The Wolf Of All Streets - Will Bitcoin Drop Below $100K?

Episode Date: August 6, 2025

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Will Bitcoin drop below $100,000 in 2025? Polymarket traders are betting slightly that this will happen. We're also seeing a bearish tilt in options and a lot of indicators that at least some people believe it's time to take some bearish bets before the end of the year on Bitcoin price action. That's just one of many topics I'm going to dig into with one of your favorites, Peter Cheer, who's here to join us today. Of course, we have Christopher Inks of Texas West Capitol on the back half to break down what he's seeing in the charts. Let's go. Good morning, Wolfpack, and happy Wednesday to all of you. I'm going to mention it later.

but sponsored by Aptos today here on Wednesdays, as always. The main topic of the day today is Bitcoin Price Action, starting to see some evidence, at least that many traders believe we're going to see much lower prices. Do you discuss that today with Peter? You're going to bring him on right now. Good morning, Peter. How are you?

Not too bad. Yourself, Scott? I am doing great. So listen, the crypto market's been chopping around, right? I think everybody knows we had a bit of a dip. over the weekend, after all of the job revisions currently trading, let's see, about $114,000, Ethereum is seeing a bit more downside than Bitcoin in the last week's trading at 3588. But clearly, you know, we have a bit of bearish sentiment in the market that's going to just

been profit taking, but chopping sideways in a range. First, your broad thoughts, and then I'll show you some of what's leaning bearish, at least, from what we're seeing. You know, I think part of this is natural, right? There was a lot of good news that came out for the crypto community. I think the crypto community was well ahead of that. There were some early adopters who figured this out. And now I think, though, there's that slippage, right?

Okay, where are we next? Who's the next adopter? I think it's going to take a bit of time. Certainly, we're having conversations with people trying to figure out, what does all this deregulation mean? What is the fact that we should see a slew of new stable coin products come out? So I think this is kind of that natural pullback as you kind of had the profit takers and you haven't yet had that real new wave who fully understands maybe the impetus of where we're headed.

And also people, I think, are trying to figure out, as at Bitcoin, is it Ethereum, is it all coins? Who's going to really be the big winner of this? Yeah, that's become a bit more muddled, I think, in the past few months as Ethereum has started to outperform. I mean, Ethereum, you know, listen, it's a bit misleading to measure something off of the lows, obviously, because you have that reactionary bounce and reversion to the mean. But since Ethereum bottomed against Bitcoin, it's up roughly 80%. I mean, I can show the chart right here. So you had it way down here on that ratio at 0.117.

I mean, currently at 0.031, it had almost doubled here at the highs. It's making a higher high. It's breaking above the 50MA. There's clearly a lot of interest, renewed interest, I would say, in Ethereum, which spent years as the most hated asset, I would say, in the crypto space. Right? We had this narrative that it would never be another Bitcoin. I 100% agree with that, by the way.

I don't even view them as the same asset class, but we can get that another time. But that Solana was basically eating Ethereum's lunch, right? Faster, cheaper, and Ethereum was sort of caught in the middle. But Ethereum looking pretty good still here from a technical, and I think fundamental perspective, especially once we got the Tom Lee treatment. Yeah, and I think, honestly, you're quite right that I don't see Ethereum and Bitcoin really as competitors at all. They're kind of two different spaces. And what I think you're seeing is a little bit more interest, possibly from institutional investors on the Ethereum east side.

I think they view it as a little bit more modular, a little bit more controllable potentially to use than what you're seeing maybe in Solana. So I think you're seeing maybe an institutional gravitation towards Ethereum. And ultimately, just yesterday, I think the SEC passed some, you know, rules that should make it easier to pass the staking that you can get. I think that's been one of the big problems with these things that actually provide staking revenue. it's only so far really sophisticated people who get that staking. And we probably need some access products to let that really grow. Yeah, we're going to dive into treasury companies and what that means for them in a minute. But I want to stick sort of here with Bitcoin price action first.

