Transcription
Hey everyone, and thanks for jumping back into the cryptoverse. This is your Thursday AMA premium video; hopefully, you enjoy the content. Uh, let's go ahead and start answering some uh questions.
So, uh, gold below 3,000—goodbye. What day historically best to DCA uh with gold? Yeah, I mean, that's what I've said for a long time. It actually just went below 3,000 again, and I I mentioned it to you guys, and I said it would also be a lot quicker to recover to an all-time high before the S&P. It already has. Right, it already has. So, once again, it goes to show you why gold has been such a good investment throughout these times. Um, so I'm still bullish on gold, but yeah, I think uh it has been a really good investment below 3,000. I've mentioned it many times over the last few years.
Have Trump's tariffs sent us into a bear market? Well, technically yes, because I, you know, a bear market is defined as a 20% drop, and we've had one. So yeah, I mean, you could argue that technically speaking, it has.
Is risk-force reward better on ETH over Bitcoin now? Um, it's not so clear. I mean, I I do think that until QT ends, ETH/Bitcoin is probably going to go down, but it's getting a lot it's getting a lot more in line now. Like it it used to be obvious that it was Bitcoin; now it's not as clear. I think it could go a little bit lower on its Bitcoin pair, but hopefully not too much lower.
At what point is lump summing in the S&P a good idea? Well, historically, if you look at all data, lump sum tends to outperform DCA because um just being in the market often performs trying to time it and just getting money in. Uh, if you don't want to do that, you you could always DCA. Um, like I I I just get in as long as the risk is below 75, basically. Sorry, I'm not super enthusiastic; I don't really feel that well.
S&P divided by unemployment squared—interesting in past few years, but what about prior recessions? Yeah, in prior recessions, it hasn't really looked the exact same. Um, there are some similarities that we can maybe talk about, but like it it just looks like we've been in this long distribution phase up here. Right, prior recessions sometimes have similar things, but they don't last nearly as long. Right, they'll have these sort of these ranges, but then they don't last that long, and this one has just been lasting a lot longer than uh what normally happens. But yeah, I mean, similar ideas from from before.
All-season possibility this year? Look, it's possible, but I feel like in order to get it, all Bitcoin pairs have to go to the range lows first, and they just haven't done that. So I I don't know when that's going to happen, and hopefully sooner rather than later, but I think they need to first go down here before they can go back up.
Outlook on PayPal? Um, if you guys remember what I said about PayPal a long time ago, I I actually think it is playing out right. So we basically talked about this idea that it would eventually break out and then back test, get a nice rally, but then eventually come back down as larger-cap stocks come back down. But because PayPal has already bled so much, it won't necessarily drop as much as you know some of those other stocks that you've seen. Now, this is a 40% drop, but it's basically just back to where it previously was. So my guess is that it'll just kind of hang out in this range uh until the recession or until this downtrend and the S&P is over. I'm just guessing it's going to build out a big base sort of around here; that's what I think. So yeah, I mean, it made it certainly made sense um to to watch this and to buy that breakout, but as I said, eventually we'll come back down when the recession hits and and continue to build out the space.
What are the implications of the 10-year yield being strong? Well, I think they were trying to get markets come down so that the long end would go down, but that's not actually happening. So I mean, it might suggest that more pain will ultimately be needed uh to accomplish what they want; is is kind of what it suggests. Um, in fact, stocks are down a lot today as the 10-year yield continues to skyrocket.
What are your odds that we are in a left-translated cycle? You know, it's hard to say. I I, as I said before, I think that with with Bitcoin going down in February and March, the odds have certainly grown. I I would say it's it's got to be at least 50%. Right, it's probably a coin flip at this point, and it might be higher than that. I don't want to be overly pessimistic about it because you know there's always hope that you get something like what the S&P did against M2 in 1998 where we go even higher. Uh, but I also think that the odds are decent that something like that happens. Right, um and we we'll see if if we can get past all this tariff uncertainty and if things can pick back up before we get to 2026. As long as Bitcoin stays above the 2024 high, there's hope. If it goes below that, much below that on a weekly close, then I I think it's it's over for the cycle. But as I said back in in Q1, I think it made sense back then to have you know around 30% cash in case it was a left-translated cycle, or more if you want.
