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- [00:00]
Host
When we started this podcast, it seemed like we had to figure it all out on our own. Scripts, set up filming schedules, logos. It was super overwhelming and every day seemed to introduce a new decision that needed an answer. When you're starting off with something new, it seems like your to do list keeps growing every day with new tasks and that list can easily begin to overrun your life. Finding the right tools that not only helps you out, but simplifies everything can be a game changer for millions of businesses. That tool is Shopify Shopify is the e commerce platform behind millions of businesses around the world and 10% of all e commerce in the US from household names like us at Crypt Nation and the Crypto 101 podcast where you can get our book and merch to brands that are just getting started. Get started with your own design studio. With hundreds of ready to use templates, Shopify helps you build a beautiful online store that matches your brand style. Accelerate your efficiency. Whether you're uploading new products or trying to improve existing ones, Shopify is packed with helpful AI tools that write product descriptions, page headlines, and even enhance your product photography. Get the word out like you have a marketing team behind you. Easily create email and social media campaigns wherever your customers are scrolling or strolling. And best yet, Shopify is your commerce expert with world class expertise in everything from managing inventory to international shipping to processing returns and beyond. Start your business today with the industry's best business partner, Shopify and start hearing. Sign up for your $1 per month trial today at shopify.com crypto101 Go to shopify.com crypto101 that's shopify.com crypto101 Are you curious about the economic forces shaping your daily life? The Planet Money podcast from NPR makes sense of the economy in ways you'll actually understand and enjoy. Guys, I you love listening to the rundowns. I get some of that information from this NPR Planet Money podcast. Especially recently with the war going on the straight of Hormuz, you're just kind of getting those updates as they come from these guys. They put out a ton of awesome content. It's a different perspective from crypto101, but still a great listen. So go over there and check out the Planet Money podcast. If stuff like current events and the finance world interest you, each story on Planet Money starts with a question. Recent episodes ask why Pokemon cards are growing faster than your retirement count. Questions about the war. Just like we talked about recently a lot on our program. From the job market to the stock market to prices at the supermarket. Planet Money explains it all. Planet Money is a different kind of world where the complex economy somehow makes sense, where human stories supersede abstract theories so you can learn, laugh and be entertained. It's econ, but just down to earth. The hosts go to unusual lengths to explain the economy. They've published their own book to track the global supply chain. They've shot a satellite into space to understand the economics of the private space industry. They' gone inside a live book auction to show how ideas get to market. It's the kind of show where you learn something, probably laugh and walk away seeing the world a little differently. And I think if you like crypto101, you'll enjoy Planet Money. So maybe check that out. Follow NPR's Planet Money podcast and understand how money shapes the world. All right, everybody, welcome back to the crypto rundown. Bitcoin is sitting at a critical level right now. And at the same time, we are seeing more major institutions pile in. Charles Schwab is the latest to roll out crypto trading. We're going to break that down. And as we know, when big money starts moving in before price, it usually follows. Guys, we're giving it the old school zoom out. Look at the fundamentals. This episode is jam packed with Charles Schwab Blackrock. Tons of more bullish sentiment around altcoins as well. We're going to be leading it off with Brendan technical analysis diving into the charts. We're doing bitcoin, Ethereum, Solana, and if we're, if you're with us live in YouTube, throw some requests, maybe we'll get to them. So guys, listen, the question isn't just where bitcoin goes next, it's why institutions are stepping in. Now we're going to cover it with you over the next 40 plus minutes or so with my friend Brendan. Brendan, welcome in and welcome back to the Rundown. Good to have you.
- [04:18]
Brendan
Tivo what in the world has happened since we left last week, man? What in you were all sorts of news, volatility. There's hacks, exploits, good, bad, everything. I, I guess that's why we do the rundowns in the first place, is to just explain everything that's happening. But we're back in this cycle of it feels like each rundown is going to be bigger and better and more important than the prior one. And that's what we got in front of us here today. So I think it's going to be a pretty exciting episode. Buckle your seat belts, everyone. Turn up the volume a little bit because we got a lot to talk about. I guess we should probably just kick it off with the charts and stuff, right? The macro outlook.
- [04:59]
Host
Yeah, let's dive in. I like to say you say it and I say it sometimes with Brian as well, is like sometimes we do the rundown just for ourselves so we can keep our heads straight of what's going on. So quick recap from a macro outlook. This is at the end of last week. It was announced the straight of Hormuz is open, the war's over, yada yada yada. The markets loved it. The traditional markets loved it. Bitcoin was moving a little bit and the Bears were in shambles. The Warhawks were in shambles. And then in classic administration fashion, there's still talks as the the blockades open, the war's back on. Like who at this point really knows? So in my opinion, nothing quite has changed there yet except the market seems to be sniffing out some type of resolution or they're just moving past it entirely because they don't believe that this administration truly wants to interrupt the energy infrastructure over in the Middle East. So the market stiffened it out. So all the more reason to instead of listening to this back and forth rhetoric, let's open up the charts and see what was happening on the back end of last week.