We have this story here at the block options data show traders hedging for Bitcoin drop below 100K and Ethereum below 3K. Rarely do we see puts outweighing calls. And by the way, that doesn't mean it's going to happen. This is just obviously one gauge of sentiment and how people are trading it. This is generally bigger money. And we're seeing a 10% more puts than calls. Very rare that we see that bearish tilt for crypto products. The heaviest clusters for Ethereum around 3,200, 3,000, and even 2,200 strikes.

And these are for August 29th, by the way, a lot of these. And so for Bitcoin seeing 100,000 and below as heavily betting on a painful move back below, $100,000. That's what the options flow is telling us. We know that August is historically the worst month. actually for crypto seasonally. It doesn't mean that that will happen again. But clearly a lot of betting on lower prices. Here you go.

Polymarket, 53% chance that Bitcoin will dip below 100K before 2026. Listen, that's not the most compelling stat. But if we were in that FOMO complete insanity phase, that would be 10%. Yeah, you know, kind of as a contrarian, I actually like this. I think, right, you've kind of lost some of that FOMO. It's giving time for a base to build. I do think some of the. the policies that were scaring people that, you know, de-globalization, a little bit of that's

reverting back to the mean and, you know, everyone's a little bit more comfortable with where the president's policies are heading. But I think, and I think there's been maybe a little bit disappointment in terms of, you know, setting up the sovereign wealth fund and crypto being a big asset in that, you know, that seems to be slow moving. I think in general, though, this is all headed the right direction. It's going to take time for institutional institutions to develop products in and around this. I think that's where people kind of forget it, right? The Crypto community can move almost at light speed, you know, the large corporations, they're going to have to go through this, they're going to be careful, they're going to make sure

they're not, you know, doing anything at risk. So I think we're forming a pretty nice base. Maybe we get to $100,000. I doubt it. Yeah, that would be a pretty sizable dip from here. But listen, I mean, that could be a day of price action for Bitcoin, right? We could go to bed, we could hit 99 and we could wake up and they could be back at the same price and we wouldn't even know it because that's what happens in this market. But clearly people are willing to make relatively big bets. I would imagine most of those are hedging against a larger spot position. I don't think people are naked shorting Bitcoin with a bet below 100 with a specific time frame attached. I just very seriously doubt that. Yeah, that makes sense to me. And also, like you say,

anything can happen on a weekend in particular, it feels like. It feels like more and more of the trading and price discoveries occurring during U.S. trading hours with the advent of the, you know, and the pie the dip mentality that seems to be pervasive. Yeah, and all the stupidity happens on the weekends when Wall Street's in the Hamptons. It is summer after all, right? So listen, and some more evidence sort of leading to what we're talking about here with Bitcoin versus Ethereum, Bitcoin ETFs bleed millions for fourth straight day. As US stagflation fears way on Bitcoin and stocks,

we can talk about if that's actually because of stagflation. But the interesting topic here is, once again, we had 196 million withdrawn from Bitcoin ETFs yesterday. At the same time as ether ETFs, even in this bearishness, saw 73.22 million. increase. So Bitcoin still getting outflows. Clearly some of that is flowing into Ethereum. The narrative that they're giving, by the way, is because of this. And this is actually relatively big news. U.S. SEC says certain liquid staking activities fall outside of securities law.

You might remember that during the last administration, Cracking got charged for this and others. Jesse Powell, the ex-CEO of Cracken and the founder actually had a hilarious tweet about this. He said, cool, can I get a $30 million refund? Because I think that's what it cost him to fight the SEC on something that's now clearly not a security. But yeah, this should give it a bump, right? Because this is on that path, as you said, to getting staking in the ETFs and people understanding even what staking and liquid staking and all these things are. Yeah, no, I think that's all right. And you kind of look, one of my views has often been that you kind of have the people who invest in disruptive stocks. So whether it's the ARKKK, you know, Kathy Wood ETF, you've seen kind of similar

patterns and price action stuff. So I think, you know, people have a, there's a concentration of wealth in crypto disruption. People tend to own the same thing. They often work in those industries. So I think it's kind of natural that it kind of moves almost like student body left, student body right? You've got to protect yourself. And if you're seeing losses or concerns in one part of your portfolio, okay, you know, the typical reaction is, well, something else is now down 5%. This hasn't really moved. Why don't I hedge against the thing that hasn't moved rather than sell what's already down. So I think it's kind of a natural portfolio allocation. And I do believe that since we've had the crypto ETS, it's tied much more to stocks than it was in the past.

