← CRYPTO 101
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- [00:00]
Host 1
Foreign.
- [00:09]
Brendan
Ladies and gentlemen, welcome back to the crypto market rundown where we talk about everything that's happening in the great world of cryptocurrency, 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. And here we are yet again. TiVo. The crypto markets are as hot as ever. There is so much going on. This is probably going to be one of the longer, more action packed market updates that we have probably put out in the last couple of months, which is impressive because if we look at the episodes that we've done here fairly recently, there's been a lot going on. I mean, bitcoin pushing up to 100k, but and also just altcoins running across the board. We're going to talk a lot about that as well. So make sure you're, you're tuned in here, make sure you're listening tight. And when we kind of just look at what's happening here, you know, I mean, there's a squeeze on bitcoin. We have records being broken, ETF inflows flipping, Ethereum finally running and so much more. And we kind of just want to take a step back and look at the crypto market as a whole here because, you know, a lot of people believe that this run isn't over. And there's a lot of evidence that's pointing in that direction. And that's one of the big things that we want, that we want to kind of COVID in today's episode is just looking at all this evidence that is pointing towards not only bitcoin hitting new all time highs, but also a lot of altcoins which are priming up to do it. And just in the last week or so, we've seen many altcoins run hundreds and hundreds of percent. We want to show some of the, some of those big winners. We hope everyone was able to take part in them, but man, I'm hyped up. And a quick reminder here before I pass it off to my fellow compadre TiVo, is that if you're listening on any other platform, you know, maybe you're coming in live. We want to say welcome to everyone that's coming in from X and Instagram and YouTube and everywhere else. But if you want to look at all the visuals, maybe you're coming from Audible or Apple podcasts or Spotify, well go over to our YouTube channel. If the Crypto 101 podcast on YouTube, if you're wondering what kind of charts and news articles and graphics that we are referencing on the screen here? All of those visuals are going to be on the Crypto101 YouTube channel. And that's where you can see all the video things that we're going to be referencing throughout this session. So, TiVo, how are things going on your end?
- [02:38]
TiVo
Doing good, man. Good morning to everybody. Thank you for joining us. We've got Michael Sane in the chat. What's up, Mike? And, yeah, just, just an exciting time in crypto. It's, you know, we talk about it every week. Right. That's why we're here. But, you know, these times when prices are, you know, going higher and there's so much to talk about in the space. I mean, it's every day there's something going on. And we just, we've been getting a lot of new, Obviously, subscribers on YouTube, a lot of new listeners to the podcast. People coming back. Our socials are growing. So it's really just, just an exciting time. And part of that excitement was we talked about it last week, a little sneak preview. But we, we do have our merch store. It is live. I know I sent you the link and I think we'll be promoting it a little bit more heavily in the coming weeks, but it literally just went live today. So I did put a, I did put a link below in the description if people want to check out the designs. Give us a comment, let us know what you think or if you have any ideas for ones you like. But maybe there's some, some Christmas gifts there for you where you could maybe sell a little bit of your Meme coins and buy a Meme Coin T shirt or something fun. So check out that link below. And yeah, we'll. We'll have more in it in the coming weeks, definitely.
- [03:51]
Brendan
Yeah, we're excited to be able to drop that. We got some cool things. TiVo has been hard at work and, you know, maybe I'm a little bit biased, but I think he did a good job. So at the very least, check it out. There's some, some really cool graphics over there. But let's talk about the crypto markets, right? You know, let's talk about what's happening here because we have a gigantic list of things to go through. So we're going to try to keep this under an hour. That's the goal. But let's go ahead and begin because, you know, the first thing on our list is just simply looking at bitcoin. Bitcoin is in a big old squeeze on the daily chart. So if we're looking at the one day time frame, which we'll throw up here in just a second, Bit bitcoin has a big squeeze that's happening on this one day time frame because we had this big move to the upside. Now we've been consolidating for a couple of weeks and inside this consolidation, that is where we're getting the big squeeze on bitcoin. And this is happening through a formation that we like to call a pennant or asymmetrical triangle. This is where we see a pattern of lower highs and higher lows. And resistance is falling, support is rising and that's what creates this squeeze effect.
- [05:03]
TiVo
And are you supposed to be sharing your screen?
- [05:06]
Brendan
Not yet, not yet. I'm giving the rundown first. I'm painting the picture.
- [05:10]
TiVo
Tee it up. The first hole. Tee it up.
