Transcription
Hey everybody, it's a rough morning. Markets are being flushed once again. This rarely happens actually at the time of DCA, which is unusual. Before I forget as well, links for these champions are below. So, and we're streaming on all our channels. [sighs] It's a rough Monday. Big flushes happening. Let's go to you Marty first. What is flushing and why?
Um, this is pretty much expected if you look at the higher time frame. This is bouncing just under the trend line like we did um in September of '24 and June of 2025. And here we are again. Little, this is basically flushing out the the longs. They prepared it all yesterday. We saw them move all the assets get ready, and this is the flush. I expected to come and take out, you know, every possible high leverage long, probably down to 105, 104, 800.
>> Yeah. >> Somewhere around there. Like we just, just in the last few minutes, uh, 614 million lost just in the last hour, and that's not even the last 24 hours, just closer to a billion dollars. So, >> it's been pretty rough out there. Mando, what do you make of this before we get into the whole agenda?
>> Painful, painful out there right now. I feel like it's, uh, but altcoins, even good stories, like they were breaking down, uh, this morning, which was wasn't that good. I still think we're going to have a strong end to the year. I do think we're going to chop around for the next month or two, uh, next month at least, let's say. Um, but then I think >> Bitcoin, [snorts] uh, is still looking okay. Still keeping the 50-week moving average, and I think as long as that stays above like 100K, the bull market is still intact. It's just a very, very painful period here as Bitcoin dominance rises and everyone calls the end of a cycle. Yeah, it's been a painful period. It's been very different to previous cycles in every single way possible. And I know they're dangerous words, "This time is different," but literally, there is nothing the same this time around. CTO, how do you view the world, my friend?
>> I ordered the DCA pump and I wonder when it will [laughter] be delivered. >> Uh, it's, it's not over yet. It's not over yet. We could rebound pretty hard here.
>> Yeah. So I mean, you could show the, I can take the chart right away. So I think it's really a pivotal moment. You kind of see it here. We have this level, uh, which was resistance. Now it's been support for a while, and I mean, like Mando said, it's kind of still holding, but if this starts breaking here, that's not so good. Also, if that happens, this kind of becomes a small head and shoulders here. Left shoulder, head, right shoulder. So I hope to see this bounce if we want, um, immediate bull market. Uh, on the other hand, I mean, I don't mind more crazy volatility if that, uh, that happens. So, um, I try to keep a very open mind here. I don't know is my conclusion, and that's not a useless conclusion either. Then you can kind of work with position size, take a little bit less risk. That's what I'm doing. I still have exposure to the market, but less than a couple of weeks ago or some weeks ago when this looked fantastic still. Now it looks a little bit hesitant. So I'm taking a little less risk here. That's what I'm doing.
>> Um, we do have reports of a little bit of an echo. So, I'm, when people aren't talking, let's just, uh, mute it to be safe. Uh, let's get into the agenda real quick. Let's talk about some of the craziness. First of all, there seems to be something going on. The long-term holders have been selling literally for the last 18 months, but they continue to sell. And this is very extraordinary because normally they sell, you know, 30 to 40% of their bag and then they move on. They stop, but they continue to sell. Long-term holders are selling, I think over the last month, 33 billion. That's over a billion dollars of seller pressure every single day. And that's why October was red. Now the question is that if you look at this little red piece of line here of the selling, and this from James Check on-chain, will it continue? And the other question that we'll get into later is, is there a rotation happening? We'd heard about the rotation maybe from gold to Bitcoin. That hasn't happened, but is there a rotation for the long-term holders? And Mando, this is for you. Long-term holders that are in Bitcoin for a long time. Do you think they are diversifying into things like AI right now? I have a feeling that could be happening.
>> I think it's been the four-year cycle. I don't know if it's a diversification trade. I don't know if like suddenly you wake up one day as a long-term holder of Bitcoin and say, "I need to own AI more." I just think this is, um, the market starting to turn over every single, every single, uh, four years, and this is the time I sell. I really, really have a strong belief that that is the main reason for for the selling. It's, it's just a belief in the four-year cycle, which is very, very strong. It's maybe not as strong in altcoin holders. It's very strong in Bitcoin holders because of the, because of the Bitcoin cycle, um, halving cycle, and just that it's, it's held up for so long, um, before. So I, I >> So, just, just to clarify on that matter, they literally have their stopwatches on. They say, "Okay, we're at 1,65 days. Sell button, bing."
>> I think, I think they've been doing it for the last two or three months. I think they've been doing it since, since, um, we started to hear about it, right? Like wallets which were like, as not obviously Satoshi wallets, but super, super old wallets waking up, selling Bitcoin, waking up, selling Bitcoin. And we've, on the kind of OTC desk, there were reports of that, like very old wallets suddenly waking up and saying, "Hey, I've got a few billion here, I need to sell." I think actually we're coming towards the end of it rather than the, the start of it, and that's why I think we're going to have a stronger December. But this period is painful, right? Like, if I look down some of the stories, I think what's really hurt is that altcoin stories which thought they were going to break out are suddenly not, and they've kind of reversed on every single one of the major, uh, altcoins, and that's very, very painful with Bitcoin kind of still under what, 6K?
>> 105, 900. >> Yeah, like that's not that bad, like, but, but it just has, there's been a lot of false dawns for, we're going to have a, a breakout here for altcoins and, and obviously Bitcoin dominance now looks like it's trending back up to like 61%, which is painful. It was at like 56, 55.
>> Yeah. So, CTO, do you buy into that theory that the long-term holders have just been cashing out for a long time? The data says that definitely the last three to four months, which explains why we haven't gone anywhere. But at the same time, retail is probably broke, and the expectations were very high. And that's why there's such an intense disappointment, even with the Bitcoin price above $100,000.
