← The Wolf Of All Streets
The Wolf Of All Streets
Who's REALLY Moving Bitcoin? The Secret World of Crypto Manipulation EXPOSED!
00:47:36
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- [00:02]
A
People often accuse market makers of being the ones who manipulate the market and move the price and force everybody up and down and liquidate people. Is that what really happens in the crypto space, or do people have a fundamental misunderstanding of what market making is? Of course we're going to talk about the news and the market, but I've got my close friend who has deep, deep insight into market making, Gaurav Dubi here to discuss this and much, much more. Of course, Christopher Inks on the backside. Let's go.
- [00:35]
B
Let's do. Let's do.
- [00:49]
A
Good morning, everybody, and welcome to the summer doldrums of August, where bitcoin price chops around in a range and people lose their minds. So much so that there's very little news. And this is a conversation I've been looking forward to having for a long time. We decided to do it here on a Wednesday. We woke you up very early today on the West Coast. Thank you very much for joining at 6:04am how you doing, man?
- [01:16]
C
Well, thank you, Scott and the team for having me here. Thank you, guys. Yes, I slept, I slept barely for a couple of hours and for all good reasons. You know, the markets were doing super well, as we can, as we can see. And then, and then at the same time, I think I made that statement over a call. Not sure if it's entirely correct statistically, but definitely on the, on the, on the, on the lemur side of the claim. We had about $20 billion of Datcos announced in the last seven hours.
- [02:01]
A
That's digital asset treasury companies for those who don't know the lingo.
- [02:05]
C
Exactly. So we're, we're, we're doing rounds, man. We're doing rounds. The, the finance news, the investment news, the Wall street news. It's all flogged and cluttered by digital asset treasuries and the tens of billions now rushing into it per hour. So what a time to live.
- [02:26]
A
Yeah, absolutely. And obviously people are freaking out with Bitcoin at $111,000. I think it's a perfectly fine price. So listen to dig in more, though, into the other conversation. This hyperbolic title is amazing. Who's really moving Bitcoin? The Secret World of Crypto Manipulation exposed. So I think there's a fundamental misunderstanding in what a market maker is and what a whale is. And they are not the same people. And people like crypto Twitter seem to believe that a whale is a market maker, but that is not the job. So to be clear, Gaurav is one of the biggest, bigger Market makers in the crypto space, not specific to Bitcoin for full transparency. As I've told you guys before, Gaurav actually handles my personal investments, my exits and entrances so that nobody can say anything to me about what I'm doing with any token or anything in the market.
- [03:14]
C
Definitely.
- [03:15]
A
He just does it. And also Gaurav is our official on the scene correspondent because last time we had him on, he was in the freezing streets of the World Economic Forum at Davos Live. So all those things, let's talk about.
- [03:29]
C
And this time, this time straight from Wyoming Blockchain Symposium AKA.
- [03:37]
A
Fedapalooza. Paula Palooza, right? So you were also there. Dude, are you like one of the, are you like one of these WEF secret agents who's out there like as an Illuminati making us eat bugs?
- [03:49]
C
I'm gonna bust all the questions in one shot, right? From the market makers to the speculators to the speculation creators, whales correspondents and the Illuminati participants. I've been to all of these places, from the deeper side of the markets to enclosed rooms with largest whales. Especially now because of datcos. I just mentioned Digital Asset Treasury. And then from Davos to Wyoming Blockchain Symposium. I think we as humans and societies have this perception of blaming things to conspiracy theories. More in the west than in the east, but more so, you know, largely people tend to do that. We want to, we want to have this unknown force guiding the evil. And evil is always a perspective of that person. So starting, starting to, to quickly kill the perception around the Davos and, and the Wyoming symposiums and so on. These are large assemblies of people definitely trying to find a decision or a direction, not a decision, but largely a direction in let's say finance or impact or socio economic impacts. And there's not a single person that is the day that decides under the closed room that let's produce several metric tons of extra carbon monoxide or carbon dioxide and freaking melt the world down, right? Nobody's doing that. There is no such party sitting and planning that. And I know as much as we'd like to believe that there's like this one family or one person at least probably in my limited capacity and I've been in, in all sorts of room that doesn't happen. Bringing the same concept to market making and, and the broader macroeconomics of not just crypto but any economics, people think oh well, you know, what the government has to buy so somebody would dump it. Look, I might not be entirely informed, but as long as we have seen the markets in the last few months. There have been people that have bought bitcoin at a few hundred dollars and have been patient enough to hold it for 10 years. And they see all this macro capital coming in from all part of the world into bitcoin and they feel like it's a good time to exit. They feel like if they will sell. You know, I think yesterday or a few. Yeah, Yesterday we saw 24.
