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- [00:01]
Scott
The White House finally dropped the crypto report we've all been waiting for, which was obviously going to tell us exactly how much bitcoin the United States government owns. And oops, they forgot to include that part yet we did get reassurances from Bo Hinds that the strategic Bitcoin reserve is coming. Meanwhile on Wall Street, Ethereum ETFs are absolutely ripping, making a record 19 days straight of, of inflows. And when we want to talk about ETFs we bring in the master, Eric Baltunas to do so. We've got Yago and Eric ready to go. Come on, let's do.
- [00:51]
Eric Baltunas
Let'S go.
- [00:52]
Scott
A lot going on in the markets and in the news. Gonna go ahead and bring on Eric and Yago now. Eric, these, this whole Ethereum thing, it might be catching on. Ethereum ETFs match record 19 day inflow streak. We got an ad. Awesome, thanks. And of course right here, Ether starting to look like 90s tech stock as ETFs catch fire. 19 days of inflows. There's been days where it's pacing. Bitcoin ETF inflows. What's going on here?
- [01:21]
Eric Baltunas
Yeah, I mean it was kind of dormant for the whole first year really, or the first 11 months and then in July it just woke up. There was a couple good narratives. I think for a lot of people it dawned on them that if tokenization is going to take off, a lot of it's going to happen with Ethereum. And so in terms of betting on a blockchain, you know, which is obviously a different type of trade than buying bitcoin betting on a blockchain. I think Ethereum became like the one to go to and I think the price started to rally and it's up 110 in three months. So the flows really started after that rally got going. I think people needed to see some like life in Ethereum and they did. And now if you look at the etf, probably the most amazing stat is that if you, if the Bitcoin ETFs had never launched, right, Ether ETHA would be the fastest ETF to 10 billion in history. The only problem is the Bitcoin ETFs did launch. To me this is like being Reggie Miller and having to play in the Michael Jordan era. Like you're so good, you probably would have had five rings. But Jordan is there. But. So I will say that Ether is having a nice run. I don't know if it can keep it up. I think what it did Is it got to where we all thought it should be, which is about 13 market share. I think it's ceiling is probably 20, but now it's respectable. I think it actually emerged into where I think a lot of people hyped it up to be. And that's good, you know, we'll see where it goes from here. But impressive.
- [02:56]
Scott
July ETH is doing so well that I heard a rumor that Yago is no longer going to do Bitcoin os. He's going to do Ethos. Is that true?
- [03:07]
Yago
Well, I mean, the nice thing about Bitcoin OS is it gives you all of the capabilities of Ethereum on Bitcoin. So the higher Ethereum rises, the more valuable Bitcoin OS is.
- [03:21]
Scott
That actually makes sense. But what do you make of the Ethereum run here, Eric? I mean, I'm going to ask Iago, but I think it's mostly Tom Lee. I think the Ethereum got its own little Michael Saylor to just go pump it on Wall street and that's a huge part of this. But Yago, I mean, what do you make of Eth catching up here? Obviously we've seen this in previous cycles. Maybe it was never going to happen, but seems to be just repeating.
- [03:48]
Yago
I don't have a huge amount of insight as to where this capital is coming from. It's not clear to me if it's, if it's retail or institution. I do think that Tom Lee really nailed the narrative. Right. Stable coins are the most important thing happening in crypto outside of Bitcoin. And where are they going to happen according to tomorrow? They're going to happen on Ethereum. And so it just, it's a very, very simple idea attaching Ethereum to the real story here. I think actually in many ways what we're seeing in Ethereum right now is sort of like an echo of the, the massive interest and the genius act part passing for stablecoins. That said, ultimately momentum generates its own narratives. And so I do think that this is going to go beyond just a Stablecoin narrative for Ethereum. And I don't think that we should be overly surprised. This is actually the same pattern that we're seeing now. It's the same pattern that we've seen time and time again. Bitcoin first, then Ethereum and then Alts. And it's just taking longer. But is a much, much bigger wall of capital this time.
- [05:02]
Scott
Yeah. The question is if they'll actually make it to the coins or if they'll just stay in whatever they can get Exposure to in the stock market. But I guess that remains to be seen.