>> Yeah. I mean, I can share the screen again. I measured this one. I drew this in 2024. It was like this thesis that the pump before the halving would be the same duration as after the halving. And I got that to end here, which was, um, one and a half months ago. So I mean, if I did this exercise, perhaps a lot of people did the same, and they felt, "It's the four-year cycle," and then of course, you want to front-run everyone else. So if you think that other people will be selling, you of course try to sell before them. So it could be like Mando is saying, like a few months here already, um, people have been selling because of course, if you take a step back, we have like the US, most powerful country on earth, the president and his sons are like pumping Bitcoin. Imagine that, just like two years ago, it was like unthinkable. Everything else is pumping, gold. So whether Bitcoin is digital gold or some kind of speculative asset, well, they both went up. So why is Bitcoin not going up? Clearly, it is because someone is selling because we know the people who are buying. We had the ETFs, we had all these institutions buying. Still, price hasn't really moved. Like, I mean, right now, price is at the same level as it was in December 2024. Exactly. It's exactly the same price as in December 2024. While if we look at stocks, uh, you know, it has gone up by a lot, and gold has gone up by a lot. So, you know, clearly someone is selling, that is undeniable. And I don't know who it is, but someone has been selling in volume to keep the price the same and kept us in this choppy market for a long time. So, um,
>> That looks like a quintuple bottom there. Is it on that line that 105 change?
>> Yeah, I mean, absolutely. This could still hold. Like this hasn't, this level I've drawn here, it's not broken yet. It could still bounce up from here, >> and, um, you know, shoot up. Perhaps we need liquidity into the system. I know some people say that it has to do with the government shutdown, and that has delayed the liquidity injection, and if that comes back, maybe it runs and so on and so forth. I feel that I don't really know. I don't need to know. I'm fine if we go lower and then turn around. If we run up from here, I still have some market exposure, and I'm, I'm comfortable in the position to not really know and then take less risk. That's how I, I look, view this.
>> Well, this is, is so interesting because there is the issue in the US with the TGA account because the government's closed, money's coming in, but nothing's being spent. And that's a big sucking drain on the amount of liquidity in the system. And as we say, if there's no booze at the party, there's no party. And some for some, for many, the source of liquidity ends up being Bitcoin. And that could be a reason why. But again, it's just, it's just the US. What do you think, Marty?
Yeah, I mean, guys, understand, we just had the pharmacy, and Jerome Powell was very clear. We're, we're in the bottom of the macro cycle. Um, since COVID, we've been in recession. They just haven't, haven't told you. They've been draining their balance sheet, pretty much removing liquidity out of the system. Uh, retail is broke. I mean, everybody's on credit cards. We know that the, the, the picture is much worse than it's been, you know, narrated. I think, uh, the institutions have, have started accumulating this asset class, and they continue to do so. So it's a transition from private individuals into institutional holders, and that's been going on now, I believe, since that top. Um, if you look at the macro, the, the large time frames, we haven't really done the 50% pullback on the latest move on Bitcoin. So that's around 100,000. So expect it to, to potentially drop to 98,000 for a second. That would be perfectly normal in my mind, anyway, technically. But I think, uh, the, the retail people are selling. They, they, they're hoping to get lower entries. They need the money. Uh, there's no, there's no way around that. If you look at the wallets, we were at 74%, um, private individual holders in 2024. I track this stuff. Um, so in a spreadsheet, then in 2025, we dropped to 68%, which was institutional, you know, this, the ETFs. And now we're at 54%. So it's dropping. It's moving from private hands into institutional hands, and that's across the board. That's going to be Bitcoin, any regulated digital asset. And so we have Bitcoin, Ethereum, and Solana and XRP. Those are the four regulated ones. And, you know, that's a massive institutional transition. So, we've been talking about this for a long time, a pullback from 120 to 105. It's not new to my community, at least. Um, I think there's just a lot of panic selling because people need the money, and it'll be scooped up by the institutions. As I said before, on my X page, institutions will buy all the crypto because they want all the crypto.
>> In fact, you've just stumbled into the next story. So Jordy Visser, who has been talking a lot about what he calls the silent IPO, and this is a simple little tweet that we, hands are exiting, long-term holders are exiting, institutional and balance sheet capital are quietly accumulating, and there is a lot of that. You see that in the way, in the wallets, you know, the, the 100 to 1,000 wallets are all growing really fast, the dolphins and sharks, and, uh, that's important. And the network is consolidating, not collapsing, I would add to this. There are tons of tailwinds as well. We have insane tailwinds like double rate cuts, you got QT ending, etc. And this is kind of, I think Jord's point, and I hope I don't misquote him. He talks about how the Bitcoin price action resembles a silent IPO where systematic buyers stabilize the range of the price, just like what happens after an IPO. And this continuous ETF inflows. We had 3.6 billion last month, and that's a lot of money considering it was a red month. And those continuous ETF inflows, you got Sailor bought another 400 this week as well. And the consolidation range is holding tough. We haven't gone down like previous cycles. There's no volatility, but we're still holding above 100K. And I think, as as Mando said, that's an important thing. So if you track Bitcoin's price alongside net ETF flows and liquidity proxies, it shows you pure stabilization. Who buys into this thesis? Mando, you first.
