The Wolf Of All Streets - Pump Alert: Bitcoin About to Explode? Major Crypto Law Hits TODAY!

Episode Date: June 17, 2025

►► Discover Bitcoin Yield: https://archpublic.com/ Today’s show is packed with massive news that could reshape crypto markets. The GENIUS stablecoin bill is heading for a final Senate vote, with Trump’s deep crypto ties under fresh scrutiny. Meanwhile, Solana is making waves as a potential treasury asset, with Cantor Fitzgerald backing multiple SOL treasury firms and CoinShares filing for a spot Solana ETF. We’re joined by Bitwise CIO Matt Hougan and Arch Public’s Andrew Parish and Tillman Holloway to break down what it all means for Bitcoin, ETFs, and crypto adoption. Matt Hougan: https://x.com/matt_hougan Andrew Parish: https://x.com/AP_Abacus Tillman Holloway: https://x.com/texasol61 ►► 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.

Pump alert, Bitcoin's about to explode. What a title. Obviously, the reason that we're looking for Bitcoin to potentially pump and explode and explode in a pump is because we are finally going to get a vote, a final vote in the Senate on the genius stable coin act today, which will pass with flying colors. Then we'll go to the house pass with flying colors. And then we'll go to Donald Trump's desk where it will be signed with said flying colors, then we'll go to the house pass with flying colors, and then we'll go to Donald Trump's desk, where it will be signed with said flying colors. Will the genius act and stable coin legislation actually move the price of Bitcoin?

We don't know, but we do know that this is a huge move for the industry. We also have a lot to talk about in the ETF world. And when we want to talk about stable coins, ETFs and everything else we bring on Matt Hogan to join myself and Andrew and the ghost of Tillman Holloway. It's gonna be a great show guys. Let's go. Hey guys, you know that I've missed two macro Mondays in a row, which is a little bit of a shame. But I'm gonna be talking about the next one. So let's get into it. So we're gonna talk about the next one. So let's get into it. So let's Hey guys, you know that I've missed two macro Mondays in a row, which should be a literal

sin. It will never happen again. I will be back for macro Monday next week, but due to situation beyond my control, had to miss a couple of shows here and there of late, but Noel and Peter joined yesterday with Dave and Mike. They held it down admirably, but I'm here today because I can't trust Andrew to be here without me. Let's just wait.

No, no, you can't. I can't. Well, I wasn't gonna come, but. It would have been alone, you know, it would have been you and Matt. It would actually be an interesting conversation because Tillman didn't show up. Matt, you are not in a hotel room.

It's nice to see. Congratulations. It does happen are not in a hotel room. It's nice to see. Congratulations. It does happen every once in a while. I got to go home and do the laundry, you know. So yeah, taking a break. That's important. But I can tell you that whatever you have been doing on the road has been working exceptionally well. I just want to highlight a tweet I saw from Hunter yesterday because wow, the bitwise Bitcoin, Bitcoin ETF took in 83 million last week, the second most inflows of any Bitcoin ETF globally. Bitwise, Ethereum, ETPs in the US and Europe took in a combined 28 million last week. Investors seem to be taking another look at Ethereum and then all kinds of disclosures

because regulation is so stupid. But I mean, listen, A, this is indicative of what's happening market wide, right, with ETFs, but you guys being crypto native and being second, you know, we obviously have seen a lot of Fidelity being second and some of the bigger names, but you guys are crushing it. What's going on here? I appreciate it.

Yeah, it's beautiful to see. You know, we've actually had a lot of wins on the national account level We've had a number of big platforms that have opened up to us specifically Over the last three or four months. I tweeted this a little while ago But it felt like every week like another five trillion dollars of assets opened up to Bitcoin ETFs And a lot of that was to us so we're starting to see flows from those platforms from the Morgan

Stanley's from the Wells Fargo's from the Stiefel's from the others. And they like us because we provide research about Bitcoin, right? That's why they want a specialist provider in amongst the mix for a while. It was just BlackRock and Fidelity and now we're starting to make our way in there. So it's beautiful to see. Yeah, Ronnie Ronnie K on the 12th floor there in St. Louis. It's a leaning forward type of organization. They always have been. Opening up the platforms like that is a big deal, really for one reason. like that is a big deal, really for one reason. It's because ETF buyers have been taught

and it's been pounded in their head, buy low and sell when you die, not sell high, right? So the inflows that come in, generally speaking, 90 plus percent of those inflows are gonna stay there for a very, very long time. And it's why you found an ETF company, because assets that flow into those ETFs based on the way that an investor sentiment has adjusted

over a period of 30 or 40 years, is these aren't traders, they're investors, and they're gonna stay for a very long time. So those inflows that came into Bitwise's Bitcoin ETF and Ethereum ETF last week, they're not going anywhere. They're staying there for a long, long time. And so, you know, it's the reason why Boots on the Ground with Bitwise's team associated with opening up national accounts, you know, that's been the focus for the last 18 months for these guys, associated with both, you know, Bitcoin and Ethereum ETFs being approved. And it's a you know, it is a strategy that has worked in spades. If I'm not mistaken, you guys have gone from something like 1 billion in assets to 12 plus billion in assets in about, you know, 24 to 36 months.

That's an extraordinary, that's extraordinary by any measure. And it has to do with, you know, relationships that you've built at those organizations like Stiefel and others. Yeah, I appreciate that. It does take a while, you know, it took us three years to get to $100 million in assets. And as Scott just showed, we almost did that last week. So you can keep pounding. We have an incredible team out there. And I think these flows will continue. I think these markets are just opening up.

There really are trillions of dollars that are just starting to allocate. And I think it's going gonna be a strong second half of the year for us as well. Yeah, it's crazy. I mean, we look at the numbers across the board there's some coin shares, global crypto funds at further 1.9 billion in weekly inflows despite geopolitical tensions.

