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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, 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 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've 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 crypto 101, you'll enjoy planet Money. So maybe check that out. Follow NPR's Planet Money podcast and understand how money shapes the world. Crypto101fam we're back again to talk about my favorite online shopping and it is quints. Lately I've just been more intentional what I wear every day. I've talked about it before the Florida heat, I got to be very intentional about my wardrobe and I'm leaning into pieces that feel easy, comfortable, but still put together. As the weather heats up in Florida, it just makes quite a getting dressed simpler. Quince has my go to the fabrics feel elevated, the fits are clean and everything just works. And I'm so busy on the podcast I just don't want to overthink it. Quinces all the wardrobe staples for spring. Think 100 European linen shorts and shirts from $34. Lightweight, breathable and comfortable, but still look put together and clean. 100 Pima cotton tees with a softness that has to be felt. Their pants also hit the same balanced, relaxed and comfortable, but still polished enough to wear pretty much anywhere. Everything is priced 50 to 80% less because they cut out the middleman from your favorite brands. But don't sacrifice on the quality. Quince works directly with ethical factories to cut out the middleman. So you're getting premium materials without the markup. Guys, you heard me talk about quints for a long time now and it's because their clothes are awesome and the shopping experience is second to none. The online store is so fun. They have so many items and they've been a great sponsor to crypto one on one. So if you're thinking about getting some new clothes, go to quince.com refresher every day with luxury, you'll actually use headquarters.com crypto101 for free shipping on your order and 365 day returns. Now available in Canada too. That's Q U I n c e.com/Crypto101 for free shipping and 365 day returns. Quince.com/Crypto101. All right, everybody, welcome back to another episode of the Crypto rundown. Bitcoin adoption is happening faster than people realize from things like Walmart is now accepting bitcoin payments. The block has over 800000 people and merchants accepting bitcoin payments. And technical analysis is starting to line up. The charts are starting to confirm the fundamentals that we've been talking about on this program month over month and week after week. So who better to to bring on then to jump into the charts with Brendan? His cohort is open for the trading course. We'll get into more of that. But Brendan, it's great to have you. As again, the charts are starting to meet up with some of the fundamentals as bitcoin and crypto seem to be the safe trade during this Iran war saga. The macro is as messy as ever. We're looking through the noise. We're diving into the technicals today on this episode with Brendan. Welcome back, Brendan. How are you, dude?
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It's good to be back. It's always a pleasure. You know me. Rundowns are one of my highlights of the league of the week. Love doing them. We've had some good technical developments. Started off the week a little bit strong, came back down, but man, what a rally we're getting here today. And even yesterday a bitcoin trying to make a run back for $79,000. Ethereum trying to get back above 2300. Solana still in the mid 80s, but lots of stuff to talk about. You've had a lot of cryptos getting some really nice pullbacks. Probably going to get some longing opportunities out of these. But we're at this critical level for all of crypto here. You know, that's what I'm calling it. It's this critical point in time. It's like a make or break moment. If we do the make scenario, the bullish scenario could easily have 10, 15% to the upside. If we get the downside scenario, you know, you could easily see probably 10, 20% to the downside. So it's this pivotal moment in time. You see the squeeze happening right in front of our eyes. We're going to dive into it today, of course, going to cover the fundamentals, the technicals. But I guess with my emphasis here today, I want to explain to everyone the quite large squeeze that we have right in front of our eyes. And I think a lot of viewers are going to like it. I think it's pretty eye opening. And either way, you know, it should prepare you for whichever direction the market decides to resume.
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Yeah, a lot of information to take in today. We're diving into the charts right after this. But again, nobody loves a short squeeze more than the bulls. And I think the Runway is clear, Brendan, because this was actually a huge week of earnings in the traditional markets. We had Google, Amazon, Meta, the list goes on in the Mag 7. Apple, Apple had a good one last night and some of these rocketed higher. I believe Google rocketed higher, Amazon and, and, or Apple's moving higher today. But all the reports were good. Whether the stock rocketed or not, it, it didn't drop. There was no, there was no rug pull, if you will, in the mag 7. And these companies just keep growing at a wild rate. But in my mind that kind of clears, clears the deck for some risk asset movement, which we are seeing some continuation of that with some of whether it's the momentum Money makers group getting some winners, the Brian and Joe Group, or what you're seeing in the charts. Let's pull them up and let's dive on in. Happy Friday to everybody in the chat. Let us know where you're calling in from. We've got Deb from Santa Barbara. Jake's here. Jake, where you in from? I know Grant's here from Tampa and usually we get some international folks as well that can join the live. So let us know where you're watching in from today. And to all the audio listeners, I hope you're enjoying your Friday or weekend thanks for tuning in, Brendan. Take it away.
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Yeah, I mean, you know, we got to start off here with bitcoin first. It's the largest crypto, it's the leader of the space. And the rest of the market tends to follow what bitcoin is doing. Now for a while I've been a pretty big advocate of. We've seen this rinse and repeat. I call it the bear flag cycle. Now all that these bear flags are is essentially saying, hey, we have a move to the downside and then a rising channel where you get higher highs and higher lows before more downside. Now we saw this happen once right over in here and then we saw the rising channel and then the breakdown and here we are again. Again, it's kind of just the same structure where you see these deeper moves down followed by these back and forth rising channels before, you know, more downside continuation. And so with where we're at right now, we're at this interesting moment because a lot of the long data is saying, hey guys, if the market has not already bottomed, it should be awfully close to it. In fact, a lot of the data would point us towards this idea that the market has bottomed. Now, that's the longer term data. The shorter term, maybe midterm data is saying, hey, it's actually still bearish. And so we're at this interesting spot where a lot of the long term data is saying, hey guys, the bottom's in or very, very near. And the shorter term, the midterm data is saying, well, not quite yet, it's good, but there's still bearish evidence out there that would say the trend is not necessarily broken, the bearish trend, the selling trend. So let's walk through both of these scenarios very quickly because we've done this in prior rundowns. So I want to make sure that we give an update on this as opposed to just re explaining everything. But the thought process here is like, hey, if you kind of just look at this off the highs, the overall downtrend is still intact, right? You can kind of draw this out and see that, hey, you know, we're still making lower highs, we're still above our prior consolidation zones, you're below the 200 day moving average, that yellow line. And on top of all of this, you haven't even broken the bear flag.