>> Possible. >> Yeah, I mean, I've been saying similar stuff for a while now. I really, I really do think this. I think that you have, this would traditionally have been a, a four-year cycle if you didn't have this, right? Like, if you look at where all the selling is coming from, is coming from long-term holders. All, every single altcoin is getting smashed back lower now again, but Bitcoin is still holding up. And I guess for broader macro investors, this would be kind of akin to like a, a QE sort of reaction, right? It's like, there is liquidity coming in to make sure that this isn't some horrific sell-off where Bitcoin goes down to 70K. Even if we go below 100K, I just cannot see us going that much lower because of the amount of money that's coming in plus the, the very favorable macro backdrop. So I, that's why I'm still bullish. And the reason why I'm bullish towards the end, towards the end of the year, is just because I think the four, that four-year trend of of supply indigestion will, will start, start to ease around that sort of time. I think, yeah, this doesn't feel, and we said this last week, this doesn't feel like a top. This feels like a bottom, but we're at top sort of levels. And that tells you that >> that tells you that we've had a bunch of inflows which have kept up the price of Bitcoin despite everything else getting wrecked.
>> Interesting. Uh, Marty, you >> Yeah, I mean, in my opinion, if you look at, look, if you look at the, the high time frame on a daily on Bitcoin and overlaid obviously with global liquidity, starting in January of 2024, there was clearly a strategic change. We went up in a series of three WOFF reaccumulations, which basically means a markup, um, and then a slow pull back to 50%. And those are bare markets, don't get me wrong. Those are just mini compressed bare markets. And I think we've had three mini compressed bare markets, and this is the bottom of the third. This is basically accelerated bare markets. Um, all the sellers that are going to sell, sell, and it's getting scooped up by institutions, and I expect that to continue. In Jerome Powell's speech, he clearly said they're going to, um, slowly, once they end QT in December 1st, they're going to start, there'll be a mo, a sideways period before they start QE. But when they do QE, they're not going to do the typical buying back mortgage-backed securities. They're going to emphasize T-bills. Now, why would they emphasize T-bills? T-bills are short-term US treasuries. That's stablecoins, in my opinion. I think there's a massive strategy to move to the digital dollar. And I think we're just seeing the macro bottom. This is the, the bottom of that, uh, of that cycle. And the, the new issuance will be into T-bills, which will come through the system, and, uh, into Bitcoin, in my opinion. So you just got to bear it out, guys. I told you November is going to be a tough month. We're going to have to try and get to that very bottom test of the 50% like we did in April 14th of last year, and the year before in July, August, September, around there, where we touched the 50%, then rallied in the market. It's coming. It's just a painful time, like you guys said. Now, another thing that's really interesting is a lot of the zombie cryptos will get annihilated. So, if you don't have adoption, use cases, or or legitimate, you know, revenue and fundamentals, you're not going to make it. And these, these little mini bare markets, that's what they're intended to do. So they remove leverage, they get rid of any projects that are just zombie projects that don't deserve their market cap, and, you know, they get new institutional buyers. It's a transition, a bridge moment from retail to transition to institutional. So I think it's playing out perfectly. If I look at the high time frame on the daily, it looks just like the two movements we had, 2024 and 2025, heading into 2026, are probably going to see the markup where it'll go to probably back to the 125 and, uh, probably higher. Global liquidity is calling for 140 to 150. That, that's [clears throat] global liquidity again. That's another thing that broke down. Normally the lag is like 90 to 120 days. It's nowhere. And the, the correlation with gold, it's nowhere. Everything is not firing like in the past. Anybody have any idea as to why that is the case? I know we've hammered long-term holder selling and everything else, and the calendar is smashed. November is the best month for Bitcoin by far in the calendar year by a huge stretch, and we're starting off very bumpy, but the last two weeks of the month are always when the action happens. Any, any ideas here, Mando?
Look, if it's not the four-year cycle, then the only other thing I can think about would it be some form of a, you know, crypto's come a bit more corporate, and some of the, the longer-term Bitcoiners, I've been a bit more worried about that over the last, uh, over the last few months, and that was echoed at some of, like, the Bitcoin conferences. So maybe there's like this disillusionment, disillusionment slightly with TradFi coming in, just making crypto their, like, their biggest, biggest, um, bag suddenly. That's, that's it. That's the only real worry. That's why it seems like things like Zcash have had a big run because everyone's like, "Oh, this is going to be a new Bitcoin because it's all private." But I just don't, I don't know what else it could be other than just the belief. And I didn't feel it as much until I went to the conferences in Asia, and the people I spoke to were all saying the same thing, "Oh no, I'm selling >> because it's Q4 and, and it's been the four-year cycle."
>> Yeah. >> I think at the, I feel that we have at least a hypothesis like the, some of the OGs are selling. They're basically dumping on Wall Street, and the recent price is not going down more than it is, is because institutions are buying. The, the question then becomes, what will those OGs do with the money instead? I refuse to think that they will sit on, uh, you know, USD fiat after 15 years of riding Bitcoin. So, and being, you know, early adopters of this, uh, thing that started because of the bailouts of the bank. So I think that's what we have to figure out. Are they buying AI stocks, or will they collude and pump some other coin like Zcash, or or something else? And just for clarity, if there is anyone colluding anything, I don't know what it is. I'm not in on it. I'm trying to [laughter] clear it down.
