A (2:34)

Yeah, that it is, man. That it is. Well, I mean, man, guys, where do we even start here? TiVo, you know, should we start with the charts? Should we take a look at Coin Market Cap?

B (2:44)

Yeah, let's, let's jump into Coin Market Cap first. Let's recap where we were brought. Brian always likes to start with this. He kind of, it's his, it's his just viewing the field. Just kind of. If you're a football guy, you know, you're not on the field. Brian's a press box type of guy. He's an offensive coordinator that's up top and he's kind of reviewing what's going on on Coin Market Cap. So Brian, start, start us off. We had a spirited episode last week, but you know, again, Fear and greed index was dipping below 10 across the board, no matter which one you were using. A little bit of a bounce here, but let's click on it. I think we're still in fear, if not extreme fear, man. Unbelievable. So Brian, break us down. What you're seeing after.

C (3:26)

What can I say, man? The light stays on just like we were saying.

B (3:32)

It's on.

A (3:32)

All right, good.

C (3:35)

The lights did not go out on us and it was kind of what we predicted. I think, I think it was Friday when we did the Rundown show. I was saying it did feel like very bottomy at that time to me and that, that's, it's a pretty obvious thing to say. I mean the fear and greed meter was like 9 or 10 or it was extremely low, lower than it was even today. And you know, we were all kind of searching for reasons why. We've seen some, you know, seen the prices go down so quickly, especially when we were at all time highs rather recently. But bitcoin right around 87, 5, you know, Solana138, Ethereum hovering right around that $3,000 mark. This is, feels like where we should be in my opinion. I'm glad we didn't go much lower and I know Brendan's going to dive into TA and talk about why that's so important, but I do think we need some bigger catalysts to get us, you know, back up over 90, 92, back up over a hundred. We're going to talk through that a little bit. But, you know, it's, it's. The bleeding stopped. It certainly feels like. And it felt so bottomy on Friday because people were asking me about shorting constantly. Everybody I knew, it was like the talk of the town people. And then I even said even before we got on, every piece of FUD possible about bitcoin was coming through either on the timeline or just some personal friends, like asking me about ridiculous things about bitcoin or just past FUD aspects. So it felt so bottomy. It's good to see us kind of around this 87, 88 range. But I'm sure Brendan will dive into some key metrics and numbers we really want to be at.

B (5:11)

Yeah, that's a, that's a great point. I said this on the program a lot when we were going to the upside, something that I said. I referred it to my production days. Right. And I talk to you guys in this language sometimes, right when we do a show, there's the A block, there's the B block and the C block and then the filler on the back end of these shows. And on the way up, it was always interesting to monitor, like when bitcoin was the A block and they're calling Michael Saylor to get them on. They're calling Tom Lee, they're calling Scarlett Moochi, and every A block of each hour starts with bitcoin. That's kind of when, you know, you know, you're probably closer to, if not a top, like some term of short term correction because that's, you know, that's when we start getting the text messages and aunts and uncles start calling us when it's all over the news. And last week I, I meant to say this on Friday, but I didn't. Last week was the first time that I've noticed in a while that we were in the A block on the opposite end. Obviously we're going to the downside. Super volatile, you know, bitcoin, the term crash, Bitcoin crash, Ethereum crash. It was every hour on the hour. Started with crypto and bitcoin. I thought that was really fascinating and just kind of build on your point of like, it really felt bottomy, you know, that every, you know, every single finance show started with bitcoin. And you know, matter what it was, it was, you know, this, this is causing it. Quantum computers causing it. Michael Saylor selling Michael Saylor is going to get margin called. Like all those things start coming up again. It kind of feels like you're on the other, that you're close to the bottom and a turnaround maybe, then, then you know, the, the knife keeps falling. All right, Crypt Nation fam, let's pause for one second and talk about an important issue going on right now, and that's sim swap attacks. Sim swap attacks are becoming a serious threat, especially in crypto. If someone gets control of your phone number, they can access your bank accounts, your exchanges emails, and even your private messages. That's why the Crypto 101 podcast is partnered with Afani. It's America's most secure mobile service, offering a guaranteed protection against SIM swaps with added privacy. Since launching, not one single Afani user has ever been SIM swapped. And for some reason, if it ever does happen, you're backed by up to $5 million in insurance against financial losses. This is literally why we chose to partner with them. It is. Our favorite thing about Afani is the insurance policy of up to $5 million if it does happen to you. Afani runs on either AT&T or the Verizon network and you get to choose which one. So there are no contracts and it is super easy and seamless to sign up. You also get a 60 day money back guarantee, so there's zero risk in trying it out right now for our listeners. You get $99 off when you sign up at afani.comcrypto1.01. That's afani.comCrypto101 or check the show notes below for a link. These days, your phone number is probably more valuable than your Social Security number, so make sure it's protected with Afani.

A (7:57)

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B (11:21)

But Brendan, any thoughts on CoinMarketCap or anything that you want to pull up before we jump into the charts?

A (11:27)

No, I was just going to say, I think as a whole here there's. You're right. There's been a lot of talk in people speculating as to why we've come down as much as we have. And I really do think it's just been a mix of a bunch of different factors. I think that the big thing that people are paying attention to right now is looking at what's going to happen with the Federal Reserve and what's going to happen with interest rates and kind of their whole approach to the market. And I think people are continuing to be pretty focused on that area. And then I think alongside that, you also have that large liquidation event that we saw last month. And I think that that has been the biggest contributor to why we have seen the crypto market go down as much as it has. And it's been super overlooked. People have brushed it under the rug. But in comparison, you look at it and it's several times larger than Terra Luna, Alameda, you know, ftx. All of these things combined, I mean, even comparing it to Covid, and it's bigger than all these things, most of them stacked on top of each other, and people just didn't feel an immediate burn. So they kind of brush it off as if it couldn't have been something that's going to affect us this far down the road, when in reality I think that it is. And people just have not realized the lingering effects of the ripple effects that that has had on the market. And the way that I like to describe it to everyone is that anyone who was essentially in a leveraged position on an altcoin at greater than 2x leverage was liquidated. Now, 2x leverage is not a lot, right? That's like almost the lowest you can go is 2x. But the issue was because of these deleveraging systems and everything else and how Binance was interpreting these, it caused a lot of these assets to fall by close to 50%, if not more than 50% in value, which means that anyone at 2x leverage or greater got liquidated if they kind of met those parameters which were most altcoins. Right. You know, even bitcoin saw a pretty big drawdown on Binance. And so mass liquidations, people got stopped out. And these were all the people who were the most bullish. It was the people who were long leveraged long, all these people, and they were the ones who are wiped out. And the thing about leverage, it's not like, oh, you know, you lost a certain percent, you can lose more than you put in and you can lose everything that you put in. And I think that was the issue with this liquidation event, is that the people who were betting that the crypto market was going to do well, and the biggest bulls were the ones that were liquidated here, which hurts. So then all of a sudden, when prices do come down and people are being flipped, forced to liquidate and forced to sell off, the same people who would have had capital to buy them back can't, because they were liquidated in mass. And it kind of just led to a little bit of this lingering effect that I think has lasted more or longer than people expected. So.