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Right?
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You haven't even broken out of what is the, the bearish consolidation of the most recent price action. So none of that kind of shorter term midterm stuff has changed the downtrend's intact and you still have not broken out of this bear flag that we've been just bouncing back and forth inside of for quite some time now. Now the reason why I say we're at this pivotal moment is because you're getting that long term data saying hey, it looks as if the bottom could be in. Whereas the shorter term stuff, such as the actual price action, the downtrend are still trading below the larger moving averages. Those are still saying, hey, you know, we just haven't done that, which is the bare minimum for a reversal. So the reason we're getting a squeeze here is because you saw us kind of push up to the top of this once and reject twice, reject three times, reject. And here we are, I mean aggressively approaching the zone for the fourth time in just the past two or so weeks. And so you can see that a lot of pressure is pushing towards the upside, trying to get to a breakout. Now I think the crypto market is coiled here, right? If we break out, it could be glorious. However, if you get a rejection of this, let's look at just briefly at what's happened during some of these prior ones. Here's the bear flag. From the moment of the breakdown it was about 10%. From this one the moment of the breakdown was about 20%. And then from this one the moment of the breakdown was about 30%. So you can have, you know, I think 30% is probably a little bit much, but you could probably see here again double digits in terms of downside. If you do get a rejection of this bear flag and then you get downwards continuation, you know, that is something that is still possible until this whole pattern is broken. Now if you get a breakout to the upside, you're probably going back to the mid-80s to retest that 200 day moving average. There is a massive volume point of control in here which I don't even have on the screen. You have this orange line which is an anchored vwap as we call it, or an anchored volume weighted average price from the all time high. And you have all these different factors again with a consolidation zone. So if price is going to go anywhere, it's probably up to the mid-80s, maybe even a little bit higher into the 90s. That's something that is a realistic possibility on a breakout. And it could very well mean that the bottom is in if that happens. Because you're getting a break of this pattern that we've seen every single time since the downtrend started from the all time high collapse, right, break down bear Flag, breakdown, bear flag, breakdown, bear flag, break down another bear flag. And if all of a sudden this starts to change and we're saying, hey, this bearish structure that we've seen without fail is breaking, it's a really good thing for the bull. So it's one of the big things I'm watching out for. The other thing here is that upon every single rally that we've seen since the end of 2024, every single rally has seen lower levels of strength than the prior one. So what I'm going to use here is a tool called the one day relative Strength Index, or rsi. And it measures strength, you know, relative in the market. And so when we look at this, you can go all the way back to the end of 2024, in November of 2024, right in here. And you can see, hey, we had this rally up and it came up to about 86. Then the next big rally up, we came up to about 78. The next big rally up, we came up to about 75. The next big rally up, we came up to 73. The next one was 70. And then the next one over in here was like 68. So you've been seeing consec or consistently and consecutively lower levels of strength upon every upside rally that bitcoin has had since the end of 2024. Now, that's obviously not what you want to see as a bull. As a bull here, you want to come in and you want to say, well, I want more strength with my rallies. I want, every time bitcoin's price is moving up, I want it to have more strength than it did before. And I think once this trend breaks, it is, you know, one of the final nails in the coffins for the bears. And it looks like, again, this is at that pivotal moment where if you get this breakthrough and all of a sudden we're breaking this trend of lower levels of strength, lower levels of the RSI on every swing, higher. If you're breaking that trend, it looks like it's probably going to be the end of the bear market. So there's a lot of different things to look at. I know from a technical standpoint, people are really looking at the weekly chart to get a more zoomed out picture and see what the bulls are doing here. And the best way to look at this is just by going to this weekly chart. And you can see, like on the weekly rsi, bitcoin has, without fail, every single time bitcoin's one week RSI has crossed back into neutral Territory from the oversold zone down in here. So anytime it's crossed downwards over 30 and then crossed back to the upside, out of this zone, back to the upside, it's always signal, hey, the bottom is around this area. It happened over here in 20, you know, at the very start of like 2014 or sorry, very end of 2014, start of 2015, it happened over here at the end of 2018, happened over here in 2022, and then now we have it happening here in 2026. So without fail, every four years you see this happening. Of course, the tops look very familiar as well. What this basically shows us is that the bottom, the market tends to bottom and top out at roughly speaking, the same levels of relative strength on a much more zoomed out long term horizon. From the, just from the actual bitcoin chart itself. If you're looking at this from a weekly time scale, you can see that this 200 week moving average for bitcoin has almost always acted as a support. Right. You came down here again, same time horizon, 2015, bottomed out at this yellow 200 week moving average. You saw this happen in 2019, 2020 briefly broke below it in 2022, but that marked the bottoming event. And then now as you zoom back in, you know, we bounced off this again and price actions pushing back to the upside. So crypto here, the lot of, a lot of the long term stuff is saying the market looks good. You could look at the MACD over in here, which is another indicator and you're seeing similar bottoming indicators, almost exactly what we saw back in 2022 and the list goes on. Right? You can look at the fear and greed index, you can look at, you know, the Sharps ratio, you can look at all these different things. So there's a lot of different technical stuff that I don't want to get too much more into the weeds on. But if we're just looking about what's actually going on here with bitcoin, there's a convincing argument both ways. And I think what this means for the average person is that the markets are squeezing and this is a pivotal point in time. A rejection means, hey, we could see double digits to the downside. A breakout here likely means it's the bottom of the market and you probably have it bare minimum double digits, you know, 10, 20% to the upside. So it's an interesting point because if bitcoin bottoms out, Ethereum's also in a good spot where this thing has been seeing higher lows, move up higher low Move up higher low. Move up higher low. And so Ethereum's really been applying pressure to the upside of 2400, trying to break through this level a number of different times. So if Ethereum breaks out, you're probably seeing it go back to 27, 2800. And it probably means it's a bottom for ETH as well. Once you start getting into the rest of the large caps, they have been definitely underperforming. So things like Solana, xrp, bnb, those have been underperforming in here a little bit. But if you have Bitcoin and Ethereum breaking out, you probably see those go from underperformers to over performers as they have been sold off more harshly. Now, a couple of the big leaders here in the market have been things like Hyper Liquid. I mean, the chart speaks for itself. Consistent higher lows, pushing up to new highs. You've seen a lot of strength out of this guy. You've also seen some big strength over here in something like Sky. You've also seen it across the board with one that we like over here. And we talk about internally Aerodrome. It's been seeing a lot of upside. Pengu, which I think you're, you're a fan of here. Tivo Pengu is seeing a nice little ripper to the upside. And look at this thing.
