Transcription
Hello everyone. Well, listen, I hope you are doing well despite the price of Bitcoin and the rather brutal break we've experienced in recent hours, recent days, right? This beginning of February is particularly, particularly violent for portfolios. And so today, what I'm proposing to you in this video, well, you clicked on this video, it's a clear explanation of what happened, understanding what happened, and I'm going to explain it to you. What happened here is the most important thing, okay? Something very specific happened here. On the Black Rock side, on the whale side, on the small portfolio side, there was a real change in the internal price dynamic. I'm going to explain all of that to you in this video. The internal structure, in fact, is simply the offers versus the demands for Bitcoin. Who is buying, who is selling, uh, for what volume, how much, how is it happening, uh, what are the transfers? Are we witnessing a strong hand to strong hand transfer, or weak hand to strong hand? That is obviously something eminently important. We will come back to it completely in this video, to understand where we stand. I will talk to you about all of that and I will give you my point of view on the current price of Bitcoin. And uh, since I don't like to keep you waiting, I will explain to you why, in my opinion, we are not out of the woods yet and I don't think that, therefore, $60,031, which is the price reached uh on Thursday night to Friday. Why I don't, I think that price is not our bottom on Bitcoin? Okay.
So, once the scene is set, we will try to go back a little bit to what happened. I will share my indicators with you. So, you know that I have an attitude and an approach to the markets that is a quantitative attitude. So, I observe the market through my eyes as an investor and through a good number of indicators that I follow daily, and I will share a certain number of them with you that, for me, have truly marked an important structural change here, a medium-term structural change. Okay? You know, I don't necessarily do short-term trading, I don't do short-term investing. My goal is to do swing trading and therefore to take advantage of long cycle phases. So, what precisely happened between January 31st and February 4th? We will try to look at it and break it down.
So, already, you know, we have three main cohorts uh in the Bitcoin price that influence the Bitcoin price. We have, firstly, retail, okay? Portfolios like yours and mine, small to medium-sized, okay? We're talking about a few euros to a few million euros. Okay? That's retail. Okay. Generally, these are small portfolios, individual portfolios that are not particularly trained, not particularly helped, and that will tend to be very subject to their emotions. Second important cohort, traditional finance. It started its adventure on January 10th, 2024, here. Okay? January 10th, 2024, approval of Bitcoin ETFs. Following that, well, it started a little before, you'll tell me, because certain companies like MicroStrategy, Grayscale, Tesla, etc., were responsible for introducing Bitcoin to large entities. But really, on January 10th, it completely changed the price dynamic of Bitcoin. You see that, in any case, there is a structure that is quite different between before and after ETFs. And what we see is a significant drain of liquidity through Bitcoin ETFs. Here, we see it, we had an incredible surge in the number of Bitcoins held by issuers such as Black Rock, Fidelity, Bitwise, Ark, etc. And all these investors influence the market. Traditional finance investors are simply adding liquidity to the market because these were investors who historically, let's say, by habit, were rather anti-crypto, anti-Bitcoin, and who were offered these ETFs with a complete narrative, the CEO of Black Rock telling them "That's it, it's time to hold between 1 to 5%, let's say between 2 and 4%." Bank of America joined in. In short, we had this new cohort, okay, from traditional finance. Third cohort, these are what we call whales. Okay? Whales. So, I have a whole bunch of indicators that I follow on CryptoQuant, on Glassnode, etc., that allow me to observe the flows and what's happening at the whale level. And whales are currently in buying mode. Okay? They are in buying mode. That's what we see right here. So, since around the Christmas period of 2025, you see that we had a reversal of this pink curve you see on the screen, which represents the number of Bitcoins held by whales. You see that since that phase, since a little before Christmas, around December 10th-12th, we started to have an upward reaction that intensified from December 18th until around December 31st. Then again from January 8th to January 22nd. Now, if you follow me on the channel, you know that this motivated some of my buying decisions. Then a reversal, you see that this curve continues to rise, moreover, in absolute value, but that in the trend, it's starting to lose steam. You see that we had big upward impulses, and despite significant price drops, we don't have new significant upward impulses.
