The Wolf Of All Streets - This Bitcoin Deal Will SHOCK You – Price Is About To Explode!

Episode Date: April 24, 2025

Is Bitcoin set to explode? David Duong, Head of Coinbase Research, and Edan Yago, Core Contributor to Bitcoin OS, join me today to break down what's happening in the crypto market and explore what the near future holds for Bitcoin. David Duong: https://x.com/Dav1dDuong 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.com/ 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. 🎙️ New to streaming or looking to level up? Check out StreamYard and get $10 discount! 😍 https://streamyard.com/pal/d/6319316098351104

We just saw one of the biggest deals, at least regarding institutions and Bitcoin that we've seen announced period. It is actually shocking when you dig into it. Hard to imagine that it won't help push the price of Bitcoin up. Of course, I'm talking about Cantor Fitzgerald alongside Tether, Bitfinex and Softbank with Jack Mallers as the CEO to basically replicate on a larger scale what MicroStrategy and Michael Saylor Jack Mallers as the CEO to basically replicate on a larger scale what MicroStrategy and Michael Saylor

are doing. Absolutely huge news. We're gonna break it down today, of course, with Yago and special and very frequent guest, David Young from Coinbase. Let's go. Let's go. What is up everybody? I'm Scott Melker also known as the Wolf of All Streets. Before we get started, please subscribe to the channel and hit that like button. Gonna bring on David

and Yago. Now, this is obviously the story of the day. I don't think there's a question about that. Cantor starts crypto firm with backing from Tether and Soft Bank. As we dig into it, they're gonna start with about 42,000 Bitcoin. So about $4 billion worth of Bitcoin. Already talking about raising convertible debt going full micro strategy. Jack Mallers is also the CEO of Strike is going to be the CEO of this company. And I think maybe the most shocking part to me is that SoftBank is contributing $900 million in Bitcoin. And at no

point had I seen that SoftBank had $900 million in Bitcoin. So that either means they've been holding it quietly or they're buying it. I mean, that could be a part of this kind of steady bid we've seen. But David, I mean, this seems like an absolutely huge piece of news to me. Oh, absolutely. I think this definitely legitimizes Bitcoin further as a treasury asset for a lot of these major public companies. So I think that we've been seeing it move this direction for a while now. And I'll be honest with you, because it was kind of used more speculatively rather than as a cash management tool. I think there was kind of questions around what you know, corporate accumulation would actually look like. But now I think that this is actually something that's going to set a pretty high floor on Bitcoin. I mean, we were kind of going that direction anyway, over the course of the week. But now I think this locks it in and a much higher entry point for a lot of the new players.

It's interesting here, Iago, he said, we're very inspired and encouraged by what MicroStrategy, this is Jack Mollers and other public these have been doing in the public market. He says, we're not a pivoting business. We're not a business that sells video games to buy Bitcoin. Obviously, shots fired at GameStop. We're not a you know, and to buy Bitcoin or sells hotel reservations to buy Bitcoin. I mean, he's not even criticizing MicroStrategy directly. He's friends with Sailor. But he's saying I mean, Sailor has an underlying software business, right that still exists at

MicroStrategy that made him a billionaire in the first place. And then he says, our Treasury is not trading at any premium to net asset value. So we believe it's a very attractive vehicle for those that are looking for Bitcoin exposure. And we think it could be one of, if not the winner of this trend. So he's basically also saying this isn't going to be like MicroStrategy where it's trading at many multiples to our treasury. Kind of interesting because this is a Sailor's Mod.

