← The Wolf Of All Streets
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- [00:01]
Scott Melker
I'm not sure what we could possibly talk about today. Nothing exciting has happened in the market except for bitcoin making a brand new all time high. While stocks dip, yields fly, the dollar is all over the place and oil is down. Please everyone tell me once again how it's a correlated asset. It's not. And one of my favorite people to talk about how bitcoin is not a correlated asset with is here today. And it is Mark Yusko who's literally been telling me that for probably five years at this point. Mark Iago and I have a lot to talk about with of course chart guys on the back half. Let's go, let's do bitcoin made a new all time high. And I get to talk to Mark Yusco, Yago and Dan. It's basically Christmas, the end of May. We're going to go ahead and start right now. Mark, good morning. Yago, good morning.
- [01:06]
Yago
Good morning, good morning, good morning.
- [01:08]
Scott Melker
Telling me, literally since our first interview, if you look at Bitcoin over a 10 year period, the correlation is 0.16. Not correlated. Right?
- [01:17]
Mark Yusko
Not correlated. I mean look, it's, it's so not correlated that it's kind of silly when people talk about it. I mean in periods of dislocation, particularly liquidations of leverage, all Correlations go to 1. Stocks, bonds, currencies, commodities, everything. But those are garbage numbers. It's kind of like when people look at the PE ratio of the S&P over the last 10 years and say, oh, relative to that. But that's polluted data. So the long term correlation is because stocks and bonds generate their return from economic activity, inflation, GDP growth, et cetera. That has nothing to do with, with Bitcoin. Bitcoin prices are determined by the technology itself, by the adoption particularly of young people, millennials, and the change in the level of fiat in which we price. Because the thing that just gets, I mean, you got your orange shirt on. Look, I do have on. It is bitcoin pizza day. I have the orange pants and I have the bitcoin pizza sock game. So I am ready, I am ready to celebrate Laszlo today. And we should celebrate Lazlo. Everybody picks on him. He, we owe him a debt of gratitude. But, but the point is that if.
- [02:34]
Scott Melker
You want to send him money, he says he's poor and here's his X account.
- [02:39]
Mark Yusko
Love it.
- [02:39]
Scott Melker
If you guys want to send him a little bit of bitcoin, that bitcoin pizza now worth $1.1 billion. Which is crazy, Mark, because you look at his tweet he has pinned here, which I just happened to see from 2018. He said it's $83 million for his pizza. How many pizzas you can buy with 10,000 bitcoin eight years later in 2026? Well, here we are in 2025 and you can buy a lot of pizza for $1.1 billion. A lot of even adjusted for inflation.
- [03:05]
Mark Yusko
Well, and, but the, but, but the point is, interestingly, you can actually buy less pizza with $10 than you could two years ago. Like significantly less. Like I go to lunch and it's double what I paid two years ago. And the thing that people miss about bitcoin, I don't understand why they miss it. But one bitcoin is one bitcoin that's been the same for 16 plus years. It will be the same for 16,000 plus years going forward. It's like an ounce of gold. A single ounce of gold is a single ounce of gold. Nothing has ever changed about that ounce of gold. What's changed is the number of pieces of paper you need to exchange for that physical asset. And so bitcoin's been making all time highs in the depths of quote, unquote, the bear market in plenty of places like Venezuela and Turkey and Argentina because they devalue their currency even worse than the Japanese and the Americans right now. So this idea that, that we should be surprised that we keep making all time highs, well, of course we're going to make new all time highs because look, we printed 80% of all the dollars that ever existed in the history of the Republic, 249 years, 80% in the last five years. That's a bad thing.
- [04:37]
Scott Melker
Yeah, it's bad. But what I find interesting, and the correlation conversation, Iago, coming to you, I mean the long bond is the 30 year over 5%. Right? And the stocks were down, I mean not massively, but definitely a down day for stocks yesterday while yields are going the exact opposite way the administration wants to. And that's the environment where bitcoin decides or the, you know, the grand wizards of bitcoin whales decide that it's time. So.