And listen, we don't get into geopolitics per se here, but it's been a rocky time for markets and these inflows continue upward. Maybe one thing, if it was just kind of sideways, they were slowly trickling off. I think this speaks to the unlocks that you're talking about, which is that we're kind of immune to what's happening in the greater market because there's still just a lot of people on the sidelines who haven't been able to get access that slowly are. That's right. Yeah, we have this secular trend that just overwhelms everything else.

And I think that will continue for a while. I also think it is worth noting, you know, this is a major series of macro shocks, and Bitcoin is virtually at its all time high, right? That was not the case in previous major macro shocks. This is really the first one where we've experienced that. And we all think, I forgot what the title was, Bitcoin going to the moon or Bitcoin radio. It's pump alert, Bitcoin about to explode, sir. Oh, sorry.

Pump alert. Pump alert. About to explode. I was sleeping and my pump alert went off, so we thought maybe it was going to go off. Never happened to me before. But I think the reason for that is this is like a classic situation where you wouldn't be surprised that Bitcoin would sell off and we're seeing the opposite.

We're seeing strong long-term flows. We're seeing it poking at its all-time high. So I think the pump alert is on. Ever since the great financial crisis, we've been in a, let's just call it a generational bull market. Whatever the headlines throw at it, the markets just basically brush it off. We've stopped talking about tariffs. There's been some tariff agreements that have finalized and nobody cares. Now we've turned to geopolitics. And again, not only does Bitcoin not care, but essentially, we'll get a little bit of a move in today's markets, but overall, we're at significant

highs on both the S&P 500 and the NASDAQ or close to them. So there were moments in history where these types of headlines would cause significant shakeout associated with the markets. But again, that goes to investor sentiment. Investors have been taught because of this generational bull market, which you could probably go all the way back to the dot com bubble where these lessons have been learned. Just keep investing. It's always going to come back.

It may take a while for it to come back. You know, it's not fun to hold Amazon when it goes down to, you know, $9. But now it's- 30, 40 years if you're Japanese. Yeah, so, but at the same time, they've learned those lessons. Investors that are 50, 60, 70 years old,

which is the lion's share of folks that have $2 to $25 million in their accounts, they have learned over time that any time there's a dip, all dips are for buying. Like, you know, whether it's a meme or whether it's reality, that's how people react to dips nowadays. And so again, to the point I made before about Bitwise, you know, finding itself on national platforms as quickly as possible, even though it seems like it's taken a long time, they've gotten themselves on these platforms oftentimes first, you know, they benefit because investors are simply like, we want to have access to this stuff.

We're going to allocate one to three or maybe 5 percent of the portfolio to this asset and we're just going to keep doing it. We're just going to slowly keep doing it. Whether it's broader markets or whether it's Bitcoin, investor sentiment rules the day. You can have all the headlines in the world, but investor sentiment and the actions that they take is what wins, just time and time and time again.

Yeah, and Matt, I wanna switch gears slightly, but stay in the ETF world. It seems like we're getting a bit of a groundswell now for Solana. You and I talked about this on Spaces last week. Obviously we're seeing some success with Ethereum, but it seems like the crowd is now coming for the Solana ETFs coin share shares, joins VanEck, Fidelity and others and race for spot Solana ETF approval files.

That's one with SEC. Obviously you guys are far ahead of the curve on this one once again, but we also have, you know, Cantor Fitzgerald saying that Solana makes sense as a treasury asset amid outpacing ETH. And we've seen some success, I guess, with companies or at least attempts with companies making Solana a treasury asset. So is this just kind of the next natural darling for an ETF approval? Because a lot of people say, listen, if we get a Solana ETF, you and I joked about this,

and all of a sudden we start getting Trump ETFs, and I think I made the cum rocket ETF joke, but I don't think it slides that far just because it's a lot. I don't think it slides that far, but it does open a pretty major door. I've talked about this before. The historical precedent for the SEC

is there must be a parallel, large regulated futures market, right? There was a Bitcoin futures market, so we could get a spot Bitcoin ETF, an ETH futures market, so a spot ETH ETF. The Solana regulated futures market is nascent and small. So if we do get a Solana ETF, I don't think we go all the way down the spectrum,

but I do think it opens the door to, you know, relatively broad based exposure, something more like what we see in Europe, where you can get the top 10 crypto assets in ETFs. Ultimately, I'm not sure people want to buy the 10th largest crypto asset in an ETF. It may be that Solana is sort of like the end of the tale. Maybe there's one or two more, but it does look, you know, it looks promising and based on the filings we're seeing, that's the indication that people are getting closer

to approval, there's no guarantee, but it does look like we're going that way. And I think there'll be a bid, I think people will want Solana ETFs. I think index based ETFs are gonna be a bigger deal, but I think people will be excited about Solana ETFs, I think we'll see them up there too. Well, if you think about it in traditional finance, right?

Where do all the flows go? Where did they start? And where's the line share of the flows go? They go to S&P 500 ETFs, right? So BVB and SPY, those are the biggest ones that have ever existed. And so again, investors are trained this way. Well, you know what, let me allocate a certain percentage of my capital

to the conglomerate of crypto assets, right? I'll have it covered at that point. There's a major move in either direction. You know what? I'm good. So there aren't a whole lot. We don't talk about in traditional finance, the Microsoft't a whole lot we don't talk about in traditional finance the Microsoft ETF right we don't talk about the Google ETF I mean I'm sure there are some weird ones out there but they don't have meaningful size. I mean single security ETFs have never really been anything. Yeah well I mean you know yeah yeah you can you can have conversations about 2x long Nvidia or 3x short Nvidia or whatever But those are trading ETFs that you know people goof around with they're not allocating meaningful capital to That's the same way that ultimately

The crypto ETF space will go People will have allocated to to Bitcoin and we'll see how it shakes out with Ethereum or Solana or whatever. But you'll find that Bitcoin will stay at the top and probably three years from now there'll be a version of a conglomerate ETF which will be in second place. That's my guess. Yeah I totally agree with that. And the SEC is looking to up list, we were trying to up list our index ETF this summer. Grayscale has a similar one that they're working on.

