← CRYPTO 101
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- [00:00]
Host
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- [04:06]
Brendan
Happy Friday, man. Good to have both you on here with us. Good to have everyone in the audience. Definitely a lot going on here, right? Tons of volatility across the market. We'll get into it, but really a couple lead catalysts here that are that's really propelling us right back and forth a little bit to the downside here in the last couple of days. But we'll get into that in fact, let's just open up the charts here as I maybe walk through even some of these catalysts because I think it's important to understand these. So let's look at bitcoin first here and really what's going on because what we see here with Mr. Bitcoin is we chop sideways really for the last week or so and this is that daily chart that we like to, to really look at. But we chopped sideways after this most recent move to the upside and we just went back and forth and back and forth and back and forth. We peaked our head over that 50 day moving average just a little bit and then we fell back down in here. Now you're looking at this and probably going well, you know, this looks pretty choppy, like what's the cause for this? Well, at the start of the week we basically were coming down here, good inflation data came out and we'll get into that pretty drastically lower than expected CPI and ppi. And then so the markets here started pumping on that news. And we'll explain kind of the catalyst and, and what that means and why inflation data and you know, all these things even mean anything to the crypto market. But you know, following kind of this move up, we saw the markets continuing to bleed back to the downside here. Now again, I think there's three catalysts or really two big ones. You have the inflation data you have and then you have what's happening over in Tradfi as well. Now the tradfi markets here have been getting peppered and crypto was actually outperforming kind of leading up into this. But just a little bit. You know, I'm talking about recent data, but here you have NASDAQ just getting hammered here on the last three or so days, which coincidentally is when bitcoin really started falling, right? The last three days. So you saw NASDAQ kind of peak up to its high of day, fall another 11 1/2% the following day. After that it fell another 2, 2 1/2 percent. Today it fell another 2, almost 3% to the downside. And so you are seeing risk assets across the board really start to come back in a little bit here. And that's one of the causes that, excuse me, is causing a bit of the. Sorry guys, frog in my throat. A little bit of a sell off here in the crypto market is because you're just seeing a de risking. Now up until, I would say the last two one to two days, what you really saw heavily was three major spaces selling off you saw the memory space in dram, you saw the chip space, and then three, you saw those AI players, and you really started to see those areas which were extremely hot. They were sucking liquidity away from other areas of the market. And it felt like money was flowing out of everything and into those. And everything in those spaces were just going parabolic for the last little while here. Now what we've started to see is a little bit of the opposite happen. You started to see those areas specifically get hit, while other areas have somewhat kind of recovered. And we'll get into those, but just briefly to show this, you know, that's NASDAQ kind of falling here and reaching a big old important point. But then you look at things like dram, which is the memory space that I've talked about, an absolute freefall, you know, falling 40% off of its highs. You could go and you could see, I would say, you know, even different areas beyond just like DRAM and tech. You could probably go and see some of these other, like, AI plays again, just getting hammered. You could probably see amd, you know, off the highs as well, falling here. And so again, those areas of tech that were really, really hot and sucking liquidity away from the market, those are the ones that were getting hammered. And now what you see is the crypto space actually getting a little bit of a bumper. It was. So now the question is, well, if that was the case, why is crypto coming back in here? And it goes back to the original statement that I made, which is just that risk assets across the board now are kind of getting a little bit scared. They're seeing how everything's falling. And you have these investors who want to be more risk gone really kind of step away a little bit. And those are the people who are saying, you know, let's just put our money on the sidelines. Let's see how this plays out. And then after something like that will come back in. And so if we get into these PPI and CPI numbers, the reason why these matter to crypto is because as you have the markets trying to price in, what's going to happen with rate cuts? You have the crypto space, which has historically performed really good when the market wants to cut rates. And then you have the crypto market not performing great when there are rate hikes on the horizon. And so what we saw here was this was the CPI number coming in at 3.5% below the 3.8% expected. Core fell to, you know, to 2.6 below the 2.8 expected and month over month, CPI fell to 0 point or negative 0.4%, which is the biggest monthly drop that we've seen since May of 2020. PPI, which is basically a different form of measuring inflation, but you have this falling to 5.5 versus the 6.2 expected, core falling to 4.7 versus the 5.2 expected. And then month over month falling to negative 0.3. So why does this. And I don't. Do I have that on the screen? Can you guys see that?
- [09:51]
Hunter
No, I see bitcoin.