There's obviously variations of things, but people just see the crypto moves show up in their, you know, 401k or whatever their portfolio is that has these ETFs and they react accordingly. Yeah, I agree with that. And just one final thing, as you kind of mentioned, people liking to take on these sort of esoteric products like ARKKK and finding different ways to take risk. Well, one of the biggest ways you could take that risk is what's the. leverage bearish strategy ETF, which is basically micro strategy short, right? And that's actually been performing

exceptionally well and many pointing to that as another signal that we're in a bit of a bearish bet environment. Yeah, you know, you just look at MSDR stock and I think it barely recovered back to the highs it had was it last November. So it's been underperforming crypto itself. And again, I think some of these treasury companies

at one time they provided access. I think MSDR does a lot of interesting things that create different sorts of access. But as you get more and more ease into the average person being able to get exposure to crypto, something like that, I think these treasury companies and the premium they trade at is at risk, right?

Where is the value add? And again, I think MSDR is light years ahead of others in terms of they've issued all these other securities, letting them capture different parts of the market. But again, it feels like this value ad is slowly dissipating, and it will get priced into market. So, you know, I think that's one thing I read sometimes on Twitter. It feels like people view a negative bet on some of these, you know, treasury companies as a

negative bet on Bitcoin or the underlying. To me, it's just the opposite. I think a lot of those people actually own the underlying cryptocurrency, and they're short the, you know, strategy. Right. And you're hoping for that compression between the, here's the underlying value, here's the nav, where do they compress? And I think that's the trade, not outright bets.

Yeah, so I think we're trading at about a 1.7, 1.8 premium to NAV on micro strategy right now. It seems to have been floating between 1.7 and 1.9. I keep saying this. I'm sorry to be repetitive with every guest, but these are the topics of the day, and it's my show, and I want to talk about them anyways, because it's interesting to me. And I love getting opinions because I'm sort of obsessed with the treasury companies. Micro Strategies premium to NAV is entirely justified in my mind. Dave Weisberger puts it well. he says, hey, J.P. Morgan stock trades at a premium to their net asset value and to the assets

they hold because people are pricing in the suite of financial services and their lead and the strength and the safety. All those things obviously justify it. We know that Sailor intends to be a Bitcoin bank and offer a full breadth of financial services. That premium is justified. We also know that he has very creative and relatively safe ways to raise debt and that he has a path to buying more Bitcoin that people seem very comfortable with. To your point, like a treasury company that launches at a 10x to nav and hasn't even bought Bitcoin yet, that's the easiest short ever if you're also long Bitcoin because that's just a yield strategy, much like shorting a future and buying that's in Contango and buying the

underlying asset in any market. I mean, that's literally free money for hedge funds if it goes certainly the way that you want. So I think that you're right. I think that those are easy shorts, you believe in them because you're just arboring away that premium? Like, why would, why would you own one of these at a 9x if you can buy micro strategy at a 1.7? Right. I think one of the things you will see is you probably see outclose out of some of the ETS, for example, whenever those, you know, premiums dissipate, right? Because that's when people take off the trade. They cover their short in whatever the underlying treasury company is, and they cover their long in the underlying currency to the extent that they were just playing a pure arbitrage. So, you know, I think that's a natural. I think

that's one thing people are going to have to, like, get used to as you see more and more strategies in real-time play out, right? It used to be really hard to figure out what are the flows. And now we can all quickly look at the ETF flows, how accurate they are. They're very accurate for what the ETFs do, how much they represent as the global, who the heck knows. But you can see these flows. And I think you see kind of this repositioning going on, but also some of it's going to be people were buying this against shorting those. And if that premium disappears at all, you'll see a bit of a reversal. And that will put some pressure on the underlying cryptocurrency, but not made.

