The Wolf Of All Streets - You Should Trade These Altcoins (Massive Profit Potential) | Sheldon Sniper
Episode Date: January 25, 2024Join Sheldon Sniper and Dan from The Chart Guys in a massive trading live stream! Sheldon Sniper: https://twitter.com/Sheldon_Sniper The Chart Guys: https://www.youtube.com/c/TheChartGuys ►► JOI...N SNIPER SCHOOL W/SCOTT MELKER - LEARN LIFE CHANGING KNOWLEDGE! Join Sheldon the Sniper and Scott Melker for Expert Insights & Strategies in Crypto Trading! Starting January 31st!! 👉 https://cryptoschool.cryptobanter.com/sniper-school?source=scottmelker ►► DevvE DevvE is a next-generation cryptocurrency - DevvE addresses Bitcoin’s most significant weaknesses—regulatory compliance, energy consumption, costs and speed! 👉 Follow DevvE on X for Updates: https://twitter.com/DevveEcosystem 👉 Join the DevvE Telegram group to stay in the know! https://t.me/DevveOfficial ►► JOIN THE FREE WOLF DEN NEWSLETTER, DELIVERED EVERY WEEK DAY! 👉https://thewolfden.substack.com/  ►►OKX SIGN UP FOR AN OKX TRADING ACCOUNT THEN DEPOSIT & TRADE TO UNLOCK MYSTERY BOX REWARDS OF UP TO $60,000! 👉 https://www.okx.com/join/SCOTTMELKER ►►TRADING ALPHA READY TO TRADE LIKE THE PROS? THE BEST TRADERS IN CRYPTO ARE RELYING ON THESE INDICATORS TO MAKE TRADES. USE CODE ‘2MONTHSOFF’ WHEN VISITING MY LINK. 👉 https://tradingalpha.io/?via=scottmelker  ►►THE DAILY CLOSE BRAND NEW NEWSLETTER! INSTITUTIONAL GRADE INDICATORS AND DATA DELIVERED DIRECTLY TO YOUR INBOX, EVERY DAY AT THE DAILY CLOSE. TRADE LIKE THE BIG BOYS. 👉 https://www.thedailyclose.io/  ►►NGRAVE This is the coldest hardware wallet in the world and the only one that I personally use. 👉https://www.ngrave.io/?sca_ref=4531319.pgXuTYJlYd ►►NORD VPN GET EXCLUSIVE NORDVPN DEAL - 40% DISCOUNT! IT’S RISK-FREE WITH NORD’S 30-DAY MONEY-BACK GUARANTEE. PROTECT YOUR PRIVACY! 👉 https://nordvpn.com/WolfOfAllStreets  ►►COINROUTES TRADE SPOT & DERIVATIVES ACROSS CEFI AND DEFI USING YOUR OWN ACCOUNTS WITH THIS ADVANCED ALGORITHMIC PLATFORM. SAVE TONS OF MONEY ON TRADING FEES LIKE THE PROS! 👉 http://bit.ly/3ZXeYKd Follow Scott Melker: Twitter: https://twitter.com/scottmelker  Web: https://www.thewolfofallstreets.io  Spotify: https://spoti.fi/30N5FDe  Apple podcast: https://apple.co/3FASB2c  #Bitcoin #Crypto #Trading 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.
Transcript
Discussion (0)
As the market continues to chop sideways after the ETF, everybody's hung over seemingly.
People seem to forget that we're still in a bull market and there are still
massive opportunities here to make a ton of money if you zoom out and understand what is coming over
the next few years. I have one of my absolute favorite guests here, Banter Fam. I know you
guys are in the house. I've got Sheldon, the sniper, joining. We've got a huge announcement, but also the top markets. Look at some
charts. And of course, Dan, the chart guy is in the back. Today is all about the charts,
the trades, and the markets. You do not want to miss this one. Let's go. that like button, man, that interview with Anthony Scaramucci yesterday was epic. I've had the guy
on the show, obviously a number of times, but he really was on yesterday. We've gotten a lot
of comments about it. A lot of hype people sharing clips from it. His anecdotes about
Elizabeth Warren and Larry Fink and Jamie Dimon. It's one thing to have a conversation with someone and say, hey, what do you think Larry Fink is thinking about? It's
another thing to have a conversation with someone who goes, this is exactly what Larry Fink told me,
or this is exactly what Elizabeth Warren said to me. And so if you guys missed that interview
yesterday, I highly, highly recommend going back and revisiting it.
You can do it in 2X.
We talked a lot about our wives and our hair and that we're getting old.
Guy looks incredible for 60,
but that's not what you guys are here for.
Hey, listen, Ryan B, it's my birthday.
Can I get a shout out?
Happy birthday, Ryan B.
Happy birthday, Ryan B.
See, look, I looked at the comments, guys,
like a first time for everything.
All right, guys.
I know you don't want to hear me talk, but there's someone who you do want to hear talk
who's recording his 17th show today.
What's up, brother?
How you doing, bro?
You got a big break coming up, so you're getting really ahead of it, right?
What's going on?
Bro, yeah.
Please help me on that.
The nerves are hitting for the marriage.
Is it such a big thing?
Is the day quite crazy?
Because I'm quite like...
Kids are the big thing, man. People get all intimidated about marriage. I already lived with my wife
before we got married. Then we went home. We were like, I guess we're married now.
Life is exactly the same. Literally nothing has changed. It's when the kids hit
that you really get the test. Yeah, bro. I got a little two-year-old girl
as well. Oh, that's right.
You have a kid.
Dude, marriage is running around.
Marriage is like,
you're going to be like,
why didn't you warn me, bro?
You knew this was coming.
Like, what about the heads up?
Yeah, man.
I guess we weren't close enough
like three years ago
when it happened
to get you prepared.
Yeah.
But so listen, man,
we're going to make some announcements here later
but first i want to talk about the market what's going on like like i kind of said in the intro
there was the like god candle crowd right etf comes god candle's gonna come in my opinion the
way the sec handled it kind of eliminated that in advance cleared out all the leverage gave us
the fake announcement all that crap and we just had all these months of buildup.
But what we ended up with was sort of like floating down and now just shop at 40,000.
Right. So what do you think? For me, it's, you know, whatever the news may be or whatever the
narrative may be, it's sort of the same thing, right? To get everyone hyped up, get everyone to
sort of get into this flow that this is the moment. This is where we start to shine. Everyone starts to buy within the greenness. I think people
stop remembering the rules. So they come in and they start piling up on the green when things
have already done, you know, Bitcoin's already done up to 100% at the time. And people are just
continuing to pile in. And it makes sense that, you know, we had this big hype up and the seller news was
obviously one of the big things again. So for me, it's another trap. I wouldn't say trap,
but another mechanism that the market uses that you will see a lot more in the future.
Doesn't matter the narrative, anything like that. They hype you up, get the whole market in. I don't
know about you, but my views doubled to tripled on the shows. Everything started flying again.
Interest started coming in. And that's always a little bit of the frothinessiness when you start to see a lot of tourists coming in and a lot of people that
haven't been there and things like that is usually the sign that they need some sort of flush out.
