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CRYPTO 101
Crypto Rundown: Bitcoin Outpreforms Traditional Markets & How to View "Liberation Day" for Crypto
00:39:51
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- [00:00]
Brendan
Foreign. Welcome back, everyone, to the crypto rundown, where we talk about everything that's going on in the great world of cryptocurrency and blockchain technology, from the fundamentals in the news to the technicals on the charts. We spend the time doing hours of research so that you all don't have to. We look through all the news, all the noise, we sift through it all, and we bring it to you in under an hour's time every single week. So welcome back, everyone. It's good to have you. We have an extremely busy week ahead of ourselves. All sorts of stuff going on. We have the reciprocal tariffs that are being labeled as Liberation Day. We have bitcoin outperforming the stock market. The Coinbase lawsuit continues to get axed. Regulation is looking better for the crypto markets. GameStops raised over $1.5 billion to buy more bitcoin. And we see a lot of interesting data when. When really all of this correlates to the altcoin market as well. So there is so much going on now. We're going to have a little bit of a different schedule this week. Isn't that right, TiVo?
- [01:13]
TiVo
Yeah, absolutely, we have. So it's right now, Wednesday. We're going to get this episode out as soon as possible. So I pledge to everybody that as soon as we're done, I'm going to edit it and get it out on the channel. So hopefully you're listening to this, you know, Wednesday afternoon and then the Rose Garden press conference, for quote, unquote, Liberation Day is today at 4:00pm Eastern Time at the White House. So we're gonna let that happen. We think, everybody mostly thinks it's gonna be some kind of market moving event. The regular stock market will be closed. As we know, crypto markets never close. So we're gonna let that. Let that happen and let the markets digest it overnight and into tomorrow. And Brennan and I are going to meet again tomorrow and, you know, come up with maybe another outline and then try and record something for you guys on Friday and, and get out a second piece of content for you guys on Friday to kind of break it down. So we're setting the table today for the Liberation Day. And also there's just some general, more positive news like we always do every week, kind of diving in the weeds and bringing you guys what we're seeing. So, normal episode today, setting the table for Liberation Day, along with the other news that we see in the crypto markets. And then we're going to give you guys a second episode this week, breaking down what happens at the White House.
- [02:32]
Brendan
That is right. And there's been a lot of volatility here lately. The one thing that I've noticed, TiVo, is that Bitcoin has actually been outperforming a lot of its competitors. So really, anything that you would compare bitcoin to, whether that is indices, specific stocks, the metals like gold and silver, or even commodities like oil, bitcoin is outperforming just about everything here. And that's a good thing. So if we just briefly look at what's been happening with bitcoin, I want to actually go ahead and share a screenshot that I came across from our good buddy Matt Hogan. And what he was saying here is exactly that. He was saying, hey, let's take a look at this. And a quick reminder that if you're watching on anywhere except for YouTube, then you need to go over to our YouTube channel. It's the Crypto 101 podcast on YouTube. That's where you're going to be able to see all of the visuals that we're going to be referencing on screen here. So if you're on Spotify, Apple Podcasts, Audible, anywhere else, you got to go over to our YouTube channel to see all the stuff that we're going to be talking about on the screen. But otherwise we're going to try to explain it as best as possible, even if you don't want to make the migration over.