- [06:42]
A
Sunday, the 24,000 Bitcoin guy. Yeah.
- [06:45]
C
And you know, and easily trackable. Thank God. Thank God somebody published the forensics around that, which is not to, you know, complicated or sophisticated in that matter. You know, somebody sold 24,000 of Bitcoin and bought some Ethereum on that. Right before that there was 110,000 bitcoin sale. And we were able to track the person who bought it. I mean we were not able to probably track exactly the person. But again, there is a speculation around Roger Ware and so on. But you know, all of that is speculation. The baseline being somebody who had enough bitcoins and saw enough liquidity in the market, decided to sell. Do you think a market maker or just for that matter a single party would try to manipulate that, try and weigh the balance between these two facts. On one side there are mega buyers like you know, Microstrategy now called strategy, you know, Michael Saylor Metaplanet and a zillion other digital asset treasuries. Digital asset companies that have raised billions of dollars and that are raising billions of dollars, let alone, you know, nations and sovereign wealth funds and wealth funds and individuals who are ready to buy bitcoin at any price. They are already buying it on a daily basis. Do you think there's a party that would want to manipulate the market and bring the price down against these guys? Because manipulation essentially requires you to sell it and then buy it and make profit in between. Like how can you sell bitcoin today and not face a loss with all these people ready to buy in? Right. So by the time you're trying to manipulate and bring the price down, these guys would just like come and as we call it in crypto, ape in to all the supply that they're getting in for cheaper. So eventually the manipulator ends up being manipulated. And, and from, from that perspective, and I'm trying to be as statistical and, and trying to put more logics for everybody to understand. I don't want to name names, but do you think this is even logical for anyone to try and play? I mean, yes, it was very logical to play that with smaller coins. And it was probably possible in the era when they were like the tethers and large supply creators or liquidity creators in crypto that might have done it. But again, look at the odds. People have always been bullish on bitcoin and especially in these markets. So I still have a tough time believing that somebody would try and manipulate and kill the price only to be killed by all these buyers.
- [09:47]
A
Yeah, I think that that's exactly right. I think somebody just had a whole lot of bitcoin and sold a bunch really inefficiently. Maybe they had a short on the other side or something. But the bottom line is a whale could try to manipulate the market and they may get wrecked. But it's not a market maker per se, who's doing it. A market maker is just keeping a tight spread and making money and making their money by creating a more efficient market that people can actually trade it. But I mean, we've had all kinds of these claims all, all throughout time, right? Everybody remembers the Binance and Wintermutes are manipulating the markets a while ago. I would actually love your opinion on that. We have the Donald Trump is manipulating the Kanye west token market. I mean, you know, some of these, whatever. That said, like you kind of mentioned on these smaller tokens, it's pretty easy to move them.
- [10:38]
C
Look, they've been recorded and well understood sequences of events in the past where Alameda and FTX were actively manipulating the market because they were in a position of. They were in a position. Why would I say that as an exchange? And now proven, while they had the data of people and how they were playing with their money, which is only by the way specific to an exchange to have that kind of data, they also had their capital. So for those who don't understand how FTX worked, I'll quickly wrap it in 30 seconds. They were essentially in the business of bringing everybody that included exchanges. You know, they bought out exchanges like, you know, Bitmax back in those days now called Ascendex. They bought out VCs, they bought out projects, they bought out Treasuries, and eventually their one term to invest in any of these entities or players in crypto was to bring them on their own custody. So everybody would come to FTX custody. And now the number being shown on your dashboard is just a digital number, you know, on. Off of ftx. It is not essentially the number of token truly held in their custody. They might have moved it to Alameda and Alameda might have sold it on seven different exchanges. Now that is real manipulation done by somebody in particular case of an first of all orchestrated crime. And then secondly sitting at a position of knowing the data and, and because they had this two data which is how much is the total supply, you know, which is inside the FTX ecosystem largely that was 100% of the ecosystem, you know, minus Binance and a few other exchanges that didn't matter. And then at the same time, not just that data, also the liquidity. Right. And the intent to do that. So I'm not outright rejecting the idea of manipulation, but again remember that wasn't happening and they were not able to do it with Bitcoin, Ethereum and guess what, they were still not able to do that with Solana, which was one of their largest, their own token in, in a way they were like quasi Solana and you know, ftx. So, so you have to understand that it is, it's, it's just not possible. Financial markets are highly speculative because it's a broad, it's a macro calculation or macro aggregation of retail of tons of parties and nobody knows where would the weight lie amongst the consent or the consensus.