I don't know how the strategy works. Uh works if you're not trading at a premium, right? If you're not trading at a premium, then there's nowhere for you to generate yield from and you're basically just a closed fund ETF, basically your DCG. I think there's a couple of interesting things here. First of all, the players that are coming together, they need to be able to send a very, very clear signal to the market of credibility. And there's two kinds of credibility here. One is like Michael Saylor, we have a very definitive strategy, we will not move away from that strategy over time. That is extremely important. We have to tell it. Yeah, so, Saylor's able to sell that story because he's been selling that story for the last five years. To do the same thing, they had to bring on Tether,

who have a very, very clear strategy, Tantor Fitzgerald, who have an in with the White House, and we don't get much more of an in with the White House than that, and Jack Mahler, who I think is a great figurehead and CEO for this, because he's very, very media savvy, in with the White House. We don't get much more of an in with the White House than that. And Jack Maulers, who I think is a great figurehead and CEO for this, because he's very, very media savvy and also has been very, very clearly tied to Bitcoin and Bitcoin only. And then on the other side of the credibility is, can we bring in substantial amounts of capital? Are you, when you are buying

into this, do you know that there's going to be continued growth because it is basically that growth which is generating the yield and then being able to bring in the deep pockets of soft bank, right? The people who are willing to say, you know, to send $10 billion or $20 billion to WeWork and Uber is very, very strong signal. So I think this is a masterful play. And obviously, they're much smaller than MicroStrategy. Even if they manage to achieve the 42,000 Bitcoin, they'll have less than 1 tenth the amount of ETC. Yeah, but this is the most single credible play. And I think what is really interesting is that this might cause premium compression for the entire space, right?

Micro strategy might see the premium. Yeah, I mean, what happens to strategy? Yeah, I mean, that's a great question is that when you have, there's a lot of people who are skeptical of strategy. They don't like how much it trades. There was a time above NAV, there was a time when it was one of the most

shorted stocks on Wall Street. Now you have Cantor Fitzgerald, as you said, and Tether and Softbank all coming together to do this and saying it won't trade at a premium to NAV. You have to imagine that when they start raising the convertible debt, most people on Wall Street would be much more comfortable buying this debt than MicroStrategy debt, David. Don't you think? That's kind of a tough day. I mean, certainly like there are like, I mean,

you're kind of having very similar strategies competing against each other. I mean, like, it's hard to kind of gather like whether like investors are going to find this more palatable, but certainly it's cheaper right now than trying to pursue strategy. So I think that's probably going to help initially.

But longer term, I think it's kind of tough. I mean, right now, I think like, even with this 42,000 Bitcoin that they were kind of make them the third largest corporate Bitcoin Treasury. So I think people are probably going to need to consider that considering the size of the deal. Yeah, okay. that makes sense. So he also said here, he gave a great interview on Bloomberg by the way, and Yago, you're right.

He's just very media savvy. He's good at this. It's incredible that he can show up in an empty closet and a T-shirt or a hoodie and go on like financial television and seems still totally credible. He's from the very few people that can pull that off. But he said, we do intend to raise as much capital as we possibly can to acquire Bitcoin.

Again, my one rule to shareholders is, and he repeated this over and over again, our Bitcoin per share will grow. That was the only goal. So yeah, I don't really understand, to be quite frank, I don't understand the mechanics of this either. If you're not trading at a, where is the yield per se going to come from

and how do they continue to have their Bitcoin per share grow? How do you orchestrate or engineer the price of your stock to make sure that happens? My guess is that if that is indeed their strategy, then what they're going to be looking to do is build, is create vehicles which allow different types of investors to express different types of risk versus yield appetite. So basically Bitcoin grows on average with a huge amount of volatility somewhere between 30 and 40 percent annualized in terms of its value and has been doing so

consistently for the last 10 years, right? Before that was doing it even more. So, um, if you, if you're seeing 30 to 40% and you, and even if you think that's going to drop a little bit, go down to 25%, 20% annualized, if you're able to promise to investors, look, we will give you a guaranteed 10% annualized. We will cover the downside for you. If there's any downside in the volatility of Bitcoin, but we get to take the upside, then you're creating a new kind of bond. And so it might be that it's through this sort of like new bond mechanism

backed by Bitcoin that they intend to raise the capital. What do you think, David? Yeah, I mean, that's frequently been the pushback I think for more conservative investors who are interested in Bitcoin, but perhaps, you know, like Their biggest concern is that they want to maintain some capital preservation So I think that putting that threshold on the bottom and making sure that they don't go below it But they can still capture upside and then if there's any excess that kind of goes to the company, I think that, you know, like that's a structure that certainly seems like a very, very palatable for many of your more conservative investors out there.