- [09:53]
Brendan
Okay, Let's just, I guess, you know, we went over the numbers, so it's not a big deal. But let's try this one more time and see if you guys can't see this. But yeah, I mean, these are just those numbers that I was referencing just to give everyone a little bit of a graphic to kind of match this stuff to. That was the CPI and then that was the PPI numbers. But I think that's going to be a big thing to kind of keep an eye out on here because if you continue to see inflation lowering, that increases the chance of rate cuts. It's. And that's really the kind of market conditions that the crypto space likes. And if you start seeing it go back in the other direction, then there's probably some turbulence here. So in the charts here, I think the big thing we're watching out for is can bitcoin really peek its head through this mid $60,000 level? Like that's the thing that every, everyone wants to care about here. Can bitcoin get over this hump, start pushing the higher highs? Because really since last October on bitcoin you've had just lower highs, lower highs, lower highs, lower highs. Over and over and over again, bitcoin has been unable to break above that 200 day moving average. And it's just been getting clobbered at every attempt to the upside that it's had. So the big thing that we need to watch for a reversal here is can we actually break out in the higher highs? Obviously we found a little bit of a bottom here, right around the high 50 thousands, low 60 thousands. Now the next real question is can we hold those lows and can we actually attack the upside? And I think that's the big thing that we need to kind of wait and watch out for here. The other thing is that the 50 day moving average, this kind of pink or reddish line is right around where we're at. But you also have the blue line, which is the 20 day moving average. So the 20 and 50 day moving averages here, right? Almost side by side. And if you get the 20 day crossing up over the 50 day, that's called a golden cross. And if you can get a scenario where you have a golden cross and then price action trading above that golden cross and bouncing off of it as support and going further to the upside, it's a really good look for the bulls. And so I think that's another thing that we would want to keep an eye out on, should that be the case.
- [12:09]
Host
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- [15:02]
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- [15:38]
Brendan
So big story here, you know, is there an absolute bottom in yet? Do we have that data yet? We still don't. There's still some downside risk. Again, I think right now the big fear is what's going to happen over on the traditional side. How are risk assets as a whole going to respond? But I would say outside of that Tradfi risk, crypto doesn't look quite as bad. Again, really before you had the traditional financial side and the equities and the indices really start to fall off a cliff. You had Bitcoin doing well. I mean it was pushing higher, it was trying to break out of the 50 day moving average, it was trying to break through highs and it was doing a lot of that stuff. And it wasn't until you started to see a little bit of a rollover that the selling pressure started to come back in.
- [16:21]
Host
So in a funny way, it kind of brings back onto the table that old lore of crypto saying, hey, bitcoin and crypto lead the market. It's like, oh, bitcoin hit an all time high. The Nasdaq, the S P is going to be right behind it. And we were kind of riding that for two, you know, a year, two years. People, a lot of people were saying it, it was a fun talking point. And then bitcoin fell off a cliff and obviously the memory trade and everything else kept going. And so it was like, oh, well, that, that, you know, that lore doesn't hold anymore. That's not true. Again, there's no factual, actual factual, like study behind it. But it was an interesting talking point. And then bitcoin fell and the memory trade kept going. And now we're kind of seeing like you, you showed here with your charts and Hunter, let's get to you next with your charts. If you want to let Brent, if you want to let Hunter pull up, his is like, hey, as bitcoin kind of led the way down and if it holds here, at least with less volatility than the S P, the Nasdaq and specifically this memory trade, is it kind of a fun talking point maybe to bring back, as you kind of noticed, with those moving averages kind of curling up, is an interesting point. So, Hunter, take us through your wisdom, your charts. Do you agree with Brendan? Do you disagree? That's what this is all about, you know, discourse and understanding, you know, different opinions. Let's hand it off to you, Hunter.
- [17:39]
Hunter
Yeah, well, I actually have a great segue chart for that relationship of bitcoin related to the Nasdaq, which means rotation, style trading. Here we've got the bitcoin relative to the Nasdaq. So bitcoin on the numerator, NASDAQ on the denominator. And you can see this relationship over the last nine years. And we're hitting multi, multi year lows, this trend line right here. And each time we've hit this relationship where bitcoin was very undervalued relative to nasdaq, like performance wise. Those were the marks of the turns in the crypto cycle. And we're seeing that signature right now. Now it can play out for several weeks, several months, as it did over here in 2022. But we're seeing that signature, you know, that kind of wick down onto the trend line and we're getting some good movement this week. So I'm saying Right now Bitcoin is looking pretty buoyant and it does look like there is a bit of a rotation back into the leading risk on asset, which is Bitcoin, just by looking at this chart alone. Now this is just one chart, this is one data point, but it's just something to be interested, that we're interested in because it is like somewhat of a, you know, higher high, higher low, higher, higher, higher low. The market structure is shifting like that. So I liked, I like this chart. It really paints a really pretty picture of when capital starts to rotate. So we'll be monitoring this going forward. But does look like Bitcoin is starting to outperform at least the traditional markets when it comes to nasdaq. But looking high timeframe just on bitcoin, it's alone bitcoin spot. Well, this is why we're bouncing right here. We've got multiple levels that are starting to come and coalesce. Not only do we just have a wonderful linear trend line that we're bouncing off of, we have the 200 week moving average which we actually closed below a few weeks ago, but reclaimed it. So that's usually a bullish sign where you kind of have that fake out and then you come back above. We're really going to want to try to hold above it this week so we can kind of get continuation up towards that 50 week moving average towards around the 70,000 level that I'm really eyeing