The Wolf Of All Streets - Why Bitcoin's Next 10 Weeks Decide The Cycle!

Episode Date: April 28, 2026

Bitcoin buying has hit overdrive! ETFs, funds, and businesses now hold over 14% of the total supply, Strategy and BlackRock keep stacking, BitMine dropped $294 million on Ethereum in a single day, and a Strategic Bitcoin Reserve announcement is coming in weeks. But the real clock is the Clarity Act — the Senate has 10 weeks to pass it or insiders warn it won't come back until 2030. Today we break down the accumulation race, DeFi's $300 million Aave bailout, and why the next 10 weeks could define crypto's future. Learn more about your ad choices. Visit megaphone.fm/adchoices

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Call 16-531-2600 or visitconXontario.ca. The Clarity Act has 10 weeks left to get passed before recess goes into August, and we likely don't see any clarity until 2030. So this next 10 weeks could really determine what Bitcoin looks like and certainly what all coins look like for the rest of this cycle. We're going to talk about that and much more with James Butterfield and Andrew Tillman. Not here today. Don't cry. I'll be back next week. Let's go.

Let's go. Good morning, everybody. Welcome to the show. Please do the subscribing or liking thing that I've forgotten for the last seven months to ask you to do. But you can't blame me because I'm here on vacation. I don't know where I am,

but it's a nice background. I'm going to go ahead and bring on Andrew and James right now. Good morning, gentlemen. How are you today? Good, thank you. Good, good, good here. And it's fun to be in this industry, never a dull moment, as they say.

Never, ever a dull moment. You know, a meme coin gala, man. I didn't want to talk about it, but like the minute it feels like we might be serious, our own stupidity just kicks right in. I mean, Trump sees he's not helping us right now. Well, you would think that, you know, the meme coin movement ended, you know, the better part of 18 months ago. It's as if that crowd forgot that that was the case.

So yeah, not a great look, but it is what it is. It's not a meme coin gala. It's a politics gala and there is no end to politics and there is no end to money being raised on behalf of politics. So that's how the meme coin gala should be seen a fundraising event. It is what it is. Yeah. Listen, the Bitcoin conference is going on right now. in Vegas and

you know, half the, not half, but several of the speakers are effectively feds. I mean, so you know, that's a tough, that's a tough look, right? That's a difficult look. Have a video, but we're going to get

into the real show, but I happen to have seen this video, my wife sent it to me yesterday. This, I think, confirms a lot of what we've anecdotally discussed about where the markets at, but also the Bitcoin conference itself. Andrew, you and I participated heavily last year. We both decide not to go this year, right, for various reasons.

This is Cash Patel and Todd Blanche, the deputy, the FBI director and the deputy attorney general who should have been like rock star treatment on stage. Providing your hotel's providing reflects that you're not just law enforcement. There's like 12 people in that room. Yeah. Maybe 100. But I mean, if you want to see the state of affairs is to your point. Like I just happen to have that video.

It's like the feds are on stage talking about. Bitcoin and nobody's watching. Well, I mean, it would have been better given that both of those guys maybe have something a little bit better to do given the assassination attempt on Trump just 48 hours ago. Yes, they didn't physically attend the conference, so they adjusted that, but they still gave their talk. That's kind of a bad look, I guess. You know, last year, I remember because we were, you know, Arch Public were really, really big sponsors financially. So, you know, we were able to go just about anywhere we wanted to. And I remember several spots that I wandered into where I was physically stopped by

secret service. And so, again, going down a path with just that particular event that I've just, you know, gotten a little bit philosophically uncomfortable with, and that's okay. There are all sorts of events in our industry. that we can choose to or choose not to be involved in. And, you know, just chose this year not to be involved in that one. Funny, we're going to go on to the actual show now, but I saw reports that the samurai, that people were holding signs

that said free in a samurai wallet, you know, code is whatever because the head cat, Deletouch, and those people got kicked out of the Bitcoin conference for defending free speech and code. So it just shows you where we're at. It's wild. Yeah. All right, James. Sorry. We made you do that. uncomfortable there by just talking about a conference you didn't go to last year.

But the lead story here to me is obviously our Clarity Act progress. I think we'll get deeply into flows and what's happening in the market. But this is really the story at the moment because this is the first time someone said and Lama said, you know, we have 10 weeks. And if we don't get this done in 10 weeks, everybody recesses until August. From August to November, they care about fundraising and getting reelected. And after that, God knows, see you in 2030. I mean, that's basically what you said here.