I mean, it's pretty wild. This is less than a 10th of the Bitcoin that MicroStrategy has already acquired through the same process. I mean, this is a really is, you know, it's a huge deal, but I hadn't really thought about how small it is relative that Yago pointed out. And that may make it a bit more of an uphill climb. It would be very hard for them

to get to a half million Bitcoin. And by the way, if we did, we're gonna have like a meaningful percentage of the supply held by institutions utilizing this strategy. We've seen miners doing it. I'm not sure that's great. Well, I actually think there's nothing really wrong with that. What is interesting is how US centric Bitcoin

is starting to become, right? So much of the Bitcoin mining is done in the US. So much of the institution, like the vast majority of the institutional Bitcoin, which is an increasingly growing part of the overall Bitcoin pie, is held by US entities. And then sort of the pervert of the US federal government and US state governments towards Bitcoin.

It's very interesting. And this is all happening in the backdrop of the dollar teetering more than it has since the end of World War II in terms of it. Since the dollar became the reserve currency, I don't think it's been teetering this much with the possible exception of 1971 when they went with the gold standard. So this is a very, very interesting moment. These are tectonic shifts. Yeah, I think that's the point, though. I think the timing here is absolutely not an accident. I mean, it comes behind both a friendlier US regulatory environment as well as a potential shift in the global order. And you don't usually see these things in real time. Normally, if I was gonna think about

the dollar devaluation trend, for example, I'm thinking this is something that happens over the course of decades. And it's not like a single moment in time, but we're in this weird perverse universe now where it feels like just one inflection point where we're seeing Bitcoin actually change in the capital market assumptions around Bitcoin

starting to shift in response to that. So I think this is absolutely coming on the heels of that. So there's two things I wanna point out and then move on to a bit more macro and where this does fit in context. First is that this company's sole strategies raises 500 million in convertible notes issuance to buy Solana tokens.

So just putting it on your radar, there's another company actually in Canada that's doing this with Ethereum, a friend of mine, David Towel, but it's very, very small. But 500 million is not a drop in the bucket. That's meaningful for someone to employ the exact same strategy we're talking about. I hit saying strategy and strategy over and over again, by the way, but the exact same strategy that strategy is using here to buy Solana. So I want to note that and meta planet hits 5000 Bitcoin, still a drop in the bucket, but it's a good milestone for them as

corporate Bitcoin accumulation race heats up. I also saw there was another company in Hong Kong that was going to be raising some debt to follow the same strategy. So just want to point those up, point those out. Before we move on to the macro that we were talking about Trump backs off on Powell, China amid dire warnings. It's very clear that a bunch of people from Wall Street are very angry at what's happening here, and have been warning him over and over again, to lay off on China and to lay

off on Powell has been up and down over the past few days, we're going to reduce, you know, tariffs by 50%. We're having great talks with China. China coming back saying everything he's saying is not true. I don't know if you guys saw that quote, but pretty astounding. And even the ECB say here, lose, lose, game on trade. So putting Bitcoin in the context of all this. But David, like you always kind of have a long view, a sensible roadmap for how you view things for Bitcoin, but that's

in this context. And it's very hard, I think, to have a consistent view on the future when you don't know what's going to happen tomorrow on tariffs and all the trade wars. Yeah. I think normally I don't tend to trade the medium long term perspective on Bitcoin even though I have a very strong one in terms of what I think it represents as an alternative to the traditional financial industry. But I think here given the circumstances around tariffs and what effectively does look like

