← The Wolf Of All Streets
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Bitcoin rips back to $64,000 on 307th day in its third longest range ever. Bitcoin has spent 307 days total over time, trading between 60 and 70. And we still get to do titles about ripping and down and up and all the things. It's sideways. We're going to talk about it and everything else going on. There's actually quite a bit of news. Circle just became a bank. Pretty cool. World Cup's happening. Got a lot to talk about. Let's go. Let's dope. Let's go. What is up, everybody? Happy casual Friday. I don't know what the is that. Those waves are fast. Surf those. Hey, good morning everybody. Yes, I'm late. Eat it. Whatever. I was changing the title. I came, I looked, I realized I hadn't done my work and I didn't like the title and I was changing it somewhat. Late. Never late. Always late. I see you guys over there. By the way, I used to always be late. Now I'm never late. Honestly. Today was an anomaly. Today was an anomaly. I'm not usually late. But the good news is that you waited. Just like we'll be waiting another 240 years for the United States to be good at soccer. I still can't. I mean, I knew we stunk, but that was, that was really bad. I guess today we'll see Belgium play Spain. Yesterday, obviously we saw France beating Morocco. You, I'm sorry if you're American every single time. Mbappe scores. Do you think. I do? My kid calls him Boppy. Boppy Boppy. Anyways, should we talk about stuff? Okay, cool. We're gonna. First we're gonna talk about bitcoin. I still am of the very humble opinion that bitcoin still looks like it's kind of bottomy bottoming. Bottomy. Bada bing, bada boom. I did the wrong one. Hey. Bitcoin's $60,000 to $70,000 range becomes third most traded range in history. 10 to 20 is the most right there out there. Over 400 days out there, 20 to 30. Spent a lot of time there, if you guys remember. Almost 400 days, 60k to 69k there, 307 days. I would not be surprised if we end up hitting records here. Even if we go above below. I don't think anyone would be surprised if we get another 100, 150, 200 days of CH in this area as bitcoin. Hopefully bottoms. But listen, I, I make the case all the time. But check this chart. Look at it. You see Anything probably not small. The bitcoin weekly chart. Okay, let's do a little zoomy zoom zoom beanie right there. Okay, see that 200 week moving average, we've been under it only a couple times, but never for long. The only time we were ever there for more than a week was FTX when we spent nine months and, and then went above and below for a couple weeks before going back above. I can show you that in a second, but here we are. We broke below it two weeks ago, immediately recaptured it and now we're testing it as support. We need to see that close on Sunday. But historically as I've told you many times, the 200 MA is the support at the cycle lows or near them. And then you open this up and you have a massive bullish divergence here with RSI and RSI oversold. When we hit that first 60 for the first, for the fourth time ever in the history of ever zoom back right here, look, I'll show you. Here's ftx, right? Obviously broke down. I said for nine months, got back above a little bit of time below. But before that we'd never really broken it except Covid 2020 obviously that massive wick. But look, closed below next week above by. I want you to see those fast moving waves back there. Okay, it looks like that. Now let's check the monthly chart because it's a, it's, it's a, it's a, it's a stunner. Number one stunner. The cash money. Cash Money is going on tour like Juvenile Master P and stuff. I'm going to that as a 50 year old white man. 50 Matt, right there on the monthly. Look at it, look at it. Yes, it's only July 10th, but I mean come on man, we got a lot of reasons to think that things could be starting to look good. And of course sentiment still remains in the dumps. 23 is now high, right? We're extreme fear, but I still view that as high. Now take a look at this. Mixed signals emerge, no confirmation. While continuous whale accumulation provides a buffer against further downside. Definitive broad based market bottom has yet to be confirmed by Sunny Mom, Sonny Mom, Cloudy Father. All right, there you go. Quiet. You're laughing too loud over there. I'm just kidding. Coinbase Premium Index. Okay, Coinbase Premium is negative. That's the downside, that's the bad side. But take a look at these charts right here. Right, so we got ETF flows. They were massively down down bad, which we saw. But they've Reversed. So maybe that's giving us some hope. But the real chart you want to look at right here, old versus new whale accumulation. So, first of all, I question this slightly because I remember seeing charts that said old whales had been selling off massively since 120, but it looks like they