- [13:28]
A
So listen, market making the tokens that you do the rest of the market. Right. I have to imagine that there are people who are terrible at it or who do see some sort of incentive with something smaller and then those who are doing it ethically, which I know you are obviously because I've known you for a very, very long time. So I think when you get into meme coins, I mean there's definitely, it may not be the market maker, but there's a lot of insiders and kind of crazy, you know, early information on contracts and all of these things. I mean this is a casino that's rigged to some degree when you get way down the risk curve. Right?
- [14:07]
C
Yeah. I'm gonna simply continue with what I was saying. Once you are in a position of power, which essentially means majority of the supply, then you are clearly a decision maker of the, of the fate of your token or your coin or your markets as we call it in technical terms. Now ethical, non ethical is definitely a choice that people have to make. And sadly enough in financial markets, not just in crypto, but we have seen that over and over in finance. You know, we've all seen these movies like the Big Shot where let alone the banks, even a portion of government is involved, sometimes innocently, but definitely involved in the manipulation of that market. So like I said, I wouldn't outright reject the idea of manipulation. But at a certain place and At a certain time talking about so, so that applies to market makers also. Now crypto is very, very, let's say nascent in its own way in, in its cycle of evolution of finance and fintech. So and, and so are the participants of this industry. But because we are still not at a state of regulation where, where governments can come in and sort of regulate market makers to a degree that they do in the traditional space, almost everybody has a chance to call themselves a market maker, which is again not too fancy, but at least one of the streams of businesses and that's where people can make easy money. What do I mean by that? I'm simply implying that anyone like six plus of my own ex employees simply resigned and started calling themselves a market maker because they had two things. They had my deck to copy and they learned from the Internet that there's something called a hummingbot or there are some other open source GitHub repositories that they can simply copy. And it's a bot to shoot order on the order book. And for them that's about enough market making to begin. So the entire landscape from the project owners, which is the participant, to the service provider, which is the market maker in this case is basically built on the grounds of ignorance. I can call it innocence, but I believe in a philosophy of life and business which goes like in life and business in a sense is not an excuse. So, but, but you know, sadly enough that's, that's that. Now having said that, that, you know, this is the base layer. There are definitely players who choose to be ethical versus being not ethical. And let me explain that with a very simple analogy and you can definitely stop me if I'm going too long and broad with my explanations. You know, it takes you millions of dollars to build a security for the home. Especially while I'm here in the US I'm looking at, I'm visiting all my OG crypto friends and I was at the friend, I was at the home of David Chaum, you know, the father of digital currencies. And he was just like elaborating how his house has been built around security with all the craziness going down on the crypto guys. And he was just simply saying, you know what? It takes millions of dollars to build that security, but it only takes a hammer of $10 to break. Same is the case in crypto and finance. It takes people like us eight years of building the best infrastructure, building the best security, hedging around instruments, trying to save our clients from ill effects and ill Intents. But at the same time, look, I have to accept it. Even we get exploited, right? And I'm talking about having the best teams possible for the last eight years, building a hedge fund and still getting exploited. Now I can only imagine what happens to these poor, you know, my ex employees and other smaller market makers, let alone the bigger market makers. So when we get exploited, I mean my clients face a negative impact, which means they might lose treasury, they might lose price, they might lose a bit of reputation. Think about this like 40 to 90 people team that is working tirelessly, including myself. And you know, Scott, how I work, you know, I just slept two hours this night for the last eight years to be coming on screen and saying, you know, even we get exploited. And there are places where we explain the whole incident to our client and tell how we have been exploited, right? And all we can do is say sorry while others don't take this route and they simply blame it to this conspiracy theory that, you know, there is this random exploiter that has come and sort of sold the token. Actually David was talking about this phenomena as well. He has his token for the last many years, his network Elixir XX network. And he said gauravar, I actually had this question to ask. You know, my market makers keep telling me that somebody simply comes and you know, drops a bomb off a supply month after month for the last few years. And I said David, do you think it's even, is it even possible, you know, your token has been out for like five, six years. How can somebody have access to that supply and like without thinking like a clockwork comes and drops a bomb? No, it's just an exploiter who accumulates tokens through the month and just drops it on you on a single day. And that's because they have cracked through the algorithms of your market maker. Right? So I'm simply trying to imply the fact that it's super tough to judge between the band that I just mentioned, which is ignorant and innocent service providers, unethical service providers and people who are just trying to save their reputation or ego by saying, hey there is this, there is this magical party that is simply that keeps dumping your token.