There are a few others in the market. I think those, I agree, those will be the second biggest products. And I think they'll be big. I think they'll have tens of billions, maybe more in assets because it is how most people invest. So I think those will be a big deal. You know, if I may be the moderator for a moment

and ask Matt a question, the reality associated with the growth of Bitcoin ETFs just has blown out every projection that ever existed. I wonder internally with you guys, you publicly have conversations, you're on this podcast, you're running around doing speeches all the time, but internally, when this thing started, did you guys ever believe 16 or so months out

that we'd be at 125, 130 billion in assets in Bitcoin ETFs. That's just astonishing, isn't it? No way, no way. You know, as you guys know, before I was at Bitwise, I was the CEO of ETF.com. I've watched this market for 15 years and it's just, it's so much bigger. I mean, it is astonishing, right?

People say things like it's the biggest launch of all time, but the degree to which that's true is crazy. Before these, the biggest launch did $6 billion in inflows in year one. Was that GLD? Yes, that was QQQ. GLD was second. Right, right, right.

QQQ did about 3 billion. So it was six and three, and Bitcoin ETFs did 37. I mean, it was six X the size. It's absolutely incredible. I didn't expect it to be this big. I was around when QQQ was launched and the CNBCs of the world wouldn't shut up about it for like three years.

It was the ticker, you know, it was like the second or third ticker that they talked about every day for forever. And again, you just said three, six billion. That was basically about three months of inflows for just iBit, not to mention the entire sector. Yeah, it's just the demand is extraordinary. And by the way, it hasn't slowed down. It hasn't slowed down. It hasn't slowed down. And I think it'll be bigger this year.

I think we're gonna end up with more flows this year than we did last year because we're getting these national account approvals. And because I said this before, people who buy Bitcoin the first time, that's not the last time they buy Bitcoin. So all the people who bought this ETF last year are going from 1% to 3% or 5% now, right?

Because they've learned, they've seen what it's done in their portfolio. So I think the flows are just going to go up. And we're smack dab in the middle of selling May and go away, by the way. So inflows in the second week of June of that scale are really something to pay attention to. You don't often get escalating inflows into an asset effectively at the beginning to slash middle of summer. This doesn't happen. No, and big numbers.

One thing about crypto is we get an exercise to these numbers, we did a billion dollars in Bitcoin ETF flows in the last five days. It's totally dude. Totally not. I mean, if we're going to do that thing, talk about becoming immune to things just as a quick pivot. I mean, this guy, where is it? Come on. It's not working. There it goes. You bought a billion bucks just casually on a Monday. Yeah, I don't know if I'm I'm glitching a little bit. I don't know if it's glitching for you guys. But a billion bucks. Man 10,000 Bitcoin on just you know, it's Monday, need 10,000 more Bitcoin. We're literally immune

to anything with a billion in it. I remember when that was a lot of money. Right? It's totally crazy. You know, I tell this to Ethereum people all the time. Ethereum's a $300 billion startup 10 years into its growth. It's like the most successful startup launch of all time and Ethereum people are all sad. No, you're doing just fine, like 300 billion is a lot. You're doing just fine, you're only 10 years in.

If you swear a company, you'd be amazed. So we do get an S size to these numbers. Yeah, I mean, speaking of things that are doing just fine. You're only 10 years in. If you were a company, you'd be amazed. So we do get an S size to these numbers. Yeah, I mean, speaking of things that are doing just fine, let's pivot to stable coins, which are likely to get some legislation today. But I mean, circle, if you want a barometer for what's happening with institutional appetite for crypto exposure and specifically around stable coins,

I mean, holy wow, man. This thing was up to 165. It's trading at 151 bucks. This is wild. Wow, 157 pre-market. Like I've said many times, friends were sending me screenshots that this was available on Robinhood pre-IPO

12 hours before the launch for $27. Yeah, yeah, yeah. I mean, yeah, yeah. It this is that that that's not going to slow down the crypto IPO market. Let's put it mildly. The crypto IPO market over the summer and then into the fall is going to be sort of shock and awe if if if I can borrow a term from Dick Cheney. So it's not going to slow down the pipeline and Matt knows this. On Wall Street, you know, you have a slate of IPOs that you have on the table and that

you're working with, that you know that Wall Street is working with and the companies that do IPOs that are working with. If the table and that you're working with, that Wall Street is working with, and the companies that do IPOs that are working with. If the beginning of that IPO slate goes terrible, those all get pushed back by like a month or two or three. Or do we need to do? Perfect market conditions for launch. Welcome to CryptoAlstom, by the way. But if Circle happens, all of those get pushed up, they get pushed up.

So these are all probably gonna happen even faster than they were going to in the first place. You don't see the Tron. You tell me you saw Tron. Immediate, like immediate, that's gonna happen. Tron is going public. I did not have that on any Bingo card that ever existed anywhere on the planet.

And a reverse murder. Why? What's the reason why? And you know this, Scott, because you talk about it a lot. They're essentially, you know, the Tron stablecoin movements, right? I mean, that's the narrative because Circle did, you know, it's gone up 300%. So what is Trimed going to talk about when they do their IPO? Oh, our stablecoin does $27,000 billion across the rest of the globe. And we're first in line when it comes to global movement associated with stablecoins.

That's what they're going to talk about, right? That's what they're going to talk about. 100%. And they're charging 5 or 6x the fee that you're seeing on layer 2s. And they're gonna talk about. 100% and they're charging, you know, they're charging five or six X the fee that you're seeing on layer twos and they're holding those margins. Like it is actually a remarkable business story. Yeah, completely crazy.