So end of the day, who got destroyed from this, the latecomers, who obviously made a lot of money,
the guys that were accumulating the early 20,000s, things like that. And now what they're trying to
do is they're trying to scare the latecomers out. So what they'll do is they'll slowly bleed the market, right? So they'll
start bleeding day by day. And then the worst thing that they do is they go sideways. And then
what it does is like it really starts playing with your brain. And it starts to make you,
you know, really start doubting the space and start making those those very small,
you know, mistakes of of starting to get out and
started to chicken out of the actual thing. And guys, if this is anyone that's feeling this right
now, it's a part of the game. And I think that's why this show today is going to be so powerful
because I've got a few tools to just help you guys with that. One thing that I'm sure you can
agree with me, brother, is the TA removes emotions from thing. Yes, you still see the candles and ups
and downs, but you start making a little bit more
rational decisions off of what the data is showing.
And by doing that, you will start to see the traps start to come.
You will start to breathe a bit on the red days.
I don't know about you, but I've been piling in quite a bit on a couple of coins on the way
down now. I've been waiting for it.
Thank goodness I didn't pile into the hype when we were really spiking up.
But now, smart people are getting ready to buy. They're getting ready for investment entries.
Solana was 130 bucks. It's back at 80. AVEX was 45. This thing's back now. You know what I mean?
People are scared to buy now, but they want to buy when it's rampaging up. And I think we're
here to just change that mindset and to show you how people really make money in this space.
Yeah, I agree with that 100%.
I've been talking about Solana kind of all week.
I sort of missed the train.
I had Solana on Voyager,
got liquidated like all the crap of the last cycle.
I bought a little bit when it was much lower,
but I just yesterday or Tuesday
bought my first Solana of this entire cycle,
right at 81 bucks.
Yeah, I kind of missed
the move and I had bids. Basically, I still have the heaviest bids between sort of 75
and 77. I mean, I can literally just bring it up if it's easier.
Yeah. I think we can definitely speak about that. I do think it's getting to decent levels now and
there might be one more little shakeout. I think we've got to speak about, is Bitcoin going to
32K? We've got a lot of Bitcoin on sale at the moment.
And it's quite interesting.
Yeah, I just happened to have the Solana chart up.
Like I just view this whole area.
And I keep seeing this area right here was that this is Luna, right?
Everything broke down from this Luna level.
Bitcoin is now testing the Luna level as support.
Ethereum is now testing the Luna breakdown level as support. Everything that was relatively
strong, a lot of coins are still under them, is coming
back. And so I had this at like
77 to 75. And then on a live stream,
I think on Monday, I was like, dude, my zone's wrong.
I need to move that up. And like market
bought like the first 25% of
a position right there. But the rest of it's
down here. And then I literally have some
bids like just complete stink
down in this area around 50 bucks.
Just in case we get a complete flush.
Exactly.
So we've got to be prepared for that.
But you know what I like about your charts in general as well
is you got your good areas of where to possibly,
you know, your supports, your liquidity areas.
But what I also like about it is you run the trend lines, bro.
And I think that's one big thing to also just share with the audience there is the trend line is a non-predicting strategy,
right? It's literally just tracking momentum as it goes down. We don't know if the flush is going
to come yet, but we have that trend line to track when this thing's getting momentum again. And
what's nice about the trend line is this thing can literally trail down for the next four weeks and
you won't be FOMOing into it yet until that trend breaks.
So it doesn't predict where the bottom is, but it shows you the current momentum of simple lower
highs, simple lower lows right now. And the moment that starts to shift is usually when you start to
see a little bit of a volume spike up again and things like that. So guys, it's not about predicting
the market all the time. It's just about using a couple of tools that can help you identify when
things are starting to change.
Right now, things are bearish.
You know, short timeframe, short timeframe.
I'm not saying high timeframe.
High timeframe, we still make a bull, but we're cooling down, right?
We came from 20K, we went up to 50K, nearly in one leg, which was insane.
I don't know what you thought about that, but that was-
It was insane.
And that was the ETF trade.
Like in hindsight, that was the ETF trade.
So listen, do you track, like, are you tracking?
I know Ran heavily talking about it every show,
you guys all over this GBTC selling, right?
Everything's happening there.
Are you strictly just in the charts and doesn't matter?
I mean, I do believe that it'll just show in the chart
when that selling kind of subsides
because things are going to start going back up
and breaking key levels, right?
And you can, if you have a chart,
you can bring them up as well, of course.
Of course, of course.
So just to quickly chat, obviously,
about I think what they've sold around nearly 100K, right?
Yeah.
Nearly around 100K of them.
There's still a lot more in there.
The thing for me is as price goes down now,
their profits start getting a lot less.
So the way it sort of makes for me is that,
yes, they're selling pressure now.
I get it.
But I do think there will be the sort of range that Bitcoin will play in for a little while.
As it starts making its way up, we'll start getting a little bit more sell walls.
And to be honest, you know, I think it's the perfect time for Bitcoin to possibly range.
We've seen this before, the halvings and things like that, where it's time for Bitcoin to
just chill out a little bit.
And maybe that's between the, you know, the 38 or the 35 and the 45
sort of range. In that time, I'm hoping we do have a little bit of a dominance pullback. And I am
hoping that we have a Ethereum boost start to come with possibly Ethereum to Bitcoin. Maybe Ethereum
ETF, obviously saw the possible, I don't know if it was true yesterday, delays and things like that,
that starts coming to play. But I'm actually hoping Bitcoin chills a bit because I'm annoyed. I'm running three years now of Bitcoin getting all the love and
everything like that. And Alcoin is getting absolutely nothing. I'm one of those that
would actually like Bitcoin to range right now and to just to prepare for the next move, guys.
In order for Bitcoin to break that all time high, you're going to need a bit of preparation. And I
always speak about how sideways creates the pump.
And I don't know if you want, before you bring that up, can I quickly share this?
Yeah, of course. I was just showing that news. You said SEC delayed their decision timeline for BlackRock's proposed Ethereum ETF for March. Everybody's anticipating that the SEC is not
going to do anything until the last possible day that they have to. So I don't think it
didn't even move the market. I don't think anyone's surprised, but you are right that
that news sort of dropped yesterday. And also like you just described my entire thesis on this market, which is a lot of sideways. And then hopefully Ethereum starts to finally catch up. That's what I've sort of been saying is my base case. I said to tweet the other day that triggered everybody seemingly. I said, anybody ready for six to eight months of sideways? And people freaked out. That's big about it because it could be, guys, end of the day, sideways creates strength,
right?
I want to quickly speak about, you know, the last cycle.
You know, you see that sideways momentum, Bitcoin literally range from around 3K all
the way up to, you know, 10, 12K.
But if you had to measure, if you had to measure that this sideways is exactly the same momentum
that we made to the upside. Like sideways is what
creates results, right? It's what creates the sustainability of when the move actually comes.
So now that I've started to understand that a lot more and things like that, I don't mind sideways
at all. And you sort of see that we had to have this amount of sideways here in order to create
this result. And it's actually crazy. If you take the exact sideways here and you link this
up, it's very close to the exact result that we got. So in order for Bitcoin to realistically get
back to all time highs, I would have to see a little bit of a range period here just to really
pump it up. And you kind of saw it this time over here too, where we eventually tried to make our
way up to the areas of this, you know, 14K and we needed a bit more power here, you know, to get through that all time high.