right now. But until then we don't have full confirmation. We still need a little bit more data. But nonetheless, if we also take our anchored volume weighted average price from the 15,000 2022 cycle low, well, lo and behold, where do we bounce most recently right off that level. And that's a huge level because that pretty much shows you where all the volume averages out, where all participants where they've traded from a volume weighted perspective, that is the price. So that's like a fair value price. It's one way to look at fair value. Now you can look at different on chain metrics as well for fair value measures, but this is a traditional technical analyst view of looking at some fair value. We bounced right off that. On top of that, if we take a fib retracement tool from the cycle low in 2022 to our current all time high of 126k and we come and we put out the 0.618 Fibonacci retracement, which is the golden ratio. So it's a mathematical thing. Well, where was that level? It was at 57. I'll make this a little bit bigger for you guys. Font wise, it was at 57, 800. Where do we bounce? Right here. Look at all these variables coalescing right here. That low on the coinbase pair was 57, 700. So just south of $100 missed. And so you can see that we're at a very pivotal, pivotal point right here. And here's what I want to kind of press upon you. When we get to these big high time frame levels, what happens is a lot of people, they, they start feeling the bearish sentiment and all that. But these are big levels. This has happened over the last four years and we haven't touched them yet. So when we get to those points, we can at least expect a bit of reprieve or a bit of a bounce. And so it is warranted. I mean, we were going down for two months, we've been going down for about nine months since the all time high. And we had, you know, a rally earlier this year for about three months. So it's not really that random that we're bouncing here a bit. Now, of course, we're not out of the woodworks. Of course we're still in a bit of a range on the low time frame. Now we can just kind of use a parallel channel to, to show if I make this. And you can see we're just kind of ranging. We're at the midpoint of that range right now. The moving averages are kind of tightening up. So there isn't a trend at the moment, it's just a range environment. And the old adage for a range is trade the range until it breaks. So we'll be looking at the top side of the range, we'll be looking towards the bottom side of the range. And until we get a trending environment to where we move back up above our prior high right here, 6768K and retest. Well, we're still in a bearish trend long term, but that would be our first sign of strength on the short to medium term to where we could at least connect up here towards 70k. Now, just to wrap up bitcoin here real quick, I'll show you exactly why we're resisting where we are. If we take our volume profile from the beginning of the February price action to where we are now, this whole range, you can see we're coming up right, we rejected at the point of control back in the middle of June. So very, very important level. And then now we're at the value Low, which is this orange line on the volume profile histogram. And you can see that this range right here is resistance. And right now we're trying to make maybe another lower high. But if we don't, then that would be our first sign of strength because there's a lot of volume that transpired here. So if you get above that, then that means bulls are starting to take control. At the moment, the bears have been in control. Nonetheless, though, we hit a massive level. We can easily just come back below this and hit this, you know, retest 60,000, make a higher low and continue up. You know, that is a very big possibility. We have to play it that way. But the longer it sits down here, the longer it kind of lulls everybody to sleep, the more dangerous it gets to the upside. The asymmetric rest will be to the upside. So that's what I'm looking at on bitcoin. I'm still, you know, full disclosure, I am long still right now from pretty much close to the lows. I don't have my full position anymore. But, you know, I'm still looking to possibly continue this move up for a little bit, at least till maybe, you know, the end of the month. So. Yeah.
- [24:03]
Host
Okay, great. Great stuff, Hunter. Thank you. And I think that, again, I'm. Everybody kind of has a different approach, different style. That's why I love having Brendan Hunter on when we can at the same time to get that different type of breakdown. And if anybody's interested, refresh. Refresh your page on YouTube. And, you know, we talk about all the time, Brendan has his trading course where you can get kind of this type of TA with Brendan Hunter twice a week. So scroll down, check the link there to learn more about that. We've got. Who do we have here in the chat? Let's see who's there. We got BTC Harpist. Good morning. Kevin from Lakeland, Florida. Not too far from me. Love that. Good morning, everybody. Let us know who's watching. Let us know. Not too far from me either. Yeah, there. Yeah, me and Hunter. That's right. The. As we move on, I thought this was kind of cool to what we were talking about. Not really cool, but it's just really interesting. I mentioned at the top of the show, the volatility in South Korea has been crazy. Yeah, it's been wild. And I think that's, you know, causing some ripples in the market that you're seeing. Of course, the memory trade that Brendan was talking about of kind of, you know, quote unquote, maybe Falling off a couple, cliff down 20, 30% of these high flyers. This is the volatility chart I saw. And it, I mean, we're, this chart goes back all the way to 1980 here, folks on the left. So you're looking at similar to the 2008, which was a global financial crisis similar to 99Time.com bubble. And like, I think it's cool or not cool, but I think it's so unique to Korea right now because a lot of those chip trades, a lot of those companies are based on in South Korea. And so there's a lot of excitement in that country for the, you know, not. Maybe not the first time, but they're, they're a leader, a global leader in this trade. And so I think it's gotten a lot of people, a lot of average people, everyday people kind of get involved in the markets, getting excited because these companies are based in their country. But with all the leveraged ETFs and, and all the ability to go in and get exposure at unique rates that a lot of people probably don't understand, it seems to be causing some historic volatility over there. And I think that's creeping into the markets kind of, you know, in a way, Brendan, I always bring this up from time to time. It reminds me of that. It was like the Kai trade, it was like August of 20. Was that 24? August 24th?
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Brendan
I think so.