You know, and you have at the meantime, you have 100 crypto firms urging the Senate to move on U.S. market structure. I'm going to continue going on record and saying not happening. But James, I mean, how are you looking at this at the moment? Yeah, so I think we're similar to the galaxy in this view that, you know, the closer we get towards the end of May and there's no progress, the lower the chances of it being approved this year. There's quite a few things like,

more important things, if I'm honest, like Iran, that need to be dealt with and voted on. So I think the character could be seen as a sideshow and less important and therefore get sidelined. And that's what we're going to go through. And I just think that, you know, if you look at something like Polymark at the moment, they're getting increasingly skeptical. It seems to be trending in around 45% probability of passing this year. So yeah, it's a bit disappointing. So I've kind of moved on to this idea of like, you know, what kind of impact is it going to have on the assets on Ethereum, etc. if it doesn't pass. Yeah, I there is, I've been saying for probably two months that clarity's not going to happen. And to James's point there, it just, it can't, it almost can't rise to a level of priority that sees it gets fast.

There's just, there's too much else going on. then you have the backdrop of the recess and then elections. And, you know, again, we're in a position where the folks that would push this and pass it, the narrative associated with it, you know, freedom, opportunity, all those things. Those aren't going to be the narratives associated with the midterms. It's all going to be, you know, negativity, just a massive negativity sandwich. and so clarity, something like clarity and crypto is not going to break through and be a talking point that's meaningful. So it's, I just am very, very negative on, you know, anything passing.

And I've, you know, sort of cast a wary eye at anybody that said that this thing is on the verge of passing for the last two months. I don't know if it was just wish casting. I don't know what it was. Mark up next week. Yeah, I mean, I don't understand that. I don't understand why people, and again, maybe it's just political gamesmanship, so that you're keeping some of your biggest supporters slash donor dollars, you know, closely attached to your name and your causes.

But the idea that we were even reasonably close, and you and I have talked about this, Scott, we hadn't even gotten to the part in the clarity conversation about conflicts of interest. And that was just waiting over there so that even if we got past the whole yield stuff, there's a cadre of folks that are just like, well, there's no chance this is passing unless we explicitly put in there that anybody named Trump or associated with Trump can never make another dollar in the world of crypto ever again. And then they had a main coin gala the week that we have a 10 week.

left, right? So I mean, yeah, I mean, that's a that's a poison pill. There's no way this thing passes given that the amount that there's a section of people that would have to move to pass it aren't they're just not crossing that bridge. There's no way that they're that they're going to do it. It's a red line for them. Andrew, Jim, I'm dying because on your screen behind you, I think it was Kramer. Yeah. I think that Kramer right now? He looks like he's here. He's literally whispering. directly into your ear. I want to know like Jim Kramer told you so I can do the opposite. Well, he told me that Bitcoin is going down.

So buy more. By more. By the way, under the guys of Bitcoin going down or going up, isn't it remarkable that there is nearly a direct correlation? You guys were just talking about it before we started the show. A direct correlation between ETF inflows or outflows. and I bid options. I mean, it is, it is talk about the narrowing of, of, of, you know, price action and what moves it, what doesn't. So last week, we have nearly a billion dollars

come into, you know, Bitcoin ETFs. And what happens? You know, Bitcoin melts up from 70 to 79, right? And then we have a day yesterday where the inflows were negative. Black Rock had a big goose egg. and others had a negative to the tune of, you know, negative 200 plus million dollars. And what happened? 79, 78 down to, what are we at? 75, 76 and change now? I mean, it's almost a direct correlation.

It is something. I want to think about that. Like, I've been having this massive chicken egg problem where I don't know, flows lead price or if price leads flows. And I'm also assuming that when we see Black Rocks surpassing Derbitt and option, open options and just seeing how popular options are in line with like massive inflows,

although we did have outflows yesterday, that you can just assume that we're getting very excited about flows that are not coming from retail, but they're probably the carry trade. People are sure options, interest that's selling the calls while they're buying Ibit on the other side, earning that yield and all the day. So if you speak to a lot of the hedge funds like some of our clients, you know, they're increasingly combining the basis trade with the momentum. The two are inherently linked. So as soon as the price falls, the basis trade just evaporates.

And it exacerbates the price falls and the price rises too, because people exit out of the basis trade with negative price momentum, as we've seen. We've seen massive leverage declines as well in the Bitcoin market. And so we do see these huge outflows. And if you look at last week, we saw, was it, or months to date, so we've seen $2.7 billion or $3.2 billion. into Bitcoin and 2.5 of that was month to date.