- [05:59]
Brendan
Yeah, well, you make a good point that it looks as if the markets are getting back into more of a risk centered approach. And you saw that across the board. I just want to show this real fast. You know, Nasdaq, moment of silence for the Bears out there. Bears in silence, they are in shambles. Indices across the board shooting the new all time highs. You know, Nasdaq, you had the S&P 500 shooting the new all time highs. I saw you even had small caps on like the Russell shooting to new all time highs here. So moment of silence for the Bears. But what that shows us from the crypto space is that risk is coming back into the markets. People are looking to put their money into increasingly more risky investments and they're not trying to be as safe as they were before. I think the second thing is you kind of alluded to this, but it looks like the average investor and trader is becoming pretty numb and callous to all of this geopolitical news and all of this energy news. And they're starting to get past it. Number one. It does look like, you know, there's resolutions on the horizon and stuff like that, but I think people are just becoming numb to it. They're looking at it from a traditional financial and even a decentralized way. And they're saying inflation hasn't been as gap has been, it hasn't been as bad, Core CPI hasn't been as bad, PPI hasn't been as bad, earnings are still good. And people are saying, you know, what are we getting so upset about? And I think people are becoming callous and numb. They're kind of moving away from a lot of the stuff that we were scared about. Now for crypto, this is a big deal because this makes the Clarity act kind of come back into the spotlight. And as you know, the administration has less of other things to potentially worry about. And we'll see what happens because it seems like it changes from week to week. But if that is true and things are de escalating then that means that the Clarity act gets to get brought back to the spotlight. And we've seen some chatter from that in the recent week or so. So as risk comes back, crypto here has been moving up. Not quite to the same degree where you saw again a lot of the tradfi side moving back to all time highs, but you did see a really solid rally here. You know, Bitcoin, Ethereum, a handful of others pushing into new highs. Bitcoin moving all the way up to around 78 and a half thousand. Ethereum moving up to around almost 2500 here. Even had a hyper liquid which was pushing up into new all time highs. Sky coming off some of those highs as well still hanging out up there. One that we haven't talked about as a lot but Venice VVV pushing into, you know, borderline price discovery mode. Here's that hyper liquid chart coming off of not, I think I said all time highs. I did not mean that new yearly highs, excuse me, for hyper liquid still kind of across the board here. Pretty solid moves and you saw everything pushing to the upside. Now I've talked about why I'm long term bullish. I've talked about how there's this fantastic argument that crypto is in a just a beautiful spot. However, I want to offer two pieces of counter evidence in just a moment. Before we get into that, this is what the chart still looks like, right? You know, we've looked at this anchored vwap from the lows of the 2022 lows. That orange line on the bottom there, you know, we're seemingly holding above that quite well. You look at the 200 week moving average, let's just show that real fast because we've shown that before that has been a fantastic area of support. And let's just switch over on our charts so that everyone on the screen can see this. But the 200 week moving average has been a fantastic support area for years. About a decade now, really, since this thing's inception. It's been a beautiful support. You go to the 200 or you go to the, the, the bitcoin weekly relative strength index. You know, this thing looking like it's bouncing off of its core support. You look at the bitcoin weekly macd and this thing's rounding back to the upside and seeing the buyers come back in. So there's a lot of evidence here that would say, hey, from a more zoomed out approach, it looks like a good spot for bitcoin. However, the two pieces of maybe counter data that, that still gives the bears a little bit of validity is two things. Number one, the overall downtrend is still intact, right? The trend is still pointed downwards. We have not broken out of the downtrend. No matter how you kind of draw this thing, we are still seeing lower lows and lower highs. And the second thing that's kind of a part of this bearish narrative is that we have not broken out, we have not disqualified this bear flag and rising channel that we've seen so far, which has been the rinse and repeat pattern of what happens now bear flags in these rising channels. For people who aren't as familiar, you basically get a move down followed by a rising channel like formation like this. And we call this a continuation pattern or a bear flag. So you see another one move down, another one much larger rising channel move down. And now we're in another one of these. I mean, you can very clearly see, no matter how you kind of draw this up, that bitcoin has been making, you know, relatively speaking, higher highs and higher lows off this low point. And you've seen it go back and forth over in here and it's still very much sticking to that plan. And you do have a little bit of a rejection up in here. So I think if you are looking for a breakout, step number one, we need to disqualify this thing. We need to invalidate it. You need to see this bearish rising channel just fall apart. You need to see its structure break. And that will be the first step in a reversal. Now, I will say where we're at here inside of this bear flag does look substantially better than where we looked at in here. I think there's a lot of evidence to point towards that. However, Even with it looking better, A, the downtrend is not broken and the trend is not our friend right now. And B, you know, this bear flag is still very much there and we just rejected towards the top of it at yet another higher swing, high inside of this. So be a little bit careful up in here. You know, if we do get kind of this bear flag rejection, that means we could go back towards these shorter term moving averages towards the support of this rising channel. It could bring us back towards the low 70,000. If you do get a proper rejection of this and if you get a full break of the lows here, that's where you're looking at a retest of the low 60s, perhaps even in the 50 thousands. And until this bearish channel gets invalidated, you have to look at that as a possibility. Certainly not a certainty, but it's, you know, we're at an interesting spot here where there's pretty solid bullish evidence, there's pretty solid bearish evidence. The one thing that makes me, I don't know if concern is the right word, but one of the things I just don't like to see is I. When the markets are becoming more risk on TiVo, one of the big things I like to look at is, hey, if the markets are becoming more risk on and people had all this cash on the sidelines and they're putting it back into the markets and they're putting it to work, I like to look at where it's flowing into and there is certainly a decent amount coming in the crypto. However, if you look at, again, what's happened here is if you compare this to the tradfi side, it looks as if that's going to into, you know, more tradfi tech, which had been overextended and you haven't seen the same level of maybe devotion into crypto. So it looks as if more, I would say, of the risk on money that's coming in is going into some other places. A decent amount of it's going into crypto. But I would have wanted to see a little bit more given how overextended crypto has been. And I think a lot of that comes down to people waiting and saying, we want to see what's going to happen with the Clarity Act. We want to see what's going to happen with some of these other things because they've been excited about it for a while and it's been somewhat sidelined. So it does look like that's going to remain as a major catalyst and you know, Besides that here, again, ETH trying to make a little bit of a push higher. If we get any kind of a breakout on bitcoin, it probably brings us back to the mid 80,000. Around 85,000 is a good spot. And for eth, if we're going to push any higher, I could see around 27 to 2800 being a pretty realistic upside target if we're able to go anywhere. So I'm cautiously optimistic in this zone. Again, I'm a long term bull. I think there's a lot of evidence down here that says, hey, we're at a good long term opportunity. I have some longs out there right now. However, with some of the stuff that we're seeing, I'm being somewhat cautiously optimistic. I'm not full fledged bull. I'm not max levered long. I haven't all my dry powdered into the market yet. I got some of it still sitting on the sidelines of saying, hey, you know, there's a possibility we go lower. So I don't want to be too, too risky here and too gung ho, but I certainly do want to be getting some exposure and as I've said for a while, taking different positions. I've definitely been dcaing almost the entire time and the DCA thing is not something that I plan to go away here because I think again, a lot of long term value in some of these fundamentally strong larger cap projects which are just a little bit less risky. So that's where I'm standing. That's what I'm thinking. TiVo.
- [15:30]
Host
Yeah. What about Solana? I think we got some Solana news to talk about today. A lot of, a lot of high usage, a lot of big, you know, big money rolling around in Solana. The price action kind of similar to the rest, just bouncing around there on the trend.