- [03:48]
TiVo
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- [06:33]
Brendan
So Matt Hogan came out here and he said hey everyone, since the election. So about six months ago he said Bitcoin is still up 24.3%. Gold is up 13.9%. And this is important if we go and we actually look at what's happening on gold. Gold is skyrocketing here to new all time highs and a lot of people have been comparing it to Bitcoin being like it's over performing bitcoin's underperforming. Well, no, we know that bitcoin is notoriously volatile up and down. And even with this monumental move from gold, bitcoin still up about twice as much since the election. And I like gold, I like metals, I own metals. But we have Bitcoin up 24.3%, gold up half that at 13.9%. SPY is negative 2.9% for the S&P. And QQQ, which is Nasdaq is read 5.1% since the election. So the cool thing about this comparison is this is about a midterm timeline. You know, we're not multi years, we're not long term, right. Looking at several years ago. We're not short term, where we're looking at the past maybe few days or maybe the past week. This is a solid midterm view of the markets saying, hey, bitcoin is outperforming. And we can add oil into this as well, because that has also been going down here over the last several months. We can pull up a chart of, of the oil markets and see this as well. You know, these have been trending down. So if we look at this and we compare bitcoin in the midterm to oil, Gold, S&P 500 or Nasdaq, it's outperforming them all. Well, what if we look at the long term? I think that's the most obvious one, right? Saying, hey, what about the past 10 years? What about the past two or three years? What about, you know, maybe, you know, whatever timeline you look at, bitcoin's outperforming on the long term as well. So that really only leaves us with one other option, which is what about the short term on bitcoin? And that's where we see bitcoin actually outperforming in the short term as well. What about today? Well, today at the time of recording this, on April 2, Bitcoin is green about 0.3%. Nasdaq is red, almost 0.4%. Spy is red 0.3%. And if we go to yesterday, it's the same story. Bitcoin was green 3%. Yesterday, Nasdaq was green 0.8%. It's outperforming on that day. We saw it the day before that as well. Nasdaq green was break even 0.00%. Well, what was bitcoin doing the day before that? It was green 0.2%. So what we have been seeing here is bitcoin actually holding value and outperforming the stock market this week. So again, in the short term we're seeing outperformance. In the midterm we're seeing outperformance. And in the long term we're seeing outperformance from the past several years. Look at what's happened since maybe like 2022, 2023, that area, you know, the past several years of data and it's all lining up here for a really good and convincing argument for Bitcoin. And you have to look at this and you can't just kind of pass it aside anymore because again, that's a, that's several different data points. I think, you know, if we look at it, just saying, hey, look at just the long term, just the short term, just this or that, but we're using three pretty notable timescales here and we're seeing outperformance on all of these. And I think a big reason that we're starting to see Bitcoin do a lot better is that if we look at the ETF flows, I mean these things are crushing it. Let's zoom in here. I don't know if you saw this TiVo, but the past 10 days of data up until like the end of the month was just green, green, green for the Bitcoin ETF inflows. So here we have, starting on March 14, we have an inflow Earth, a positive inflow, a net inflows for the Bitcoin ETFs of 41 million, 274 million 209, 12, 165, 83, 84, 26, 89 and 89. And it wasn't until kind of the very end of March that we finally saw that streak break. It was a 10 day streak of net inflows where we saw net outflows of 93 million. Now you're going to look at that and say, hey, almost 100 million in outflows isn't a good thing. But you have to understand that less than a single day, less than one of the inflow days counts for all of the outflows that we saw, plus a whole lot more. In fact, we could just take one of the larger days and we could fit several of these outflow days inside of it and we'd still have a huge net inflows for these Bitcoin ETFs. In fact, you know, we talked about this in recent weeks saying that BlackRock, who is the majority, they dominate the majority of the ETF side of Things they are saying, hey, we have seen so much success. They have about 75% to 80% of the trading volume inside these ETFs. They hold the majority of overall Bitcoin itself. Right? They hold the most bitcoin. They're the largest ETF provider, they're also the largest asset manager. And they're saying, we have seen so much success here that we are now looking at expanding our Bitcoin ETF over to Europe and then who knows where probably after that, because again, it's been so successful. So the ETFs are crushing it and bitcoin really is outperforming here. And that's a good thing to see. And I know it's easy to look at the markets. I know we've had some downside, I know we've had some volatility and it's easy to be like, oh, you know, why is crypto down? Why is crypto not doing good? Well, again, and I can't speak for all altcoins, altcoins are always going to be a little bit more volatile up and down. But bitcoin here, again, have we seen some downside? Yes, but it's still outperforming, you know, indices, stocks, metals, commodities, and it's just honestly crushing it, even in a time where the markets are moving downwards. And I think that tells the real story here of what's going on. So that begs the next question. Well, if we are outperforming in the downtrend or we're overperforming in the downtrend, what's going to happen in an uptrend? Do we have the potential to continue overperforming and see a lot of that upside come back into the market? And I think the answer there, at least in my opinion, is yes, we can see a lot of that. And, you know, I'm not the only one who thinks this. TiVo, I'll pass it off to you here. I know we've had some, some other big, some big players in the world of finance talk about this, but before we even get into that, like, what are your thoughts on this? Because I know me and you both, we're constantly going back and forth. You know, we trade more than just crypto. We like trading all these different asset classes and, you know, we have exposure across the board. But yeah, I mean, what do you think about this?