- [05:12]
Brendan
Exactly, exactly. There's gotta be a build up to it. But you know, when we just kind of look at what's happening on bitcoin here, that is the big thing that's on my mind. It's one of the top things saying, hey, bitcoin, the largest cryptocurrency out there, it's seeing this big, big squeeze right below a hundred thousand dollars. And if we get this breakout to the upside, that's where I think we just blow through 100k, probably push to 105, maybe 110, maybe higher than that. And there's a lot of big things happening. So I'm going to go ahead and throw up that screen share now. And again, if you are coming in from Spotify or Apple podcasts, you need to go over to the YouTube to, to see this. But for everyone that just wants to listen and kind of follow along here, give me one sec while I throw this up. You know, this is that bitcoin chart that I'm talking about. I'm going to zoom in a little bit to make this a little bit more clear. But we can see that bitcoin has been forming these lower high, or excuse me, these lower highs and these higher lows. And we can see that support is converging upwards. We have resistance which is falling downwards. And this is where we start getting that squeeze effect. Because the range was previously 85k up to about 100k and now the range in here is about 97k down to maybe 94,95k. And we can see that this is getting tighter and tighter and tighter and tighter the deeper that we get into this. So imagine that you're kind of squeezing a Balloon, you're squeezing it towards one direction. Well, eventually pressure is going to build up in that direction and then pop. And the way that we get a directional bias here is by saying, hey, where were we before and beforehand? We were coming from the bottom side up and then forming this consolidation, which makes me personally lean. Bearish or bullish? Not bearish. I'm leaning bullish here. But yeah, I mean things are looking great for bitcoin. Again, if we get a break out of this, I could see about a 10, 10 pop in either direction. Hopefully we don't see anything to the downside. It could probably bring us to the mid-80s. But again, I'm pretty bull biased here looking for bitcoin to shoot through 100k here. And this is something that's realistically possible before the end of this month. I mean, heck, probably in the next couple of weeks we could see this and bitcoin really is kind of performing here. I mean the, the inflows are looking great. There's still a lot of attention that's happening here. But I think one of the other big things that we've seen, and we'll get into this in just a second, is the fall of bitcoin dominance. This has been something that we have been tracking for, I mean, what, weeks now, I mean months at this point. And we've been saying, hey, watch bitcoin dominance. Watch this thing break down below the 50 day moving average, below the 200 day moving average. We've talked about it really recently. Just saying, hey, this is historically where we see bitcoin dominance start to top out, you know, 60 to 70%. And sure enough, we've gotten this giant move to the downside which is allowing altcoins to just go bananas. Just crazy. Altcoins are making millionaires overnight right now. And we're going to talk a lot about the news and some of these like fundamental catalysts in a moment. But just looking at the charts and I think we have to start with the charts because it's so impressive. There's just a ton of money that's being made in, in all, if I.
- [08:34]
TiVo
Could just jump in, just say, man, that bitcoin dominance chart is, is a sight to see because we've been covering this, I mean, dude, for like a year basically, right? And you've always said Brendan, Bryce and everybody's always told us like, hey, like, this is what we're looking for, this is what we're looking for. Once this bitcoin dominance breaks down, this is when all coin season is going to start. And, and I understood it like technically and I understood the concept, but we really never saw it happen. And we would bring it up every couple weeks and it's just like, man, this thing, as you can see there, that's the perfect shot. It's like it's just trending up on that line and then look, look at that dump. And then sure enough, you know, it is. I mean, I don't want to, you know, say it's officially all coin season, but it sure kind of feels like that. Especially with all these, you know, like you said, millionaires being made overnight and all these memes and dinosaur coins that people are talking about going crazy. So I think, you know, for the people that have been here every week, it's so exciting to see a new development like this and to cover it. It's exciting.
- [09:29]
Brendan
Wow.
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TiVo
What's up?
- [09:31]
Brendan
I just bought and financed a car through Carvana in minutes. You, the person who agonized four weeks over whether to paint your walls eggshell or off white bought and financed a car in minutes. They made it easy, transparent terms, customizable, down and monthly. Didn't even have to do any paperwork. Wow.
- [09:48]
Host 1
Hey, have you checked out that spreadsheet.
- [09:50]
Brendan
I sent you for our dinner? Options finance your car with Carvana and experience total control financing subject to credit approval. Yeah, I mean, it's, it definitely is exciting. And I think the even more exciting part is, is that it looks like we're still in the early innings of this because in the 2017 cycle, we saw Bitcoin dominance fall to around 30 to 40%. In the 2021 cycle, we saw bitcoin dominance fall again to around just below 40%. And right now we're at 55%. So if, you know, altcoins are going crazy and we've only seen about a retracement of maybe 10% or not even 10% in Bitcoin dominance from 61 to 55, about a 6% retracement and Bitcoin dominance. What's going to happen when we fall, you know, 10%, 15, maybe 20%. And again, that's where all coins just go crazy. So I'm excited for what the future holds here. And you know, one of the big things that has been doing good is Ethereum and we want to look at the inflows and we want to cover everything around Ethereum, but just briefly before we kind of move on. Even at the time of recording this, Ethereum is breaking out to new monthly multi month highs of 3,800 it's breaking the downtrend. And really just alongside this there's been a handful of, of winners. You know, we look at XRP here recently. This almost looks like it's, it's not even a real chart, but you know, this thing skyrocketing from 40 cents up to almost three bucks. XLM and Cardano and Tron here putting in a 50 something percent candle yesterday, which was. No, I'm sorry, it was a near 100% candle yesterday. Wow. On some big news.