How sure are you ETH is going to hit 3K even in a left-translated cycle? Um, I feel I I think there's a a good chance it could, um especially with it following what it did last cycle. I mean, obviously there's no guarantees, uh but I think there's a decent chance that it does, especially if it were to go even lower into the regression band first. Right, like if it were to um like if it were to come all the way down here, then it seems like there would be a nice at least a try to come back up, an effort.
Glad I could help. Sorry, I'm kind of down; I just my my head hurts; I just don't really feel that great today.
How do you expect tariff pause affecting the crypto market? Well, I mean, at the end of the day, though, like we still do have tariffs, um and there's still the uncertainty in July, you know, them coming back. So my my guess is that [Music] um I think right now I'm sort of just leaning towards, you know, some weakness through April OPEX at this point, which is about another week. Um, beyond that, I I wouldn't be that surprised if there's if there's some form of a counterteral—I mean, a lot of it just kind of depends on, you know, where the market is. Like if the market's down here in a week, right, if if Ethereum's down here, then I would be much more optimistic of it going up with it here. I mean, it could go up; it's just not as, you know, it might not be as durable, but hopefully.
Can you please explain the move by the S&P in comparison to prior cycles? Yeah, I mean, look, in all prior cycles, I believe that had the S&P gain as much as it did like that, I it's always happened, I believe, in in bear markets. Right, like um that doesn't mean that it immediately has to go to new lows, but a lot of the times where you get these moves where the S&P goes up like 10% in a day, normally, um you know, it h and I don't want to say it never has happened other times. I mean, maybe in the pandemic we had a 10% day. Um, maybe we didn't. Yeah, here here was one. Right, March 24th, but that was also, you know, accompanied by a lot of money printing, so it's not like it's impossible uh for for it to occur, but they're definitely and and even here, right, even here there's an example of of a of a 5% day. But in order, you know, in order to get those like 10, 11% days, there are plenty of examples of them, you know, in these types of bear markets, right, where you have like that was an 11% day. Right, here was an 11 and a half percent day, and so they can occur even in in bear markets and recessions, and like in fact, the biggest moves to the upside often do occur in in bear markets. Right, here's some other examples. Right, this is a 5% move up. Um, that move right there was 5%. Not as many 10%, but I mean 10%s are relatively rare, but you know, they they can happen, and they also can happen in in bear markets.
Update on the jaws of liquidity? So if you look at net liquidity, so let me Yeah, so here's what it looks like right now. This is what the jaws of liquidity look like right now. So basically, you know, the idea is that eventually they will snap shut. It's hard to know exactly when, but you know, maybe liquidity goes up as the stock market goes down, and eventually they meet somewhere in in between.
Update on MEA? I actually think MEA has been doing what we pretty much talked about. Um, yeah, basically breaking the higher or yeah, a low, a higher low, breaking down, back testing, going down. My guess is it's going to go down again before it then gets a larger rally later on; that's what I think.
Your best strategy, GC mutual funds? If they're priced to end of the day with this volatility, have put in buys at certain risk levels, and we're we closed way off of it. Not really sure I understand the question. I I I think with the stock market, just DCA if the risk level is at a low enough level for you. Um, for me, that's below 0.75 risk. I don't know what it is for you. Um, sorry, I was hoping I would feel better to do this, but I just haven't.
How often do you DCA? Weekly, monthly? Depends on what it is. Some things every month. I mean, I I will do sometimes do it every week, uh but a lot of times, you know, monthly is fine. Weekly is fine; daily is probably too much. Right, I probably wouldn't do it any more frequently than weekly. Um, it depends on what it is, you know. Uh, if it I would say if I'm probably more likely to do it weekly for like cryptocurrencies when I'm buying crypto. For other things like gold and the stock market, uh I'm more likely to do it monthly.
What's your outlook on gold? Uh, up. I I think that if there is a bad recession, it will get a big drop, but I I would keep I I think it'll be a higher low, and it'll keep going higher. So I I'm still bullish on gold.
Will you get some Tesla if it goes down sub 200? Yeah, I probably would pick up more if it did that. [Music]
If this is a left-translated cycle and we get into a bear market, ETH would be tremendously low in the future? Yes, if it is a left-translated cycle and Bitcoin is going to go down for the next, you know, year and a half, then Ethereum would likely take out the 2022 low in 2026. Right, so it would probably take that out. Uh, like the 2026 low for ETH could very well break that, but it could do something like this where it it comes down and then gets a big rally. Right, and then drops like that; that's always a possibility.