- [20:31]
A
Do you have any insight? I keep getting questions in the comments over here. Everybody wants to know about Wintermute and Binance. Do you have any insight on any of that? Because apparently people believe that and I don't know either way, finance is manipulating the price of tokens in some way using Wintermute.
- [20:52]
C
Well beyond the already exposed evident facts. I wouldn't have anything to say both of these parties are not just friends but also fellow industry participants. And a lot of what they do does fall into compliant and let's say authoritative actions. They actually own the token they are selling. So, you know, you really can't question them. It's just that, you know, either the project hasn't announced the fact that, you know, they have paid whatever 4, 5, 6, 10% supply to certain parties during their listing activity or marketing activity or community activity. And hence the community thinks, you know, these evil market makers and evil exchanges are selling it. Dude, they own the token, they're selling it. What can you do about it? Well, as a community you should actually actively think about the fact that you pushed the project to go on Binance and hence the project has to pay whatever they have to pay in terms of community activity and airdrop to the alpha community, Binance, alpha community and so on. And that community might decide to drop and sell it.
- [22:09]
A
Just clearly. So the mechanics are somebody wants a listing on a centralized exchange, a big exchange. This is not unique to Binance, I would assume. So the exchange takes a percentage of the supply as payment for the listing, is that correct?
- [22:26]
C
Sometimes, not Exactly. For the 10. Yeah, sometimes let's put. Yeah, good to put diplomatic words in between.
- [22:32]
A
Yeah, but then. And a market maker obviously has to hold a significant supply of a token to be able to create the supply spread. I mean you have to be on the sell side of the books and the buy side of the books and you can't be on the sell side unless you have the token. So I don't know if that's a payment.
- [22:50]
C
Yeah, I'll interrupt you there for a quick second. Well, market maker doesn't actually need a whole bunch of supply because if the token is liquid enough, they will need very little towards the spread, you know. Yeah, towards where the market is sort of joining. And if the token is not doing well and they have to, let's say, manage a broader price range in the broader book, then it doesn't matter, like they don't have to have a large percent of supply. So yes, in a way, market makers do use this spread and liquidity provision strategy as a means to exploit the project for large supplies while they don't actually need it. And to go back to what you were saying in the case that you are building with Wintermut and Binance, let's say as an example, in this case Wintermute is just a party acting on behalf of Binance and Binance is just acting responsibly.
- [23:53]
A
Or a market Maker in that case is just the execution client.
- [23:56]
C
Says it's just the execution party. Yeah, they're, they're essentially, they're essentially just doing what their party is telling them to do.
- [24:07]
A
Right. Okay, so how does a new project or a token that's maybe languishing from a previous cycle or something like that, how do they choose a market maker? Know what kind of deal to do with a market maker, make sure that the market maker is acting in the interest of their community. I mean, we only have a couple minutes left, but you know, like, how do you approach it?
- [24:28]
C
Yeah, we approach this through transparency. I think the reason I'm in blockchain industry in general is because you can actually build trustless systems. And we, we have sort of built that despite of being in a fully centralized environment and a service provider of centralized and decentralized environments, which includes centralized exchanges, Texas borrowing protocols, and lending borrowing applications. So we provide 100% transparency into every single order, every single token that we have either borrowed from the project or that they have across their accounts or their markets. I think that's a very, very simple way of solving it. You know what, it hurts even to mention the fact that people have sort of found ways to exploit this transparency. And I'm sorry, there is no straight answer because, like, what would you do if people are giving you back office? So let's say we give you a back office to every project where they are able to track every single order and every single penny that they have allocated to us or borrowed to us, lend it to us. Guess what other market, some, some market makers actually give that dashboard. And you know, recently a whole bunch of project that shifted onto us realized that while they were able to see, let's say for a notional number, 10 million of their supply, not dollars, 10 million of their token supply on this dashboard. Well, when they abruptly signed off the contract, killed the contract with them, actually the token didn't even exist. And the market maker came back with an apology and said, hey guys, I'm sorry, that employee did something wrong and, and hence the token don't exist. Well, the employee might have done something wrong, but why does your freaking back office show a number that doesn't exist? That's fraud. So I would say keep testing.