B (14:22)

Yeah, and let's.

C (14:23)

That's.

B (14:23)

That's a great summary. And I feel like the last of the volatility has happened recently and we haven't had you on. So that's a perfect transition into the charts, I think.

A (14:32)

Yeah, absolutely, man. I mean, let's take a quick look at this and we'll see what bitcoin is actually doing over here, because, again, I do find it really, really fascinating when. When we look at this. But, I mean, bitcoin coming down, I think even a little bit lower than I would have expected. I was expecting the mid-80s and we came down to just above 80,000, flat around 80,500. 80,600 was the bottom that we hit last Thursday on November 21st. And so when we zoom out here, this is where we're coming back into. You know, we're coming back into this prior consolidation zone. We fell right through the floor of this. And I think the last time that I was on here, we were kind of looking at this break through this big floor, come up, reject all these areas and start coming back down. And this is like a bit of a warning sign, kind of seeing this inverse break, hook and go. And after this happened, I mean, it was just a straight move downwards here from this consolidation zone up in here to this one down in here. And we did it pretty aggressively. So I think now that we're coming down in here, there's a couple of things that I'm looking for. Number one, we're kind of seeing a V shape like recovery so far, which is what we want to see more often than not. These kind of V shaped recoveries tend to indicate a bottom. Not always, but again, you kind of want to see that happened. That's, that's usually a good indication when you're getting one of these V shaped recoveries in an overall uptrend. So I am seeing this and I'm liking that. I also like the fact that we're bouncing around this consolidation zone, but we're still above these lows that we had from the tariff lows around 74, 000. So I like the fact that again, we're pulling back in here, but we're not quite as low as we were last time. And I think so long as we form some sort of like higher low inside of here, that's really what I want to want to see from Bitcoin. Furthermore, if you're looking at where we're at, I want to use three different measurements. Number one is going to be the daily rsi. And if we look at that, I mean, we're at the lowest level that the daily RSI has hit since August of 2023. And if we go to the weekly RSI, we're at the lowest level that we've seen the weekly RSI since the end of 2022, start of 2023. 3. Now remember those two dates, right? August of 2023 and the very end of 2022. When are those? Well, we're going to have to zoom out on this chart all the way back to the very bottom of the market cycle. The very end of 2022 was right here. And we'll zoom out even more at the very bottom of the market before it pivoted, this is where it was. And August of 2023 is right here, right? And this is right after the first major pullback after the market had pivoted and we saw what followed afterwards. So we're saying, hey, the daily RSI is at the lowest level that it's been since this point. The weekly RSI is at the lowest level that we've seen since this point right here. And I think when you look at it like that, it's like, man, maybe this isn't as, as horrible as people are maybe making it out to be. Now granted we did go leap deeper in some of these pullbacks. It's not to say that we can't go deeper because we did see slightly deeper price action on the relative strength index. But not by much, right? Not by much. During some of these, these Time horizons. And then the final thing that I want to share here is just the Fear and Greed index being oops, not the movie, but looking at the Fear and Greed index and what this has been, because this has been another one where the Fear and Greed index hit a 10. The last time that we hit a 10 was at the bottom of the tariff crash. And then when we went to or below a 10 after that was the again the bottom, the bottom of the market in late 2022. So when we go back, we say, okay, well, the weekly RSI is at the lowest point since the bottom of the market at the end of 2022. The fear and greed index hit a 10. The last time we were here was either at the bottom of the tariff crash or the bottom of the market cycle in 2022. Or the only other times that we've been here is like on the Daily RSI, which is after that first major pullback in 2023, all of which have historically been close to being bottoming points. And I think the big takeaway here is that these aren't tools to say that the exact bottom and price are necessarily in. But what it does tend to mean more often than not is that the bottom is close in terms of price point and that the bottom is also close in terms of time. And usually what this means is maybe we could go a little bit lower, which we have seen, maybe that maybe that happens a couple of weeks or a month later or something like that. That's still something that's on the table as a possibility. But historically, you kind of look at this as being close to or near a bottom, and that's what it's represented in the past. And so when I'm looking at this, I think the only other thing that we need to really look is for a higher swing low on this relative strength index, otherwise known as the rsi. And when we use the relative strength index, we can get things called bullish divergence, which is when the RSI is forming higher lows, specifically in this oversold territory down here. And even with prices forming lower, if we can see that relative strength is growing and gaining strength, it's a really good thing to see. So that is like the number one thing that I'm watching out for is, hey, we hit this oversold territory, we came as low as a 20, 20, or we came as low as a 20, a 22. Excuse me. Now, what I want to see is for us to kind of, you know, rally up, come in, form a higher low, and then continue Higher. And this will kind of create that, that, that hopeful divergence or convergence, depending on what happens of what could happen next. And I think once we get this, this bullish sign and this higher low on that relative strength index, for me, that's getting about as close to confirmation as we can get. So we're not fully there. And I wouldn't come in here and say the absolute bottom is in, it's guaranteed. You know, we don't have that kind of data in front of us yet. But what I hope that this can do is show that there's all these different historical and different data points that we can look at to reference what these kind of levels and moves have meant in the past and show people like, hey, here's kind of where the odds are going. So we don't have full confirmation. I think the story looks good enough to be cautiously optimistic down here as a long term opportunity, but we still do need some more data to kind of really push us over the edge. So again, listen, I like bitcoin down here in the 80 thousands, I think I like a lot of cryptos down here where we're at. I'm waiting for a little bit more confirmation, but I am doing a bit of dollar cost averaging on my end to make sure that I get some exposure down here because I do think that this could easily be one of those long term areas of value.