- [15:43]
Brendan
Yeah, you know, it's interesting. Solana's I would say like a middle of the boat kind of play. It's not doing. It's not underperforming, but it's not over performing. It's not sinking in the new lows, but it's also not pushing up in the new highs. So it's not in the worst spot, but it's not in the best spot. It's kind of just floating around and holding value, which I don't think you can be too upset with. Right. Because it's not depreciating. But I think again, it's not appreciating. As much as Bitcoin and Ethereum are off of their respective Lows or some of these other altcoins are seeing off of their rises. So Ethereum sitting pretty neutral. You have just seen it bounce back and forth here for a while from around 77 bucks on the low end and you know, maybe around 90 something bucks on the high end. And it's gone just back and forth inside of this so many different times. And it continues to consolidate. I mean it tried to make a break over 90 last week, was not able to do that. It's coming back in, you know, eventually I think pressure squeezes and eventually I think you get a big old squeeze in this thing and you probably get a pretty large move out of it. But it's really starting to just, you know, really kind of consolidate. You have to think that the bearish volume looks as if it's falling off. I mean, I'm looking at it from the macd. This is a clear lower swing high. Even looking at what we're seeing over in here, a lot of the selling pressure looks like it's drying up. You can see the same thing on the relative strength index. Basically since what, February, this thing has been seeing higher levels of strength. So maybe we do need one more big downwards move. I say big, maybe one more like not, not big, but maybe one more flush. But it looks as if a lot of the selling pressure is, is drying up. From what I see now, that can change, right? We can always have one more move down. I just would not write that off of the table at this point. But a lot of the big selling pressure and big liquidation events that we've seen over the past six months just aren't happening anymore. You know, we're not having these big multibillion dollar liquidation days that we saw since October 10th. You know, we saw a lot of those from October to around January, even February. But since the start or so of February, you really haven't seen a lot of those for the past two to three months. And so again, I think the bears are, are for the most part behind us. Maybe there's a little bit more than come out from the bearish side. Again, I wouldn't rule it out, but we're at an interesting point where I think there's not as much buying pressure as we would want to, but there's also not as much selling pressure as we had. So maybe that's the unstoppable force meets the immovable object. But we're at this. It's. It's a pretty interesting spot right now. It's a little bit of a weird one.
- [18:43]
Host
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- [22:50]
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Brendan
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- [23:16]
Guest/Interviewee
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- [23:19]
Host
yeah, and I think the kind of the news flow might back up that kind of price action because again as we cover on this show and are going to do today, there's so much bullish fundamentals with these institutions piling in. Clarity act kind of seems at least from the poly market odds and what we've covered. We have a little bit of conversation about that later in the show as well. Seems to be moving towards some type of a resolution that might get approved. So the bears are kind of like well, you know, do we. How off sides can we get caught with all this bullish fundamental news when you zoom out. But also, you know, the, the charts don't lie, right? The charts. The market doesn't lie and we haven't been ripping to the upside as well. So kind of in a holding pattern. But again the, the big, the big dogs on the street, dude, they keep buying. Sailor buying yesterday on 420 happy 420 to those who celebrate $2.5 billion in Bitcoin this week. He's getting some big buys at these levels. Which is, which is interesting. I remember, you know, definitely in the hundred thousands. They're, they're always buying basically every week. But we kind of started to notice the, at least the, the, the amount was a little bit lower in the hundreds and one hundred twenties and now we're in the seventies and he's, he's pulling the trigger, you know. $2.5 billion this week. Fascinating. And then Tom Lee continues to buy as bit mine inches towards the alchemy of 5% as they call it. I believe they're in fours. They're four point, you know, two maybe at this point 4.1% as they, they look to get to 5% of the total E supply. They buy 235 million. And then just something that we, we haven't been pounding the streets on as much recently. But I think it's worth bringing up little fear of greed index Back in the neutral again, we were in extreme fear. If you scroll down here for, for quite a while, you know, 2, 2, 2 all the way to 32 exactly a month in extreme fear. And then kind of crawled out of that into fear and now we're into neutral. So worth worth taking a note. Yeah, go ahead.
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Brendan
I think this kind of aligns with what we were saying just a couple minutes ago where we're in this weird state where we're not overextended to the upside but we're also not overextended to the downside anymore. We're kind of in this, this happy medium spot, at least in like the short term, I think you could say long term we're probably overextended to the downside. But in terms of where we're at right now on a shorter, more zoomed in picture, we are in a bit more of a neutral territory and that kind of matches the theme. And so now I think you have investors asking themselves like hey we did rally, what's next? And whereas people were extremely aggressive in buying in the 60s and maybe even the low 70s, I think now that it's risen some and you kind of see this fear and greed index reset again, I think it kind of just agrees with what we've said. We're at this weird stage of neutral. But despite this again the crazy thing is that the news continues to be so optimistic and I think that it's a bit tragic truly because people are so concerned with whether the Clarity act is going to get passed or some of these other catalysts happen that they are ignoring every other major headline and it's just positive after positive and they're huge catalysts, they really are. Yeah, you got some great ones on the screen here but people are looking right past them and it's because they're focused on other things which again the news itself here is wildly positive for the long term.
- [26:53]
Host
Yeah, again we're, we're just clicking through a couple of the headlines. It's the New York Stock Exchange did placing bets on digital assets. 233 year old wall street institution getting into digital assets. Charles Schwab launches direct Bitcoin and ether trading to compete with Robinhood. They launched it internally and they're rolling it out to their customers as well. We have a clip coming up with Charles Schwab. Let's see Morgan Stanley as we've covered the cheapest Bitcoin ETF yet. We have some stats on that as as Morgan Stanley's BTF, sorry Bitcoin ETF has been trading for 9 days. We have some stats on their inflows. It's been really positive. Goldman's Bitcoin ETF pushes signal to Wall street taming the taming of crypto. Fair statement at least of now because the volatility has been quite down. But I think it's before we dive in here. So this is our kind of zoom out segment to build on your thing is like this is what's going on and it feels like from at least our perspective, from a content perspective to the, the, the feelings of the crypto community on X, like the, the vibes are down, which is understandable with the price action. But it feels, it feels like you can make a strong case of, you know, this bear market kind of came out of nowhere I think for, for most of the space, as most bear markets do, and then you have a couple extra black swans and you throw in the towel. It feels like we're building towards something where the next violent leg up happens, you know, and whether it's tomorrow, six months from now, a year from now, whenever this next bull market kicks off and you know, we go back to all time highs. Sad to say, it feels like a lot of retail might be left behind. I think you could, I saw some, you know, interesting opinions on that, on that. And I don't, you know, we don't want that to happen obviously. And it's not personal financial advice. You got to do your research, make your own decisions. But it makes a lot of sense that it's the wear you down, wear you out, bore you out and then, you know, you forget about it and then all of a sudden you know, it's back to, you know, all time highs and there's winners and there's losers. But you know, is retail going to be left behind? Is an interesting question for this next cycle. What do you think of that?
