The Wolf Of All Streets - Massive Breakthrough For Bitcoin? JPMorgan To Lend Against Crypto

Episode Date: June 5, 2025

Today on the show, I’m joined by James Butterfill, Head of Research at CoinShares, and Edan Yago, Core Contributor to BitcoinOS, to break down the massive shift as JPMorgan starts lending against crypto ETFs and investment advisors become the top holders of spot Bitcoin ETFs. We’ll also cover Circle’s $1.1 billion IPO, K-Pop’s wild Bitcoin pivot, and what the Fed’s next move could mean for BTC’s price. James Butterfill: https://x.com/jbutterfill Edan Yago: https://x.com/EdanYago In the second part of the show, Dan from The Chart Guys will share his market analysis and some trades. The Chart Guys: https://www.youtube.com/@ChartGuys ►► 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.io/ Spotify: https://spoti.fi/30N5FDe Apple podcast: https://apple.co/3FASB2c #Bitcoin #Crypto #Investments The views and opinions expressed here are solely my own and should in no way be interpreted as financial advice. This video was created for entertainment. Every investment and trading move involves risk. You should conduct your own research when making a decision. I am not a financial advisor. Nothing contained in this video constitutes or shall be construed as an offering of financial instruments or as investment advice or recommendations of an investment strategy or whether or not to "Buy," "Sell," or "Hold" an investment.

We have a massive breakthrough for Bitcoin and that is that JP Morgan, yes, that JP Morgan led by Bitcoin skeptic even hater Jamie Dimon is going to allow their customers, their high wealth, high net worth customers to borrow against their crypto, meaning it will be a part of their normal portfolio for securities, lending. This is one of the most major unlocks that we could possibly have for the space with institutional and high net worth individuals. We're going to talk about that and everything else that's happening in crypto right now with James Butterfill, hopefully, Iago, supposed to be here and of course, Dan from ChartGuys

on the back half. Let's go. Let's go. What is up everybody? I am Scott Melker. As you know, the wolf of all streets, like, subscribe, do all the things, but you should really be liking our amazing guest, we got Yago. I didn't know if you're gonna make it, but I'm gonna make sure you're gonna make it. I'm gonna make sure you're gonna make sure you're gonna make

sure you're gonna make sure you're gonna make sure you're gonna make sure you're gonna make sure you're gonna make sure you're gonna make sure you're gonna make sure you're gonna make sure you're gonna make sure you're gonna make sure the wolf of all streets, like, subscribe, do all the things, but you should really be liking our amazing guest. We got Yago, I didn't know if you're gonna make it. You're in the background. Made it. And of course James. That's your run, that's your run. And of course James Butterfill from Coin Chairs.

James, let's talk about this first story that I mentioned before, because I think it's the biggest one and maybe is not getting enough attention. I got to bring my screen up here. We're having a glitch. But here we go. We have JP Morgan plans to offer clients financing against crypto ETFs. You obviously heard what I said about it in the beginning. Is this as big as I think? Finally, right. They've been preventing their clients for quite a few years. And we have some of those clients ourselves from buying Bitcoin ETFs.

So it's been a huge frustration for them. But finally, they come in line with a lot of other platforms and allow people to buy. There was this kind of rumor that they were going to launch their own products. And that's why they're preventing their clients from buying Bitcoin ETFs. But maybe now that's not true and it's just kind of a risk consideration and it's taken a while for the bureaucracy to move and allow it but you know this is good news. They can move in line with other big banks like Goldman Sachs who let their clients buy it. Yeah but this isn't just about buying, right? I mean, the ability to include these ETFs as collateral alongside all of your other assets. This is the great unlock for buy, borrow, die

for wealthy people, right? So now if you can borrow against it, you don't have to sell it. It reduces selling pressure. So, Yago, to me, this is one of those things we waited for for a very long time to just see it. Now, listen, this is ETFs for now. So it's crypto linked products. This isn't your spot Bitcoin yet, but that is coming very soon. I think it's only going to have a muted impact in reality because this kind of product has already been offered by others. because this kind of product has already been offered by others, but it continues to, it's sort of a continuation of the momentum and the overall sort of what we're seeing in the market where Bitcoin is being consolidated further and further as a true commodity asset accepted by basically everyone.

