← CRYPTO 101
CRYPTO 101
Crypto Rundown: Technical Pattern Signals for Bitcoin and Eth Plus Top Altcoins in The News
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Foreign,
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Everybody. Welcome back to the Crypto 101 podcast. Bitcoin is sitting at critical levels right now, but behind the scenes, something much bigger is happening. We're seeing tons of ETF flows. Stay strong. New price targets from TD Cowan are getting raised back into the hundreds of thousands of dollars for bitcoin. And some of the biggest buyers continuously step into the market. So the real question isn't just where the price is going, it's why money is still flowing in non stop into the crypto and bitcoin markets. Welcome to the crypto rundown. We got an awesome Monday show for you. Long lost. He's back. Alas, Brendan joins us. We're going to be getting up the charts going very soon. Just after we introduce Brendan. Brendan, welcome back to the show, my friend. I feel like it's been a while.
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C
I know, man. Well, every time it's like I take a little break, I have my return, then I get busy doing other things. But it does look as if things are starting to cool down a little bit on our end, which means that I get to make more appearances. We get more rundowns, you all get more videos. It's the circle of life that helps out everyone. But like Devo said, Happy freaking Monday, everyone. Pretty good one here for the crypto market, I do say so myself. Bitcoin up 2%. Ethereum up 1 and a half. Solana up over 2%. Hyper liquid trying to push here to, to new yearly highs up over 5 and a half, 5 ish percent, which is a good thing to see. So, man, I'm stoked. I mean, there's all sorts of positive technical developments and I know here on the rundown we haven't had as much technical action, so we'll make sure to dive into that today. But lots of stuff on the fundamental end as well. Where do we even begin?
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Yeah, it's. We've just been beginning usually the top of the show with like that macro update. Obviously it drives markets the market force with the war in Iran. The only update over the weekend was there was a, there was a summit. Vice President Vance was there in talks overseas with Iranian leadership. And it came out of the meeting that the headline Saturday night was a lot of points were agreed on, but the nuclear point was not. So there was no deal agreed upon. And that led to the President saying that they were going to blockade the Strait of Hormuz, which at this point just. There's so much talking going. It's a lot of jargon. It feels like it's it's more just verbiage and like what's changed is really nothing because the straight of her moves. Nothing's. They say it's open, it's closed, it's open. But then only a certain amount of ships are going through now. The US is going to do a blockade. I don't really know what to make of it. It's not. That's not why you come to this show. So I'm. We're not going to dive into that. I will say the headlines, the headline came out Saturday night and the market dropped a little bit. Bitcoin, Ethereum. Some, you know, some the initial reaction was lower and then recovery into Sunday and into Monday. And it just kind of feels like it was one of those, like it was a headline risk. But I, I don't think really anything's changed that much fundamentally. But again, that's not really our place in time. So just wanted to give everybody an update on that. But I think we could really just dive and open up the. Open up the charts here. We're so glad to have you back and just see what's been going on. It's been a couple weeks and it feels like there's a little bit more clarity. As much as there's always this back and forth on the macro level, there's some clarity of where price is tending to want to go.
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C
Yeah, I mean, you're right. This is that move that you talked about. You know, markets opened up Sunday night after that news. You saw everything, you know, bitcoin, equities, indices, everything kind of gapped down. The futures market gapped down about 1 1/2% for NASDAQ. And here's that move for bitcoin along the same timeline. Bitcoin taking a much steeper move to the downside, about double that, closer to 3%. But that's pretty normal. You know, bitcoin's almost always been more volatile than NASDAQ in both directions. But when you see good and bad catalysts happen, you tend to get a bit of a overreaction depending on what kind of news we get. So bitcoin here sharply recovering though, as it's moving back up. You see bitcoin, you know, again, green 2% on the day, kind of outperforming what we're seeing in the indices. Indices are up about half a percent, you know, for NASDAQ and the S and P. Bitcoin up here about 2%, just over that and depending on the crypto project around that area as well. So again, good Move here from crypto as we are recovering back to the upside. Lots of headlines, Thibaut. One of the things I've been saying over in the trading sessions is that the market that we have right now is very catalyst driven. It's very emotional. The news is running, the headlines are running price action. It's just an emotional, catalyst driven market at the moment. Which means that there's lots of nasty, choppy, whip, whiplash like price action here. So for all the traders out there, guys, this is a really frustrating time to be trying to trade this stuff. But in terms of long term value, I think we're setting up for a tremendous long term value opportunity. And that's where I believe that we sit right now. So if we're looking at bitcoin here, just right off the bat I have this like rising channel where bitcoin's been rising from kind of its low point to its high to a higher low, higher high, higher low, higher high, you know, and so on and so forth. And so we have seen price gradually just appreciating up into the right now this in and of itself is a decent thing to see, right? We're not pushing lower. However, one of the big patterns of this year as we've talked about have been these kind of moves down rising channel, move down rising channel. And we, we kind of see this bear flag pattern rinse and repeat as we've seen here, here, here. And now the big question is, well, guys, is this going to be another one of those bear flags? Because they varied in size, right? You have some smaller ones, you have some bigger ones. Now people are looking at this and saying, hey, it's somewhat behaving like this again. However, I, I think we are approaching the worst of it this time of year.