- [11:37]
TiVo
Justin's son's going to be buying a couple bananas on a wall.
- [11:40]
Brendan
Yeah. And you know, people joke that that was the catalyst. I think that there was some, some, some other things that were involved there. But yeah, there's a really funny video of Justin sun circulating around where he bought this art that was just banana, a banana, I think that was like duct taped to a wall. And then he bought it, walks up, rips the banana off and then eats it. And he bought it for like $6 million or something crazy. It's a wild thing. But yeah, I mean there's winners all around. You know, one of the other ones that we like to talk about over here, Ondo hitting new all time highs and really just success across the board. I saw Chain Link hitting multi year highs and things are really, really running. And so we love to see it. We hope everyone is profiting. But there's some pretty cool predictions that are circulating around out there as well. TiVo. I know that, you know, you came across one from Tom Lee just talking about the current state of bitcoin and it really aligned with some of the stuff that we've been saying here in recent weeks as well.
- [12:40]
TiVo
Yeah. So Tom Lee is a CNBC contributor. He's head of fundstrat, which is an interesting research firm that is really, you know, they definitely do all types of finances and stock market and stuff. But he's really been a bitcoin bull. There's a lot of videos from him, you know, dating back to 2017, 18, you know, telling people just put, you know, 1 to 5% of their portfolios into crypto. And so he kind of, this is a quick clip here and he's talking about obviously the current price level, where you think it might go and then the reasons behind it. Which is the title of our episode, which is the Bitcoin supply is low. So let's listen into Tom Lee here.
- [13:18]
Host 1
Do you want to. We always get a bitcoin comment from you before we let you go. Normally it got stuck under 100 that's a pretty psychological level, I would imagine.
- [13:32]
Tom Lee
Yeah, I think some of this could be. There's a lot of folks who don't want bitcoin over 100,000. And some of it may be the exchanges themselves are concerned because there is a pretty low supply of bitcoin available over the counter. So you have a supply shortage. And if bitcoin makes a move above 100,000, I think that'd be a big chase. So I'm still confident bitcoin is going to close much higher before year end.
- [13:57]
Host 1
Before year end.
- [13:58]
Tom Lee
For your end. Yeah. So break $100,000 before the end of the year. Yeah. Well above 100,000 before year end. It's just a matter of time.
- [14:06]
Host 1
December 2nd. It's not that long, Tom. So it's going to do it in the next four weeks.
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Brendan
Tom makes bold short.
- [14:13]
Host 1
I know you're nuts. And they all come, usually they come true.
- [14:17]
TiVo
So there it is. Yeah, wild short term prediction for Tom Lee. I think you got to appreciate it. Somebody like that that really, you know, goes on national TV and puts himself out there for those type of predictions. And then I did go and I found a chart that this is off of X. Let's see here. Here we go. Let's pull it up. And this is kind of visualizing what he was talking about is you know, the supply of bitcoin's getting low and, and you know, price is high, balance is low. So we've kind of been talking about it with you know, Michael Sailor continuously buying bitcoin it seems almost every week. And then you've got, you know, different companies like Marathon and Semlar Scientific and Rumble starting to say like they want to adopt the bitcoin standard. I believe Marathon just did a similar raise, a 0% note on the bond. Basically start, you know, copying sailors theory and how he's running micro strategy. So and I think we're going to talk about that later how micro strategy Michael Saylor met with Microsoft to kind of pitch that strategy as well. So it's an interesting time. I think there's a lot of talk on the timeline when Michael Saylor goes and buys, you know, these huge amounts of bitcoin. You know, we kind of stay in this range and people are wondering why we're not rocketing north when he keeps buying billions of dollars worth. I personally don't have the answer to that. I don't know if you have a take on it, Brendan, but you know, this is, this is kind of the data of, you know, the, the amount of bitcoin that are, that are available over, over the counter as they call it.