Yeah, but the market is the largest step that we have. And James, to your point, they were getting in line to allow the buying and selling to some degree. They already had that for their high net worth clients, but for everybody. But to actually be ahead of the curve on the lending side, I think is very interesting. Yeah, I think who this really helps. Well, I was gonna say crypto-native, but it doesn't because it's ETF. But most investors can leverage off the back of assets

and most asset classes. So it is, again, there is this broader sort of trend happening and it's just part of that. Bitcoin treasury stocks is now a big trend and just a part of a bigger theme of greater corporate and governmental acceptance that I think is incredibly encouraging longer term for Bitcoin prices. time for Bitcoin prices. Yeah. And there's a really interesting piece here on who's actually involved in buying these ETFs. Investment advisors now are the top holders of spot Bitcoin ETFs.

Ether ETF demand rises. So now we're getting, I think, a very clear picture of why these ETFs are so popular and where that demand is coming from. And this is the answer I think that we wanted, which is that if it's investment advisors, this is on behalf of their clients. This is also money that sticks, right? If you're an investment buyer buying this, you're not flipping these and trading them like a degenerate gambler, you're holding.

Yeah, so definitely it's known that if you're on the advisor side, so you have retail clients buying these assets, they tend to be much stickier investors, they tend to have a longer term investment rise and rather less so rebalancing strategies. So there's a lot less selling going on in that respect. We've just about to publish actually on the 13F filing data, because I think some quite interesting stuff. Top level quarter and quarter what we've seen actually is decline in 13F filing holdings of Bitcoin ETFs.

But if you look underline that, we've seen a big increase in the advisor side, big increase from banks and funds and various other things, but hedge funds, we've seen a big decline. And what we think is that hedge fund managers have basically unwound the basis trade, and they're not getting back into it as much as they have done in the past. So I think to be understood, the prices rose to 107,000 at that point at the end of the last quarter. So you've got to understand that. But I think it's incredibly encouraging to see pretty much every class of an advisor or investor type, as you can see in this list here, rise,

just with the exception of hedge fund managers. Yeah, but that's a straight trade. OK, go ahead. Yeah. Sorry. I'm just curious, why do you feel like the hedge funds had to unwind at this point? Is the basis trade no longer attractive? I see the basis trades, it becomes, it's kind of, I think it's better classed as a momentum

trade. When the price is strong, you see people really pile into the basis. It's when there's a biggest up between the futures and the spot market, it's when they're exploited the most. And since then, yes, we have achieved new all-time highs, but we're not, we're saying, if I speak to one of my traders, like I did this morning, he's in a bit of a negative funk. The volatility is super low, the leverage is lower at the moment, they see less catalysts for upsides at the moment. And therefore they're in a bit of a negative front. And so there is less opportunities, I think in the basis trade at the moment,

partly because of not really clearly defined price momentum and that kind of lower volatility. And so I think until we see the combination of those two come back, we won't see that basis trade really pick up again. So it's so interesting to me here. Yeah, go ahead, again, sorry. It seems to me like what you're saying is that we're actually in the continuation of

a consolidation phase. We're removing from frothy hot money to long term sticky money. Yeah, the traders out and the investors in. That's exactly what I was going to say, isn't that what this indicates? Yeah, I mean, the fund flows year to date globally now sits at before the prior highs, they now sit at 11.6 billion. So really strong inflows, not quite strong as last year, but that could all change, particularly monetary policy becomes looser. This

week, despite the trades being slightly kind of negative, it's not reflected in fund flows at all. We've seen another 530 million in a week today, but there is a bit of a switch around as a bit of a shuffling debt. Chairs people seem to be buying a lot more Ethereum. What do you make of that? Well, there is rumors that BlackRock's buying, uh, selling some Bitcoin and buying some Ethereum.