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I've started to see some people say, hey, the bottom is officially in. I would say I am leaning more towards that camp. I still believe we can have one more leg down. I would not rule that out. And who knows, right? Things can always change. But I think that the worst of it is behind us, right? I believe now that there is more upside risk as opposed to downside risk. So what that means is hey, maybe we do need one more flush. But again maybe that brings us into the 50,000. I personally don't see us going much lower than that if we even get to do that, which at this point, you know, some people are saying hey, that could be a stretch but I'm looking at it now and saying hey, maybe we need to flush into the 50,000. But that's about the extent of the downside that I see at this moment. Now to the upside. I think that there is plenty of room to move up. I think the number one area, let's give two areas, two areas that I'm looking at here. Number one is saying, hey, maybe we move to a slightly higher high. We'll extend this channel out a little bit and we'll look at it like this. That would say, okay, well maybe if we move back up to the prior highs, it's saying, hey, mid to upper 70s, you probably run into turbulence again after that. I think that the real price target that I have is around the mid $80,000 level. Now there's a million reasons why we can look here. You can look and say, hey, this is where our previous bear flag was. This is where our prior support that'll likely turn into resistance is if you draw an anchored vwap or an anchored volume weighted average price, you anchor that from the all time high and you get this orange line right here which is right around $84,000. You have the 200 day moving average at $87,000. You have a huge volume point of control sitting right around in here as well. So no matter which way you look at this, there is a lot that's going on around this mid $80,000 level. And I think that's what makes the most sense. If we're going to go anywhere to the upside, saying, hey, let's look at the mid 80 thousands, that should be the big target and then we'll reevaluate. But in terms of long term, you know, I'm obviously very bullish on the long term. Call me bias, but we're running a podcast called, you know, the Crypto, one on one. So I'm going to be biased towards the long term. But I would even say, you know, looking at this as just, just raw risk versus reward, I'm kind of looking at the saying, hey, you know, if this fails, maybe we go down here. But in terms of the upside, I think bare minimum, we're looking at 80,000. If you get a full reversal. You know, I'm a believer that new all time highs are still possible for bitcoin now. Are we going to see those this year? Maybe, maybe not. I'm not convinced that we'd see new all time highs this year. I am convinced that we will see new all time highs. Maybe that's this year, maybe it's next year. You know, for me it's a matter of when, not if we're able to. But that's what I'm looking at over here on bitcoin now. So if we do get a turnaround, number one, I want to see us hold above these short term moving averages. We are starting to see this happen again. We had what was a death cross. Now it looks like we're trying to have a golden cross again. We're trying to cross these moving averages and point them back towards the upside, which is the 20 and the 50 day right here. So I want to see price action holding above the short term moving averages continue to hold higher lows and we really want to see a push through the ceiling of this resistance. Right. We've seen slightly higher highs. What we need to invalidate this is a very sharp higher high. So we're not, we don't want to just continue the pattern of this rising channel like this. No, we want to see a full breakout. Maybe we break out through that prior high tested as support shoot up towards this next level. That would be a good sign saying, hey, we are breaking out we are reversing from this structure that we've had which has been so far, you know, move down bear flag, move down bear flag, move down bear flag, rinse and repeat. But if we can break that cycle and even draw a little bit of a trend line here and say, hey, if we can break the entirety of this downtrend, then that's where you can still start really looking at this. And if you draw the all time high resistance line here, that trend line, you can see that, hey, you know, we are beating up against that level right now. If we are able to break through here, if we are able to shoot ourselves into a higher high, it's not a bad spot for bitcoin. It does look like strength is returning. You have that RSI level looking pretty decent as well. The only thing that I'm looking at on the relative strength index indicator is saying, hey, we've seen lower highs for quite some time here on bitcoin. Going all the way back to November of 2024, we've moved up, seen lower highs, lower strength, lower strength, lower strength, lower strength. So I'm a little bit nervous around this area saying, hey, if we do get a big rejection, that could probably bring us back into the 50s, but if we don't and again we break this, I think it's a lot more ammo into the side of a reversal has happened. So we're at a pivotal point. We could reject here, probably see new lows in the 50s, but if we break here, it's looking awful, awfully like a trend reversal. One of the final things I'll talk about here with bitcoin is that if you zoom out to a weekly time frame or a monthly time frame, I'm going to bring us over here to another chart. You can see that every single kind of market bottom and top on this relative strength index. Whether you're looking at the monthly, which is what we have right here, or even the weekly chart, which is what we have right here, they tend to bottom and top out around the same