>> Yeah. Yeah. And that's why if you look at, you know, somebody shared this chart, I think it was Re the King shared this earlier. Basically, it's a completely muted cycle. If you look at the gains this year, and if you divide by M2 growth, the returns are like 12% CAGR since the bottom of the last bear, or from top to top, it's, it's nothing. And that's the theory that I have, and many others have, because for the first time ever in my life, I started this channel five years ago talking about two things. Basically, Bitcoin, MicroStrategy, Tesla, they were the two big narratives that I saw. Now you got OG Bitcoiners that never talked about anything other than Bitcoin. They're all talking about Tesla and AI and stuff. So the question is, is AI the new ride? This is the return of the last 12 months from like 20 minutes ago. Uh, Tesla's up nearly 100% over the last 3, 365 days. Google beat IBIT, which beat Bitcoin, but Bitcoin is still up 57% over the last 12 months. But that goes right up to the election, right after November 5th. That's when Bitcoin ran, and it hasn't gone anywhere since then. That's the timing of this. You can always cherry-pick a time series, but this is the exact year. U MicroStrategy up 20%, beaten by at least it beat Meta and Apple, which is something. But I, I go back to this again because you mentioned it, CTO, is there, are the OG Bitcoiners saying, "Screw this, it's all Larry Fink and BlackRock now, it's no longer my thing," and all the Bitcoin OG Bitcoiners are now talking AI, like Jordy Visser, Preston Pish, all those guys, Mando, you, and Raoul Pal as well? Um, are they rotating again? But like, if you have a bag, a Bitcoin bag, and all of a sudden it's worth a billion dollars, and you're worried about Larry Fink taking control, man, are you smiling? Are we mad here?
>> I mean, no one will admit it, but of course everyone's looking at these AI stocks at the moment and going like, "Well, yeah, like, uh, like I on this show, I think we've been pretty public about when we, when we've bought, uh, stocks as well." And yeah, those buys have done much better than my Bitcoin buys this year. They feel very different sort of trades, though. That's what I would say. Like Bitcoin, as far as I see it, is more like digital gold, and Tesla is, is, and some of these AI stocks are about getting to AGI and, and like the massive revenue and, and efficiency gains you can do by doing it. So maybe like, it's, there's no doubt in my mind that some people have, have probably looked at it. My sense, though, wasn't what people were saying when, when I, again, maybe I'm just, this is too anecdotal, but like, at, when I've been to these conferences, it wasn't about that. It wasn't like, "I need to buy stocks." It was just that it was a four years. It was the four years, and the four years were up. Q3, um, Q3, Q4 would when you'd be selling, and then we'd have a, it would dip, and then it wasn't that people thought we'd go into the same sort of level of bare market as well, of like, "Oh, we're going to be, you know, gone for four years again." Um, I think there was just a sense that this was the time to sell because everyone else would think it was the time to sell.
>> Yeah. Marty, are the crypto crypto bros buying stocks?
>> Look, uh, just look at that chart I just put in the WhatsApp. Just maybe you want to show that for a sec. I mean, that pretty much spells out what's going on.
>> We still, he, that's, that's exactly what I, what I shared earlier.
>> That was slide number one, actually. Uh, let me pull it up again. It's hard for me to reload here, but that's exactly a different version.
>> Yeah. Right. Okay. That's >> CryptoQuantis, James Check. Same thing. Basically, they've been the long-term holders have been selling since July.
>> Yeah. You see, that's the thing. You see the 20, 2024, 2025, and we're in the 2026 version. It's that new cycle.
>> That's the new cycle to me. You can see it three years in a row.
>> So, walk us through that again. The >> Oh, it's a, it's a the long, it's basically a transition from retail holders, whales, original long-term holders into institutional holders.
>> Exactly. And that's what's been happening.
>> That's OTC market. And part of a huge part of that, like we discussed too, is no money, no fun. Retail has no money. If you look at, um, if you look at things like car loan industry in the United States, as we've [snorts] said for a long time, if you look at, you know, credit card debt, uh, car loans, Americans in Europe, you buy a car with cash. In the US, it's part of your monthly expense. You, we finance it like hell. And 80% of people that buy secondhand cars actually are have really poor credit. That whole market just got eliminated. And all the people holding those bags just went bankrupt. The secondhand car market, the loans on that business is destroyed. And people can't afford cars. The average car price now in the US is over 50 grand. Six years ago, it was under 35k, and that's inflation. Things are much more expensive, and that's really destroying people. So people are being wrecked with their credit card debt, their loans. There is no money. There is no stimulus check this time around, and that's why the liquidity has frozen up with the government being closed, and this could be part of the sucking noise taking all the liquidity from the system.
>> 100%.
>> Yeah. Well, we hope, we, we, well, we'll see. But this is, um, crazy time. Now, there is a little bit of good news. Um, and I'm going to hear a groan when I share this next chart. This is our friend Plan B. He says, [laughter] he says, "Cycle is intact. We're still in a solid uptrend." CTO, do you see us in a solid uptrend? When you zoom out to the monthly, yes, we are. What do you say?
>> You might. >> Yeah, it depends on the time frame, of course. If we take a very long time frame, Bitcoin is the most appreciating asset of all human history. That hasn't changed because we dump 4% today. Right? So, uh, then also on the weekly time frame, it's still an uptrend. Uh, but the trend measure that I have chosen for myself, um, some years ago, which has more daily time frame, uh, that did in fact turn down here in, um, what was it, 22nd October, I think, 21st maybe. So that the trend measure that I use has turned down, uh, already here, uh, but it can do that in a range. Like technically, price can, uh, range or it can trend. And right now, Bitcoin is ranging. It's staying in this range here, and then the trend is not so important. But if it starts breaking out on the range, from the range, trend becomes, uh, trend direction is important. And so if it breaks this clearly with the trend down, Um, yeah, I'll be even more defensive, probably.
>> So, to panic?
>> But, but I mean, so it really depends on the time frame. I haven't changed my mind about Bitcoin and long-term horizon. I feel it's, um, more than ever a protection against fiat collapse, just like it was intended from the beginning. Second bailout for banks, all those things that Satoshi envisioned, and now it's happening, right? So >> And fiat is collapsing. Look, look at the US debt. The US debt adds a trillion dollars every 80 days.