- [13:22]
TiVo
Yeah, overall, I, I, I actually appreciated, I kind of learned something there. So I, I, I didn't know that year, year to date, compared to gold, that bitcoin Was still outperforming because I've definitely kept track of. Of gold and seen it kind of shoot up and like, damn, man, that may. I mean it makes sense, right? Because that's the safety trade that everybody's known for, you know, whatever 100 plus years or the history of the world really. So I guess, I guess I was surprised even in the downtrend to see bitcoin hold up on that, you know, year to date scale. But I couldn't agree more that you know, outperformance now is equal to outperformance later as well. Like I, I would kind of be in that camp in my opinion. And I think, I think it's. It is fascinating to see. I, I guess bitcoin sometimes leads and crypto leads. Like on the downside when, you know, the general market or the S and P is kind of holding up or it's a little wobbly, you know, crypto's flash crashing and then it kind of leads. Right. So then S and P falls and everything else falls and bitcoin kind of just still held around that whatever 78 to 85 and whatnot. So I wonder if it'll. It'll kind of lead the up way. And that's, that's a good segue too because that's what Tom, Tom Lee, we're going to play this clip from. Has said over over and over again is kind of. He looks at bitcoin is kind of like a gauge of risk, which I think is. I guess I'll save that for after. But I think that's a good way to look at it. So let's, let's listen to Tom Lee. He's a big, big bitcoin bull. We've had him, we've had clips of him on the program before. I mean you can go back to 2017 and 18. He was on, you know, TV and the Internet, you know, telling you to buy bitcoin at I think it was, you know, thousand dollars, $2,000. So Tom Lee, huge bitcoin bull and he was asked for his, his price target, which, you know, we'll, we'll just let you hear from, from, from him because you know, in a, in a down trending momentum off market, this is a pretty high price targets. Let's check it out. Ask you what your own target is on bitcoin. Yeah, people very excited. Yes. And I mean, crazy high again. I think it's still 150 or higher as possible. I know it doesn't feel like it.
- [15:38]
Brendan
But once we get through this tariff and that agenda around tariffs, markets can look forward to. Okay things that could be positive.
- [15:48]
TiVo
So Yeah, I think 150 price target in this, you know, downward trending market. He's sticking to his or higher or higher. Right. And I know we're going to. So I guess this is a great transition. Like he said, he's basically thinking, I've heard some other clips from him that he, you know, people are calling and he's one of them being the loudest is that today in the Rose Garden is a market clearing event. So even if, you know, some people don't like it, some traders don't like it and they sell, they think that's, that would be the last flush. And then, you know, I guess depending on the outcome, it's, it's a clearing event. You know, there's basically going to be not, not too many sellers left after that. And I guess in his opinion markets go higher. But I think if you're bitcoin specific and I'd love to hear your opinion on this, it's like tariffs, whatever tariffs come out today. And again, I know we're not necessarily a political show of breaking down what tariffs are, but it's like it's going to be on goods that are imported into our country. So we're talking cars, we're talking maybe even some food or clothes or you know, specifically I think cars I've seen the biggest discussion is like, hey, if, if a car that's made in Japan costs, you know, $30,000 today, it's going to cost $40,000 tomorrow type of thing. And so, but I thought that in my opinion as a bitcoin believer and somebody who's been around for a while in the space, it's like tariffs, tariffs don't affect bitcoin. And that's one of the positives of it. Right. No nation state can control it. So it's actually, again, you're going to ride the momentum of the markets and there's no doubt if, if a recession comes and a global downtrend comes, bitcoin, just like all markets will, will go lower. But it's still kind of, I guess in the early phases of, you know, this thing trades with huge volatility and there's people that trade it for the volatility. But in the, in the long run, depending on what your beliefs around the product are specific to bitcoin, this is, this is, I don't want to say it's a non event, but it doesn't, it doesn't affect it doesn't affect bitcoin as a whole. When, especially when you look on the other side of the coin of all this positive legislation that we talk about all the time for crypto and bitcoin as a whole, like, this doesn't negatively affect bitcoin, especially when there's all types of positive stuff going on in D.C. around the crypto markets. So I thought, I thought it was an interesting brain exercise to not get caught up in all the negativity and kind of, you know, think outside the box a little bit.