B (21:31)

Yeah, and a great point of, you know, what type of investor are you? We, Bren and I just got off a podcast with Ryan Rasmussen from Bitwise, which we'll release in a couple weeks. Matt Hogan's, you know, coworker who Matt Hogan episode's out now, so make sure you go back and listen to that. And he was kind of saying like, hey, you know, Bitwise is a, is a long term investor type. We like this for the long term at these levels. If you're a trader, we don't really subscribe to giving out information or research about being a trader. So you kind of have to do a deep dive if that's your style of where you might want to make your entry points here or there for that. But the consensus is, from the people that we've been talking to is from a long term perspective, the thesis of Bitcoin hasn't been invalidated in any way. And then a sharp correction like this kind of makes you think, you know, hey, is this, is this levels that you want, you want to step in for the long term? What about your thoughts, Brian?

C (22:30)

Yeah, we, we've seen this before you know, bitcoin crypto, we, we have volatility, we have our drawdowns and I think that's just great TA by Brendan. Personally I'm, I'm very bullish at the levels we're at and I don't think it's by no means that do I think that we can't go farther down. That's certainly a possibility. But the way I always look at the, the majors like the bitcoins, the Ethereums, the Solanas and a few others ones I really like the cornerstone of my portfolio. It feels like it's on sale right now and I like that. If it goes a little lower, I'm not going to be too concerned about it because I believe in it fundamentally. Fundamentally nothing's broken. We say that all the time. So if it's just a few ups and downs here that I'm comfortable with that. Now I do have some short term trades and meme coins and things that we talk about them a little bit more hands on whenever we see the market bleed out. But something like bitcoin in a lot of these majors, a lot of the real cryptocurrencies out there driving real value and innovation, it feels like an opportunity.

B (23:33)

And love that transitioning us right into some, some interesting stats that I saw. So first off here we're looking at a chart that's showing us that this was the second largest short term holder capitulation in bitcoin history. The first was actually back and Brendan, we were doing episodes around this together. The, the yen carry blow up trade. And I, I remember that so well because we had the same discussion back then and I remember talking with you either on air or off air. But it was, I think we said it both where it was like we came up this thought it was like, okay, so we were basically breaking down and going over and educating our audience what is the yen carry trade, how did it blow up and why is it affecting everything? And I remember specifically drilling down to the point, I was like, okay, so some people overseas got levered up trying to do some currency arbitrage to go buy levered assets and they had to unwind their trade. That's what this is? Yes. So then why is my long term thesis on bitcoin invalidated and why is it down 30%? It didn't add up. Right. So it was an easy step in and buy the dip opportunity on that. And then you're kind of playing at that point because I believe it was August of 24. So you were Playing the election as well going into the fall. And then you, you can see here on the chart, if we blow this up a little bit, you know, even to this day, that was a good buy. I believe it was down. Yeah, the blow up that nuked Bitcoin to 49k. So you could have been buying Bitcoin at 50k back then. And then we haven't seen a short term capitulation like this since then till till last week. So I thought that was really interesting. And then kind of leads us into this next chart over here which is 5.8% of the total supply of bitcoin was traded in one price band. So almost 6% of the supply was traded between 83 and 86K. You know that that's a story of conviction, right? So again those short term, again these next three charts all play together. So the biggest short term capitulation, it all happened within a $3,000 price band. And what is that doing? It's shaking out these short term tourists. Everybody that we've said on this show that's like, hey, you're going to come in at a hundred thousand and your average, your buddies are texting you and your family's texting you. I'm going to come in and buy bitcoin. Like we've said this at different price levels, it doesn't really come that easy. You don't get to come in and buy Bitcoin at 105,000 and it goes to 200,000. That's not really how any asset works, especially when it has the hype that this one does, in my opinion. So we have again short term Taurus getting shaken out. People that bought at 90, 100, 120 even, they came and then they left. And then the final one is this is, I don't know if you guys have ever looked at the Sharpe ratio here, but according to the Sharpe ratio, it looks like we're in a kind of rare opportune zone. So I don't know if this is anything that you guys subscribe to. I personally don't have it on my close radar. Just something that I saw kind of getting tweeted around a lot this last week. And so that's kind of what I do, right? I bring the stuff that I see online to the channel, to the people. So any thoughts on that kind of breakdown, guys? Brian, let's go to you first and Brendan second is clearly we saw a shakeout. Clearly the statistics are telling us that it was short term holders, people that bought basically 90 to 100 and above got shaken out on the way down. And then all, you know, all of our other indexes, you know, fear and greed, altcoin seasons at an all time low. All that stuff is, is kind of showing us like is there an opportunity here? We've all kind of said that we do, but anything new that these charts kind of boggled your mind there, Brian. And any new thoughts?

C (27:19)

Yeah, I just think it further endorses kind of the point. We're not exactly sure if this is the bottom bottom but there's a lot of points from a ta, from a fundamental point of view just across what the chatter is on the timeline that it did feel very bottomy in those late low $82,000 range. It feels like this, the short term holder capitulation signals a buying opportunity for long term investors and it could be very likely that we get a near term recovery. But there, there's also just as much likelihood that we get some short term volatility. There's definitely uncertainty here, but it feels, I mean if your dollar cost averaging in, if you believe in bitcoin, if you believe in blockchain and what we talk about every single week, every single day, it feels like an opportunity to me and I'm going to disclose it. It's not financial advice, but I've certainly been nibbling bigger nibbles than I normally do when we're going down. I'm not very shaken out. I've seen these corrections in the past and there's again, nothing fundamentally that's scaring me off. But you know, love to know what you guys both think.

A (28:30)

Yeah, I mean I would agree, I would say that I saw a statistic from Ryan Rasmussen, we just had him on the podcast, he is the head of research at Bitwise. But more than 35% of. Or what was it? Yeah, more than 35% of Bitcoin, 40% of Ethereum and 75% Solana is currently being held at a loss, which is a crazy thing to think about because it really doesn't feel like we're in that kind of of a situation. But we are. And that goes to show that there were a lot of people kind of trying to buy higher. But I think that we're at an area where the pain has been felt a lot and I think the people who have been around in the previous cycles are saying, oh well, we have to go further, we have to go deeper to capitulation. I mean guys, 75% of, of Solana holders are holding at a loss, right? Now that's really, really big, that's well over 50%. So I think we have reached that capitulation or we've reached these moments or where we have actually fallen enough, you look at it off the highs and even for Solana, this thing since, I mean what was it, September dropped about 50 plus percent. And if you look at it from the all time high which happened at the start of this year, it's down over almost 60%. And I think that it's even worse once you go away from these large caps because Solana, Bitcoin, Ethereum are the big, the large caps of the crypto space. I think as you go down the stream to even more smaller market caps, mid market caps, I would imagine that that number of who's holding at a loss is probably greater than 75%. And so to the people saying that we have to go lower and that we have to go deeper and there needs to be more pain and that there needs to be all these other things, I don't think they fully understand where the majority of holders are. And I think that that's an important thing to look at and pay attention to because again you have these people who are used to the super cycles of the past thinking that we need to go down. Unless Bitcoin drops 60%, it's not, it's not a real whatever and unless altcoins drop by you know, 80% in this and that when times have changed a little bit. And I think that a lot of these charts that you put on the screen and pointed out TiVo help paint that picture to people of showing like, hey, there's a real risk versus reward opportunity down here where you now get to be part of the 25% who is maybe not buying at a loss whereas the vast majority have for not only Solana but a lot of these altcoins. So I think the pain is there, I think the risk is also there. But because the risk is there, you also have reward and that kind of cues us up for potentially again we don't, we haven't seen all of the, the kind of bottoming signs that we need, but I think it makes sense if we do bottom here. Like I, I would say it makes perfect sense and I wouldn't be upset about it.