- [26:25]
A
Most of these are regulated entities at this point. So, like, everybody's a regulated entity. Yeah, yeah, exactly. Like, I mean, somewhere the struggle I have, and I, like, I have zero insight into it obviously, but maybe in the old days of exchanges there was a lot more of this going on. But since they actively were literally sued by the sec, we know that there's regulators and, you know, entities watching every single move. I just can't believe that they would commit massive fraud at this point when they're literally being audited and watched by the United States government.
- [27:00]
C
I'm gonna take what do I know. Yeah, yeah, I'll quickly.
- [27:05]
A
By the way, this is the funniest comment ever. I just got here. Why is Scott interviewing Rand? Because how many times have we been at conferences together and people come up to you like for your autograph and picture thinking you're Ran.
- [27:15]
C
Thinking I'm Ran in Rant's event, man. And I keep telling this story again and again where some, some, some idiots, I, I'm like infuriated by this thought. Idiots who have been to my home a few times and have already met me and, and they talk to me. Hey man, I've been watching your shows for the last five years. It's so good to meet you. I'm like, bro, you were like at my house eight months ago. How could you have such a, such a bad memory? Coming back to the point, we're going.
- [27:45]
A
To wrap it up.
- [27:48]
C
I'm going to quickly exchange my place as a host and ask the right question, which is what would I do if I was a token project and this is probably the most critical and the most important thing I want to share and take out to the world. Truly because of my compassion for this industry and I really want to see this growing. You have to decide between the community demand of getting on all the exchanges or actually doing the right thing. Look, I'm not going to name names but you know, like Scott said, unless you are going for a super regulated exchange, I can definitely name them, you know, okx, bybit, kraken, Coinbase. Right. Unless you're going for these super regulated exchange, man, I mean, just think twice. You know, exchanges are involved in a lot of dubious shit and you know, listing there essentially means giving them an exposure to, to commit a fraud against you.
- [28:56]
A
What we just said is that the unregulated exchanges, perhaps you could accuse them of some things like where are they.
- [29:04]
C
Where are they regulated? Is a bigger question. Like, like you can get regulated in Saint Whatever, which is an island of the size of this table where my laptop is kept. They can also regulate everything, you know, and that doesn't mean anything for the exchange, you know, in terms of doing, doing the right thing. So look at where the exchange is regulated. If it's MICA compliant, EU or American exchange well, great, go for it. But if you are giving away your supply, the second point being, if you're giving away your supply on the name of community effort, airdrop, you know, integration, whatever, you have to understand it is your exposure to risk. And they have all the right to sell it. I'm not saying they will sell it to kill you, but I'm just saying they will sell it probably at the time when you don't want it. Right? Again, we all appreciate CZ for exposing FTX and for actually being the trigger and the alarm against ftx, but guess what? That was also a choice Binance made to sell the tokens that they had in their custody at the worst time, when Alameda was almost illiquid. Right? So think twice. You probably don't want to get all the exchanges. Just take one small exchange which, which is, you know, your bare minimum of achievement, then only aim for like if you're aiming for a tier 3 exchange, if you've got a tier 3 exchange, only go for a tier 2. Don't get listed on a zillion exchange. I don't know why do people have this fantasy of getting listed on perception that they have?
- [30:38]
A
No, I think that that is really, really good insight that there's people in the comments who are saying that this stream was sponsored by Binance. No, man, I mean, this space is so wild. My God, imagine thinking that. Anyways, the best story is, by the way, as I let you go, is not the many times that people have confused you for Ran with me. It's a time that I came to Dubai in the flood. I barely landed. It took me like 10 hours to get to your house from the airport or something. And then Mario, Noel and I were supposed to do a panel at a conference that basically got flooded, but you and I made it and he didn't. So we pretended you were Mario on stage. And when you got you and I got on stage, we pretended you were Mario and I was interviewing you about decentralized media. We literally pretended, of course. Then we got off stage and a guy came up to you and thought you were Ran immediately when you got off stage pretending that you were Mario, that actually happened.
- [31:39]
C
Remember that, man? Yeah, those are all funny stories. And I don't know, how do I. How do I shape shift so quickly? But seemingly I can.
- [31:46]
A
Impressive. Oh man. Thank you for the insight, guys. You can give Gorava obviously a follow. He's linked down below on X. And if you actually need ethical, market making or good advice on your token so that you don't get rinsed and beaten down like this. He's your guy. That's my quick. This, this stream paid for by Rand Nooner and Mario Nofal in Persia.