- [29:09]
Brendan
It's, you know, it's a possibility for sure. I think it's hard to say, right. It's clear that the institutions want to get in on this and I think that the more that they get in on this, they would push this towards retail. Ideally you probably want retail to be in before the institutions because then if the institutions get in first and then retail gets in later, it allows the institutions to take profits into the retail buyers instead of the other way around. But it's our, if you look at it another way, you'd see, you would say that hey, institutions need to be in this first to build so they can provide the liquidity infrastructure for the retail people to come in afterwards. So it's hard to say, I mean these headlines are good though. You have a really good post on the screen right now just showing all the different institutional players from Schwab, Goldman Sachs, Morgan Stanley, New York Stock Exchange, like all of Wall street who wants to use and get in on this stuff. And it's not going anywhere from their lens. I think it's just the perception of the current state that's Throwing people for a little bit of a spin.
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Host
Yeah, makes sense. Well, let's dive right into the institutions that keep building. Charles Schwab is up first again. They're announcing their platform that's gonna roll out Bitcoin and Ethereum trading. I believe it is live for their employees and then it's going to customers in the coming weeks. So let's listen to Charles Schwab, CEO for about a minute here.
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Guest/Interviewee
Yeah, well, we rolled it out to employees to test it and pilot it. And our employees are loving the experience and actively trading on schwab.com today with crypto. And we'll launch it out, we'll launch it to clients in the coming weeks. Couldn't be more excited about that. In terms of the target client, I think it's existing clients at Schwab that want to hold crypto. They're already active in crypto through exchange traded products today and they want to hold spot crypto. We also are excited about the fact that many of our clients have built crypto positions outside the firm and they've been asking to be able to hold it at Schwab at the institution they trust and the institution where they keep the rest of their assets. And so to have their financial life in one place is attractive to them and we can't wait to make that happen when we open it to them in the coming weeks.
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Host
So great point there of like, you know, their customers have openly said to them like, hey, I have some crypto positions and I really would like to manage it on one platform. Which is definitely a point of kind of competition I think for the Charles Schwab's, the Robin Hoods, the blackrock, Morgan Stanley's. Right? Like they want to bring all their customers onto one platform. And crypto over the years has made enough noise and have gotten enough market share for them to wake up and not only to start offering products but to want to recruit everybody onto their platform with the offerings. So that's, that's Charles Schwab. And then let's just listen to one more clip, Brendan. And then we kind of just continue broadening out the discussion this BlackRock. So BlackRock's J. Jacob tells Fox Business about how bitcoin can improve people's portfolio. So BlackRock continuously on the marketing chain for Bitcoin.
- [32:21]
Guest/Interviewee
That's it. BlackRock Jacobs. Okay, first establish your long term view of crypto. Well, bitcoin in particular is this non sovereign, global, decentralized asset that can really provide value to people's portfolios in small doses. As a unique asset, sort of like how gold doesn't behave like stocks or bonds. Bitcoin is driven by its own rules and its own drivers predominantly which is greater geopolitical or inflation risk. And frankly, we live in a world where these are prevalent risks around the economy, where people want to hedge that with different assets. Isn't it interesting? It used to be fringe and now thanks very much in part to Larry Fink, your boss, and ishares coming out with the ibit. This is more than two years ago now that it really became this opportunity for people to understand it. Are you saying now that bitcoin and crypto are long term investments? I think you have to look at it through a long term lens because it's volatile. Because we see over weeks, months, it can be up and down. People are still trying to figure out what the value of this asset is. But if you zoom out and take a long term view of the role it can play in a portfolio, it can really be one of those diversifiers that behaves unique from stocks and bonds. When somebody who is bitcoin curious comes out and says to you, Jay, what is the value? One minute in October it's 126,000. Today it's 76,000. You have to look at it in the context of a broader portfolio. We can't put a specific price target on it on a given moment. It really has to do with how much do people need this asset that can behave uniquely. That can be a geopolitical hedge that's constantly changing around the world. When you see more currency debasement, when you see rising government debts, when you see that more people want to move assets across borders, that's going to increase the value of something like bitcoin. And so in this world, we see that as a structural trend that's growing. But minute by minute that demand and supply is going to change Again.
- [34:09]
Host
These are the talking points that now these money managers are sitting down with. The grandparents of the world, the parents of the world, the people that five, ten years ago, well, ten years ago these people, those clients didn't even know what bitcoin was. Five years ago it was fraud. And, and all that stuff was the talking points. So it is, it is funny how that it's changed, right? It's changed the tune. These institutions are here and these are their talking points. This is marketing for them. This is how they have their products. Now. The products are built, the products are live. Now they have to sell the products. That's how this works. It is, you Know, a little bit funny, but it's the famous Matthew McConaughey scene from Wolf of Wall street when he's, you know, introducing Jordan Belfort to the, to the, the, the gig or the job at lunch of a trader. It's like you take their money here, you get them a big winner and you tell them, oh, it's doubled, you know, and then you, they're so excited, but you don't let them take the money. You got to take that money and give them a new product and move it over there so it's, you know, again, that's a funny clip from a movie, but that's how it works. You know, these, these, these companies aren't going to spend hundreds of millions of dollars building and marketing these products to not get assets into them.
- [35:16]
Brendan
Yeah. And going back to what Schwab was saying, like they literally had people coming to them and being like, we have money elsewhere because you all won't do this. And to them, that's the worst thing you could hear as an asset manager is you guys don't have what I want or what I need, so I have to take my money elsewhere for them. That's a no brainer saying, hey, we're losing market share. Our client base is telling us that they to use us, but we're not making the changes that, that they are asking for. So fast forward. I think it's pressured a lot of these different asset managers and even banks to want to get into this stuff. And now you have. It's funny, I still have conversations with people who are like, guys, no one really like supports crypto. Like no one's really using this stuff. And it's like you just had 2 trillion, multi trillion dollar asset managers. And we talked about other banks that are in the same boat, literally like on public tv, talking as, as good as they positively can about it and how much they see the need for it and how there's demand for it. And I mean, it's clear and for whatever reason, people still like to overthink it. They still like to overthink it and over complicate it. And it's like, guys, listen to what they are saying. It is the largest financial companies on the planet, the absolute leaders, the pinnacles of financials. And this is what they are saying. And it's because there's demand. They would not be putting their reputation and their brand and their resources and time and effort and money and all these things behind this if there was not a, if they didn't view it as long term and they didn't see the appeal to it, but B, if there wasn't demand in it. So I think that that's just where we're at is that we are seeing it mature and eventually I think that there will be a bit of a disparity between what's happening in terms of the fundamentals and the adoption and what happens with the price. Now, when does that happen? You know, we'll have to stay tuned but I think eventually we will get to a point where the, the difference in the disconnect between those two is, is too vast to be ignored anymore.