- [18:09]
Brendan
Yeah. And like, let's break down what he was talking about. He was saying, hey, I think that when we come out of this whole tariff FUD situation, I think that we are going to see things recover, you know, quite well. And I completely agree with him on that. I think that a big reason why the markets have kind of priced ourselves down here in the first place is because of a lot of the uncertainty. With that. Well, newsflash, after today, there is only so much more than I think that this can escalate. Right. We've gone through several rounds of tariffs already. And again, the reason why. Let me clarify the reason why we even bring this up in the first place. People are going to say, hey, you guys are a crypto show. Why bring this up? And that's because in recent months, we have seen a really, really strong correlation between the crypto markets and the tradfi markets, the traditional financial markets. And because of that correlation, you know, these are the kind of events that potentially can impact crypto as they impact the general financial markets. So that's why we bring it up. But he's saying, hey, I think that as we start to see the worst of go away, as we start to get the stuff solved, as it all gets behind us, I think that the markets recover. And I agree. I think that the more that we see all of this go away and start to get figured out, I think the markets are in for some huge upside after this is all said and done behind us. And he was saying, hey, I think $150,000 per Bitcoin or higher is still on the table. And I could not agree more. I'm even leaning towards the fact of, hey, we could go to that or higher scenario. I think 150k is conservative. You know, my personal kind of belief here is a little bit closer to like 200k. I know some people are thinking 300, 400, 500. I always like to err on the side of being conservative, which is going to sound crazy because we're at 80K. People are going to be like, Brendan, 200K isn't conservative. That's still wild. It's over 100%. And you're right, but I think that's a realistic price target of what we can get to here. And I think that we can see a really, really sharp recovery out of this once it's all fixed again. Tv, you made a great point. You know, this is the kind of thing that should actually bolster the, the argument for bitcoin and this should be a positive catalyst event. And on top of everything else that we're already seeing, and we are starting to see that happen with bitcoin outperforming in the short term, the midterm and the like we talked about at the very beginning. Now we're starting to get a lot of the uncertainties here. And again, bitcoin is holding together and it's doing quite well. It's not always straight up into the right, but we are seeing the signs that, hey, these, these catalysts on the fundamental side, behind the scenes, they are actually affecting bitcoin's price. And although the volatility can make you think that it's worse than it, than it actually is, we are still seeing a lot of positive stuff here. So, you know, it's a big day. You know, the reciprocals are kind of the big thing that everyone's been waiting for. And now we have to wait to see what kind of impact that this is going to truly have on the market. Even at the time of making this. It's around 10:30 in the morning. The tradfi markets are pretty neutral. And here we are. Bitcoin's green about 0.6% on the day. Solana is just barely green on the day. Some of these other cryptos are slightly in the green as well. And you have to be satisfied with the fact that we aren't just, you know, dumping off a cliff there. Nothing bad's happening like we have seen on some of these previous tariff days. So I like the fact that bitcoin's holding up here. We'll get into the charts a little bit later because I do think that bitcoin is approaching a pivotal level of resistance that people need to be, need to be watching out for. But there's a couple of other big events that we need to watch out for this week. Again, the tariff news on Wednesday, the, the like ceremony, if we can call it that, that's going to be addressing the world at 4:00pm Eastern Time on Wednesday. And then we have on Friday a whole nother round of catalysts on the Tradfi side. We have, you know, JPAL coming out and speaking. There's employment data that is going to correlate to the tradfi markets, which will again obviously affect the crypto markets a little bit if it's extreme in one direction or the other. If it's not, we probably won't see anything happen. So there are a few more things down the line that I think everyone needs to be paying attention to. And yeah, just overall a busy week.