And what I like about this though, is the hard work I think is in now, but I think that we're
going to fly through all time high. I don't think we're going to pause there much. I think the wall
at 50K that we just been rejected at now is stronger than the world at all time high.
And that's why for me, this is the period where they're really trying to hold.
And I want to show you just a few little things that I've seen here. So the big question is bear rally, start a bull market.
And the sad thing is until we're above 48, we're still kind of in a raging market.
We're not in full bull just yet.
But we have obviously showed the early
signs, but we saw this time over here where we did actually have this rally from the 3k back up to
the 14k. And we had the initial bull market trend line, the initial one that as long as we held that
line, you know, those open doors to, to crazy levels to the upside until the moment we dropped
it. Right. So we ended up going in this long sort of a bear cycle here then we had this rally and we just couldn't get past this one important level which is the weekly 618 for me uh top to bottom
there's it there and the trend and it literally stopped right there and now i look at the same
thing here and i'm like okay let's look at the uh original one there's the original one right so
just get rid of these blocks again so you can see them um we literally tagged the 618 so the scary thing now is the question is are we going to go into
that that sort of range for a while into the harbing right so we're going to start this sort
of thing and then start to move up realistically it could be an option um because we would need a
little bit of accumulating in order to get strength like if we just kept going and going
and going one day you were just going to see something like this, right?
Something absolutely smashed.
So what you want to continuously see is the way Bitcoin has done it over the
last year or two has been great.
We make a level, we chill a little bit.
We make a level, we chill a bit.
We go and we chill.
As long as we keep doing that, it's sustainable to keep rampaging through.
But right now, as it stands,
this is one of the biggest weekly reversal candles
I've seen in a while.
It is.
Definitely a hit and a nice reversal.
And it's probably likely that maybe, you know,
we can start looking at these sort of levels.
So you can either look at this and be upset
or you can start looking at this and be like,
finally, investment entries are coming available again
for Bitcoin, Ethereum, and majority of altcoins where they weren't available three weeks ago. So you can either
sit and be upset now with a couple of losses. But for me, it's the other way around. It's the
opportunity again, because I know how fast this comes. And if you weren't ready for it,
I even remember this little pump here. Me and Craig were sitting in the office and we were like,
I didn't buy enough, bro. I didn't have enough. Like I've been, uh, every day I pray for this bull market. And then when
it starts, I'm like, ah, man, you know, it's this sort of thing. So right now you need to put your
investor caps on and you need to start understanding that, uh, you know, yes, we are having a cool
down period. I've been having a look at a few short-term things, which I'll show you over here
quickly. Um, we obviously lost a little short- term trend. So right now we're showing a bit of downside. But I do think there is a little bounce. I don't think
we're just going to go to 30k or 33k. I think it is a possibility, but I don't think just yet.
The reason being is now we're starting to get the short is a little bit arrogant. The short
is coming out now. The people that want this market to go down. And, you know, they obviously
got this level up here. And now what you can see is they market to go down. And, you know, they obviously got this level
up here. And now what you can see is they literally just moving down. So they sold here, then there's
the previous low. Now we come up, they've controlled this level. And then you see the next
level. It's all the previous lows. Now they're just winning. And now they're trying to hold this
one, right? And for me, I looked at a few things. I looked at this glass nodes,
which is a good thing for the audience to have a look at, especially on the three day
charts and just look at a couple of liquidation heat maps, see where there's a couple of liquidation
sitting. And it's quite interesting. We've got sitting at 38,000. We've got a bunch of
longs, bunch of liquidations, and we have up to 3 billion sitting at 41 to $42,000.
So we have a lot of liquidations and a lot of these
pools starting to come. A lot of shorting is happening at the moment. So I am thinking that
anywhere now between the 38, 37 sort of mark, I'm thinking a nice little bounce, I think a nice
sort of push. And then we're going to see, was it a trap or not? Because if we go up and hit this
trend, it's very likely at some point that next leg is coming down. Or maybe,
but this would have to be some sort of news driven or something to really bring up hype.
Maybe it was all a trap. Maybe that was literally just to wipe out a whole bunch of people.
Everyone that bought over here, which is sad, is selling right now. That's the sad thing.
Everyone that bought there, they're the ones getting flushed out now and getting panked out
now. Every time. Every every time so it's crazy
actually how that happens so um so yeah it's quite interesting and i'm really loading up on a lot of
old coins to be honest like for me and i'm just dollar casting into them i'm literally buying
every single day i'm literally averaging out these areas for me total three has broken bull
market territory it's it's given possibilities, remember Bitcoin over here,
right? Bitcoin was 20, I think 25K was the high over here. And it took a while to get through
there. But the moment we turned 25K, we went to 28, then we went to 25, we retested it.
We had 40 now. And for me, this total three breaking out over here and coming down now
testing here, this is my ultimate zone when it comes to-
Just real quick, just so people know,
total three is the entire market cap
of crypto minus Bitcoin and Ethereum.
It's what a lot of people use
as for just those of you who are watching
and maybe don't watch Sheldon's show
or I haven't talked about it enough,
even though I do occasionally,
it effectively gives you a gauge
of what everything else is doing
when you take out the biggest two.
Exactly.
You know, Scott, I'll ask you this again.
If this was a coin, like, would you be buying it?
Of course.
If you look at this one.
No, but look at this now.
Oh, no, there.
Would you be buying this?
Absolutely.
You know, for me, it's like, yes, but you still kind of,
this is not an investment entry, right?
But this is the Bitcoin dominant, right?
I thought we were still looking at total on the
retest. No, on that dominance, I'd be waiting for that retest. Yeah, exactly. So for me, it's like,
again, the cycle started again. It restarted with Bitcoin as what it does every time.
Now you have an opportunity of the ETF narrative chilling for maybe the next few until the halving
comes. Then we've got Bitcoin again. And I do think in that time, don't lose too much focus
within altcoins. Don't lose too much focus in those times. For me, they're still in investment
entries. They never got the true pop just yet. So a lot of my focus is in there. And personally,
I'm not buying Bitcoin here. I am saving for around $34, $35 to pick up some more Bitcoin
over there. But many altcoins, good levels. Yeah. So let's get specific because to be clear for everyone, you said you're
accumulating all coins, you're buying every day, but long-term. So these aren't positions that you
have a stop loss 5% below price and you're right. You're actually trying to buy bigger dips as they
come down, which is sort of how I said was my approach for Solana. What specifically are you
looking at? Which coins and why are those the ones that you're sort of choosing to accumulate? Because I think most people look at this, they're like, there's a
thousand things I could buy, right? Exactly. It is tough. It is tough. It is tough. I'm a little
bit more different than others. A lot of people are looking for new narratives and things like
that. Last bull market, I hit a couple of coins that I just knew how to invest and how to trade
them.
Investor or trader, you're the same thing. The only difference is you're using a different
timeframe. If you're an investor, guys, it's quite simple. Pop on literally two or three indicators.
Let me just get them up here for you. Give me two secs. Literally pop on something called
the stochastic RSI, which is very simple. Look what this is showing us right now.
Why am I dollar costing
every day? Because we're still not there yet, right? We're still not at that point. You can
see every time we were at these bottom points were the temporary sort of bottom areas, right?