Sorry, yeah, so 3.2 month to date and 2.7 of that was eyeshares, sorry. So pretty much all the basis traders are trading eyeshares because the most liquid are the most efficient. So you could argue that a very large chunk of those flows are to do with the basis trade. And we've seen that positive price and momentum. So people pile in very quickly. You know, our traders are staying, we do play the basis trades too. And our traders are looking at the yields and thinking,

oh, the yields are starting to get a bit more juicy again. It's about 5% right now? Yeah, roughly. Right. And I said this, I guess, yesterday. So I don't want to be too redundant. But Goldman announced their new ETF product that they're going to launch, which was on the back of BlackRock announcing a similar.

product, which is a income Bitcoin ETF, which is literally just buy the ETF and they make that trade for you, correct? It's buying Ibit instead of Bitcoin. So Deribit buys bit, you know, that you see people on Deribet are doing that trade with Spot Bitcoin, presumably. Goldman's going to do it with Ibit as the underlying instead of Bitcoin and then sell calls against it. It's just go buy this fund and we do the carry trade for you. And you earn a yield and your upside is less aggressive than if Bitcoin, you know, Yeah, the danger is that people look at it like a bond yield, but it's not. It's obviously waxes and wanes with the momentum of the market.

But yeah, I think it's a very good product to be thinking about and it's a little bit of of icing on the cake if you're investing in Bitcoin. I do think it's not a bond. Not a bond for anybody who remembers the last cycle when it was the widow maker that destroyed the entire because they were doing it on GBTC. which was itself going on premium to discount, which is not like time. But still, it's not like a risk-free rate. Which, by the way, if anybody's checked, GBT flows over the last several months. It's just that that product continues to bleed spot Bitcoin nearly every day.

That's never slowed down, by the way. It's continued unabated for the past 18 months, not surprisingly. it's worth noting the difference in traditional financial organizations. So Morgan Stanley decides to do a pure spot Bitcoin ETF. Goldman Sachs decides to do a strategy type of ETF, not Sailor Strategy, but strategy as the word is supposed to be used. ETF. And so that gives you a window into their customer base, right? So Morgan Stanley is the creme de la creme of retail wealth management.

Goldman Sachs is on the opposite end of that associated with ultra high net worth investors who basically, you know, tow the line between are you an institution? Are you a family office? Because those folks generally have 50 plus million that they're working with at Goldman or else you just don't qualify to work with Goldman. Versus Morgan Stanley where you've got 2 million or 7 million or 15 million long at the firm. So very, very different audiences, which again, you know, push their particular reason for doing those two different products. I'd say the kind of launch from Morgan Stanley has been slightly disappointing this.

I think it's $185 million of inflows since launch. Slightly disappointing, particularly when you've got Leviathans like I Shares bringing in $2.7 billion over the same time. But I just seeing it, I mean, it just feels at the moment like an ice shares show and nothing else. All the other participants year to date are just nothing like the scale. I mean, grace and fidelity year-to-date and ARC21 shares are all in a net output position year-to-date. So it's really hard market when you've got such big players like I-share to get a share of it.

It wasn't that like pretty well telegraphed from the very beginning? First of all, it was Black Rock, right? And Larry Fink was at the time sort of the spokesman for the industry like Wall Street, Satoshi. but then through favorable treatment, I guess, arguably, they got options first. And then they got the unlocked on option size first, right? It was like, remember there was like a capped contract size. And nobody else even got to participate in that market from the very beginning. And everybody, I mean, rationally knew that if you get options, it unlocks flows in a way that nobody else is going to have.

And once you have the lead, nobody catches up. So like that was like, like, predestined. It's good to be BlackRock, right? I mean, that's the headline there. Well, it's funny. You say that. Gray scale, despite its outflows, it's still making more money than all the other ETFIs. Because of the fees. Yeah, it doesn't feed. Yeah, so that I think is the important thing here. If you can't beat them on scale and volume, you need to innovate. And that's what we're thinking a lot about at coin shares is when we've listed in the U.S. and we're launching new products in the US and they're going to be much more actively focused rather than just straightforward

passive instruments which there's not very little sort of compelling margin there now so it's a race to the bottom I can't even remember what I shares fee is now 10 basis points 15 basis points or something but yeah is that's probably not the clever place to to be launching product Morgan Stanley for a Bitcoin spot came in at 14.14 which was a low which is a low yeah I think BlackRock is in the 20, yeah, 20. 22, maybe, 21 or 22. I will say, I'll take the other side of the Morgan Stanley thoughts. I know a lot of people at Morgan Stanley and have for years.