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Yeah, dude, we, We've been, we. If you've listened to the rundowns, you know that Brian and Joe and I bring up Pengu a lot because they're in the. They're a meme coin that's actually building just the quick hitters. They did the giant plushie, they've done the NASCAR and the F1. They just launched a credit card. Like it's real things. Like real things. I bought the children's book during Christmas for my nephew. So it's a fun, it's a fun community and we've been bringing it up all along. That bottom. You could have traded it actually pretty well. Just you could see that trading range there on the highs and the lows. But we've built a position. Personally, not financial advice by any means, but it was fun to see that first breakout and, and I did take a little profit up there. I, I still, still. The bags are still packed, if I say so myself, but took a little profit and we'll see. Like again, that thing's pretty volatile, so, you know, it's. Be careful in there, but it is a super fun community. I'm glad you brought it up.
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Yeah, I mean, dude, they've been Crushing it. They've been crushing it indeed. So what I'd say here for everyone is keep a close eye on the market. You have crypto really trying to do something here. It's an important moment. I think you get a big move in either direction off of something like this, but price action, trying to hold on. And you can't help but think that the spring here is pretty coiled.
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I love it man. I put a quick poll. It was well, Bitcoin hit 90k before it hits 60k and the majority is 80% to 90k. So we got some bulls in the chat. We've got people from Philly. Jake, big win for the Flyers, big win for the Sixers. If you're a Philly sports fan, congrats. Lori from Cold Spring, Texas, absolute friend of the show. Deb from Santa Barbara, we got Living beyond from Clearwater, not too far away from me. And then Holy Whale is here for the Friday fun. Hunter. Hunter's in the chat. That's super exciting. I believe we have it confirmed, Hunter, so we will say it next week. Right now you have Hunter in the chat. We mentioned it on the show. He's one of the the newest analysts that we've brought on to join the team because as we say, we build what doesn't matter what the market is. Bull market, bear market. We're always building and growing. We truly believe what we do here. Hunter's our newest team member. I can confirm Hunter will be on next week. I believe we might have a special appearance on the rundown from our fearless leader, Bryce. So something to look forward to. Say hi to Hunter in the chat as he joins us for the rest of the show and if you enjoyed what Brendan just did, as always, we talk about his technical analysis expertise and if that's something that you really want to deep dive into and you want to learn more and you want to have weekly sessions with him, two a week for one hour live with Brendan to do that strictly for one hour plus go through the, the full teachable course there. You can learn tons of stuff of all the different ins and outs of technical analysis. Check the link below. It doesn't open up much. The cohort is open so you can jump in this weekend and start next week with him. Check out that link below. And then we have a couple other awesome links as well. If that's not your bread and butter, we got the free book and the $1 trial to crypt Nation. So jump in there, check out those links, support the show. We really appreciate everybody joining on Friday. The first thing that we're going to transition into is there was a conference this week, bitcoin Vegas. Brendan, we couldn't make it this year. We're too busy building as I just preached. And there was some interesting stuff that came out of it. I saw the, the Cash Patel segment was not well attended. And then people tried to pile on and say nobody attended. That was not the case. There was tons of different speakers. A sailor was there. He had a huge crowd. Morgan Stanley had a big, big crowd. And Morgan Stanley's been on the sheet a lot because they launched their etf. We've covered that ad nauseam. But I just think it's interesting that they launched the etf. Yes. Now they're going to market it. That's pretty part of the program. But man, they keep, they keep flirting with bitcoin and crypto in a fun way. So let's listen to our first segment from the Bitcoin 2026 out of Las Vegas. This is Morgan Stanley talking about possibly putting bitcoin on their balance sheet.
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Percentage of exposure on that balance sheet. And what does that look like and what does it do to that balance
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sheet if, if not to put you on the spot. But since we're taking a long term view here, what do you Think it's going to take in terms of decades, infrastructure, regulatory, before we see a bank like Morgan Stanley or a regulated financial institution be able to take that leap and put Bitcoin on the balance sheet.
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Going on the balance sheet. I think if we continue to see the progress that we've made over the last 16 months or so in regulatory, that's something that you may see going forward. It's not totally out of the question, but I think you need to see. I think the other thing too is we were talking about SAB121 rolling back on the capital treatment, but it's not just that that holds us back. It's Fed guidance, it's Basel guidance. When you're a large G SIB bank, it's not just one agency that you report to. You have many oversight groups that you have to attend to. So we need a little bit more alignment across the board with some of those agencies. We're also global, so it's one thing to focus on the U.S. but every jurisdiction has its own rules and regs around the space, and we're still getting comfortable with that globally.
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A nice way of saying probably not, at least anytime in the near future. But I think if we go back to this space, Brendan, you know, the 20, 20, 21, like, the thought of having ETFs, the thought of having a Morgan Stanley ETF was a no. I mean, we can go pull those clips of Larry Fink saying bitcoins for criminals and terrorists, right? So, again, the things change much faster than you do. And I thought it was a cool clip because it's Morgan Stanley. They just launched their etf. And again, how this thing evolves, it evolves so slowly. But then you blink your eye and you look back at two years of progress and you're like, holy cow, this space moves fast.
B
Yeah, it does. But at least they're in this space, right? At least they're doing a lot of things. I think that's the positive. Oftentimes, people want everything to be done instantly. They want it all to be scaled to the max, and they want full adoption and full integration. And you got to remember, it takes a little bit of time, but, mm, I think it's still reassuring seeing them even attend something like this, go up on stage, speak about it. They're obviously viewing it from a good light. So, you know, remember that out there. I know we. We all want mass adoption overnight, but, man, we've been making some pretty big strides here, and it seems like a lot of those big banks are still, like, partially on the sideline saying, hey, we want to do more. I know the big catalyst out there is the Clarity act. And I think, you know, once you get that pass, you probably, probably see like a dog pile that happens, just like the tsunami come in afterwards. And you have a lot of people that are going to be hyped up about it. I mean, we've talked to different banks and asset managers and different players across the space, and that's kind of the way it looks, is like, hey, this thing gets passed, the floodgates get opened, and then a lot of them in the following year or two or following years, maybe they are just able to do all these things that they were too scared to do before or didn't have regulatory or Clarity or all these other things. And yeah, just buckle up, buckle up.
