The Wolf Of All Streets - Invest In Bitcoin! Why Billionaire Ray Dalio is Betting Big on Bitcoin

Episode Date: December 11, 2024

►► Sponsored by Aptos Foundation: 👉https://aptosfoundation.org/ Join me as I sit down with Nate Geraci, President of the ETF Store, to break down the latest in the crypto world. We explore MicroStrategy's bold Bitcoin purchases, the potential for inclusion in the Nasdaq, and Ray Dalio's intriguing shift toward Bitcoin and gold.  Nate Geraci: https://x.com/NateGeraci Chris Inks will join us in the second part to share some interesting trades in crypto and beyond.  Chris Inks: https://x.com/TXWestCapital ►► JOIN ME AT ROUNDTABLE NOW AND EARN WEEKLY CRYPTO REWARDS! 👉https://roundtable.rtb.io/shortUrl/whynwv1 ►► JOIN THE FREE WOLF DEN NEWSLETTER, DELIVERED EVERY WEEKDAY! 👉https://thewolfden.substack.com/   ►► Arch Public Unleash algorithmic trading. Discover how algorithms used by hedge-funds are now accessible to traders looking for unparalleled insights and opportunities!  👉https://archpublic.com/  ►►TRADING ALPHA READY TO TRADE LIKE THE PROS? THE BEST TRADERS IN CRYPTO ARE RELYING ON THESE INDICATORS TO MAKE TRADES. Use code '10OFF' for a 10% discount. 👉https://tradingalpha.io/?via=scottmelker  Follow Scott Melker: Twitter: https://x.com/scottmelker Web: https://www.thewolfofallstreets.com/ Spotify: https://spoti.fi/30N5FDe   Apple podcast: https://apple.co/3FASB2c   #Bitcoin #Crypto #Aptos 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.

Billionaire Ray Dalio has changed his tune on Bitcoin, which seems to be a common trend among billionaires and the largest institutions in the world. Bitcoin has become a part of the mainstream conversation. We're going to tell you why Ray Dalio once again is bullish on Bitcoin. But I've got a very special guest today. We've been chasing him for months. It's basically like trying to get Michael Jordan on your show. We've had the other two ETF bros, as we like to call them, James Safer and Eric Fortunas all the time. But Nate Gureysi, the president of the ETF store, has never been on the show before. It's Gureysi. I say Gureysi, it's Gureysi, it's Gureysi. It doesn't matter. Nate is here. We're going to have a great chat

about the success of the ETFs, why people are buying Bitcoin and how we're viewing our asset class now from an institutional perspective. Of course, Texas West Capital on the back half. Let's go. What is up, everybody? I'm Scott Malker, also known as the Wolf of Wall Street. Before we Let's go. to launch the stream again. No sound. That was a StreamYard error. It wasn't us. So screw you guys. Honestly. No, we didn't do anything wrong. It was across all StreamYard platforms for the exact 20 minutes that we attempted to do it. We tried making recordings. They had no sound. And then 20 minutes later, all of a sudden everything worked, but it was too late. And we had to send Andrew Tillman and Jeff from Bitwise home. I'm going to go ahead and bring on Nate right now. I purposely butchered your name in like 15 ways just to make sure that I covered it up. I think you got close enough. One of those was pretty good.

So yeah, I nailed one of them. So that's my hit rate with trades. If we go one in 10, we do pretty well. So it's really a pleasure to have you on here. You offer great commentary, obviously, on X and your interviews, your podcast. Let's talk about ETFs first. Obviously, I want to actually start with Ethereum ETF, if you don't mind. We've got a tweet from you right here. Make that eight straight days of inflows into iShares, Ethereum ETF, over one billion total, top four ETF launch of 2024 out of approximately 675 ETFs. We've talked about the Bitcoin ETFs, obviously, endlessly. We all know how successful they are, the most successful, arguably, in history.

But everybody's been poo-pooing these ETFs as an utter failure. And here we are. Maybe it's just relative to the Bitcoin one. But top four of 2024 are now getting this sort of crazy run. Yeah, I mean, look, we're at nearly $2 billion in inflows from these products that just launched at the end of July. And people have to remember that. These have only been on the market for a few months. It was a tough opening act to follow after the spot Bitcoin ETFs debuted. I think that sucked a little bit of the oxygen out of the room.