- [05:11]
Dan
Really?
- [05:11]
Scott
Yeah, yeah, yeah.
- [05:13]
Yago
I just don't think it really matters. So even if the funds come in through ETFs or Treasury companies, and at the end of the day what they do is they create demand for eth, they create demand for btc and then as a result everything reprices against it. So this. So even if, you know, all of the money, 100% of it was U.S. investors investing in U.S. firms on Nasdaq and New York Stock Exchange, it would still make btc, eth, and ultimately every single other asset more valuable and more expensive for people in Korea, China, Thailand. So it's one global bucket of, of capital.
- [05:53]
Scott
That makes sense. There's another huge story here, Eric, I want to ask you about. Seemingly nobody but you mentioned it, which I find very strange. There was an article in Bloomberg, but we had sort of quietly, the SEC go from 25,000 to 250,000 options for position limit on IBIT. And last I checked, IBIT was already beyond the fact that it was the most successful ETF ever. The options launch, also quietly insane success. And now you can go 10x on the size. The biggest criticism was we can't really use this to hedge. We can only do 25,000 contracts. Now you can do 250,000.
- [06:35]
Eric Baltunas
Yeah, no, it's, it's big because institutions really like to use options. They're very creative. To me, options are like giving a painter like 10 extra colors to paint with. You know, they can really customize and fine tune what they're doing. You can also do a lot of just rank speculation with options hedging during volatility. So this is a big deal. I think, you know, when, when we look at like HYG options, to me they're almost like the new cdx. You know, ETF options have become very relied on by the biggest investors. So if IBIT options are able, you're able to use more. That's good. They're also allowing flex options, which are like options you can customize and what that's going to do.
- [07:18]
Scott
Yeah, I've never, I literally have no idea what that is.
- [07:20]
Eric Baltunas
Yeah, customizable options really allow you to, again, it's almost like pinpoint a targeted outcome. So there's these ETFs called buffers that use flex options. So you're, you're going to have more ETFs that come around and say, okay, we're going to give you Bitcoin. But the first 10% that it goes down, you're going to cover. But beyond that, the options will cover. But on the upside, you only get 40% of the upside. Beyond that you give up and they're going to give you like 20 choices. You want 40, 50, 30% and you're going to be able to like, it's just like going to a plate, you know, a, like a clothes store and finding like that exact perfect size for you. So that's another offshoot of the options increase, but also symbolically, it just shows there's a new sheriff in town. I thought that there was a couple releases over the past couple days that were again showed a much more lenient pro crypto sec.
- [08:21]
Scott
Yeah, I mean, we were worried there for a minute. Yago and I had Matt Hogan on last Thursday and that was the day that they rejected or indefinitely paused the crypto 10. I think people were starting to worry a little bit about the sec, but it seems like maybe they're just waiting to get their guidance for ETF approvals in general together before they start sweeping, you know, doing individual ones. And we're probably going to get just this major sweep. Well, I mean, once we, once they have that guidance and you just, if you follow these rules, you're approved, right? Yeah.
- [08:51]
Eric Baltunas
Did you see the guidance came out yesterday? Pretty much.
- [08:54]
Scott
There you go. Yeah, yeah.
- [08:56]
Eric Baltunas
So, and just, just. I don't know if people have caught that, but that was, I fact, almost bigger news than the options. Basically, if your coin, if the coin has futures connected to it that trade on coinbase derivatives for six months, you can be etfable. So all the usual suspects are in. There's about 15 coins, I think that will be approved based on that guidance. So look for September, October, you know, about 10 new coins coming out with ETF packaging in a spot product.
- [09:29]
Scott
Okay. So I think we can summarize all of this as everything you can do on any asset you're going to be able to eventually do on bitcoin, ethereum, and maybe 13 or 14 more of these things and probably a million by next year, knowing how things are going. So maybe we've talked that to death. I want to talk about this White House report, Iago. We have Trump's top guy, crypto guys. USD 5 will thrive, assures bitcoin reserve is coming. So this was obviously notable. I think the biggest ticket item we were waiting for in that report was, hey, how much bitcoin does the United States government actually hold? We saw that the U.S. marshals and that Freedom of Information act only had about 29,000 and people freaked out, right. And they thought we were supposed to have 200,000. But here we are, Bo Hines and Tyler Williams from the treasury saying that we are still getting a strategic bitcoin reserve. Heinz had a quote that was like, you're going to love what's coming next or something. So should we be worried that there's going to be no strategic bitcoin reserve? It's gone. Is this misdirection? Does this matter?