a Trump put emerging, I think that we're seeing that Bitcoin is really kind of establishing its own trend that's kind of separate away from US equities, as well as even gold to some extent. I think that we've talked so much about this digital gold narrative around Bitcoin, but you know, like the reality is that, you know, it kind of trades better and risk on situations, sometimes resilient inflation, sometimes it's not, but it's more of a fair weather friend. But now it's starting to really kind of take on its own track. And we saw it this week, and it's very much a response to a lot of the news that's going on with respect to like Powell, with respect to like the China situation. And I think that China is absolutely, by the way, like the linchpin of trying to figure out the tariff

strategy and what's going to happen on the macro side of things because it seems like he's trying to align the flows to kind of combat what he sees as the greater concern around this kind of geopolitical risk. So I think that probably like we might be at the beginning of a place where Bitcoin really kind of has its own track that's separate from US Treasuries that kind of like trades more in line with with gold. I think that when you start seeing that gold isn't performing like its own, you know, what people needed to do which is of course to actually go against some of the geopolitical pressure. But outside of that, it doesn't offer you much of a return.

I think Bitcoin actually does and that's it doesn't offer you much of a return. I think Bitcoin actually does. And that's starting to occur to a lot of people. I think also what's happening with gold is really fascinating. The gold is pumping. And gold is not a small asset. Gold started out a few months ago as a $19 trillion asset. It's now past the $23 trillion. It was like 13 when we were having these shows? We were always talking about gold will come down and Bitcoin come up and they'll meet in the middle, then all of a sudden gold, $22 trillion.

So to give a sense of proportion, gold over the course of one week, just last week, added to the entire crypto market cap to its own market cap. It grew its market cap by the size of all of crypto, Bitcoin and everything else. And that's really interesting. It's really interesting to see gold, which is being such, which is such a stable asset, generally speaking. It's supposed to be boring.

It's gone from 2,800 to 3,400 over a relatively short period of time. And the market that Bitcoin is going after right. So it's sort of like the same the same way that Solana is going off the Ethereum and Ethereum is going off the Bitcoin. Bitcoin is going off to gold. And as gold grows, the space for Bitcoin to grow grows even more. So I think what's happening with Bitcoin, sorry, with gold is extremely bullish for Bitcoin. And more than that, underlies the fact that even though we in these shows and on Twitter and sort of like the newspapers and op-edseds everyone's always talking about tectonic shift

But when you start seeing it in gold, you know, it's real. It's like it's happening. I Will say we're gonna have Dan on later and I see him in the back but last week. I think it was last week I think he showed a chart that every time gold consolidated Bitcoin went up and Bitcoin Solidated and gold would go up and so you can expect that We've seen in the past that Bitcoin would likely follow gold on a move like this. That would not be unexpected. And here are those top assets by market cap. It's incredible how much gold has just smashed everything else.

Bitcoin, by the way, was five two days ago when it was over 94,000. Now it's back to eight, but it had six maybe. It was five or six. It surpassed silver and had surpassed Google before falling down but it's knocking on the door. I mean, Bitcoin being bigger than silver is just an astounding thought. You know, it just it really blows my mind. But David, like how do you in this context of such uncertainty,

how do you forecast what you think is likely to happen? Like I know that Bitcoin could follow gold, but if Trump goes with 250% tariffs against China, nothing's gonna go pumping into the clouds, right? I mean, it's really hard to imagine that. Yeah, I think it's still tough to kind of play things in the spot market, although that said, we've seen this over the last few days,

it's a really difficult we've seen this over the last few days, it's a really difficult prospect to be short anything at this point, because the convexity around headlines is so high, that, you know, your risk reward for kind of kind of positioning that way, I think really doesn't work for you. So I think that, you know, the, for the time being, I think it's probably going to be about being opportunistic and being very, very tactical about things. So honestly, like, I don't think the floor for Bitcoin is like much lower than what we've seen in this cycle already.