- [15:44]
Brendan
It's only a matter of time until I think we break 100k and we had this gigantic move from, from bitcoin where we rose, you know, nearly 30, $40,000 to the upside from 60k in borderline 50k in October. And we went all the way up to 100k in like less than a 2 month window. And so I think what we're doing now is the market's just cooling off. I mean, it's an understatement to say that bitcoin just sprinted a marathon by moving $40,000 in, or, excuse me, by moving, yeah, about $40,000 in less than a two month window. And so I think now it's just taking a breather after that gigantic move. We also put in the largest daily candle that bitcoin has ever seen in history in terms of US dollar valuation. And again, I think right now what we're really just seeing is a consolidation, a cool off period. And that's exactly what a bull flag is, is that it's a continuation pattern before seeing a deeper move to the upside. And that's again, just truly what I believe is happening here is that things are consolidating, cooling off and it's also allowing altcoins to play catch up. That's why we're seeing bitcoin dominance fall. It's not because bitcoin's falling in value. Bitcoin's holding value, Altcoins are just rising and catching back up, which allow altcoins to outperform bitcoin. And that's why we're seeing bitcoin dominance fall. And so I think that what this is, is a very healthy, very normal thing that we see every single market cycle where bitcoin moves up, it cools down, just chills out for a little bit. Altcoins play catch up, you know, skyrocketing in value. Then I think we can see another move to the upside in bitcoin. And I think both bitcoin and altcoins are going to be able to benefit or hopefully continue to benefit over the next several months to, you know, maybe even the next year, which is where a lot of people are saying we could top out, you know, at some point in maybe the next year or so by, by the end of 2025. And you know, that's something that is, is certainly a possibility and likely, you know, we typically see that, that bitcoin top and the crypto market top about a Year to year and a half after the having, which would put us at some point next year. But the good news of that is that, you know, we're not even at that one year mark yet. We still got about another. I think it's five, six months to go until we even reach there. And so data would suggest that prices should continue to, to push higher and it's a good thing for everyone else. And also I think on the supply issue, that's something TiVo that we have mentioned numerous times. You know, we've talked about if, if, if Michael Sailor and BlackRock and these ETFs continue to buy Bitcoin, they're removing from the supply, a bunch has already been lost. If we're looking at the strategic Bitcoin reserve, and if Bitcoin becomes adopted as a reserve currency or a reserve asset, that would also drastically reduce Bitcoin supply because governments and companies would be buying it. And we've talked about the, the real supply issues that could be there for Bitcoin. It's a great thing for existing investors. It's less of a great thing for people who want to continue to buy in or feel like they haven't bought enough. Because what you get in a supply issue like this with the image that you flashed up on the screen is that as supply is reduced, you know, if demand stays steady or grows at all, then that causes price to be essentially have forced appreciation because the supply continues to reduce and reduce and reduce. And you know, when we're looking at that, I think it said supply on exchanges was at all time lows or something like that, that does affect prices. Or I saw some chart that was saying that the supply of Bitcoin was, was nearing these just record level lows. And yeah, I mean, look at that. It's a, it's a crazy thing to see that, you know, over the last year or so, supply on exchanges has just been plummeting as the price has been skyrocketing. And that correlates perfectly to the picture that we're trying to paint here saying, hey, supply is being reduced. This is forcing price to appreciate. And if we continue to do this, if we continue to have, you know, Bitcoin adoption ETFs, you know, taking Bitcoin out of supply, governments buying Bitcoin, companies buying Bitcoin, then that just continues to reduce the supply, which should force Bitcoin to continue to appreciate. So I think it's something everyone needs to be paying attention to. But you know, one of the other cool things that we like to look at is just the average return rate for a month. Because believe it or not, there are some months that perform better on just with bitcoin than others. You know, there's good months and some, some less. I don't want to say bad months because there's never really like a bad month, but there's some months that just aren't as good as, as others. And December on one hand is a really, really solid month for the crypto markets. You know, you can see that we like to call this the Santa Claus rally. October, November are historically really, really good months. But when we're looking at the average return rate of December, we're still looking at an average return rate of 5.5%, you know, roughly speaking. And we typically have these Santa Claus rallies during these bull runs. You can see that we had a Santa Claus rally in 2017, we had a Santa Claus rally in 2020. And it's looking like it's possible to have a Santa Claus rally once again this year kind of again feeding into that, that rough four year cycle where we could see bitcoin potentially pumping up, you know, maybe double digits on a month like this. And I still think that it's possible and what that would really do is just ultimately push bitcoin up again above 100k. So it's on the table. TiVo.
- [21:43]
TiVo
Yeah, yeah. I think the, the red circles there are having years as well and I think that times up with some, some election timeframes as well. So yeah, as you can see, a lot, a lot of green. A lot of green. It would be interesting to, to see. I think we, we, I know we had an October video. We do, we do this basically every first of the month. This chart comes out all over X and you know, we show it, but I think we did October. I know we called October and then I think we set the table really well going into the election in November. And yeah, like you said, we're pretty, we're pretty pulled up. I think there's some consolidation here that you mentioned. It's all healthy, it's all good. But yeah, for December. I think some things to keep in note is that you know, as much as, you know, we like to think of ourselves as separate from Tradfi, we really are, I think now more than ever kind of tied I want to say at the hip. But we are marching a little bit together. And so, you know, there's a lot of data coming out this week. There's the jobs, jobs data on Friday and then Fed Chair Powell, there's a, there's a rate cut decision coming up. I believe it's the, it's the 18th and so I think just the markets in general, probably, probably this is my opinion again, but probably range bound until then. And then once that, once that Fed decision hits the market will digest it. And you don't know how it's going to digest it. But then after it does, you know, I think after that December 18th meeting is when you're going to start seeing the averages, the larger averages, the S and P, you know, IWM and Bitcoin, hopefully make a run for that Santa Claus rally. And I think that's when we'll, we'll get the decision making of how December is going to lay out. Kind of like how we waited for the election, right? It was, you know, that was the catalyst for November and I got a stat, so I got a stat for the people again talking to that, the larger indices. So the years when the market is up 10% or more and it's an election year, so there's only two instances, so it's not a huge data point. But if the market is up, this is the S and P up 10% or more and it's an election year. It's only happened two times in the history of recordkeeping and both times there was a 2% Santa Claus rally those two years. So an interesting little tidbit there for you for going into the Santa Claus season. Santa Claus rally season, people are expecting.