B (31:18)

You had a great point. Of all the stuff that you just said, I think the specifically to Solana, like all these Solana ETFs have just seen 17. I think it's 17 days of like straight inflows. So you again, I know we've hammered that home, Brian. But just to Brendan's point of like all these statistics of people being underwater, but there's still vehicles being, you know, put out on TradFi that are getting a lot of attention. And that kind of brings me. This wasn't on the sheet, but you know, there's somebody saying this, the largest bitcoin ETF is, is posting record outflows. And then Eric from Bloomberg saying, well, that's because it hasn't had outflows before. And this quote, unquote record is 3% of assets under management. The real story, which again kind of goes to the A block, right? Like what sells good business headline A blocks, it's crashing. The ETFs are outflowing, everybody's selling. And it's like, well, you could spin zone this, you know, 3% of outflows to say, well, 97% of investors are sticking around, sticking around despite a 35, you know, fire in the. Fire in the building and the elevator's not working in the stairwell's block type of thing. So it, you can, you can, you gotta parse through this data, right? You don't just want, you know, the boys crying wolf, you know, to, to freak everybody out. And it's on the A block. So I think that's part of what we do here, is try to parse through the noise with everybody. And, you know, if you're consistently coming back and listening during the times where the price action isn't as fun, you're in the right spot. So if you're listening to this episode, I can't agree, I couldn't agree more that you'd be in the right spot. Give us a, like bottom right. If you're here on YouTube, hit our logo, give us a subscribe because we're going to keep, you know, parsing through the information for everybody and doing the research. And this is where Brian's going to take over now because something on the, on the timeline, Brian, it was the MSCI, like, who caused this crash on October 10th. And you kind of, you know, there's this piece that's been going around on X, everybody's talking about it, that there was some type of market manipulation for some of these index funds. And again, we can have our own opinions for it, but let's, let's share this one. I'm going to hand it off to you. T us up with kind of the overview of this and then we can kind of kick it around.

C (33:29)

Yeah, I mean, well, so MSCI stands for Morgan Stanley Capital International, they're a major index fund provider and they, they have like the MSCI US Index and they're essentially where large institutional funds all in this and they build portfolios. It's huge. And last month in that day of those massive liquidations and to kind of jump on Brendan's back of what he was saying, those liquidations were huge, they were scarring. It was a big ripple effect in the market. That was October 10th. And then we also had like news with tariffs, we had lack of data and a government shutdown. We're all kind of like what happened here, here and on that date, which was really interesting and why people are kind of pointing the finger a little bit is on October 10, MSC, Morgan Stanley Capital International, MSCI, it's such a mouthful, released a proposed rule change that would reclassify or exclude companies who valuation is mainly tied to digital assets. You know, Bitcoin, Ethereum. So they proposed this rule and it really wasn't picked up a lot but with everything else that was going, going on that caused more fear, uncertainty and doubt. And then just recently it was either the 19th or the 20th, this was like the bigger shockwave while we're hearing about it a little bit more and it really feels like people are pointing the finger. MSCI formally opened the public period with detailed language explaining how companies like MicroStrategy could be excluded and how that index eligibility will be determined moving forward. Forward. And there's going to be a decision date on January 15th. But with that all being said, why is this bad? It's because trillions of dollars track the MSCI indexes and if you're included, you are all always getting constant automatic buying from these index funds. But if you're removed those companies is massive automatic selling. So it can really move a lot of markets. Again, we're not exactly sure what's happening here, but we're getting no more on January 15th. But very long story short, it looks like they could take Strat, MicroStrategy and any digital asset funds out of this index, which could cause some selling. But it's more talk and fear and uncertainty and, and doubt. That's not like something crippling where it's gonna, you know, bitcoin should crash because of this. We, we may have a dip for a little while and we'll recover like we always do because it's a lot bigger than, than this one index.

B (36:03)

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B (37:18)

Yeah Brendan, anything, anything to add? I mean just go ahead, go ahead.

A (37:23)

Yeah, I mean I've seen people talk about this and I've had people internally already reach out to me and within our communities. And my thought process with this is that I think to a degree it's being blown out of proportion for what we know so far, right? It's not finalized, it's not confirmed. Like we are going to learn more about this, not even this month, not next month, next year, at the start of next year. And so this is all stuff that is somewhat speculative, somewhat far out and not solidified. And I think the reason that it's gotten so much traction is because number one, they are a player. They're, they're large but they're not the largest.

B (37:59)

Right?

A (38:00)

It's not like S P is coming out and saying we're not going to allow crypto companies or DATs or any of that. I think the other half of this is that I have a hard time believing that it'll stick or even pass because what they're doing is they're fighting against every one of significance if they're trying to make this rule. What you have is you have a very pro crypto administration, you have a very pro crypto sec, and you also have all of the large banks and asset managers that are very pro crypto as well. So are they going to fight against the government, the SEC, BlackRock, Fidelity, JP Morgan, VanEck? Like are they just going to wage a war on Everyone and everyone that's anyone and everyone that's inside of their circle, I think that they'd have a hard time in court and I also think that they'd have a hard time from a, from a business standpoint because it seems like this is the direction that the large financial players and also the government wants to take us. You know, the two big bets have been AI and crypto from the US And I feel like this is counterproductive, that would be counterproductive to both of those. So I have a hard time seeing it if it does pass last and I have a hard time worrying about it too much right now because it just seems a little bit far fetched and out there. So I'm really not losing sleep over this one. I know people have freaked out because the implications are, or the idea was that originally this is going to be directed towards Dax or Treasuries, but when you read the fine print a little bit more, it could even technically be applied to anything that is more of a crypto friendly company company. So if you look at Coinbase for example, well, all of a sudden they have so many, clearly, I mean, they have custody of so many people's money and they have thus ownership of all of that crypto. Right. Because they're the custodians for it all. So does that mean that they can throw, get thrown into this because they have custody of all of everyone's, you know, assets who's a member of their exchange? So what about them? Because they're a S P500 company, right. They're publicly traded in the S P500. Like, would that make sense for them to go after, you know, S And P top 500 companies in the US like that almost seems again, kind of counterproductive to the mission as well. So we'll see. I do think part of this is again a little bit blown out of proportion because like crypto's falling and any kind of fuel that can be thrown onto that fire is going to burn at this time. And that's like what people are eager to learn about in a downtrend time because it kind of plays into people's emotions. So they're going to click on it, they're going to look at it. But again, we'll see, we'll see when it comes around. But I'm not losing sleep over it. Yeah.