- [37:21]
Host
Couldn't agree more. And we'll take a little halftime break here as we're halfway through the rundown. Just want to thank everybody for joining on the live. We have Andy, Andy's from Liverpool. Anybody else that's joining us on the live, let us know what your name, where you're from. We appreciate you. If you're new here, bottom right, you'll see the logo hit subscribe and if you could give us a thumbs up, it really helps the channel grow. And then if you enjoyed Brendan's technical analysis, as we say, when the next cohort opens, we'll let you know. If you want, you know, technical analysis with Brendan live, two hours a week, you can ask them questions, do it with them and then obviously get a full six week course to learn the ins and outs of technical analysis. Check the description. I put a link there. You can sign up for, for the alert when that cohort opens up. As we move on, Morgan Stanley has a public bitcoin address which is always fun to keep track of. So be checking out that. And we have over $139 million worth of Bitcoin after only nine days of trading. So super cool to be able to track that for the newest and cheapest etf. What do you think, Brennan?
- [38:23]
Brendan
Yeah, I think they did this in like a couple a week or so. They were able to do this. So money is pouring again. This goes back to what we were just. Yeah, there it is. Nine days of trading and they were able to bring in $139 million worth. Under, I would say are mediocre market conditions. You know, we're not in this raging bull market. This, this stage of euphoria. You know, we're at what just was, you know, like yearly multi year lows and they open this thing up and they instantly get almost $140 million in what, a week and a half. So again like it's, it's, it's Wild stuff, and I'm glad to see it. A lot of these groups that were delaying it and pushing it off or they didn't agree with it, they're all coming around at this point and they're benefiting off of it. I mean, that's quite a large amount of capital to come in in a week and a half during a pretty ill period of the market.
- [39:20]
Host
Great points. And some other new news in the finance world. I was actually watching this before we went live is Kevin Warsh had his first Senate information hearing, new Fed chair, confirmation hearing. I think this is going to get drawn out a little bit from everything I've seen, but nonetheless we're going to cover it all the way. Obviously Senator Warren was in there trying to grill him and then the Republicans were pushing him through, funny enough. I gotta figure out, I literally have to figure out how this, how this happens. Larry Fitzgerald, famous Hall of Famer, wide receiver from the Arizona Cardinals, was sitting right behind Kevin Warsh. I need to find that out. So the, the, the Senate hearing was live right before we went on the show. So later this week when we do one with Brian, I'm going to try and get some clips from that and we can check it out. And I'm, I'm going to try and figure out why Larry Fitzgerald was there. I thought I, I thought I was seeing things. I'm like, is that Larry Fitzgerald literally right next to Kevin Warsh, Right next to his wife. But we bring this up now as Kevin Warsh loves crypto. I mean, his balance sheet. Very successful professional life, very successful investor. That's what, you know, especially the, the opposing side of, of people that might not want him as Fed Chair for his relationship with the President. They're going to be bringing up his balance, his own personal balance sheet of how many assets he has. And my God, does he have a lot of assets? Over 30 plus crypto projects here. Brendan DYDX creator Dao I think I saw Solana on here, optimism. He's got poly market, my God, good for him. Just tons of ones. A lot of ones we've had on the show, a lot of ones we've talked about and some ones that we haven't talked about. So he's, he's deep, he's deep in the crypto water here. What, what do you think?
- [41:09]
Brendan
I like it. You know, it can't hurt to have the potentially new Federal Reserve chairman owning a bunch of crypto and being involved with it. I mean, I think it's just another positive, right? It's another person that holds significant power. I mean, depending on who you ask, they would say the. The Federal Reserve chairman is arguably one of the most powerful people on the planet. And so for them to be a big crypto advocate can't be a bad thing at the end of the day.
- [41:41]
Host
Yeah, some of these are very interesting. Friends with Benefits. We got to bring on Brian and Joe and break down some of these. Some NFT projects deep.
- [41:49]
Brendan
I was going to say, my only question here is what is Friends with Benefits? Can we talk about that?
- [41:56]
Host
Yeah, I don't know.
- [41:58]
Brendan
That's the name there.
- [41:59]
Host
Yeah. Web3 community social token. Let's do a quick Google Friends with Benefits.
- [42:06]
Brendan
Do we need to be asking more questions?
- [42:10]
Host
Friends with Benefits is a prominent token. Gated Dao and Digital City bringing together Web3 creators and thinkers. Acting as a crypto native social club. Built on Ethereum, it uses the FWB token to manage access to a private discord, local events and virtual experiences. Yeah, I don't know. Again, we'll put a pigeonhole or a pin in that. Sorry, pigeonhole. Pin in that. We'll talk to Brian on Thursday. It'll be a fun one. And I promise to gather some clips because in the opening statement of what they were going to cover in the hearing was crypto. Crypto was brought up. This was brought up as balance sheet, but also, you know, with the administration moving towards and, and, you know, clarity act and all that. It was a topic of discussion but had to turn it off because we had to go live and bring our show to you.
- [42:59]
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- [44:30]
Host
staying in the political realm as we go down the sheet here. Clarity Act. A done deal. Question mark. Banks are upset with Coinbase because they're forced to accept the Clarity Act. An interesting headline, which is why I grabbed the video and wanted to play it for us because as we remember, the first kind of edition of the Clarity Act, Brian Armstrong was very vocal. He didn't like it. And then there was meetings, you know, at CAP in D.C. i think he got some calls from the administration as well. And now, now it's the flip side. Now the banks are upset was that was a headline that I saw. So let's listen and we can again break it down the back end.