areas since 2010. So we're basically going all the way back in bitcoin's chart and saying, hey, according to the relative strength index, where do we typically bottom and top out, generally speaking? Well, you know, it's pretty consistent. I have all the arrows kind of highlighting all the different peaks and troughs, but we pretty much hit this to a T saying, hey, we kind of hit this area. We bounced up indicators now can like lag a little bit in nature. So that doesn't that might not always mean that the actual price bottom is in, but it typically, hey, the worst of it can be behind us now. So I'd look at this and say, hey, you know, again I do, I would look at this and say, hey, there's probably more upside risk as opposed to downside risk. So I'm gradually becoming more and more bullish here. We're still at a pretty, you know, interesting time in the market, but I think it's hard to look at this and just wipe it off and be like, ah, you know, there's no real value here. You know, we're going to tank in the new lows. I have a hard time being fully bearish here. I think that there's still bearish evidence and excuse me, a bearish argument to be made, but to be fully bearish here with and ignore some of the bullish data that we're finally starting to see, you know, I think it's a little bit, it's a little bit kind of tunnel visioned. It's probably the best way to put it. Other things here before I hand it back to you. TiVo is just, you know, Ethereum here, one of the better performers in the market trying to really push and break out. Ethereum has kind of been outperforming most other projects. Lana. You know, I would say mid performer here, not necessarily underperforming, but not over performing, just still very much chopping sideways. I think one of the big winners here is Hyper Liquid trying to push to new 20, 26 highs. If it does break out here to 44 bucks, this will have been the highest level that we have seen since around October of last year. And so yeah, I mean lots of stuff happening, lots of price action and updates and lots going on. Tebow.
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Yeah, a lot of, a lot of fun price action there to kind of recap since you've last joined us. And yeah, I think it's kind of like a, interesting pattern. The rsi. I thought that was my, my favorite part of what you just went over kind of there. I thought that was really interesting dating that. I think it's, yeah, it feel, it feels like a buy the dip moment. It feels like something where we kind of say hey, zoom out. Like, you know, obviously there's the ups and the downs of the market that come and you never know what's going to be kind of that Black Swan event. But if, if the macro holds and things push forward. We've kind of talked about it on the show a lot is, is, you know, before this world event happened, everything looked pretty good. Like the economy looked good, inflation looked good, and then this is obviously a bigger curve ball to that. And then you're also going into the fall of midterms. So midterm, your election is always very interesting for markets and we can kind of touch on that. We have a interesting topic later that might ensue with that. But any, any thoughts, any final thoughts? I asked the chat, I put in the chat. If you guys have any questions, we are live. So if you want to throw something in there, let us know and we can answer it. We've got Ebster tuning in from the Canary Islands on vacation. What a, what a legend. Tuning in on vacation nonetheless. But we said before the show we want to switch places with them. Thank everybody for, for joining and if you could just give it a thumbs up and it helps us grow. And if you're new bottom right, hit subscribe. And if you like the charts, Brendan hasn't been here because he's been locked into his community and doing this, doing his micro bull run course where you get to learn the charts and learn the technicals and then also do live trading sessions with him like this twice a week. So if you have any interest in that, check the description below the links there for you to get more info on that. But any final thoughts, Brendan, on the, on the charts?
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Before we move on, one final thought that I just thought of here is that if I could offer everyone one more kind of zoomed out perspective, it would be the 200 week moving average. Now, throughout the last several cycles, we have touched this a couple of different times. You can look at it over here in the 2015 cycle, 2018, 19 cycle, the 2023 cycle, and then of course where we're at right now in 2026, you know, every single time we've kind of come down here, found support around the 200 week moving average, resumed into the next bull market, came down here, bottomed out, resumed into the next bull market. You know, found it over here during COVID found it over here. And this was probably the worst example where we came beneath it. But then we resumed into the next bull market and again over here, again it's, it looks as if we're really bouncing off of this pretty well. So you have to again look at historical data. I would zoom out and say historically we find support around here. There was one maybe exception where we spent some time underneath the 200 week moving average. But again, the result was the same. We might have fallen through it, but then we resumed into the next bull market. I look at it this time again and say, hey, it doesn't look too bad from a more zoomed out perspective. Historically we come to these level levels, we bottom out, we resume to the upside and it's kind of the, the long term picture that I'm looking at over here. Who knows, maybe we need to retest it one more time. Again, I would not rule that out to say maybe we need to test it one more time. But again, long term value down here I still think is pretty convincing.