- [22:47]
TiVo
Yeah, I think it's, it's one of those weeks. That's why you tune into the show. There's just, there's so many angles to digest and you know, it's never personal financial advice for anybody, but it just seems like one of those times where if you're not consuming kind of all the news and the data around what's going on, it's, it's going to be hard to I guess, plan your trades and trade your plans, as our fearless leader Bryce always says, because it's one of those, it is one of those times. It kind of feels like we're back in, you know, the, the, like we were kind of a year ago where we hit our all time highs in March of last year and then obviously into the summer and leading up to the election, you know, you know, the market got excited, right? We could say it, it was, it was all time highs. You're super excited. The ETFs just launched, higher we go. And then as soon as you kind of got into the summer and there was so much drama around political stuff, I think everybody was like, okay, well now it's, now it's kind of a political game. Like we're going to have to see how this election shakes out. And we kind of teed everybody up. Well, I think from August into the election of what we were seeing and you're kind of waiting on the result and so similar but different in the sense that again, this tariff thing that, that has the markets caught up in is, is a political event and you gotta let it play out and nobody, if anybody's telling you that they know what's gonna happen and how the markets are gonna react, they're, they're lying, right? Like nobody truly knows. But if you can kind of follow, follow the trends and follow the data and you can start to craft your opinion, then you know, kind of, kind of how our interview with Joe McCann was, he was like, hey, you got to let this trade plan out, right? You Gotta, you gotta figure out what side of the trade or the bet you want to be on. And then you got to let it play out. And these are the times when, you know, maybe it's volatility or, you know, when that volatility subsides and you're kind of in a range, you gotta. You gotta start making your bets and figure out where you want to be. Because, you know, on the days where you wake up and Bitcoin's up 10% and all coins are up 20, 30, 40%, you're like, oh, here we go. Buy, buy, buy. You know, you. That's not necessarily the best days to buy, as, as we've shown in the past. So, you know, we've been through this before. I don't. It's definitely not boring, but it is. It is, you know, political and just more news digestion and grinding and. And that's, you know, that's what we're here to do for you. But even, even during these times of boringness or not exciting price action talk, there's so much out there to break down in the crypto markets because it's moving so fast and in such a positive direction. And so that's what we'll finish up with, the back half of the show.
- [25:27]
Brendan
Yeah, and the positive catalysts don't stop with any of this. You know, Coinbase just had their staking lawsuit axed in three different US States. And what this shows is a continued shift in regulatory policy. Right. We have been talking about this for a while, saying, hey, regulation is easing up. We had that one episode a couple of weeks ago where we had this long list of all these lawsuits that have been dropped. And we went through, like, Coinbase, OpenSea, Kraken, Robinhood, like, the list went on for forever with this giant, just a handful of players who all have had their lawsuits dropped. And this is a continuation of that trend. So, yeah, this Coinbase staking suit has been axed in three different states. We saw this happen with Kentucky dismissing it just days after the bitcoin rights bill happened. And then we also saw this happen over in South Carolina and Vermont, which also ended the litigation involving, you know, Coinbase from the sec. So this is a big win. And again, I've said this before, I think there's a lot more of this to come. And this is going to be a continued theme and trend this year, is that we are going to see a sharp turnaround from the way that these crypto companies and these crypto projects were treated just 12 months ago. I think we are going to see a complete 180 in the following 12 months and this is just more proof of that.
- [27:01]
TiVo
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- [27:17]
Brendan
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TiVo
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- [27:39]
Brendan
Disciplined investment in the transition.