And we can talk about the Bitcoin ETF specifically, but I'll tell you from an advisor's perspective or from an institutional investor's perspective, there is a long due diligence process on any asset class, whether we're talking about equity markets, bonds, we wanna look into alternatives, certainly in the crypto space. And in the spot Bitcoin ETF space,

there are still a lot of advisors and institutional investors in that due diligence process. And that's going to continue over the next year. So now let's talk about the spot Ethereum ETFs. They haven't even begun thinking about this yet. This isn't even on their radar. And when you think about Bitcoin, I think it's much easier to distill down into a very simple topic that people can understand. You could say, hey, this is digital gold. This is a store of value. Something along those lines. Ethereum takes a little bit more work to get your head around. I think of it as a technology. But if you're not familiar with the space, you may think of it as something similar to Bitcoin, which you know is not the case. So point being, there's just a lot more education that has to happen around

Ether. But I think the debut, you mentioned the iShares Ethereum ETF. Look, this is a top three or four ETF launch out of 675 ETFs year to date. That's remarkable. And it's pushing nearly $3 billion in inflow. So there's no way to characterize that as anything other than a massive success. The launches themselves were utterly botched by the SEC as well. We got this sort of crazy overnight approval that nobody was expected. These issuers did not think that they were going to have to start marketing or considering these products. And then it took months for them to actually start trading. And it was in still, I think what we would describe as sort of the depths of the bear market for certainly all coins. Yeah, I think there's something to that.

You may know I was a lot more optimistic that the spot ETH or ETFs would be approved. I just didn't see how the SEC was going to disapprove those without facing a lawsuit. Because, again, you had the situation where we had CME traded Bitcoin futures, you had CME traded Bitcoin futures ETFs, and then we had the spot Bitcoin ETFs come to market. Of course, that took a grayscale lawsuit. Well, you had the same thing on the Ether side. You had CME traded Ether futures, you had CME traded Ether futures ETFs. I didn't see how the SEC wanted to prove those. But I hear what you're saying on that. It seemed like the SEC was scrambling a little bit last minute. I don't know if that was intentional. I'm not going to try to come up with a conspiracy theory there. But I agree, it probably wasn't as organized of a launch as ETF issuers would. I mean, the Bitcoin one, the coin tucky derby, as all of you guys kind of were referring to it as, we had anticipation for months and marketing and commercials.

Ether was like, oh, cool. I guess we're going to do this too. But listen, I think this also is just cyclical with the crypto market, right? Bitcoin reaches a certain sort of psychological threshold, like 100,000, six or eight months after the having, and then the liquidity just starts to trickle down. And I think we're seeing that in the ETFs as well with this kind of renewed interest. Yeah. And I'll tell you, historically in the ETF space, you see that across all asset classes. This isn't rocket science, right? You typically see flows follow performance because everybody's human. Advisors are human. Investors are human. When they see performance, they want to chase it. And so if you see the underlying asset performing well or assets performing well, typically flows will follow. Yeah, that makes perfect sense. So I've got

another tweet by you here, just I think to kind of put some of this in perspective for how well the ETFs in general have done, not specific to Ethereum. 670 ETFs have launched in 2024, nine of the top 10 by assets are crypto related, total domination. I included top 11 ETFs here, given GBTC was an up listing. But I mean, have you ever seen anything like this? No. I mean, look, I want to give you a stat here. I talked about this earlier in the week. If you look at the spot Bitcoin ETF category, the total assets now across the whatever 11 or 12 products that are out is about $110 billion. You know what the total assets are in physical gold ETFs, which have been around for 20 plus years? It's $125 billion. So in 11 months,

you have spot Bitcoin ETFs as a category, only $15 billion behind a major ETF category and physical gold ETFs that have been around for 20 years. And my expectation as we head into 2025 is that the spot Bitcoin ETF category is going to surpass physical gold ETFs. That could happen in the first part of the year if we continue the trajectory of flows that we've seen here recently. You look at something like iBit, the iShares Bitcoin ETF, over $50 billion in assets. I think the flows year to date are something around $35 billion. It's lapping the field. You just haven't seen an ETF with this type of success. I was looking the other day, if you go back 10 years, I think there were only two other ETFs over those 10 years that have had the type of success that the iShares Bitcoin ETF has had. And that's out of like nearly

3000 ETFs. So I could keep going with the stats. You probably see I have fun out on Twitter with stats because every stat you look at, it's just remarkable, blows your mind. And I don't know that people fully appreciate the numbers that spot Bitcoin ETFs are posting. Right. I know that they haven't, like writ large, Bitcoin ETFs haven't surpassed gold. But I did read not so long ago that at least for BlackRock, their Bitcoin ETF had surpassed their gold ETF. It did, yeah. And I think it'll track down GLD, which is the most popular physical gold ETF. I think it's just a matter of time. Yeah. So I think I want to pivot a bit here. I mean, you talked about the fact that everybody doesn't even have access to these yet, specifically Ethereum. People aren't even located at them slowly coming online. Wirehouses starting to approve them. I've seen numbers. I spoke to Matt Hogan from Bitwise a few weeks ago here, and he said maybe 50% of people

have access to these things. Right. Yeah, I think that's fair. And you have to combine that with the numbers that I was just talking about. Everybody knows these aren't available on Vanguard's brokerage platform. And never will be, probably. Yeah, and probably never will. Matt's going to have better numbers than I will in terms of the wire house access.