B (40:39)

And again, it feels like something of the magnitude that we saw on October six again, the biggest liquidation in crypto history probably had, you know, there was more to it than just One thing you know, this could have definitely played a part. Tom Lee came out with the glitch theory that something happened on the exchanges and somebody got burned. And that kind of transitions us into our first video. A friend of the program, Scaramucci, the Mooch. He's back. I haven't heard him in a while, which I think he's, he's got a new book coming out, so we'll probably be seeing more of him on the, on the media carousel here. But I always like to hear from, you know, we try to bring different people. Obviously, you know, Sailor and Tom Lee are kind of the top two that we hear from the most. But let's hear what Scaramucci had to say. Kind of commenting on the glitch here and how Tom said he, he kind of knew who got blown up, but didn't want to name names. Scaramucci doesn't want to name names either. But again, different perspective. Let's check in.

A (41:35)

You.

B (41:35)

I'm sure you saw Tom Lee's interview with.

A (41:38)

I think it was the NBC. Yeah. He kind of got cornered into a.

B (41:43)

Position of trying to explain what was.

A (41:45)

Happening with these market makers around the idea of a glitch. Do you think he handled that right?

C (41:51)

We were in the green room, Matt.

B (41:52)

And I, and Matt said somebody got.

C (41:54)

Burned very badly October 10th and 11th, probably tied to trade fi. They haven't fully exploded, but they're in the process of dumping and liquidating inventory and trying to deleverage themselves. And this happened during the FTX debacle. It happened late in 2021 when it.

A (42:16)

Looked like we weren't going to get.

C (42:16)

The crypto cash ETF after the, the futures etf.

A (42:21)

And so I think he, he got.

C (42:23)

A little tongue tied, but he was trying to explain to people that there's an operational thing that's going on right.

A (42:28)

Now that's going to take a few.

C (42:30)

Weeks to get itself out of the marketplace. Now he said eight weeks.

A (42:34)

We're into week six. I would see what Matt says. I think we're getting to the end.

C (42:39)

I think the bottom off that 81.

A (42:41)

Number, if this holds for the next.

C (42:44)

Week, I think 81 could be the, the interim bear market low, possibly.

B (42:49)

I love how that's the new, the new phrasing here is we, we've, we've already been through a bear market. It's like the bear market's in the rear view mirror. We've already been through it. That's, that's the new lingo I'm seeing all over the timeline. Open, open forum for that clip boys. Anybody, Anybody learn anything? Any thoughts around it for 81 being the bear market low or the, you know, who got, who got blown out so badly and when will we find out?

A (43:17)

You know, I'm curious. They were, they were name dropping some there. I mean, I think we know that the, the main culprit behind this has been Binance and the, the issues that they had that kind of led to this happening. And it was a group of people that saw the opportunity, Finance kind of came out, said that they were gonna patch the way that they did it, like, like basically the, the way that they analyzed and interpreted price on their exchange. They said that they were going to be moving to more external oracles and yada yada. People saw them say that, said, oh, okay, well this means that there's an opportunity to capitalize on this. People went in, messed with it, caused the event and yeah, I mean it's unfortunate, but again, you know, the event's over with. Right. And that's kind of those one off things. And the thing that people don't necessarily understand here is that this is different in nature from what we saw. The last time that there was a blow up, the last time that there was a blow up, you had the Terra Luna and you had the Terra Luna crash, right? One of the biggest projects in all of crypto going to zero completely like going to, being worthless. Then you had Alameda blowing up, then you had ftx which is kind of associated with them. One of the biggest exchanges in all of crypto blowing up, going bankruptcy, people losing just astronomical amounts of money. That's not necessarily what we're seeing here. None of those crypto projects went to zero based off of this. It was an internal pricing area from a centralized exchange. Binance survived. They're not gone, obviously, they're doing just fine. The crypto projects are doing just fine. The only thing that hurts here is that were there a lot of liquidations? Yeah, there were more liquidations, but all of the big, big players involved, no one necessarily blew up, and at least not that we know of as of yet. But everything that we can kind of see, all the big crypto projects, Bitcoin's fine, Ethereum, Salt's fine, Solana's fine. Yeah, they've gotten hit in terms of price and we've seen some selling pressure, but nothing that is a nuclear bomb as if Binance were to have blown up or Coinbase blowing up or Solana blowing up. Nothing nearly as big as what we saw in 2022.

C (45:33)

Yeah, that's. That's perfectly said. It's not nearly as big as what we saw in 2022, and that's why, that's why personally, I do feel like this could be somewhat of an opportunity or a local bottom, just like they said in that clip. There's, there's a lot of not. There's a lot of fundamental reasons why that. It points to that. So, hey, I'm ready for a Santa's rally. You know, let's get through. Let's have some explaining to do to grandma Thanksgiving about. Exactly. You know, I'll tell her about MSCI and as much as she wants to know, but we need that Santa's rally and I, I do think it could, it could certainly still happen.

B (46:10)

Yeah, I gotta find that. I gotta find that meme. It's like the. Yeah, it's this. It's this one. It's like the, the guy coming out of the. The troll coming out of the attic. It's like, it's this guy coming out of the attic. And then the family and it's like, come tell us about your coins. There he is. There's our little investor. Come tell us about your coins. How are they?

C (46:35)

Tough one.

B (46:35)

If you're heading to the table. This, this tough timing for everybody, but. And then last year, Brent and I, we covered it on the show. Last year was. Yeah. PAL was not kind to us. The December Fed meeting ruined the Santa Claus rally for us last year. So we'll have to see something. We're going to cover here in the next couple weeks, but let's put a. We're going to put a bow on. Brendan's got a run soon, so you're. You're good. Brendan, you can sign off right now if you want to say some final words to the, to the people.