- [10:31]
Yago
I think, you know, the, the, the, the, this, this is being teased and will continue to be teased for a while is my, my assumption. Ultimately it's probably going to require Congress, you know, it's going to require law for it to, to have any sticking power. There might be things that come out through executive orders, but if people are expecting to see this become a fundamental pillar of US Government policy, then there, there needs to be law. So I think right now it's more of a tease. Very likely the first thing that will drop is some kind of executive order for actual purchases. They're likely structuring that now to be in line with the last executive order which described revenue neutral purchases and then working its way through Congress and the Senate is, is law.
- [11:34]
Scott
Yeah, I tend to agree with that. Eric, do you think we're getting a strategic bitcoin reserve?
- [11:40]
Eric Baltunas
Yeah, looks, I mean, looks very promising. The idea that you can't buy any new ones, but you can find some creative ways to maybe acquire some. Great. I think the Stockpile was at 180 billion, ish, 200 billion.
- [11:55]
Scott
I mean, we thought that there was about 180,000 to 200,000 coins. But you got to remember that half of those definitely belong to Bitfinex.
- [12:04]
Eric Baltunas
Okay, well, for me, when I think of this strategic reserve, I think of the symbolism of, hey, look, where were you a year ago? Now you've got the White House like thinking this is worth holding and at least they're not dumping it. Because I remember when the ETF came out IBIT and all those ETFs, and I just remember there was dump after dump and like, I think one was from the German government and they was like, oh, here comes the German dump and the ETFs and sailor just ate all the dumps, thankfully. Otherwise, I mean the price would be really in, in tatters. But the dumps of the governments, at least you're not dumping. So there's one and number two, I heard, you know, I've just at, I was at that token 2049 and I heard people talking about how? Because the US had this. It was getting other countries to like look into it. And so there's a lot of. It's just like a. I just wouldn't, I don't know. I. It's hard for me to be over critical if it's not exactly the right amount you thought or because they won't buy new ones. I don't know. To me it's like it's at least a B plus. Just the fact that they're not dumping it.
- [13:13]
Scott
I mean, Iago isn't that the game theory of bitcoin in the first place is regardless of whether it's government, an institution, an individual, as some say, Bitcoin is for enemies, you know, sort of aligns everybody's self interest to go after more Bitcoin and secure the network because it's in their own interest, even if it's in the interest of their enemies.
- [13:34]
Yago
I think to. I, I, look, I don't have huge sort of alpha here. You know, I'm not, I'm not in Washington D.C. but my sense is that we're already starting to see other governments, other sovereign wealth funds, sometimes explicitly, more frequently sort of quietly acquiring directly BTC, acquiring mining equipment, buying shares in miners, acquiring ETFs. So there's already significant government.
- [14:08]
Scott
Right.
- [14:09]
Yago
Which goes far beyond standard institutional acquisition happening. And that is likely to ramp up the US Government actually purchasing btc. First of all, just saying that it will have a reserve and then actually purchasing BTC has a much more powerful effect on than their direct purchases. What it does is it legitimizes the asset. It legitimizes the asset so that you can now borrow against it. It legitimizes the assets so that corporates can add it to their treasury. It legitimizes the assets so pension funds can hold it. And that is I think the really big story, right? It's the hundreds and hundreds of trillions of dollars of potential capital which suddenly would be able to begin to acquire and hold btc, which today, because of the inherent conservatism of these types of institutions and because the entire financial system is sort of a quasi, you know, is deeply embedded with, with government, especially the banks, right now is not happening.
- [15:13]
Eric Baltunas
Scott, can I ask about this, this idea of Bitcoin for enemies? Because you had that tweet. You had a couple of tweets about how.
- [15:20]
Scott
No, no, I didn't. Nobody saw that.