I'm not seeing that happening in the data. Themselves or their clients, like BlackRock is literally actively doing that, because usually we see the BlackRock bot. Yeah. This is a heavy dose of rumor here. Let's carry out this. I've not seen this in the data just yet.

But there's definitely like, aside from BlackRock, we've seen the seven consecutive weeks of really strong inflows into Ethereum, totaling nearly $1.6 billion. So there seems to be like a step change in sentiment towards Ethereum, and I've not seen for a really long time, with exception of a little flurry post US election. This is the best moment for Ethereum, I think, for a couple of years now. And maybe there is evidence to suggest that people are starting to switch a little bit out of Bitcoin and into Ethereum, despite the assets being completely different. Maybe there's evidence of that. That's reflective of the good old-fashioned crypto cycle, though, right? Bitcoin gets boring

here, you know, $100,000, which blows my mind that Bitcoin's apparently boring and people just... No one's buying altcoins. The Solana is not popular at all. I mean, I think it's been marred by institutional investors by Trump coin and millennia coin and all the other kind of nasty coins. I'm having a little ICO action, you know, for like $4 billion. To me, that's a very toppy meme. Well, absolutely. 80% of volumes on Solana are meme coins. So

that is a house card. And I think investors realize that. But you know, they do see the potential in Ethereum. And there's this early signs of a turnaround in sentiment that I'm not sure we can extrapolate that yet just yet and say now it's altcoin season. I think this this time round is different. Yeah, I mean, we will have altcoins explode left and right, but it'll be individual ones or very small sectors. And I have

my doubt that it'll ever be all of them at once, because I just don't think there's enough money on the planet anymore to pump the supply of altcoins coming onto the market and that already exists. Well, we're seeing that shift of there's this pool of liquidity, right? And it's moving in different places. And we're theoreticizing now that maybe that money that used to buy altcoins is now perhaps buying Bitcoin treasury stocks. If you look at MetaPlanet, they're just incredible prices. 800% in the last quarter or something like that. You know, and MicroStrategy and a whole lot of GameStop,

a whole lot of others, and they're all getting in on this game because it tends to be incredibly flattering for share prices. And there's a little bit of jitters in the trading floor about that, you know, is this sustainable? But certainly that seems to be where the hot money's going. It's not going to Altcoins,

it's going to these treasury stocks. You just vindicated my anecdotal theory that I've been saying over and over again, which is that all the hot Altcoin money is going into the hot new ICO skin that's Bitcoin treasury companies. It's the same ICO people, it's the same investors, and they're making 25Xs behind the scene already

on Bitcoin treasury companies. And that's the money that would have played in the altcoin market so heavily. But clearly, this is the trend for now. I think it's hard to say, hey, we've topped on Bitcoin treasury companies. I mean, we got NASDAQ listed, K-pop media firm, K-Wave, stock rallying 130% after announcing

Bitcoin acquisition strategy. You could take a look over here. I mean, interestingly, the American companies who are doing this right now, their stock seems to go down when they add, but when you get an international company doing this, like a Norwegian company a couple days ago, they go up massively.

So I think there's a huge market for this abroad. What are we talking about when it comes to American companies, except the games that we're talking about, Micro Stash Sheet. And I think Michael Selle, he's kind of shown himself in the foot a little bit, hasn't he? Because he's gone around telling everyone,

all these companies to, you must have Bitcoin on balance sheet, which I agree with. But then that makes his stock less attractive. It hasn't behaved like the leverage play has done in the past on the Bitcoin price. Bitcoin price was up, the micro structure was flat or down a little bit. And I think it's partly because there's a lot more options for investors in the US now and across the world. If you look in the UK, for instance, retail investors can't buy our ETFs, but they can buy micro-strategy.