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Great points and great points and there's, there's kind of like we've said it's, there's macro data to pull that up in, in the, in the space. Right. It's just there's a lot of great news surrounding the space and price action hasn't followed but kind of like your chart shows there for the long term. It's like eventually the price traditionally has, has caught up to the good news. And so just continuing on that we saw here from Bloomberg, another solid week for Bitcoin ETFs. Last week obviously there was the Morgan Stanley bitcoin ETF launch which was great, but I thought this was cool. The, the Bitcoin ETFs are now officially positive year to date for flows which is great. Eric says boomer strong as the boomers are diving in and buying the dip. And so you can't really blame the selling on these ETFs. Right? There's no mass selling. It doesn't seem like with year to date inflows being positive. So I thought that was cool. And then a couple just quick hitters then we can just kind of open it up for discussion. Brendan strategy had a big buy, big buy this morning announced a billion billion dollars of, of bitcoin. That's one of the larger buys sailor's done recently. So that's quite a big buy in. We also have Tom Lee and Bit Mine bought a little bit more Ethereum wasn't too much but they just continuously keep buying as well. And then price target from TD Cowan. I thought this was, this is kind of something that's uh, you know, not on the same side of the boat as everybody else. TD Cowan says Bitcoin to hit 140,000 this year issuing a buy rating. So you know, again there's, there's a lot of bullish news on the street. There's a lot of bullish news in, in the data with ETFs. Any, anything and everything of that little quick hitter rant. Brendan what stuck out to you?
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I mean the markets, they're always going to go up and down and this is going to sound super basic, but I think it needs to be said the markets go up and down and we've had this extended period of time now where again all risk on assets have been getting just peppered since October. It's across the board. You know, you look at software, you look at financials, you look at, you know, anything that's tech heavy. And NASDAQ hasn't really hit convincing highs since October. And so people always like to go, oh, why is bitcoin doing so bad? Why isn't it hitting new highs? It's like, well guys, it's, it's just about everything that's getting peppered here. Even like large, you know, household name and staples are down 30, 40%. You have things like, like Microsoft, right, and Oracle and all these other companies. So it's not just crypto here. I say that, you know, we go through these, these periods where guys, we're in a raging bull market and then we're in these pretty tough bear markets. But the one thing that has proven to be true, you can say this, for every single prior cycle, the one thing that has worked is buying the dip. And so there's going to be two groups of people here, there's going to be the people that go out, they sell it all at the very bottom. And this happens every cycle and it's so unfortunate but they go, they sell out, they get tired, you know, they capitulate, they sell and then who knows, you know, maybe a couple months later, sometimes it's a year or two later, but bitcoin resolves to new all time highs. And so again, I can only speak for myself here personally, but I've been accumulating here and you see everyone else accumulating, whether it's TD Cowan, whether it's, you know, strategy, whether it's Thomley and Bit mine, whether it's these banks and the ETF providers that are all starting to flip positive on inflows. Like there's a million different things you can look at and saying, well, what is the big money doing? And it's well, they're buying the dip, right? They're used to this. They have been through so many different market like making events, so many different black swan events. And they buy the dip when they see long term value. And you know, we don't always have to overcomplicate it. It's hey, this is down a lot. You see tons of institutional Buying it has always recovered. And I would look at that and say, hey, you know, we're not, it's not some magic thing where we're going to be back at new all time highs tomorrow, but at least if you're here and you're watching this, you're probably somewhat convinced in the very least that you should have bitcoin exposure for the long term. And that's really what this is about. So again, we have the saying, when in doubt, zoom out. And there's a lot of good stuff that's happening here. I think the big reason why we're starting to get buy signals is a, I think people are starting to price in and become somewhat numb to a lot of the geopolitical energy news. All that stuff, all the FUD that we've seen for the last six months, whether it's the private credit, whether it's the Clarity act, whether it's energy or geopolitics or the Fed or whatever, people are becoming so callous and numb to all these different headlines and they're like, okay, like, oh, we've heard about this now for sometimes, some of these, more than that, six, seven, eight, nine months sometimes. And people are just getting over it. They're like, all right, what's going to happen is going to happen. And you know, people have priced it in. And I think people are coming back now and realigning with what they believe in the long term. And so I think for a lot of people that's bitcoin, but that's where I stand.
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B
That's a great point. And it really is a bear market in unique, different ways where, you know, the S and P, the NASDAQ aren't down, you know, 15, 20%. But man, some of those sectors which we covered on the show months ago, like we covered the IGV, right? Yeah, six months. The IGV is down 31%. Some of those private credit funds like Blue Al are down 45%. These private credit fears. So there's, there's a lot of, you know, risk off behavior and selling going on. And you know, if you compare that to bitcoin, it's, you know, par for the course, even performing slightly better, especially in the, in the wake of the war. Right. Bitcoin and crypto, Ethereum, all that had a little bit of a bounce and kind of led the way through, through the war, which was really, really interesting. But there's more, again, more bullish news to cover. There's some new products coming online. We got BlackRocks launching its Bitcoin ETF. Officially, the ticker is going to be bita looking to bring some yield for the bitcoin, you know, holdings. And I think this is interesting. We covered it a while ago, I think when they announced it, but it's finally getting filed and, and going through kind of, I guess, kind of doing that financial alchemy in a way, right, that Sailor does, trying to get some yield off the bitcoin, selling some calls, playing the volatility. So is this, is this interest you? Is this, are you like, you know, Sailor's got all his different options. I don't know if you've ever dove into them. And then looks like blackrock's trying to play a little bit of the cards as well.