A (47:03)

No. Hold strong, everyone. We're going to be back in full throttle after the holiday this week and we'll have a lot more rundowns to come on my end, but the guys will wrap it up.

B (47:13)

Yeah, have. Happy Thanksgiving to you, Brendan. And I'll circle back with you after the episode if I need you for any uploading or anything like that. But, but thanks for jumping on and Brian and I will continue. So, Brian, I want to tie a bow on, on this kind of talk of this crash. And it was this prediction, this prediction level of was on 100 for Ralph Paul. So he predicted this 35% decline. If I share this tab here, it's a two minute video, but maybe we won't listen to the whole two minutes. But it might be worth doing. This was six months ago he gave this speech. It just kind of nailed it to a T. I don't know if he, he as the, the man, we always say we don't have the crystal ball, this guy might have one. So let's tune in here and see what he had to said and we'll break it down and that'll tie a bow kind of on the volatility we've seen for now. And then we'll kind of switch gears to, to looking forward.

A (48:02)

It's not a mystery. It is a repeat of the debt cycle. They are rolling the debts, they are doing the same thing. Each cycle is not to do with a halving cycle, nothing to do with any of that. It's all driven by liquidity cycle and funding of debts. Each phase we get phase one of the banana zone, banana number one, the corrective zone, banana number two comes another correction, banana number three. So this is the banana zone. So that's what happened in 2020. 2021. Off we go. Sorry, that was 2017, which again looks very similar to this one. That was the last one. Here we are now, can't be clearer to me. I've shown you the macro evidence, the technical evidence, the sentiment evidence, everything here suggests to me that hold onto your hats, don't fuck this up, don't lose control of your tokens, don't use leverage, don't get your wallet hacked, just sit with it, be careful, don't get fomo, do all of the right things and we'll go up to the next phase of corrections. That's going to be harder because next one that happens, we'll have a 35% drop and you'll all say, is it over? You'll definitely be sure it's over and everybody on Twitter will tell you it's over. And it won't be over. By our work, we suggest that because of the elongation of the business cycle, because rates were higher for longer, the forward looking liquidity suggests that again, probabilistically speaking, without any guarantees, this whole thing goes into Q1, maybe Q2 of 2026, which would align with Trump's trying to win the midterms as well. So everything's lined up for us, I think it started. So keep the faith, keep building stuff and let's keep driving Siri forward with all, just sit with it.

B (49:57)

Just to pause this here on his chart. So basically what he's saying is if you caught that was we're here and Then we did, we shot up to here, and we're in the second phase correction zone. And he said, once we get to here, this is going to be the hard part because there's going to be a 35 correction to a T. That's where we were with the 35 correction. Everything's going to be done and Twitter's going to tell you it's over. Everybody's going to say it's over, and it's not over. So again, he's like 80% of the way there of, of this call. And I thought, again, it's like, you know, I see this stuff, I want to bring it to you and I want to talk about it because, like, man, so far, what a call. And just kind of the way he eloquently said it from our work of like, the liquidity cycle is, is kind of like he has a method to his madness. It's elongating the business cycle. All the free money from COVID kind of is elongating the business cycle. You know, the economy has a sweet tooth, right? We can't get rid of this inflation. But then again, it's almost time for a quantitative easing cycle to start, beginning now with all these Feds cutting rates. And then again, Trump getting into the election cycle of the midterms. And then also, what's going to be our next topic is the Fed. He's, you know, I don't want to say the word pack the Fed, but he's going to be picking who he wants to be the next Fed president, which is on our sheet next. So, Brian, is this guy Nostradamus. What's, what's going on? Any thoughts on the prediction?

C (51:18)

I mean, love him or hate him, he pretty much nailed it from six months ago. So I'm, you know, I'm subscribing with what, with what he's saying right now. I, I think this, that, that, that makes a ton of sense and hopefully it happens that way. And he called it out perfectly. It's like, there's gonna be a lot of pain. This is gonna be the difficult part. This is never meant to be easy. If it was easy, everybody would be doing it. Volatility is the name of the game, but it's, it's understanding the fundamentals, understanding the macro, understand the ta, kind of what you do every day here with the rundown team. It's so important to kind of just let everyone, you know, keep our, keep our heads level here. 35% drawdowns happen, but you know, what happens after that? 35% drawdown. When you, when you kind of stick through it, you fire up and I, I do, I think that's the case. And this is amazing. I've seen this clip circulating X quite a bit and it's hard to say that he's wrong because he's like this bought on to like yeah, it's, it's.

B (52:22)

It'S hard to argue it, it really is. And part of the liquidity cycle I think is, is the Fed and I think that, and we're going to have our year end episode which I'm going to keep talking about it is, I think the, it's, it's a polarizing topic this, you know, the choosing the new Fed. And I think it's really going to set the tone for, for 26 in my opinion. Well, you have to see obviously there's a lot of other factors, but I think it's huge. And I was watching this interview this morning, Scott Besson, who again on this program, we kind of teed up that he's the guy that you want to listen to back when there's a lot of noise, especially around the tariffs. We called that perfectly on this program. And he's a huge mouthpiece for, for the White House. And so I was watching this live this morning of him saying, you know, just, just listen about the new Fed president when that could happen.

C (53:09)

Andrew. I, I'm still got one interview left, so I don't think it would be prudent to give any hints. And I think that there's very good chance that the president will make an announcement before Christmas, but it's his prerogative whether it's before the Christmas holidays in the New Year's. But things are moving along very well.

B (53:35)

So I'm watching that live this morning with a cup of coffee. I hear that in just my brain. Brian goes, my brain just lights up. I'm like wait, I saw this on Kalshee of some odds of, of when is Trump gonna announce the new Fed president? Or it was, it was a legit yes or no was will Trump announce the new fed president in 2025 before year's end? And I'm like, I saw this action and it was like below 50%. And I was like, well, I got my mouthpiece from the White House telling me it could be before Christmas. I'll take, I'll take 40%, you know, 60% upside any day after hearing that. So I, so I jump on my app, I give it a little hammer, a little doink, a little doink. And then I immediately text you, and I go, brian, I just got some insider info live on TV from Secretary Besson, and I got in and it went from 40. It was like 42%. It jumped up to 61. So we'll keep an eye on that with our. What we said last week as well. We got some other. A lot of Scott Bess in action coming up in December here for your boy on the prediction markets. We're gonna keep that. We're gonna keep tabs on that for everybody. But I think. I think that's.