I think on Hargley's lands now, I think there's some crazy stuff, like 30% of all stock volumes were on micro-strategy alone, so it's clear there's demand for it. And the same in Japan, it's hard to buy ETFs, so people express that demand through metaflux. Yeah, I agree.

So, Iago, but this trend, like I said, is massively increasing. It's happening all over the world. Now it's almost not news when you get a Bitcoin treasury company. There's like three a day. Yeah, yeah. I think there's going to need to be more interesting

and more sophisticated plays. And the likelihood, in my view, is that where it goes from here is companies are going to seek to deliver some kind of return or yield on their holding. We're already seeing 21 and the more recently announced Nakamoto both positioning themselves to try and provide that. And so I think that's one plan. And I think what we've been discussing here for a while

is there's going to be a compression of the premium on the Nav. Yeah, James, is that how you think this plays out as well. I mean, it makes sense, right? The more competition you have, or you get them trying to compete to get further out on the risk curve, and that's how they blow up. But I think that naturally competition will, yeah, hard. In our active fund, which two guys on my team run, we've been looking at Bitcoin treasury stocks have been a big theme of ours for the last two years. And trying to find companies that do that has been quite hard actually. So micro strategy has really dominated.

And this discussion about where they go next, we haven't quite figured it out. I mean, exactly to your point, I go, that it makes absolute sense that you start lending. You almost become bank-like in that respect. And I do that. I wonder if that's the next move with Sallie. He's not said it yet. He said that. I mean, he said he's gonna be a Bitcoin bank, right?

So is this, let's circle back to the original topic here. JP Morgan to lend against your crypto. JP Morgan is trying to sort of preempt what's inevitably coming from Sailor here, right? I'll go. I mean, this is Sailor's laid this playbook out. And there's no way the banks want to be left on the outside of that. Yeah, it's true. It's true. JP Morgan are competing for that.

I think if we see the, I think MicroStrategy would likely be the last player to actually start lending out BTC. First of all, they have pole position in the market and second, ideologically, culturally and also from a structural, sort of legal structuring. I don't think they're built for it. Nakamoto 21 are more likely to do that. What that would potentially entail is a substantially more BTC coming onto market, which would mean that the borrowing cost for BTC

to be able to borrow BTC would be impacted. And so it would become cheaper to borrow BTC to be able to borrow BTC would be impacted. And so it becomes cheaper to borrow BTC, which might mean more hedge fund activity around BTC. If you're a Bitcoin treasury company, though, you you have to think about the next move and it's absolutely right, some of them considering, you know, offering a yield potentially to clients. I mean, Michael Soler has delivered a yield through his STRK share class. Is that sustainable? I don't think it really is. And it's much easier actually

to lend out the Bitcoin. And we can see just in the SEC consultations on ETH recently, there's this huge demand for an ETF that offers you a staking yield. And so if you can own like a company that say 100% Bitcoin, treasury stock and nothing, does nothing else, has no other forms of income, it then becomes quite important. If one or two players start doing it, the others have to follow suit. Otherwise they will look a lot less attractive. I think there's another thing here,

which we I think are likely another thing here which we, I think, are likely to see later in the year, which is that up until now, sort of Binance Coinbase have been the largest places to trade tokens. But we've already seen a Solana Treasury Company, we've recently seen the introduction of an Ethereum Treasury Company, and I think that that's going to start moving out

towards smaller projects, higher up the risk curve. And so by creating these vehicles, I would expect to see more and more tokens effectively. Right, we've been talking about tokenizing equities for years. We're going to be equitizing tokens and the NASDAQ is going to become one of the biggest trading venues for tokens over the course