- [26:17]
Host
And it was like a crazy unwind. And I remember me and you were on the rundown and we're just like, what is going on? And he's like, oh, the Nakai trade, it's a, it's a carry trade. And you got to unwind this trade to unwind that trade, to unwind this trade to get your money out. And it's like, is that why bitcoin's down? Like, I don't, I didn't buy Bitcoin because of the, the Japan Kai. Like, this doesn't make sense to me. And so that was kind of a buying opportunity. I thought, again, each situation is different. I don't think this is exactly the same, but it is interesting when you see kind of the plumbing of the global financial investment system kind of hit these walls. It is kind of good to zoom out and just kind of. It's a good time to zoom out and check your own trades, check your own portfolio and be like, okay, am I connected to this? Am I not? And, and again, we've been kind of watching and talking about this memory trade, part of the AI trade. Just High flying. And I don't know, I've been, I, I, I think I've said on the show openly, like, hey, I had a couple things here and there that were doing well in it, but nothing crazy. And I felt like an outsider looking at it almost a little bit. And I think it's a lot easier to call a top when you're not emotionally invested. It, I was, I've been watching this thing recently. Like, this isn't going to last. There's no way. And then sure enough, you know, some of these things, the individual stocks and the bitcoin miners were kind of tied up into that too. Right. Like a lot of bitcoin miners, riot iron they kind of, we've had on the show before have pivoted from mining bitcoin to now, oh well, we'll sell you AI energy. And these stocks were flying up hundreds of percent, but now they're correcting 30. I saw some at 50, 60%. Correction. So yeah, Brendan, just hop in there. Hunter, let's get to your take second. But Brendan, any, any thoughts on the, the broader picture here with this volatility?
- [28:01]
Brendan
Yeah, yeah, I think with this kind of volatility, like, it's always, it's, it's, you don't always have to be in a trade, right? You, it's volatile, it's choppy. Hunter and I have actually gone back and forth talking about this, like, pretty recently. Like, sometimes the best trade you can make is no trade at all. And it's okay to sit on your hands, hands. And especially if the markets are a little bit more uncertain and they are really volatile, the average person, you know, can't sit at their computer all day. They can't monitor this stuff. It freaks them out. If that does concern you, then I would say, hey, like, do a little bit of dollar cost averaging, sit on the side and kind of do your own thing. But you don't, don't feel like you have to necessarily get involved. Now my whole idea is I think that where we're at down here as a whole is I think we will get by the dip opportunities. I don't think the world's blowing up. I don't think this is the next nuclear event for the markets for, for bitcoin or for tradfi. It's like, you know, pullbacks happen. But I think that out of the ashes of these pullbacks, I think we get buying opportunities. And that's what I view this as. You know, you said the Japanese carry trade, that was a great example. You look at the tariff crash. That was a great example. You look at some of the buy the dip and like swing trading opportunities that came out of the tariff crash or not the tariff crash. The geopolitical stuff that we had earlier this year, tons of great trades that came out of that. I think that we're kind of in the same scenario with where we're at right now. Like, I want to be positioning for the upside as opposed to positioning for the downside. And I had someone ask me like a week or two ago and say, hey, should I sell my bitcoin and expect prices to go lower now? It's like, well, no, I definitely don't want to do that. If anything, I want to accumulate more bitcoin. However, is there downside risk? And the answer is still, yeah, like there is still downside risk. Bitcoin could still go to new lows. But I definitely do not want to be selling off all of my crypto at these levels and betting that we're going to go to new lows. I think that's just a different level of risky.
- [30:00]
Host
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- [30:15]
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- [30:47]
Host
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- [30:50]
Brendan
A fake email cost me my dream home. After I sent my personal information to a scammer, my AI agent wired thousands to an account I'd never seen.
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- [31:18]
Hunter
Well, yeah, in regarding especially the volatility here in Korea. I mean Right now the EW Y, which is the South Korea ETF is down 30% from all time highs. But as we've been speaking, it's up about 4 to 5% just this morning. Even the NASDAQ has already bounced about 1.5% since we've started this show. So definitely people catching in a bid. I'm still, you know, from the traditional standpoint looking for higher lows. Still pretty bullish. A 10% correction, not too much. But regarding maybe some of the unwind, especially in AI and memory, well, of course we had the war begin and we had oil go up and then we had worries about energy driven inflation. Then it came back down and then now it's starting to go back up and then we have on top of that, issues with CapEx. Because of the energy driven inflation, you have a two pronged effect. They're kind of comorbid. Here you have the energy driven inflation which will drive costs for AI, electricity, power. But then also that also makes the Fed have to maybe pivot to raising rates and then you need to issue more debt at capex at higher interest expense. So you have two things and then you have that winding out, down. And so then you see that liquidity may be flowing back into other assets, other asset class. And I can't necessarily prove that. I mean spot Bitcoin ETF flows have been a bit weak this, you know, over the last month or so, but it does seem like that, that is something that might be happening right now as people are unwinding from the kind of AI memory play. And South Korea is definitely kind of the proxy for that.