- [24:03]
Brendan
It this year and you know, if everyone's believing in it and everyone's doing it well, then I think it's just a little bit more likely to happen. So it's something to keep an eye on. I for one hope that we get that Santa Claus rally and I certainly think that it's possible. I also want to bring us back to Ethereum because Ethereum here, you know, we talked about it at the beginning of the episode, at the beginning of the rundown, but Ethereum is breaking out to these new multi month highs of, you know, really, I think it was above 2800 or excuse me, it just.
- [24:37]
TiVo
Hit 3800 while we started the episode.
- [24:40]
Brendan
Yeah, 30 vacation and now it's pushing up to 3850 already. It's about six and a half percent on the day and just continuing to run. But you know, a big reason that this is happening, we always like to look at the catalyst as, you know, number one, it broke out. We kind of looked at that earlier. It broke out of its downtrend it broke over the major moving averages, stuff like that. But just looking at Ethereum from the ETF standpoint, Ethereum's etf and I'm going to flash this up on the screen, so give me one moment. But Ethereum's ETF just had its largest day ever of net inflows. So I'm throwing this up on the screen now so that everyone can see it. And if we go all the way down over here and we take a look at this, this is the largest day that we have ever seen in the Ethereum ETFs. It's this chart on the right here. And the second highest day was actually just from last month as well, where we saw around $295 million in net inflows on November 11. But what we saw just a couple of days ago on November 29th was over 332, almost $333 million in net Ethereum ETF inflows. Now this is something that we've been tracking because the Ethereum ETFs kind of saw mediocre inflows for a little while. And the Bitcoin ETFs continued to break records, put push higher. I mean they were having a billion dollars plus a day for a couple of those days of inflows. And what we saw over here on November 29th with, with this new record day for the Ethereum ETFs was that the Ethereum ETF actually saw more net inflows than the Bitcoin etf. And that's never happened before. So it just makes it a big deal. So it's this monumental moment where not only was Ethereum's price rising and outperforming bitcoin, but the ETFs, which is something that we haven't seen, is now outperforming Bitcoin's ETFs in terms of net inflows, seeing more than what Bitcoin has been seeing. So that's a big deal. Record numbers coming out here for Ethereum, which of course is helping to make this thing appreciate. And we're just going to throw up the chart here as we're talking because this thing is, is moving like no other. But I also wanted to run through some numbers for everyone to help everyone just understand the circumstances or kind of the spot that Ethereum's in here. So the US spot, Bitcoin and Ethereum ETFs have so far seen over $7.54 billion in monthly net inflows. And I believe that's A number for November. And what that means is that that is more than $1.5 billion compared to what we saw during February's previous record of 6.03 billion in ETF inflows. So again, the previous record from February was 6 point was around 6 billion. Now we're seeing a new record in November of $7.5 billion, putting us up almost $1.5 billion more net inflows for November, again, just shattering records. And Teva, we've said this quite a few times. We've talked to some of these ETF providers and you know, bitwise, you know, we look at Wisdom Tree and you know, a bunch of other players that are, are key in this space. I know 21 shares was another one. Some of the, the Bloomberg intelligence guys and the one thing that they say is, hey, we expect ETF inflows to increase next year as time goes on. We think that year one is the slower year. People are getting warmed up to it, they're getting familiar with it. All the large investors, the smart money, the big money, all those players want to make sure that it's tried and true and tested and then they let everyone else kind of go on to the testing grounds, work it out and then they come in after the one year mark. Well, now that we're starting to get close to that one year mark, we can see that the ETF inflows are increasing and that some of these big money investors are very much warmed up to the idea. So it fits so perfectly with what a lot of them have said. And if this stands true, then we could continue to shatter these records and we could see more records being broken, you know, maybe not only in December, but potentially over the course of next year, you know, multiple times as well. So I think it's another thing to keep an eye on.