of the coming year, I think is a very likely scenario. I've always been slightly confused by real world assets because they don't appeal to someone who's outside of the crypto world. They really only sort of tap into the wealth that's been created within Onshake. And that's who they appeal to. And we're seeing that growth, you know, what, 23 billion or something in real world assets, which is great. But you're right. Like, suddenly, if you can advertise tokens, there's suddenly a whole, there's a huge demand. There's $ there's 14 trillion dollars of assets in the United States could start buying this stuff. So I think yeah, that could be a big thing. is largely, or existing equity is largely only available to Americans. So unlocking that for everybody around the world

by tokenizing in equity and giving faster, cheaper settlements, that makes a lot of sense to me. If you're sitting in a foreign country and you want to own Tesla stock and you can't, doesn't a tokenized version unlock massive capital? Well, you have to operate, it's an institutional vessel you can do that because you have to operate on chain.

It's very hard for a regulated fund anywhere in the world to kind of operate on chain in that way. If you can operate with your existing financial framework, then a regulated framework, then it's a lot easier to buy stuff. It's still a big hurdle, you know, for our fund that's regulated to suddenly start going on chain of buying would be, other than our ETFs, of course, it would be very challenging. Yeah, we already see, though, even the GTCC and the clearing houses and the incumbents and the third party toll collectors in the United States that are deeply entrenched looking at blockchain technology to do this. I think the problem there, though, is even if we tokenize all these things,

as I kind of hinted to, that doesn't mean that there's an investable crypto asset that you can capture that value in. Right. It's the technology being used for faster and cheaper, but it doesn't necessarily mean that some altcoin goes up unless it's all like built on Ethereum or Solana or something. So it's already that if you look at the AUM, if you look at my FunFlows work, you can see the AUM. And I think something like 90, 95% is in Bitcoin and Ethereum,

and there's the other 5% to go around all the other altcoins. So it's clear, they have the option to buy, well, I'd say in Europe, not in the US, they have the option to buy a lot of other assets, but they're just not doing it. They're even selling out of XRP now and quite considerable sums. I think XRP has something like 80 weeks of inflows

and now in the last three or four weeks it's had just constant outflows. Yeah, I think all of that makes sense. I wanna highlight this story because I think it's obviously a huge one. No surprises here, but stablecoin firm Circles IPO raises $1.1 billion in upsized deal. I think they started looking for about $600 million at $24 to $26 a share. Then I saw an offering $27 to $29. They basically ended up at $31 per share with almost twice

as much money as anticipated. Obviously, a very, very, very bullish market here for stable coins in the United States. We've talked about that here before. What I actually want to talk about, Yago, specifically, I had a conversation in Vegas with David Marcus, who obviously launched Spark, and he believes that all stable coins are coming back to Bitcoin. You're building on Bitcoin, obviously, and providing the infrastructure that can allow things like that to happen.

So stable coins seem to be the thing right now, logically. How does that come to Bitcoin? When does it come to Bitcoin? Does it come to Bitcoin? And what does that mean? So the primary barrier, I think right now for bringing it to Bitcoin is the ability to have programmable tokens on Bitcoin.

There are no token standards on Bitcoin today and that includes BRC20s and runes which would really be appropriate for stablecoins because neither of those are truly fungible token standards and neither of those allow you to programmatically increase or reduce your issuance. In addition to that there's obviously sort of the throughput and speed issue, but that exists on Ethereum as well. And so I think when we start to see financial institutions in earnest, begin to bring stablecoins, they're going to have effectively three choices. They will either be looking to do it on Ethereum, they either be looking to do it on Ethereum,

they'll be looking to do it on Bitcoin, or they'll be looking to launch their own sort of blockchain platform on which to do it. And we'll probably see a mix of these different strategies. One of the things that we're doing right now is building the technology which makes it possible for Bitcoin to be a contender in that space. And I think the big advantage that Bitcoin has is, just as James was pointing out, the vast majority of financial institutions, their holdings, their AUM,