- [32:48]
Host
Great points. And I, I think just one final point on that is that kind of, I've talked about in the show how I've been like, hey, I'm kind of on the outside looking in on this, this memory trade. And it's been, you know, fascinating to, to watch, but I've never felt more confident as that starts to unwind. Right? It's, we've just talked about, hey, it's the bell of the ball. Who's the girl that you want to take to the dance? And you know, it was crypto. We had, we had our run. We truly did. We had our run and then it shifted. And the money, you know, the money finds the hot and the hot new thing in the market. And so you're watching this thing just continuously go up and like, hey, is this ever gonna stop? And not only is it ever gonna stop, is it ever gonna go down? Like I remember over the last three months, I mean you could turn on any business channel, any podcast, and it's just any talking head saying, no, this is, this makes sense. This micron move makes sense. This dram ETF going up 150. They don't have enough. There's not. They can name their price. They don't have enough. People will never stop buying. And like as soon as you start hearing that stuff, my ears perk up of like, well that's, that's not how this thing works. That's not how the markets work. Like somebody, you eventually get humbled.
- [33:56]
Hunter
I have another thing to kind of add onto that right now with like anthropic and some of these models that are actually pretty expensive. We have like some of these Chinese models like Kimmy K3 that are massive and they are public and open sourced and free. And so when you start to hit this kind of bubble where people are like, okay, I am having issues paying for a $100 or $200 subscription per month, I'm just going to go to this public model that starts breaking down some of that AI narrative. I think we're starting to see something like that because it is pretty expensive for the average user to use these models that we have here in the US relative to the open source kind of free models in China.
- [34:39]
Sponsor Reader - Visit Idaho
Yeah.
- [34:39]
Host
And then I think as it feels like it's the capex race of hey, spend as much as you can, build the biggest and best. But does that turn into roi? And you know a lot of these companies that say, right, it's all speculation
- [34:51]
Hunter
just on Ford returns essentially.
- [34:54]
Brendan
Yeah.
- [34:54]
Host
And then the companies that are using the AI be like, hey, we'll use whatever the best AI is if it brings us roi. And then you start learning. I think Uber was one of the first ones to come out and say, hey, time out token, we're spending too much on tokens. We're hiring these people to do their jobs and they want to hire AI with the tokens. And our token expenditure is crazy. So it's just, it's a new era. There's a lot of learning, it's a lot of fun just to, you know, be in the markets, be involved and see because it is a historical change in tech. But I, I don't think I specifically remember a couple, it was a couple different people just coming on and talking about the memory trade and saying no, this thing won't go down. It's a name. It's a name your price. It's a name your price. Market like that, it's not going down. It's not cyclical. Traditionally memory and chips has been cyclical and like it's not cycle anymore. It's A name your price market. And I heard that, I was like, I feel like that's the clip they play after a 30, 40% correction. But let's, let's swing back into crypto, specifically bitcoin, because Hunter mentioned the ETFs and we have the first positive week for the first time in nine weeks. Hunter said, yeah, the ETFs have been weak, but you know, here you go here. Just seeing that first green blip kind of coming off the bottom there. So that's interesting to see that the inflows start to come back in. Speaking of Bitcoin ETFs, none bigger than BlackRock. Larry Fink making the rounds this week, getting some TV time, looking great as always and talking about crypto and bitcoins. Let's hear what he had to say.
- [36:22]
Larry Fink
There is no question, as I said it in earlier times, that over here I was always worried about the leveraging in bitcoin and crypto. There was too much leverage players in it. That's why we had to wash out. And I think there's more stability at these levels here. But no, we don't see that much implicit leverage for the scale of the capital markets today. The leverage is not as large. I mean, that doesn't mean there's not pockets. But no, I, as I said in my prepared remarks this morning, I'm very bullish on the markets over the next 12 months. I think there is no question.
- [37:00]
Host
Always good to hear Larry Fink being bullish. Obviously talking his book with BlackRock. Having one of the largest Bitcoin ETFs are the largest Bitcoin ETF. But I just thought that was interesting. But again, it's like it's taking these pieces and building your puzzle. And this one jumped out to me this week was the Citadel friend of the show, Ken Griffith, of course, investing in crypto.com raising4crypto.com raises $400 million from the largest U.S. retail market maker, the Citadel securities at a 20 billion dollar valuation. I, you know, I have a saying, I think Brett and I have talked about it. I don't fake Ken Griffith, that guy, that guy, the Citadel. Basically, for those who don't know, they make money every day, they make money when the market goes up. They make money when the market goes down down. That is the ultimate money printer. So I personally don't fade Ken Griffith, whatever he's doing. And so I thought this was really interesting, them investing in crypto.com kind of pairing off of what Larry think said of like, hey, seeing Some stability at these levels. Obviously, crypto's been very volatile to the downside recently, but seeing some stability, the ETF flows show that. And then you start seeing this type of news and it's like, okay, the, the, you know, tradfi is here. We've known that. And it doesn't look like they're going anywhere. So, Hunter, what. What do you. Is this. Is this news that gets you excited?