So, what happened? Okay? So, I'm not giving you the full rundown, but we have a first indicator, okay, which for me justified my change in exposure through my portfolio and that of the investment circle. Quite simply because here, okay, this is a chart that shows you the flows. Okay? So, in blue, you have here the whale flows on the exchange platforms, and specifically on Binance. So, here, we have when the whales. You see, so I'm selecting here the whales that own 1000 and 10,000 Bitcoins, which you see in orange. You see here the upward spikes correspond to moments when these whales send Bitcoins to Binance. And you know that when they send Bitcoins to platforms, to Binance, it's to sell them, not to store them there. When they store them, it's on cold storage, and then they send them to Binance to sell them. Here you see, the portfolios that hold between 100 and 1000 Bitcoins have also sent. And you see that in recent days, we've had a real structural change. So, I'm going to zoom in on this so you can see a bit of what happened. Hop.
Well, the zoom doesn't work when I'm in full screen. We'll look at it together, but we had between January 31st and February 4th, approximately, even until yesterday, let's say, we had very significant liquidity inflows from whales, and you see this blue curve that increased very sharply, okay? Right here, precisely at the moment when I was talking to you about this, I was talking to you precisely about this moment between January 31st and February 3rd. We had very significant upward spikes with a curve that had stagnated for a long time and was even decreasing. You see that this curve decreased here. This meant that here, whales took advantage of this zone, of this retreat from $97,000 to $95,000 to buy back. Then they stagnated for a while. There was no massive withdrawal or massive addition of liquidity. And here, we had a very significant real change with very powerful upward spikes that showed that something had happened. Now, I don't need to know what, why, for what reason they knew this crash was going to happen, or if they wanted to provoke it, I don't know. However, a real change happened here. Here, you see a curve that rises very sharply, this blue curve fueled by phases of inflows onto exchanges, okay? of significant Bitcoin deposits. So, simply, we had whales who owned, let's say, 1 million Bitcoins. Well, maybe not, let's say 20,000 Bitcoins who decided to send 5,000 or 6,000, okay? To Binance and sell them. You see when that happened? On the rebounds, right here. Here, on the rebound, right here. Here, it continued to happen at the low point. Okay? Currently, we are on a rebound, and I think that the rebound we are currently experiencing is not a rebound within a trend, within an upward trend recovery, but simply a rebound within a downward trend.
So, I'm quickly interrupting the video to talk to you about our new partner, Bitunix, okay? So, our exclusive partner once again. So, you've heard about Bitgate stopping its partnerships in France, etc. Well, there are a lot of changes there, alignment with MiCA regulations, etc. So, I've decided to choose Bitunix as the exclusive partner for this channel. Uh, I didn't choose it for nothing, okay? It's a platform that I find very intuitive, very practical to use, and especially, it has the big advantage, especially in this period, of being non-KYC. I know many of you have mentioned to me that KYC is always a problem, and platforms are increasingly strict, etc. The advantage of Bitunix is that it's a non-KYC platform. So, you have the possibility to open an account simply with a login and password, and open an account in this way. It's a platform that you see, very intuitive, quite practical. In terms of liquidity, we really have, you see, a supply that is, well, liquidity is really present, and it's a platform that has very low fees. Okay. So, uh, I know that's always important for you, especially if it's the platform with which you'll be doing your trades, your entries and exits from the market. So, it's a platform that has lower fees than Binance, for example, and uh, and lower than the majority of other exchanges. It must be among the lowest, with a platform that is reliable, stable, and provides liquidity. Uh, you can trade futures, obviously, and uh, and spot markets, okay? So, don't hesitate if you, if you want to, you have the link to join Bitunix in the description. And for those who wish to join Bitunix, I'm offering you my technical analysis course for free. My technical analysis course, the course I usually reserve for members of my private investment circle, well, I'm giving it to you for free, uh, subject to creating a Bitunix account. So, don't hesitate, you have the link in the description to do so, and uh, and then that's it, we'll get back to the video. Thank you.