And I think you can bounce from there. That might well be what we're seeing in the last few weeks, too. Yeah, this has obviously become one of the main topics when you're talking about treasury companies on Bloomberg. But galaxies, Mike Novigrat says crypto treasury rush has peaked, sort of the three key takeaways is they says the rush to create companies that hold crypto services on their balance sheets has likely peaked. I disagree with that because I'm seeing the deals. I think that we're still seeing a massive increase there are the people that will try. Doesn't even mean the launch, but that that will try. He says he expects existing crypto treasury companies such as those holding Ethereum to keep expanding, while new entrants may have a harder time getting oxygen.

That's more in line with kind of what I'm thinking. And he thinks there are a way for hedge funds to gain exposure to crypto and predicts traditional financial firms will move toward a Bitcoin-based market structure over time. I mean, do you think that these things are peaking? You know, I think just the generic ones where it's clearly a Me Too type strategy, those are probably peaking. People will stop paying for that. And I think people want to look, right? If I could find one that was going to pass on, say, the staking revenue of an interesting thing or someone where I really believe that the people, as opposed to maybe the Bixcoin Maximus strategy, said, okay, we are actually very good at, you know, just discerning value within the crypto space. We're going to allocate where we're in the crypto space based on our readings. There's something where there's a catch and it gives you access to something that isn't just one single, you know, crypto and without the staking. So I think people are going to have to be more invented.

And again, if you can create something that really has access where someone like myself, who doesn't necessarily have the time to do this and we've got compliance issues potentially can just access it easily, I think there's still a lot of room for that, both here and across the globe. So it won't just be a domestic thing. Yeah, we talked about this before the show. So micro strategy clearly got the lead because they were ahead of the ETFs. They were a proxy for buying Bitcoin on the United States Stock Exchange, and there was only them

and basically GBT at the time, right? And so obviously, GPTC was killing it despite being in many ways a very inferior product, right? Or it shows, I think, if you can capture that moment, there's still opportunity. And we've seen that to your point with Metaplanet, right? So MetaPlanet went into Japan. There's no ETS for Bitcoin, Japan, no companies that offer Bitcoin exposure. And as an added bonus, if you buy Metaplanet for Bitcoin exposure in Japan, you pay, I think, 20% capital gains instead of 50% on actual spot Bitcoin.

There's this massive tax arbitrage on top of the fact that if you want to buy Bitcoin not spot, this was the only way. So the new wave of treasury companies, as we've discussed, and I got this directly from the mouth of people that are deeply in this, is go find a market that has no institutional Bitcoin exposure and long. a Bitcoin Treasury company to give that to them. Yeah. And I think for the final point, I think that Novigards was making. I think we've just scratched the surface on what's going to become from the stable coin law. People are just exploring this, right? People are tossing out ideas.

We're going to see immense product innovation in the next three, six months, year. And it's going to start here. And other countries are probably going to have to chase it a bit if there is success. So I think that will all be very interesting. And I see incredible potential growth there and not just in stable coins, but how stable coins are used, what products people can use it for. The only thing I would say that I have a bit of a disagreement with, I think people view this as a potential new buyer of T-bills, and that's going to be one of the ways that we really help our debt, I think a lot of this money will get shifted out of money market funds, right? I think a lot of people have money in savings accounts, but you need your savings accounts or your checking account because that's what you use for your daily inflows.

It's the money that's been tucked into money market funds, that I think some of that will find its way into these various stable coin products, that they become, especially if they can offer a yield, right? If they can do something that competes with the money market yield side, which I think over time we will see products that kind of capture that, that's where the growth will be. It'll come out of money markets who tend to buy T bills and commercial paper. So I think it's going to be more of a zero-sum game on the treasury market, but it's still going to be a successful product launch as these new things come in. Yeah, I mean, I said to you before, I've said it here a million times. Taking leverage to buy Bitcoin seems risky to me because Bitcoin is hard to beat with Bitcoin, but staking and using defy to beat any other coin is much easier. Like Solana, you can just gather up Solana as a Salada Treasury company, literally stake it and make

more than 9%. And there's your premium to Nav. Good job. Right. And I just understand. I don't think they're treasury assets. I hate the name. There should just be crypto hedge funds or something.