>> Exactly. It's crazy, right? It feels like a system in collapse, and here we have some kind of protection, gold, which holds the same value proposition, exactly, has been mooning on exactly that argument. So from a long-term perspective, it hasn't changed. But of course, I, I, I enjoy, enjoy it. I like the chart analysis challenge. I try to, you know, improve on the results a little bit by analyzing the, the charts. And it is a time for me to be more defensive until this confirms that we're on the highway again, gearing up, everything is green, and we're kind of running forward. We're not exactly there now. It could be that this is like the micro bottom, and it just rallies right, right up from here. But for me, I don't need to squeeze out every last dollar of it.
>> I mean, guys, my perspective has always been the same. I think that crypto was narrated extremely bullishly since the Trump nomination and attracted a lot of gamblers. And, you know, we went through a memecoin frenzy, which was the original gambling cycle. Then a move to perpetual futures and a big arms race between platforms. That's another casino cycle. It's pretty much been inundated with people coming into crypto to make more dollars and, you know, turn $1,000 into a million dollars. And, you know, those people don't deserve crypto. So like CZ once said, you know, you don't want it enough. He's going to push the price down until he finds the floor. And the floor will eliminate all the gamblers. The only people left will be the shorts. And ultimately, the cycle works that way. Builds up shorts, removes the longs, finds the floor, and then short squeezes in a markup. And I don't see it any different right now. Unless we break 98,000, I think that's on the table. Now, if you, if you follow the theory that you wait until everyone gets liquidated to enter, you should be having the best day of your life today. These are the entries you've been waiting for. You don't buy tops, you buy bottoms. These are wonderful bottoms. These are excellent opportunities right now.
>> Better opportunities than last week and the week before.
>> Follow the market makers.
>> It's true. And, and there's also, back to the fiat stuff that you hinted on, CTO. It's so important. The debt is exploding. Nation states are destroyed, and they're looking behind the couch cushions to find money. Mando, check this out. The French, once again, going after two things at the same time, on the same day. One, to stop free speech in France, and two, to tax unrealized capital gains on Bitcoin.
>> Oh, how Orwellian is this?
>> Yeah, France has been having a pretty wild policy at the moment recently with, uh, with taxes, but there was some talk about this coming in. It's very difficult because some stuff gets proposed as a bill, and you never really know how far it's going to get. There was also a headline last week that France is looking to accumulate 2% of the Bitcoin supply, and that was going to be proposed as a bill. So I, but it does feel as though France right now, it's like fiscal issues. If you look, France government bond yields are wider than >> Greece, Italy. Um, there is a lot of talk about >> not maybe not yet leaving the euro, but like that the euro is maybe not where they would want to be over the next, like, 50 years, let's say. So I, I think this sort of crazy policies is where they're going to go down as well.
>> Yeah. I can't remember the exact stat. I'm looking it up right now. The percentage of French GDP spent on social systems and benefits is like north of 50%. It's like 57% or whatever. And only a tiny fraction of the people actually contribute to the system. So it's like, it's like 10 people holding up a thousand people, and the whole thing is completely broken. And it's not, no, it is wild when you see the statistics because they've had a huge influx of new population that aren't exactly adding to GDP. I don't want that to sound the wrong way, but they do enjoy, you know, the benefits of the thick social blanket that is within France and many other European countries, which is great if you need it. But now their coffers are empty, and they are going, and we've heard so much rattling the kind of can rattling about going after unrealized capital gains for things like Bitcoin and unproductive assets. That's going to happen. That is no longer a rumor or no longer saber rattling. They're going to do it. And once one big country does it, the rest will follow. Especially those with thick social blankets. Marty, C, actually CTO, because you're closer to this action than us here. What do you think?
>> Yeah, I think that unfortunately, many of the Western European countries will tax everything on the last person that's still there. He, he or she has to pay for everyone in the end, the last person still, still standing. So unfortunately, I don't see anything going in the right direction in the legacy countries of the old world.
>> Yeah, this, this is it.
>> It's, uh, Whoops. Hang on.
>> Sorry, it's moving so fast. The chat, public spending 57.2% at the moment, higher than the Soviet Union.
>> Uh, that's how much is spent on social benefits, nearly 60% of GDP, and the GDP is not growing, and it's a severe problem, and it's going to continue. And this is all happening at the same time that the AI revolution is happening.
>> I actually, can I add one thing that I thought was so interesting that I learned just last week? I didn't know that because we all live in democracies, and democracy is the, you know, the only thing we have because it's really bad, but, uh, what other systems are even worse? So that's what we have. And one thing that I didn't fully realize is that this is a very small percentage of the population that actually holds an opinion.
>> And they're either on this side, maybe, or on that side, and they have very strong opinions, and they're arguing with each other. But the vast majority, and this is like scientific studies, the vast majority of people truly just believes what is the current, uh, ruling opinion. And it's not that they say that consciously, "I'm going to follow what who is ever in charge." They truly believe that. So whatever is the ruling, uh, opinion, most people will truly feel that. And then if next year, there's another opinion, those same people will truly feel in that other direction. And right now, I feel that in Europe, it's a very different mood from Asia or the US at this point. I have a lot of friends all over the world, and the people in the US, they're talking differently. In Europe, it's still very much, most people feel that, "No, we have to take, like, our social responsibility. We have to take care of everyone." No one talks about growth. No one talks about how, why there is no company in the top 25 global companies that's in Europe anymore. No one worries about that. They're thinking about, "Don't cut my subsidies, don't take away my money." And that's still the, what's on everyone's mind because that's what the politicians are talking about, and then that's what people are following. The good news here is that it just, that this means that it just takes a few people to kind of push in another direction, and then the vast majority, 60, 80% of people, they will follow that instead. So it can be changed, and it doesn't take that many people. That's the good news. The bad news is that it hasn't happened yet. I don't feel it in Europe. I feel it's the same talks as every, as all the time, like, uh, "Don't touch my pension, don't touch my contribution for this and that," and, um, yeah, I just want to go on with my life. No one is worrying about growth. No one is worrying about debt. No one is talking about the things that is talked about a lot in the US. And, and, uh, there's also not like the future optimism of Asia.