If we look at the short term, I'll show you a bit on a 1-hour time scale. Look a bit at what's happening. Currently, we have a recovery of liquidity, a recovery of an upward trend on the hourly chart, okay? An upward trend recovery on the hourly chart that is unfortunately not supported by fundamentals. First reason, let's try to look at what's happening with the order flow. The order flow, look a bit at what's happening. So, for some time now, you see since our low point here, we have a recovery of the CVD. The CVD started to collapse precisely from the point we talked about. Okay? This point is really a pivotal point. You need to understand what happened here. We had a decrease in CVD for a long time, okay? And at that moment, precisely at that moment, we had an inversion. At that moment, we were on support. We had reached $74,000, okay, a little below. We had just recovered the lows that corresponded to our levels from April 2025, related to Donald Trump's panic. You see this low, we had reached it. We bounced off it. The support is defended. We are also at MicroStrategy's buying points, at the average purchase price of Bitcoins held by MicroStrategy. So, here, this is an eminently important zone, okay? A zone to watch. And what happened at that moment? Bitcoin started to rise again with a powerful CVD. Bitcoin rises, the CVD accompanies the rise. And how does that happen? In what phase does that happen? In a funding phase that is decreasing. Okay? If you draw a curve above and below this histogram, you see a curve that is going down. What does that mean? It means that the sentiment is negative. I remind you, funding rates are financing rates. It's simply a mechanism that balances the forces between buyers and sellers on derivative contracts. The principle is simple. You have 10 people betting on the upside and three people betting on the downside. You will take fees from the 10 people betting on the upside and give them to the people betting on the downside. Okay? This incentivizes, okay, interests and makes objective, the people betting on the downside by telling them, you see, you have an additional incentive to bet on the downside because, in addition, I'm giving you additional fees. You gain some fees on your position. Okay? This is an obvious mechanism that has always existed in trading to simply balance long positions and short positions. So, what does that mean? When funding rates are very high, it means we have a significant imbalance and we have many more buyers than sellers. Here, it's the opposite, we have many more sellers than buyers. Okay? So, what we observe, what interests us, is certainly the funding rates in absolute value, okay? Especially the fact that they are very positive or very negative, that matters a lot to us. But what we will also look at is what? The trend. What is the trend? And the moments when funding rates go from negative to positive or vice versa. So, what did we have here? We had an ideal scenario, a CVD that rises on a funding that decreases. Okay, let's draw it together so you can see it. Hop, let's put a little arrow. CVD rising, funding decreasing, price rising. So, a rebound fueled by real buying strength and by people on derivative contracts who don't believe in it. Well, the price continues, stabilizes, drops again, tests the supports, applies downward pressure again, and then we have a change.
Now, if we look a bit at what happened, okay, on the order book pressure, okay, I'm also on derivative contracts, you see Binance perpetual, I'm on derivative contracts. What happened at that moment? You see? So, we're looking at the same phase again. First low, second low, strength. Okay? And again, we reach our low. And here, we were around $76,000. We recovered liquidity quite powerfully, you see here, hop, when we broke this support level, we broke it and re-crossed it upwards very strongly. We gained 6% in the space of 2 hours. That was significant. And at that moment, it weakened. And look what happens. Look what happens on the order book. We have order book pressure that was previously rather neutral, okay? Rather neutral on perpetual contracts. Here, we had sellers, okay? So, at that moment, as I was telling you, we had mostly people selling, who didn't believe in it, who thought we were in a bear market, etc. Then the movement changes, precisely here, you see February 4th, so Tuesday, right, or Wednesday. Wednesday at 2 PM, we have a break, and then the magic happens. We have a break after break of support, everyone becomes bullish. All individuals on perpetual contracts. Whether they are individuals or