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C
You know, truth be told, I don't get too interested in these kind of things. You know, why am I in bitcoin? I think that's what it comes back to is why am I in bitcoin in the first place? And it's usually because, hey, you believe that there is good upside in this alternative asset and the technology and all these things. Like, I'm not in it to get a yield or a dividend or steady income. You know, I'm in this thing to, to play big, right? I mean, it's a risky volatile asset. That's what I want it to be. That's the goal of it. I'm not coming in here saying, oh, you know, because what these do is essentially I'm going to make a very straw man, dumbed down version of this. But what these income ETFs are is saying, hey, you're going to get reduced, excuse me, reduced volatility in exchange for consistent income and consistent dividends. And that's the way that these things work. But I'm in Bitcoin because I want the volatility. I think there is substantial upside. I think that there are all these big volatile factors that I like. That's why I'm in it, because I'm very convinced. And what this is doing is saying, hey, you can get consistent dividends and incomes and yields off of it, but you're gonna most of the time have reduced volatility. So if that's your thing, by all means. I'm just not looking at the market where it's at right now. I don't want reduced upside at this point in the market. I think that the market has seen substantial downside. I want all of the upside risk here, not all, but you know what I mean, right? I don't want to limit my upside risk at a time where the market is so heavily discounted. So again, these things are cool. They have a place. I know people who like these, by all means go for them. Nothing wrong with them. Just for me personally, maybe it's because I'm a little bit more of a trader, right? I have that mindset. But for me personally, I would rather just have spot Bitcoin ETF exposure as opposed to 1 of the income ETFs.
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B
That's fair enough and it's a great explanation. But if the if I can't interest you in a BlackRock Income Yield ETF, can I interest you in a Hyper Liquid ETF? Bitwise Update keeps updating the Hyper Liquid ETF. We've got a ticker. It looks like it's going to be b h y p67 bips of a fee, which means the launch is coming up soon. We said at the top of the show Hyper Liquid was moving on some news today, so that's good. And bitwise trying to capitalize on the hot year with hype up 200%. So hype ETF, I mean, I guess, you know, full accountability. We both have a little bit of exposure to hype and you know, I don't know. I'm not going to dive into the ETF necessarily, but unlocking some opportunity for others.
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C
I need a gavel here where I can just smash my gavel down and say sold. Yeah, no, I'm sold. I'm sold on this one, man. If you can't tell and maybe you're newer here. I'm a huge Hyper Liquid fan. I've become a bigger and bigger fan as time has gone on, as they've performed and added new features and new proposals and they've grown. I'm a big fan. I've already got exposure to this thing. I am all for the idea of a spot ETF for this. So I mean, take my money at this point. I mean, heck, maybe I'll One of the things I like to do TiVo is I like to do options. Me and you are always talking about option stuff over here. But you know, one of the things you can do is you can sell options. So I'd be curious to see, hey, are we going to be able to do options with this etf? If we are, I would potentially exchange or sell my actual Hyper Liquid for this etf so that way I can run options against it. That's just a thought that I have here. I've done that with a little bit of my bitcoin I haven't done it with like any of my Ethereum or Solana yet, but I have done it with some of my Bitcoin just so I always have the option, you know, if I want to sell calls or sell puts or do whatever. It's a nice little tool in the toolkit, but I'm a fan of this. I also think it shows how much attention has been pushed towards Hyper Liquid and how much they've grown. They've managed to break themselves in to the top 10 by market cap and their statistics. If you haven't looked at that, I mean, that could be its own episode with how fast they're growing and how much revenue they're making. And of course, all of this is supported by a buyback program where the vast majority of their revenue goes to or the vast majority of. Was it revenue or profit? I forget. But it goes towards buying back the token, which of course helps appreciate price. So, big fan of this. Big fan of Hyper Liquid. Yeah.
- [32:59]
D
Liberty Mutual customizes your car and home insurance. And now we're customizing this ad for your morning commute to wake you up, which could help your driving. Science says that stimulating the brain increases alertness. So here's a pop quiz. How many months have 28 days? What gets wetter as it dries? What has keys but can't open? Locks? If you don't want to hear the answers, turn off this Liberty mutual ad now. 12 months. A towel piano. Enjoy being fully alert.