A
Yeah, it's a fun space. We'll be here to cover it with you. And I love everybody saying hi to Hunter in the chat. A lot of love going on there. Super excited to get Hunter in the mix. On the podcast next week, we got some Hopium if you guys want to put on your, your gas mask. We could start to suck in a little hopium here. Coming out of Bitcoin 2026, a BTC reserve was mentioned. We had some, obviously some people tied to the administration. A couple of the Trump children were there. I think it was Eric Trump there. And I, I. So, Brandon, just to kind of catch you up, or let's listen to the clip and then I'll, I'll kind of catch you up on what we've been talking about recently for the administration in crypto. And then I would love your take on it.
E
So let's tune in on Bitcoin as an asset overall. The President signed the Strategic Bitcoin Reserve Executive Order last year, and we've gone to work and, and figuring out exactly the, the machinations, necessary and, and legal interpretations that we need to, to get that right and solidify that and put protect the digital assets, but specifically Bitcoin that we have on the government balance sheet. So in the next few weeks, we'll be making a big announcement. I think we have a bit of a breakthrough there, and obviously that needs to be followed up with legislation. Senator Lummis's Bitcoin Act. Over in the House, Representative Begat has talked about the ARMA act that he has put together. So we need to codify it. But in the meantime, we do believe we're going to be able to take a, a big step forward from the executive branch. Side of the next few weeks, big
A
step forward, blah, blah, blah, blah, blah, blah. We haven't done anything. And I was told to say that we're going to do something big, because if you had a big announcement, wouldn't you move that up a couple weeks and you'd go do it at this bitcoin Las Vegas conference? That's my opinion. So, Brendan, to catch up here, kind of over the last couple weeks, I think I've said it with you, too, is like, hey, you know, we've been very supportive of pro crypto legislation, and. And we wanted the administration to dive in, but to be honest, recently there hasn't been much movement. The Clarity Acts held up, Bitcoin price is down, crypto prices are down. And. And you can't keep leading us along. It feels like there's a lot of talk and not a lot of walk. And it starts with the Clarity act, and then you throw out this piece of cheese like we're some mice that, you know, we're gonna bite it. Like, oh, they just. Basically, he's saying that they're going to buy bitcoin for the reserve. And it brings up the question, you know, I saw this tweet and is what I thought it was like, Well, I look, as soon as I saw that clip, I go and look at the charts and there's no movement at all. When this clip came out the other day, no movement. And it's just. It's a long tweet here. But it's basically, the thing is like, hey, you guys said you're doing all this stuff, and, you know, over the course of the administration, sure, we've had a couple press conferences where we said we're signing papers and executive orders, but nothing's been done other than, you know, a little bit of World Liberty 5, the genius act. But, like, no implementation's been even done on the Genius act yet. That's just getting started. And we need the Clarity Act. So I wanted your take on that. I think we try to be. We try to be. Well, we're biased to crypto and bitcoin, clearly, or crypto 101. But, like, we got a lot of comments. I feel like during the leg of the election, it was like, oh, you're pro this? Pro Trump, Pro Trump. It's like, no, we're pro crypto. And I feel like it's important to try to put on my journalist hat and be like, hey, we won. Action. You said you're going to do this stuff. You put a parade of making it look like you're doing it, but there hasn't been any action behind it. So I think that's one. It's one of these things. It's like, hey, another sound bite. Great. What are you going to do about it? What are your thoughts?
B
No, yeah, I think that's pretty fair. The way that the market is looking at, or not the market, but the way that people are looking at the crypto market here is that there's been a lot said, not quite as much done, and prices have done even less. Right. So prices have continued to go down, especially in altcoins. A lot of the stuff that was said to have happened, some of it happened, some of it didn't. And I think people are frustrated. So what's essentially going on here is the market have put catalysts like these on pause and say, hey, any kind of rally that we're going to get from these, those are all on pause until we get it proven to us that this stuff's actually going to happen. And I think it's all starting with the Clarity act, right? I think so much is weighing on that passing that people are saying, okay, all the stuff that you say is good and great, but prove it to us. Pass the Clarity Act. And then I think once you get stuff like that, people will start taking these announcements and these hints and these spoilers and whatever at events. I think they'll take them more seriously. I think the issue now is that people aren't taking these. These what people are saying publicly. They're just not taking any of it seriously. And they're not taking people at their word anymore because they've looked at the past two years and a lot of it hasn't happened, and a lot of it has, but, like, just not all of it. And I think the big things are still just getting kicked down the road a little bit. And I think people are frustrated. They're especially frustrated with performance. I think people are saying, okay, let's do something to help performance. Let's get some of the big things passed. And then I think you'll actually see positive price action come out of these announcements. Again, the issue is that there's. There's a sense that people can just wait and buy at lower prices and wait and buy at a later point in time. And there's the opposite of a sense of fomo. FOMO is what runs these announcements. People go, oh, my gosh, this is going to do so much. Price is going to be higher by the time that I try to buy later because of what they just said. The issue is that right now there's an opposite psychology and people are saying, ah, it's not going to happen. It'll get kicked down the road, it'll be later, prices will be lower. And so people are okay not necessarily jumping at the opportunity and taking people at their word when they say stuff like this. So, you know, I largely agree. I think again, it comes back to let's pass a lot of the crypto stuff that we said was going to pass. Let's actually make the crypto industry quite good. Maybe that is a reserve. Maybe that is the Clarity Act. Maybe that's different forms of the market structure bill. Maybe that's fill in the blank. There's all these different options. But I think that's how the public is seeing crypto market.
A
And if we get the. If we add to the strategic reserve in a meaningful way and they pass the Clarity Act. And I think the thing with the Clarity act is it's been. There hasn't been any leaks of, like, what this final bill is going to look like. I feel like that's really interesting. Right. It's just like, is it going to pass or not? And part of it passing is we have to break it down and see what it actually is. So there's a little bit of hesitancy of what's even in the bill. Plus, you know, is the BTC reserve, if they take action on it and add to it, is it a meaningful amount? If it is a meaningful amount and the Clarity Acts good, then yes, I think Price will rally. And if it doesn't, I'll still say, hey, at least this administration said that, did some stuff they said they were going to do. But for now, I feel like we're in this just trying to throw cheese at the mice thing.