They're internally not disappointed with their launch. They think they're going to get between $750 million and a billion by the end of the year in that product. It's kind of tracking that way for them, given their involvement in ETS or, limited involvement in ETFs. That's a big number for them. Yeah. I mean, they just have a built-in sales team to go sell that product. I mean, that this is like an internal product. Maybe they'll compete with flows elsewhere, but this is about Morgan's family not giving a bunch of fees to Black Rock when they can just Yeah, it's just about demand, right? It's just about demand. I will tell you that there are

whispers that they'd like to get into the option space. But again, given the scale of what BlackRock is doing it's it's they they have to pull in they've got to get above a billion probably two billion in their product to be able to get there uh which then will unlocks their ability to do the same type of products that that black rock and goldman's doing again even though you know we're in the space right and there's negativity there's um you know it's it's a tough it's a tough time has been for the better part of you know let's call it nine months um Outside of that, there continues to be this understanding that what's being built around digital assets

and the foundation of that being interested in Bitcoin isn't going away and will continue to push forward. It should be noted that even as there's this big push forward across digital assets, you know, I took a look at flows associated with things that aren't spot Bitcoin. ETFs and boy is it an ennic. I mean, it is not everywhere actually. So we run a blockchain equities fund and we've seen it's $1.4 billion inside 1.5 now actually. We saw 155 million dollars

of inflows last week last week on our fund. And if you take that kind of sector of crypto, you can call it that it's seen $617 million of inflows over the last three weeks. Suddenly there's a interest in things that aren't necessarily a token, but express the growth potential in stable coins, the Clarity Act and Genius Acts. And people are looking towards equities to do that. There's definitely an influence by AI because a lot of Bitcoin miners are heavily involved in AI now. But I do think that's a really interesting thing that's happening.

People are sort of widening or broadening their exposure to digital assets in quite a imaginative ways over the last three weeks. Yeah, people are trying to get ahead of what they think will be the next move in the trade, right? They think that at some point all of the rhetoric and all of the, you know, the making of product that's happening behind the scenes. At some point, there's going to be a meaningful move higher. And, you know, are you smarter to bet on individual entities or per your comment, you know, a blockchain fund, a blockchain product, or a across several type of entities,

is that a better strategy? Because there is a belief, it's not really a belief. Like, I mean, if BlackRock is certain that tokenization, and by the way, Morgan Stanley has now become, you know, a secondary version of the BlackRock narrative, Everything's going to be tokenized. Tokenization in crypto and tokenization is the next thing for us. It's everything to us. That's where we're all headed.

And their leadership keeps saying that. Well, then you have to have some sort of exposure to the industry because it's written on the tablets, basically. Like it's going to happen. So how can you make money when and how it happens is the question? And so these flows make sense because you have to have exposure because at some point there's going to be a meaningful move higher across whatever assets end up taking that ride. But, you know, again, when Larry Fink decides on a path, he's very, very wrong. He's rarely wrong. I mean, just rarely wrong.

to your point, Scott, you know, BlackRock decided, well, I bet options makes sense. So we're going to be first in line. And also, we're going to dominate. We're going to get the first unlock and all the unlocks and nobody else matters. Yeah, I agree. I think James, what you said is so key, is that we're just playing in a different capital pool now. Right. I mean, there's flows.

You just can't look at them on coin market cap. And we saw this starting last year. Actually, like, listen, I've gotten a lot of things wrong over the past few years. One that I think I got right very early was that there was going to be an alt season and it was going to happen. It was just not going to involve tokens. It was going to involve crypto-adjacent equities, right? That was from the middle circle launched, and we saw the price action. E. Toro did well and bullish and all these.

But I really think that that's where the money wants their big money wants their crypto exposure. Yeah, you think about the themes that have done well in crypto over the year. is it was Bitcoin mining. That did really well. And then it was token investments. You know, you look at the MNAV premiums. They were huge. Now they settled around one.

So you could argue the hype's gone from that sector now. And I think where it's moving now is this token equities, tokenized, or not tokenized equities. Companies are getting involved in tokenization, basically. There aren't that many of them that are, like it's a big part of their revenue pool. I suppose the closest one to it is still very. small part of the revenue for but it's black rock but i do think that's going to be this next hype theme following on from you know that's this is the next one that's going to really you know

be hyped up do we think treasure debt digital asset treasuries come back i mean i think that uh some of them are priced at a massive discount and actually have great operating businesses and could do well i mean didn't i mean i'll say one guy one guy that's uh see i don't even want to talk about sailor anymore because we all know but i mean probably ain't stopping here you know 294 million ethereum i just said that like it's a wartime hedge or like money i don't know what he said i just think don't get your hopes up that we're going to see the same premiums and now we see in the past oh yeah i just you know yeah some of them are trading at 40 percent discount to mnab and that that should recover at some point when sentiment improves.

But I don't think that there's heavy days of three, four times and never done. We won't ever see that again. And it does, it makes sense that they trade it around the one times end up, Mark. Yeah, you know, I come back to, you know, saying that I use often on a long enough timeline you're right and a long enough timeline you're wrong. digital asset treasury companies there are going to be those a few that will survive a few of the survivors will pivot either correctly or get lucky and somehow their survival will mean that five years from now their share price will be 3x to 5x what it is now but how many people

have the balls to buy such and such you know token a two equity at $2 or $3 or $75 and take that, you know, three to five X ride very, very, very few people. But survival is something to be, you know, of interest. And where does that go? What do the pivots look like? We have absolutely no idea. We just don't.