- [27:42]
TiVo
See how we'll grow shareholder value@bp.com reset yeah, couldn't agree more. I mean from your crypto companies, Coinbase and Robinhood being, you know, inside the room at the White House at the crypto summit is, is just a ceremonial thing necessarily. But then you're going to start seeing this. If you can dig through the data and find these things again, just the. Absolutely, you know, positive momentum from D.C. you know, I guess in our opinion, never personal financial advice, but in our opinion will and should lead to price action down the road and more adoption down the road. And I know I've said it, you know, 50 times on this show by now, but I'm looking for, and most excited for the staking rewards to be transferred into these ETFs because I really think that, you know, that opens up the door to a whole new realm of investors and funds to passively start investing into different crypto projects through ETF vehicles that offer the traditional dividend through, through staking. So again, I think this is just steps towards that. So yeah, we'll, we'll keep, we'll keep an eye on it. But I, I feel like those wheels are turning. Do you, do you agree with me on that? Do you think that's happening this, this year? Well, let's put a time on it. Do you think that happens maybe a later down the road for staking ETFs?
- [29:04]
Brendan
I think it's possible this year. I want to count it out. We need to see a little bit more attention come back to the ETFs. They were really hot. They were constantly being talked about. There's a lot of pressure on them in recent months. I think that as the market has started to fall and get a little bit more volatile to the downside, a lot of things have been put on the back burner. A lot of people are focused on tariffs and with things falling and not as concerned with this. So again, I think that as things start to stabilize and we go back to a norm, I think that that will be the kind of thing that comes back into the spotlight. And then I think that is the moment where we can start talking about staking again. We can start talking about altcoin, ETFs and a lot of that stuff. So I do think it's possible, you know, we have another eight months left in this year and or nine months left in this year and so I want to count it out. I think it's very, very possible.
- [29:57]
TiVo
I love it. And our next, our next topic, we're going to bring Ethereum in. And I remember this, I mean this might have been a month or plus ago. I remember I put it in our, in our group chat with the guys. It was just, you know, momentum was, momentum was waning, all of crypto down and ETH was falling like a rock. And I remember I put into the group chat, I was like, my hands are being tiles, like the hands are being tested. I was like, hey fellas, like this is to the whole entire team, you know, our 15 person group chat. I go, are we go, are we holding on to eth? Are we going down with the ship here? And I just remember Bryce and you responded back like that and it was just, it was, you know, yeah, we're like just going down just like the Titanic. And he sent like the Leonardo DiCaprio meme on the door. So I was like, all right, I'm in, I'm in. And I even, I even bought the dip. I bought the dip. But man, what a, what a wild. Just, I mean for in general, I guess the market's been turbulent in volatility, but just for eth, man, just absolutely lagging, lagging. And we'll see here. The headline is ETH prints four consecutive red monthly candles. But does ETHBTC be showing us a bottom right now? And so you're our chart master, Brendan. What are you seeing? And can you give the people some guidance of not necessarily personal financial advice for them. But what are you seeing in the Ethereum charts?
- [31:21]
Brendan
Well, you know, you're right, ETH has been underperforming for a while now. And I'll throw up my screen share here thivo and I'll kind of people the what's happening on the Ethereum chart. And it isn't, you know, I'll say it isn't the most beautiful thing that we've seen. If we look at ETH BTC over here, this is a daily chart. This is the lowest point that Ethereum compared to Bitcoin has been since May of 2020 during the COVID crash. And it has been on a downtrend for a while now, since 2022 started. And it just continues to kind of go and go and go. So even if we look at Ethereum just as an asset, I like to say that it's been doing these just continuous inverse break, hook and goes, where it breaks a support level, retested as a resistance, breaks down through the next support level, test that one as resistance, and it just keeps doing this and doing this and doing this. And now it's breaking below its 2024 lows, retesting that as resistance and going back to the downside, which just, you know, again, I try to be unbiased here. I own a lot of Ethereum, right? I'm not trying to talk bad about it. I'm not trying to spread fud. I hold a lot of Ethereum. But unbiasedly speaking, that's not a good thing to see. You don't want to see a rejection of the 2024 lows and then a break to the downside doesn't mean that things have to get uglier. But it's just not a strong sign, right? It's not a sign of strength from the bulls if we're seeing stuff like this. And it's just a continuation of this kind of downtrend that we've seen. So, you know, why is this the case? I think there's a bunch of reasons, right? You know, there's a bunch of other L1s that have been doing good. The Bitcoin ETFs have obviously been dominating the space. Bitcoin dominance continues to go up and to the right, to the highest levels that we've seen since 2021. So, you know, I do like Ethereum. I don't think it's going to be like dead or gone in a year, but, you know, I am. I've just been patient with it, right? I've been sitting on the sidelines saying, hey, I want to really wait for this thing to prove to me that it's bottomed. And until then, I'm just sidelining myself and I'm a little bit more focused on Bitcoin or some of these other large caps, because Ethereum is in this weird spot where it's not as safe and low risk as Bitcoin yet. Bitcoin is outperforming it and it's not as high risk as altcoins, so you can't get the sign the same kind of return. So it's in a weird spot.