But if your goal is to beat a benchmark as the underlying. asset, way easier to do in all coins and Bitcoin. Right. And I'm assuming you can actually develop a real skill in that and outperform a generic market. I think there's some indices. I know one of the people we work with is created the Caesar Index, which is kind of measuring gas prices or whatever or gas yields. But I think you'll be able to like say, here's my expertise. We do this. We do this very well. We're nimble. And you know what? If Salon is giving 9% and eth is only maybe 5% will be heavily weighted Salon. But as those yields change, we can do that. I think that's where you'll see real opportunity

to create companies that are really more like hedge funds or mutual funds in disguise, but they're not just this buy and hold sort of treasury company. They're really trying to use the asset to generate additional returns that people will pay up for if they're successful. Yeah, so listen, I want to pivot to something really interesting that you sent me. Obviously, maybe you can give the TLDR and Academy Securities. I take it for granted that everybody knows who you are since you've been on the show so many times, but maybe you should just give a breakdown on what that is because I want to talk about

what the Genius Act means for Cryptosecurity and how governments will approach that. And you've looked into this relatively deeply. Perfect. Yeah. So Academy Securities were a small broker dealer. We're about 170 people now. It's 50% veterans or very close to 50% veterans. That's been kind of our mission.

The entire C-suite are veterans. And if you're a New York Giants football fan, Phil McConkey, who's our chairman. So he's been a great part of it in your growth. But we also have 30 retired generals, admirals, two CIA people that you can never. quite tell with the CIA people and you know so a lot of expertise across a variety of products and also Chris Perkins serves on our advisory board also a naval academy grad who is the president of coin fund so we've been thinking about ways to look at this and I think you know what originally for me started much more looking at just cyber in general why do we have so much trouble defending

cyber and I think part of it is you know in a normal world right criminals are afraid of two things one are they going to get caught the higher likely to getting caught the less likely they are to do something but even more importantly will they get punished if caught and if you don't think you're going to get punished if you're caught you're going to go ahead and do that crime and i think you've seen a lot of that just in generic cyber where we have this kind of name and shame attitude we will point out people in china who have been doing something bad to us or people in iran there's absolutely nothing we can do about it there's been a lot of talk about trying to do something kinetic in response and kinetics alert i am not a veteran but i'd have to learn so a connect

response means actually a physical attack against someone. So if you identify a site, say, and Iran, that looks like it was responsible for a cyber attack, and we can have a very high degree of confidence, what would we do? And in a physical world, right, if we saw them shooting off drones, we would attack that site. In the cyber world, there's so much concern still in D.C. about, hey, maybe we don't have it right. Maybe it's someone else. Maybe it's someone you know, spoofing us into believing this. So we don't do much. And I think that's been a big problem that's applying now to crypto threat, where we don't do enough to defend it quickly. So talk about this paper, specifically what you put out here.

Could the U.S. license privateers to combat crypto theft? And I kind of want to call it Trump buccaneers, but our legal made us feel a little bit more conservative when we published this. So we called it licensing privateers. But I think a lot of people forget that it's an article, one of the Constitution, these letters of Mark, where you can actually become a privateer. It was typically bonded. It was something that Congress had to do.

It wasn't in the president's authority. But it was crucial to the Revolutionary War, right? It was really, yes, we did okay on land. But the reason I think Britain eventually backed down was all these privateers were disrupting trade with England to a point that the English economy was hurting. You saw a little bit of that again in the war at 1812. So this is something that's still on the books. And, you know, much of Europe actually banned or decided not to use privateers going in the 1800s. The U.S. actually continue to keep this on.