You're absolutely right. The IPO window is going to explode. The second corollary that is venture capital is going to explode as well. Because all of a sudden my PE comp is not 20, it's 100, right? So the valuation window jumps up. And then with these companies flush with cash are going to do significant M&A. And absolutely, you're going to see all these companies rush. I mean, it is going to be a gold rush for Wall Street. And I think the demand is really significant.

For what it's worth, when we go and talk to institutional investors, the story about stable coins is like setting candy in front of them. I mean, they can't get enough of it. They all want to invest in it. So I'm not surprised at Circle. I'm not surprised at Tron, even though it makes us, remember we're living in a simulation.

But I do think it's going to be explosive. You're going to see a dozen companies come to market pretty quickly. Yeah. And again, that liquidity into crypto again, provides a base layer associated with price movement. There's now like four or five levels of base layers associated with just go all the way to the top with Bitcoin price. We've got treasury companies, we've got BTC ETF inflows, we've got companies going public and where do they put all that new money that's floating around that's called equity shares that they now hold that are up 4X from where they actually got it. And that's going to continue. So that's just three base layers of fresh continued capital that's flowing in the crypto

space way beyond anything we've ever seen before. So it's a, you know. Here's a question. Bitcoin treasury companies are obviously all the rage. We have a new announcement, I think, basically every single day about one of these, right? Just too hard to even keep up at this point. But I'm actually a bit surprised that they haven't been using ETFs to do it. Like they're actually buying Bitcoin most of these, right? I mean, do you think we're going to see a trend where it's just easier for them to buy Bitwise ETF as a Bitcoin treasury company

than to buy and, you know, custody spot? I'm not saying which one would be better or worse. I mean, I think we're all here for people buying spot Bitcoin and testing it, right? Even you as a at Bitwise. But I'm surprised that hasn't been a bigger trend. Maybe it just isn't as marketable yet. I think that may be it. I think it may be a marketable question. I do think it's more efficient for some of them to gain exposure through the ETF, depending on their size and scale, certainly for the smaller players. We've had conversations with a few folks and they haven't gone anywhere. I do think it's that marketable question.

You know, I wouldn't be surprised. The maxis would lose their minds. Yeah. The maxis would lose their minds. They would call it not a real treasury company, right? And scream paper Bitcoin at the top of their lungs, even though it's not true. But these are effectively marketing engines, so maybe that is the reason. Yeah. Long Island Blockchain, I see. Yeah.

Well, it's interesting because we're probably three to six months away where there's an adjustment to to the whole process with how Bitcoin ETFs buy and sell spot Bitcoin because cash create will go away. And so how do you make the claim that it's paper Bitcoin at that point, that you can't make the claim, right? Yeah, well, I don't know. Having watched the gold ETFs for years and people have claimed that they haven't bought gold, these conspiracy theories can last a very long time. But you're right, we're going to move to in-kind creations. And anyway, it's not, you know, we publish our Bitcoin addresses. You can go online. You can see our Bitcoin is right there.

So, you know, it is a false claim. But yeah, look, I think this trend is going to continue. I know a lot of people think we're at peak Bitcoin treasury. Uh, I think peak Bitcoin treasury company is, uh, is still three to six months ahead from now, there are a lot of deals coming through the pipeline for every one you see announced there are three in my inbox, uh, talking about their pipe. So there's going to be hundreds. Yeah. you see announced, there are three in my inbox talking about their pipe. So there's going to be hundreds.

Yeah, there are going to be hundreds. And eventually some of them will trade at discounts to their net asset value. And it'll be interesting to see what happens. But it's it's this is a trend that's going to continue. It's going to accelerate in the fall. Well, and there's a difference between Bitcoin treasury companies and Bitcoin balance sheet companies, right? Correct. I think that trend is going to have a longer tail,

because you can be any company that's public or not public, and you're putting 10, 15, 5, whatever percentage into Bitcoin associated with your revenues or net profits or whatever it happens to be. And you're getting a significant benefit to the valuation of the company in the short and long term associated with that move on your balance sheet, I think that is going to be,

that will be a longer term trend. And we're seeing a ton of that. I mean, heck, it'll little or large public. I mean, we're working three deals right now where national companies are putting, you know, Bitcoin on their balance sheet and they're looking to us and saying, hey, can you help us raise some capital for this?

And can we use your product to, you know, intelligently scale in whenever we're making these purchases? So, you know, show up at the Bitcoin conference this year and stuff will just fall into your lap. Not that I'm trying to give away privilege information, but I got a couple more of those coming your way. There you go. I do think that. I think there'll be thousands of those. I think there are already

companies that are doing it that you don't know about. I mean, we pay ourselves the Bitcoin ETF in Bitcoin. At Bitcoins, we take- Quickly, Matt, when you say thousands of them, do you think if we're making that differentiation between treasury companies and balance sheet companies, do you think there'll be thousands of treasury companies? Like people that are financially engineering their balance sheet to buy Bitcoin,

you're saying there'll be thousands of companies that say, "'Hey, this is better than cash if I put 5%.'" The same thing that any investor should do, yeah. That's exactly right. Yeah, the latter. Yeah. No, we don't need a million Bitcoin treasury companies. We're oversaturated there. We're getting a lot though. Tillman was here. He does a better job of explaining it. But if, let's say you're a franchise of some sort, right? And half of your franchises are putting 10% of their profits into Bitcoin and the other half aren't. Which of those franchises over a three to five year period, which group is worth more?

Right. It's a no brainer. Right. It's an absolute no brainer. It's the group that has put Bitcoin on their balance sheet. right? And you can do that for any company anywhere, no matter what industry that they're involved in, that now the base value associated with that entity is is coupled with the Bitcoin that they hold on their balance sheet, even if their business just absolutely, you know, stops working, they still have Bitcoin left over as the value associated with that entity, right? It's no different 25 years ago if you had a business that went belly up, but they owned 74 commercial buildings in Los Angeles, New York City, and Chicago, right? Oh, okay. I don't care what the business does. That's

valuable and it has value. And so we're going to buy that company based on the value of its commercial real estate. Now that's not the case anymore. Commercial real estate isn't what it used to be, but Bitcoin certainly is and will certainly continue to be. And so that's the story, right? With balance sheet type companies. Yep. will certainly continue to be. And so that's the story, right? With balance sheet type companies. Yep. Yeah. We have to go back to stable coins before I let you go, Matt.