- [45:05]
Guest/Interviewee
I can understand the banks being upset with Coinbase and other companies because they were forced to accept this. I think initially many of the banks
- [45:14]
Brendan
saying, well, no, we're going to get
- [45:15]
Guest/Interviewee
there, but we're not there yet. Look, really interestingly, we have actually partnership with some of the biggest banks around the world, including the biggest US Banks because they understand the future is tokenization and stablecoins. They're looking for a partner to build with. We're excited to be the partner of the biggest banks. But the Beltway is a funny place, Maria. As you know, there's a kind of an ecosystem of. Of people who spend all their time fighting over things in Congress. Yeah, I wonder. There's a bit of a disconnect with what we see in D.C. and what we see with their business folks. Yeah, I think we'll be able to resolve that. The banks are critical as a part of this future on chain future. I think there's a lot of opportunities for them. We want to help them get there. And I think we're excited about. So right now you can pay the legislation, as you know it will be that, yeah, you can pay rewards if you're part of a membership program. Real quick, explain where you're expecting Clarity to land. So the law of the land is if a customer has a balance on our account, we can pay them a reward. The banks have got really concerned about this. They said, no, no, there has to be some activity before you qualify for the reward. We've, we've conceded that point. It's just a matter of how you what the fine print looks like. And I think we'll get there.
- [46:26]
Host
I love that quote. The Beltway is a funny place. So the Beltway is the highway that goes through D.C. so the Beltway is a funny place. Reward. It seems like rewards are coming. It's just that fine print, which again, we want to see and we want to break down with you, but it is not quite known yet.
- [46:44]
Brendan
Dude, we've seen so much pressure from the current administration, different people inside of it really putting pressure on this. As of lately, I've seen tweets come out. You know, whether you're looking at Scott Besson or Trump himself or other people that are inside the financial space really voicing their frustration here, it feels as if the banks are very, I don't want to say demanding, maybe that's not the right way to phrase it, but they want what they want, right? They're used to being these financial behemoths and giants, and they're saying it's going to be our way or the highway. It looks as if they're getting a lot of pushback on that narrative. And again, my, my thing is I think there's going to have to be give and take from both sides, from the centralized financial side, from the decentralized financial side. So, you know, tradfi and crypto both are going to have to give and take some here. And that's what it sounded like in that clip, is they said, hey, we conceded on this. They're going to be okay with that. And all they need to do is come to the middle here. So I don't think either side is going to get everything that they want. And I think that they're both probably starting to finally realize that. And there's going to be some give and take in both directions. And then I think that once that gets cleared up, which it sounds like it's, you know, getting semi close to, will be in a good spot. I do think that there is probably there needs to be a push for this. My fear is that if we don't start to get this done by the summer or fall, my fear is that it really falls to the back burner after that. Right. Because then you start having midterms, you start having new people come in the political office, other people go out. You know, agendas may change, priorities can change. And I also think that there's still right now a lot of pressure and demand to get this out. You just want to. I think that we need to see this by, like the summer, the fall, in the next several months. Otherwise, I feel like it could fade deeper into the background. We shall see. It seems as if it's still a decent priority because we're seeing it talked about a lot. I'm ready. Maybe I'm just voicing my frustration. I want to see this thing passed, man. I mean, we've been. We've been hearing about it for so long, like, let's just get this thing done. Yeah.
- [49:01]
Host
And then, as we know, there's wild stuff that's been just going on and going on in the world. So it's definitely taking a back seat. But something that was pretty big over the weekend. A little sad, little negative. There was a big exploit and a lot of. Lot of money basically taken advantage of here. So I wanted to hand that off to you to kind of explain what went on over the weekend.
- [49:24]
Brendan
Yeah, this was. It was gnarly because crypto was actually breaking out. I wanted to. I forgot to say this at end the top of the episode, but crypto was breaking out. I mean, crypto looked like it was ready to go for a run. Like a whole rippening to the upside, and it was getting ready to do this. And then as we were breaking out, there was an AAVE exploit. Now, I want to clarify here because everyone's thinking, oh, AAVE got hacked and this and that. Not quite what happened here were these hackers or, you know, this group exploited something called KelpDAO for around $290 million worth of the RSE token. So it was RSETH tokens. So they were able to exploit and essentially copy these fake versions of these, you know, RS ETH tokens, $290 million worth. So what they did with these fraudulent tokens is that they deposited them onto aave, where you can do borrowing and lending. They borrowed against these fake tokens, borrowed and received real. Like, I think it was Etherium in exchange or a real, like stablecoin or whatever it was in exchange, but they got real tokens in exchange for their fake ones. And then they ran off into the sunset, making away with all this money. So what this does is again, the exploiters basically exploited $290 million worth of RS ETH from Kelp Dao deposited those exploited tokens onto AAVE. AAVE said, okay, thank you for your deposit and your collateral. Here's like Ethereum or whatever it was in exchange. And then they ran off. So they gave them the fake tokens, they ran off with the real tokens, and now there is this empty loan, this hole in AAVE where they A, allowed this to happen, which is really what people are upset about. And then B, you know, now they have this hole of almost $300 million that they're just dry out of luck on. So AAVE ended up falling like something like 30% from the time that this happened off those weekend highs and fell back in and it spooked the whole crypto market because we haven't seen something like this happen in a little bit of time. Not an exploit like this. And AAVE's been pretty well established, right? They've had a good reputation. They haven't had a lot of things like this happen. They're large, they're kind of a leader in the lending and borrowing space and a leader in overall defi. So it's not a good look to have an established name that's been around for a while that's pretty trusted to have something like this happen. Now, again, is it originally aave's fault that they get hacked? No, but they allowed someone to exploit somewhere else and then take advantage of AAVE through that, and that's what spooked the whole crypto space again. So I think that's why we're seeing a little bit less of the performance that we wanted to see earlier. And we were talking about, hey, assets are flowing into risk again, but not as much in the crypto. I think it's largely due to this AAVE allowed to happen. And now all of crypto is, or all of the kind of crypto side of things are a little bit more spooked because this happened. And this happens like every time. Every time you see something like this, it spooks the whole industry. It causes people to not necessarily want to throw in their money as they're seeing this stuff happen. As time goes on, you know, trust is restored and the protocols that are strong remain. But it's a pretty, pretty nasty hit to aave and we'll have to see what the resolution looks like and how this is going to get solved. But yeah, now they just have this hole.