- [05:02]
Yago
Well, I think a lot of people, a lot of people have been expecting or hoping for bitcoin to start behaving like gold. Gold is not a non correlated asset, it's an anti correlated asset. In other words, there's, you know, what people call a flight to safety. So when particularly stocks are suffering and, and when stocks and bonds are suffering together, people tend to see an increase in gold. Bitcoin is Unique and in many ways superior for a portfolio because it is non correlated. So it will sometimes go up when the stock market is going up. In fact, it will tend to outperform the stock market in bull markets and then in bear markets it will also tend to outperform right now. And so you can't imagine people having a portfolio which has gold as sort of like a hedge. But people I think who are looking for bitcoin to be a hedge. It is not a simple hedge. Bitcoin is actually a more unique thing than a hedge. It is a truly non correlated asset and is likely to remain so for at least the coming decade.
- [06:10]
Scott Melker
Mark?
- [06:11]
Mark Yusko
Yeah, I completely agree. I actually think gold and bitcoin are the same thing. It's just the modern version of that thing. I mean gold is the only money that has existed and it's not 100% true. I mean we had shells, we had stone wheels, we tried silver, we tried. But the bottom line is for 5,000 plus years of recorded history, gold has been money. Well, what do you mean, Mark? There's been lots of money? No, there's lots of currencies, thousands of currencies. But most of those currencies have disappeared, like literally. There have been 775 paper currencies in the history of world. Three quarters of them are gone, like literally gone. But money is an asset that exists in the absence of a liability. That is a very different thing than currency which is backed by government debt. And I'm not saying that currencies are bad or evil, they're just not money. Gold has been money, but gold is not very divisible and it's not very portable. It's got all the other elements of being money. But if I had a bar gold here and I wanted to break it into three pieces and send you all a piece, I'm not strong enough to break it. That's the first problem. And I couldn't stuff it in the computer and send it to you. Whereas with a few taps I can send you or Laszlo or anybody else sats. Like, you know, I don't know if I coined this term, but I'm going to say that I did. So, you know, there's a thing in the south here called Salt Life. I don't know if you've ever seen.
- [07:47]
Scott Melker
The stickers are literally everywhere.
- [07:49]
Mark Yusko
Yeah, yeah, you know they're everywhere. And it's people who go to the beach and hang out. Well, I created an image called Sat Life, you know, because we should all live Sat Life and I saw there was a proposal, like maybe Saturday or Sunday that they were thinking about changing back because it used to be that a bitcoin was a sat, and then they changed it to a hundred million, 100 million sats per bitcoin. And so we have a unit problem if. And that's why my. On Twitter, I'm, you know. Well, it used to be hashtag, Now I guess I'm not allowed to use hashtags. But 2.1 quadrillion is. 2.1 quadrillion is the number of SATs. There aren't enough bitcoin to go around. Right. Not everyone can be a whole, but you can have sats. There's plenty of sats to go around.
- [08:41]
Scott Melker
Yeah. And it would make things. I mean, now maybe too many people know bitcoin to make the change, but it would have been. Certainly it's. Well, the proposal, Scott, is unit bias change.
- [08:51]
Mark Yusko
We change it back so that a SAT is a bitcoin. Oh, I'm like, oh, that's an interesting.
- [08:57]
Scott Melker
Because again, like a dollar as opposed to having a million dollars.
- [09:01]
Mark Yusko
Exactly, exactly.
- [09:03]
Scott Melker
$100 million.
- [09:04]
Yago
Mark wants to be a billionaire, basically, is what he's saying.
- [09:12]
Scott Melker
That's exactly what it is.
- [09:15]
Mark Yusko
Look, I, I keep coming back to this, that at the end of the day, all the things you talked about, Scott, that are going on in the rest of the world and Iago talked about in terms of the non correlate, correlative part of gold, that's all real. We are witnessing failed auctions of treasury bonds. That doesn't happen very often, and it's not a good thing. We're witnessing literally loss of control of interest rates in Japan. Clearly not a good thing, given they're the most indebted country in the world. And, you know, at some point, and we have lots of history, and I don't want to go here because it's, It's. It's a dark world. There is a point at which a country does lose control and you get a hyperinflation. And look, the world doesn't end. I mean, Germany still exists, but the people who lived in that time of wheelbarrows of Deutsche marks, life kind of sucked. And so if you happen to be alive during that period, it can be very, very painful if you haven't diversified out of fiat into these other things. And I think we're perilously close for the, for the West.