So I think people who thought that they get Bitcoin at like the 70, 70, 2000 level, I think now, given everything that's happened, especially like with the news today about corporate treasuries, kind of kind of pursuing the strategy I I don't think you're gonna be able to get there now So I think you know, it's really hard to say that if we're gonna keep on this trend You know if we break 95 then I think we're just gonna keep going in that direction But like if we kind of like bounce around here and things are choppy, and of course, we haven't gotten away from the headlines quite yet, I think that we're still very headline driven. Then, you know, like, I think I go here for a

little while longer, but I expect the turn to happen probably are us reaching the lows, us finding the bottom, probably sometime in the next couple of weeks. I think that by the time we get to the end of q2, we're in a much better setup for like q3 and q4. Yeah, I just want to quickly show the Bitcoin chart to support exactly what you said, because it's hilarious how this always happens. If you are a chartist or just understanding human psychology, we had that high, you know, last March at around 73,835. That was the line everyone talked about if Bitcoin

ever gets the dip it comes back to test the all time highest support so what happens when everybody's watching literally the same area you get frontrun by a few hundred bucks and everybody whiffs right the big money comes in above actually I thought it was coming in above here or you nuke all the way down and those bids actually fill but the safest bet here was just bid like 76 if you want to hit 74, right? If you were trading it. And of course, it doesn't get down to those levels that you were talking about. Yeah, that's absolutely right. And I mean, I'm not the biggest

fan of technical charts, to be honest with you. I think that yes, supply demand, like matters a lot in these markets, probably more so than than market fundamentals But I think at this point in time Wait, you know, we're still kind of subject to a lot of like the macroeconomic factors Which are gonna be still remain dominant. I would say until probably early to mid-may

Yeah, the reality is we're just subject to whatever Trump says on any given day, right? I've never seen anything like it. I mean, I'll go, what do you make of it? Well, I mean, you know, three months ago, I started saying we're going to see a significant turnaround in May. I still think that we, I think it's traditionally seen Bitcoin lag into supply into money supply by three months. M2 money supply started increasing globally three months ago or just under three months ago. So I think probably there are people out there who believe what I believe and are expecting the same thing. I think we're going

to see strength in May. And I think that strength in May is probably likely to continue. I think the bigger story, and that's sort of like, that's a short term story. I think the bigger story right now is that Bitcoin was created as an alternative asset. So you don't get a lot more alternative than Bitcoin.

It's an alternative to the current monetary system, the current global system, the current everything system. And when the world is in chaos, that's when people start looking for alternatives. So Bitcoin is a chaos asset, and the world is becoming increasingly chaotic. And I don't think there's any way to unring that belt. The US is never going to be able to sort of, you know, it takes a lifetime

to build a reputation and a day to ruin it. The US is never going to have the same global credibility it had unless there's another sort of World War III and the US steps in to save the world again. That's the only way that you rebuild that level of credibility. Crazy. And so I think we are moving towards a world in which there is less and less globalization in the physical realm, which means that globalization isn't going to disappear, it's going to move into the digital realm. And so people are going to want borderless finance, borderless assets, and that's Bitcoin and crypto.

So I think we're just getting started. So speaking of things that obviously added major credibility to United States, we have this chart here of Trump's meme coin. As you might have noticed yesterday, the Trump token that was launched within 48 hours of his presidency went from $9 to $16 in a day from a peak to trough. So a massive move, you know, it almost doubled in price. The reason being that Trump's going to host a dinner with top holders of his meme coin. We've seen this with his NFTs, of course.