not, you'll tell me, but all the people on perpetual contracts have gone into "buy the dip" mode. Buy the dip. Buy the dip. So, everyone accompanied this drop with massive buying. And where do we find that, obviously? We find it right here on funding rates that suddenly started to increase. You see this increase right here, and here, we were even on bullish funding rates in absolute value, already positive, and moreover, increasing during this entire phase. You see this entire phase. And then, well, what happened was simply a cascade of liquidations. All the people who entered here with liquidation levels just below were liquidated one after another. One after another. Okay? And all of this accompanied by a movement in which the pressure, you see the CVD collapses. So, we have constant pressure on the spot markets, okay? The real holding of Bitcoin. Suddenly, we have selling, selling, selling, selling, and Black Rock. Okay. which accompanies this movement. You see here. So, here, I'm on Arkham, and I'm tracking Black Rock's portfolio. Let's try to go back a few days. You see, it was around here. Uh, 2 days. Yes, here I'm one day back. Let's try to go back to that. Uh, 2 days ago, we had buying. Yes. Here, yes. No, that was that. 4 days ago, we started selling. Okay. And here, consequently, one day ago, yesterday, the pressure started to intensify. You see that here, it was stagnating, it was very small quantities of Bitcoin, and then suddenly 300, 300 Bitcoins are being sold, okay? And the selling pressure intensifies, 300, 300 every hour, every 2 hours. Black Rock sends 300 Bitcoins to Coinbase to be sold, and so on, until it introduces pressure that until then was rather bullish. You see here, I have the number of Bitcoins held by Black Rock over the last three months. You see that we had an increase, okay? So, we really had a desire to push the price higher. But here, on the drop, there was no buyback. And at that moment, precisely when we were expecting a bullish recovery to form a higher low than the previous ones, okay? To introduce an upward trend in Bitcoin holdings, while the price was falling and prices were becoming attractive to buy, what happens? Black Rock lightens up. Black Rock lightens up, accompanies the sale, decides not to support the prices, and pushes the price lower. And so, this is exactly what we observe here with intensified pressure, okay? For uh, well, for many hours, and which led Bitcoin down.
And so, on our three cohorts, traditional finance, retail, and whales, traditional finance has already decided to sell. Whales, well, we talked about it, they also decided to sell at that moment. They sent, well, several billion dollars worth of Bitcoin equivalent to Binance. Okay? So, you can imagine that this was the case on pretty much all exchange platforms, and this, well, consequently, signaled the end of the game for Bitcoin and sent a signal that no, we were not just in a liquidity hunt before going back up. No, we were in a real structural change because until now, okay, I'll show you right here, we had something very interesting, which was the re-acquisition of positions by long-term holders, okay? For some time now, it was quite recent, but we saw a recovery of long-term holders who were buying in addition to whales, and you also had short-term holders, you see retail, who were starting to leave the ship. At that moment, on our position top, you see right here, we had a real, real panic among short-term holders who were starting to divest, you see? And so, this continues, okay, but it's still far from extreme capitulation levels. And this is something I wanted to come back to.
So, you've seen the chart of loss taking. Okay? So, I'll show it to you right here. Uh, you may have seen it. So, it's a chart, obviously. Well, if you don't have a paid Glassnode account, you don't have access to it. Yesterday, we had a loss of around $6 billion. Granted, it's significant. Okay, in one day, it's significant. The issue is that here, we haven't had real capitulation. If we compare it to other phases, it's truly comparable to the worst moments in Bitcoin's history. But those moments occurred when Bitcoin was worth much less in absolute value. So, compared to Bitcoin's current market cap, this movement is not that huge after all. And that's exactly what this chart does. This chart allows you to observe the current losses of Bitcoin, which you see right here, compared to its market cap. So, currently, we are at a level we haven't seen since the FTX crash. Granted, it's something we haven't seen since the FTX crash, but at the FTX