B
Yeah, because.
A
Because they. The elections, you know, the midterms are coming up and I still believe, you know, there's a great attendance in Las Vegas. There's going to be a great attendance in consensus next week as well. There's gonna be a ton of stuff coming out from that. And yeah, I just think we need some action. So something to watch. Just kind of jumping around the sheet there, but wanted to cover that because I thought it. It bounced into that well of covering, you know, maybe a little bit of a negative thought of. Of the conference, but let's go positive, man. How about, uh, how about Block? Uh, Block announced that they had now have over 800,000 square merchants accepting bitcoin payments. Now we remember we covered this maybe it was like a month ago, they had some promo to try to get people to go and it was like free. You could buy something for free or they refund you in bitcoin. If you used your bitcoin, you get a refund in bitcoin. So it looks like that was a good activation. Over 800,000 merchants. That's pretty cool to see that going. New businesses are accepting BTC every eight seconds. So something in the works there. It'll be fun to track kind of how that grows and how much it's used. And then I thought this was so cool. The Steak and Shake CEO had had a keynote. He was on stage there talking about, you know, their bitcoin program. So we've always kind of had those little nuggets at the end of the show of a Steak and Shake does this. Steak and Shake's given the bitcoin dividend to their employees. Steak and Shake's accepting bitcoin. I was just like, it was so cool to see him on stage and, and not. Not do it for kind of like what we were just saying. The administration like not just using it as a buzzword to get people in a certain, you know, a certain group to pay attention to them actually using it, actually building it out and, and giving it to their employees as well as bonuses. I thought that was pretty cool. So this is a four minute clip. We're not going to listen to it all, but I thought we owed Steak and Shake a little bit of the, the A or B block and stuff instead of wrapping up. So let's take a look at what he was saying on stage and then we can react.
F
We launched our bitcoin platform on May 16, 2025. And since then, we've achieved the highest same store sales growth in any restaurant in the industry. More notably, we've added 2 million more customers from the prior year. The math is simple for us. When we use Bitcoin, we save 50% on processing fees versus a traditional credit card user. To put it more simply, if every credit card user used bitcoin, we would save roughly $6 million annually, which is huge for our bottom line. So without the additional customers and savings, we would not be able to improve the food that we serve. In the past year, we've upgraded to 100% beef tallow fries and tallow tots. We're using grade A Wisconsin butter and A2 milk. Earlier this year, we removed all microwaves, delivering healthier food options at great prices. It's simple. Health is wealth for us. We believe in Freedom. We believe in giving customers the freedom to choose healthier options. And we're using the currency that stands for freedom. Bitcoin. At the heart of the American culture is the freedom to choose. And we want to stand here next year with even more accomplishments powered by bitcoin because we fully embrace the future of money. Bitcoin. Thank you so much. Go find your nearest Steak and Shake. Thank you.
A
That's great, man. You know what? I've said this for about a. I don't know, since they started this program. I was like, I gotta go to a Steak and Shake. I'm gonna try and go. I'm gonna. I'm gonna actually try and go this week. Maybe I'll do, like, a little recording of I'll try and pay in bitcoin, figure that out. I don't know. That's a great presentation. Again, we clicked around it. Go find it on X if you want the full four minutes. But, you know, hey, it doesn't lie. They. They said they were gonna, you know, dive into this. The Freedom Money bitcoin. They really installed it. They let people pay for it. They did the. I believe they had a bitcoin dividend for their employees. It was something like a couple cents every hour almost of. Of bitcoin for their bonus. And they're seeing the community embrace them because they're actually using it. They're actually doing things in the space. And that's kind of the opposite of what we just talked about. Possibly. You know, a lot of talk and not a lot of action. Steak and Shakes taking action, Brendan.
B
You know, I'm surprised that more businesses haven't seen them saying we would save 50% on processing fees versus a traditional credit card, which to them equates to $6 million annually if everyone used it. That's a lot of money. I'm surprised other businesses haven't heard that or seen that and at least opened up to the idea. Now they don't need to go all out like Steak n Shake's doing and hop up on stage and be like, you know, crypto converts. But I'm genuinely surprised because businesses are all about how can we save money? How can we increase the bottom line? Like, how can we do better? Especially publicly traded companies, right? Because it's all about that. It's all about the earnings call and returning shareholder value. I'm just surprised that more companies haven't done stuff like this. So props to him for being innovative, but also props to him for being pretty transparent about this. You'd have to Think again. I just can't see a world where other people would, would view that and say, like, how much is it really going them to integrate something like this? Not that much, especially if the margins are that big. So I don't know, man, I just, you know me, I think there's obviously a place for fiat. I'm not one of those, those, you know, I don't want to say, like, I don't know, I'm not one of those diehards where it has to be crypto or nothing. Right. I think fiats have a place in society, banks have a place in society, but I think crypto does too and at least get people the option.
A
It's starting the conversation. It's it all. That's what the Clarity act is so interesting. If it's not being leaked, it's like the whole conversation of the stable coins and the rewards is giving back to the people. Like these banks have such a, you know, a death grip on the interest rates and you keep this money in a bank and we talked about it when I bought my condo earlier and just the housing buying process, you transfer this money on a wire and then you don't, you're like, yeah, it's gone, it's out of your account, don't worry. I was like, okay, well did it hit the other account? Like, oh, we'll let you know in 48 hours. It's like, yeah, me. What do you mean for you? Like, that's crazy. Like, and they try and turn around like, oh, don't enter in the wrong key when you're sending Bitcoin. You'll never see it again. It's like, well, what if you enter the wrong key in a wire? You won't know for 48 hours where you're, you know, 20, 50, a hundred thousand dollars. It's crazy. But you were saying you're surprised that other, you know, larger companies, Fortune 500 companies aren't doing this. And I thought it was interesting. I was like, oh, Brendan, are you leading me into the sheet? Well done as a co host over there.
B
I should be.