- [29:20]
TiVo
Yeah. And if I could just take the baton there and do a quick promo. Speaking of big money investing and basically everything Brendan just said leads me to saying that next week is our Hedge Fund Summit. And we have been working on this for over a month. Obviously we give you tons of good interviews every week and do this show every week, but we have over 27 interviews that we will be showcasing next week in the Hedge Fund Summit with people from Bitwise. I know obviously Matt Hogan episode just dropped this week, but we're also going to have their head of research, Brendan's interviewing them tomorrow. For the Hedge Fund Summit, we've got Brian Dixon from Off the Chain Capital, Jim Hiltner from Super State, another big fund Alex Zozos, the super state head of, of legal. He's, he actually used to work in the sec. So this, this hedge fund summit is something I'm very proud of because it takes me, it takes us as a team literally two months to make it and it's 27amazing interviews. There's going to be huge alpha in it and it's completely free guys. So check the description right next to the merch link. I'm going to put the registration link for the Crypto Hedge Fund Summit which is airing next week. Week. So it's free to sign up. There's nothing else you need to do other than enter your email address and we're going to send you a link and it's a live event that Bryce will be hosting and I'll be there as well. So yeah, just, just exciting to build off that big money, you know, speech from Brendan is the big money's here. And I think it was so exciting to finally see Ethereum and the Ethereum ETFs get some gas and start going because I know we were really excited. I think it was like in the summer when the Ethereum ETF got, got approved, it felt like it was, it felt like it was a no brainer, right? Just like, oh man, like the bitcoin ETF went in and it, it, you know, it was a little bit of sell the news but then it rocketed so piling, piling Eth. P Eth and it didn't, it didn't really move and, and you know, you see on the timeline like rip Eth and all that stuff and you know, anytime you see that you got to think maybe there's a contrarian play there. Even though the performance hasn't been up to par maybe with bitcoin and, and other alts. But you know, it's, it's exciting to see the, the money flowing in there. And yeah, like I said, when you listen to Matt Hogan, the episode that literally just dropped yesterday, talk about, you know, how bullish he is on eth and he's the one literally traveling around the country talking to these people with all the money and they're asking about eth, you know, maybe there's a little bit of education time that needs to be had before the big money starts flowing in. But it feels like we are maybe at that inflection point heading into 2025.
- [31:47]
Brendan
Yeah, again I think everyone should go and sign up for that. You know, maybe we can get a link for everyone that's watching live. We can maybe throw a link to, to sign up in the YouTube description, but I think that this is something that everyone who is interested in crypto should go watch again. Like TiVo said, it's completely free. We talked to Galaxy, Robin Hood, Super State, Wisdom Tree, Bitwise21 shares all these big names as well as like specific projects like Maple and Axelar and Flare and a lot of others. It's something that you are not going to want to miss. These have been some of the most informative and some of my favorite interviews that I've ever done. So I think everyone should definitely go and sign up for it. So that's, I guess, enough of our shout out. But you know, it is something that we are genuinely hyped up and excited about. I think it's probably going to be one of the best summits that we've ever done.
- [32:40]
TiVo
It is, it is the best summit. I can say that. It really is. I know me and you have talked about it. Like these guests are high level. You know, obviously the podcast is high level, but, you know, summit usually with the more people. Sometimes you get, you know, some projects we're more interested in that don't have, you know, the following. But these are, these are high level, you know, in the weeds. Money managers dealing with, you know, billions of dollars. So it's, it's super exciting.
- [33:04]
Brendan
Agreed. Agreed. Man. And some of them are, you know, hundreds of billions of dollars, which I like to listen to what they have to say.
- [33:11]
TiVo
Yeah, well, speaking of billions of dollars, you know who has that in cash is Microsoft. And that's exactly who Michael Saylor pitched the bitcoin standard to this week, earlier this week. And it was he, he literally presented it the, the, I guess this, the stats behind it which he released was he, he practiced this thing 21 plus times to perfect it down to three minutes. Three minutes. And he recorded the presentation and put it out on X for everybody to see. So if you're interested in how Michael Saylor pitched the bitcoin standard to Microsoft, head over to his X account. It's, it's pretty interesting and quick and maybe you can get a little prep for heading home for Christmas to pitch the bitcoin standard to your family. But I think Microsoft is voting on this. So I, I think it's a vote. I don't know the details of if it's. Every shareholder gets to vote on this or if it's a board decision, but I know that, that it's, it's happening this month. The Microsoft shareholder vote on buying Bitcoin is December, December 10th. So a week, a literally week away. So that'll be interesting to see how, how that plays out.
- [34:22]
Brendan
Yeah, I mean, it will be again, just more and more companies are looking at adopting this and it's, it's cool, man. It's exciting. They're a big name. And again, I think that that would be something beneficial. We'll see if it, if it goes through and if it happens. I think if that there's anyone to give a pitch on something like that, Michael Sailor is probably the guy to do it. And it's the guy that you want doing it just with the success that he's had with Micro Strategy and kind of just, you know, his, his thesis is simple, but it's effective and right.