- [10:43]
Yago
Well, I don't.
- [10:43]
Scott Melker
I.
- [10:45]
Yago
Let me take the other side of that. So I don't think we're anywhere near hyperinflation in the US and in particular the US is still. The dollar is still the reserve currency even if it were to transition away from being the global reserve currency. That is a multi decade process. And the key thing here is that for that reason all of US debt is $ denominated. And so it's very hard for the US to get into a spiral where they need to buy some other currency and with their dollars. And so the dollar massively loses value rapidly. I think what is more likely, but in many ways scarier because it is baked in. We're already here, we're in the early innings of it is the only way that the US government is able to manage, not reduce, just manage 130% debt to GDP ratio is by inflation. You inflate away the debt.
- [11:44]
Mark Yusko
Absolutely. No, no. And that's the point. I'll go. I'm not saying that we're going to have the total hyperinflation wheelbarrows like Venezuela because as you really point, really well pointed out, this reserve currency status that we are clinging to like with our fingernails, it's going away.
- [12:09]
Scott Melker
We even have Larry Fink saying that.
- [12:10]
Mark Yusko
By the way, I mean it is going away. And China has their eyes set on the prize. Everybody thinks it's going to be bitcoin next. It's not. I think it's going to be the renminbi next, then ultimately bitcoin because it can take a while for reverse Gresham's law to work. In fact, Scott, you should sometime get Murray Stahl to come on.
- [12:32]
Scott Melker
I think you said that before.
- [12:33]
Mark Yusko
Oh yeah. And I don't know if he does this kind of stuff because look, I'm old. I just turned 62. Murray's even older than me. And the thing I love about Murray is so he's like old school value investor. But he embraced bitcoin early as one of the largest miners. I mean he's, he's a really interesting cat. But I say he's the only guy I've ever met who makes me seem bearish on bitcoin. Like I think Bitcoin's easy. 500,000. Like, like that's not even, that's not even hard. That's a cakewalk. That's, that's a walk in the park. But you know, beyond that, can, can we really take the whole global monetary system? He's like Mark, are you joking? Of course that's going to happen. And exact step by step. Why? It's not like to me 10 trillion is like it's done. That's the monetary value of gold. Bitcoin's better than gold.
- [13:27]
Yago
Value of gold is almost 30 trillion now.
- [13:29]
Mark Yusko
No, no, no, the monetary value. Remember, half of gold is chalices and jewelry and that doesn't count. I'm talking about the monetary value, the stuff that's in the central banks. That is the base layer of money. And it probably is closer to 15 trillion than 10. But everyone talks about the total value of above ground gold. Well, your gold watch doesn't count. I mean, it's not. I mean, could be used as money in a pinch. But really I'm talking about the base layer that sits in the central banks. And so that's easy. But Murray says, no, no, no, no. It's all of it. It's all 100 trillion of knowable wealth. Because history says that bad money crowds out good. That's why it's called Gresham's Law. And, and you see an example, example after Turkey, after Venezuela, after all the places where bad people get in charge and they hyperinflate because they get rich because they own all the stuff and they impoverish their people. And then they stay in power because they promise the poor people little scraps like free electricity or gasoline. And that is gone on for actually millennia. Bad money crowds out good. But Murray will say, no, no, no, this time because we have perfect money, good money will eventually crowd out bad. And it's a very compelling argument, particularly when he tells it.
- [14:55]
Scott Melker
Yeah, particularly when you're watching it happen in real time. Yes. Listen, everybody wants to know why these things happen, right? Like it's happening because it's happening and it was inevitable. But I think that in the nonsense of Liberation Day and everything happening in the macro, it's easy to lose sight of just how insanely, fundamentally bullish the news has been for crypto. I mean, we have Texas. I can tell you right here. I mean, it looks like Texas is going to sign a Strategic Reserve act into law. We already had New Hampshire and Arizona Crickets. People don't really care. We're probably about to get the stable act, the genius act on stable coins. Looks like that's going to go through every single day. We get three treasury companies, like three random companies somewhere in the world saying, hey, we're buying $800 million.