I think it's a 220 top holders, a certain amount who are the even topper holders will get a private audience with him. How is this not a security now? I mean, the whole thing was that it's a collectible, I guess, if you hold the collectible. But like obviously saying like, I'm the president and 220 of you who buy enough of my thing are going to get to hang out with me seems like That's being promoted. I'm not sure that they can I guess it's not technically. Yeah I'm not sure the framers ever said anything. There's nothing in the Constitution says that you the president can't auction off

Meetings with himself. I think it's been frowned upon by most other Administrations, but they were I know but once it has utility it's not aowned upon by most other administrations, but we're in. I know, but once it has utility, it's not a meme coin anymore, right? Go ahead. I was just going to say, I mean, David, like in the midst of all of this, you know, like, don't we have enough nonsense happening? I don't know. I mean, to Yago's point, I don't know about the commercialization of the office and whether it's certainly, I forget, I should have said the security part of the legal issue. I'm just saying like amongst all the things that are giving us uncertainty in our market,

I just don't feel like this helps too much. Yeah, I, I don't completely disagree with that. I think it's, you know, for an asset class that we've been trying to like legitimize, like, you know, like have become more legitimate in the eyes of your traditional investors, for example, I mean, this is kind of, could be problematic for that. But yeah, same time, it's like, I don't control this. I don't know.

So- Okay, Scott, uncertainty is bad for the economy and it's bad for people, right? No one wants to live in uncertainty, but it's good for Bitcoin. That's why Bitcoin is a hedge, right? It is very important to note. I've showed the charts on every show, but like Bitcoin just made a new all-time high versus the NASDAQ. Obviously Bitcoin had performed well against gold. Gold has been smashing it, but to say that it's correlated to either of those and is following the market are very, very temporary things.

I do think that Bitcoin has largely been uncorrelated and has really shown that. David, I'd love your take on this because it did go down in the 70s very briefly, but most of the time since liberation day, Bitcoin chopped around in the 80s and then went up even while everything else was going down. And most days, you don't see that old thing where the market opens, you know, the stock market opens and Bitcoin does whatever the NASDAQ does. It really does feel like it's separated here at least. I'm wondering

if that's an institutional or sovereign bid or something, but it does seem that way. Yeah, I mean, I think, you know, Bitcoin, it's so many layers on this, right? Because there's Bitcoin, there's the rest of the crypto market. And then like, how are each of these two things kind of performing? Because I think, you know, I wasn't I know, this wasn't your direct point, but like, what altcoins doing compared to like everything else that's happening in the world. And they've definitely suffered more. And I think that their correlation to, to us equities has been somewhat higher than say Bitcoin.

And of course all these things are statistics depends on the window you're choosing. I like to look at, you know, something greater than a 30 day window, cause that's what my stats teacher taught me. Like it had to be like 40-day window or higher But like generally like the numbers I've been looking at it's been kind of showing that They actually been in the order of like 60% hasn't really breached that and then it's kind of been bouncing around 40 to 50 Which you know, like I think that's kind of like around the cusp where that relationship still is significant

kind of like around the cusp where that relationship still is significant. Um, and you know, like so far, what this is telling me is that I think Bitcoin is starting to decouple more from your traditional assets. I mean, like the world itself isn't necessarily running behind us equities anymore either. I feel like we should be paying more attention to what's happening in the bond markets more than anything else. And things that people never look at, which is like swap spreads and other things that determine credit risk.

But I think for the time being, Bitcoin definitely looks like it's operating more on some of these idiosyncratic factors that drive it. Totally agree. Iago, final thoughts before I let you guys go. Chaos is a ladder. And in this case, the letter looks like the Bitcoin chart. It's a blockchain, a ladder.

It's all it is, right? It's perfect. Well, thank you, David and Iago so much as always for joining guys. Give them both a follow on X, check them out. Everything they have. You guys are absolutely the best. Thanks again. Thanks, guys.

All right, guys, before we move on to Dan, I want to give a highlight here, of course, as you're used to, to Aptos right here. This is from Avery, who is obviously the CEO of Aptos after Mo left and one of the founders and just an incredible, incredible thread here that you can read on X, highlighting everything that Aptos is doing. So it really is the blockchain that's quietly building the rails for the future of global finance. They're one of the few that has the three largest stable coins by market cap on their blazing fast speed incredibly cheap transactions are now at 100 and sub 150 millisecond block times is over 160,000 transactions per second, they just committed 200 million more dollars to build an ecosystem. And they're included in bitwise is new crypto ATP,

you know, we love bitwise, really, always talk about what's coming for mainstream adoption, how will it happen? Where will it happen? It's going to be on layer ones like Aptos, where we finally see the future of finance being built. You just have to be patient. So check out Aptos, of course, everything they've got going on. And now on to Dan. Good morning. Morning. So that gold, we were talking, you know, gold Bitcoin, gold Bitcoin, I had to reference you. I was about to bring you on, but I didn't want to make it weird. But listen, we've had this gold move.