- [38:23]
Hunter
Well, it's interesting because that $20 billion valuation and Kronos, the coin itself is at like a 2.6 market billion market cap and fully diluted is about 5.6 billion. I remember several years ago when the Kronos chain came out, and I actually was pretty involved with it with a lot of the meme coins on there. Did a little bit, did well for a little bit, and then got absolutely rinsed as it came all the way back down. So I find this interesting. But it is, you know, I agree. Citadel, you know, they make money trading with order flow. They get special data that from retail investors that they use against you. So it's always a little bit, maybe skeptical of something like this. But I, I, you know, it seems like some of the players, for instance, like a Robin Hood and then, you know, crypto. Some people that made a foothold in the industry several years ago are starting to come back. It's like they, they put themselves out there and then they kind of all got rinsed or washed, and then now people are coming back, scooping them up and it seems like. Cause they have that US Jurisdiction, US Foothold that people are trying to, you know, build out their infrastructure now. But other than that, I don't have much more to say about the crypto.com purchase.
- [39:36]
Brendan
Yeah, I'd be interested to see how this plays out. I don't feel, dare I say this, I don't feel like they've been super relevant for a bit. Yeah, and they're there. And they're certainly not small. They're a decent size. But I think they really peaked during like, you know, a previous cycle. When you look back at like the 2022 run, I think they were really, really popular and dominant there. I. Yeah, we'll see. I'm. It's interesting. I don't think I would have expected this. I think that if you would have said that Citadel was investing in Kraken or Gemini or, you know, or other places, I guess. Well, maybe not those. I guess they could have been those. Right. Public or private. If it's Kraken, Coinbase, Gemini, Robin Hood. Like, I would have been like, oh, that makes sense. Or even if it's in, like, circle or different places, players, I think I would have understood that a little bit more. But again, crypto.com. we'll see.
- [40:36]
Hunter
You know, crypto.com has been like a big sponsor in a lot of what was like, I've seen it on the US in ufc.
- [40:41]
Host
Yeah.
- [40:42]
Hunter
What else has it been on? And I don't know if any of you guys ever used the crypto.com cards at all as well or had any experience there.
- [40:51]
Host
Yeah, well, crypto.com arena is.
- [40:53]
Hunter
Oh, yeah, of course, the arena.
- [40:56]
Host
Yeah. No, they got. They got a lot of money to buy. It's interesting. I mean, they. They obviously have a. Have a book of business. And again.
- [41:04]
Brendan
Oh, sorry.
- [41:05]
Host
I just don't. I don't fade Ken Griffith. It's just a rule of mine.
- [41:09]
Hunter
I like that.
- [41:10]
Brendan
Yeah, you're right. I mean, here's the thing. I'm just a talking radio head here meant to stir the pot a little bit. My opinion and me stirring the pot and playing devil's advocate matters drastically less than what Ken Griffin and Citadel are doing. Right. They know what's going on. It's like TiVo said, they're not the ones who typically lose. Who loses? It's the retail investors. So, listen, I'm just your Internet personality. I love talking about crypto. I play a devil's advocate and I like to stir the pot a little bit. But, you know, no, we like crypto.com for sure. And, yeah, we'll have to watch how this plays out. I do like the idea, though, that they're coming in and they're saying, hey, we view now as the time to put money into this kind of thing. And I think that's a good sign. Again, they see long term value. They wouldn't be coming in here and doing this, and Citadel wouldn't be getting involved if that wasn't the case. So I like that.
- [42:08]
Host
Yeah. Just a last. You said invest in Robinhood. And I mean, they've. Citadel's been involved with Robinhood. That's the famous. The movie that they made off of the GameStop stock. That was kind of the intertwines of that whole thing is everybody blamed Robin Hood for turning off the buy button, but it wasn't. It was the. The call from. From Ken Griffin at Citadel saying, hey, you're turning this off because, you know, we've got some funds that are about to blow up, which again, was, you know, it's a great. What's the name of Squeeze. What's the name of that movie? Oh, stock movie. Let's look it up. The listeners need to know. Dumb Money. Dumb Money.
- [42:46]
Brendan
Dumb Money.
- [42:47]
Host
Very funny. I thought it was really, really. Well, well.
- [42:49]
Brendan
Roaring Kitty.
- [42:50]
Host
Roaring Kitty. Dumb Money is the name of the movie. And one last note before we move on. This is, this is why I say, this is why I say I just don't bet against Ken Griffin. Ken Griffin recently made an apartment purchase, his final one where he bought the entire 22 story condo tower. He's been acquiring every unit over the last couple years. He finally acquired the last one for $38 million. And his plan is now to knock it down to build a new citadel building. So this guy, this guy's on another level. So friend of the friend of the show, Ken Griffin, he spends a lot of time down in Miami too. But that's, he's not the only one that continues to build and invest. Morgan Stanley rolling out the bitcoin spot, trading to E trade that's officially live. And then they continue to build out, I have it on the sheet here, they continue to build out some S1s for their Altcoin ETFs with Ethereum and Solana. And kind of just to remind the listeners is Morgan Stanley's not a huge ETF player. If you go and look through their offerings, it's not a ton. So if they're kind of going through the motions and, and taking the time to apply and set these things up, this is the type of stuff again that they're not doing for six months, for a year, one cycle. They're looking out and saying, hey, I think this is a part of the future in my opinion. And they're going to be, they want to do this because they're going to start, you know, doing hey, the 1, 2, 3, 4, 5% allocation to crypto for some of their clients. And they don't want to have to sell Larry Fink's etf, they want to sell their own to their clients. So they continue to build this stuff out, which I think is, is a net positive long term. Hunter, what are your thoughts?