I hope you can stay a couple more minutes because we haven't even talked about the Genius Act yet. But Genius Stable Coin Act headed to final vote in US Senate amid scrutiny of Trump's crypto interests. So it does look like this is gonna happen. So this is the Senate, obviously, which means it will need to pass the House, which I'm sure it'll get some sort of revisions over there.

But we know that this'll get signed into law if it hits Trump's desk. Last time I looked, this had like 68 votes in the Senate, which is like seeing a unicorn on Mars in a seaside apartment. It's impossible to get that kind of bipartisan support for anything. So this should pass even with Democrats losing their minds over Trump's interest in the crypto industry

and his obviously potential conflicts of interest there, as they would say. Yeah, and it's a massive deal for a couple of reasons. I mean, it does show, yeah, it's unique that crypto is the only thing that can unite America on a bipartisan basis. It's kind of a beautiful thing. You know, look, it's really important for crypto broadly

to get our first positive piece of crypto legislation. I don't think we can overlook the degree to which that's important. I do think it's a catalyst for why I'm really optimistic for the second half of the year. And then, you know, obviously, stablecoins are going to be everywhere. I think it's worth investors sort of closing their mind and imagining a world where every investor has a crypto wallet or every person in America or every person around the world has a crypto wallet, because that's the world we're going to live in

in a couple of years as stable coins go from 250 billion to two and a half trillion to 10, 20 trillion dollars, which is the direction they're on and every major firm. And just think about what that world means. That means you're one click adjacent to DeFi. Yeah, exactly. JP Morgan, right? Everyone, yeah.

Hell freezes over. But you know, but here we are, inevitable. Everyone's gonna be one click away from DeFi. They're gonna be one click away from Bitcoin. Crypto is gonna be completely normalized. People aren't even gonna think about it. Single sign on with a crypto wallet to every major shopping and a website is going to be how people interact with the internet. That's the world we're going to be in in two to three years. And what does that mean

for the value of these other assets? I think it's extraordinarily bullish for DeFi. I think it's quite bullish for Bitcoin. I think it's bullish for a number of other assets as well. I think it's a really big deal. Well, it's why the speakers so sort of at the conference last week were of interest, right? So Shopify was there, the CEO of Shopify, talking about, you know, stable coin usage inside of their ecosystem. Well, if you haven't noticed Shopify runs like two thirds of all website shopping. I think they're doing it with base, by the way. Forever. Yeah.

So that it's going to be ubiquitous, if for no other reason than cost savings. Again, to Matt's point that we're going to hit an inflection point, we're already there with PayPal. Cash app, it'll come to all these apps. Right, it's fully integrated. Right, it'll come to every app that you use

that has anything to do with a buck. And so no different than, it'll happen so much faster than say cash to credit cards or cash to debit cards, right? So much faster. I mean, that took, let's call it a decade. This will take 18 months. You know, I like Matt's point, obviously, about the future of everybody having a crypto

wallet. And I think then that's just one step, because I think the next step with real world asset integration and the explosion of stable coins is that everybody just has a wallet. And they don't even know it's necessarily a kind of wallet. You just do everything in there. You trade your stocks because they're tokenized and you can move around your assets. You can take loans against it.

Maybe I'm crazy, but I really do think that that's the eventual future that we're looking at. I think that's absolutely right. And I sort of always wondered how we would get to that future, what the path would be. But this is clearly the path, right? This is the giant leap that gets everyone into the ecosystem. And then all of those other things

become infinitely easier once everyone has their crypto wallet integrated with their bank account and their browser, et cetera, which is where we're gonna be, right? All of a sudden, all those things are just half a click away as opposed to like, what is a wallet? What is the seat frame? Like-

That's just gonna be your wallet. That's the point is we'll find the abstract way, the crypto and the blockchain and the NFT and the- Yeah. And all of it, it's just gonna work and that's where you're gonna- And we'll go through iterations though too because traditional finance will,

they'll put up some roadblocks along the way. We'll also blow it like five times on that path to really shoot ourselves repeatedly in the feet. Right, so for example, and again, Matt knows this in traditional finance, if you're gonna move money from your Merrill Lynch account and move it over to UBS, there's a thing called an ACAT transfer.

It's not any fun, right? You gotta fill out paperwork, your assets are moving, and it doesn't matter what the price does, in the timeframe that it's moving for two or three or four days from one firm to another, they make it intentionally difficult to do because no company wants to give up a $7 million account to another company.

Now, is that ripe for disruption associated with a, you know, a quote unquote crypto wallet or tokenized assets, all of those things? Absolutely it is. But that's an area where again, you know, traditional finance will put up some roadblocks, right? Like, oh, okay, yeah, you can move some dollars back

and forth on this whole stable coin thing. That's pretty cool. But I think we'll keep our paperwork associated with some of this. Yeah, dude, it's not it's not like the GTCC and Citadel and friends are gonna just move over and say, you know what, this is better. Let's not make money anymore. It won't go easy. We'll still be doing medallion guarantees in five years. But we but we're making progress. Yes we are.

Matt before I let you go anything else on your radar we might have missed that you're looking at you know specifically from Bitwise's perspective or just something exciting on your radar? Yeah we're really excited about this index opportunity assuming it happens you know we'll find out from the SEC from that perspective. Otherwise, you know, after this week at home, Scott, it's back on the road. I fly out Sunday. So, you know, there are more national accounts to open. We're just going to do the same thing for the rest of the year.