>> And, and, so, so just to hammer that home, anybody who studied macroeconomics over their lifetime, I started studying macro when I was about 13, 14 years of age in school. You learn very quickly that socialism kills. When you take assets from productive people and give them to unproductive people, it destroys GDP. If GDP is growing, everybody in that nation gets wealthier. Once you start taxing people to death, taking money, redistributing wealth, you destroy GDP. And I will argue this with anybody here in the audience, and I am not wrong. Socialism kills. It's not >> Exactly. And the problem was that before, you could do it because people were anyway stuck, like the rich people, they had a factory, or they had a shop, or they had an office, like they were stuck there. The problem now is that a lot of the business value is generated more by digital companies. So if taxing these people too hard, they pack up their laptop and go somewhere else, and then they take with them their tax payment and that company that they were building. Now, that company is building somewhere else. Maybe they will end up being, you know, a huge company. Maybe they will hire 100,000 people in the end. Okay, now that's going to happen somewhere else because they tax that one person a little bit too hard. And I see that that is happening. And what is the response then? There are two options. Either you make it better for that person to stay, or you tax those who are left even harder. And unfortunately, it's like the second option which is on the table now. So France comes up and says, "Okay, let's tax everyone who's left, 1% of all the holdings, like wealth tax." And, "Okay, let's make it harder for them to move." "Okay, exit tax." We put an exit tax on everyone. Then they will stay? No, they won't. They'll pay it and go.
>> And so unfortunately, that's the mood still. I feel very much in Europe. It's not really like, "Okay, how do we make the next 25 companies is, uh, more successful than the American and the Asian companies? How do we attract the most brilliant minds? How do we want, how do we attract them to come and move to our country?" Exactly. >> Many other countries do like the US does it, Singapore does it, Dubai, all these, they have like a conscious strategy to do this, and I don't >> This is so, this point here as well is so important from Charal 420, and maybe Marty, you might have some thoughts. Let's make this show about crypto, but keep political views separate. You can't. They're inextricably linked. I've been saying this as well for years. You can't look at macro. You can't be an investor and not understand macro and politics and who's going to get elected and who's going to pivot a city to becoming socialist and where the market's going and are these governments going to come after your unrealized capital gains tax? These are things that will destroy your wealth. This is why we talk about it. Or am I being too extreme, Marty?
>> No, I think you're 100% right. I think you've got to drive that home. These financial markets and debt are very much tied to political situations and regime changes and, uh, you know, we're in a sovereign bond crisis in the world. It's not being narrated, but there is a significant probability of a global debt crisis, which means all countries' bonds are lowered in ratings, and that's the underlying structure of everything, all money, all business. And I think that's a question right now. We've got China and the US definitely in some form of a war, trade war, um, reserve currency war, and it's a big shakeup. And they're [snorts] not going to tell you because if they tell you, they'll create panic. So, it's happening behind the scenes, and you feel it in these political narratives.
>> Um, exactly.
>> Europe is in extreme trouble.
>> Europe is in extreme trouble financially.
>> Yeah. The, the industrial engine is destroyed. But let's get back to crypto. Make the audience happy. Market needs to talk about politics. I mean, obviously not the whole show, but I agree with you.
>> Oh, yeah. Yeah. Market structure. Bill, it's coming. It's going to be very good for the space. Two questions I have for each one of you real [clears throat] quick. One, will it prevent market manipulation? And number two, will it elongate the bull market in deep into 2026? Mando, you first.
>> I think both of those things are potentially yes. I do think the market structure bill will will lead to more reassuring of of big, uh, big exchanges back to the US, and also big, uh, protocols within crypto back to the US, particularly in DeFi, which will hopefully lead to better practices, um, throughout. It's still unclear, like obviously people point to things like Binance and some of the major offshore exchanges at the moment for market manipulation. I think they'll probably will have offshore arms, but it, it will really cement, I think, the US as the powerhouse of crypto, um, at least for the next four years. And then, uh, for the second thing, elongated 2026 cycle. Yeah, I, I, I've been saying that for a while. I think, I think we, we're definitely going to get a strong 2026.
>> And Marty, as you said, the movement of of of Bitcoin bags from retail to institutional. I don't think there's any, yeah, I don't think there's any coincidence about what's going on in the market right now and the market structure bill, um, coming in. I think market structure people are not aware. It could slash crypto manipulation by 70 to 90% overnight. That's the current speculation. Um, obviously it's not perfect, but it's an anti-manipulation hammer from the Congress on crypto. Remember in 1934, they made stock market rules against wash trading, spoofing, layering, pump and dumping. All of these things. None of that is in crypto and has never been. So it's rampant right now. Um, so understand that the Digital Asset Market Clarity Act will literally revolutionize the crypto markets. The market is changing entirely. Okay, it's moving from unregulated offshore, um, exchanges. Remember, there's like 600 exchanges right now, probably going to consolidate into market dominance from a few, just like the stock market. And obviously the bets are on the CFTC, okay, the CME, and the US market being dominant, and the Hong Kong market. But 100% market structure bill slashes wash trading. 40% of of current volume is wash trading people on Bitcoin. That's on Binance, Bit, and OKX. 40% Clarity Act bans it, makes it illegal, like the stock market. Okay. It put, it gives the CFTC the right to do real-time surveillance. So if you're trading any regulated commodity, like Binance's, you have to agree to surveillance, and if they don't, they'll do like the Bahamas, right? Political pressure in these jurisdictions. So, so believe me, and remember this market structure bill, the reason it's getting pushed so hard is they're very aware of the manipulation.