- [15:23]
Eric Baltunas
You had some of these OG types who are like, hey, you know, it's almost like the band I really liked sold out and went mainstream and like they're over now. Like.
- [15:35]
Scott
Right.
- [15:36]
Yago
Think I put that idea into Scott said, did you? I think.
- [15:40]
Scott
Well, that's not what I said, but a lot of people responded. He's talking about the tweet that I said where bitcoin is great. Something about bitcoin's amazing, but it's obviously been partially co opted by the very people it was made as a hedge against. And that some. And Iago this. You and I have definitely discussed that a lot of early whales are disillusioned and heading for the exits. That was the gist.
- [16:00]
Yago
I don't know about a lot, but there's certainly some.
- [16:03]
Scott
Yeah, go ahead, Eric. What's the question?
- [16:05]
Eric Baltunas
What's the logic? There is the logic that I was going to buy this thing and it was going to be like in these wallets all around in like the private world, like the underground. And that it was going to be something that pissed off the government. And like I feel good about that. Or was it, hey, this is a technology and a currency and a store of value that I think will appreciate and you government can't dilute it. And if the government can't dilute it, then it works as a hard money. And I don't. That is still intact. Like even though the government is like buying it, it still can't dilute it or kill it. So I don't get. Is it just. Is it just the style question? It's like I don't like the White House.
- [16:48]
Scott
Here's the guy who gets to answer the question.
- [16:50]
Eric Baltunas
I'm gonna take my ball.
- [16:52]
Scott
So I.
- [16:53]
Yago
So, you know, I've been part of these conversations for the last close to 15 years now. I think I, I think I can give good color on this.
- [17:04]
Scott
The.
- [17:06]
Yago
Sort of wet dream. Right, Right. The ultimate fantasy was that there would be a mass of people who would liberate themselves directly by taking custody of their btc. They would begin to transact in bitcoin. An entire parallel economy would grow, which would mean that you would never need to touch fiat. It would mean that we would. You know what the Republicans have been saying they're going to do? Bitcoin would do. It would starve the beast, take taxes would become impossible to collect. KYC would become irrelevant. People would be able to transact anonymously. That is sort of like absolute complete victory, unconditional surrender. Governments disappear. Some people, yes. So for some people that was. There's, there's.
- [17:58]
Eric Baltunas
There's a type of radical out there.
- [18:00]
Yago
That I'm sure you've met Eric.
- [18:01]
Scott
Right?
- [18:02]
Yago
Who. For whom anything less than the perfect is not good.
- [18:06]
Eric Baltunas
Yeah.
- [18:07]
Scott
And, and, and, and guys are married. Right.
- [18:12]
Yago
And those, those and, and, and it's that level of conviction that was very prevalent in the kind of people who are buying and holding bitcoin and have held Bitcoin for 15 years. Right. You have to have a deep degree of conviction and sometimes that conviction comes from a deep level of insanity. And so I think even for me, you know, seeing, I, I always thought that bitcoin could become the co opted coin and that there would be a gateway for everything else.
- [18:46]
Eric Baltunas
To sort of.
- [18:46]
Yago
Like fill in the gaps of, of, of privacy and, and, and self custody. But, but even, even so, you know, there, there's other. I'm very happy to see governments looking to add bitcoin as a true reserve currency, but I feel a little bit dirty about it.
- [19:03]
Scott
Yeah. Does that answer your question, Eric?
- [19:06]
Eric Baltunas
Yeah, I think, you know, I grew up in the. I'm in Gen Xer and it reminds me of bands in the 90s. It's like, oh my God, Nirvana is like doing Rolling Stone. Oh fuck them. You know, I. But at the same time their music still kicks ass. Like you can't deny it. So I get it. I think this is just what happens when something. Because bitcoin is the first asset that came from the underground and went mainstream. Mostly things are from the Wall street area that are democratized to retail. So here you have to look outside of the financial realm for something similar. And I found music and art and stuff like that was similar. Where that stuff did get widely distributed. A lot of businesses made money off of these bands and it did piss some people off. But at the end of the day, you know, the music still was good and more people got like, if something's really good, it's just going to find a way into the mainstream, you know. And I think this is similar. Like bitcoin is just good. Like it's very once because people, once people start looking into it. I have yet to see a case where someone's like, yeah, screw that. They usually get Eric.