But I still know there's a couple of bleeding coming here at the moment. But for me, I'm
trading a lot of the older cycle tokens, tokens that actually have data.
Now, reason being is, guys, I love fundamentals, but the problem is I fell in love with every single token and I held 150 tokens through the bear market and it sucked.
It made me realize that it's terrible, bro.
It made me realize that this is a money game.
Make money and that's it.
And stack Bitcoin.
That for me has now become the biggest sign of how to
trade this market. So the reason why I like older coins, and I'll give you a few examples. Obviously,
Solana is one of them. I'll speak about that in a sec. But things like ThorChain, I'm on it strong
at the moment. AVAX, I'm on it strong. Nia, I'm on it strong. Phantom, Cardenos, a lot of these
older ones. And the reason being is, there's data and there's levels for me to actually trade on. There's actually areas of where I know I can actually take profits. Like if you're
a simple chartist, you could see that there's one thing that's been happening with Cardano over the
last couple of months. And it's literally been in this, this, this, this movement of these lower
highs every time, lower lows. And for the first time we are getting the sign, right? We're getting
the early sign of the first higher high in play and therefore the higher low here and you're getting the sign that this should start
reversing and start giving you the next uh sort of momentum to the upside so for me any token
that has that's that's obviously got some fundamentals must be absolutely nothing
um but end of the day i have all of these levels that I can use to actually bank profit this next bull market. The hardest thing about
the previous bull market is I got into a bunch of also newer tokens. Guys, when your coin is doing
this, what do you do, right? There's no level, there's no data, there's no nothing. But there's
an argument, right? People say, oh, but these coins are not going to perform as good as the
new ones. And I'm like'm like okay so is it money that
you're going for is it is it the gains that you're going for because you've got no no nothing to use
to help you sell or get out of the token and they're like yes and i'm like okay but then i run
a two or three x on the side of cardano and it'll do the exact same amount as your coin so it's not
about the money it's not about the this new coin and that people don't even like a lot of these
coins haven't even survived bear markets yet.
And that's one thing I realized with these tokens.
If they've gone through a bear market, I respect them a bit more.
And if they survived and they've gone through at least two cycles before,
I respect them and it gives me levels.
Now, guys, there's a few things that I use here.
I'm a TH artist.
I love it.
It doesn't have any emotions.
But I need to buy on a few things.
The first thing I need to buy on is I need to buy on the stochastic RSI on the weekly
bottom.
That for me has always been, these indicators are so powerful on very high timeframes.
They get weaker as you go to the lower.
That's how it works with indicators, right?
So when this gets to the bottom, it's great.
The next thing that I do is I literally look for a very strong Fibonacci level.
And you can see we are not too
far out from the 618. This has always been a great tool for me to DCA. And it's just known as the
golden zone, right? The golden pocket when it comes. They'd ask me why the numbers work,
but they work. And then what I need is I need a fourth, a third thing. The third thing for me
would be I need some sort of horizontal support on a two. Okay. And the reason why I'm
putting all these things, because it sort of highlights the area for me and it doesn't make
me jump. It doesn't make me jump too early. It makes me like be slightly patient for these things.
So now what I'm looking for is I'm looking for a good Fib level. I'm looking for good
support. I'm waiting for RSI to get at the bottom. And then exactly what Scott does.
The last thing that I need over there is there is a good old trend line, right?
I need a good old trend line that gives me an idea that all these indicators are showing me the area.
It gives me a good idea of, you know, we're breaking trend and this is when we should start moving.
Remember what an actual, sorry, I know I'm teaching a little bit, Joe, if you don't mind, bro.
No, it's what I want.
Yeah, because we're going to talk about that in a minute.
Good, good, good.
So, guys, end of the day, what is a trend line? A trend line is literally just tracking a token,
lower highs, you know, lower lows all the time. And it's the same to the upside. If something's trending up, you can pop a trend in there and just track the higher lows. That's all that it's
doing. It's literally just tracking. So when you have that in play, when you finally have the first
little example of popping out that trend, it's indicating something's changed and you'll tend to have a higher high after that higher low and then
this will start to happen over here so a trend line is just showing you that hey you've been
giving lower highs the bears have been winning this fight there's only two teams in this battle
red and red and green right the red's been winning at this time but now something is starting to
shift and when you got that with also very good support areas and things like that, it tends to get you many more winners, especially when you've
got four or five indicators or indicating one spot. So I teach a lot about these things and
why the 618 and why these things are so good. Because guys, how many people were buying two,
three weeks ago? We saying this thing's 40% down now rsr's are down now everyone's very
bearish now there's a lot of fear in the market and these are the perfect things to to actually
use to buy within the market so i love using a lot of these tools because they they teach me to
buy these pullbacks i buy good levels and things like that so the tokens for me brother um i still
think ethereum is going to rocket i really do um that's that's my i'm trading
a little bit of arbitrum and optimism and lighter and stuff on the side with it definitely um because
they also have a lot of opportunity to the upside and then to be honest i'm swing and sort of long
term trading a lot of these previous cycle tokens and i got thor chain absolutely rocketed um this
thing has been massive for me.
We accumulated this whole area.
And you know what's crazy?
It all started with a damn trendline break.
That's where it started, right?
Every time.
And that was the whole thing for me.
And what's actually quite interesting too here, if I show you this period here, because
there's a little trendline break here.
If I just pop a fib from bottom to the top there, what number did it bounce on? 618, baby. And that's the thing. So guys, have your fundamentals,
have the coins that you want. But at the end of the day, have a proper strategy. And my four
check or my five check list before I'm allowed to buy a token, basically really works out my
risk to reward. It really works out that
my rewards are a lot bigger than my risk. It gets me smart in those things. The only
thing that changes is my timeframes. And I want to show you this for a second for the
audience here. These are a lot of things you'll learn about the trading and stuff, stuff through
school and stuff. But if you look at this, guys, your one hour chart shows you literally
24 to 48 hours of data.
That's it.
So if you try to buy something for long term on a one hour chart, like you're looking at
the wrong data, right?
The four hour shows you three to five days, your eight hour shows you six to eight days,
12 hour, 10 to 14 daily.
And then obviously your weekly shows you three months, what happens next three months.
And the monthly obviously shows you what happens within the next year.
So if you're a investor, all you have to focus on is one timeframe, right?
One timeframe, one checklist, one strategy, and that's all you got to do.
And that strategy makes sure that you buy pullbacks, good major levels, and confirmation
buys.
And if you're a trader, you just shift.
If you're a part-time worker and you want to trade on the side, a four-hour is perfect
for you because it's one or two trades a week, right?
You don't have the time, but you can still make money.
And I think that's the power of what we're trying to get here.
Dude, you're the best guest in history. I don't have to do a damn thing. It's amazing. But guys,
I want to tell you, so none of this was planned. We said, what are we going to talk about? And we said, we'll just shoot the shit. But I want to tell you, you guys have been seeing me on the
weekly chart on Bitcoin talking about the golden pocket,
the 61.8% retrace that we've seen in every single one. And you see that we both drew the same exact
damn line on Solana, right? And we're approaching these the same way. And because I watch Sheldon's
show every day, literally helps me prep. You're like ahead of me usually by two hours. It's great
so I can see what the hell this guy's talking talking about and because your team then came to me and said listen sheldon teaches you don't have
any educational thing they're like you want to do a course and i was like no but i want to help
sheldon do his course because we view the market the same way so yeah huge announcement i said
is that because sheldon and i are so aligned and because what they're doing is completely free and I don't want to charge for a course, I'm jumping in to Sheldon's.