basically just flattened out. So I guess that means a bunch of them were buying and a bunch of them were selling, but flat. But look, new whales still massively accumulating. Still massively accumulating there. And so you have this floor of the big wallets adding massively and even a little uptick there. And there's that MVRV right there, which you can take a look at. We talked about this yesterday, but MBRV reaching nearly a bottom there. Basically, it's market value versus realized value coins underwater reaching those historic lows. And you can see on this chart as well the one we were just looking at. When you look at that, usually that is way above price and now it's way below price, like historically. So even if they come together and merge Chinese finger cuffs back together inverted, it'll come. It'll go up. It'll go up. So, guys, I'm feeling pretty good, to be honest. And honestly. So look, you know that we've partnered with Kalshi and I've been using it quite a lot. I think we can get some good information. Look, I'm going to do a banner. Wait, I'm going to do it. I forgot I have a banner. Check this out. Oh, I hit edit instead of so hard at that. Remember those use code W. Get $10 when you do $10. Do your $10 to do the $10. All right, but look, bitcoin price at the end of 2026, like PE people think it's going to be real bad, you know, still the majority of this clustered all way below current price. Some people thinking we might get to 75. Nobody really thinking that. We go higher. And look at this. I mean, how low will bitcoin get this year? 63% think below 55, 54%. A majority of people betting with their actual United States dollar monies think that Bitcoin's going below $50,000. 54% below 45. 42%. That's still a lot to me. People are this actual money below 30, below $40,000? 31% tells me that very few people believe that this market is bottoming at all. You guys, what do you think in the comments? Let's do that. Why don't you guys tell me what you Think over there. You think that this is bottoming here? Let's see a giant fake out. Is this a giant fake out? I don't know. I mean, we're only at like. It's not like we've gone that high. That's the thing. People are like, new bull market, I'm like, 64. That's not good. It's a bad price. Bottoming is a process. But like, new bull market, we went from 58 back to 64 when we were just at like 82. Recently. I don't know. Pamplemouse, the best flavor. Do you guys pronounce it Pamplemoose? It's P A M P. I don't know what you heard about me, but I'm a pamphlet. P A M P L E M O U S S E. It's French for pample mousse. The English version is pample moose. It's French for pamplemoo. Okay, what do you guys think? I like when you take a sip. Don't make it weird. I like it too, though. It tastes good. I need to go more down. The bottom is in. Yeah. In my opinion, that. That's kind of how I feel bottoming, you know, like, if we go to 57, 58, 56, 67, I. It's all the same price to me. Okay, so moving on from bitcoin price and talking about bottoms, favorite topic here, we got some news from. From Coin. Coin Basie Sec Fight over. Okay. Coinbase's top legal exec, Graywal, moves on and others reassigned. So Paul, who was. I think he was maybe my first guest we ever did when we did a guest on the Daily Wolf live in Miami. Paul is just. This guy's a legend, man. He's been fighting the fight. He's out there on X. He's been at the front lines of the Clarity act fight. Well, he's stepping down to go do more enjoyable things with his life. Like not fight all the time. Right. I. I don't know what he's going to do, but he's remaining on the board. But interestingly, the odds of clarity. Oh, man, I had it up right now I got to do it again. I don't remember how I did it. Sucks. Okay. Anyways, the odds on Kalshi area. I don't know. Clear all. Yeah. Okay. Anyways, the odds on Kalshi have gone down to 37 right here. That's not working. I've gone down to 37% right here that we get clarity before January 2027. And I had actually fixed this so that I could look at the chart. Chart the correct way. But now I stink at this. There, watch this. We're gonna do it. Look at this. Huh? Huh? Oh, yeah. Now we can actually see it. But it dumped on the news that he was actually leaving coinbase. So right now, 37%. I think that's way too high. Way too high, in my opinion. But I'm glad that the market is coming down from like 70 and 80% insanity. I mean, what were you guys seeing smoking over here in January? People were smoking in February. 