There may be some that are acquired by much larger entities. And that acquisition price is a meaningful, a bump, not just bump, but a huge number versus where they are now. But again, you know, trying to figure out who is, that is going, that's going to accrue to is, you might as well go to Vegas and, you know, bet it all on black. I mean, you just, you have no idea. James, I know we're running up against time for you here, but I don't want to miss on any great insight that you might be dying to share with us right now. I think like some of the things we've been discussing with our clients is about the Iran war

and just how beneficial it has been for Bitcoin this time round. I mean, we did a calculation just so this is a bit of size showed, but 2.2% of GDP, Bitcoin volumes and trading volumes in Iran represent 2.2% of GDP in Iran. So there's clearly becoming quite popular there. but also just the relative price action. Gold's down 9%. Bitcoin's up 22% in equities are down 3% since start of the war. And that is really, to me, showing its crisis resilience.

This is the first time we've seen a true sort of worldwide geopolitical crisis like this. And Bitcoin's performing in this way. It's incredibly encouraging. I appreciate it's come from, it came from quite a low point at the start of the war. But, you know, I also think that, you know, Trump has a habit of announcing stuff on a Saturday morning, early Saturday morning. And what can you trade on a Saturday morning? Nothing except for crypto, particularly Bitcoin. And we've seen that desperate need for liquidity during the weekend.

You know, the crisis broke out on Saturday morning, you had to wait two days. days to trade oil and gold. And hyperliquid is fascinating in this. If you look now, it's trading at times four and a half, five billion dollars a day in trading volumes. That's the same as a London stock exchange. That's huge. And it is trading it in things like earlier on in the year,

it said your basement trades to gold and silver, and now it's oil. And I think it demonstrates like how good something like blockchain is, it's helping people explain. people express their investment needs through crypto that trades 24-7 super cheaply and super efficiently. And so I've been incredibly encouraged by Bitcoin and hyperliquid and how much it's been used since the crisis. Yeah.

I didn't have on my bingo card oil traders heading to a decentralized exchange to trade with 10x leverage on Sunday. But you know, crypto actually turns out has some use cases. cases and there's the benefits to being 24-7-365. Awesome. All right. Well, James, thank you so much for joining, as always. And we will look forward to having you back very soon. Thanks, James.

See you guys. Yeah. I'm always expecting somebody with that accent to end with a cheers. You know, cheers. I should have. Cheers. You know what I mean? You know what I mean?

I'm reminded. of, you know, probably, I don't know, nine months a year ago, one of our buddies on this show talking about volatility basically being the game on a go-forward basis, like the gamification of trading, the gamification of, you know, basically generating returns. And Jeff Park was that guy, you know, wrote his version of white papers on it. Can we hire it? Yeah, we should. I don't know for what, but he left ProCAPs.

I'm just wondering, can we hire him for some? I mean, I think the ProCAP fall out there is fairly simple. It was, you know, they made an adjustment from being a quote unquote treasury company to now there to, let's just call it, an AI agentic type of entity that's leaning into AI versus leaning into Bitcoin as a, you know, foundational piece. piece. I just want to hire him. Yeah, exactly.

I mean, I would imagine that... I have Jeff Park. Yeah, I mean, I imagine that line is probably long as the folks that want to hire Jeff. But he wasn't wrong. I mean, if you think about it, to your point about did you have on your bingo card that, you know, oil traders would be moving on the weekends to decentralized exchanges or whatnot, you know, leveraging tokenized oil. yada, yada, yada. That's where we are. And that's not going to slow down anytime soon.

In fact, Jim Kramer just whispered that into my ear. I don't know if you noticed that in the back there, but he's been whispering into my ear all sorts of stuff. And he whispered into my ear that tokenized oil is going to be the biggest trade on Robin Hood. I'm saying these things because I'm not entirely sure you're listening to me, Scott. You're taking notes. You're doing things there. You're ADHD. I have a screen down here where I do research. I was verifying James' Butterfield's claim. I wish I could copy-based it on the performance of these assets since the war. Yeah. No, it's, it has been interesting the vacuum that has been the war,

what our expectations were around asset prices and what would work, what wouldn't work. And it's so interesting how wrong we often are about certain things. and it's why I've said so many times to so many people, if trading and getting in the moment calls right were somehow as easy as we think it would be, then why are there only like about five to seven, you know, world-renowned hedge fund quote-unquote traders that even exist,

that we could name the Jim Chanos's of the world, right? the Stephen Cohen's of the world. Why are there only four or five that we can even name that we know of? Because it's so, so, so very, very, very hard. Everybody, everybody was convinced that Bitcoin was going to potentially follow the markets. The markets were going to get bombed. Bitcoin was going to trade into the 50s. It didn't happen.