crash, you see, we reached here, compared to here, we've done about half, not even half the way. You see, we're on the right scale, uh, we're at about $2,500 in equivalent loss, okay? The scale is adjusted precisely to the market cap. Here, we were almost at $600,000. Okay? So, we're more than twice as low here as during the FTX crash. And look, compared to the Terra Luna crash, okay, which was much, much lower. We went down to $1 million, we were four times higher in terms of capitulation compared to the current level. So, yes, it has gone down, yes, the Crypto Fear & Greed Index is at 9%. Now, I see many people talking about the CMC, the Crypto Market Cap and Greed, which is at 5. Well, that's CoinMarketCap, okay? They've adapted the Fear & Greed Index to their uh, to their levels. Now, they've arbitrarily decided to calibrate it this way, either compared to uh, the Fear & Greed Index from Alternative. So, here, if you type Crypto Fear & Greed Index, this is the one you want to look at, okay, Alternative. This is the original one. Okay? Nine. Okay. Currently, we are at 9. And look a bit. Okay? Here we are, here we are at 9. But look a bit during these phases. Okay. The phases of extreme capitulation. June 2022 crash, capitulation related to FTX. We go down to 8. Okay? Right here, I'll zoom in a bit. We go down to 8. Here, we stabilize at 7 and then we go back down, 7, 9, 6, you see? And between these phases, okay? I'll try to go back a bit in time to show you what happened precisely at that moment, hop, we have our capitulation here. You see, we have our capitulation candle here. But then, we stagnate, and we have two very strong bearish candles. Okay? Right here, -21%. And so, this is something not to underestimate, which is that yes, Bitcoin is doing well in terms of capitulation, there has been capitulation, you have to buy the panic, obviously it's much more logical to buy here than to buy the top at $126,000, certainly, but should you buy back right away or not? I think, I think it's too early. I think that for many of you, you are suffering from Fear Of Missing Out. If you are watching this video and you absolutely want to press the buy button, okay? You are perhaps suffering from FOMO syndrome. And you need to understand that the current price reactions are normal. After drops, we always have rebounds. Okay? Even look during these phases. Look during these phases. Here, we had very significant rebounds before having a retest at least in the zone. Okay. Those who want to reposition themselves, currently, this is not an interesting zone to reposition. If you believe that the current prices are interesting levels to re-enter Bitcoin, you must at least, you put yourself on a 15-minute chart, okay? You wait for a top to be formed, you take a Fibonacci retracement between the low and the high, you draw the 0.686 band. If you don't want to be too greedy, you buy here at 0.618, and you will have already optimized your buying levels a little bit. But honestly, I don't think this is a good zone to enter. Look a bit, I'm giving it to you as an insight. This is usually information that I keep for my private investment circle. Look a bit at what's happening since about 3 AM. Black Rock is starting its selling pressure again. Now, it's not insignificant, when does it start again? It starts again during a rebound phase. They had stopped the selling phase. The price stabilizes, the price rebounds, they lighten up during the rebound phase, and then, what will Bitcoin do? There is a high probability that it will at least do something like this.
Now, the risk, however, is that we don't find buyers here and that we therefore go into a second bearish leg. Okay? So, for my part, I still have my four criteria before judging a capitulation, okay? Before ensuring that we are in a capitulation to buy back only at certain levels because, remember, the momentum is extremely bearish. If we look at the moving averages, we are still below most of our moving averages. So, that means the trend is extremely, extremely bearish, okay? In the short term, obviously, if you look on a monthly chart, the trend is obviously very bullish. A price reaction here is logical. If I put us on the weekly chart, okay, long term, let's look at it together, the 200-period moving average. So, here we have the famous 200-period moving average that has supported us for a very, very long time, which is a particularly watched moving average. So, this is a simple moving average, not an exponential moving average. We crossed it downwards during that period. It was precisely a moment of panic here because