- [32:13]
C
And then Scott, let's also not forget to mention the fact that we truly understand that the space is tough to to imagine and find the best partner. And that's why we have stepped up to offer, in partnership with Scott Melker and Wolf of Allstreet, a free month of market making test, which is a $10,000 worth of service. If you say Scott's friend and you text us on our telegram or email, you will indeed get free month of market making that is extended. That can be extended up to three months, which is almost $30,000 of service. You get to see what we are capable of. You get to see the goodness of market making that can come to a project through this exposure, through this free exposure to these services. And thank you, Scott for bringing that news out, bringing the word out.
- [33:07]
A
Thanks for waking up. Appreciate it, man.
- [33:09]
C
Nice to meet you. Soon I'll go back to sleep. Cheers.
- [33:11]
A
All right, guys, I know we ran a little bit over on Christmas time, but really quickly, obviously today is sponsored by Aptos, not by Binance. Aptos. They're right there in the corner. It says it. You can see it in the thing right there. And just a heads up for anybody who hasn't been paying attention, they have the third biggest supply of USDT on Aptos. Now we all know that stable coins are the killer app for crypto and are the future of crypto and they just added them this year and they are already number three. Guess who they're after. I think it's Tron and Ethereum. If you believe stablecoins are going to be huge, you want to start looking at the chains where they're going to be the biggest. And Aptos fast, cheap, secure and growing tremendously fast. And of course now we have Mr. Inks, maybe you. Are you a manipulating market maker, man?
- [33:59]
B
I'll tell you what, I got to be honest with you, man. I'm so glad you just had that segment. That has been the same thing. I've been like till I'm blue in the face trying to let people know because everybody's like, oh, market maker, market maker, market maker is, is manipulated. I'm like, no, you know, if you're hired by the exchange to provide liquidity, it's so that you fools can get in there and trade. Otherwise you'd be chasing price way off from where it is and they get paid on that difference between what, you know, where that price is and what they're getting it in at. And, you know, and they try not to hold on because you never know if price is going to continue to go up or down. They're just providing liquidity. But, man, thank you for having that on there. That needed to be said. Unfortunately, a lot of, you know, I was looking at the comments as well. You've got a lot of very misinformed, you know, traders in there, unfortunately.
- [34:48]
A
Oh, I'm. This stream was paid for by Binance. Gorav is neither Ran or Mario, he's actually cz.
- [34:56]
B
Oh, man, I'll tell you. But, you know, it's tough again, you know, I always say this, man, it's tough when you're first getting into markets before you understand it's tough. And everything seems like a conspiracy and everything seems like, you know, people are, are trying to, to, to dupe you, you know, and it's just easier to blame somebody else. Right. It's easier to say Wall Street's manipulating me or crypto whales are stealing my money than it is to say, well, maybe I didn't actually know what was going on. And you know, what are we against?
- [35:30]
A
Finance logo on your Tom Petty poster.
- [35:32]
B
Not Binance at all. Very much. Before Binance was even a flicker in anybody's eye, I guess.
- [35:38]
A
Back from my hometown, Gainesville, Florida.
- [35:40]
B
Gotta love it, man. If you don't love Tom Petty, you're wrong. I'm telling you.
- [35:43]
A
Yeah, Literally, you're wrong. Like, you can think market makers are conspiracy, have your own opinion on that, but you can't have an opinion on top.
- [35:50]
B
That's right. Not. Not on Mr. Petty. Nope, not at all.
- [35:52]
A
Oh, thank you.
- [35:53]
B
But anyway, so, yeah, so just really glad to see that you had that on there. And hopefully people are seriously stepping back and listening rather than, you know, regurgitate a lot of nonsense. Because the more you deal with the nonsense and kind of believe it's true, the more difficult it's going to be for you to ever make money in the markets, especially consistently.
- [36:09]
A
Yeah, I mean, the problem I have with the market maker thing, I've never looked into it, but just because tokens are moving from one place to another does not like. We like to jump to a lot of conclusions from limited information. And I'm trying in these cases to get more information.