- [15:48]
Mark Yusko
But remember, these are defensive moves. The early ones were offensive moves. Now it's. And actually it's not even true. Remember microstrategy when it was still microstrategy.
- [15:58]
Scott Melker
Defensive. Yeah.
- [16:01]
Mark Yusko
Protect the loss of value Of. Of his cash. He thought that was, you know, dereliction of duty if you held a lot of cash and it became less valuable. I tell a story that I had this very interesting experience where the aha moment for somebody. So I went to a bitcoin meetup here in Durham, and the bartender, this very nice young lady, had been the last one, and they were talking about, you know, what is bitcoin? She says, well, I don't really understand. He says, well, the guy said, remember all those tips that you made two months ago? She says, yeah, do they buy more or less stuff today? She's like, oh, my God, they buy less stuff. Says, if we would have tipped you in bitcoin, they would buy more stuff. And she literally. And I'm not making this up, she literally went over and put a bar or a QR code next to the tip jar. And because someone helped her set it up and because she had the aha moment. And so it is a defensive move to. For, you know, all these bitcoin treasury companies said, now there's. There's the greed part. You know, the. Me, too. But. But ultimately, if we think about what's going on. And Scott, I have a little more sinister view of. Of the Donald. Everyone thinks, oh, he's just an idiot. He doesn't understand tariffs. No, he understands exactly. There's only been really meaningful tariff use in the United States three times. 1828 led to a depression, 1930 led to a depression, and 2025. And since 1913, we've basically had no tariffs because before 1913, there was no income tax. So the government was funded with tariffs. That's where his fundamental misunderstanding of history is bad. But he now is saying, well, I want to replace the income tax with tariffs, but it's the same thing. The people still pay the tax. You just call it a different thing, because China isn't paying the tariffs. We are. So the problem here is you have to suspend the belief that you don't think it's intentional. And this is called the dictator playbook. If you're a dictator, you want to impoverish the masses and concentrate the wealth at the top with the robber barons. And there's a guy, I wish I could give him credit, but he wrote a great piece on why Trump is bringing back the robber barons the same way they did in the 1930s, the same way they did in the 1820s. And that's the playbook. And it's not because he's a good guy. I'm sorry.
- [18:45]
Scott Melker
Yeah. I mean, government's government, I think Iago, you could probably speak to that. But listen, I think that you can be good for crypto, but not like.
- [18:56]
Mark Yusko
Good for what's incredibly good for crypto. Because the only way out, to Yago's point, once you're fully indebted, you got four choices. You can pay it back. Problem is, if you just took everybody's assets, not their income, but everyone in the United States assets, you couldn't pay back the debt. So that's off the table. You can restructure it, but someone would have to take the other side. And if we can't sell bonds at 100 cents on the dollar, I mean, we can't give them away. How are we going to get people to take 60 cents on the dollar? That ain't gonna happen. So then you can default on it. What happens if you default on your debt? You're out. Politicians don't like out. They like it. So the only way out is to devalue your currency, to inflate away. And that is why we created the central bank in the first place. Because before 1607 or 1609, I don't remember the date before the Rothschilds created the first central bank in the Netherlands. Remember the Netherlands? No offense to anyone from the Netherlands, but it's about the size of like Ohio. How was that? The global superpower for about 70 years. Think about that for a second. That's the only way is they would literally print money out of thin air and pay mercenaries to go, you know, beat up all the other, you know, strong armies around the world. So that model of central banking went from the Netherlands to the uk, from the UK to the US I mean, do a little research on who JP Morgan's dad worked for sometime. It's kind of fun.
- [20:36]
Scott Melker
Look, he's right here. There he is, Amy, there's your guy. And this. I just happened to have him, so I thought I would bring it up. But yeah, I mean, we have this strange period here where we're talking about doge and austerity and tariffs and the External Revenue Service and then massive tax cuts.