it was the first time during the Terra Luna crash, and you see that we bounced back quite surgically above it, just right here above. Okay? We were, it was at $57,000, we were just above it, and we were just below our EMA. Okay? So, here, we are on the 200-period exponential moving average on a weekly basis. And so, you see that here, well, we had, we had precisely a price exactly between these two zones. We stopped between these two zones, which also corresponds to our range from February to October 2024. So, this is, I won't say normal, but there was a good chance of seeing a price reaction at these levels. The problem is that having a technical price reaction, meaning a rebound, is good. However, having a price reaction from buyers, that's important. And what I observe is that buyers, as I told you, are of three types. First type, traditional finance, it's selling. Second type, retail. Retail is rather selling, okay? We see it, we see it where? We see it on the spot CVD. Okay. We have a slight rebound. Okay. Since uh, since this morning. Okay. Well, when we look, I'll show you the CVD on a slightly longer time scale. Well, the rebound is not really, really strong, you know? We would have liked something more powerful, okay? Something that shows that, well, there is really strength and there is really a desire to go and buy back all the Bitcoins that could be available at these prices. Okay? So, it's not very, very significant yet. Why do I say it's rather retail? Because the CVD is the sum of those who make market purchases, okay? Who take orders instead of making limit orders, they make market orders. That's why they are traditionally heard more as retail. And the third cohort, consequently, our famous whales. Now, our famous whales are broken down into several groups of cohorts to be able to trigger upward phases again. Okay? But for now, we don't have any whales aggressively buying again. Whales are rather, as you've seen, still depositing Bitcoins on exchange platforms. Here, there was a break, okay, we are below the entry levels, the average buying levels of MicroStrategy. They are not at their liquidation levels, there won't be a crash, Bitcoin will go to zero. No, however, there is a structural change happening. Okay? There is a structural change at these levels, and therefore, it should not be neglected. Okay? This is the principle, the principle of quantitative analysis, of portfolio analysis, is that you must not remain stuck on your indicators. Here, I'm taking this indicator again. Look simply here. Look, these are Bitcoin deposits for portfolios weighing 100 to 1000 Bitcoins. Here, at this moment, look at everything that is arriving. You have a significant intensification of the number of Bitcoins arriving. Now, we could be in this phase, okay, in a potential bottom phase, but in that case, you can well imagine that after such a purge, there will need to be some lateralization. The probability of a V-bottom is very low, okay? Uh, and here, and here, consequently, it also happens in a period where, precisely, precisely here currently, we are in a period where gold and silver are in full retracement, okay? are in full retracement, in full liquidity loss. So, there's a small rebound. You'll tell me today, okay, there's a small rebound, but look at the capitalization loss on the main, the world's first capitalized asset. Well, obviously, when we have a loss from the top of around 11%, when we talk about a capitalization at the time of around 40 trillion, 40,000 billion dollars, well, that's quite a significant amount. 40,000 billion dollars disappearing in a few days, that's a lot. Okay. And you have entities sitting on large potential losses, okay? Large unrealized losses. Okay? And this is exactly the same problem we had at the time with, for those who remember, at the time with the bankruptcy of Three Arrows Capital and at the time of the bankruptcy, consequently, of Terra Luna. At the time of the Terra Luna bankruptcy, we had many, many investors and large entities that were shaken, and it took months and months and months before we saw the FTX failure stemming from this element to truly materialize. You saw, it took almost half a year, okay, between June and November, to draw all the consequences, to let the dead fish come to the surface, and well, that happened during that period. FTX, Celsius, etc. Okay? So, uh, be cautious. Bitcoin is rebounding. Uh, I'm not saying we're going to go uh, to $30,000. Obviously, we have uh, we have significant capitulation levels on the uh, on the altcoins, but uh, you, for those who already have it.