- [34:55]
TiVo
And I think that this month, with all the gains and market cap gains that Micro Strategy has had, they're actually on the table for NASDAQ 100 considerations. I think the S P 500 might be a little far out for them in the sense of, you know, the S P people might not want to vote them in, but they're qualified for being included into some of these indices and, and large funds. So it'll, it'll be, or it'll be interesting to see. I think that the NASDAQ 100 I have here additions announcement is December 13th for the NASDAQ 100. And it'll be interesting to, to see, you know, if MSTR gets included in that, that could be cool. So a lot going on this month. Along with this, I got the December Fed meeting date here too, December 18th. So you have, you have a lot, a lot going on. And there's a bitcoin conference this month, I believe in Saudi maybe?
- [35:49]
Brendan
Yeah, I think so.
- [35:51]
TiVo
Yeah.
- [35:51]
Brendan
There's always something going on. But you know, in other big news, we've started to see a lot more ETFs kind of get passed along. And you know, recently we've talked about the XRP ETFs, but now there's more coming out from Grayscale as they have officially applied for a Solana ETF. I think that they're the third or fourth party to do something like this as the Solana ETFs really are coming to the, to the forefront now. But yeah, Grayscale officially files for a Solana etf. That has helped the Solana price kind of recover here. That thing's up, I think over 2000% since its cycle bottom towards the end of 2022. And you know, it was one of the few altcoins that was able to hit a new all time high here, I think just about a week or two ago. So definitely keep an eye on Solana. I know XRP again has some ETFs that are being filed as well. I think that we could continue to see more of these altcoin ETFs as we go into 2025 and as regulation kind of eases up and softens. The other big thing that I saw come across my desk, TiVo, was that avalanche is having what they are calling the, and I quote, the biggest upgrade that they have seen since. Since the protocol itself is launched. So since Avalanche has launched, this is the biggest thing that they have ever done is. And that's how they're wording it. And this is for the Avalanche 9000 upgrade. And essentially what this is going to do is this is going to kind of revamp their ecosystem. It is going to massively improve scalability and efficient. And efficiency and even things like interoperability. And so they're going to be adding some new features as well. They're going to be having some EVM enhancements and then they're going to be looking to optimize their subnets and some other things. But, you know, overall, what this is going to do is not only improve the network, but also just like improve all the little things that are part of it. You know, everybody wants faster transaction times, cheaper gas fees. But then there's also just like core infrastructure improvements as well, which is a good thing to see because when you look at Avax, they're already pretty widely adopted. They're already pretty well known and pretty well used. But, you know, they're not satisfied with where they're at now. And they're saying, hey, it's been several years since we've launched and we can actually upgrade this to make it so much better than where we were even just, you know, a couple of years ago. So this is something that I'm keeping an eye on. It's something that I'm pretty cool. I got a little bit of exposure there, you know, so full disclosure, but Avax is, is coming in hot right now.
- [38:32]
TiVo
Yeah. And last year, this is Another tidbit from TiVo is the Avax. I had some friends down at Art Baseline down in Miami. And last year I remember getting texts like, hey, have you heard of Avax? What's this Avax crypto? They're throwing parties, they're having the, the, the mega yacht parties and the big, you know, apartment housing rentals throwing parties and that in that exact Week Avax was ripping and I thought that was interesting. And it is also Art Basel this week. So, you know, you definitely can't. I wouldn't call that fundamental analysis by any means. But hey, maybe they're, they're announcing their Avalanche 9000 upgrade. I know that they're down there again in Miami this week. So maybe there's some synergy for getting the word out about Avax this week.
- [39:18]
Brendan
Yeah, hopefully. So hopefully we continue to see it moving up because there has been a. Yeah, I don't know, it's been performing pretty well so far, so I'm all for new all time highs. The final thing that we saw here as we kind of begin to, to bring this to a close, is that, you know, the meme coin space has been big and we've talked about Solana, but one of the key protocols on Solana has been Pump Fun. And for people who aren't familiar, Pump Fun Again is a Solana native project. So it's inside the Solana ecosystem. And they are the primary creator of all of these meme coins that we have been seeing. So what they've done is they've really revolutionized the way that meme coins can be created into a very simple, easy to do, you know, cost effective way. And anyone can go on and just really pump these things out, no pun intended. And they have blown up. They're very widely used. It's a huge reason that meme coins became so popular again, because they made it so easy and accessible. And so they have been destroying the game this year. They have now reached, I think, 240 million. Yeah, Tiva's got it on screen. They've reached $240 million in cumulative revenue for the entirety of this year. And then last month alone, in the month of November, they peaked with over $93 million in revenue, which is the most that they've ever done. And they did that in a single month. That's more than most projects will do in a year. And they're doing it in a single month. So it's crazy. It's been something cool to watch out for. And yeah, I mean, man, there's money circulating around. And I also think that that's one of the biggest misconceptions about the crypto space, is that these projects and these companies inside of it, they're not actually producing revenue when it's just not true. You have this project that pretty much comes onto the scene this year, comes in, and then, you know, is, is now doing well over, you know, $100 $200 million in revenue and it's quite a bit and I can't imagine that their costs are, are anywhere near that. So they've got to be pocketing a solid bag and we love to see it.