Meet with all these investors, get them off zero. And I think it's going to be- I know it's in the interest of Bitwise, but like I think you as a company, but you yourself just seeing your schedule and talking to you are doing more to push this industry forward than literally almost anyone. And really it deserves a, I mean, I don't know if we can do a round of applause.

I have a fog horn. I can tell if it worked. I can tell if it worked. I do have an air horn for Jamaican reggae DJing. But seriously, like I said, I mean, I know it's so that you can beat the other issuers and you can be the winner, but you're unlocking more Bitcoiners on the planet than anyone else, even more than Sailor, I would say. I don't know about that, but I appreciate the kind words. We're doing our best. We're

doing our best. Takes're doing our best. It takes the village, it takes all of us. You guys too. So we'll keep at it. Amazing. Well, we love watching it from close and from afar, obviously, and you're on TV every day, so we can always find you. It's amazing.

And if you're not randomly seeing Matt on TV, please give him a follow on UnX because absolutely great content. Incredible. Thank you, man, and enjoy your time home. UnX, because absolutely great content. Incredible. Thank you, man, and enjoy your time home. Thanks, guys. Good to see you. You bet.

All right, Andrew, I'm going to do it again. Look. I love it. Can you hear it? I can't hear it. It's not in my headphones. That's a Gen X moment right there. I mean, we kind of created that foghorn, if I'm being honest.

Yeah. Yeah. Boop, boop, bo I'm being honest. Bitwise, I've got to say, there's a lot of crossover between my old world of TradFi and what Bitwise does now in the world that I live in. And it's really cool to watch them get in rooms with people that I've known for a long time. You know, off air, he's in Maine and Cheryl Penny is the CEO of Dynasty Financial,

which is a really, really big RIA platform. And I've known Cheryl for, I don't know, 15 years. Cheryl? Yes, Cheryl. S-H-I-R-L. Cheryl. Don't know the genesis of the- Not Cheryl. Yeah, not Cheryl. Don't know the genesis of the- Not Cheryl. Yeah, not Cheryl.

No, not at all. I'm sure he's been called that a time or two. I'm Cheryl, he has. Uncomfortable conversations, but- Cheryl, he has. Oh. So. Yeah, it's, the work that they do is extraordinary.

You know, with Stiefel, you know, that we mentioned. That's not a real world. Yeah, being on the 12th floor in St. Louis, I was around Stiefel when they bought that building, and they build out the 12th floor, and it's almost built like a spaceship. The conference room is circular. It's just it's just cool to know that they're in those rooms making meaningful impacts.

People are so mad about the air hard. They used to like it. Now. I was like, dude, I'm driving like I thought the police here. I have fun. You guys are old. Have fun. Hey, dude. Okay, well, we're about to talk about archipelago. But look, there I just saw a new button on stream fun. Hey, dude. Okay, while we're about talking about archipelago, but look there, I just saw a new button on stream yard. Oh, above it says show comments on stage beta. Beta. Oh, I hate it. Just see what happens. Fire it up. See what happens. comments. Take the stage live comments

reviewers will appear on screen. There it is. There it is a little conversation going and make other but the tiny yes, tiny you really can't read that. That's cool though. I like that. I like that. Look, you guys get famous. Des and Queen you guys are famous right now. Anyway, so should we talk about the thing? Nobody nobody wanted to talk about anything else. Actually, they didn't even want Matt here. They just wanted us to tell them about the performance of our

so they're dying. I mean, they can't. It's like, it's almost uncomfortable. They want it so bad. Yeah. So we we had our our data and research guys do some work yesterday, and just take a look at a look at the last 60 days, right? Because I don't know what day we're at where we've been above 100. But it's a pretty extended period at this point. look at the last 60 days, right? Because I don't know what day we're at where we've been above a hundred, but it's a pretty extended period at this point. So, but there has been volatility, right?

There has been significant- May 8th it looks like. So yeah, we're about a five and a half weeks into that staying above a hundred pretty well. That's significant. Back to this, sorry. So, you know, what does volatility mean? So we talk about our Bitcoin algorithm.

We talk about a specific strategy associated with yield. It's our Bitcoin yield algorithm that does 20% a year in yield and 25% in terms of total return. But just in the last 60 days, we see Bitcoin that's done 8% in yield. We see Solana that's done better than 8%. XRP that's done better than 8%. So just, what does that mean?

That simply means that you're using volatility to extract cash yield from your crypto holdings, right? We always get the question when we talk about yield, well, where does the yield come from? Where does it come from? And of course, trolls on Twitter, well, where does the yield come from? Apparently, I am the yield.

According to them, if I don't know where it's coming from, I am the yield. And I did actually, that's a good lesson, because Voyager. It is a very good lesson. It's different here. This time is different. So, the point being is, it's a very simple answer. Where's different here. Yeah. This time is different. So the point being is it's a very simple answer.

Where does the yield come from? It comes from volatility, right? That you get volatility in these assets significantly more than traditional financial assets, and then you harvest yield from that volatility while continuing to build a bigger and bigger and bigger stack of that particular asset, right? So you're building a bigger stack of that particular asset, right? So you're building

a huge stack of Bitcoin, but you're also generating cash yield. It's just a question of how you want to use that yield. Do you want it for lifestyle purposes? Do you want it to build a bigger stack of Bitcoin? Do you want to use it on another algorithm of some sort and build a stack of Solana because the ETFs are coming and maybe Solana goes to new all-time highs So it's just a question of how do you want to do it and the ability to compound on top of compounding on top of compounding? When you get into our sort of ecosystem and work with our team and see that you can be running seven different versions of algorithms That are working in tandem with each other to create yield, to accumulate these assets

so that you get into a mindset. We have customers that are this way now and they thank us for our products, turning their mindset into something different. If it goes up, I'm thrilled. If it goes down, I'm just as thrilled because I know it's doing, it's going to be taking trades for me and accumulating in ways that I emotionally

would not be able to do. And I'll share one story that proves that. We were talking with a customer that was going to come on to our concierge program. They had like 14 Bitcoin at the time. And this is when we were down in the 80s and we had the move lower into the 70s. We talked to that customer two days later we talked to that customer again he said well I was gonna do it but I kind of panicked and I sold all 14 of my Bitcoin at 74 and change. Right. Yeah. So guy that's built up years and years of investing into Bitcoin and building a stack. And in one

moment, he panic sells at 74. So you think it's on the 60s or the 50s. Because his emotions, you it's very difficult to manage your emotions associated with fear and greed. Our products do that for you and you can turn your emotions off knowing that, hey, if it moves one percentage or another, the algorithm's gonna make a decision. To the question.