And when I look at the problem, right, it's how would you encourage the government to go after, you know, the crypto thieves? A, we tend to be a little bit slow moving, right? There's all sorts of rules. Our U.S. government is really set up to be, you know, we'd rather have 99 guilty people go free than one innocent person get punished. And also, how would you attract the talent or the people to want to do this, right? Can they get paid enough? Is it interesting enough? You know, do people actually want to work for the government who love crypto?

And there's probably some, you know, Venn diagram that includes that. But I think there's a pretty good outliers of those who would rather, you know, do crypto and not work for the government. And yet, so they've got the skills. How would you finance building this up? So I think this becomes a really interesting way where you could get some of the people who are very passionate, very skillful, to go after the Lazarus groups, these other countries. And a lot of the theft is really state-sponsored by our enemies. You know, it's North Korea makes a small fortune in, you know, cyber theft as a whole. why do we let that occur?

And I think this could be a really neat way to kind of unleash, you know, this powerful community. I think you'd have to go and apply to get the letter of mark. There'd be responsibility. And I don't know that it's a cut and dry solution, but it seems to me we should be exploring something like this that could move very quickly and solve a lot of the problem very quickly. Right. So could this be existing crypto security companies, the chain alices of the world and people like that?

Or is this, you know, the government sort of hires individuals. How would that be structured? I mean, it's a great idea because clearly the United States government itself does not go after crypto criminals unless it's the FBI going after a hack in the United States. But we've seen Lazarus Group in North Korea just get away with everything and seemingly no, yeah. And I think it would be, you know, existing companies could say, hey, you know, you'd have to probably come up with a proposal. Here's how we do.

Here's how we'd set it up. Here's we're looking to do. And they'd have to lay out some ground rules. And you'd apply to get these letters of March. and, you know, some of the money you would get to keep, some would get returned to the government. And again, that could be one way you start building up a crypto reserve, right, that we've talked about, right? If the government gets some portion of this as their kind of fee for issuing the letter of mark and whoever was, you know, stolen from would probably get some portion. So I would suspect a lot of it would be existing companies.

There might be some new companies form specifically around that. And, you know, ironically, hopefully the companies wouldn't be too successful. You almost want something that as you get the slew of, you know, letters of mark issued, you'd have all these counterattacks very quickly on the crypto thieves and it would slow down that entire industry so that this would become far less of an issue, right? I think you kind of have this really neat peak and that's why, again, to me it feels it's the existing companies. They've got the skills or they so only have the resources and knowledge they could build out that platform, I think in a relatively short period of time. And to me, that's what's essential here, right? We have something that's evolving at light speed and we have a very plotting legal system that's not keeping up to that.

the regulatory frameworks finally may be attempting to catch up and it's probably still far behind if you have some of the deep dive crypto as versus I'm not but this sort of thing right I think it almost it's probably the most efficient way to fund quickly a response to a known crime I mean the government isn't going to do it right if the government's not going to do it well the government's not going to do it fast the government's not going to do it cheap I mean we have a long history of I guess hiring as you said privateers or private industry to do things better than the government depending on who's present or who's in a good moment. And there would be a responsibility to the government.

There would be oversight. So there would be something. But that's the sort of thing I think the government's pretty good at doing, right? Controlling, call it 10 privateers, following what they're doing, tracking them, responding, right? That tends to be much more of a legal issue rather than a technology issue so they can do that. So it's kind of like the private years to me are working on behalf of the U.S. government. And this is all something we just have to explore, but I think it's worked so successfully in the past for a similar sort of problem, you know, applied maybe to an old world technology. I do kind of

like to me, it's kind of, you know, completely circular. You go back to pirates or whatever, and, you know, we could have a René Mar-a-Marlaug or Tortua or something like that. But, you know, to me, I don't know how else we solve this problem in the next year to two or three years, the way we move politically. You can't. And actually, it's not even accounted for in the legislation as I think about it. Like you get these incredible things like the Genius Act and market structure. But, we all know that anything, especially online, first of all, hackers and scammers are always one step ahead of the white hats, right? So you create a security protocol and a hacker is already