You're doing a cohort.
I'm late because I'm late.
I'm slow.
Right.
And I always mess everything up.
If you ask anyone, I have ADHD.
So it's like we could talk about it for months and then it's like, oh, it's Tuesday.
But literally on Tuesday, I think it's like oh it's tuesday but literally on tuesday it's i think it's at like 12 30 eastern standard time i'm joining and going to help uh sheldon teaching uh sniper school or
actually i'm just gonna kind of go through it and learn i've taken the entire course believe it or
not guys i don't do anything uh outside of make content and i sat through the entire thing and did
it so you can sign up with my link down below. It is completely free. It's right down
description, literally what he just did, which I didn't even know you'd show up and teach.
I thought we were going to, you know, talk about coins to moons and all that shit that we're just
going to do this together and it's free. And all you got to do is sign up with the link right down
below. I mean, can you, I know we're a little, I'm running you over time a little bit, but can
you just tell them what to expect from school so I don't have to?
So guys, also just to sum it down quickly, again, three years ago I was a carpenter and
these were the little tools that after a couple of months of liquidations and crypto really wrecking me and just getting to a point I wanted to quit, I managed to get a few of these very simple things
down and I started putting them together and I started actually treating
my money in my portfolio as businesses. Like I literally, if I had a thousand dollars,
200 would go there, 400 would go there. One would be for a car, one would be to pay rent,
one would be for groceries. Like that was the power of it when I started actually having purpose
behind the money. So my goal here is to actually just make sure that you realize that you're the
boss of your money. Now you need purpose, you need structure, you need a very simple system that anyone can do and stop confusing yourself.
This little dub that you're seeing on the daily, like as an investor, why do you give a crap?
Like, you know what I mean? And that's the big thing. It's just about looking at the right sort
of thing. So you'll be able to go from completely novice to having actual understanding about what
we're talking about, to have an actual understanding of where to buy tokens and to have your emotions relax a bit. And the moment you can actually relax and start making
good decisions and not make decisions on emotions anymore is the moment you start to fly guys.
So it's just about to give you that aha moment. I know a lot of people have really been in crypto
for probably a couple of years. You're probably missing one bolt, to be honest. You've built your
car. You just need a Titan one or two screws and you're gonna you're gonna kick butt out there right um so the goal is to get you
that and one thing you will get at sniper school and i'm excited to have you bro because i want to
get your views you know you're going to be the one talking a little bit more than me on the next one
um i want to get a little bit of your your views bro um but the one thing that you do get there
guys is uh you know you got a powerhouse team that just did it. It's guys that didn't have much.
You know, and this is my whole team.
This is Craig.
This is my mom's there.
My mom kicks butt.
My mom's, you know, in her 40s.
This is my favorite part of the whole story.
She trades all the time.
She'll be there.
You know what I mean?
And you'll just see how crypto brought us together as this family.
And you're going to have a family.
And I think that's a big thing to have here.
The days you're feeling a bit down, you're feeling a bit nervous and stuff like that.
You know, you've got people that pick you up and sometimes they feeling down,
you pick them up.
So it's an incredible community.
It's a very,
very,
very good course.
And it's a,
it's just going to give you what you need to succeed in the space.
And we just want you to succeed.
That's why it's literally free.
I do it out of love.
Yeah.
What I really love about it,
you're obviously teaching people to trade,
right?
But you're not encouraging that necessarily.
Like I said, you're really encouraging people to get in a better mindset
and to understand that they need to zoom out and the real money is going to be made by investing
slowly right so i think it's i don't want them to be millionaires and then they give it all back
right it's like let's stop bumping our head on the same branch so it's just trying to give our
experiences to show them and uh we have a massive amount. Guys, we've had 60, 62,000 people through Cypress School in year one.
I don't understand.
I have 15,000 in this world right now.
That's like more people than have watched my channel in history.
And you're like, get them lined up for a school.
It's insane.
I don't know you guys.
And we have a couple of guys that have already become millionaires.
Like the stories are insane.
So that's what it's about, bro. It's us against the world, right? Back to back,
we take it on and we go every single day. So that's it, bro.
Dude, I absolutely love it. Guys, once again, down in the description, I'm reminding you again,
it's completely free. It is free.
I'm not showing you something here. You just sign up and Sheldon will teach you.
And I want to show up because I think that this is an opportunity.
I mean, I think you already have like 14,000 people in this cohort or something crazy.
Yeah.
And the next one starts in March. This one, you guys can still get in there only on Scott's link though.
On any other links, you cannot get in this cohort only on his link you can get.
So we're allowing in and then the next one's in March.
And then I think we do every six weeks is a brand new one.
Sorry for being a procrastinator guys.
We're going to keep doing this.
And I really do want to be a part of it because I passionately believe that if you're going
to be in this market, you can't just watch a bunch of YouTube and hope for the best.
You got to really, we've worked our butts off and let's, let's leave a legacy, right?
Let's leave a legacy.
Let's build a culture and everyone,
you start to get the new stars that get born from it.
I've seen guys that are about to join shows.
They're about to create their own cohorts.
There's big opportunities for you guys.
And yeah, to that end,
I'm about to start expanding our channel,
as I told you guys.
So maybe some of the people who come through this
and successful could end up as hosts on my channel.
Bro, if you need anything, you let me know.
We've got tons.
The talent walking through the door at the moment is insane.
It's insane. I need it. All right, man. I kept
Sheldon over time and I've got Dan waiting.
Awesome, man. Thank you so much. I can't
wait to do this on Tuesday, guys.
See you Tuesday, bro. Much love.
Thank you, guys. Thank you.
Bestie, man. Sheldon's getting
married and going on a honeymoon
soon. He's trying to get it all in before
he takes weeks off. Anyone in this market knows to get it all in before he takes weeks off.
And anyone in this market knows how difficult it is to take a couple of weeks off. It's really,
really mentally hard. You know what we've got next, but first I've got to tell you,
since we're in the mood for talking about things that we're doing, the Wolf of Wall Street Times,
Dev E up there in the corner. I told you guys about them last week. I've been meeting with this team on an extremely regular basis because I'm so gun-shy about sponsors, as you guys know. I
very rarely do it. I bet Dan's in the back in the waiting room going, Scott has sponsors on his show
because Scott never has had a sponsor on his show ever since we've been doing this. But as you can
see, guys, it's down in the description and also scrolling down there along the bottom. Describe it as a hyper scale blockchain that's flexible to be regulatory compliant. Really, what you need to know about it is that it's regulatory compliant everywhere. Exceptionally, exceptionally environmentally friendly. They literally built this for the people who have to be or want to be concerned with ESG and the environment. And it's insanely,
insanely programmable and adaptable for governments, large corporations. Basically,
guys, this is the blockchain that everybody's going to be using at the institutional level.