Go ahead. Could you have, okay, so I obviously run, okay, first I wanna run a bigger public portfolio. That's something you and I have talked about maybe with the next launch portfolio, but I'm just going to start running this big and very public. Yeah. And then somebody is going to hack me

and kill or try to kill me or something. But can you deposit both dollars? Like, can you take a core Bitcoin position, deposit it into the exchange and trade around your existing position? A lot of people do that. I know you can, this is anecdotal. Just asking for the rhetorical, I should say.

But, and then, or are most people just depositing cash to start a position? Like how are people generally using it? Most people are depositing a larger portion of Bitcoin and then they add a bit of cash because a lot of people are using our arbitrage strategy. So the arbitrage strategy is going to both buy and sell. It's going to buy more than it sells.

That's why it's arbitrage to the upside. So you're accumulating a larger position, but you want to have a small cash position in there. So when there is an opportunity, so that guy, when it bounced to 74, eight and he hits sell all of my Bitcoin, if he'd have been using our arbitrage strategy, he would have purchased more Bitcoin in that moment and not sold any, right? So therein is the difference, right?

Okay. So what if I just think out loud, let's say we just for round numbers, I'm asking the audience, this will be interesting if I deposited one Bitcoin and an equivalent amount of dollars and we see how it goes. Yeah, so basically 110 $105,000 in Bitcoin $105,000 in cash guys, I'm freestyling here. But I want to wait till nothing gets Gemini. But I happen to know what's coming. And I think it'll be good to do it with some of the future partners just for fun.

I highly recommend Gemini as well. And see how it goes. Or most people would it be like do a Bitcoin then add like 20 grand. You know what I mean? Like, is it equivalent? Where can I maximize what we're showing off here? What you're doing is you're giving people

a very, very unintentionally good commercial for our concierge program. Because you're able to ask all those questions inside of 15, 30, 45 minutes they'll say well if you deposit 80% of your assets in Bitcoin and 20% in cash this is what it has done in the last six months so you know maybe that maybe that's fine for you if you flip it and 80% cash and 20% Bitcoin, this is what it would have done.

If you go 50-50, this is what it would have done because all of our stuff connects to TradingView and we can spin out things like that. But if we're doing it to show it off, right? So if we're doing it to show it off because we know that people can do a million instances of this. Yeah.

Since I have you here on this customer service call. Since I have you here on this customer service call. Since I have you here on this customer service call, would I run your base layer algorithm? Would we do a whole bunch of instances? Should I get aggressive with it? We're trying to show it off so people want to use it. So here's what I would tell you to do. You'd use the Bitcoin arbitrage strategy.

You'd also use the Solana arbitrage strategy. You're gonna get a lot of action on Solana because it's more volatile than Bitcoin, right? And then you can take the yield that you get from Bitcoin, which is significant, get from Solana, which is significant, put it back into that arbitrage strategy on Bitcoin. It's compounding on top of compounding, on top of compounding. Seriously, guys, I'm asking seriously to the chat,

and I can see you on Andrew's face, so I know you're there. top of compounding on top of compounding. Seriously, guys, I'm asking seriously to the chat and I can see you on Andrew's face. So I know you're there. Would that be interesting to you? Cause I know everyone's about people like, you're talking about it every week. Like if I just, and we started with the equity portfolio, by the way, it's still up 40%.

So awesome. But this is obviously where the focus has gone because it's a crypto show and we're Bitcoiners and the goal was always to get more Bitcoin. Like, would that be more interesting for you for our Tuesday show to every week be able to just show the screen? Well, I think so. In the chat, I think if we talked about and showed your portfolio moving, which, by the way, John Deaton does portions of that where he just shows his trades on Twitter. You know, he's just, he just watches it happen. Right. He just, yeah, we're just going to run it.

Yeah. We're going to run it. I'm going to put like 200 grand in there or something. And we're just going to run it. I'm going to go 50 50 and we'll see. And we can benchmark it to what if I had just bought a hundred, you know, I bought one more Bitcoin with the cash at that moment. And I would say that would be our benchmark, do I end

up with more Bitcoin? And by the way, like I said, I'm running this in the background. So I kind of know the answer. But anything can happen in the future. So this is us putting our mouth money where our mouth is to some degree, because if it went bad, that'd be pretty embarrassing. Well, here's the thing. It's going to the the the outgoes are going to do what you say that you know So you've got bids down at 88 for Bitcoin, right? So you're gonna see is is

You know Scott Melkers Intuition better or just as good is Arch Publix algorithms when we get to that spot Are you you know, are you are you be right, or do we go down to 86.5 and the algorithms buy more for you down there after it's gone that way? You see what I mean? That'll be the telltale sort of time that, again, there's so many stories of people

that are using our, you know, we've got more than 3,000 people that are using our, you know, we've got more than 3000 people that are using our products at this point. And so the fact of the matter is, is that the proof's in the pudding, right? There's nobody, there's nobody on X or online anywhere saying, hey, what these guys say is not true. This doesn't do what it's supposed to. Everybody says that it does what it does. And if they have the capital to use it at a higher level they absolutely do in a three to six week period. They get on our free version, oh wow it took a trade, a trade, a trade, a trade. When I probably would not have been able to make those trades because I

was either asleep or I was too nervous or scared it was going lower or it's going higher so let me leave it alone and not take a little bit off the table. All those scenarios, the algos make decisions for you that just, you know, yeah, yeah, yeah. I think it's time to go back to just showing it because I think it'll be a lot easier. And I have, yeah, and it's going to be, yeah, this is going to be available at a lot more places to a lot more people. And it's a good time

for us to make sure that people can actively see that it's continuing to work. So you don't know that we're not just talking. And I may or may not now to be totally transparent, be a part owner of said company because yeah, we're gonna make an announcement. Yeah, we're gonna make an announcement. Yeah. Shit. Am I in trouble? We're going to make an announcement. Yeah, we're going to make an announcement. I didn't announce that. Shit, am I in trouble? It's still in the middle.