But the bottom line is the vast majority of the major wire house platforms have not fully opened up access to these products. That's a major distribution channel for any ETF. Think about options trading. I bring that up because options trading on Bitcoin ETFs was just recently approved. We didn't have that for nine or 10 months. And if you think about institutional investors who maybe want ways to hedge, they want to minimize that volatility. They want to run more complex strategies. They weren't dabbling in the space until the options were available. Point being,

you had a lot of major distribution channels or investors who weren't even contributing to the ridiculous numbers we've seen from spot Bitcoin ETFs. Yeah. So imagine what happens when they all come online if we're still in the middle of a bull run and prices are higher. We all know that the best marketing for any of this is price going up, right? I mean, specifically for Bitcoin and crypto. So if those things align, it's going to be astounding. I mean, speaking of people who have generally been offline, Goldman Sachs CEO says firm could consider Bitcoin Ether trading if US regulation shifts. So we have a lot of these institutions probably actually waiting to see what happens with a less contentious CFTC or SEC or maybe some legislation coming online.

David Solomon also is a DJ, which I think is relevant. But yeah, I mean, Goldman wrote a very bullish letter basically on crypto and said, but we're waiting to see for regulatory clarity. I mean, do you think that that's what's happening here, even for access to a lot of these ETFs? I do. Bitcoin seems to have pretty good regulatory clarity now. Don't you love, by the way, all of these major institutions who were so negative on Bitcoin a couple of years ago? Everybody's come around. It's like clockwork. But yeah, I think for a lot of the TradFi space, they were waiting or they still are waiting for more clarity on the regulatory side. Now, it's been well documented. I think the Trump administration is going to be much more friendly towards crypto.

There's going to be a crypto czar in David Sachs. We have Paul Atkins, who's going to be replacing Gary Gensler as the SEC chair. He's viewed as crypto friendly. So all of the messaging coming out of the incoming administration is that they're going to be much more friendly towards crypto. If that's the case, I think you're going to see institutions like Goldman Sachs and others fall in line. They like to have that regulatory path nice and clear. They don't wanna have a bunch of bushes and monsters and animals jumping out on that path.

They wanna see a clear regulatory path. So yeah, I think we'll see more of that. I think it'll be a tailwind for the space overall. Yeah, Solomon, CEO think we'll see more of that. I think it'll be a tailwind for the space overall. Yeah. Solomon, CEO of Goldman, was specifically asked if they would make markets in Bitcoin. And his quote was that the regulatory structure changes will evaluate that. But at the moment, we're not permitted to. I mean, they literally just can't. You know, and so I think a lot of people hopeful for the first hundred days of the next administration, but I think it remains to be seen whether this ends up being the priority that our echo chamber believes that it will be or whether this could be

kicked down the road for larger issues. I think that swayed the election. Yeah, it's a great point. And let's remember not to send a chill up everybody's spine, but remember when Gary Gensler was coming in as the SEC chair. We loved him. Everybody was talking about his, you know, teaching blockchain courses at MIT and he was going to be crypto-friendly. There's not been a more aggressive regulator probably across the financial markets than he has been. And so I think you raise a good point in that there is a lot of positivity around the incoming Trump administration. And hopefully that's the case, but we don't know that for certain. And even if that is the way they feel, you're right in that we don't know that that's going to be a priority. There's a lot of things that's on that administration's plate

besides crypto. Either way, I think it's fair to say that zoom back a year, 18 months, 24 months, it's almost unimaginable that we'd be in such a positive situation. So whether it gets done in the first 100 days or 300 or 1200, I think a lot of things are coming. And I mean, there's a sentiment here I wanted to share. He kind of talked about the billionaires, the institutions and them coming around. Right. You said, you know, all these institutions, it's funny to see how dismissive they were recently. I don't know if you saw Ray Dalio's comments, but he basically said, don't buy bonds, don't buy debt anymore. It's going to blow up and you should be buying gold and Bitcoin. But I think this is notable because it was not long ago that he was very dismissive.