- [20:11]
Scott
It's like a meme where you know, you cry but into like a huge stack of cash against your tissues. Because like, like when you're people people. My favorite comments to that of all of them. Of course I triggered every maxi on the planet by using the word co opted, which maybe I shouldn't, but was all of them saying what are they going to do? Exit into fiat? And I'm like, if you have $10 billion. I don't really think you care deeply about fiat devaluation. Yeah, that, oh my God, inflation is going to straight away my $10 billion that I just cashed out. Oh, by the way, I still have 140,000 Bitcoin you guys don't know about like Yago. I doubt these people are going entirely for the exit even though we see these big numbers. Oh, and also we have a vehicle now that they can exit in a tax efficient way through treasury companies and still say that they're well in it.
- [21:02]
Eric Baltunas
The reason I, this matters to me is as somebody who's on the lookout for possible risks and we've, you know, we've gone over some. I wonder if like, you know, if the OGs leave and it becomes like this, if it, if it loses that special early DNA, would that be a risk where it just becomes like a Wall street asset? That's, that's a question I'm, I've been.
- [21:25]
Scott
Yeah, Yago, I want you to answer that too. UDI had a great thread, UDI that basically said like this is the most bullish thing is because you know, eventually the money has to be distributed, it has to change hands. You have to have new believers now you have this new passionate flow floor. Iago, what do you make of that?
- [21:42]
Yago
I would argue that the, that having OGs is very important. But what's, you know, what's better than having OGs, it's having China, Russia, Europe and the US all utilizing the same asset. They will never agree on anything. And ultimately the, what protects bitcoin is that there's consensus about the way it is today and no consensus about any, any changes that can be made to it. So I think as much as sort of Bitcoin, OGs could help Ossify this platform and turn it into an extremely reliable system for property rights. The, the, the, the, the absolute anarchy of having large geopolitical actors who are, you know, mortal enemies ossifies and protects the system even more.
- [22:33]
Scott
Eric, does that answer your question?
- [22:35]
Eric Baltunas
I mean, I mean, I'm assuming you're an og.
- [22:40]
Scott
He's as OG as I get. Yeah. Okay.
- [22:42]
Eric Baltunas
You're like O capital O capital G.
- [22:44]
Scott
Well then if you're saying Yago Moto.
- [22:47]
Eric Baltunas
Yeah, okay. So yeah, no, bear in mind that.
- [22:50]
Yago
My, my, my view, my views are not representative. I, I, I think I've always been a bit of a weird. Let me put it this way, my views are not representative of the OGs who scream on Twitter, of whom very few remain and is only partially representative of the people who, you know, potentially are selling out now and have been sort of like the cultural hardcore of bitcoin. We're. We're 15, 16, almost years in at this point. There has been consistent attrition, you know, philosophical schisms, people getting bored, people dying. Just standard attrition over the last 16 years. Anyway, that process is going to continue. And so, you know, there'll be. Be people like me and people like Eric Voorhees and people, you know, like Luke Jr. Who probably will always hold a candle to, you know, and. And. And, you know, promote whatever they original vision of what this could potentially be is. But I think we become less important over time, and I think that's a good thing.
- [24:09]
Eric Baltunas
But, yeah. Thank you.
- [24:11]
Scott
Then the government is Ticketmaster. That's a funny comment. That's really funny comment. Going back to the Nirvana thing with that, I mean, that's. That's just really smart. Brandon. Nod. NARB211. You're a smart guy. I don't have a last name. Or is that, like, some meme I don't know about from, you know, Gen Z? So now we're, like, running.
- [24:33]
Eric Baltunas
Well, wouldn't Coinbase be Ticketmaster? Because they're charging people 1.4% just to exchange with bitcoin. That's like Ticketmaster prices right there.
- [24:42]
Scott
Yeah. And they're.
- [24:44]
Eric Baltunas
I think Coinbase is Ticketmaster in that metaphor. I think. I think the government is like your dad going with you to the Nirvana show.