working to break it. You don't really know what they're going to do to break it until they do it, in which point you're reactive. So security ends up being reactive. You know, they try to get ahead of these things. And the bigger this gets, the more attractive it's going to become to the hackers. And we've seen. Right. And often the hackers go for the weakest link as well, right? So as you have a slew of products coming out, there are probably going to be some, not every product's going to get tested fully, right? There are going to be some flaws. And then you're going to potentially have a whole bunch of new, less sophisticated users, right? It's who, again, might be more vulnerable with these types of attacks. So I'd expect this to go up. And I would say

one parallel to me in what's worked very well is if you look at Ukraine, right, Ukraine didn't go letters of Mark, but they kind of created this ad hoc group of white hat hackers to fight Russia on the cyber front. And it seems to be going pretty well, right? There has been no devastating attacks on Ukraine from the cyber front that we're aware of at least and you know there seems to be some evidence that the Ukraine hasn't been able to you know initiate some attacks on Russian cyber so to me right there's a collective of like-minded people came together who had the skills to do it and wanted to do it so slightly different but I think the parallels somewhat similar and we haven't seen the world blow up because these people are trying to help Ukraine so why would the

world blow up will we try and get a bunch of people to enrich themselves definitely but it would help create a much better ecosystem. This could be such a deeper conversation that maybe we'll have another day. But I mean, if you even look at the foreign wars or conflicts we've been in, it's Blackwater and all the contractors that are in there fighting for the United States

and protecting embassies. It's always private armies at this point, for better or for worse. Yeah, I haven't quite thought about it from that angle, too. But yes, that's definitely prevalent too. Yeah, I guess we would consider them private issues. Peter, thank you, as always, for coming on. I know we're out of time here.

everybody give Peter a follow on X it's down in the description and I will have you back soon man thank you thanks a lot take care have a good one all right everybody before we go to Chris obviously we're going to tell you about the amazing Wednesday sponsor which is APTOS

I was pointing up there look I got to put that back so I can point there and then I can pivot to the screen but actually I want to bring up this tweet surpassing 700 million in RWA sitting in the top three chains in RWAs so now if you take a look at Aptos for real world assets, the third largest chain for that. Obviously, incredible growth here.

We've talked about Aptos being the global trading engine. I have Avery on here all the time. We'll do that again soon, but it's incredible to see the growth of these and other blockchains as we get more regulatory and legislative clarity and they're able to continue building. Obviously, Avery also on one of the committees in the government helping to build all this. You guys go ahead and check out Aptos. And while you're checking things out, check this guy out. What's up, man?

Oh, you got a glitch again. You've got the glitch again. We hear the drums going, and we can't hear you. Guys, remember this? This is Chris's beat. You can hear me. Okay, you're muted. It's going,

da-da-da-da-da-da-da-da-da-da-da-da-da-da. Wow, that fell right in step with me doing that. Well, we're going to try again, but Chris's internet hates us. It's just a fact. His internet hates us. We never know what to do with his internet. Maybe it's something on my end. You ever think it's us weird?

So this is Chris's glitch. That's actually like glitch hop. It's giving me a new kind of music. We got it's kind of catchy though. I agree. That's what saying Chris is a new DJ. I agree with all that. Let's see what happens.

Ready? We're going to try again. No. I still have that sound thing way over here. I can't even hear what comes out of it because it's not attached. You guys can hear it, but I think I did an air horn. Did I do an air horn? Did I do that?

I think I did that. Anyways, now you're mad. This guy always hates, like, I think, my sounds being loud or quiet or whatever. Valley says call him and put it on the phone. I could do that. I don't know, man. Wahn's writing a one solo. Cool.

You're writing a name to it. I could sample that in a second in the old days and make a beat. Easy. I miss Benny Hill. Okay, first of all, I'm going to get it. I can't. I would. I have a content warning already.

So if I get another one, I'm going to get a strike and they're going to take me down. Or I would play some music for you guys. But since Chris, obviously, is not going to make it. I'm sorry. Don't cry. We're going to have to, you know, do the thing. Go. Be gone.

Love you guys. Bye. Let's go.