He said in February of 23, not long ago, it's not going to be an effective money. It's not an effective store or hold of wealth. It's not an effective medium of exchange. This is not a Bitcoin bull. I always talk about the fact that I respect people with strong opinions, loosely held, and all the billionaires and institutions that have come around to Bitcoin, even to your point, they were once dismissive. And yeah, people point to Saylor tweeting in 2012 that Bitcoin was stupid. Well, in 2012, most people thought Bitcoin was stupid, right? Now he's the biggest bull there is. But these guys are coming around one by one. And Dalio is really notable for this position. Yeah. My take on that is, and this isn't any sort of view on the future price of Bitcoin. I want to be clear on that. But don't you think it's becoming a risk not to be allocated to Bitcoin, or at least not to be paying attention to the space? And I think that's what's happening with a lot of these billionaire investors. They've, again, poo-pooed the category for so long. They dismissed it. And at some point with what we've seen in the price action from Bitcoin, especially this year, and as we talked about with some more regulatory clarity with the ETFs coming online, you can't just dismiss that anymore. And once in my own personal experience, once you start traveling down that

path towards educating yourself on Bitcoin, you inevitably go down the rabbit hole that takes you down other rabbit holes around monetary policy and understanding inflation and economics. Once you get down that path, it's tough to go back. It's like once you see it, you can't unsee it. And again, that's not any sort of commentary on what's going to happen with the price of Bitcoin. But I think when you have smart people like Dalio, the light bulb goes off. It's happened to you. It's happened to me. Once that light bulb goes off, you can't turn it off. And I think for the first time in at least my life, we're really talking about the issues that Bitcoin addresses in general. And people are very wary, obviously,

of inflation. They know what it is. They maybe didn't before when it didn't affect their lives. And I think that leads to more of a education in Bitcoin, just the right environment and breeding ground, I think, for people to better understand the asset because they're feeling the problems that it could potentially solve. I mean, pivoting to the other billionaire, obviously, I mentioned before, probably the biggest Bitcoin bull in the world. Microsoft says no to MicroStrategy Bitcoin strategy. OK, he had his three minute pitch where he somehow slid in 41 slides, which I love. But and by the way, Amazon now somebody an activist investor is pushing for them to allocate five percent. I doubt that will happen, but still it's on the docket. But Nasdaq apparently saying

yes to including MicroStrategy in the NASDAQ 100. This is huge. This is the cues, right? Microsoft is currently a top three holding in NASDAQ 100. MicroStrategy, Bitcoin strategy is the only reason it's up for inclusion in NASDAQ 100. Around and around we go. What does it mean for MicroStrategy to now be included in the NASDAQ top 100? Some saying it'll be further momentum here for MicroStrategy to now be included in the Nasdaq top 100. So I'm saying it'll be a further momentum here for MicroStrategy, obviously.

OK, so I have a lot of views on this. First of all, I think undoubtedly it's positive for Bitcoin overall, because the reason, as I described in that tweet, that MicroStrategy's market cap is what it is, that's ultimately comes down to its holdings in Bitcoin. And so I think that's great. It's going to generate a tremendous amount of exposure. And I also do think even though Microsoft voted down this proposal to include Bitcoin in their treasury, I think we're going to see a number of major companies in the major indices start thinking real long and hard about at least

having a small allocation to Bitcoin. Going back to what we were talking about with the billionaires, there's some risk to not being allocated there. Now, you know, in terms of of Saylor, when I say I have mixed views, I want to be clear. I think Michael Saylor has been a tremendous spokesperson for Bitcoin. We all give the caveat, by the way. It's the same with every single one of us. We love Michael Saylor. Well, no, I think he's done a great job. I mean, listen, literally, I got the invitation to his New Year's Eve party yesterday. We're friendly, but I have my concerns. Yeah. And look, I just want to be clear. He has generated a lot of awareness and he's helped educate around Bitcoin. That's amazing. But MicroStrategy, the stock itself, and again, this is not investment advice.

I have to state that because I'm an SEC registered advisor. It just doesn't make a ton of sense to me because you're paying a significant premium to basically own Bitcoin. And I fully, I get the Bitcoin yield. People are going to start blowing me up on Twitter. I understand how the Bitcoin yield works. But from my perspective, that's essentially new investors who are overpaying to subsidize that Bitcoin yield for existing investors. And that works just fine as long as you have new investors willing to pay a premium, whatever it is now, 3x, 4x, and the price of Bitcoin continues to go up. So the point here is I see, I'm going to say I have three thoughts. Two are positive, one is negative. The two positives are that I think what MicroStrategy is doing in terms of owning Bitcoin and Treasury, I think we of sense to me in terms of the business model per se itself.