In fact, it went the opposite way for both. Bitcoin and as a corollary the SP 500 right so how do you navigate those waters how do you find a way to benefit when you know when Bitcoin was at just under 79 early yesterday I put a post out that Bitcoin is up 20% in the last 30 days because it was right well how do you how do you take advantage of that how do you find a way to to take advantage of that with that you just being the smartest guy in the room every single time where it's it's this right it's arch public so when your archpublic setups are buying bitcoin at 64 and then it trades up to 79 and you continue to hold uh meaningful portions of that 64k buy and several buy 62 64 67 66 um you can't do that on your own

You just, you flat out cannot do that on your own. And if you spend even a few minutes in the world of crypto Twitter, you would have been told several, several times you're crazy to buy at 66 or 67, because we promise it's going lower. Instead, you can use tools that do it for you and without question are smarter than you and stay up 24 hours a day, seven days a week. So let's talk about what is what we have on the horizon at Archpublic because innovation is the foundational principle at Archpublic. So we just released a new set set up and strategy called MarketWave, which is absolutely extraordinary.

The performance associated with MarketWave and the adjustments that are there are mind-blowing. It'd be dumb for us to put out product that doesn't push the envelope. on performance even further than Oracle, even further than our arbitrage, even further than, you know, all the products that we put out. And so MarketWave does that, it does it in a very simplistic way. So we just launched that last week. So you've got to go take a look, talk to our team, talk about what it is that MarketWave is. Since January 1st of this year, I think Bitcoin is down 8, 9, 10, 11%, whatever the number is. Using our market wave, Valgo, with the settings that are the stock settings, you'd actually be up about 12%.

Again, a variance of more than 20%. There's other things that we have coming to market that you need to talk to us about. We are about to release a tax product. Well, what do I mean by a tax product? It's a tax loss harvesting product that does it for you. Instead of you manually having to figure out, well, how do I harvest? losses associated with my portfolio or even manufacture them because I want to offset losses, not just in crypto, but in other assets across my entire investment portfolio. Is there a tool

that will do that for me and generate losses from a tax standpoint on my behalf? Yes, that product is about two weeks away. Yeah, that is going to be a meaningful, meaningful, meaningful product for us and for our customers. By the way, we just crossed the 25,000 customer number, which is a big number. So yeah, we are growing fast. And that growth, again, has to do with innovation. So if every month there's a new product, if every month there's a new strategy, if every month there's a new announcement, and it's accretive to what you're trying to get accomplished, you know, tax loss harvesting and doing it automatically and agentically, that's a big deal. There are no other products like that out there that are available for retail,

right? You may be able to go find those if you're a massive institution that is doing a bunch of different strategies on behalf of your own multi, multi-billion dollar book. But can you do it if you're a guy with $107,000 who has a $32,000 tax burden that he's got to find a way to offset. You'll relay our tax loss harvesting. Also, we get this question all the time. Because we generate so much profit when it comes to just arbitrage, trading and the work that gets done there, well, what if I can't do that in a qualified account? What if I haven't set up an IRA?

and this is all just generating additional tax burden. Well, if we've got a tax product that takes that all the way, that that removes that question. It is a plus plus for your overall portfolio. Then the other thing that's coming in the next 60 days is Arch A.I. So Arch A.I at some point is going to be a part of our platform. So instead of you having to use GROC or ChatGPT or Claude or Perplexity, to ask questions about setups that you're doing inside of ARCH,

you're going to have an internal, an internal LLM that you're going to be able to interface with just within our ecosystem, asking the same questions. And it obviously will do a much better job of evaluation and commentary and feedback because it's going to be built on the scale of feedback inside of ARCH's ecosystem.

So innovation continues to win the day. at Arch additional products, market wave, tax strategy product coming to market, Arch AI coming to market. Yeah, we just don't stop. I mean, the idea is just to give people as much value as possible. Ask them when they get to our concierge level to pay us one time and then never pay us again. There aren't any ongoing fees. And if you just want to use our product with $150 on Coinbase or Gemini or Crackin,

or okay x go ahead and do that and uh do your own little version of a trial and set up you know buys and sells or whatever it happens to be with 22 dollars at a time i'm sure if i'm looking at my phone now i'm actually looking at my phone because i want to check the portfolio because people are asking for my lost porn i'm not going to show it but i'm opening robin hood right now and i'm currently down entire entire portfolio for people asking uh 15.21% today. Yeah. 15.21% on the entire portfolio.