That's faster, cheaper, cleaner, all those things. I think I told you guys about it,
but the people who are developing it, usually you hear like, who's developing that new layer one blockchain? It's like an on goat face ape on Twitter. In this case, it is the former head of
the US Defense Intelligence Agency, the inventor and builder of Kindle, the former CIO of Starbucks, the former president of Universal Pictures. I wouldn't be talking about
it unless it was a lot of people, a hell of a lot more accomplished than me that's building it.
Also, as you'll notice below, we're just telling you about them. There's no affiliate link down
below. I want you to click and check them out. But there's nothing in it for me.
If you click and sign up to something, nothing of that. I'm literally just telling you about it
because it's awesome, unique and worth knowing about. Guys, it is time now for Dan Chart Guys.
Dude, I know you usually hear me like talking to somebody about ETFs or about like the long
term value of Bitcoin. You show up today and all of a sudden it's a lot of charts.
Yeah, definitely right out my alley, a little bit more engaging for me mentally. So yeah,
it was great. I like showing.
Yeah, it's nice because you always show up early and we didn't bore you this time.
Exactly.
It's wonderful. I'm curious then where you are thinking now with Bitcoin kind of struggling
around this for, I guess some people could say it's great. with Bitcoin kind of struggling around this. I guess
some people could say it's great. It's right around 40,000. I would say kind of struggling
around 40,000. I'm curious your view. Yeah, I'm on the 12-hour timeframe here
on the shorter term side of things. And my simple guide is if this EMA 12 is resistance,
then nothing is changing. If we get over that, then we could say,
all right, a temporary bottom is being set. But if we're talking bigger picture, you know,
I've been the devil's advocate in the sense of, hey, you know, we might set a six month lower
high and pull back and tighten up for a lot of 2024. And so the next big check mark as to if
that's going to be happening or not is going to be on the weekly timeframe. So we're going to
bounce eventually on the weekly and I'm expecting a weekly lower high. And that's where we use
retracements to help us determine most likely scenarios. And so let's just say, we don't have
enough information that this is the bottom for now, but if it were, we would need to see the
bulls get back up to 44,000 or so to try and reclaim 50% plus bounce retracement. Because
anything less than that, the next big
checkmark for bears will be, can the bears confirm a weekly downtrend as a result of the next bounce?
And if they do that, that's going to significantly increase the probabilities that that six-month
lower high is going to form and that we're going to tighten up for another six months,
potentially. As you mentioned, it might be really boring for the next six to eight months.
And we were saying that even to euphoria, we have to be prepared for that as a possible
scenario. And if you're looking to accumulate, you want that. That's the thing. You want that
to set the six month high or low and to do exactly what 2017, 2018 did, just tighten up
and then it's time to go. And so the question is, do we tighten up, look for the longer term
entries on the six month high or low, maybe in the low 30 thousands, and then eventually
get a break where it's party time. We'll see. Yeah. As you heard me say to him, I sort of sent
that triggering tweet that was, you know, who's ready for six to me. I'm personally ready for six
to eight months of chops, something like that. I mean, in my mind, even beyond the case you just made on the chart,
we just had the ETF trade.
That was all the hype in the world.
Now we move on to the halving narrative, inevitably.
Maybe we'll get an Ethereum spot ETF.
Maybe that'll be a thing.
But to me, we go right back to where we would have been
if we had never had the spot ETF, which is the halving narrative.
And you look at every single halving cycle.
And yes, there's 30%
moves in both directions. That's volatility, but that's still sideways to me unless you're
breaking key highs or breaking below kilos, right? So you just showed it'll go, that could be
sideways. And then after the summer, the having supply reduction or whatever, the stars start to
align and it kicks in and we go parabolic know, parabolic through the end of that year
and into the final year of that process. And then we top and, you know, good luck. So to me,
that means fall of 2024 and then 2025 is really, really exciting. I'm not saying that will happen,
but I'm saying there's a very clear case for that to happen that people should be prepared for.
Absolutely. Again, the whole way up, my thing was, I don't know
what's going to happen. You'd be prepared for the lower high. You'd be prepared for all-time highs,
have a game plan for each. And so there's nothing drastically surprising with the price action
right now. And just the fact that the monthly timeframe, we just... That's Macy's. We don't
want that. The monthly timeframe for Bitcoin just went straight up. We need a monthly high or low.
I mean, we just went from 25 to almost 50.
That's 100% move in four or five months.
We have to set a monthly high or low at some point here.
And so the reversal candle is shaping up for January.
And again, that weekly downtrend, whether or not that confirms, is going to be key for the bigger picture for the monthly and the six-month timeframe.
And one other thing, we've been talking about the cannabis sector every now and again, the most, the best
trade I've ever made in my trading career was selling 2017 euphoria and rolling it into cannabis.
And we're seeing that again, taking shape where, you know, we have the climax top on Bitcoin.
We're now down, like I did the math yesterday, it was, we're down 18%. And in that same period of time, MSOS, the cannabis ETF is up 28%.
And so there is that rotational trade again.
And a lot of people are interested in both sectors just because, you know, if you talk
about what's the highest risk, highest reward space you can put your money in, it's crypto.
And it's these sectors that are, you know, trying for law changes and are very underdeveloped
still at this point.
I really think that I saw a survey actually that supported this.
But like one of the biggest things Biden could theoretically do to try to win this election is get marijuana rescheduled.
The amount of votes that they're predicting it could bring simply by him doing that as a political move is pretty compelling. I'm not saying vote for Biden.
I'm not making a political statement. I'm just saying that they've done the research and they know that if he changed this, he doesn't lose anyone because they're all Democrats anyways,
and he could gain a huge swath of the population that wants to see this rescheduled.
Yeah, it's essentially, if he continues to struggle and if the polls
continue to be unfavorable, it's a Hail Mary. It's, you know, you've got to try something and,
you know, consider you've already come out verbally in support of this thing. All right,
now prove it, like do something. And that's one of the reasons why, you know, we're waiting for
this DEA headline that can come out at any point. I'll pull up the MSOS chart right now, but we're waiting for the headline that can come at any point.
But I'm also open to the possibility they might save it, you know, for the summer or for late summer heading into the fall to kind of coast on that headline a bit more rather than, you know, use it up now.
And then six months goes by and it kind of fades a bit.
Yeah, I'll give you like October, one month before the election, you know, and it's
close and try to time it perfectly. But I totally agree. It's funny. People are saying it's being
rescheduled in the next year, regardless of president. Yeah, but I agree with that. And
that's why Dan's been saying this is the trade. But I'm saying you could probably time it more
accurately based on the political motivation of it happening. It's happening eventually, why Dan's been saying this is the trade, but I'm saying you could probably time it more accurately
based on the political motivation of it happening. It's happening eventually. The world only moves
in one direction when it comes to those things. And this is a small amount of pricing it in as
more and more people become aware of the decision and think that it's likely to happen. I mean,
we're up 50% in almost just about a month. And so,
it's not priced in. I'm not saying that, but I just want to let people know the more you run
up into rescheduling, the more it does get priced in. So as I've been saying, I'm going to treat
that headline very differently how I trade it. If it comes out and we're trading at $9, or if it
comes out and we've been going up for three months and we're trading at $13, $14. But with where we
stand right now, bigger picture, it's all about 988 on MSOS. And some of the stronger individual
names have already broken that level, but MSOS here is still hovering just under it. So that's
the next major hurdle that the bulls need to get over. And if we were to do that, that would be
the first monthly uptrend that this ETF has ever seen. So it's been all bare. And now we're just basing out and trying to flip those scales where demand starts to
exceed supply. And we're almost there. It looks like such a big pump when you zoom in and then
you zoom out and it's just crazy. That's how all coin charts look. You're like, I'm up 3x and it's
still down 94% real-time high.