- [33:50]
TiVo
Yeah. And I feel like almost for the better part of half a year plus is the, you know, just ETH is dead on. The timeline has been non stop and you know, you always see those, you know, does this mark a bottom? Kind of like the Solana ad, you know, and there's been so much of that with eth and no bottom has been marked. So it's, as you said, it's, it's hard to maybe jump in with full fist. But hey, you know, everybody, that's what makes a marker, right? Everybody's got their angle and, and you never know if Ethereum can reinvent itself or just change its tune or something. Something in the market, you know, rips it higher. But I couldn't agree more. It's been a sad ride down for the Ethereum holders. Here's the only bright spot is if you were in the ftx, if you got caught up in the FTX scandal there and you held your Ethereum on FTX and it got caught up into the bankruptcy, they're starting their repayments and I think it's right around the price where you lost it. So obviously if you had, you know, Solana or Bitcoin for example, you know, you lost out on a ton of gains with your bankruptcy repayment, but if you held your eth, you're basically getting it back at the, at the same price. So definitely, definitely not great for gains. But I guess that's the only, the only bright spot for anybody who, who caught, caught up in the FTX bankruptcy.
- [35:21]
Brendan
Yeah, well, you got that right. The cool thing here is that we're starting to see some more institutional players get interested in bitcoin. And this is a fun one to talk about, but GameStop, they just raised $1.5 billion to buy more bitcoin and that's a pretty big offering. Yeah, we have a nice little tweet on the screen here that's, yeah, that's, that's a big deal. And I can't read who some of those other companies are.
- [35:48]
TiVo
Yeah, so basically this is from Ryan. I know you've interviewed him and we've had him on the, on the podcast network. So kind of bitcoin held by public companies in the top 10. So with this, you know, around $1.5 billion, if they, they go ahead and purchase all that for bitcoin it'll put them in the top five, just, just above Tesla. So they'd be number four. It's obviously strategy and sailor with a huge lead. Marathon Holdings, Riot platforms, the two miners. And then it. This would put, this would put GameStop right in there at the 4 slot. So, yeah, definitely, definitely newsworthy. Right?
- [36:25]
Brendan
Definitely. You love to see it. And again, they're just kind of seeing this area down here as a, as a value opportunity. And I agree with them, I agree with them. In fact, you know, again, never financial advice, but I was just buying some bitcoin the other day and we kind of fell down to around 81,82k. I was looking at it saying, man, I think we are at just a fire sale area. And so why not add a little bit of a DCA over there and, you know, maybe pick a little bit up. Not to say that we can't go lower. Right, We've talked about that. That lower range around the low 70s, high 60s, has a big volume point of control over there, a big previous consolidation range. There's a lot of stuff that says, hey, it's possible to go there, but you like to see this. And $1.5 billion makes them one of the larger holders of bitcoin. So. And another funny thing here, you know, we didn't put it in the, in the outline TiVo, but I saw that there was a crypto billionaire out there who just got so rich, he's like, I want to go to space. I want to orbit the Earth. Polar. I think it's like the polar caps of polar poles or something like that. And so he gave Elon an undisclosed amount of money to SpaceX and said, make this happen. And it was again, had to have been a lot because they're not even disclosing how much it was. But yeah, this crypto billionaire is being touted as like the first crypto guy in space. And he made so much money from crypto that he literally sent himself and some friends to space. Yeah, look at this. This is just crazy. Started mining bitcoin at a dollar.
- [37:57]
TiVo
What a legend. The first bitcoin hodler in outer space. Thank you. Thank you for your service.