Will into money supply save us, or is that just influencer searching for a narrative? Uh, I'm not really sure what you mean. Will the money supply save us? Like I don't really understand the question. Are you talking about global? Are you talking about global liquidity? I mean, it's not about saving us; right, it's about managing your risk. I don't think you should rely on anything to save you. I think you should just appropriately manage your risk and not be so concerned whether those things play out or not. I know that a lot of correlations ultimately fail, especially when everyone starts watching them.
A random chart for thoughts, some biotech? I don't know. I don't know. I I don't really know anything about this company. Just because it's building out a base doesn't mean it's ever going to go back up. I mean, I'm not saying that it won't, but I don't know anything about a company to really make any argument about it.
Why am I so tired? I'm not I'm not t I mean, I am a little tired, but I'm mostly just like I don't feel good today.
Do you invest in physical gold, ETFs, or both? Uh, if ETFs, which gold ETF do you prefer? Yeah, I know I should do I should say the actual metal, right? I should say that physical gold. It It's like um, you know, not only the keys to your Bitcoin, but I just buy the ETFs. The I think it's I think the ticker is like GLD.
Would it make sense to also look at other countries' balance sheets, not only the Fed's? Is there a way of adding them together to create a world balance sheet if this makes sense? Yeah, so that's what we have. If you go over to the invite-only indicators on TradingView, if you've added your username into uh the into the Cryptoverse website, then you'll you'll basically get this net liquidity chart, and that includes the balance sheet of several different central banks. I'm also subtracting out Reversary Pro and um uh the uh TGA. Right, but yeah, this is what you're looking for; that's the jaws of liquidity they were talking about.
When should alt/Bitcoin pairs go to the range lows? I look, I don't know. I don't know. I wish I could tell you. I mean, if you've been here long enough, you'll know the reason why I say I don't know because like I would have assumed it would have happened already. Like the fact that it just keeps holding up here is exhausting. I don't want to just say that it's going to happen uh immediately, but I do think it it will break down. Last year, when the Fed announced they would be ending or slowing QT, it was back in May. Um, you'll notice that uh all Bitcoin pairs dropped, and then they went nowhere for a week, and then they dropped for like a month straight. So there's a chance for setting up for a one-month drop by all Bitcoin pairs after this week is over.
Who do you think will lose less in a US/China trade war? I don't think anyone wins. I think it just hurt; I think it hurts everyone.
What are your thoughts on RDDT, Reddit? I mean, I mean, it's a falling knife right now. Right, it's it's a falling knife right now until proven otherwise.
Please update on all Bitcoin pairs. Yeah, as I said, I think there's a good chance they're going to drop for the next month.
Someone says there's 60% cash, planning a DCA with 30% of these lower risk levels. I'm wondering how many weeks or months it could be to spread the buys or lump sum. Depends on what your time horizon is. Um, the closer we get to 2026, um the more you have to start thinking about what do you want to do in 2026. So you could even argue that just doing it, you know, if you want to if you're hoping for gains this year, then obviously you'd want to get into the market sooner. If you have a longer time horizon where you're just more so interested in getting it into the market uh before you know before we move on from the recession and and and really start to move back up again when things look better, I would say just before the maybe before the end of 2026.
ETHUSD bottom after ETH/Bitcoin bottom? That's what happened last cycle, but I don't want people to think that that has to happen because the cycle before that they basically bottomed at the same time.
Is DCAing into ETH with Bitcoin a bad idea? Um, I mean, I don't think it's necessarily a bad idea. I think you just have to be aware that ETH/Bitcoin likely goes lower until QT ends.
Did you say DCAing into ETH? No, I mean, I I think you should I I think DCAing into ETH makes sense, um but as I said before, I mean, it's one thing to DCA and to expect an immediate rally; it's another thing to say, all right, well, you know, if it plays out like last cycle, it could still go a little bit lower.
Your opinion on Bitcoin's relative swing compared to the stock market? Yeah, I mean, like it does this, but I in my own experience, like when people start recognizing it and then it, you know, it then stops. Right, and people started talking about it last week, and then it's been down a lot since then. So yeah, I mean, it has been relatively strong, but usually when people start saying that, it then starts to show weakness, and it seems like the the narrative got pretty strong over here in early April, and then it's really started to fall off.