- [33:26]
C
Liberty. Liberty. Liberty Liberty.
- [33:29]
B
And another, another project that we have been a fan on and had some interviews for and talked about in newsletters and communities and had some decent price action is Canton Network. And they, they have a couple, couple announcements that came out. I saw it was JP Morgan expanding JPM coin using the Canton network via Connexes in 26. So they're, they like what is going on there, looking to expand it and then also HSBC with some, some international play. HSBC is huge money management for in Asia, in London and Europe. Canton Network getting, getting a nod, a nod for some use there.
- [34:10]
C
Brendan, I, I listen, I like Canton a lot. We've had two different podcasts around Canton, one with the actual team, one with one of the big treasury companies and backing companies. I've got nothing but good things to say about them. Teva, do you know if the Solana podcast that we did recently is live?
- [34:31]
B
Yeah, it's going up tomorrow. So if you're listening to this or. Well, I guess we'll put it up Wednesday. Well, whenever you're listening to this. It'll be out this week. So. Yeah, that's exciting.
- [34:40]
C
Well, I really, really like Canton. I like what they do. They have crushed it from a partnership perspective and actual operationals really like them. The one thing I bring up, the Solana foundation podcast, which will be coming out this week, is because on that podcast I brought up Canton and there was a little bit of shade thrown. I don't know if you caught it, but the, the guest that we had on. Fantastic guest listen. I'm a big supporter of Solana as well. I like Solana and Canton, but there's a little bit of shade thrown at them, which I thought was funny. So for all of you that are curious, you're going to have to tune into it, but I think Canton continues to do well. One of the questions that we've got over here is, guys, why have they stopped moving up? They were outperforming, they were running. Well, it's because they moved almost 300% to the upside. While everything else was in a free fall. While everything else was in a bear market, they had a near 300% move to the upside. What they've done recently is they've gone into a little bit of a consolidation and cool off period. I mean, God forbid that happens after a 3,300% move. But this is another project that I like. One of the things that we see in crypto is that new projects come out. They're simply just better than old ones and they steal their market share, they steal their market cap and they just take their place. And you have some of these older projects bleed into the newer ones. I think that's what you're seeing with hyper liquid. Look at a lot of those old perpetuals exchanges. You have GMX and there's a million other ones out there. They're losing market share and they're losing market cap to hyper liquid. Look at a lot of the old tokenization and RWA plays and different infrastructure plays. They're losing market cap to Canton for the most part. And that's something I think everyone needs to understand is that guys, things change every crypto cycle. Just because something was big last cycle does not mean it has to be big this cycle. Not every coin's going to hit new all time highs. In fact, a lot of the times these new projects are the ones that go on the big runs and then the next cycle could be something entirely different. So, you know, that's why we do this show in the first place, is because we want you all to have access to this information and be privy to it because this stuff is changing. There's a lot that is going on. And when it comes to new projects, like, we love to be able to cover these things early and as they're going on. But I think Canton is one of the ones that people need to watch out for this cycle. Canton, Hyper Liquid, handful of other names. They seem to be where people are really, you know, pushing a lot of attention towards and they're backing it up with like actual, like actual happenings.
- [37:26]
B
Great breakdown. Canton Network. And I love the teaser, Brendan, for the, for the show that's coming out to tune in there, to go find a good one. Go find the Easter egg there. I like that. Moving on. We got some drama. I mean, this is. This was knives out over the weekend here. World Liberty Phi, which of course is the Trump family's crypto exchange. And Justin's son, long time supporter, a big time meme coin, holder of Trump Coin and, and doing a ton of holding of like the World Liberty Fi coin stable coin. And there was a huge, I guess, act. There's kind of some accusations going on of what World Liberty Fi is doing. Do you know the specifics of this? Of why Justin's son is so mad and calling out World Liberty five?
- [38:15]
C
So I forget. I looked into this. This has been going on for a little while. Like, I want to say at least a couple of months if I. I'm going to wing this here. But I believe the backstory is that Justin sun was one of the initial early investors into World Liberty Financial. There was reports that he had been doing shady things that were against the project's best interest, that he was trying to manipulate price, selling off large amounts. He was basically just doing things that were not great for the project. And so the team said, hey, we see what you're doing. We don't approve of this. We're giving you the boot. And they basically are giving him the boot out and cutting ties with him. He's saying it's. It's all like fake and that they just wanted to get him out and that none of this stuff is true anyway. They were friends, they were, you know, partners and now they're enemies. And Justin's claiming, you know, they're claiming that he hurt the project and that they were trying to undermine or that Justin sun and his people were trying to undermine them or hurt them or whatever. And he's claiming that it's just not the case and that they just wanted to kick him out and kick out his shares and well, then they froze.