And, you know, last night I watched on Netflix the, what's it called?
The Dumb Money, the GME story.
Yeah, bad metric.
And so that just makes me think like, man, you get that right sexy headline and you get retail jumping on this thing and that's when it gets fun.
So definitely keeping focused there until we get
a decision from the DEA. How's the movie?
It was pretty good. My one problem with it was at the end, it was kind of like sunshine and
rainbows. And it's like, no, we dropped 90% and a ton of bag holders were created. I have friends
that I was typing with online, like, hey, trying to reason with them, but nope, the short squeeze is just getting started. We're going 500 to 1,000 plus, and they're bag holders now. And so it kind of diminished the fact that a bunch of retail was hurt. Retail won, sure, but then a bunch of retail was hurt. And they didn't really talk anything about how GME has performed after the short squeeze, which is terrible.
Yeah.
Hollywood.
So it was like the guy, Michael Lewis or whatever, wrote the SBF book.
It's like he just stopped the history of the book before SBF got in trouble.
Yeah, exactly.
I'm just going to do the good part.
Yeah.
And so, yeah, here's GME, the monthly timeframe. There's the squeeze adjusted for the reverse split. And here we are down almost 90%. And so, yes, it was a glorious moment. But if you
didn't know to take profit, and so many retail traders don't. I mean, we learned that your first
crypto cycle that you're in, you're going to get back way more profit than you want to. And so,
I just know that many millions of people did that in this GME story.
Absolutely. Is there anything else you're watching right now? I mean,
things just, yeah, we did have the blue sky breakout on stocks over the last week. I mean,
you got SBI, QQQ, all of it. I mean, it's pretty crazy.
The semiconductors are running the show. And, the summer of last year, we had the AI hype and people were talking about, is AI a bubble back in last May? And the semiconductors are everything
that you hoped they could be and more in terms of, people were talking about the AI bubble back here. And this
is NVDA just continuing to cruise higher. And you got SMCI and AMD and these charts are just showing,
granted, we're entering the euphoria stage, which means caution, but they're just absolute beast
mode. And the semiconductors are running the NASDAQ and the NASDAQ is running the S&P 500.
And that's keeping things really strong right now. As far as other things I'm watching, I'm watching these crypto stocks. I was playing
this M.A.R.A. bounce. I got a really good fill on Friday, but I bailed yesterday after
we failed to break the bounce high. And my mindset was just, you know, the NASDAQ can't
be any stronger. Bitcoin's 5 percent off its lows and we're not breaking the bounce highs
right now. That's a bit of a red flag for me. But still trading sideways at the moment. It could easily be a bear flag. It all depends on
whether Bitcoin gets over that 12-hour EMA 12 that I pointed out first thing. Yeah, I am not
thrilled about how miners have behaved here. And you look at coin and it's just-
You know, it does make sense though. All like all these things that everything's obvious in hindsight, guys.
Right. So like I'm not I will never be the one who claims oh, so obvious.
Like I didn't really people mentioned the GBTC unlock.
I didn't understand the gravity of that.
And that even if we got literally billions in fresh money and inflows, that that would continue to keep the market down.
I underestimated that. I also think
I underestimated the rotation out of miners and coin and micro strategy into the ETFs.
These were the things that people were buying because there was no ETF.
Yeah, they were the proxies.
Doesn't mean they're going to go down forever. Those are temporary things. But I'm just saying,
I underestimated. I saw miners flying. I said, oh, they're going to get an ETF. There's got to be great for everything Bitcoin. Well,
a hell of a lot of people clearly who were owning miners would rather own an ETF.
Yeah. And these stocks all topped out before that ETF.
Yeah, they did.
And what I'm watching for, we talked about Bitcoin. Okay, next weekly bounce,
where do we set a lower high? Do we confirm the downtrend? I'm looking at coin and I'm just
looking for something very similar. We're going to set a weekly higher? Do we confirm the downtrend? I'm looking at coin and I'm just looking for something very similar.
You know, we're going to set a weekly higher low.
We're going to bounce and set a lower high eventually.
And so I am keeping an eye out for swing entries, looking for the weekly higher lows in these crypto stocks.
It's just a question of, in my opinion, do we get one more like down first or not?
And that's what we're watching for over the next week.
Something I drew on, I just brought up the coin chart yesterday.
I mean, I'm a long-term investor in coin. I just, for some reason, hadn't really been watching this.
I have a couple of charts for everything, but I had drawn this back in November, I guess,
when it broke out and listen, it almost got to the target anyways. So not great, but
always anticipating this sort of retest of the 116 area. And it got to 117.6 or something. You usually get front run when you have a level,
but listen, I'm going to buy more probably just because I like buying coin as a long-term
investment. But this kind of got back to where I was talking about. And I wasn't really paying
attention because maybe I had an alarm on this and it didn't quite trigger. But it is a pretty interesting area for coin, in my opinion. This was the top of accumulation
literally from when this launched. I mean, you're talking about May 22 to November 23.
This is where it found a base after all that downside. So it's a pretty compelling chart.
Yeah. I'm glad you pointed that out because I didn't realize we were that close to that level.
One of our chart guys team members, Lamont, is all about volume profile.
And as soon as we're done here, I'm going to send this chart over to him because I know
that's going to be right up his alley in terms of a previous resistance level looking to
act as support.
Yeah.
I mean, that was the twice top of that entire range for a good year and a half.
You expect that to kind of come down.
Can you explain the GBTC outflows?
Why is FTX part of this?
It's all because GBTC has higher fees than the new ETFs. I'm going to let Dan go because
he's done and then I'll explain that to you. Is that cool? Sure. All right, Dan, man. Thank you
so much. Guys, follow chart guys, of course. Always appreciate you having you here at Insight.
We'll see you next week, man. All right, Scott. Thanks. See you. Awesome. So listen, we're going
to do the giveaway obviously in a minute because that's what we do around here and because Misha got new hair.
And I literally would give away money just for you guys to see his hair. But let's go back to
this. Can you explain the GBTC outflows? Why is FTX part of this? It's all because GBTC has higher
fees than the new ETF. So first of all, I think it was on this Monday, I did a video on this for
the street, which you can revisit on the street, but this
is what's happening. So FTX, obviously their estate was a huge holder of GBTC. They participated in
that massive widowmaker arbitrage trade that everybody's talking about that effectively
crushed the entire industry. Like Three Arrows Capital, BlockFi, FTX, Gemini, all of these
people, a lot of the way that they were making yield,
if you guys remember, was that GBTC used to trade at a huge premium. So they could basically make
free money by buying it, waiting to six months until they could get their money out and then
making a huge premium over spot. It went down into the negative territory, became a discount,
wrecked absolutely everybody. But as part of the estate,
FTX, massive amount of GBTC, a billion dollars worth, they were unable to take their money out.