Robo says they value their portfolio in Bitcoin. I know you have twice the exposure to equities as crypto. Do you also value this as? I mean, I actually have like three to four times more in equities than crypto at this point. Uh, do you also value this in Bitcoin or something else like SPX or simply USC? Um, yeah, I mean, I I don't I I think I just think about it; there's always part of me that thinks about everything in terms of Satoshis, honestly, but I I I don't like I couldn't tell you what the you know what the relative valuation of the S&P is against Bitcoin at any given time. So um while if I'm buying something, I might be like, "Oh, well, if I'm putting, you know, $1,000 into stocks, like what how much Bitcoin could that have gotten me?" But I probably with with stocks, I I generally think of it more in terms of US dollars. I would I would say yeah, I really do need to go to bed, but not yet.
With current inflation levels, do you think we are more close to a right-translated cycle? Well, I mean, the inflation data today is good. I just think that as long as that stays low and as long as the unemployment rate stays low, then a a right transa will become a relic. Um, it's not my base case, but I It's not like it's impossible.
When will all this uncertainty stop, you think? I don't know. 20 uh 2028.
What do you know about the crypto wash with respect to taxes? I'm not going to get into sort of advising people to do what to do with that stuff. I would I would ask; I would talk to an accountant.
Can I put my face in the bottom right? I don't know how to do that on on here. I need to figure that out. I'll try to figure that out later.
What charts do you suggest tracking to see if this is a left-translated cycle and market overall goes down? I I would watch just the price of Bitcoin. I mean, again, as long as it's above the 2024 high, still a possibility of a right-translated cycle; below that, probably not.
This clean spark chart following the Tesla setup you've talked about in the past? Uh, it's kind of like MEA where I feel like it it probably is. Um, but yeah, I mean, I feel like these things are breaking down. Tesla did the same thing last year. Right, they break down for a while, then sometime later on in the year they get a rally.
When do you anticipate ETH out from other alts before the alts market hit the range lows? Does that tend to lead? I I would say soon because if you look at um if you look at total 3 minus USDT divided by ETH, I think you could argue that alts against ETH are getting pretty close to you know sort of range highs. So if if if all ETH pairs were to go up say another 5%, that's pretty overvalued as far as I'm concerned. They already are, but they could go up a little bit higher.
I'm glad this live stream time is better for some people. We are red four straight months in a row for E. Do you think April will in green? Uh, what is it now? Probably not, but I I think May might. It's possible that May is green; possible that May is green.
One thing I want to show you guys with respect to Tesla, and we've made the comparisons, uh Tesla and Ethereum potentially just being sort of delayed by a year, but last year Tesla showed weakness from December—I mean, really it started sooner, but December to late April. Okay, Ethereum, December, we're coming up on late April. So if Ethereum is is continues to go down for another week or two and it's like late April and it's all the way down here, there's a good chance it'll get a rally into May. So I would I would say that I would expect Ethereum to stay red in April, um but I would argue there's a decent chance it could go up in May. The only reason it might if it doesn't go up in May it might just be because um Ethereum tends to be weak going into the summer, so it could extend another couple of months into the summertime. Uh, I mean, if you look at Ethereum generally speaking, it it's weak going into summers um a lot of times. So I I don't want you to think it has to bottom in April, but if if Ethereum is at $1,100 or something in April, I it'd be hard not to assume it would get a bounce in May.
Would you spend the 30% cash this left-transit cycle to make profits on a higher low? So what I said was if you had the 30% cash back in January/February, it should be 35 to 40% now just because the markets have dropped. I would use the excess to DCA assets, and it doesn't have to be crypto. Right, it could be gold; it could be I mean, it could be Ethereum if you sold Bitcoin. Right, it could be whatever, but I would still probably maintain 30% cash at the current times because you you still want some flexibility if the markets do keep going down. You don't want to have no cash if if we just keep keep dropping.
Current thoughts on ETHUSD repeating 2019 versus your idea of a harmonic convergence 5 to 6K seems like a stretch current environment? Uh, yeah, I know it seems like a stretch, but if Ethereum goes down to like I mean, it's already in a decent area I think to DCA. If it goes down to 1,100, I'm not going to promise you that it's going to go to 5K, but like it's possible.
Is there a way to know what info Bitcoin dominance takes into account for the altcoin market? Um, I I think it's just to take into account like the top 125 altcoins, I believe, on TradingView. On the website, though, like on on the website, we're we're we're looking at at a lot more than that. Right, so the the website dominance number is actually a lot more accurate. Like not including stable coins, it's it's over 68%; including stable coins, it's around 62.4. TradingView has it less than that or sorry, more than that, 63.3, but it also doesn't include it only includes some of the alts, whereas on the website we're including a lot more altcoins. So the website dominance level is actually more accurate.