- [44:29]
Hunter
Yeah, I, you know, and Brendan actually said this earlier this week, it's competition like breeds innovation and it's something that I like. So more competitors in the market also it's just more vehicles actually provides more liquidity. There's a reason why money has a ton of liquid or water terms, currency banks, liquidity because it always needs to be flowing. And so the more vehicles there are the More products, the more money's flowing, the more the market is liquid and efficient. I like this. So, you know, usually maybe a typical asset manager jumping into the ring, starting to sell their own product. I think that's the same thing as, like a Robinhood building its own chain. You know, you're building on rails, you're trying to bring things in house so you have more control. Also, because there's a lot of fees. I mean, expense ratios are very low on a lot of these ETFs. But in scale, as you get trillions of dollars in these assets, I mean, that's going to be billions of dollars in revenue down the road. That means, you know, if they are able to gather market share, I mean, it's a very competitive business, but nonetheless, it just opens up more vehicles, more liquidity, and so I like it there.
- [45:38]
Host
Brendan, anything to add?
- [45:40]
Brendan
No, not a ton else to add. I think Hunter, Hunter. And you hit it right on the head there. It makes sense that, you know, maybe they would want to get a little bit more involved, but no, no, no other thoughts from me.
- [45:54]
Host
Very cool. Thank you. Let's talk about the Clarity Act. I'm seeing this is getting a sad part of the show that we do every week, but the Clarity act odds are starting to roll over.
- [46:05]
Hunter
Yeah, they had something yesterday.
- [46:06]
Host
Yeah, I saw it was like, okay, President Trump's going to go on the Hill and meet and they're going to start talking about it. But there's just, you know, there's the clause that the, that they want, you know, President Trump family not to be able to profit in crypto is going to get those Democrats across the line that they need. And it just doesn't, just doesn't look like it's going to happen. I think the odds are now around 40%, so we're even under 50%. But there's. People talk, they're, they're talking about it on the Hill. They're trying to get it moved. I know that there's what the, the recess for, for Congress and the Senate coming up in August. So that was kind of the, the, not the final timeline forever, but it was a, maybe before the, the midterm elections. This could be the, the timeline so not looking good, but there is conversations being had. I'll keep a lookout over the weekend for news to see if there's anything, you know, new that comes out or anything worth talking about. Let's, but let's finish on a positive note. And this just came across hot off the wire. Thought this was really Interesting. Number one, it's crypto. Number two, because it's a firm that we've had on the podcast before. And number three, fellas, number three. And my. Arguably the most important, it involves football. Football season is around the corner. If you close your eyes,
- [47:24]
Larry Fink
you can
- [47:24]
Host
smell that fresh cut grass on your local high school field as you get ready for two days in August. They're right around the corner. Training camp is right around the corner, whether you're in High School, D3, D2 or D1, or the NFL. But we're going to talk about D1 football here, fellas. We're going to talk about crypto here, fellas. How do I tie that together? Galaxy just announced a partnership where they are the official data center and digital asset partner of the Texas Tech Red Raiders.
- [47:53]
Hunter
Come on. Love it, Texas, baby.
- [47:56]
Sponsor Reader - Sherwin Williams
Love it.
- [47:57]
Host
Texas Tech Red Raiders. The Red Raiders football is now the home of Galaxy Stadium. Gotta get those guys back on the podcast. Maybe we could get some tickets. I'd love to go down to Lubbock. Lubbock, Texas in the fall.
- [48:12]
Hunter
Get the head coach. Head coach on.
- [48:15]
Sponsor Reader - Mountain Cement
Yeah.
- [48:15]
Host
And their quarterback, he's a degenerate gambler.
- [48:18]
Brendan
So I love.
- [48:19]
Hunter
It's like probably why that's the time.
- [48:20]
Host
Perfect. It's literally, it's perfect. What a sponsorship. What a sponsor.
- [48:26]
Brendan
Awesome.
- [48:27]
Hunter
That's hilarious.
- [48:28]
Brendan
I am curious though, Tebow, maybe you can give me some insight because this is more your world. How do they connect the dots to make this kind of thing happen? Like what goes on at Galaxy where they're like, you know what we need to do with. We need to go to Texas Tech and we need to be their official digital assets and data center provider. Like, what goes through. How does that happen? That's just my question. I think it's awesome. By the way, if we have them back on, I'm going to give them kudos. I think it's really cool. I just want to know how does that thought get initiated, you know?
- [49:02]
Host
Yeah, I. Quick Google here. I was like, who on the board of directors went to Texas Tech?
- [49:09]
Hunter
Intern, Quick Google.