- [41:35]
TiVo
Yeah, I think same, you know, same thing with like Poly Market where, you know, what, six months ago, a year ago it was, you know, a niche thing and now it's like literally one of the most visited apps, you know, up there with, you know, Robinhood and Coinbase and all that. So it's not, it's not niche anymore. And yeah, I think Pump Fund definitely is a little bit more niche than Poly Market right now. But, you know, they've been making headlines, you know, both good for exposure, but, you know, they had some, they definitely had some, some bad headlines, I think a week, two weeks ago on, on their live stream function, which they took down. But, you know, they're trying to find their way and you got to appreciate the innovation. And, you know, I think some people are using it, you know, mostly in the right way and having a good time, having fun with the space and, you know, trying to create, create some value and have some fun, which is, you know, an interesting, you know, you can't, you can't discount that for, you know, the amount of money that they're making and the amount of eyeballs that they have. Right. It's an eyeball, eyeball economy across, across the world right now. You know, you got to get your, get your product, get your face in front of people. And this seems to be the newest addition to that.
- [42:43]
Brendan
Yeah, I agree, man. I agree.
- [42:46]
TiVo
But before we wrap our final segment here, we've had, we've had Michael saying our guy Mike has literally been here the entire. He was in the waiting room before we started. He's given me a thumbs up. He said it's a great night to get the bullish hoodie. And I couldn't agree more. But Mike had one question for you, Brendan. If you could just cover that and then we'll get out of here. Mike was just wondering, I know we talked about, you know, the bitcoin cycle. You know, what do you think about the altcoin season cycle? You know, what, what should we look at, you know, for how long that might last?
- [43:16]
Brendan
Yeah. So I think that we're going to see peaks and troughs, right? So I don't think it's just going to go up, up, up, up, you know, for the next six months or something like that. We're going to have these periods where altcoins do pull back, you know, maybe 30% at a time. And you know, we've seen that happen about a dozen times every single market cycle. So if you go back and you look at like 2017, 2018, maybe 2021, and now going 2024, 2025, you know, over all of these, you know, we can expect around a dozen double digit pullbacks. So maybe something like 20, 30, 40%, especially when it comes to altcoins. So that's one thing that I would say, you know, just before I even get into it. But I think when it comes to altcoins, I could see this again, kind of following that same timeline as bitcoin where altcoins continue to run and you usually we see altcoins top out after bitcoin. You know, bitcoin runs first, it ends first, altcoins run second, they end second. Not by too much, you know, maybe by like a month or two. But when it comes to altcoins, I could see them running and kind of following the rough, you know, again, rough, same timeline as bitcoin. And I'm looking for altcoins to continue pushing higher going into 2025 and then I think at some point next year we'll see again, it's hard to say because we're still a little bit far out, but historically speak. And it also changes from altcoin project to altcoin project. You know, some might top out earlier, some might top out later. That's just kind of the way that things go. But I am looking for, you know, at bare minimum, you know, kind of pushing us into maybe spring, and that's kind of the earliest that I'm looking. But you know, we could get a Santa Claus rally and then maybe one of those first real pullbacks. And I think that's also something to kind of keep an eye out for. But not financial advice.
- [45:04]
TiVo
Never, never personal financial advice. But man, I'll hand it off to you to wrap it up. But really fun episode. Energy was so high. The live was electric. The chat on YouTube was electric. Thank you to everybody for joining. And I don't know if you noticed, Brendan, but I, I look a lot clearer today. So hopefully the, the Internet's in a better spot moving forward for these lives because I don't know, this was really fun. I really had a good time.
- [45:28]
Brendan
Yeah, I agree, man. You know, clear cameras, clear vision for the crypto markets. But man, we, we appreciate and we're having a blast with these episodes, if you can't tell. And how can you not be when the crypto market is as on fire as it is right now. Not even just the crypto markets, everything I think we saw Dow Jones, NASDAQ, S P500, Bitcoin, altcoins, you name it. Everything skyrocketing up here to new all time highs. You know, even Ethereum's running now and we love being a part of all of it. So if you enjoyed this episode and if you enjoy all the content that we put out every single week for free, then all that we ask is that you consider hitting that like button. Consider hitting that subscribe button. You're coming in from, you know, maybe one of the social medias X or you know, YouTube or Instagram. Give us a follow, check us out if you're coming in from Spotify or Apple podcasts or anything like that. Leave us a review. And of course if you really do like the content that we make, then go down to the description in the, in the YouTube video and check out some of the links that we got. We got a bunch of great merch. Like TiVo said, we had a really cool summit that is completely free that everyone can can check out and then we got some good cryptocurrency communities where if you want to get plugged in to like minded individuals, you can go there, check it out as well. And it's a great spot for everyone. But we appreciate everyone watching here and you know, as we wrap up, we're going to see all of you at the same time, same place next week.