C (54:43)

You're on it like Blue Bonnet. You're all over these. You're watching this stuff live tv. And I appreciate that tax. And the beautiful thing about prediction markets, too, is, like, you don't even have to wait for that to resolve. You could sell in to, like, sell.

B (54:57)

Into that right now. Yeah, you can sell. I think it's a. I think it's going to be a hold. I text you, I can't wait to watch this one go to zero.

C (55:04)

But we're macro bowls, man. We're permeables. We hold through the fire.

B (55:08)

Yeah, yeah, this is rabbit. Some fun here. Not. Not financial advice. Pure gambling here. But again, yeah, you're playing the odds. I'm like, hey, if this guy's telling me, you know, there's a chance that it's going to be before Christmas, I'll take the upside on a 40%, you know, odds on a yes. So I'll take that. And I was quick to it. And it shot up pretty quick after that. So that was, you know, good bet for now. We'll keep track of it for the people. But so I think that it all comes down. I think he's kind of sneaking that out the door. And again, I think there's all posturing, right, Whether the Fed, the governors, what side are you on? What do you want to do for this, you know, big rate cut going to the year's end, basically, they're starting to. I think you're going to hear this talk over the next three weeks before the rate decision, because this is. This is the administration trying to. Again, they've tried to bully Pal left and right, but this is like, hey, if. If you. If you don't do what we want to do, right after you do your rate decision, we're immediately coming out and announcing your replacement. Rolling the red carpet out, having a press conference in the Oval Office. So, like, that's kind of their posturing, I feel like, for this rate cut is obviously Powell's going to do it. You know, I think he's done a fair enough job. You know, it's again, it's a Monday morning quarterback type of job, sadly. But, you know, I don't have any ill will towards that guy for his efforts. But when it comes to him versus the administration, if he doesn't do what the administration wants, I think immediately they're rolling the red carpet out for, for the new decision and doing press conferences and all that. And then maybe if he does what they wants and give them, gives them a cut, then maybe, maybe they wait a little bit more, I don't know. But that's kind of how I'm playing it.

C (56:44)

Yeah, I love that. I love that thought. You know, if he doesn't give a cut and press conference, I think it's.

B (56:50)

A press conference that week. It's like new Fed announcement, like literally. I think if he doesn't cut rates, I think there will be a tweet storm of a press conference for the new announcement.

C (57:02)

It's looking pretty, pretty clear that we're going to get a rate cut at least. Good old Poly market. It was up over like 80% this morning. So the, it's looking pretty, pretty clear because it was down, it was down quite a bit. And that's another reason why the price when we were crashing, you know, our Fed rate cut odds were under 50, under 40 I think at one point. Now it's back up over 80. So there's a lot of posturing going.

B (57:27)

On, a lot of posturing. So we're approaching the hour but you know, we're gonna go a little long because it's the holiday week and we're only putting out one rundown this week. So we'll go a little long. I think that the Bit Mine story needs a little bump here. Bit Mine adds to the dip continuously. Last week when eth was falling like a rock, Tom Lee and Bit Mine jump in and Buy More. They Approximately have now 3% of the circulating supply on their way to 5% they call it 5% alchemy, I believe. Just an absolute bully button when it comes to buying ETH on the dip here. And here's the point. This is why I bring this up. It's something new. We've talked about Bit Mine buying ETH non stop. But here's what I thought was really interesting. When it comes to Bit Mine for bitmine stock, the ownership has completely flipped. It went from in just 13 days. I think this is fascinating. In just 13 days, institutional ownership of bit mine has skyrocketed from 6% to 31.69%.

A (58:29)

Whoa.

B (58:29)

Right.

C (58:30)

Oh, that. I didn't even see that on the sheet. That's, that's crazy.

B (58:34)

That's ins. It's insane. I think that's, that's telling. It's, it's. Institutions wanted exposure to eth. They were waiting for this dip. We've pulled up the bit mine trip chart before. Completely parabolic. We even talked about it on the show when I was like, oh man, we missed this one. And then it came back down and I talked about buying it kind of in the 30s. I was like, all right, I think I got a good buy here. And then obviously we've kind of been pinballing with some high, high volatility. But very, very interesting for institutional ownership to go from 6 to 31. Basically 32% there. That's something that we're going to keep an eye on. But again it shows you the interest of institution institutions. And basically what Tom Lee says, which, which is Ethereum, right Now the Doge ETFs go live solid day. I think that's fun. You know, the Meme coin, the OG Meme coin gets an etf, kind of how Eric says here from Bloomberg. The farther away from Bitcoin you get, the less assets there will be. Again, not a huge day for the Doge etf. I don't think especially in this climate we would expect anything more, but very interesting to kind of keep track of. Brian, you're our meme coin guy. Any thoughts? Is it just kind of a historic, fun day? What, what are your thoughts around it?

C (59:48)

Yeah, I mean, I, I don't know if that's the ETF I would be, you know, deploying all my capital into. I, I love myself some Meme coins and I see paths for a lot of these to succeed. I think the clearest picture here right now is we've had what, 20 days of consecutive inflows with Salana ETFs. Right now accounting just yesterday we have Doge ETF, we have a Ripple ETF. We obviously know what's going on. Bitcoin, Ethereum ETFs. So there is an appetite for additional ETFs. And we'll probably continue to see a few more unique ETFs out there. But you know, the main players are Bitcoin and Ethereum. But I, I won't be surprised. Like, we'll probably start seeing like multi asset ETFs with, you know, a variety of these holdings. But yeah, it's a, it's a, it's crazy to think this Doge dog that's just inflationary beyond belief in his meme coin as meme coin I think has an actual etf. So it is pretty historic. But you know that I'm, I'm not rolling the 401k or the IRA into it anytime soon.