- [39:34]
B
They froze his tokens. Right. This is what I saw is like, they said they, they. And there was. There was no blacklist. And then they added a blacklist and then froze his tokens.
- [39:45]
C
Yeah.
- [39:46]
B
So he feels. He feels betrayed. He's lost somewhere around, they say, between 11 to 70 million. So does that mean when he was frozen, did other people start liquidating? Is that. Is that what kind of happened?
- [40:03]
C
A little bit. It's. Well, it's like reputational damage, but then it's also just like if all the. I mean, imagine he put all this money in to get those tokens and now they're just being like, no, that's basically like the way that happened. Now, again, they're saying it's warranted. Right, Right. They're saying he's basically trying to undermine the project and the protocol. So he's like attacking the project. So the project's saying, hey, we're doing this in self preservation. He's saying it's not warranted. They're saying it is warranted. Now, who knows, right? I don't really know here. I will say Justin sun does not have the best reputation, truth be told. He just does not. So it's hard, right? It's hard to see who you should believe here. But I don't know. I mean, we're gonna have to find out. This has to basically go to court or something, because I don't really see it getting resolved any other way. But there's been constant feud and tension between these two and
- [41:10]
B
that's. That's what they last tweeted. Does anyone still believe Justin's son? I think it said, see, see in court, pal. That's the last tweet from. I did see. I did see something. The timeline was eating this up. It was something like they ch. The Trumps changed. They were all like, you know, founders and, you know, board of directors, all that stuff on the world Liberty Fi. And now they're just like consultants or something. They changed their titles on the site. Yeah. And I were going to talk about on Friday, like the. Because there's the rumblings of it. And then it blew up over the weekend. So kind of want to get some more information on it. It's hard. It feels like everybody's just kind of like pointing fingers right now.
- [41:51]
C
Yeah.
- [41:51]
B
So it's something to watch. But I mentioned at the start of the show of. With midterms coming up, it's. It's kind of like we feel like the crypto community with this administration had a A lot of support going in to the vote and then a lot of support at the beginning with, you know, doing some things and the AI crypto are and David Sachs. And it feels like it's kind of, you know, there's been a lot of promises and, you know, whether you want to talk about price action, we're still waiting on the Clarity Act. There hasn't been a lot of deliveries. And so kind of going into the fall, I think it's like, kind of what I've been saying, it's been really interesting to see how this administration is going to interact with the crypto community going into the fall. Obviously, the Clarity Act's kind of the biggest thing on the table right now, but Trump wants to host another, like, meme coin event. And then stuff like this is bubbling up where, you know, we don't necessarily know where the chips are going to fall. But I don't think it's a really good look, you know, either way. So it's kind of interesting to follow that storyline, I think, is, is what I'm interested, going into the fall of how's the crypto community going to be treated by the administration and stuff of that nature.
- [43:00]
C
Yeah, I think that's the big question, right, is midterms are coming up. A lot of good progress has happened towards getting crypto into a better spot. Right. They're not getting sued out the wazoo. They're not getting tracked down by Gary Gensler in the sec. There has been the Genius act. There's been a lot of positive stuff that's happened. Regardless of that, people are looking at prices and they're not happy. So regardless of how much adoption and regulation and positive stuff has happened from, like, a fundamental standpoint, people are still looking at prices and saying, hey, my, my, my wallet's hurting, my account's hurting. And I think that that will put pressure on this. And people are going to say, hey, you can say that you've done all this, but, like, the, the industry still is hurt in here and my total balance has gone down since all this began, and I think that's what it's going to come down to. So what does that mean? Well, I think for investors, that means that there's probably pressure on the Clarity act to get passed because it seems like that's the big barrier that is holding back so much liquidity. And you've seen Scott Besant come out and he's basically trying to put pressure on it. You have Coinbase and Brian Armstrong coming out trying to put pressure on you this, you have people from all, you know, traditional finance, the government, decentralized finance everywhere. Everyone's trying to put pressure on this and say, hey, guys, enough's enough. We need to get this thing passed. I understand that other things have come up, right? I mean, there's been war and all these other things. There's a lot going on. But they're saying, hey, like this, it's. It's been a long time and this needs to. To get passed soon because crypto is hurting and people are really banking on this being a turnaround catalyst and showing that. Because I think, number one, it is a turnaround catalyst in the sense that it enables a lot of new liquidity to come into crypto. But number two, it shows that crypto is a priority. Again, I think that's what people are the most frustrated about, is feeling like, hey, this. It doesn't even feel like crypto is a priority because this thing keeps getting pushed and pushed and pushed, and then it's good and then it's bad, and then the banks are favored and then crypto's favored. And then we get these notices from like, Coinbase's law team or whoever it was, saying, like, hey, this thing's going to be passed in 48 hours. And then it doesn't happen. And people, like, throw up their arms again in frustration. And I just think we're reaching the point where it's like, you know, regardless of whatever kind of antics are happening, people just want to see that crypto is in focus and that there's attention being, like, paid to it. And I think the best way to show that, that it's back to being a priority is passing the Clarity act, because that has been the bottleneck
- [45:50]
B
and add great points and something that, you know, we've talked about and want to keep track of. I think it's a great storyline heading into the summer and then obviously the fall. One final topic here, just kind of more of an alert. There was a ledger scam. Apparently the fake ledger app got onto the Apple store and sadly somebody seems like an American musician named Garrett Dudson lost about almost 500k, downloaded what looked like was the official app, entered his seed phrase and then, you know, got drained after that. Traced looks like Zach xbts on the case, but wondering, yeah, how. How did that make through Apple's gatekeeping of like, you know, trying to pose as. As ledger. No comment from Apple, but obviously watch out for this and as always, stay, stay vigilant out there. Sad story, but just, you know, something we want to bring up, just as always, a good reminder is, you know, you got to double check and cross check all that. Stay vigilant.