- [49:12]
Host
Nothing. Nothing. I'll do some research because I think this is so great. I just, I love it. Quick Google says none of the board of directors went to Texas Tech. I'll go see if there's anybody else. I think it's my thought was there's got to be some connection at the top of the sphere because all this money for Texas Tech is going to nil. And anybody that follows, you know, college sports these days is colleges turn into Pros because of this NIL money. These deals are crazy. So this naming rights stadium is going to the school, but it's really probably going to the NIL fund to go and hire really the athletes to go there. So I think, because it's interesting that it says the digital assets portion but also the data center portion, obviously Texas, you know that I think the average person that doesn't travel a lot or the average person around the world, but also even the average American that doesn't necessarily get out and hit the road. Texas is a huge state, it's unbelievably big. And there's so much undeveloped land that I think it's kind of a hotspot to be like, all right, we're going to go put a bunch of data centers there. So my guess is partnering with Texas Tech, partnering with Galaxy. Texas Tech probably has a lot of land grants because, and I'm just doing this off the top of my head, shout out to me. Texas Tech has a huge agriculture program. To have a big agricultural program, you have to own a lot of land. So there's some handshakes going on right now. It's like, hey, maybe we cut the, you know, maybe we cut the corn program or cut the lettuce program down a little bit and you give that some of land to us and we're gonna write you a 700 million dollar check if you put our name on the stadium and give us some land. So I, there might be a little bit of land deal going on here or at least access to rights to buy the land even. And then, you know, again, moving into the future, you know, maybe they're building a data center, you know, an AI school, a data center school, digital asset school. There's, there's, there's a lot of interesting stuff where this type of partnership could go down. And I always thought it was really interesting. Bryce put us onto this. Our fearless leader was Galaxy is a digital assets firm. And you want to do your research on that, but they also are, are an AI play. They have all these data centers. A lot of people don't know that. And so it's an interesting, it's one of my, it's one of my stocks that I'm kind of like trying to do as much research as I can about all the things that maybe average, you know, investor doesn't know about everything that they're involved with as well. But guns up for Texas Tech, the Red Raiders.
- [51:41]
Brendan
Has this ever again, forgive my ignorance here, but has this ever happened where not even A crypto company, but like a public traded company has bought the naming rights to a college stadium.
- [51:56]
Hunter
That's a great question.
- [51:58]
Brendan
I don't think so. At least not to my knowledge of, like a major stadium. Because they're usually named after someone of significance in relation to that school, whether they be someone significant or a donor or a founder. Like, you look across the board and that's usually what it is. I, at least in my experience, I have yet to see a publicly traded company get the naming rights to a college stadium.
- [52:22]
Host
Yeah, just. This is a quick Google. We've got Papa John Stadium for University of Louisville. We've got Kroger Stadium for Kentucky.
- [52:31]
Brendan
Okay.
- [52:33]
Host
But not. Yeah, so, I mean, not, not. Not a ton, though, because you're right. I was, I was, you know, naming a bunch off my head. What they're, what they're gonna start doing is like in Alabama's Bryant Denny Stadium.
- [52:44]
Brendan
Yeah.
- [52:44]
Host
At Nick Saban Field, brought to you by the Citadel. That's the next step.
- [52:53]
Hunter
Well, there actually is a Citadel school, too. I'm sure the Citadel is going to go after the Citadel and D2. Good one. AA.
- [52:58]
Brendan
Yeah.
- [52:59]
Host
Yeah. Well, Ken Griffin might just buy it. Like, Ken Griffin. He's gonna buy it. Be like, I thought I had to buy it. My bad. My bad, y'.
- [53:06]
Brendan
All.
- [53:06]
Host
Friend of the Citadel.
- [53:07]
Brendan
Sponsored by Citadel.
- [53:08]
Host
Yeah, friend of the show, Ken Griffin. But yeah, I think the cop. This is a fun, fun story. Obviously, friends of the show, truly galaxy they've been on. But yeah, I'd love to get them back on and talk about this and see if we can get out to Lubbock for, for a game, get some red. Get some Red Raider action. But that's gonna wrap us up for Friday, getting everybody excited for football season. As Brendan knows. Hunter, I'm a huge, you know, I'm a football guy. I, I bleed. I bleed football. I love it. It's. It. It's a huge, huge part of my entire being is just getting to watch you guys put on the pads and hear that thud. It just gets, it gets me. Gets me going. And so it's right around the corner. Love to see, as we, as we end the show, love to see the. The cross section of digital assets, data centers and college football. But that's going to do it for us. I really appreciate your time, Brendan. I really appreciate your time, Hunter. Thank you to everybody else who's listening on the live. Solid showing today. Appreciate it. On Friday morning, give us a thumbs up. If you're new on the bottom right, hit the subscribe button. We have a ton of great interviews that went out this week. Coin, Coinbase, Robinhood. Go back and listen to those. If you haven't, there's huge, huge alpha there. Brennan and Bryce crushed those interviews. You have to go back and listen to those. Next week, Bryce and I are heading to a conference outside of New York City at the Out East Conference presented by the tie. We're going to be sitting down with tons of insiders, tons of individuals doing a ton of great content that we're going to bring back for you. So again, hit that subscribe button. You're not going to want to miss it. Thank you all from tuning in on a Friday morning, but that's all for now. Goodbye everybody. I cashed out my entire 401k thinking
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Brendan
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