B (60:55)

No, good point. And I, I kind of thought this or no, this is the second part. So there's more ETFs on the way. Then we'll get to this thing that I found really interesting about these ETFs. More, more spot crypto ETFs on the way. Dogecoin is looking to flip the grayscale Dogecoin trust. I just think that's a funny thing. The Dogecoin trust is going to flip into an etf. The XRP trust, same thing. XRP Doge chain link coming. The chain link trust is going to flip. So again, stuff that we've been talking about in the program, I think it's, it's good when it goes live at all. I think we all know the way the climate is. You're not going to expect any blowout inflows. If there are, that's going to be fascinating. Kind of like the Salana one being positive non stop, but something to keep an eye on when the market turns to see, you know, which one of these start to lead the way with inflows. Could be, could be kind of telling where institutions, institutional money might want to, might want to gather around. Here is something that I found really funny and fascinating and something that we've kind of warned about when to be careful. So there's something going on in, in South Korea around these leveraged ETFs. So we talk about, you know, the 2x E3 ETF or the 3x Nvidia and we talk about how on the show we don't deep dive into the alchemy around how these ETFs are made up. But you have to be super careful because while there is a lot of leverage to the upside, if it works out your way, the way these things work with options and covered calls and all this stuff, they can reset in a downturn and it can really wipe you out. And so you need to be careful. And South Korea retail is so obsessed with these US United States leveraged ETFs that they now have regulations. You must go to a DMV style training to get certified just to buy them. Which honestly, honestly I don't hate. Like I, I really don't hate that because we, we kind of saw with October 10th, like a lot of people go and use leverage and get completely wiped out and then they kind of, A lot of them probably know it's risky and then they cry wolf later. But some people might not know how leverage works and how margin completely works. So I like this. You know, starting December 15th in, in South Korea, if you want to trade these leverage ETFs, you have to take a one hour online course and pass a three hour mock trading program.

C (63:16)

I want to take it.

B (63:18)

I kind of want to take it.

C (63:19)

We're fine. It would just, I mean, it'd probably be stuff we already know, but it would be a lot of fun to take.

B (63:25)

I don't want to take it. I mean, again, the mock trading, you can learn. I, I don't, I don't hate this idea at all.

C (63:33)

The South Korea loves the U. S. Leverage ETFs, regulate them. It's like a blackjack table.

B (63:42)

Well, the, the, the Koreans famously love to gamble. We all love to gamble. Who are we kidding? I was just talking about, I was just talking about Scott Besson, you know, announcing the Fed president.

C (63:53)

That's action.

B (63:54)

What was it? I've actually on Scott Besson saying stablecoin in a speech coming up in a couple weeks.

C (63:59)

So I love that also feels like. That also feels very strong. I'm not classifying those as gambles.

B (64:10)

All right, let's go. Let's finish off with some fun stuff. We got Monad, which was a Coinbase drop, I believe. Right. And then you got the last one. Absolute hilarious. You're gonna want to stick around for the last topic of the, the day.

C (64:23)

You're going to have to share your. You have to share your screen on the last one.

B (64:27)

Yeah, yeah, I will, I will. Let's start with Monad.

C (64:29)

But Monad's a pretty anticipated layer one. This isn't even in the meme coin sector. This is just all across crypto. We've been hearing about Monad forever. They were the first ICO to release on Coinbase's platform. I think it was five days. I bought some Joe did it as a cusp call and gave a great thesis behind it and why it was important. He really nailed it. And it had an initial set, it had an initial sell off. Like all ICOs, you know, people sell immediately. And then after they rinsed all the ICO sellers, it fired up today, up 46% past what the ICO price is. So something to keep an eye on. I don't know if I'M a buyer or seller. I, I did, I did, I did subscribe to the Coinbase ICO and I got allocated and I didn't sell it because there was like a stipulation and I don't know if it's true or not. Like early sellers might be restricted from other ICOs. So I kind of just put a little, a couple bucks in there to try it out. But you know, I'm like, this token's running now and it's like true fashion. Get rid of the ICO buyers. And now it's starting to run. And I was like, why is this really running? Like, what else is going on? And then across all my telegram channels, these super savvy traders, guys that I respect so much, like, you gotta check out Bro Dot Fun. Play the demo here. And it is with the Monad token. Build on Monad. Now just pick a cup. TiVo, there's a death cup and you got, you got past it, you're up and just go for it and just try to avoid the Death cup. And escalates. It escalates quick. I got up to like on the demo. I caught up to like a 500x or something. I was so many rounds in. I was like, my goodness. And you could play this for fun or you could literally wager Monad. And you know, we're out here always innovating, always having fun. Even though, you know, when times are tough and you just want it, you don't really want to step away, step away from the screen. Maybe you want to step away from the charts though. You fire up Brodoff Fun. So shout out to one of the most simple games ever. But blockchain based Degenerate Backed and you know, they kind of, they kind of captivated my heart there for about 45 minutes last night.

B (66:51)

So you can play with real. You can gamble? Is that the thing?

C (66:54)

Yeah. Yeah, you can. You're just doing the demo. Then when you sign in, you could just like gamble Monad tokens and you know, and, and that's the multiplier, the 2.21x. You could, you could cash out or, or do you think you have it in you and then you get to see the cups beforehand. So you got like a 1 in 5 shot. You definitely have to shoot this one. I hate it. I hated that cup too. I almost told you to get off of.

B (67:23)

Gets you when it clinks. It clinks around. That's awesome.

C (67:25)

Yeah.

B (67:26)

So check out Bro Dot Fun.

C (67:28)

Yeah, not an endorsement for any reason. Definitely be careful with that site. I have no idea who's backing it and who does it, but Monad out here doing some fun things.

B (67:41)

That's hilarious. That's hilarious. Let me get some comments here. If some event was running a poll on next fed chair today. I got you. Oh, somebody was just running a poll. Yeah, we don't know who it is. We had, we had some awesome people in the chats.

C (67:56)

Yeah.

B (67:57)

Hello from London. We got Grant from Tampa. We got James, we got Noah Blue, we got Zen, we got Deborah. Deborah couldn't make it but she came to the live to tell us she couldn't make it and then said happy Thanksgiving. She's gonna watch it back later. We really appreciate you guys tuning in with us today. It was, it was a fun one. Brian, thank you for making the time. As always, happy Thanksgiving to you and your family. Happy Thanksgiving to the Crypto101 family again. If you guys are interested enjoyed the show, please give it a like subscribe and then check the the show notes below if you want to get more information on how to join our community. My name's TiVo. I really appreciate everybody listening. Super thankful for all the listeners that have helped us grown this show over the years that I've been here. I am personally super thankful of the producer to see how this show has grown. I really, really, truly appreciate it. I know Brian does, Brendan does, Bryce does, Joe does. Our whole entire team thanks you so much. I hope you really enjoy the time with your family. Make sure you go back and listen to the Matt Hogan episode. Make sure you listen to the episode that we're going to drop this weekend and we're going to see you guys next week to recap what went on while we were gone. All right, everybody, happy Thanksgiving and enjoy your time with your family. We'll talk to you soon. Bye. Bye everybody.

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