And I do worry that new investors coming in could be left holding the bag. Yeah. And he has really, really, really ramped up the Bitcoin buying. Some of the stats we look at it are pretty astounding. I think we have four Mondays in a row with multiple billion dollar purchases of Bitcoin, right? I mean, and these are obviously at higher prices, which I don't fault him for. He said he's always going to buy, raising $42 billion as of October to buy more Bitcoin. This is pretty astounding. The firm has quickly accelerated its Bitcoin purchases. While it took almost a year to amass its first 100,000 tokens,

it only took two weeks to go from 300,000 tokens to 400,000 tokens. With its large stash of Bitcoin, its holdings are worth more than NVIDIA Corp's cash holdings and all but six of the non-financial companies listed on the S&P 500 index. Obviously, the fear here that people keep expressing is what happens if Bitcoin price goes down tremendously. Listen, I don't think MicroStrategy ends up insolvent under any circumstances. I don't think that matters. But I think to your point, it's a risk for the stockholders. Yeah, for sure. And that's all I'm saying is for new holders coming in at the premium they're paying. I personally would prefer just to buy Bitcoin direct. One thing I want to comment

on when you were talking about the amount of Bitcoin MicroStrategy is purchasing, think about this. Just take a step back. We know the demand that the spot Bitcoin ETFs are driving, right? We know the amount of Bitcoin that they're buying. And you combine that with what MicroStrategy is buying. Now do the math on how many new Bitcoin are mined each day. And it's not even close. Again, not any sort of commentary on price. People can draw their own conclusions. But if you look at those numbers, it's astounding. Yeah, I agree. Listen, as somebody was saying yesterday on the show that nobody could hear, before I realized nobody could hear, Tillman was saying, we as somebody was saying yesterday on the show that nobody could hear before I realized nobody could hear Tillman was saying, you know, we've had a lot of Bitcoin kind

of Jesus characters. Most of them don't end well. I love Saylor. I think it will end well. I think he'll be viewed as like the Warren Buffett of our generation. But like trees don't grow all the way to the sky, as they say, you know, so at some point there has to be a cap and I think there will be a correction and people just need to be very careful.

But I can tell you that nobody seems to be afraid to start following the MicroStrategy strategy. No pun intended here. At least in the crypto world, Mara Holdings, among followers of MicroStrategy's playbook. So we saw Marathon raise, now their second raise of convertible debt to do the exact same thing that Michael Saylor is doing. Now we've seen Core Scientific. These are all miners. And Riot Platforms do billion-ish, $600 million to billion raises. I don't know how many people can do this or how much demand there will be for these notes, but a lot of people are buying these notes. This is how a lot of hedge funds are trading. Beyond even buying MicroStrategy stock, by the way,

the notes themselves have become very popular. No question. Yeah, but it also gets back into what I was saying earlier. Even if some of these companies aren't issuing convertibles, if they're just allocating some of their existing treasury to Bitcoin, that could go a long way towards driving price. By the way, you were mentioning earlier how I noted the top 10 launches of 2024. Two of those are leveraged micro strategy ETFs. And the assets in those things, they haven't been on the market that

long. It's unbelievable how quickly those have grown. They've had a hard time actually keeping up with it because they're unable to get the swap exposure that they need. So they've had to go to the options market. Well, people might not remember actually when the Bitcoin futures ETFs launched, which of course marked a significant market top, but there was so much demand for those. It was a billion dollars in the first day to the first one that they weren't able to buy enough futures contracts to actually fill the orders and had to go out to two and three and four months instead of a month and made those products really unattractive because they weren't tracking the underlying spot at all. That's right. Yeah. With the position really is a risk, but you have here, this is not from, these are not his words, but we estimate the probability of the leveraged microstrategy ETFs going bust in the next year at between 20 to 50%. It's a pretty wide margin, but I mean, what makes these things get completely

wrecked? And this is not microstrategy and these are the ETFs that are leveraged. So trading leverage on a highly leveraged effectively asset already. Well, over time, on a long enough time horizon with a highly volatile asset, those things will continue to trend towards zero. That's just how the math works. But on a shorter time horizon, it doesn't take a rocket scientist to deduce that if let's say micro strategy were to have a, you know, 30, 40, 50% decline over a short amount of time, there you go, two times that, and that'll take it to zero. So it's a risk. I mean, those tools, those are high-octane tools, those leveraged MicroStrategy ETFs. I think it was Bloomberg's Eric Balchunas, he's looked at this and he said, these are the most volatile products that are available on the market. I mean, it was like the most heavily traded

asset on Wall Street, right? I mean, MicroStrategy stock itself. So you add a little leverage to that and you know exactly how that potentially ends. I mean, we had a day, I'm looking at the MicroStrategy chart, it topped at 540 and bottomed at 371 on the same day. Being in the mid 500s and the mid 300s in the same day is pretty volatile. Yeah, I could see a real quick unwind of those ETFs again, but it would take MicroStrategy having a significant down move. Yeah, for sure. But I think MicroStrategy itself has set a pretty good example for what's possible in the Bitcoin space. And, you know, kudos to Saylor for doing that. I mean, I know we only got a couple more minutes.