and their experience has been with Bitcoin and to a lesser degree with Ethereum rather than anything else. And then going and setting up your own sort of blockchain is a huge infrastructure and marketing lift, which if you look at sort of the experience of other chains has proven usually to be a failure. So I think we're ultimately going to see consolidation, not just of stablecoins, but across the space, more and more into Bitcoin and Ethereum. As Bitcoin increases its programmability and Ethereum sort of is able to play almost the role that Litecoin was playing,

you know, the silver to Bitcoin's gold. James, what do you make of the idea of stable coins coming to Bitcoin? Is that needed? Is it important? This could be huge. I had thought that maybe taproot would enable it. I suppose maybe it's the early signs of it being able. The mempool's a bit small. Will it clog up their mempool? I don't know. But I think it could be absolutely massive. And if someone like Circle gets involved in that,

yeah, that'd be incredibly positive. I mean, I was looking at Circle,. So I read the stats on like, 25 times over subscribed or something. Their timing is just perfect. Yeah, I'm very lucky that it was so difficult the last administration because now the timing is perfect. Yeah, when they tried before, it was bad. The stablecoin market is right for disruption. 90% of Bitcoin volumes are on Tether.

So they are killing it in terms of their quarterly reports and the income they're making is just incredible. But that does tell you that someone else want a slice of that pie. And yeah, I think Circle is really well positioned to take a lot more market share. It currently has about 10% market share. It could take a lot more than that, particularly if they can work it out with Bitcoin and the stable coin of some sorts.

Yeah, before I let you go, Gago, any final thoughts on that? No, I think that, you know, we have two killer apps, really, right? We've got BTC, and we've got stable coins, and you combine those two. And I think James probably, you know, feels the same way I do. That is potentially huge. Absolutely, guys, we're right up against time. So thank you so much. As usual, we'll be

back. Wow. I'll go and I of course next Thursday and James will have you on soon. Guys give them a follow. Check out all of the research on coin shares. Really, really powerful stuff. Thank you, gentlemen. Thanks, guys. All right, guys. And since it is Thursday, now we move on to Dan from Charkeyes. Take a look at the actual market to figure out what the hell is going on here. And Bitcoin is super, super sideways. Yeah. I mean, bulls will take sideways just because, you know, we were at a point where we were riding up daily EMA 12 daily uptrend the whole time. And that did shift.

We did confirm a little downtrend. We lost the EMA 12. So that tells us, okay, be ready for weekly consolidation. But the bulls are playing a little defense. We've got the pattern of a higher low every single week. And the bulls did defend it to start this week by $600. So we got right down to it, still holding it. And yes, you're right, we are very sideways.

And that tells us, if we form a second weekly inside bar in a row over the next few days, then we know next week volatility is going to pick up on Bitcoin when this tightening range breaks. And the bulls are comfortable in the sense that, you know, even if it's a bear break, we're definitely scouting a weekly higher low. There's a lot of space for it to form. And of course, if we don't break the pattern of a higher low every week, we're heading back up to test all time highs. So bulls are doing a good job playing defense. The NASDAQ has been strong this week.

That's only helping. And we're just in a patient wait and see mode to see if this tightening range breaks bare to have us look for that weekly EMA 12 test, or can Bulls fend off that weekly consolidation again? So as Bitcoin has been consolidating sideways, as we heard from our previous guests, we're actually seeing some e-faction. I never get excited about e-faction anymore, but I see you got the charts lined up there. Yeah, this is a sideways range, and I've got here Jesse Livermore's Pivotal Point Theory.

And essentially what it is is, you know, you got a sideways range, your bull break, and then every sideways range, you look for a bull break to get another leg up. And then once the sideways range breaks bear, you know that a major pivot is underway. And so how that applies to ETH is we had this sideways range, we got a little leg up, sideways range, leg up, and now we've got another sideways range. And so what he would do, and he's a famous stock trader from back in the early 1900s, but he was very much into adding to winners where every time it gets that bull break of a sideways range, he's taken on more position, even though he's already got a fat position up a bunch. And so we're just waiting to see how this sideways range breaks.