- [53:10]
Host
It's a great breakdown and yeah, it's just, it's just one of those ones. It just feels like there's been a lot. A couple of these. Right. Recently, just a lot of exploits and you hate to see it. But also, I think spin zone with all these exploits, the market's held up and even, even risen with the. And you add in the Iran war there. It's like, where are the bears? Where are the sellers? Kind of to that point of the top of the show. It's an interesting combo. We've got CC here, we got Andy from Alabama, CC reporting live from Port Elizabeth, South Africa. I just love how international we are. And then Trinity, friend of the show of course, saying that really interesting episode today, locked in her attention. You love to hear that. Thank you guys all for tuning in. Couple quick hitters to wrap up the show. Let's go back to positive. Brendan Solana continues to hit another all time high last week, handling more volume than all other blockchains combined since July of 25. So an interesting stat there. Solana continues to get usage and obviously selfless, shameless plug for the interviews that you've done. Some great ones. Soul strategies with Max Kaplan. If you didn't go back, hear that, go back. And then the Solana foundation one with Catherine just went live last week. So definitely worth taking a look of what's going on in Solana. We saw from Brendan's TA earlier, again just kind of in a range, but again the usage is up. Zoom out. What do you think?
- [54:39]
Brendan
I mean, dude, tokenized equities and their spot trading volume soaring. I mean it's huge. And look at what they're doing here. It's parabolically up and to the right. And then you look at price action and I don't think it properly is pricing this in. That's my stance. Guys. Let it be known I have exposure to Solana. I talked about that on the show. I have exposure to Eth2 and Bitcoin. I like them all. But I think that the market here is not properly pricing in the growth that we have seen. If you look on this chart to where price was trading when or excuse me, if you look at the chart for where we were at when prices were were previously at this point for Lana, for excuse me, for Solana, for instance, you know, we were trading at these levels of 86 bucks back in like December of 2023 and January of 2024. Look at the astronomical amount of increase in all these different sectors. This one's just showing tokenized equities in their spot trading volume. But there's so many other ones. There have been just record levels of growth and activity that have increased from the last time that we were at this price. And again, I do not think it's properly being priced in yet, which is part of the reason why I'm so bullish on the long term.
- [56:07]
Host
Great points. And if you want to track Solana, obviously the Micro Bull Run course is the first place to go, learn how to do it. But maybe you want like using Trading View. But there might be a new place to track Solana or there is a new place to track Solana with X cash tags. I wanted to get your take on this, Brendan. They're rolling out features for stocks and crypto and giving more information. They're giving charts. I wouldn't be shocked if this turns into obviously news charts, price, action, trading. No doubt they're going to be throwing in some TA capabilities, I'm sure. And this feels like the first step 4x, formerly known as Twitter, to kind of roll out some type of stock and crypto trading because as we've covered on the show, we haven't talked about it for a while, but X was applying for all these trading license and bank license out of their llc. So it feels like they're slowly moving into this direction and quietly have been working on stuff behind the scenes as they roll this out. So what do you think? Are you excited for this?
- [57:13]
Brendan
I am. I think that there was pressure because Robinhood was planning on rolling out Robinhood Social where they could do basically exactly this. And I think X is trying to get ahead of it, which is smart, right? Really, really smart. Getting ahead of the whole Robinhood Social thing. I'm interested to see how this will work. Are they going to do all of this trading and housing itself, like in house? Like, are they going to become their own brokerage and asset manager? Or are they going to partner with different brokerages and asset managers to do this? My immediate thought is they could partner with, you know, what, BlackRock or Coinbase or Robinhood or whoever, fill in the blank and that allows them to have the charts and then people can go through these, pay and they can get a partnership and who knows how that works on the back end. I like this. I think it makes sense. Elon's always said that he wants X to kind of be this all in one everything app and he continues to move on with that. Right. You have shows that are being on X now. You have socials and businesses. I think it's only a matter of time before you're going to be able to buy things directly from X or, you know, store your assets from here. You can already message and use AI and like again, the list just goes on. I like this. I like this. A lot of the time this makes sense to me because a lot of the time I'm on X I mean, if you look at the news articles that we're going through today, like, 90% of the articles that we pull up are exposed and we. I can speak for myself here. I'll see a headline sometimes and it'll be about something. And I'm like, oh, I wonder how the news is. I'm wondering how the price action is responding to this news. It'd be so convenient if there's a headline about, you know, let's just say we just said Robinhood, let's go to them again. Or Solana, right? There's a Solana headline. We're like, oh, that's big. How is Solana responding to this news? And you can just like click the, the. The cash tag and see what's happening. Now for most of us, right, I say most of us. Most of us on the analyst team, we have Trading View open all the time. Like, I have three monitors and Trading View is at all points of the day on one of those. So I always have the charts up. But I think the average person's probably in a different boat. They have a life, they have other work to do. They have, you know, stuff going on and they're probably on their phone or something. So if they're able to just kind of click the cash tag, see what's happening in response to the news, I think it's cool, man. Yeah. I'll say this. I. And this is not at all like a political thing, but I used to just not be a fan of Twitter. I used to, like, love Instagram and other socials and everything. I have to say, I have become quite the big fan of, of. Of X. You know, formerly Twitter, now X. I've really been enjoying using it over the last several years. And again, it's not at all because of political whatever. It's just like, I just genuinely think that it has become more appealing to someone like me who didn't maybe like the older iterations of Twitter. But I would say over the last several years, I like a lot of the changes. This makes sense. I know maybe it's more niche, it appeals to someone like me who's a finance bro. But I like this stuff. I think it makes sense, I think
- [60:31]
Host
with the news flow of how people ingest news so quickly, too. It's, it's. It's the number one source for breaking news now. You got to parse through it to see what's true and what's not. But, like, it's the number one source. You hear something, you see a headline, you dive into X. And then you do your own research. You kind of find like, okay, what accounts do we trust? How do we verify this? Are there any video clips? It's a great way to search breaking news and kind of, yeah, again, you don't try to dive in too politically. But obviously when Elon took over, they tried to basically tank it and say like, nobody's using it. There are all these false stats on like, you know, usage time was down. And then they tried to hit him with the, the bot account thing, but like that, that was before he even took over. He was trying to clean that stuff up, which they still need to do a better job on. Still a lot of Twitter bots. But yeah, man, it's, it's been an interesting cycle, life cycle for the new Twitter. And I agree, it's definitely one of my go tos, especially for, for news and finance. And your point on the Robinhood Social is interesting because it's a great idea. It's like all these people, us included, give takes and you know, obviously ours is more educational in nature and not financial advice, but there's a lot of people that, you know, claim these trades and, and don't track them. And so the Robinhood idea is a great way to say, hey, I'm, I'm posting a trade and I'm in and then it's going to track it. And so I'm sure, you know, X wants to do that. And I, I really liked your point on is there a partnership to, to bring this inside of a brokerage and like, what negotiations could that be? I'm just, I'm elaborating. There's no reports of this at all. Yes, Elon's got a, got some, you know, got some things to offer. You know, Tesla, you know, is basically slowing down their car production to go all in on robots, robotics and then Space X ipo. Every big finance institution wants to be the one to bring Space X to the public markets. So maybe that's a bargaining chip and saying, hey, I'm trying to roll out X Finance, who can help me, you know, do the back end here and then that's going to put you in the front seat to take the Space X IPO public.