- [38:05]
Brendan
I wonder if he had any inside knowledge to things getting started, right? Maybe he didn't. Maybe it's just coincidence. But started mining at a dollar. Like, did someone tip him off? Like, I mean, I wish someone tipped me off today. You want to mine this thing?
- [38:23]
TiVo
Yeah, maybe. Maybe he's friends with Satoshi.
- [38:27]
Brendan
Maybe, maybe. Well, hey, we got one more thing. That we need to talk about and that is the fear and greed index. We talked about this for the past couple of weeks. It was an extreme fear. We showed everyone when we zoomed out to the max chart just below the fear and greed index. And we showed everyone, hey, historically, when we zoom out to the bigger picture, this is a bottoming point around this area of 10 and below. Historically, that is when we see the fear and greed index bottom out. It doesn't always correlate to a bottom in terms of pricing, but it does tend to say, hey, the worst of this is probably behind us. Maybe we go down a little bit more. But the bulk of this nasty volatile downside price action is probably gone and maybe there's a little bit more. But this has acted as a pivot point and man, it could use, it could act as another pivot point once again saying, hey, the bottom is maybe in or at least close. It's not too far away. And we've already rebounded from that extreme fear territory, pushing back up into a fear almost borderline neutral territory which is just ever so slightly above us. I think we flipped neutral at 45 and we're currently sitting at 44. So just teeter totting on that line of neutral territory for the fear and greed index. And yeah, again, things are starting to kind of figure themselves out. Things are starting to solve themselves out. And you know, now we're looking at this saying, again, I'm gonna sound like I'm beating a dead horse here, but I want to make this point clear. Could we see some more downside? Yeah, could we get some more choppiness? Yeah, but I do think that we are slowly kind of common to the end of this. I don't think that we have another, you know, what is this? We dropped, I think $25,000. I don't think we have another $25,000 drop in Bitcoin. Again, I just, I just don't. Again, maybe we get to the mid-60s, high-60s, that area. I'm not going to rule that off the table. I think that the longer that we are consolidating over here, the less likely it kind of becomes because a lot of those fearful catalysts that brought us down this far in the first place are already starting to kind of, you know, hopefully figure themselves out and be priced in. So, yeah, you know, I'm looking at this and there's, I guess one more thing I want to show because we didn't really take a deep look at the charts, but if we just take a Look at bitcoin here. We can see that there is this falling trend line that we've had for a while saying, hey, this has been resistance since the all time high up here. We've come up, we've rejected this, we've come up and then just seen constant rejections from this level up until even today, you know, even recently. And so when we factor in some of these larger moving averages, they're all starting to sandwich together in here. And we've seen that before too. In fact, ever since we pivoted in 2022, we've seen the same pattern where bitcoin rises up, consolidates downwards for several months, all the moving averages sandwiched together. Bitcoin breaks below all three, the 20, the 50 and the 200. And then after they all start sandwiching together and we break below that is when we start turning around. We are seeing this in 2025. We saw the exact same thing over here in 2024, and then we broke out and we saw the exact same thing over here in 2023 when we did something like this and we broke below, they sandwiched together and then we broke out to the upside. So this is nothing new. It looks like it's a lot of the same stuff. We are talking about this earlier in the week to our Crypt Nation private group members. So if you want information like this and you want to get plugged in with a lot of other like minded individuals, in fact thousands of other people, then we have some really good links for you in the description down below and get plugged in with Crypt Nation again. Our good buddy Bre Grace Paul also wrote an awesome book for anyone who's getting started in crypto called the Crypto Revolution. In fact, even if you're not getting started, I still think it's a good read. Maybe I'm a little bit biased here, TiVo, but we do have a lot of great content for everyone as well. And of course, check us out. If you're not on YouTube, go to the Crypto101 podcast on YouTube. We're interviewing some of these ETF providers, some of these leaders in this space. We're doing all sorts of interviews, podcast, tutorials, market updates, you name it, we got it all going on. And the cool thing is that the YouTube side is completely for free. So thank you everyone to watching, we appreciate all of you coming in here, spending your time with us, and we're going to see all of you at the same time, same place next week.
- [43:23]
TiVo
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