- [24:55]
Scott
Your dad blasting it as you pull up to school to embarrass you. Yeah. Because we all know that happens.
- [25:02]
Yago
Maybe we can sit on Trump's shoulders while we. While we buy our btc.
- [25:07]
Scott
The shoulders of giants, I dare say. Yeah, guys, that's all. Unfortunately, we ran out of time. Thank you, Eric. Yako, as usual. Man, you guys are a trip. That was a great conversation. Eric. I'm just gonna hire you to ask dago questions so I can leave so much easier.
- [25:22]
Eric Baltunas
Well, you asked the original question, which got me thinking.
- [25:26]
Scott
So that way I didn't. You know, I fired that off on, like, a Friday and Sunday night, I started getting these Google alerts, and it was like all these stories on Coindesk and Yahoo Finance. I was like. I wasn't even. All the stories that it was about the 80,000 sale, and it had literally nothing to do with that. I was like, I know. It's just amazing.
- [25:44]
Eric Baltunas
Sometimes those tweets that you just don't even think twice about are the ones that hit hard. It's hard. It's like. Yeah, yeah.
- [25:52]
Scott
I think that there's something to be said for the more mindless things you put out into social media, the more likely they are to do well because of the nature of social media. Sure. All right guys, thank you so much for your time.
- [26:03]
Eric Baltunas
Thank you.
- [26:03]
Yago
Have a good one.
- [26:05]
Scott
Later. All right guys, very quickly before I bring on Dan of Z chart guys, we didn't do it yesterday, we're doing it today. We got Aptos as always as an incredible sponsor here, usually on Wednesdays, but Thursday, Thursday, just to give you some quick milestones. Us Aptos milestone stone stones or higher recent all time highs like 5.4 billion monthly DEX volume 835k app revenue 1.3 billion stable coins, 450 million Bitcoin Bridge 530 million in RWAs, 200 million in ecosystem grants. That's the global trading engine in full effect on Aptos. So go and check that out. And now, ladies and gentlemen, Dan from the chart, guys. What? What? Like if you were being announced as like a. The center on the Milwaukee Bucks or something, like what song would you come out to do you think?
- [26:59]
Dan
Oh man, I, I don't have any. All my, all my music wouldn't be the right mood for that.
- [27:06]
Scott
Yeah, but that's what makes it great. You know, you want to come out something super chill, I guess.
- [27:11]
Dan
The who imminence front.
- [27:12]
Scott
Okay. I mean that's a good one. All right, let's look at your charts. That's a good choice. Okay, go ahead.
- [27:19]
Dan
All right, so I'm on the 12 hour for Bitcoin. I've been watching this all week and as I tell people, identify a time frame and something that you're watching and keep it simple. And so I'm not going to look at anything until this goes one way or the other. And if it breaks bear, we're going to look at previous resistance to try and hold as support. And if it breaks bull, we're going to test all time highs. And you know, right now there again no red flags with the style of this consolidation. And you know, just, just to talk about price action yesterday with the FOMC reaction, essentially what happened is and the NASDAQ was doing the same thing we're dropping because Powell is saying, you know, not really leaning into any cuts coming anytime soon. And then we v shape when Meta and Microsoft have earnings after hours and rip 10% into blue sky. And so, you know, bitcoin's following the NASDAQ in the short term doing that and then altcoins are following bitcoin in the short term, doing that. And so here we are, we're just watching again. In the end you zoom out, doesn't really matter. But if you're zoomed in, that's what was going on yesterday. But 12 hour, just watch that channel. And this is healthy consolidation at the moment and we'll see the direction that it breaks. And you know, a lot of people are recognizing that altcoins have been a lot weaker during this period of consolidation and ETH is holding on well. So you know, we're seeing perhaps altcoins bleed into eth. I've got a key support, you know, we got the daily higher low. We got a new one here. Simple statement. If 3676 is support bulls of absolute complete control. If we lose that level, we may be looking for weekly consolidation shaping up. So again, just watching these two little short term levels here to see can the bears prove something on these two names? The Bears haven't proven anything in weeks at this point. You know, again, some altcoins have confirmed daily downtrends. Bears have proven something there. But as far as the two major pillars, Bears still have proving to do.