- [62:36]
Brendan
To that point, I forget, I forget who the second partner was. Maybe it was Merrill lynch. But for the SpaceX IPO, they basically said, hey, Robinhood is going to be one of those. So you know that there's already some sort of a relationship there. I think you might have to fact check me or someone in the Comments can fact check me but when the SpaceX IPO got announced they basically said hey, we're going to partner with Robinhood. And I think it was Merrill lynch, maybe one other person or another bank or something. He said we're going to partner with these two people to do the, to do the IPO because I think they're offering something like 60% of the shares to the public whereas normally it's like a fraction of that.
- [63:18]
Host
Right. I think it was, it wasn't. There was nobody. This is just a quick Google just to overview it with a quick AI overview. It's like he didn't announce anything specific with any specific brokerage whether it's E Trade, Robinhood, sofi. He just said he wants a large distribution to go to retail and the public. So like you said it's, it's. He wants to do maybe, maybe a record breaking amount, who knows? Definitely. Probably a record breaking amount for how big the company is to make sure that you know, retail has some access and so you'd go to those platforms but nothing official has been said.
- [63:51]
Brendan
That's fair. Well yeah, I guess time will tell and we'll have to come back to that headline because I remember reading a headline about this and it was like there was a handful of different brokerages that were mentioned as like supporting or being chosen to support, support this. So we'll have to come back to it because I, I don't want to misspeak but you know, it's relevant anyway
- [64:17]
Host
we're going to cover it. I mentioned it in the other shows is like I know it's not crypto specific but I think it's such a huge market event. It's going to be historic. And then you got to wonder about the liquidity like is it a liquidity suck? Is it going to take liquidity from all the big dogs, the mag seven, the, the infinities of the nvidias of the world, maybe the bitcoins, who knows? Like I'm not saying I know but there's going to be so much appetite for this thing. Where's all this money going to come from? So it's a, it's a history making event so we're going to cover it. And then obviously there's all the different proxies via, you know, all, you know, there's crypto proxies as well that I know Brian and Joe have, have kind of locked in on as well. So something to cover. Last topic of the day, something fun. Door dash for all those lunchtime here might Maybe ordering via doordash. Doordash plan Stablecoin payouts for merchants and drivers globally via Tempo. Now, I never heard of Tempo, Brendan, have you?
- [65:10]
Brendan
No, I have not, but interest.
- [65:14]
Host
Interesting. But hey, doordash diving in on crypto. You love to see it.
- [65:19]
Brendan
TiVo. I mean, if I can earn some more crypto here, you might see me in one of those. I was going to call it a doordash cab, but I guess it's just your own car. Funny enough, I had never used really doordash before up until semi recently, because I always just thought it was like a waste of money and it made no sense for me to like not want to drive like five or 10 minutes to the store. I guess it's different if you're in a big city. But I just never understood, understood the appeal behind doordash. Anyway, long story short, I got like a chase crowd credit card and they're like, oh, you get free dash pass or whatever. And you know, I've used it sometimes and it's cool. Anyway, this is a whole rabbit trail. If you can earn crypto from this, I think it makes sense. I. This is going to be a little bit of a stretch here with me saying this, but I think people would do this to get a little bit more crypto and stable coins. If you're going to tell someone, hey, you can go do this and you can earn stable coins, I think there's to be going to be some people out there who don't really do it that often. They just do it occasionally as a side gig. I think now if people are saying, hey, you know, you can go get paid out in stablecoins for doing this stuff, I think it makes sense. So I know it's for merchants and drivers and everything, but if I was a driver trying to get a little bit of crypto on the side here, that kind of seems like it'd be the easiest gig as opposed to going somewhere else. Getting paid out in dollars, putting the dollars into your bank account, going from your bank account to the exchange and then buying what you want and go dash pass for a few hours, earn your stable coins, get paid out later, and then you can kind of just exchange that.
- [67:03]
Host
However, I'll try and do a deep dive for Thursday, see if I could find some more information on Tempo and the partnership because it sounds really interesting. Good.
- [67:13]
Brendan
Can we just. I was going to say at some point you might need to make a meme of Brendan the doordash driver holding like a USDC stablecoin.
- [67:21]
Host
I Love it. I love it. I started when. When the world shut down in 2020. I. I just signed up for doordash and Uber Eats. Just to get out of the house. Yeah, the house. And drive. Make a couple. Make a couple extra bucks and buy that crypto. Crypto dip. That bitcoin dip and the market dip during COVID So I'm. I'm familiar with the streets. I'm familiar.
- [67:43]
Brendan
Okay. Okay.
- [67:44]
Host
Well, it's actually, honestly, it was kind of like. I don't know if fun's the right word, because I didn't. You know, I'm sure people work really, really hard doing a lot of hours, but, like, I don't know, you get out a couple hours, you pick up some food. It was. I like driving, too, so I enjoyed it.
- [67:56]
Brendan
I'm the same way.
- [67:57]
Host
Yeah, I had to get out of the house, but awesome episode, Brendan. Thank you guys so much for tuning in on the live and the audio. We really appreciate it. I'll post in the community what time we're going on Thursday. We're doing a Thursday afternoon episode with me and Brian almost an hour on the dot. Love that. Really. Thank you all, as always, for listening. Have a great rest of the week and we'll talk to everybody later this week. Bye. Bye, everybody.
- [68:30]
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If you work in university maintenance, Grainger considers you an MVP because your playbook ensures your arena is always ready for tip off. And Grainger is your trusted partner, offering the products you need all in one place, from H Vac and plumbing supplies to lighting and more. And all delivered with plenty of time left on the clock, so your team always gets the win. Call 1-800-granger. Visit granger.com or just stop by Granger for the ones who get it done.