- [20:55]
Mark Yusko
Hey, it's how you win votes. I mean, and look, if you make people poor, they will vote for you, which makes it's totally antithetical. You would think if you make people rich, they'll vote for you. No, that's not how it works. Then they think they can become in power. And we've seen this in Russia with the oligarchs. Putin said to the two big oligarchs here's the deal. Just stay out of politics. I'll leave you alone. One guy said, done. Bought some football clubs, you know, diversified. The other guy said, nope, I'm running for president. And where is he today? In a jail.
- [21:36]
Scott Melker
In the world?
- [21:37]
Mark Yusko
No, he's in the jail. And the funny part is it's on a nuclear waste dump. Just to rub it in. I mean, it's bad, it's bad.
- [21:45]
Scott Melker
Yago, is there any way, speaking of the government and tax cuts versus tariffs and all this, is there any path that is not massive monetary stimulus, massive fiscal stimulus, money printing. Is there any chance the government wakes up one day and says we're going to be responsible?
- [22:04]
Yago
Theoretically, of course. Right. I mean, so Doge promised us a trillion dollars in cuts. It's very clear that they're not going to achieve that. Then you know, did they get any, like literally any? It's hard to say.
- [22:18]
Scott Melker
There's got to be something out there. I mean, people have jobs.
- [22:22]
Mark Yusko
Again, I just don't think they had the power to actually execute.
- [22:26]
Yago
Yeah, look, to make real changes, they would need to get it approved through both Senate and Congress because it needs structural changes to the way that the, that the current US law allocates pre allocated budgets. Right. And these are sort of like the. Most of the budget is non discretionary. Most of the budget is, is set in by law. So I think the question you have to ask yourself is what is the chance that, you know, Congress and Senate will get their act together and introduce austerity and significantly reduce military spending, Medicaid spending, social care and also be able to get their act together in such a way that the current expenditure is done more efficiently. So if you believe that that's likely, then you think that this can reverse. If you don't think that that's likely, then this train is not stopping.
- [23:19]
Scott Melker
You also have to believe quickly. You also have to believe that somehow our debt is not a runaway train. Because you can do all of that and still with the debt financing, if rates are where they are, you can't even cut enough.
- [23:33]
Mark Yusko
Yeah, I mean the only solution, because everything that Iago just described is highly unlikely, unfortunately, because humans are going to human and particularly government officials are going to government official. But there is a way out, right? Which is growth. But the only way you get growth is you encourage innovation. Just take the basic premise of the income tax. Why would you tax innovation and wealth creation? It makes no sense. Your incentive is to have less income, less reported income, right? No, you should want to encourage the creation of as much wealth as, as possible. And then you should tax consumption so that, you know, everyone can pay their fair share.
- [24:16]
Yago
But yeah, my hotel's on fire. I might need to escape.
- [24:22]
Scott Melker
You only got three more minutes anyway, so can you.
- [24:25]
Yago
I'll, you know, I'll put my life on the, on the line for three more minutes.
- [24:29]
Scott Melker
I didn't mean to interrupt. There you go.
- [24:31]
Mark Yusko
No, no, it's all good. It's one time Scott and I were talking, I go, and we got started to go down the rabbit hole of FTX and all the secret clandestine ties to Epstein, et cetera, et cetera. Literally, my power went out. And they're like, oh my God, did the black cats come to you?
- [24:49]
Scott Melker
It was so crazy. The timing was impeccable, by the way. We have people freaking out in the comments saying that Doge has like cut half a trillion or something. I just looked it up on Grok so as not to be weird, and they said that max is 150, but they can't be verified and looks like it's been a few billion dollars.
- [25:08]
Mark Yusko
Basically, they talked, talked about 500.
- [25:11]
Yago
Well, I think to be fair, to be fair, it's possible that he did actually achieve $150 billion in cuts. But there are also estimates that because of the restructuring required to achieve these cuts, it will cost $150 billion to do the restructuring. So, you know, but be that as it may, $150 billion is a drop in the bucket.
- [25:30]
Scott Melker
Four or five days of debt service.
- [25:33]
Mark Yusko
Exactly.
- [25:36]
Yago
And so to your point, can you actually grow your way out of this? Yes, but you would need to achieve, you know, 1998 style China level growth. You'd need 10 GDP growth, right? Taking us, so, so you would need to, you know, usually you can increase GDP growth from like 2% to 2.2% and that's a huge win. You're talking about going from 2% to 4% to 6%. That is possible. I mean, the US has massive latent potential, but so many things have to go, right?