Do I think ETH will flip, or do I think XRP will flip ETH? It's not my base case.
Someone says they're 50% cash and have more ETH and the same amount percentage-wise than Bitcoin and sold. Do you think it's better to wait, drop, or deploy more cash? Um, well, I would look; I'm just going to tell you what I think is happening; I can't tell you what to do. I think that Solana is going to keep dropping against Bitcoin, so like I don't it's always possible that it gets a counter-turn rally, but I don't really see this trend ending anytime soon. I think it's going to continue to go down, so like I think it makes more sense to hold Bitcoin than Solana. Um, ETH, if you look at like ETH/Bitcoin market cap ratio, it's already back down here, so I think ETH makes a little bit more sense than Solana right now because if you look at like the Solana/Bitcoin market cap, it's been dropping like we said, but it's it seems like it has a lot further to drop. Right.
What are the chances this was the bottom and near-bottom range for Bitcoin and crypto? Uh, there's always a chance. The the main caution I would express is that there are many times where the S&P gets these types of rallies and then it gives those gains back, um and if it does, then Bitcoin would likely go and and at least sweep the 2024 high.
How is the ITC global?
Net liquidity is calculated if we wanted to replicate it on a trading view script. So I believe it's just the balance sheet of the Fed, the Bank of Canada, the Bank of England, the ECB, China, Japan, Australia, and maybe New Zealand. I think it's those eight banks, subtract out the reverse repo and the TGA, and then you should be able to recreate the net liquidity indicator.
If we are left-translated, what would be a realistic exit range for ETH in Q3, or would you rather hold through again and try next cycle? Well, if you're DCAing ETH right now and then it does, let's say it drops to 1,200 and then you buy it, and if it does get a big rally, um, if it gets a really quick rally like what Tesla did to a new high, I would probably just sell it honestly, because I almost feel like Tesla is is kind of showing you what could happen for ETH right where it gets, you know, maybe it it drops back down and it gets this big rally, but that could be it. Like it might not be worth so I I would just say like if Ethereum does get a big rally and it puts in a new all-time high, it probably be a good time to sell, especially if you're DCAing now. Uh, if you're DCAing now and it doesn't get that rally, then obviously like you might just want to wait again and try next cycle.
Could you please show cases where S&P sweeps prior lows after high short rally like now? Well, I was, you know, I was just looking at like like the S&P divided by M2 when I made that statement, um, like if you go back and look at at what happened in 1998, like the S&P divided by M2, um, it it essentially swept this low; sorry, it swept this low and then got a big rally right, and so that's why I say like there are times where when you sweep a low you can then get a big rally right, and then it swept that low, but it swept that low later on and then got another rally. So that was why I was saying with the S&P, like a lot of times when it sweeps a prior low, especially from a year before, it usually gets at least a rally back up.
Yeah, I mean, it's tough time because, you know, there's obviously a lot of uncertainty. Everyone wants to know where to put money. I think this, I mean, I think the obvious play recently has just been gold, and I keep saying that, but I think people want me to say something else. Um, I think gold is is the most; it has the best risk-adjusted returns right now. Ethereum is is looking pretty attractive honestly to me. I could be wrong; maybe it's a relic; maybe it's going to zero, but it's not my base case. Um, my base case has always just been that ETH goes home, and and then from there it builds out a base to go to new all-time highs. Now that it's going home, I feel like a lot of people are losing faith, but this is always the base case was that it would come down here. So I mean, it could drop further. If you're looking to park your money somewhere, gold's probably a better place than a lot of things right now, um, and that continues to prove true as it continues to put in uh new highs.
How about taking seasonality and usual trends into consideration? Well, I mean, seasonality for stock market this year has kind of fallen off, so you know, when you do get recessions, if that's what we are in fact in, seasonality doesn't really matter, and I mean you can see that if you look at like the year-to-date ROI of of say like um the S&P 500 2025 and then you compare it to say the average of prior post-election years right, like it's definitely showing more weakness than it normally does.
Are you still using MPT for your portfolio percentage? Are you going heavier into ETH? It's not; I'm not super heavy right now, but I mean it's probably like seven, 8%, or [Music] something.