>> And it's hitting retail the hardest, which is not good politically.
>> And they're coming after them. More people are talking about market structure as well. So that's a very good thing for the space. Thank you, Mando and Marty. CTO, we have a concern that some people have the ETH unstaking queue is 45 days and constant. What does this mean for the price of Ethereum for Ethereum holders right now? And I know that Tom Lee is underwater by about nearly $800 million on his Bitmain. And, and that's the danger of buying the top of a market. I saw you smile there, Mando, around Tom Lee. But, CT >> I mean, a lot of people are underwater right now. Let's put it that way. I think Tom Lee, yeah, he's, uh, he kept on buying all the way up at the top. Yeah.
>> He's, he's continuing to make himself a bit of a figurehead with here with, uh, with some of the stuff he's saying on on CNBC each day.
>> Actually, Mando, double tapping into that, you know, Tom Lee and I went to the same school. I've watched him for a long time. I had a lot of respect for him. Is if this Bitmain thing implodes and Ethereum never gets back to 5,000 this run, is his reputation destroyed?
>> I don't know. I, I, I, I think he's, he's clearly got this like Teflon Don sort of thing to him, right? Like, like he's, he's had a lot of bad calls in the past as well, I think. And then, uh, continue to make wild claims, and it's still okay. What I would say, though, is like, it's not just ETH, right? Solana >> Everything's getting hammered, >> right? The L1 trade for the last six months has been relatively horrific. ETH did go from 1,500, i.e. everyone thought it was dead to 4,500. They bought 10% of the supply over the ETFs and the, uh, and the, uh
DATs. They put a pretty good effort in there and they couldn't continue to get it, uh, close to all-time high.
Yeah, that's exactly the point, Mando. The DATs between Bitmines, ESB, all these guys have got, I think, eight or nine percent of the supply right now.
I think 10.
Is it 10 already? ETH ETFs plus DATs is 10% just over.
Oh yeah, with the ETFs, of course. Yeah, I was just looking at the DATs.
CTO, can the DATs turn ETH positive, especially with this uncuing line here?
Yeah, the chart doesn't look good. And of course, people are probably uncuing, uh, sorry, unstaking, uh, to, you know, do something else than hold the ETH, right? That's why you're unstaking. So that's not a wild guess. If I can show the chart.
Yep.
It, uh, actually looked really bad for Ethereum already here on 10th of October. This is a head and shoulders pattern. The neckline is sloping, but it's sloping downwards, which makes it, you know, even weaker price action. And then it kind of recovered, but it couldn't invalidate this pattern. It has to break above the right shoulder, then it didn't do that, and now today it's dipping down below again. So this has looked pretty bad for almost a month now and, uh, yeah, things like that isn't going to help the overall market fear that is coming now in the market won't help any altcoins, that's for sure.
Mando did peg the ETH run and it was astounding, it was face-melting for a long time, but everything mean reverts, so.
Exactly. The Bitcoin dominance is head and shoulders in the other direction. So up here, just if anyone's new, so Bitcoin dominance means that if it's going up, Bitcoin has a higher share of the total market cap compared to, uh, everything, which means that the altcoins have less. So inverse head and shoulders here means that Bitcoin dominance probably is going up, meaning altcoins have a smaller share. And that also completed here on that 10th of October day when it dumped so much and it never invalidated after that. Actually, even though it came back and now it's again moving higher. So this, uh, needs to invalidate. I think Ethereum needs to find some strength and until that has happened, altcoin season is on pause. I mean, there's basically only one or two exceptions. Zcash being one of them, to has had some strength, but there's not much, you know, out of 10,000 coins. And in fact, Marty, it's like what you said at the very beginning, if you don't have adoption and use case and revenue generation, you're going to get smashed. And we saw that actually happen with the top of XRP early July. Since then, it's just been down.
Yeah, I mean, any asset or project that is either, you know, ICOed or listed on Binance, OKX, or Bybit is completely in control by those exchanges. So it's, it doesn't matter about its fundamentals, its adoption, its revenue.
Irrespective. Okay? They're just making money on on speculation, longing, and shorting. Yeah.
And so at the end of the day, you know, market structure will fix that, guys. That's the way it is. It's going to, it's going to restore fundamentals to crypto.
And real quick, as well, as everything's getting smashed, we've been waiting for the ETF dream for Solana and after that we thought we'd moon. No. [laughter] It hasn't happened. And, uh, the Bitwise Bsol pulled in half a billion dollars in the first week, which is really good. Rex has $400 million approximately. The two of them have a billion dollars, but it's early days yet. Fidelity is coming and a bunch of others are coming. Is there any hope for us, Marty, with the SOL ETFs pumping SOL?
Yeah, I mean, look.
These institutional buyers aren't going to buy the top of the market, right? They want discounts. So I mean, these are the discounts they want. You should always expect that on these kinds of approvals. Expect a pullback. Um, guys, it's all, it's all systematic. It's all planned. It's all in process. Don't, don't get caught up in the daily daily. Look at the high time frame. These ETFs are great. We're changing from paper-handed buy retail holders to, you know, reserve holders and and long-term [snorts] holders. Uh, and so it's all good. You just, uh, have to suck it up. This is why you keep dry powder. This is why you wait for these entries. But at the end of the day, the more ETFs, the better. Um, this is an institutional asset class. You know, these networks carry the digital dollar. Um, and real-world assets. IPOs will all go on-chain. It's all happening. So, it's just a matter of time. It's not going to happen overnight. We need the market structure bill. Once market structure is in place, I give it a few months. After that, obviously, the government has to reopen. That's the biggest problem right now.