I've been arguing of late. I mean, I guess we'll see what happens today, but gold's starting to look like a blow off top. And that daily candle two days ago had me feeling like maybe gold's going to chill for a bit. And that could mean Bitcoin's turn to follow. Yeah. I mean, that, like you said, that that tells us, OK, pay attention for a potential shift. The bears have to prove a lot on that daily and weekly chart still, but it's a start in terms of, and again, you know, the chart I showed last week was a two-week timeframe, so it's got to be zoomed out. I didn't mean today.

Right. And yeah, you know, people will be like, oh, well, gold and Bitcoin were trading inverse today. You were right. And I'm like, well, I mean, I'm talking bigger picture. This has to play out for weeks but something to be keeping an eye on and you know Bitcoin right now is battling this previous support zone that we held forever and then we I've marked it here just by this top at 95 and then that lower high and you can see it was a great zone of previous support then it was resistance and we're battling It again right now. So again, we know Bitcoin has had a great move over the past week. Plus, there were little clues just in the sense that we're talking again last

week where names like the crypto stocks, MSTR, even GME, which is now, I guess, a crypto stock, they were showing relative strength to Bitcoin and Bitcoin was showing relative strength to NASDAQ. And as you mentioned, Bitcoin on Tuesday this week, all time high relative strength versus the NASDAQ. So a couple of little signs that just had me, okay, time to pay attention to crypto now. And you had MSTR set that monthly higher low officially by breaking the high of last month.

So starting to shape up and looking good. But one thing to remind yourself is, okay, Bitcoin has had a nice move off the low, but we will eventually have to confirm a weekly uptrend. So just keep that in mind. We have the space for a weekly higher low, but if we're going to see follow through and, you know, an all time high test and ideally new all time highs, just keep in mind that we will eventually have to confirm that weekly uptrend. So, you know, it's the kind of thing where I want some exposure now, but if I'm going to add exposure at this point, being a little bit more conservative, I

would want to be waiting for a weekly higher low. But that's just because I was grabbing some positions last week, and I don't want to get too overly ambitious as we're testing a key resistance zone right now. So yeah, I mean, I guess this area right around 94, 95, obviously, a very key area, I would say the support at this point is 88 ish, where we just kind of made that first higher high, but making that high, for me, at least I view 88 as the break to a new higher high. I don't know if you do too, I can kind of show it here. But obviously, we had this downtrend

of lower highs and lower lows, all the way from the all time high, nice break, big volume above the 50 and 200 ma and broke on a major candle spread and volume that level. I mean, so to me, that screams like retest. So you get 88,800. Right. But in general, feels like that's kind of a confirmation that the downtrend here is over. Yeah, it definitely is a character shift. And the most glaring thing for me was, I believe it was Monday where the NASDAQ, yeah, Monday

big red NASDAQ and big green Bitcoin. And that is, you know, as you mentioned, if you zoom out, you can talk about a lack of correlation. Okay, I can get on board with that. But when you're zoomed in, they very often from 930 a.m. to 4 p.m. will trade very similarly. And this they were going inverse. And that's very rare recently. So that was another flashing. Something is very different here than what we've been seeing recently. And you know, my assumption is that GameStop has been buying. We're not going to know for a while until after

the fact. But I would assume that's a high probability of what's been contributing to this. But SoftBank maybe. Yeah. Yeah. Yeah. And speaking, speaking to CEP, It felt so orderly.