There were no redemptions of GBTC for over a year. GBTC literally, Grayscale just held people's
money, charged a 2% fee for having it, and just never let anyone out. Your money was literally locked. I'm not talking
about shares you could trade on the stock market. So what happened was the minute it became an ETF,
it became redeemable and tradable as it converted. So FTX, on behalf of their creditors, which is
exactly what they're supposed to do, liquidated their GBTC to get that billion dollars out,
which goes into the bankruptcy for creditors. That was one part of it. The other part,
obviously, the higher fees, GBTC Grayscale did a quick calculation and said, we already have $27
billion in AUM. Everybody else has zero. If we charge a higher fee, we're going to lose a ton
of people. But how many will we keep that we can still make a ton of money going from 2% to 1.5%?
Remember, if they go from 2% to 0.2% like everyone else, people might stay, but they lose all the money
they've been making. They've been making 2% on 27 billion, right? So 0.2% on 27 billion,
ain't that great for them. They're going to take a 90% haircut in fees, right?
So that was a huge part of it. And then there's just a shit ton of people, I think,
who are trading the discount literally just as a trade, right? And who didn't care about being in Bitcoin or being GBC, they said, there's an asset that's at a 50% discount
to the underlying asset. And it got to zero and they closed. I did not expect to give you that
full accounting, but that's what it is. And now it's time to bring on our newly, I was going to say dreadheaded, but it's brilliant. Well, that's what happened.
Yeah.
I call it white ASAP Rocky.
What does that mean?
ASAP Rocky.
I don't know how you call it.
Oh, ASAP Rocky.
I got you.
White ASAP Rocky.
Yeah, see, this is, you know, ASAP.
That's true.
You look like you do.
You look like white ASAP Rocky. Like, you, this is, you know, ASAP. That's true. You look like you do. You look like White ASAP Rocky.
Like, you could be Post Malone right now.
I feel like you went through one of these phases or something.
So, guys, you know, listen, no more man bun, as Alistair said.
It's fine.
It'll be back.
Trust me.
That man bun will be back, and it will be back stronger than ever.
I have no doubt.
Let's give away $100.
As you guys have gotten used to, we ask a question.
The answer that misha likes
the best so that you don't blame me you can hate him uh it gets it gets the win hundred dollars in
tether usct sent directly to your account you have to email mike at the wolf of all streets.io
it's worked every time i'm actually impressed this is. People have emailed you every single time. Very clear.
So what is our question of the day? So the question is, if you win this $100,
what would you spend it on? ASAP Misha wants to know what you're going to spend $100 on if you win. You can give us a real answer. Dude,
tomorrow, I'm going to literally ask them to give you nicknames
with your new haircut. That would have been better.
Today, it's if you win $100,
what are you going
to do with the money?
Matthew, a BJ from Carolyn Ellison,
I'll let you do it. You go.
I'm just going to watch. I'm going to watch what
happens here. FBM, no.
Hookers and Cope, it's not enough. It's not going to go very far, guys. I'm going to watch what happens here. FPM. No. Hookers and Co.
You won't.
It's not enough.
That's not going to go very far, guys.
I don't know what country you're in, but.
All right.
Cannabis.
If you can get that for $100, you might want to stay away.
Just being honest.
Pizza good.
Big.
Someone said he would invest in BitConnect strong.
SPF is a medicine supply.
See, I'm going to buy some Bitcoin, Scott.
I mean, you can't beat that.
No way. YOLO into Bitcoin to be a billionaire in 12 months. Connect strong. SPF's medicine supply, see? I'm going to buy some Bitcoin, Scott. I mean, you can't beat that.
No way.
YOLO into Bitcoin to be a billionaire in 12 months.
I think I have the winner, but I will, you know, I will turn it on later, okay?
A monkey butler.
That's a good one.
You bring up Matthew every single time.
Did he win yesterday?
I think he won it.
Yeah, Matthew's a Chad. He gets your attention every single time.
Maybe it's the handsome picture.
SBF Medicine Supply.
Is it enough?
$100?
It depends on your insurance carrier
and what your premium is.
This is pretty obvious, investing in Bitcoin.
A lot of people are going to invest in Bitcoin.
Oven mints with dogs.
Buying a house in Argentina is still not enough.
You could buy probably like
10 liquidators.
Okay, that's good.
Alright, let's have these.
Life-size Gary Gensler
so I can punch it. That one's funny.
Crypto for Cardano.
Alright, puppy. Nope.
Sorry. The last one tasted horrid
oh it's just so funny
clean my car i don't know um you know what man, I'm not trying to play favorites,
but I keep seeing it.
We love Drew and he had a baby nine days ago and has high hospital bills.
So I'm sorry.
I know we can keep going with the engagement.
We're sending the money to Drew.
That's good.
100%.
The things are flying by.
You guys all gave great answers.
But anyone who's had a baby,
regardless of how good your insurance is,
knows that there ended up being these insane hitting costs. And I remember dealing with that
with the hospital and negotiating and all of that drew, you're getting a hundred bucks for sure.
For sure. So send an email to Mike at the wolf of all streets.io. And we were up against time
anyways, but, uh, I let you guys gave great answers. They're very funny, but, uh, that,
that one just hit different because, uh, I know what it's like to have a nine-day-old.
And Drew's still here watching us, which blows my mind.
But yeah, man, you get that one for sure.
100%.
So send Mike at thewolfofallstreets.io an email and he will get you your $100.
You know what, man?
Send Drew $200, please.
Drew wins $200 today.
Okay.
Hopefully that will help.
And you should all go to his store.
You know that while we're doing the Drewcified thing,
I have to go now to find the link.
Yeah, guys.
Now I'm going to shill Drew for you.
But we've done this before.
Where's the link?
Here it is.
If you guys want to help
Juicify some more,
guys, I promise you
he doesn't like work for me
or anything.
But here,
he has an Etsy store
with all these amazing Bitcoin,
Silicon Valley,
Lehman Brothers, Pepe.
It is etsy.com
slash shop
slash crypto designs co.
So I think you can probably
search crypto
C-R-Y-P-T-O designs, like plural, rights Co. So I think you can probably search crypto, C-R-Y-P-T-O, designs, like plural,
right? Co. And it should come to this. But Crypto Designs Co. You'll see his stuff. That's where you
go. I'm sure this would also help with the insane hospital bills for his nine-day. So please guys, etsy.com slash shop slash crypto designs.
Go help juiceify. And also I didn't show you guys this earlier now that we're done here,
but this is the crypto school.cryptobanter.com slash sniper school. Yeah. It's in the description,
but you'll see Sheldon's handsome face. Guys, I really believe in this. We talked about it. I'm
not kidding for like eight or nine months. I was slow. You guys know it takes me a long time to decide to do something
on this channel to push something. But I really, I went through the entire freaking course.
It's great. It will really help teach you guys. If you care about trading this market,
just sign up down below and please go check out Drucified's store as well.
Misha, are we done? Yeah, we, check out crucified store as well. Misha,
are we done?
Yeah,
we got to go.
It's 10 Oh one,
man.
We ran over.
Thank you so much guys.
We will see you.
Uh,
tomorrow's the Friday five with NLW.
It's going to be awesome.
Uh,
we review all the biggest news of the week.
Uh,
always a good way to wrap up the week.
Thank you guys.
We will see you tomorrow from myself and ASAP.
Misha later guys.
Bye.