lived, you know, you know that those levels, uh, the capitulations we had are not extreme capitulation levels. You all remember phases like, well, those who lived through it, right, but you all remember May 19, 2021, okay? Here the big purge we had here, you remember October 10th, okay? You remember October 10th, therefore 2025, you remember here the fate of Terra Luna. You remember the fate of FTX, you know that we can open our screener and see here between -40% and -60% on all altcoins in the space of 24 hours. This is something we observe regularly. And for me, unfortunately, I rather have the feeling that this is precisely a rebound in a downtrend. Here, I observe rather, uh, an exit liquidity than, precisely, a resumption of an uptrend. I can be wrong, okay, but personally, I prefer to protect capital simply to avoid, well, entering after a false move and finding myself liquidated. Okay? So, I invite you to be very cautious, to look at what is going to happen on all your indicators, etc. Those who want to re-enter the Uber Market thesis, well, you have to target these phases, you see, below the prices realized by long-term holders. And there, the price realized by long-term holders, currently, is at the level of $40,000. So for you, you should not enter before $40,000 if you believe, if you believe in the 2021 thesis of precisely the bull market. Personally, the bear market, the bull market, it doesn't matter. You know, I surf on these different waves. Uh, I will show you precisely, there you go, you see here my scripts, which are rather quantitative analysis, which are rather an algorithmic version of, precisely, the algorithmic swing trading part. Well, you see that here, well, this was 2021, short, long, short, okay, short on this period, long, re-short on this period. There, long which passes here on January 8th, profit from the rise, etc. Well, these are precisely things that I make available in my community, in my private investment circle. So this is quite new. Okay? This algorithmic trading part is quite new. It's something that has occupied me for quite some time, for several months, but which, precisely, well, is now making complete sense. So those who are interested, don't hesitate. I will take the opportunity to give you a complete little speech about the strategy, about the investment circle. Those who want to leave us here, well, there's no problem, I understand. That's why I put the video before. Uh, and so for those who are staying, know that the private investment circle is still open. You have the possibility to join us via two types of subscriptions. You have a monthly subscription and an annual subscription on which we are still running the promotion until, uh, until the end of February, approximately. It's until February 23rd precisely. So there is a little more than 2 weeks left to join us via the annual subscription, which corresponds to 4 months offered on the 12 months of the annual subscription. You have the equivalent of 4 months that are offered to you and you only pay for, uh. Uh, so the idea of this is precisely for those who want to join us for the long term, okay? Benefit from all of this. So here, if I show you a little bit behind the scenes of the YouTube channel. Well, you see here, we are, well, I shared this last video a little while ago, at the time we were, we were here at that moment, January 26th. Well, since then, you see that of the private briefs that I share, there are a lot: 1 hour, 1 hour 50 minutes, 40 minutes, 1 hour, 1 hour, etc. So there you go, these are things that I prepare, obviously. This is the latest one, which dates from today, the one from yesterday that I did precisely during the capitulation. If you want to be accompanied during these phases, don't hesitate, okay? It's not because I don't publish on YouTube, you know that it's not necessarily, I'm not a YouTuber, it's not how I earn my money, fortunately. Besides. Uh, but there you go. So, precisely, those who are interested, don't hesitate to contact me. I have also just set up a newsletter. You have the possibility to subscribe. Precisely, it is also on our page, in our investment circle description. At the very bottom, you will find a link to enter your email address and subscribe. You will have the possibility to receive our newsletters and thus be able to follow this kind of analysis. Obviously, it will never be as frequent as in the investment circle because I write there almost every day in this investment circle. Uh, relatively complete analyses on altcoins, Bitcoin, here you see gold, etc. We have a lot of interesting things. And come on, I'll show you a little indicator in particular. Well, there you go, an indicator that shows me that potentially we are at a gold top. Look at Google Trends, you type "how to buy Gold", look at the trend a bit. We had a peak and since then the trend has been declining. So that means that gold is attracting much less interest, and it's the same for silver, it's attracting much less interest than it did in the past. We had our top at the beginning of December. Well, there you go, the probability of having a second top, well, for me, it's, it's very, very, very unlikely. So there you go, if that interests you, don't hesitate. You have the newsletter which is totally free, you will have approximately one analysis per week which will be sent to you with a part of the indicators I mentioned which will be relevant at the time. Uh, you have the possibility to subscribe if you want to contact us, if you want to discuss with me, you have the possibility to do so precisely via this sales page where you observe, you have a QR code that you can click on and, precisely, contact me directly via Telegram. So there you go, I hope you like it. Now, there are obviously many other things to share, right? Inflation is falling, changes in the US Federal Reserve's forecast. I can't cover everything in this video, it would be too long. But for those who want to go further, don't hesitate. And otherwise, well, we'll see you soon for a video on YouTube. There you go, take care of yourself, take care of your capital. It's essential in these phases. You must protect, protect, protect your capital because it is precisely this that will allow you, during the upward phases, to re-enter, uh, these phases and generate profit. Okay? The phases of, well, bear market or downtrend should at least, otherwise if you make money, well, be phases where you protect your capital. There you go, I wish you a good day, a good weekend and, uh, and then don't hesitate if you want to inquire about this investment circle. Alright, see you next time.