- [46:53]
C
Geez. Yeah, that feels like it's gotta come back to Apple at some point or it, I mean, who knows, maybe they had since the app was published on the Apple App Store, maybe they have the data of the people who created it or the location or they can point the authorities in the right direction. It does feel a little bit careless for something like that to get past a company the size of Apple. I'd imagine that there's someone over within the company that's going to have a day of reckoning here today in this week of his higher ups being like, how did you let this happen?
- [47:30]
B
Yeah, especially like pretending to be an actual company. Like a fake app, one thing, but a fake app pretending to be a specific company feels like. Yeah, feels like Apple owns some of the, the blame here for sure. So stay careful out there. Any final thoughts, Brennan, before we wrap up?
- [47:50]
C
You know, no final thoughts. I'm just kind of looking over here at the markets and what's happening, guys. I just say buckle up. I mean, it looks like it's going to be volatile. I'll go back to my original point. I think it is hard to not be long term bullish on the crypto market here. Assuming that things continue to continue to de escalate, assuming that we see this de escalation and things moving back to normal and there's no like unforeseen events, I think we are in a good spot. Doesn't mean we're not going to have down days. Doesn't mean we can't move down. But I think overall, so, so long as things continue to wind down and move in a positive direction, I see crypto benefiting here. You can see that it is itching. Itching, absolutely. Wants to break out, wants to have these up days. On the days where there is positive catalysts, you see it soaring to the upside. It feels as if the crypto market is coiled up and it's just begging for all of this to be over and return back to normal. And I think crypto has plenty of room to the upside to play catch up. Because I think what we are now is we're at a place where we're past those 1010 catalysts, these liquidation points. We're not really seeing those anymore. We're not seeing these big liquidation events and sell offs and I don't think we're feeling the events of the 1010 liquidation event. I don't think we're really being affected by that anymore. I think crypto right now is just coiled. Probably going to see a short squeeze and it's only a matter of time until the liquidation orders begin for those shorts. And then once they begin, I think shorts can get really wrecked because there's way too many bears out there that have become just become too comfortable in shorting every single rip. And we've seen what happens when the longs get liquidated. But the other side of that is eventually it's going to be the bears turn and the seller's turns and I think that day of reckoning could be good here. So buckle your seat belts. I think it's going to be choppy and volatile. But overall, again, long term picture, I really do like what I'm seeing so far and I know I've been buying, I've been buying some down in here. Anywhere in the 60s and low 70s has been an area where I'm again pretty comfortable for the long term. So.
- [50:11]
B
Totally agree. Gotten some long term exposure myself, you know, over, over the last couple months. But thank you for joining us, Brendan. Thank you to everybody in the live again if you could just give it a thumbs up before you head out, it really helps us in the bottom right hit subscribe if you're new and then if you want more of Brendan in that live trading, check the link below for some access to his micro bull run. You get the live trading course twice a week and you can interact with him, ask questions on that stuff. We'll be back with some more episodes this week. We got the Salon interview coming out and we'll try to get another rundown in on the back end of the week. But we really thank everybody for joining and hope you have a great Monday and a killer week. We'll talk to you later. Bye bye.
- [50:59]
A
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- [51:30]
D
Liberty Mutual customizes your car and home insurance. And now we're customizing this ad for your morning commute to wake you up, which could help your driving. Science says that stimulating the brain increases alertness. So here's a pop. How many months. Have 28 days. What gets wetter as it dries? What has keys but can't open? Locks. If you don't want to hear the answers, turn off this Liberty Mutual AD. Now.
- [51:53]
B
12 months.
- [51:54]
D
A towel, Piano. Enjoy being fully alert.
- [51:57]
C
Liberty. Liberty. Liberty. Liberty.