Let me look. Let me look. I'll pull a little thingy. So Bitcoin is currently down 40% since we started. Yeah. At top of the market. So outperforming that by wide margin. So we've been doing Bitcoin, Salon, and Ethereum.

So Salana peaked, you know, like $300, but that was in January. So we're not going to use that as the top. That would be down. over 70% by the way. Right. We started, it was around $245 or so. Yeah. And currently trading down 66%.

Yeah. We have Ethereum down 66%, Bitcoin down 40%, and my portfolio is down 16%. Yeah. And that's good. Yeah. I mean, so that's a variance of in aggregate at about 30, 35%. And so think about that. You're going to, you're going to outperform.

the market by 35% in down markets. You're going to outperform markets to that end when there's up markets. And when there's sideways markets, you're going to end up with more of the assets that you want anyways, right? You're going to do all of those things at the same time. And by the way, in a couple of weeks, we're going to have a tax strategy out that you can overlay over top of all of it and say, well, I just want to make sure that this is dialed in. So if everything goes, up 50%. I'm not going to generate meaningful taxes. Because I'm lazy. Yeah.

It's cost me a lot of money. The other day, when we were in the 60s, I was like, I'm going to sell the whole portfolio and buy it right back and just harvest the losses at the bottom. But then I was like, it's not going to be as easy for me to just look at my cost basis, but I just opened my app. I didn't do it. That's kind of the whole point. So if you're lazy or if you don't want to set it up yourself.

If you guys had to sell that for me at the bottom, because of tax loss harvesting, we'd be in a real good shape here. I mean, listen, it's, here's the reality. If you're on the edge of innovation, and the edge of innovation is very, it's a really small place to be. It's a nice edge. And that's where Archpublic is. But we give you products, one that are easy to use, but also we have a huge team of people where we don't ask you to be on that nice edge by yourself.

You can talk to humans like me, Josh, Daniel, Austin, Smitty, Martin, a bunch of people that you have access to at all times who will walk you through this so that you aren't making any mistakes. Like people think that agentic investing where you're using, you know, AI to work through a process and then you just click go and, you know, you know, and then everything will be good and nothing will be bad. Nobody knows how to do that. Nobody wants to do that. Like, that's what we found. The question that we get most often when we speak to people that are either in our concierge or on their way into their concierge, you're like, can you help me with this?

Can you help me do this? Right? That's the question that we always get. Like, love the idea, love the products, love the performance, love the people. but when it really gets down to it, can you help me do this? And the answer is always yes, right? Look at your own journey, Scott. Like, hey, sure, I'd love to do this myself,

but you just admitted you're either too lazy or don't have the time or whatever it is. Then you get on emails and you get with somebody and, okay, now I'm running 13 of these, right? Because our team is always there to help you with it. Yeah, it's the best of both worlds is really what it is. again, I, you know, Gemini's a partner of ours. And when I say partner, we just, you know, you get better prices on commissions when you

I know what partner means in 2026. Yeah, yeah, it doesn't really mean anything. But, I mean, they just announced agentic trading on their platform. And when you go to that, we talked about this last week. They're asking you to do Python code on their, on their platform. Like, what, who made that decision? How many people are actually going to do that? I can't imagine.

I'd never do it. Right. And so people that have meaningful capital, the reason why they have meaningful capital is because they don't want to do that stuff. They want to use some of that capital that have people do things with and for them, not create code-based something that they don't understand. I don't know. It's, I'm afraid of the AI. Yeah. You know, AI? I say the AI. The AI, right? The Internet. It used to be the Internet. Quantum is coming for me. Yeah, quantum is coming for you. Quantum is everywhere.

Yeah, quantum, so we've gone full retard in crypto and quantum. Just for the record, you never go full retard according to the movies. Yeah. But now we're like, maybe we're going to freeze Satoshi's coins. Maybe we're going to do that, you know, freeze them. Maybe we're just going to split the whole chain, you know, do a hard fork, go into e-cash. Yeah. So half of what I want to just post on X these days having to do with some of the narratives and commentary in our industry is just the meme of Will Farrell in the racing car movie where he goes. Holiday a night.

Yeah, he goes, it's the meme of him going, that's just dumb. That is dumb. Yeah. I'm about doing my hands. I don't know how to do my hands. And there's so much, there's so much dumb commentary. And really when you get down to it, if you, if you're forced to or if you think you're forced to, and this is what social media almost forces on you, if you're forced to think that you have to comment on everything, more often than not, you just kind of sound dumb. I learn that every day. Yeah, of course you do. It's part of your brand.