How do you determine oversold momentum on a stock? Uh, I mean, you can use the RSI if you want. I don't really know other than that. I would just stick to risk levels for the S&P, but um, the thing, I mean, the thing about oversold and overbought, it doesn't really mean anything because stuff can stay that way forever, right? Okay, just cuz it's oversold doesn't mean it won't go to zero.
Can you show on the rainbow chart where ETH could theoretically top? So like this was one, two, two and a half; this was so half, one, two would be this gray line, so you could argue that that gray line is the top right, and that's where it keeps getting rejected at, but the good news is that the gray line will keep going up. So if it's not a left-translated cycle and it's in fact a right-translated cycle, then perhaps by January 2026 ETH will hit that gray line again, which would correspond to around $6,000.
Does Bitcoin have a green band like ETH? Yeah, I I said I needed to refit it, and then I never did, uh, but it's um it's just this right; it's been in it for for years.
Do you see Bitcoin dominance ending at 66% and total three range lows because he gets a big bounce in May? It's possible. I mean, a lot of it's just going to depend on if the Fed ends QT. Like if they don't end QT, it could just keep going up, like dominance could just keep going higher. It's one of those things where I feel like a lot of people at this point should be able to appreciate the fact that until QT ends, like there's not really an end in sight for dominance, but once it ends, then you know there's the end, and it could be 66%.
All right guys, I don't really see any more questions. Um, anyone anyone have any final questions? We've only been going 37 minutes or so. I don't feel that great, so if you guys are done. Oh, oh, I did want to mention we are having the party, the annual ITC party, um, in Las Vegas on I believe it is uh May 29th, May 29th at 7 p.m. in Las Vegas. So uh, details are in the uh alerts channel, the private Telegram alerts channel, if you guys want to go, uh, just make sure you RSVP, uh, and um we'll get you on the list.
Luca and Braun odds to win? All I don't know. It'd be nice to see honestly, but I I don't know if they'll come through or not. They I mean, they had a good run, and then they lost several in a row, but LeBron was also out, so we'll see.
The higher Bitcoin dominance goes, the better all season will be, uh, theoretically it makes sense. Yeah. Do I think 4,000 is in reach for gold this year? It is possible. Like I I'm pretty bullish on gold honestly.
Is there a known level where MicroStrategy could come under pressure? I I don't know. I mean, it you know, they Bitcoin went well below the cost basis of MicroStrategy in 2022, and they were not liquidated. I don't know exactly where that number is.
Is 2026 recession still your base case? Well, we might be in one now, right? And it's possible that we're in one now, a short one, and then we get a longer one in 2026, like kind of what happened like 1980 to 1981. Um, that's actually a possibility where you get like a brief one right where you get like a a brief one first, and then you get a longer recession later, like that's also a possibility. So it's possible we're in one now, right? I mean, anytime the market drops 20%, especially with the Atlanta Fed projecting negative GDP, it's possible we're in one now.
What's your DXY base case? I used to be very um in tune with it. Basically what I said was that it'll it'll likely go up to 109 to 110 and then go down, and it looks like that's what it's both mainly done, um, up to the 109 to 110, go down. I don't honestly have a strong prediction on it at the current time. That might sound like a copout, but I I really don't; like I really don't have a strong opinion on the dollar at the current time. I think that um Trump probably wants it to go down, and it went down in uh 2017, so I it's not like it'd be that surprising if it drops. So yeah, like in 2017 it just it it dropped. I mean, maybe it will just kind of come back down here, but I don't really have a strong opinion on it. I had a very strong opinion on it back here right when I said it would likely go up to 109 to 110, but now I I I think it's probably going to keep slowly going um uh until until there's a lot of changes in the macro; like it'll it probably won't change a whole lot.
Why did the 10-year surge if stocks are falling? That's a good question. Maybe someone was getting liquidated; maybe China was doing something. Um, it's a good question. I I honestly don't really have a great answer for you. Um, it could be a suggestion that the economy is still fine, but it it it it's probably just someone someone getting liquidated is probably what it is.
All right guys, I'm going to get going. Thank you guys for tuning in. Uh, hopefully the next AMA will be better than this one. I apologize for not really feeling that great, um, uh, but you know, it is what it is, and uh, hopefully, you know, hopefully we'll I'll feel better relatively soon. Thank you guys for tuning in, and I'll see you next time. Bye.