- [36:25]
B
I don't know, like I said, it's tough. It's tough at the beginning when you don't understand what's going on. You don't have any real access to information as far as how markets really move and what's going on and stuff like that. And it's easy to get, especially in social media. It's so easy to get caught up in all the conspiracy theories, you know, but hopefully, hopefully people are listening, you know, and even if they don't necessarily believe it right off, they're thinking about it because that'll be the first step they need to get to. But here we are with bitcoin, man. So we've got, you know, a bit of a dip down here. Are we done? Potentially. But again, if we continue coming lower, we've still got our 106, 250 kind of target down here. Now this, this is the monthly S1 pivot. So this will go away on the 1st of September. It'll change. But right now, I mean, it's looking pretty clean on the pullback here. If we can get above 117, 440 and a half or so. This is, by the way, this is the bitcoin all time high index. Here is the specific chart we're looking at. But, yeah, if we can get that based on the height of this pullback, we've got a pattern target up here at about 134 and a half. 134,600. So, you know, that's a nice next target coming up. In the grand scheme of things, all we've done is pull back to our previous resistance as support. As a matter of fact, we can grab this local range right here, pull it across right there at the EQ of that range. Absolutely beautiful tag there.
- [37:52]
A
Yeah. As I look at your chart in mind, 112 really is key here. Right. Because it's either spring or resistance.
- [37:57]
B
I mean, that's exactly what I'm about to say. Yeah, we're having that, that initial rejection right here. But if we can get some push up into that, we've got some supply right here. But man, if we can pop up on through that, things are looking pretty good, honestly. So, you know, but again, that right now with the way we're sitting here, that 117, 440 and a half, basically is the. Is you're kind of your line in the sand, right. We had our initial, you know, just slight dip below the range support here, rallied up into the EQ of this range here. But as I always tell people, you know, one day does not make, you know, a trend and you need follow through. And we didn't get that. We were looking for a pullback, basically. To where we got it here. And then we were looking for a rally up and we didn't get that. Instead we got to drop down further so that, you know, of course keeps that open more toward this potential downside target here if we get any further on that. But overall, I mean the structure is pretty nice. Again, just, just to pull back the previous resistance as support right now. So not hating it at all, just, you know, biting our time and, and you know, we'll see what happens today after, you know, Nvidia's has their earnings today after the market closes.
- [39:08]
A
Yeah.
- [39:08]
B
So I think, man, you know, they haven't missed in like, I don't know, years. So you know, again, if they're coming in, you know, good again, I, I think all markets kind of pop with that. I think that's kind of like the big thing people are kind of maybe waiting for right now this week and then next week. Well, we got a three day weekend coming up this week. You know, Monday of next week is Labor Day. So listen guys, if you're in the U. S but even liquidity in, in, you know, the US has so put so much liquidity in crypto that, and I know people don't like to hear that, oh, the US Thinks the center of the world, but it really does. And the, the fact of the matter is, even though it's a three day holiday, it usually starts on Friday. It's usually like a four day holiday because those that don't take the four days, you know, for the holiday, take that extra day. They're either out by half day or while they're there during the day. They just, they're really not doing anything. They're crumbling up paper, throwing it in the trash can, you know, playing basketball, not really doing work. So I think the liquidity drops off end of the week through the weekend until next, you know, until next week when markets open. And then what? Then we have that next Friday we have employment, unemployment coming in. So those are really what you, you need to be watching if you're looking for some sort of narrative of when or if, you know, we might see markets start moving. But yeah, I, I think, you know, as we get toward the end of this week, I think liquidity kind of drops off. Everybody be sitting by their computers this weekend trying to hopefully make money in crypto and you know, it'll maybe just kind of do some sideways. But yeah, so that's bitcoin really here I've got these three charts, I've got TIA USD here and I bring this one up, because this is a really good look at what most alts are looking like right now. So they basically got a one and a two, right? And then they have five waves up. So a one and then three waves. On the pullback here is a two. So all we're looking for is for whatever alt you're looking at if it. It should look pretty similar to this for most of them. As long as this low holds here, then we just need a breakout above this swing high. And it's crazy. You'll see them again. They're going to be five waves up like that, and three waves pull back like this, just barely sweeping this low. But as long as that low holds and you get a breakout above this swing high, in this case, it's a dollar ninety and a half, we should be good to go up higher. So that means on this one, we've got a minimum expected, you know, circle wave three target here, $2 and 48 cents. Five waves up about $2 and 76 cents. But then you have your