A
You were, I mean, you were without. Because look at this. Walmart is now accepting Bitcoin. This was announced a while ago, I remember us talking about it, but it never was implemented. And so I did a little digging and I believe that this is going to start to be implemented now. It's not, I'm sure it's not going to, you know, Walmart, there's one on every corner, right? So, you know, I don't know if it's going to be at your local Walmart. But I did some quick research and it's a partnership with a stablecoin infrastructure partnership with One Pay, partnered with Tempo. So this is going to be rolling out. Walmart's expanding its tools with these platforms. The platform recently added a support for Solana, Cardano, Bitcoin, Cash Sui, Polygon and Arbitrum. Also Bitcoin and Ethereum. So I'm not sure this is basically the implementation part of like, okay, Walmart said we'll do it and then I think this is part two where they're now partnering with these companies and then it'll roll out. So I think this is something that we will hopefully continue to see and report on with specifically Walmart and other other companies. But I don't think you can go to Walmart today and do it. It's something that they've completed a partnership with to implement, so something we will keep tabs on for sure. But again, like you said, it's if, if especially the, the stats from Steak and Shake. I mean it's hard not to, to see that obviously they're not a McDonald's but you know, they're, they're a player in the space for sure. Player in the space for sure. Let's see. Oh, sorry, go ahead.
B
Love to do an episode where I go to Walmart and I pay for stuff in Bitcoin. I think that'd be.
A
Yeah, yeah, we gotta be, we're, we're, we're crypto journalists and we need, we, we need to do some stuff in the field which Bryce and I have done at the Consensus a couple years ago. Yeah, I'll try and, I'll try and do a little Steak and Shake video for the people. We can bring that back to them. So why. So final thoughts on Bitcoin 2026? I don't think that there was anything. Yeah, there wasn't anything. Life shattering, earth shattering. A lot of, a lot of talk, a lot of jargon. Michael Saylor, you know, said his normal, normal spiel people but, but it was, well, it was well attended. It wasn't like it was an empty ghost town even though the market's down. I thought that was interesting. And there continues just to be a lot of bullish, fundamental news. And then again we've said the price action hasn't followed. We're the first ones to, to show you that. But we think there's a lot of underlying technicals like we showed you at the beginning of the show, that there's you know, some bullish setup for, for moves to the Upside. And we really hope you're enjoying the Friday show. The Friday vibes are really high. The chat's been active, but if you could please give this show a, like, it really helps us grow bottom right. You'll see our logo. If you're new, subscribe for tons of free content. You know, I mean, we put out, what, four, five, six videos every week, from tutorials to podcasts to the rundowns. It's a super fun community. We appreciate you guys joining us. And then finally, last time, check the links below Brendan's trading course. It's open. I think it closes tomorrow or Sunday. So I think Sunday. So if you want to sign up and join him for his live trading session course next week, check that link. And then we also have a couple other stuff like the Book and the Crib Nation. So check out those links, support the show, get more involved in the community. We'd love to have you because it doesn't stop with Morgan Stanley, Brendan. It just keeps going. Like, a lot of these, a lot of these old guards are starting to say, hey, like, yeah, bitcoin, you know, 5% or more. And then they're, they're throwing out altcoin portfolios and ETFs. So this is T. Rowe Price. This is the T. Rowe Price Index. Again, this isn't saying you should put 43% of all your money in bitcoin and saying, hey, if this is the ETF that's going live for t row price and they put a 42 weighting on Bitcoin, 19 for ETH, and then, you know, ranging from 2 to 10% for some altcoins. Link, XLM, ADA, BCH, Dogecoin, XRP. Shout out to the XRP army. Solana at 7% avax, XRP at 10. Brendan, we've been trying to mention the XRP Army. Give a little love for the people. Friend of, friend of the show, Eli. I was just hanging out with him at the gym. I saw him at the gym this morning and he was, he was asking me about xrp. And so I was like, well, Eli, you got to tune into the show, but T. Rowe Place likes xrp. So, hey, who am I to judge?
B
Yeah, I mean, I, I do hope we see an uptick. One of the things that we've seen here recently is that large caps have been outperforming just about everything else. And that was happening for a while. Now it's really condensed into bitcoin and Ethereum. Have been outperforming the vast majority of the rest of the market. You have a few outliers outside of that as we talked about at the beginning, Morpho at one point, Canton Aerodrome lately, Hyper Liquid sky, there's been a handful. But outside of those, for the most part Bitcoin and Ethereum have been leading. Up until a couple of months ago it was generally speaking all of the large caps were leading, including things like XRP and Solana and BnB and they're all holding value pretty good. But now even those have fallen off a little bit. But you've seen a bit of divergence in, in terms of like what has been holding value and appreciating well here it's more so been some of the large cap. So I do hope we see a bit of a turnaround here in alts and I think it's only a matter of time until we do. But yeah, I think that this makes sense. You know, XRP here on more of the heavyweight side of the index is interesting, but you got to give props where props is due.
A
So yeah, hey, buy the dip. So T. Rowe Price getting involved in the etf, you know, just a mixed bag of cryptos, if you will, etf, which you love to see, you're going to be seeing a lot of more of that and they're going to be going live. I saw Western Union launching stablecoin based payments with Solana on Solana. So a real world use case for Solana. We've done a lot of awesome interviews I feel like this year with Ethereum, with Solana and kind of picking the brains of those foundations and the people working and building on there. And it's kind of like hey, how are who the rwas, the real world assets, you know, who's coming on chain. And so Western Union is, you know, a big money transfer company. That's their one job is to transfer money around the, around the world. Right. So they, they choose Solana.
B
Solana's been getting a lot of attention here recently. People would be amazed at how many conversations. I know not everyone can listen to every podcast that we do, but over on the crypto 101, like actual podcast episodes, people would be amazed at how frequently we talk to people and then they just constantly bring up Solana, you would think. And obviously Ethereum has more institutional adoption, but out of the institutions and the people that we talk to, I mean again from all different ends of the space, they love talking about how bullish they are on Solana and it always catches Me off guard because it's not like there's a fair distribution. It's. It is the dominant crypto that people bring up on the podcast side, whenever we have someone who is very clearly an institutional person talking, they almost always bring up in favor Solana, which always stood out to me because I would have been convinced that they either would have been bitcoin favoring or just Ethereum from an institutional standpoint. And they're very. They like those, right? Very rarely do they dislike them, but they're like, I had to pick one, it would be Solana. And here you are, I mean you're seeing it get more love. So I like them all right. I'm bullish. Bitcoin, Ethereum, Solana. I like them all. So I'm a fan. I think they'll all win at the end of the day. But trying to give Solana some credits too. It is pretty beaten down here along with the rest of the altcoins. But they've been doing a lot and they still dominate overall, the most activity in crypto. I know we just had a good podcast with them, what, a few weeks back, right, with the Solana Foundation.