No, you're not in trouble. No, no, we're going to make an announcement a little bit bigger than, oh, by the way, I have to be able to hold it. Oh, hey, Andrew, on that note, of things that I now have randomly announced, can I send you a bottle of bourbon? Yeah, absolutely.

Have you seen this? I like it, yeah. No, you showed me that at the Bitcoin Yeah, absolutely. Have you seen this? I like it. Yeah, no, you show me that at the Bitcoin conference, right, you're working on. That's very cool. Yeah, send you a bottle. That's very cool. Obviously, the Bitcoin color,

so it's almost orange until the Bitcoin bottle. Yeah, I don't know if we could market a food-colored bourbon that's bright orange, but it would be sweet. Those Gemini Teslas, I mean, those cyber trucks, we were rocking on those. Like I feel like those cyber trucks, I don't know why I just did that, were really awesome. I was trying to bring up Archipublic,

but like, it might get robbed with an orange cyber truck that says- Yeah, yeah, right. I might re-wrap it to be a little less conspicuous. It was great for the floor of the conference. Really awesome, I'm just not, I the floor of the conference. Really awesome. I'm just not, I can't do the Bitcoin. Like rob me.

Your license plate also says rob me. It depends on where you're located, right? So if you're in the state of Tennessee, that might go over well. Orange is pretty popular. Or in Texas, right? Where again, orange is fairly popular. But maybe not, you know, Massachusetts,

that might be problematic. Yeah. So we'll see, everybody go to archpublic.com. All currently four of our algorithms are free for you to use. Bitcoin, Ethereum, Solana, XRP, we have more assets coming to market. And so use it for free. Whether you think it's the real deal or not, we dare you to go and try it and see how it works.

Because we've got a lot of people. Dare you. Yeah, we've dared people to do it and they've done it. And it's been an extraordinary ride, you know, over the blast. I will tell you that the future side of things is rocking right now too. Just yesterday, we had two trades that were more than 7% inside of one day.

Yeah, I think we're at like 46, I don't know why I haven't even looked today. So that portfolio is near 50% again over a 16 month period. And I just lied, somebody asked me where it was and I said, up about 41%, 40,100, give or take. Yeah, yeah. So it's about 15 grand. Yeah, because late last week we had a trade

that was up like 4.4% in that particular portfolio. But in another version of the portfolio that trades the NASDAQ on a daily basis, we did like 7.7% just yesterday. So, you know, extraordinary things. I will say that our futures program, our futures algorithm is invite only. So if you wanna be involved there,

you gotta talk to us and be invited into that program based on again, the scale and so many people that we gotta follow, we gotta be careful about volumes and the futures and CME exchange. So yeah, when you get involved, things are revealed about liquidity and the like associated with it. So crazy, crazy size. All right. Well, we've done good here. I like the comments down there.

I don't think you can really read them. Yeah. It's just cool. Yeah. It don't think you can really read them. Yeah. It's just cool. Yeah. It makes people feel like they're a part of it. Guys, OK, so we're going to, in the coming weeks, I can't say by next week we'll get that set up, but I am committing to setting that up so you guys can

harangue me and harass me in the chat. There's just a new potential partner that I want to do it with because I think it'll be great for a push. And I have a new potential partner that I want to do it with because I think it would be a great for a Awesome for a push and I have a reason to do that. So And that's it. I don't know where Tillman is or people making fun of him earlier in the chat, you know what? They would have been making fun of Tillman and we could have all read that I've got a injury report with Tillman. He threw out his back playing pickleball. This guy gets hurt a lot

Yeah, well, you know, he's a former athlete. It happens to us. We break down. Things don't work. God. Two of my friends played pickleball for the first time two years ago. I've never played because of this. They went out.

And so our third friend is this guy, Caleb Sturgis, who was a kicker for the Eagles and the Dolphins and for the Gators. But he's a freak pickleball player. And he was like, hey guys, come out and play pickleball. One guy left with like a horribly sprained leg and the other one left with a torn Achilles. And one of the guys who tore his Achilles

like a great tennis player, was a college tennis player, maybe not like in his prime at exactly this moment, but played pickleball once and like everything fell apart. It's like the CrossFit of our generation. You have a great doctor. Right, right. Injuries abound because we think we're as good as we used to be and can move as quickly as we used to be.

I'm better than, I don't know, you're nuts. And especially in pickleball where you're contorting and turning and trying to get somewhere, start and stop. Achilles doesn't surprise me. Yeah, Achilles doesn't surprise me at all. Yeah I'm just gonna go for long walks maybe in the future do yoga because I'm not flexible. All right we gotta go. I don't know if I'm supposed to turn the comments off before we go. What's gonna happen? I don't even know. Pump alert. I'm turning it off. Oh here guys cover your ears. I hope that works.

I can't hear you. I have no idea what's happening. There's eight sound banks there and I don't remember what's in any of them, but they're hilarious. One of them is that song Pump It Up. One of them is Benny Hill. Is this Benny Hill? Tell me. Yeah, that's Benny Hill.

We used to do those all the time when I did chart streams. It was a lot of fun. And on that note, before I get myself in any further trouble, guys, obviously, you see it archpublic.com. Give AP underscore Let's go.