larger one two here, which has a wave three up here, $3 78.5 cents. So you've got a lot further upside there to go. Just watch locally here. Just look for this one right around the beginning of August. On your charts, as long as that low holds, we don't break down below that, and we break out above the swing high around 23rd August, then we should be looking for a breakout above, you know, right around July 21st, where that swing high is, we should be looking for a breakout above that. But this is tia, you know, specifically here, it's all about looking for the setups, guys. Okay, this is Doge. Now, I had Doge on with you a few weeks ago. I still really like it. Tom, again, similar setup, right? We've got the. The one up, the three back. We've got five up here and then three back with a slight sweep here. So again, August 2nd, August 3rd, this area around here, as long as that low holds and we break out above this kind of 23rd, 24th of August, swing high here, we should be looking to break out higher. So for dot, for doge here, that's 0.245. So 24 and a half cents, we could break out above that minimum expected wave. You know, this, this local 1, 2, 3 up here has a target of 0.33, 6, 4, 75 up there, point 37, 7 5. But the larger 1, 2, which, by the way, we should be in progress with this wave three, because we did Break out above the wave B here. But this larger degree, wave 3 has a minimum expected target up here at.58, 3, 5, 5. So liking the setup there as well. Just looking for it to do its breakout. Again, it's all about the setup, guys. Don't jump in just because. Because if this breaks down below this swing low here, that invalidates those targets, right? And then we start looking like this being a one and then a two maybe down here. So, you know, you want that breakout here with this low holding to do that on these alts that look like that, which again, are quite a few of them. And then I've got this MOG one and I. I'm really liking MOG at the moment here. It looks like we've got a leading diagonal. Looks like that. ABC 1, 2, ABC 3, 4, ABC 5 here, and then an A, a B. And working on a C. Now, we could potentially be done right here around this 38.2 because it's a leading diagonal and this is where you have all the overlap. But if it does break down further, we can get a throw under here toward the 50% at all those zeros and 72. But what we're looking for is a breakout above this 161 level. We can get that. That gives us then a wave 3 target up here, minimally around 20, 45. And that's like 2200 or something like that. It's. It's a pretty great move. But I'm really, really liking the setup here on MOG at the moment. So we're just trying to see, you know, are we bottomed out right here at 382 or we're going to pull down maybe around the 50 cent area. You know, if you can draw your descending resistance here, breaking out above that will give you an early warning that the low is likely and we're going to break out above that, which gets us, you know, up there to that higher target. But overall, that. That's what I'm kind of looking at. And again, you know, the TIA thing, that's just. Again, if you're looking. If you maybe you're not into tia, that's fine. But look at your alts for that same structure. Come back, watch this recording that Scott will put up there again afterward. Pause on it and look at your alts and see if on the daily, if they're looking pretty similar to that. Can you count the five up and then the three back with the slight sweep like that? If you can, it's going to work. The same way. And so you just need that one low to hold from the beginning of August. Break up above that. August 22, August 23, depending which chart it is. Swing high there and you should be rallying take out higher there.
- [45:36]
A
So yeah, so you're looking for a pretty bullish fall.
- [45:41]
B
Yeah, yeah, yeah. I don't see any reason right now to. To be bearish at all. I know everybody wants to be, but even, you know, even on Bitcoin, it's like, oh, the tops in. The tops in. But if you zoom out to the macro. Because if you're saying the top and you're talking about the entire cycle, right. We, we haven't, we haven't broken down below a previous higher low yet. So I mean market structure is still bullish on, on your. On your cycle time frame. So.
- [46:08]
A
Yeah, you know, it's not bullish that my face just somehow like my camera just broke and made me look. I was.
- [46:13]
B
There it is. I was wondering about that, man.
- [46:16]
A
Sometimes it's weird like with these cameras that have like I have a. Now I have a Sony. Like you could shoot a Netflix movie on this thing, right? Like a Sony FX crazy camera. But sometimes when you have the linked cameras as opposed to the something that's a webcam, they do these like weird glitches in the middle of stuff and if you're not paying attention, it's just weird. But you know, I already a long head. The last thing I literally need is the world like to stretch my head out worse. Like a bad tick tock snap, Snapchat, snap talk, tick tick chat, whatever it is, right?
- [46:46]
B
Insta Reel. I don't know.
- [46:47]
A
Yeah, yeah, that one. It was the Insta Reel filter. Got my face X messed up. Anyways, that's all we got. Chris, people can obviously check out your group. You guys give TX West Capital follow. Great to have you here as always everybody in the first, first segment was like Ren's Cruise showing up. People in the comments, man.
- [47:07]
B
I'm glad people are actually looking forward to it.
- [47:09]
A
You got it, man. All right, we'll see you next week, man. Thank you. Thank you everybody for watching. Watch out for those evil, evil market makers. Bye.
- [47:18]
B
That's dope. That's dope.