If this rise felt so orderly to me. Yeah, it's looking great. And this is an example of how Twitter helps me make money as a trader where I didn't know anything about this. I see the clip of Jack Maulers on Twitter. I was a little late, but then I jumped to the chart and I saw a little I traded this yesterday because I saw a little base of support at 1475 and that essentially showed me okay. That's a level I can play off of now

You know, I didn't I don't know anything about the fundamentals aside from okay Jack Maulers Bitcoin His timing is right Bitcoin just had a nice bull move okay, Jack Muller's Bitcoin, his timing is right. Bitcoin just had a nice bull move. And so that 1475 level was a level to play off of. And then you get this play often where when it's a recent IPO or something like a SPAC, you get the blue sky push and the bulls know that they can load up during regular hours.

And then it's so illiquid, you can run it in extended hours. And you know, GME was a picture perfect example of that back in the day. But just be really cautious with the liquidity on this one. You know, it's still running, but you know, a lack of liquidity is a bull's best friend when you're in blue sky breakout.

Just be aware that when it tops, it's gonna drop 30% really quickly. And there's a lot of misinformation out there on Twitter where people like, look at the market cap, 42,000 Bitcoin and this market cap is way too small. There's going to be massive dilution when they change to the ticker XXI and it actually goes through. So just be aware that that's misinformation that's going on in Twitter, but it's still running at this point. I didn't realize it pumped that hard. That's crazy.

Yeah, I made it. I fumbled it. I made a nice trade yesterday, but I knew to hold overnight for the gap up. And it's just so hard when the bell rings and it's after hours and there's no bid support and we start dropping back down and it's just like, you got to hold and trust and I struggled to do that. This is one where I definitely should have made more and kept a position for today, but always another lesson and tricky. Again, this thing's going to drop 20% real fast once it tops but it hasn't topped yet. So don't be chasing up here, obviously. What else is it like in that? Just in terms of the broader market, this is the most

important chart for me. This is the S&P 500 just because it's nice and clear. This is the 12-hour. We've got multiple tops, including yesterday, we've got multiple bottoms. And if this breaks bull, it's a great sign for Bitcoin because it will be the highest level that the broader market has seen in a couple of weeks. And that could help Bitcoin get over that 95,000 hurdle. If we see a little bit of weakness, then we can trade sideways within this range for another few days for sure. But this is my broader market guide and it matters a bit to

Bitcoin and the crypto stocks because if I'm bullish those, I definitely want to see this chart break bull. So definitely want to be keeping an eye on over the next couple of days. And in addition to that, you know, still keep an eye on CRV as a lead all coin bull. It keeps standing out and it's been a little bit, you know, is the only red name out of a huge green list yesterday it's a few one of the few green names on a red list today so doing its own thing to a certain degree but this is a nice example of a back test you know there's your resistance and your back testing and trying to hold it uh so again i'm not watching many alt coins that's one of the ones i'm watching watching binance is boring but this beautiful tightening range tells us that in may binance volatility is going to but this beautiful tightening range tells us that in May, Binance volatility

is going to spike when this tightening range breaks. So just keep it on the back burner in terms of paying attention to the tightening range because it will break. And other than that, you know, ETHBTC, is this the bottom? Well, let's break the weekly lower high every single candle pattern as the first baby step to saying maybe. But you know, yeah, I'm not putting any eggs in that basket at this point.

I'm still constantly keeping an eye on it. But again, the burden of proof is on the bulls. So really quick, I do have to go. Everybody give Dan a follow, of course. Check out all of his other content. Let's just show you guys because today I go on right after I'm on with Dan, I go on serious business briefing for these quick things. But today is gonna be 30 minutes long and apparently you guys can call in. So 844-942-7866 and you can just troll me relentlessly. Call and make fun of

my face or something. I'll be better than having to answer questions about Trump and tariffs, which is never really what's going to happen. Dan, thank you so much, guys. I got to run and go do that now. Thank you. We'll see you tomorrow for the Friday five. Let's go.