What do you, anything else that's on your radar that we may have missed that you're kind of excited about or looking for as we come into 2025? We obviously have the regulatory shift, other wirehouses online, all these things for the ETFs. But do you think we also now maybe see XRP or Solana or meme coin ETFs? I have no idea what's coming. That's exactly where I was going to go. I think that's what I'm most keeping an eye on as we head into the new year. There are filings currently out there for Solana, Litecoin, HBAR, XRP. There's also a couple of filings, ones from Grayscale, ones from Bitwise for crypto index-based ETFs. I think, yeah, Scott, I think the hope is that the Trump administration and Congress, they come in, they move quickly to designate which crypto assets are securities

and which are non-securities. I think if that happens, then the path becomes much clearer towards these additional ETFs being approved. Now, even then, even if we have, say, a pro-crypto SEC, they're not just going to rubber stamp these ETFs, in my opinion. They're still going to want comfortability that the underlying spot market isn't being manipulated. They're going to potentially want surveillance sharing agreements in place with exchanges like Coinbase. We're going to want all the proper disclosures. So I don't think the SEC is going to start rubber stamping everything.

But I do think if we can get fairly quick clarity on which crypto assets are securities and which aren't, that's really going to help the prospects for additional spot crypto ETFs come to market. I think as we sit here today, I'm pretty optimistic that we could see approval uh the prospects for additional spot crypto etfs come to market i think as we sit here today i'm pretty optimistic that we could see approval of say a solana etf by the end of 2025.

um i i think that i think that we can get there we're not and people say well we don't have futures i talked about that earlier the futures market is not required that's just something that the you know current sec um wanted in place and that they leaned on, but that is not a requirement for spot ETFs to come to market. So that's really what I'm watching. I think it'll be fascinating to see what happens there. The Grayscale and Bitwise index-based ETFs, they could take a little bit of a different path to market because they primarily hold Bitcoin and Ethereum, which obviously the SEC is comfortable owning in an ETF wrapper. I'm wondering if that other 10%, they're trying to say this is like illiquid investments, and they're using that to sort of end around getting these ETFs to market.

So it'll be fascinating to watch. But yeah, I think it's really additional ETFs coming to market that'll be interesting. 2025 is going to be wild, Nate. Thanks so much, man. It's a pleasure to finally have you on. I'd love to have you again. Everybody, you can follow him on X, of course. It's his name. Easy. Spelled right below and it's down in the description. Really a pleasure to have you. We will speak soon. Hey, thank you. Awesome, man. Thank you so much. Yep. Take care. All right, guys, as you can see above, if you're looking at the thing, Wolf of all streets times app toss, I told you guys a week ago

that, uh, I finally found a sponsor that was acceptable to me that, uh, I think is reputable enough to discuss with you on the show. You know, I've had most shake on a million times. We talked on the street app toss,ptos sponsored all of my amazing content that we did in Singapore in person because somebody had to help us be able to do that. Well, they're officially our sponsor and you'll be talking about them a lot. I just pulled up as we were talking here, some news. Huge here. The wait is over. Support for native USDT on Aptos is now live on finance. Accelerate onchain with deposits and withdrawals now open so you can natively use Tether on Aptos on Binance. There's this crazy thread actually that I found here that Aptos had retweeted. It's about all the amazing

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awesome. There's no affiliate link, no nothing you got to do here. I just want to point out how incredible they're doing and give them the shine that they deserve. Speaking of people who deserve shine, Christopher Inks of Texas West Capital. What's up, man? How are you? What's going on, man? You enjoying the price action? Yeah, I love it. Yeah, man. Bitcoin, everybody kind of freaking out there. You know, we had that 11% move down and back up.

And then, I don't know, I see some people, you know, got all freaked out about this little candle right here. And, you know, I guess quick movement in a short amount of time. I don't know. You know, I'm at this point where, you know, we're at a hundred thousand, you know, nothing's really happening here that hasn't happened before the entire life cycle of Bitcoin. Right. So we get these, these shakeouts and we get these, these quick moves over a little bit of a percentage movement. But at the end of the day, it's really not, you know, a big. Now, yeah, it's going to be a

bigger dollar move now. You may be going to see bigger liquidations because we're talking about higher numbers here. But at the end of the day, it's the same old, same old rinse and repeat. Yeah, absolutely. I joke, but it's like, how can you be panicking when Bitcoin's like 94? Okay, now we're at 98.8. We're almost back to 99. But like 94,000, the bull market's over? Like zoom out two months, man. Well, it was just recently.