- [29:12]
Scott
I just love that we can talk about Ethan. A favorable light after all these years together.
- [29:17]
Dan
It's been a long time for sure and, and still watching ETH BTC again. Whenever I'm watching the BTC pairing, I want to compare it to the US dollar pairing and the question is, is it doing anything different? And the answer is no. So I'm not getting any clues or information. It's when it's doing something different that it stands out to us. So again, just the example I always give is if ETH USD hit the new high here and the BTC pairing did not, that would be a little signal that we're weakening and that would be something we want to pay attention to. But at this point, if they're doing the same thing, that's just fine. Bulls are all right with that. And again, just watching that little daily higher low. And again we have to remind ourselves, okay, let's just say bears prove something on eth, go to the weekly chart. Weekly consolidation wouldn't be a huge red flag. And again, if I will at that point be watching for the possibility if that weekly consolidation can stay bull flaggy. It is a cup and handle setup. So again, it wouldn't be a huge red flag to enter weekly consolidation. You would just want to ensure that, that ideally maybe 31, 3200 holds as support to keep that weekly consolidation Healthy.
- [30:25]
Scott
So what else are you looking at?
- [30:27]
Dan
I've been watching the narrative fade a bit on the treasury companies in the short term, again, that can be revived. Bmnr. You're going to be hard pressed to find a stock where the closing price was lower than the opening price. Something like 14 out of 15 days in a row. And you got Sbetch has been in slow bleed mode. Dynx was one of the newer ones, slow bleed. So I'm keeping an eye out for the slow bleed to shift and maybe there's a second wind. I don't expect the second wind to be anything massive, you know, just looking at the weekly perspective. I'd just be looking for a weekly lower high. But as far as I'm concerned, I won't say the narrative's dead. I'm saying the narrative is sleeping. You know, it was a nice thousand. You can't run 1000% plus in a week and not pull back massively. And so just keeping an eye out for when that shift back. Essentially we need to find supports, you know, euphoria, breakout on the headlines and now we're searching for support and that support has not been found yet. So keeping an eye out for that in the treasury companies.
- [31:29]
Scott
Perfect set. What do you got? One more there.
- [31:32]
Dan
Psychedelic still. So just we touched on psychedelic last week and again, ATI is one of the other psychedelic names that has bitcoin on the treasury. But just seeing aggressive dip buying, you know, one of the companies that they have ownership in had bad reading come in. We get a big gap down, you know, 25% and a very significant recovery. So that's exactly what bulls want to see buying of the dip. And so again, I'm going to be keeping a close eye on the psychedelic names all year from here especially. It's great when they got the combo of some crypto involved as well. But again, just as high risk, high reward as you can get in markets pretty much would be quantum stocks, which already had their massive run earlier this year, and psychedelic stocks. And so I love when low cap names get hype in euphoria. And so we still don't have the herd, you know, with headlines getting all their attention. And I'm keeping an eye out for that later this year.
- [32:24]
Scott
I thought you were going to say, like, you know, Altcoin 97, treasury stocks are going to be the most volatile.
- [32:33]
Dan
They're definitely volatile in the short term. The thing is, I don't have. I have a little bit more again, you know, I'm 10 fundamental 90 technical I. I have some fundamental belief in the psychedelic space. Long term treasury companies. I'm still not sold on that model.
- [32:51]
Scott
Yeah, for some of them I am. And for 97 of them, I am definitely not. Guys, give Chart guys a follow. Going to be on Sirius as usual, right after the show on Thursday. So check me out there. And once again, check out Dan's YouTube as well, man. Thank you so much as always for sharing your time with us. We really appreciate it.
- [33:12]
Dan
Absolutely. I'm gonna be gone the next couple of weeks, taking a road trip out to Washington, renting a camper van, doing a big loop. But I'll be back second half of August.
- [33:21]
Scott
Whatever, man. Have fun. Have a great trip. I'll see you soon, man. We'll miss you. Thanks.
- [33:26]
Dan
Peace.
- [33:28]
Eric Baltunas
That's dope.