A
So yeah, again, obviously it's shameless promotion, but if you're interested in learning just some more ins and outs and deep diving on specific projects, go back in our catalog and scroll through and check out some of the episodes. They're, they're marked EP in the number, you know, EP 700 or EP 725. Go check those out and see if for any are interesting to you because we have had a lot of great guests in the beginning of the year that Brendan did and we have not to. Not to pat our own backs. We're doing some big ones next week, I think so definitely, you know, keep the channel, subscribe notifications, Apple, Spotify, YouTube, the whole nine. I saw Meta. Meta announced they will be doing stablecoin payouts with stripe for creators, doing some USDC also on Solana and Polygon. So meta, kind of the same thing, just, you know, getting involved. The stablecoin thing is all the rave right now because it has less friction, it costs less, it makes sense, you know, whether it's stable coins or bitcoin. You heard from Steak and Shake, it's like this is where the puck's going. And so, you know, I think, you know, as you continue to educate and whether it's interviews or these type of podcasts, we got to try to try to snuff out as, as educators, learners and investors where, where the Puck's going. Met is one of the biggest names to do it. Let's see. Let's do a quick Clarity act update and then we will have a couple quick hitters at the end and we can open up for questions if anybody has any. So I saw this again, it's the same. I don't even think we need to play it right. It's the same. It's just, you know, it's the same story. Like, oh, you know, the talking heads of the crypto administration are going to say the Clarity Acts moving. The Clarity Acts getting passed. It was just another news hit that said, hey, this is going to get marked up. And on president's DRUMP desk, he said in June or July. So these, you know, these politicians that are involved in this keep saying that. Obviously there's, you know, a lot going on behind closed doors, but anything to add there, Brennan? On the Clarity Act, I just thought it was worth at least bringing up of a national news hit like that, even though we don't really need to listen.
B
I think it needs to happen by June or July.
A
I know. I think that's like the only session I think after that there's like, you know, the government, how it works is there's. There's no joint sessions to get the votes in. I think. Yeah, it kind of feels like everybody's leaning towards that before August deadline. And I put a couple bets in on the. The betting markets. Brendan with Brian. I said, is it gonna get done? I said yes. And then I also got a little extra juice on is it gonna get done before August 1st. I put yes as well. So little fun, little prediction market bet. We're gonna track here into the summer for the podcast. We all win together on that one, not just me.
B
Are the odds looking?
A
It was like 50, 50 for just to get done at all. And then it was 63, 65, 35 on before August 1st. So we'll take the juice. We'll take the juice. I have a. I didn't get the link there. Let's see. I definitely retweeted it. So let me go on our profile, I saw that the national debt hit an all time record high yesterday. Basically our debt surpasses the size of the United States GDP for the first time since World War II. That's not good.
B
Not what you want to see. I think crypto people are probably having a field day with this.
A
Right. And so that's my kind of point into our next thing is like I see Nikita Bier. He's the head of something on Twitter. I don't know what his exact title is. Let's see, Head of product on X. And he says the most snooze topics, launching the most snooze topics is a feature they launch. You could snooze a topic. The number one thing is crypto. Crypto snoozed. And then if you go over to, you know, I saw this stat on crypto YouTube. Let me scroll down. Let's see. It was like crypto YouTube's at an all time bottom here. Look at this thing. Crypto YouTube, the last all time high. Everybody wanted in and everybody got in and just dwindled down. I mean, that's like, that's, that's more than half. That's like 70%, 80% drawdown on all the crypto YouTubes across the space that have solid followings. And so, number one, if you're watching us on YouTube right now, we really appreciate you still being here. The masses will come back, as they always do. But crypto's dead. I agree. YouTube's dead. Crypto YouTube's dead, crypto Twitter's dead. But also, I love that. I love that. That feels. That feels good almost.
B
Yeah. I mean, I think the weak hands are going to get shaken out. They always do. And as someone who's been around in this space for a long time, it happens, right? You go from the peaks to the troughs, to the peaks to the troughs, and you go up and down and it obviously correlates with price. It makes sense, right? People are the most excited to watch and learn about stuff after they've made a bunch of money or they see other people making a bunch of money. And then when it's low, people are like, I'll come back to it. I'll hop in the time machine, I'll occupy my mind with other things and then I'll come back once it's doing better. But yeah, it is, it is. I mean, you can see it. I feel like you can see it, you can feel it. I know you're a media guy, so you probably definitely see it.
A
But I said multiple times on the show, it's like, hey, I realize the numbers go down with the price action, but we have a great base on this show. The YouTube, especially the audio audience we, you know, really appreciate. The whole team appreciates it. But like, this show's my baby. I, you know, handhold it from writing the scripts, the rundown, to producing it, to editing it, to uploading it. You know, everybody sees me in the comments And I'm always trying to respond and build the community for the audio and the, and the YouTube. So I love doing it. We're not going to be stopping. And again, the masses come back, they always do when the price comes back. But if you're here now, that's where the alpha is, right? That's where the real, the real alpha is. Being here right now and also taking your trading course and being in the community. And we have came and gave me the link for the collective. Brendan, we haven't talked about the collective before, but if you're ever interested in joining us in person, we've been doing some in person events. We've been keeping it pretty quiet. It is for accredited investors only, so you have to qualify for it. But I did put a link in the YouTube and the podcast for the collective where you can meet Brendan, you can meet Bryce and be a part of, you know, a fun couple days and where we just kind of break down everything that's going on in crypto and, and do it together in person. So if that interests anybody, check it out. You do have to qualify, but the information's there on the link and then I don't think crypto's dead at all. I think, I think we'll be back. I love saying the same side of the boat. I was going through those stats of everybody's muting. Everybody's muting crypto on X. Nobody's watching crypto YouTube anymore. And I was just like, man, at least I'm not down that side of that. Or. No, I said it. I said, man, I was like, well, I'm definitely on the other side of the boat on that one. So I always say I don't like being on the same side of the boat as everybody else. And that's just how I've always lived my life in general. So I didn't, I didn't feel left out on that one, but makes sense.
B
Gee, what else we got? T bow?