It's a wet dream. It's like those memes where it's like 94,000 on the way up. And it's like a picture of like this gig of Chad, like Arnold Schwarzenegger. And that's like 94,000 on the way down. And it's Smeagol from Lord of the Rings. It's like the same price a month later. Man, I really thought you would go with the Pee Wee Herman on that, but you know. Pee Wee Herman. Yeah, you know, I'm just saying, man. But yeah, no. You know, again, we're just kind of a little bit sideways here around that 100,000 area. There's absolutely

nothing going on that tells me, oh my God, we've got to be freaked out. It's the end of the world kind of thing. This is the daily. You can see the stochastic RSI down here is resetting back into oversold. RSI remains bullish above neutral, curled up, threatening to cross bullishly. Let me remind people one more time, guys. Listen, when your RSI, for instance, goes into overbought, it doesn't mean, oh my God, I need to sell. What it means is you've got a strong bullish trend and it will pull back down out of that at some point, but it can stay overbought for a while. Same thing with oversold. But when you're using something like the RSI there and you're sitting

above neutral in that bullish area and you're curled up and you're threatening to cross above the SMA. I mean, that's all bullishness setting up there. What I love about the chart here on the days are these two candles right here. So you had the drop here that freaked everybody out with that big spike of volume. And then you had an even larger volume the next day and much smaller candle, tiny little candle spread body there. I mean, that's telling you that demand is there and demand is finding the support, the same area here all the way across as the same resistance previously. So, I mean, you know, it's hard to imagine price does anything else but go higher. And if it does, well, Hey, based on the height here of this overall kind of thing, cause I've got, this is a WXY. I've got three waves down, three waves up.

And if you zoom in here, you can kind of see three waves back down. So it just gives us a specific type of correction here. So the height of this gives us a pattern target of 113, 237. And if this is actually a one and a two, which it appears to be, then five waves up, get us minimum up here at 115, 965, just based off this local area here. So again, you know, is that the end of the thing? No, I don't think so. I don't believe so. I think we've still got, you know, as I've talked about here quite a bit further to go, but locally here, those are the next kind of target areas I'm looking at. So perfect. I'm feeling pretty good about that. As far as alts go, you know, again,

we had that drop in alts dropped as well. And everybody freaked out, but they're looking pretty decent. We're getting kind of the same, you know, count aside, we're getting the same kind of three wave move down into again, the daily pivot. Um, and that's looking pretty good. Uh, so we've got this, uh, accumulation range here. We've got the breakout. We get this, um, you know, jump across the Creek, this back up the edge of the Creek, what we call it in Whitehall. Uh, and so looking for this to rally on up here. And as a one and a two, that gives us a minimum three up here at 0.06478

so that's up there around what is that uh two two and a quarter so 225 percent rally off there from where we're at pretty good move uh you can see that again rsi remaining above neutral here the bullish side of neutral stochastic rsi resetting and oversold i mean it's it's it's just about the perfect setup so we want to see this hold of support rally up and uh starts looking good that's gst um msol uh usd here uh same kind of idea but this one's got you know an abc and then an ab. So it's WXY correction here. Looks pretty bull flaggy. Yeah, exactly. You know, pulls right back to the daily pivot support here. So yeah, I mean, I'm looking for a breakout above 306.76 to give us a pattern target again, based on the height here up there around 381.79. But this is just a pretty pullback right here. Like you said, it looks like a bull flag

here. So break it out. We should be good to go. Render, remember for a while there, render was all the talk. It was all the talk of the town. I believe we're in a wave three here, which has a minimum target of $13 and about two cents. But based on the height of this pullback here, that'll actually get us extended a little bit higher up here toward $15 and 15 cents. So, you know, again, three waves down, finding support right around the daily pivot, you know, $13 would be the first target that I'd look closer to about $15 and 15 cents on there. Uh, but really, you know, it looks good. And we had, again, more accumulation here. We just got the breakout. We've got to pull back. You shouldn't be looking for it to head down

lower. Most likely that's going to continue up higher, higher, higher there. Uh, GH, GHST, GHST. here we go Again, this is what I see We talk about this all the time When the alts make a good move They tend to do it lockstep And you get a lot of setups together So here we are, three waves down

Into that daily pivot again RSI remains bullish above neutral Stochastic RSI resetting and oversold Again, looking at this as a one and a two and a three so three is a dollar 91 based on the height of this pullback uh let me see here it actually gets us a dollar 99 but two dollars so yeah i'd be looking up at a dollar 91 to two dollars as a minimum target area for this rally here to take us to. And currently we're sitting about $1.25.