- [26:09]
Mark Yusko
Yeah, but the only chance you have is to do that. And to your point, Iago, the only way to even have a chance is, is to create tax laws, incentives, stimulus plans, like for, I'll give you a great example, Social Security, right? We have a trust fund, right? A magic mythical. We hold it in cash and then we have a pay as you go system. That's insane. What did Singapore do? They took the money and invested it in the greatest companies in the world through venture capital and direct investing. And now they are massively overfunded. And we are underfunded because, look, w actually said we should invest Social Security money in the stock market. Now, his timing was bad, was 2000, but. But his idea was right. We need to invest, not hold as if it's. It's a liability that we can't grow in anyway. It's a topic for another.
- [27:19]
Yago
I just give one quick example, right, because it ties to bitcoin, it ties to the economy. It ties to all of this. If the US Economy wants to grow, the fundamental thing that needs to grow is energy, right? China currently current. China currently is building the entire US energy capacity every 10 years. The US is incapable of building almost any new energy capacity outside of Texas. And so unless you start seeing regulations which significantly change the ability for the US to build the most fundamental thing, the basis of the entire economy, I think you can remain very optimistic about bitcoin because there's going to be no other choice.
- [27:57]
Mark Yusko
Amen. Amen. Look, our entire life is about turning energy into value. Hopefully we did a little bit of that in the last 30 minutes. We fueled our bodies, we turn that energy into value. Same thing with no. Same thing with bitcoin, right? You convert energy and AI and everything is about converting energy to value. But you have to. You have to create the energy. And this whole idea that energy intensive, intensive intensiveness is negative is so wrong. And climate is wrong and all of it is just antithetical. Life has gotten infinitely better, infinitely better since the harnessing of fire and. And carbon and all of the things that we do to have a better life. And this idea that we should not do those things is just silly.
- [28:45]
Scott Melker
That's. The fiat mentality requires no energy to create something to pay for goods and services that actually require energy for somebody to produce. That's why money should require energy. Makes a lot of sense, guys. Wish we could do this all day, but I got to move on. Mark. Thank you, Yago. Thank you. I'm going to reach out to both of you for next week.
- [29:05]
Mark Yusko
All right, See you in Vegas.
- [29:06]
Scott Melker
Okay, thanks, guys.
- [29:07]
Mark Yusko
All right, have a great day.
- [29:09]
Scott Melker
I love those guys. Wish we could do these shows for three hours sometimes. I have now, though, Dan, the chart, guys, the bitcoin. The bitcoin chart, it says blue sky breakout. What? We got no more resistance left. We're going to a million tomorrow.
- [29:24]
Dan
It's a great thing. This is. It's the best spot to be in. That's why we always want to focus on things that are near Blue sky breakout. Because the reward Potential is so much higher. It's so much easier for price to move when that's the case. And, you know, just keeping it simple, there's. There's a little bit of PTSD out there and. And rightfully so. You look at the last time around, and this is the weekly chart where we had our bull break without follow through, and then we rolled over. And granted, at the moment, it's fairly similar, so there is a little PTSD around. You know, I hope we don't break with no follow through, but there's nothing to be concerned about at this point. If you want to keep it simple, look at this daily EMA 12. You know, I love that EMA 12. And it's just been holding the entire way up and nothing changes. If Daily EMA 12 is support, when it changes and we lose it, we'll zoom out, we'll scout a weekly higher low because there's tons of space for it to form. But again, this is ideal. As you guys were talking about, you know, the fact that stocks dumped yesterday a decent bit and bitcoin did dump with it. You know, 3% drop in an hour. But V shape, very clearly relative strength after that initial fear wave. Fear correlates everything. And then it's okay when the dust.
- [30:32]
Scott Melker
Settles very quickly, though.
- [30:33]
Dan
Yeah. What happens when the dust settles?