84%. Why? Why? Why? This is. This was free money. Should have bet it at the time. I didn't bet it. Should have been it. And now, of course, we have news that we've tested 27 popular teeth whitening products. What the fuck is that? Newest version of Crypto Clarity act may drop as soon as next week. Oh, I'm really excited. Might get it updated. Clarity. Nobody cares. Newest version of Crypto Clarity act may drop the sodas next week, sources say after a long stretch without breakthroughs in the crypto market structure, bill insiders say a new draft may emerge in a final push for late July action, though it still acts bipartisan. Buy in. Okay, guys, so they're going to change some language. We still have the yield fight, the defi fight, and the fight that literally has never been addressed. That's the only one that matters, which is the ethics fight. Okay, first of all, we were supposed to have this done by July 4th, January 7th, December 14th, February 89th. If you listen to Tim Scott and Cynthia Lummis and all of them, and I get it, they're doing their job. This thing should have been passed 17 years ago. Right? And it obviously is not happening. And last week, you may have seen the report that hit the mainstream media about how much money the Trumps had made on crypto and how much money people who invested in anything that the Trumps made money on crypto in had lost money. And that is the center of the ethics fight that I've been talking about literally since I said this thing wasn't passing seven months ago. Maybe I'll be wrong, maybe it'll pass. But in what world can it possibly be politically palatable for seven Democrat senators to just stroll right over these are little politician feet to the other side of the aisle and vote? Yeah, that's good, right? The ethics fight is the entire fight. And now it is a massive political battle. And even Gillibrand and other Democrat senators have said, we will not vote For a bill that does not have ethics language that prevents the Trumps and any insiders and people in Congress and Senate from profiting off of crypto Pample Moose. It's not happening. Am I wrong? Tell me why, Tell me why this thing would happen. I don't get it. Once again, maybe I'm wrong. It's possible I've been wrong before, like once when I was 10. But yeah, I, I don't, I don't know. I don't know. The biggest news of the day while we're waiting for all the trash heap of Congress to do something on the legislative side, we're getting some movement right on the regulatory side. So Circle receives final OCC approval to establish National Trust Bank. So wait, I got some notes on this for the Daily Wolf that I was preparing so I can just cross moate our shows. Let me go down here one second. I actually, I actually for once I took notes so I wouldn't get stuff wrong. I get wrong all the time. So you guys obviously Anchorage has had this since like 2021 there we had a whole bunch of conditional approvals at the end of 2025 but circle just got final approval. So the conditional only is Ripple, Bitgo, Fidelity, Paxos, Bridgestripe, Protoco, crypto.com. sony yesterday, you saw that, right? Made a tragic error on my show yesterday on the Daily Wealth. I'm going to admit this to you. I have to fact check myself. It was horrible and I watched it back and I cringe because they clipped it. I made a joke about Sony being a bank and wanting a PlayStation economy and then I said something about Sonic the Hedgehog. That was Sega Genesis double dribble. No, that double dribble was Nintendo. Right. Sega Genesis was Magic versus Bird. Is that the one on Sega Genesis? Anyway, Sonic the Hedgehog was Sega Genesis. I'm embarrassed. Pack it in. But yeah, so Circle getting a trust here. So listen, they don't become a full bank with full access to the Fed where they can do lending and borrowing and all the that banks do to you over. They can't do that. But what they can do now is cut out the middleman and custody their own assets and become a custodian for others. So this is actually a humongous change for Circle because they don't have to pay somebody else like BNY Mellon or State street or wherever they're custodying to handle their reserves anymore. So now they are in control. This is actually big news and the stock, it pumped a little bit on that news. So this is meaningful. And you got to imagine that all these others are going to get their approval. Now there's others who have applied and are pending and did not get conditional approval yet. Coinbase, Morgan Stanley. How did those guys not get approval in like 5 seconds? Don't they just call somebody and be like we have Morgan in our name. Payoneer. You guys made that up. Zero hash Laser Digital Laser. Payoneer Bank. You know who else has applied and not gotten if World Liberty Financial. That's. That blows my mind. You'd think those guys would be a bank by now. Can you imagine walking into your local branch of World Liberty Financial they just take your money and you ever seen the south park and it's gone. You ever seen that one where you walk in, he's like oh we've deposited your thousand dollars into a bank account and it's gone. Yeah. You would walk into World Liberty Financial bank branch and they'd be like oh thank you for a thousand dollar