A
I didn't. Let's see if there's any questions. Holy whales down there. Hunter says we're just getting started. I didn't get any questions. When's the. Okay, he. When's the predicted date? Here, you. Holy whale. When's the predicted date for the hype etf? I think. I mean, I can look it up real quick. I usually get Bloomberg updates if there's an update on it. So it looks like it was 21 shares. This is from April 21st. I'm sorry, April 14th. My apologies. Moving closer. SEC reviews application 21 shares updated. It's Hyper Liquid ETF on April 14th. That shows that seems to be moving closer. But no other, no other news other than that. So we'll keep an eye on it for you. We'll keep an eye on the hype etf. Let's see Friday vibes. It's. Oh, we got it. We had our poll. Will Bitcoin hit 90k before 60k? 87 say yes. So more bulls than bears in the chat, but a couple bears. A couple bears in there and it's totally, it is totally possible. It is totally possible. But any final thoughts from you, Brendan, as we wrap up our show on a fantastic Friday?
B
You know, I'd say final thoughts here are really locking on the markets. I think we're at an important time. You have a lot of long term stuff saying you need to keep an eye on the crypto market for some upside. On the downside, you know, we're still at that pivotal moment. So I think this is a critical point in the charts as we're trying to decide what we want to do. I'd say buckle your seatbelts. I think crypto is still overextended to the, to the downside. I think the spring is coiled. People need to lock in. It always bottoms when you least expect. It always works like that. And I think on the way up there's going to be a lot of really salty. You know, I was going to say there's going to be a lot of salty bears. There is, I think there's even going to be a lot of salty bulls on the way up who just had not accumulated. They were so, so focused that price was going to go lower that they were going to have longer to accumulate that this and that would have happened. And the thing that I'll leave us on is that every single cycle, bullish or bearish, there are people who overexag in both directions. In a bull market, there's people telling you, you know in the last one, there's people telling you we're going to go to 500,000, we're going to go to a million, we're going to go to 10 million. In the bear markets, it's the exact same thing, just different people in the different direction. There's people telling you in the bear market, guys, we're going to go to 30k, we're going to go to 10k. On Bitcoin, we're going to go to 5k, it's going to go to zero. People are extreme and they are wrong about both of them, the bull market and the bear market. There's people who are just astronomically out of place in the bull market and then there's people who are astronomically wrong in the bear market. There will always be two sides to that coin. There will always be extremes. And I think the issue with where we're at right now is while it's possible for us to go lower, people will get caught off guard by when the market bottoms, they're not going to be content with how much exposure they got. And I think that there's going to be a lot of bears and bulls that are salty once the bottom itself actually happens and we really start seeing a nice recovery. So my goal here is to not be one of those people.
A
Right.
B
I don't want to overextend myself where I'm too thin and I'm comfortable with my position. But I also want to make sure that as someone who personally believes that this space is going to be able to recover well. I want to be buying things that I'm very long term bullish on that, you know, with capital that I don't need anytime soon. That's how I want to position myself here. So, yeah, you know, that's what I'm thinking here. Thivo.
A
Yeah. And that's what you teach again in that course. It's like, hey, you're learning tools like how do I trade in this environment and how do I do risk reward ratios and how do I make sure that in my trades I set stop losses versus market orders and market sells? It's like that's that next level. So if you're interested in that next level, check out the course. Do it with Brendan. Do it with us here. Crypto101. You're all family. No matter what audio YouTube are in the community, but obviously in the community you get more access to us and a lot more learning and education. And we appreciate everybody who tuned in today. I hope everybody has an awesome weekend. May 1st, May 1st. We'll see you next week, I guess on May 4th. May the fourth. Be with you. With you. That's always a fun one for Star wars fans. One final call. Give it a like if you're new bottom right, subscribe. I hope everybody has an awesome, awesome weekend. Thank you as always for tuning in. We truly are grateful for every one of you and we'll talk to you all next week. Bye bye everybody. Want to keep up with everything trendy? From breaking news to shareable jokes, pop culture bites to viral food spots, it's all on TikTok Download TikTok now to
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explore
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This episode delivers an in-depth technical and fundamental market update on Bitcoin and the wider crypto space, set amid significant adoption headlines and the aftermath of the 2026 Bitcoin Vegas conference. Bryce and Brendan break down current technical chart patterns, assess pivotal macro and regulatory catalysts, and react to news of growing Bitcoin payments adoption and institutional involvement. They also reflect on audience sentiment and the evolution of retail engagement, providing actionable education and insights for retail investors.
Critical juncture for Bitcoin and crypto: Brendan frames the market as “make or break”, with a coiled technical squeeze likely to result in a significant move either up or down.
Bear Flag Pattern:
Key Technical Indicators:
Timestamps:
Major corporate adoption accelerates:
Institutional Involvement:
Timestamps:
The Clarity Act and Legislative Gridlock:
Election-Year Dynamics:
Timestamps:
Conference Recap:
Industry Trends:
Timestamps:
Timestamps:
ETF Developments:
Altcoin Market Dynamics:
Timestamps:
On Technical Squeeze:
On Institutional Shift:
On Steak and Shake’s Bitcoin Success:
On Regulatory Frustration:
On Retail Bearishness:
On Market Extremes and Positioning:
Next Episode Hint: Hunter, the new analyst, debuts next week, and hints at a potential Bryce appearance.
Final Reminder (from Brendan):
“My goal here is to not be one of those people [too extreme bear/bull]... I want to be buying things I’m long-term bullish on with capital I don’t need anytime soon… That’s how I want to position myself.” ([60:07])
| Segment | Timestamp | |----------------------------------------------|-----------| | Technical squeeze & bear flag design | 04:13–08:43 | | Bitcoin bottoming indicators | 08:43–16:56 | | Pengu, altcoin highlight | 16:56 | | Bitcoin Vegas recap, institutional presence | 21:42–27:57 | | Strategic Reserve & government inaction | 28:36–34:06 | | Steak and Shake CEO keynote | 36:50–39:08 | | Walmart and merchant adoption news | 41:28–43:03 | | T. Rowe ETF, altcoin index talk | 43:03–47:13 | | Solana, stablecoins, Western Union, Meta | 48:04–49:43 | | Sentiment & crypto YouTube/Twitter lows | 54:19 | | Final reflections on cycles, education | 58:06–60:07 |