- [30:35]
Scott Melker
I actually just found this this morning. I've always been a crosses or a lagging indicator guy, but we have the golden Cross literally yesterday on bitcoin of the 50 and the 200. Just the classics that you look at. But I looked back just over the past couple years. You can keep going way back. It's just hard to fit on one screen. But we get these death crosses, which have been correctly lagging indicators right at the bottom every time. And then basically very soon after you get the golden cross. And every one of those has been the parabolic advance. And we just got that literally yesterday, which, by the way, it's a blue sky breakout. I was actually very concerned Sunday. Like it went up on a Sunday. I hate that I saw bearish divergence, which usually, you know, 70, 80% of the time plays out. That's putting pushing through all of that. I mean, there's just this asset wants to go, yeah, it looks great.
- [31:24]
Dan
And. And remember our clues for full bull control. It's, you know, the next time we see hourly oversold conditions, does that mark a daily higher low? And if that kind of action keeps happening, then we know that bulls are still buying dips and we have significant momentum. I've been a little bit surprised at the lack of follow through for crypto stocks on this move. It's not been a gung ho, here we go thing. I was watching the miners and they came so close, you know, yesterday. That NASDAQ drop really impacts the stocks for obvious reasons. I thought it was time for the miners to shine, you know, had a position, had some nice profit, ended up stopping out on my runner positions, break even on that news dump. But just interesting, you know, MSTR still looks fine, but again, we're not getting this powerful. There's coin. We're not getting this powerful. Let's go with everything. It's still bitcoin centric at this point and you know, maybe we have to see altcoins get a little love for that money to spread out elsewhere. But you know, I'm, I'm in these, this bitcoin ETF IBIT for my stock position, of course, bitcoin itself otherwise, but just knowing where to focus, you know, relative strength right now in the market is bitcoin and crypto stocks. But the crypto stocks are being held back a bit.
- [32:41]
Scott Melker
How are you looking at the rest of the market since it's been a little bit. Obviously we had a V shaped recovery there too.
- [32:47]
Dan
But yeah, I'm watching right now. The NASDAQ has an hourly megaphone that I'm keeping an eye on. And if bears, you know, bears need to break through that to the downside, if we're going to see, I mean, we're due for weekly consolidation after the month, straight up, zero bearish action, but bulls are still hanging around. So this is my NASDAQ guide until we break one way or the other. As far as, you know, the rest of the market in the altcoin space, for me, the dominance chart, I just keep using the weekly higher lows. My simple statement is if we're setting weekly higher lows, then it's not alt season. And so we have a new level to be watching from the lows just a few days ago or a couple or a week ago. And you know, right now all coin bulls would love to see ETH join with a higher high. It's coming up to resistance and initially failing, but yeah, it's still the bitcoin show. I and when the dominance chart breaks, the higher, the weekly higher lows, then we can have more confidence that, you know, we may be getting a bit of an alt season, whatever that may mean. But again, as so many people have alluded to, and I agree with it, the reason that this Run, in my opinion is going to be more bitcoin focused is because so much of it is the etf. And again, you know, back in the day when I was ripping altcoins, I was selling my bitcoin and rotating into litecoin or ethereum right away, 2017 and now if you're selling in your brokerage, you're not doing that same kind of rotation with that same kind of ease. So it's going to be very interesting how it plays out. I do think there will be some profit rotation into all coins. I don't think it'll be anything like, you know, 2021 or what we've seen in the past, but there will still be opportunity there. So watching that dominance chart for clues that we are seeing a shift and there it's not happening yet.
- [34:31]
Scott Melker
Anything else you got for us?
- [34:33]
Dan
Keep an eye on the metals. You know, metals and bitcoin right now are my main focus. Silver tried to break out and just hit a little bit of a wall. Gold still holding on just fine. You know, it's a potential two week bull flag under all time highs. So that is where my focus remains in the short term over the next, you know, as we enter into summer here.
- [34:50]
Scott Melker
Love it, man. Thank you as always for giving us the quick hits and opinions, guys. Follow chart guys. Of course on x and on YouTube, everything Dan's got going for you. Otherwise I gotta run and get on Serious Dan. Thanks man. See you soon.
- [35:02]
Dan
See you next time.
- [35:03]
Scott Melker
Have a good one.
- [35:05]
Mark Yusko
Let's go. Let's dope.