So decent little rally there. Cody doing its thing again. Yeah, I like this. You know, again, three-wave pullback, daily pivot, bullish above neutral, resetting into oversold. I mean, did you see it play out over and over and over again? But looking on here, we've got a wave three up here, minimum expected at around 27 cents. If you just want to work with this pullback right here, I think it'll get you pretty close to that. 25 and a half cents. So yeah, I would be looking up there toward that 27 cent area

as kind of the next minimum target on the move up here. And that aligns, by the way, with, I mean, I had that chart literally just pulled up randomly as well. Let me see if it aligns. Like 27.8 is literally the top of this entire consolidation up here.

That's 0.27888. So it aligns exactly with what you're saying. Yeah, yeah. You know, the setups are here. That's 0.27888. So it aligns exactly with what you're saying. Yeah. Yeah. You know, it did the sets, you know, the setups are here. Um, again, another great accumulation range here. We've got the breakout, we've got the backup, the edge of the Creek. Uh, this is again, three-way pullback down here, right around the pivot, everything. And again, just replay everything over and over here. Um, i've got a target of 35 dollars and 20 cents this is lpt usd uh but that's not the final target that's just the next target on the

way so um yeah that's what i'm doing with these here and of course we've got glm usd here absolutely beautiful three-wave pullback uh this one, of course, not on the daily pivot here, but at the previous range resistance as support, dipped just below here on the RSI, but curled back up, getting ready to break back out on the bullish side of neutral there. Stochastic RSI, oversold, down and oversold. Oversold, down and oversold, yeah. Anyway, looking for this here, you know, just based on the height here, again, again of this pullback you'd be looking up here at about 96 cents as that next target um this actually looks like it might be closer to a one and a two though uh and so if that's a one and a two here and you get that here we are over 50 pullback so it looks good uh you'd be looking up at three up here around $2 and 13 and a half cents minimum expected again, based on the idea, this is like a leading diagonal here, five up and then three back is two there.

So, you know, your viewers here, they can jump on there and they can look at the alts and they, you know, if they're seeing that same kind of three-way pullback into that daily pivot. And by the way, guys, if you don't know where my pivots are, just jump up here to indicators and type in pivot and use the standard pivots. That's all I've got on here. And you can put it on your own training view chart. And then you just go out to the daily. And I've just got mine colored blue, but I think it comes out as black default,

but just look for that three, you know, a down up down toward that daily pivot. And you know, you're looking for probably a good rally coming up off that. So yeah, that's just some of them there. So beautiful.

So I think generally you're not scared to trade all right now. No, no, no, not at all. Not at all. You know, the time to be scared was prior to the summer. And then I've been on here with you and we've been talking about how alts were setting up and bottoming in. And, you know, it's just kind of

proving it out here. A lot of people get, you know, a lot of people, you know, if you don't know what you're doing in the market, you're going to get scared if things don't happen right away. Right. I mean, I remember when I first started trading, if it didn't move, like if I wanted to go long in something, of course, crypto wasn't there, but it was stocks back then. If it didn't go long right away or it started pulling back first, I would freak out and get all scared because I didn't know what I was doing. But now, after you do your time for 30 years and you get in there, you start understanding that patience is a big part of it.

And, um, yeah, you know, it's, it's, the setup's been there since the summer starting in and, uh, here we go. Right. About the time everybody started to give up. Isn't that always how it works and it's all perfectly on schedule. I think we're going to have a great 2025 personally. Yeah. I can't see it set up as

terribly right now. Not at all. Yeah. That's something unexpected happens. All right, guys, you can follow TX West capital. Of course. I think, like I said, Chris is the best. Where was it? Chris is the best join TBC to get this alpha every day. Where can people join? They just, you know what, we've got it all set up now back at Texas west capital.com. They can jump in there. $97 a month gets you all our group coaching, gets you Fibbo's threshold theory, proprietary system. You'll learn that. And it gets you to TWC Traders Club where myself and Fibbo and Vince and Andrew kind of put us our trades and our market analysis throughout the day. So you don't miss much of anything in there. We do stocks and crypto with that. Man, I wish I had time.

You had time for a while back, man. Those were the good old days, man. Absolutely. All right, guys. Give Chris a follow. That's all we got. I'll be back tomorrow, of course, at 9 a.m. Eastern Standard Time. Thanks, Chris.

Take care, everyone. Let's go.