And again, holding on better than Bitcoin, we got to see ETHBTC break this sideways range bullish with ETH. And it was a little red flag where ETHUSD broke resistance. And it's not surprising you don't follow through there because ETHBTC did not break resistance. And if you're watching the BTC pairings of altcoins, you can get little clues like that. And it's just essentially a little, hey, you know, be a little cautious because this is not the ideal scenario. If it were ideal, and if ETHUSD were going to see follow through, we would have wanted to see that break as well. But both sideways, again, volatility coming probably next week. And considering where we're coming from, the ETH bulls are definitely not complaining with the price action. Yeah, they got to be happy. So what else are you looking at? In the meantime, I see some miners up there.

I'm still watching. Yeah, I'm still watching for the miner rotation. We had coin and MSTR leading May or April and May. And I'm just watching for the rotation because I do believe that the MSTR premium has peaked. If you look at MSTR divided by Bitcoin, we topped out in November, that looked like a peak to me. And now the question is, if we go to the monthly chart, are we setting a monthly lower high

to see the premium continue to erode a bit? That remains to be seen, but again, being a trader is all about where's the money rotating to next? And that's of course why we're focused on ETH. But for these names, Riot just confirmed the first weekly uptrend in six months. And it's the strongest it's been compared to Bitcoin in three months. And Wolf is the other miner that's standing out to me as a bit stronger.

But they've all had a nice few days here. And so just keeping a close eye, if that is the rotation that is going to take place. And another thing that goes along with that is, because the miners have been trading so similarly to the altcoin space, just in the sense that, they've been underperforming and dropping for months and months, I'm gonna be watching,

does a shift to miners also coincide with the potential shift towards altcoins. I'm certainly not the one that's been saying alt season, alt season, alt season and jumping the gun eight times. I'm being very patient and waiting for the signal. And for me, the signal is the dominance chart losing the weekly higher lows, which have been months in the making.

But again, just keeping an eye out for it. And the miners do have my attention after this past week. So it'd be kind of dropping below that green candle four weeks ago, right? Yeah, if we do that, that's the first significant shift towards looking to altcoins that we've seen in, yeah, six months.

So what else you got up there? Silver, I've been focusing on silver in the miners. And for three weeks, it's just been a top watch because again, you know, when you get real tight and just go sideways, volatility is coming. And the reason I like silver is because we were on the verge of breaking a double top and 13 year highs. And so again, as a trader, you know, if something's consolidating, okay, I can keep an eye on it, but I want to be focusing on the things that are breaking the consolidation tightening range bullish.

And now we've got silver 13-year highs, the miners, GDXJ, GDX, they're hitting 13-year highs. So that's breakout mode now. And the big question for silver is, we've heard silver squeeze 100 times, the institutional shorts and all that. Well, if there's going to be a silver squeeze, this is the time for it to happen. So we're looking back up, not a ton of resistance levels, 3750.

And then it starts to open up a bit 44, but definitely keeping my focus on silver as long as the daily chart is in breakout mode. Yeah. And then I see you got one more thing up there. It was the miners that just watching them with silver. They'll keep performing. Gold's just under all time high as well. So yeah, lots of bulls still out there.

The NASDAQ is up at bounce highs. So as long as the NASDAQ maintains the daily uptrend, definitely keeping a bull lean and watching that daily uptrend as well, of course. We'll keep the bull lean. I love it. Thank you, Dan. As always. Well, I actually took you off and said your chart. That was awkward. Hey guys, give chart guys a follow obviously on X YouTube everywhere else. We always love having you come on. You like nail it like six minutes.

So you have there all of it. It's perfect. She gave me the time to go to my call on serious, which comes right after. Perfect. I really, uh, go follow him, seriously. And otherwise I will be back tomorrow, of course, with the Friday Five with NLW. Thanks, man, have a good one. You too. Let's go.