's always a grayscale.

Starting point is 00:24:24 No pun intended. There's gray in between. But even Bitcoin, I've had guests on who dove into Bitcoin mining and said, look, you've got like four people that control the entire Bitcoin network. So is that decentralized? And then there's the whole like everyone's on an Amazon web server anyways. So decentralized really is your decentralized protocol. So I think it's a very hard question. And I think the way regular people are skeptical of the government and the like that so that these two or three tech companies can't control everything and there's been cases where they just shut people down

Starting point is 00:25:29 um i i think that that's an opening i can see and then you got to say well eath is the gasoline or the oil that allows that decentralized internet but to me that's the best simplest marketing that i've heard for me personally as a normal person. But I haven't heard that much in the marketing. I hear people say, we're just going to sell it as like a tech stock. I'm like, well, you still have to sell me on NVIDIA. Like, okay, it does AI. It's got the CEO.

Starting point is 00:25:58 Like, I know some things about it. You can't just say it's a tech stock. So I do worry, or I think a challenge will be how to position what Ether is solving. What problem is it solving? Bitcoin clearly is solving a problem of a devalued dollar and political expediency to keep that going. I don't know what Ether, they're not saying what it solves. They might say what it does, but what does it solve? Yeah, it could ride on hype of like new tech platform, decentralization, whether true or not, will be a catchphrase that's used

Starting point is 00:26:30 and your average person isn't going to question it. So the answer is in the mainstream, it will be accepted that it is a decentralized platform or far more decentralized than these tech companies you talked about. I think the pitch, and this is what I talked to Matt Hogan both privately and publicly about and others,

Starting point is 00:26:50 I think the easy, and this is what I talked to Matt Hogan both privately and publicly about and others, I think the easy pitch for ETH is going to be diversification of now. You diversified into Bitcoin from your portfolio. Now you can get some diversification in crypto. And here's what it does for your Sharpe ratio on a 10-year basis. The very easy, you don't need to understand what it does, dude. Just understand that it helps your portfolio. I think that's going to be the first pitch. if that's how they sell it i think it will be the silver to gold and silver has 11 of the assets that gold does but i think there's more potential if you can tap into uh the worry and fear that people have in a similar way that bitcoin taps into their worries about their dollars getting devalued every year. And the government, everybody can understand that. Even people who are pro-government can, I think, relate to that. So anyway, just my two cents on that,

Starting point is 00:27:37 which is an important part of this calculus is how it's pitched. I know we're slightly over time, James. You have two more minutes to give your sort of opinion on how it'll be pitched there. And Eric, if you got to go, I know you're slightly over time, James, you have two more minutes to give your sort of opinion and how it'll be pitched there. And Eric, if you got to go, I know you're out of here today. So let me know. I actually pretty much agree with everything Eric said. I think the fact that it has underlying revenues, which I kind of hinted at before, is kind of how you can talk to these people as though it's similar to a tech stock.

Starting point is 00:27:59 It's like a tech play. Whereas like Bitcoin, the miners get all the revenue there when they're... Well, it's not really revenue, but we don't need to get into that. But essentially there is underlying cash flows that you could look at with, with Ethereum, with L2s, and you could see things that they're being used for. So I think talking about like the decentralized nature of that and the fact that it's like a decentralized financial play, you can like make money off of this by staking your Ethereum. That makes the most sense to me as like why it's a good investment case. And like, you can talk the off of this by staking your Ethereum. That makes the most sense to me as

Starting point is 00:28:25 why it's a good investment case. The stuff you were talking about, sharp ratio, the stuff that it does if you add just Bitcoin or just Ethereum to your portfolio, but adding both of them and a slug 5%, 10%, what have you, it drastically increases your sharp ratio than just one of them. So I think all of those reasons are going to be things that they're used to like pitch to advisors, but I'm with Eric there. It's just not as clean of digital gold, digital store value. And that's like, that's literally two words or three words and it gets the point across for the most part. So I think it's going to be a little bit harder,

Starting point is 00:28:58 which is also why I said, I think it's going to be a bit of a slow burn. I don't think it's going to be as explosive on the launch as, as the Bitcoin ETS. I agree. And the market's just lower, right? I mean, it's just kind of a depressed time in the market. So if they launch into this market, that'll have a huge part. Eric, James, guys, thank you so much. I appreciate it. I know we ran you a couple minutes over time. Guys, you can follow both of them. They're tagged right down below on X, always the go-to place. Appreciate you guys showing up. Thank you so much. Thank you. Thanks, Scott. Bye.

Starting point is 00:29:26 Forgot my pink shirt. I'm so mad. So, Chris, Chris, unfortunately, Chris Inks, Texas West Capital, affected by the hurricane barrel coming through Texas. I think he still has no power and no internet, so he will

Starting point is 00:29:41 not be here on the tail end. Unfortunately, so we're going to pretty much end it here. I did want to remind you guys, of course, you'll see it tagged right down below the round table, right? I told you guys, I can't respond to your comments on YouTube very hard, almost impossible to respond on X. There's a link right down in the description on the YouTube that takes you to the round table, takes you specifically to this post where I can engage and you guys can comment and I can actually respond and talk to you guys. It's very small now, but I'm believing in it very much

Starting point is 00:30:15 long-term. And so hoping that we can get some traction there, get it going. So I encourage you guys to use that. Otherwise, that's all we got for today. I appreciate you guys, and I will see you tomorrow. Same time, same place. Peace out.

The Wolf Of All Streets - Ethereum ETFs Are Coming – Here's What Bloomberg Experts Predict!

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