So, uh, there, so like Project 11, like Project 11, like Project 11, they'd just be better if they just shut up and just do the work that they're supposed to be doing associated with quantum. But it's almost as if their founders and some of the people associated with that project feel like they have to comment or prove it's just. I'm tracking it. I had the guy on the show. He was nice and smart,

but I don't track it. And I just see that I get the like broad strokes. Everyone's mad at Nick Carter. That's what I saw. Everyone's mad at Ben. I just see who everybody's mad at and hope it's on me. Yeah, right. Well, it's, I mean, there's a reason.

There is a, there's a decent way to be fairly transparent. It's not hard to do that. You know, Nick Carter would have come out and say, hey, listen, I think this project is, is meaningful. I think this is something that should really be studied and understood. And I want to be a part of that. So I've invested in this company. I've contributed to this. and here are my thoughts, as opposed to the world's coming to an end.

Bitcoin's going to be broken, and you should sell your Bitcoin. And then six months later, yeah, you know, I did invest in that company that's here to kind of fix all the problems that it feels like I kind of created for the last six months. Like that just, it's very difficult to trick people these days because the Internet exists. And now AI exists where you can just plug this in. is this legit or not? And it's going to find, it's going to... Ironically, you can use AI to trick people really easily. That's true, right?

That's also the other thing, right? That's also the other thing. Which, again, makes people very skeptical of Kevin Warsh as a sock puppet in like five seconds. That wasn't... And now people think he is a sock puppet. But that's the irony of it all, right? Is that to that end, it's very difficult to people are more cynical than they've ever been. so you have to go even further.

Right. You have to go even further with transparency, right? You have to go even further. It's probably the main reason why we offer quite literally 99% of our products free. Because if you come at us and say, yeah, Sock Puppet, if you come at us and say, ah, that's not true or that doesn't work, or this is this you know how are you making money uh you know the exchanges are paying you how is this we just say hey listen products free go try it out if you hate it don't use it if you hate it

tell us why it's free go go and use it we're not going to charge your dime there's no there's no cost to you there's no risk here just go do it tell us what you think and that's that's pretty rare in this space yeah right yeah you know like say Oh, that was better. That was better. And then we said that he looked like dark helmet because of his hair. And then so we made it. I did this on Yahoo Finance.

I showed three needs in a row because it took me one week to completely give up on trying to even try. I'm trying to be serious. We're like through two weeks of rehearsal and every time. They'd be like, just be yourself, man. I'm like, I can't, you know, I can't be myself. And now it's like saying things like full retard. Yeah. And I mean,

sock puppet memes that I'm making in real time while trying to talk on the show. Well, you know, you got to put five minutes ago, great. You got to put butts in the seats, and that's what we're here to see Scott Malcolm. Yeah. Yahoo shows killing it, man.

Killing it. That's good. I'm not allowed to, I'm not allowed to share numbers and stuff, but I would say that that guy that was whispering in your ear earlier. Yeah, yeah. Coming for him.

He stinks. Yeah. I'm the mad money of crypto. The movie, the movie that they made with George Clooney was as terrible a movie as ever been made. But I mean, when you rose to that level or they're making movies about how crazy you are. Maybe they'll make a movie about you, Scott. I can't wait, but I would like to make a movie about Archipublic. So here you guys go.

Sign up, Archipublic.com. So many new things coming. I want tax sauce harvesting like yesterday. Yeah. Yeah, that's going to be a big one. We think it's going to be a huge one. It's going to be, again, retail, you know, haven't had access to that or other things that we're doing for such a long time. And here's the other thing that need to be said.

There's going to continue to be the idea of agentic investing on crypto exchanges. Please be careful. If you're creating agentic stuff or using that stuff that's native to those exchanges, they see it. They can front run larger entities that are moving of size. And we're platform agnostic. We work with everybody and anybody and our stuff stays off the order books. So just be careful. And again, use it for free.

You can use it with 100 bucks, 200 bucks, 500 bucks, whatever you want. Come and try it out. And we'd be happy to work with you. Shake and bake. That's right. Shaking bake. If you smell something crispy and delicious coming up behind you, shaking bake. All right, that's all we got. I missed the gentleman a little bit, but not a lot. Yeah, I agree. That's probably true. That's probably. I feel that way on a daily basis.

You know, I'm like, should I call them and see what's going on? Nah. I don't know. Yeah, people are saying that the Yahoo show is good, but there's lots of overlap. And my response was I used this show to steal ideas from my guests for the next show. If that's the Drew Saltus that has a demo with me today, what's up, Drew, I know you're on my schedule. I'll see you in a few hours. And we discuss the real Scott Milker. Oh, God. Okay.

It's over for me. I don't want Andrew giving anybody that big, dark, deep. Thank you, Andrew. All right, guys, we will subscribe the Daily Wolf at 12 and, of course, tomorrow. Thanks, Andrew. I would go clean out your ear, man.

Kramer was deep in there. Cheers again. I'm leaning in. He was like, Bye. Bye.