deposit. We put it into Trump token at the top of the market and it's gone. Melania. You get a Melania savings account. Anyways, they're going to be a bank. Maybe one day, maybe not. We don't know. Circle, Circle Banking Circle has received. Oh, this is the same thing. Let's see what they said about it though. They said it's a major US regulatory milestone that strengthens strength strangles reading, strengthens USDC infrastructure through federally regulated custody with reserve management planned as future capability. They can do all the things. Federal oversight of our trust bank sets a new standard for transparency, governance and scale circles infrastructure and unlocks a new phase of adoption where leading financial institutions can build on public blockchains with clarity and confidence. Cool. It's cool. It's cool. Meanwhile, on the regulatory side Hyper liquid policy center didn't know that existed. And phantom it's not a real person to ghost urge CFTC to stop treating on chain protocols like traditional brokerages and exchanges. And this makes a lot of sense. Like you know we've gone over, we did this through all the Gensler years. Like you know, are we a security? Are we not a security? How should we manage these things and blah blah blah. But like it seems pretty obvious that defi and decentralized exchanges should not be treated as the same way as banks and other entities and broker dealers because they don't even hold your coins. I mean it's just a completely different business. Here's what they argue. Decentralized non custodial software operates fundamentally differently from legacy financial infrastructure and deserves a regulatory framework built specifically or I don't know why I'm doing robot arms specifically for defi rather than rules written for Wall Street. They say that defi isn't Wall Street. Hyper Liquid and Phantom argue that non custodian protocols, custodial protocols, don't hold customer funds or act as intermediaries. So they shouldn't be regulated as brokers, exchanges or clearinghouses. It's pretty obvious. Don't know if you guys saw this. Fed Chairman Kevin Warsh taps billionaire Mark Andreessen to lead AI task force. That's got to be good for the us. You guys know about Andreessen Horowitz? They. They're like, well, one of our biggest. It's one of our biggest guys. It's one of our guys and he's going in there to be one of their guys. That's good. That's good. What's this last story? I'm just making it up as I go. All those task forces worst talked about and spooky of the market during the Fed meeting and then bang. Appoint Andreessen. Lmao think the worst of the Fed fears were priced in at the last Fed meeting. That's all the news we got for you today. How are you guys doing? Feeling good. I was late today. Okay. Watching Mbappe Hots highlights. Just seeing some comments. Circle jerk bacon, am I right? Don't even know what we're talking about, but I love the comment. Put it in the mixer and it's gone. Scott, the Republican Party and Elon, love you. Don't know what that means, but it's awesome. I'm just. I'm not even reading your comments. I'm just bringing them up. Trump administration has uncovered taxpayer money that was being stolen by politicians and funneled back to themselves to equal over half the national debt. Don't know if that's true. It sounds terrible, Melvin. I mean, Trump is the only president in history to make stock trades while in office. His whole family is making multi millions and receiving government contracts. Unprecedented corruption. That's not true. They're making multi billions. Multi, multi millions. What is this center for Ants? What is this? Insider trading for ants. For sake. The whole bot. The bottom was in the whole time. How do you like my ticker? Oh, it goes this way. Look, I can do other ones. I don't even know if it's in the description. This one's old. Look at this one. My daily newsletter, the Wulff Den, is free. Subscribe down now. I'm going to make another one right now. One second. I can't see very good. I used to do these. I would make jokes. Put mom jokes down here or scroll this one I should say wares good. Wait, wait, wait. Wait for it. This is one of my favorite jokes. Your mom only got one leg. That's why she wear New Balance. Up. Hey guys. My daily newsletter, the Wolf Den is free. Subscribe now. Links down in the description. I think I have embarrassed myself enough today and I have a whole another show to get ready for and Twitter spaces also. Gonna just get out there and hit those waves. Hope you guys have an amazingly wonderful weekend. Great ticker. Someone said great ticker. Best ticker in the world. Why'd it do it up there? Oh, okay. Yeah, your comments go there. That makes sense. All right, guys. Yeah, I'm gonna get out there, hang 10 while drinking some problems and I will see you guys on Monday for macro Monday. Let's dope.