M [clears throat] but once market structure is done, after a few months of that, you're going to see a very different crypto market, less volatile, trade more like the S&P and gold. Um, obviously, you know, traders and speculators are going to be furious because they're not going to be all the juicy, you know, um, spreads. But for long-term holders and hodlers and for treasury companies and ETF holders and for, you know, people that have held for a long time and are continuing to accumulate, it's going to be the glory days. Um, so just hold on for that. We're, we're currently the wild west. As I said, 40% of trading currently on all majors is fake.
It's all fake.
And by the way, quick reminder as well, links below for all these legends. We have a record number of people watching today. Despite the market being crap, nearly 17,000 people.
Yeah, I mean, this is a great time to buy these altcoins. If, if you've been waiting to buy altcoins, waiting to get into crypto, today is your day, right?
I, I don't think it's that. I think we're, like, it's a medieval time and we've been wheeled out in front so they can throw fruit and b [laughter].
They're going to star and feather us.
I can feel the tomatoes. I can feel the French tomatoes coming at me.
The, the anger levels that we've got nowhere for a year are very high. But let's switch gears to AI and then we'll wrap. First of all, this was an extremely interesting turn of events. Uh, as you know, Sam Altman is one of the most hated people out there in the AI world. Uh, nobody likes him. Even people that work with him don't like him. But Anthropic has surged past OpenAI on the enterprise LLM market. Nobody saw this coming. And Google looks like it's ready to smoke OpenAI as well. It's like enterprises do not trust OpenAI. For the technologists here, explain why that could be and how. And, and by the way, Grok isn't in this game, XAI yet, but when they do, they already have a superior model that smokes all of these models and all every metric you can imagine. But what would you say to OpenAI that plans to spend 1.8 trillion on infra and only make 16 billion a year? It, the math doesn't work, as Brad Gersonner figured out last week.
I mean, people just call in my circle, we call it the Theranos of AI, right?
Yeah, that makes sense.
His same Altman charm is like offensive in my way.
But Microsoft is deep in bed with them. When will that change? Today, with with the Amazon deal?
That's right. Huge deal.
There's the marking on the wall. I think, uh, they're moving away from from Microsoft, which is, you know, always been riddled with controversy.
And it's funny at the same time, Microsoft to a huge deal with Iris Energy, two worth about 9 billion. I mean, the deals being made around AI are all over the place. And this goes back to the very first point we made. Are people rotating out of crypto into AI? They say, "AI, I've gotten only 52%. I'm going to move over and watch chase these faster horses."
You know, OpenAI lost 12 billion dollars last quarter.
Oh, yeah.
Where did that, where did it go?
Yeah. And they only, they're only making a fraction revenue, but you can't invest $1.4 trillion.
Oh, do you know what, do you know what Sam actually said when asked about the 12 billion last quarter? He blamed it on short sellers.
And he's not.
He's also blaming it on speculators.
Yeah. [laughter] That's crazy. Anyway, that's an interesting one to track. CTO, any insight on this technology? How's the current bubble?
Yeah, I mean, a couple of ones. Number one is that while these different CEOs are arguing with each other, if you're doing any business today, like there's never been such a good time as right now. Like if you're not employed somewhere, you're doing something on your own. Times has never been better. We have this incredible tools. They are all mind-blowing. All of them, like all these four tools, Grok, everything. And you can do things at like 0.1% of the cost of what it cost three years ago to do the same thing. And you can do it 10 times as fast and hundred times better. And you can do things yourself in front of the laptop with like a $20 per month subscription. It's unbelievable what you can do. And there's never been a better time for [snorts] many people right now. At the same time, as unfortunately, then many people will be replaced and so on. And then which of these tools will win and lead and so on. I don't know. I, I think we're having multiple really useful tools right now. And, um, I mean, personally, I often when I want something important done, I tend to paste the same thing into two tools and then if they largely agree, okay, that's it. If they disagree, I drill further into it. And, um, yeah, I, I mean, I don't know. I feel that OpenAI as a product, I don't know, Sam Altman, I've never met him. Um, as a product, I still think it's really good. Grok is the clearly the product that is improving the fastest. No doubt about that. It's making major advancements, feels like every week. Uh, Anthropic, um, it was founded by previous, um, OpenAI employees, weren't they?
Or you had an interesting tweet, CTO, a few days ago. You said you were going to hire somebody a few months ago and then you discovered you didn't need to because you had AI.
Exactly. I'm sure you've seen this, uh, diverging graph, right, of, um, you know, when ChatGPT was launched and then the job openings dropped while the valuation of S&P 500 continued rising. I'm sure you've seen it, a lot of people have. And then a lot of people said, ah, but correlation is not causation.
Sure. But, you know, I've personally had the situation. I was planning to hire someone. I realized, wait a minute, now I actually should not hire this person. I can get the job done 10 times better, 10 times faster. I actually don't need the person anymore. I, I stopped the hire. And so, you know, am I the only one in the world?
Probably not.
Probably there are people, right? So I do think there has been a real drop in in hirings as a result of that.
And, um, which of these will win? I, I don't know. But that they will continue to grow, I do think so. And in terms of valuation of these companies, of course, there's one thing called vendor financing. There's been some of those deals like Nvidia says that, you know, we will, we will, uh, fund you a gazillion amount of money if you buy our, if you use those money to buy our stuff. Okay, everyone says it feels like it's free money and everyone circles it around and the stock goes up. So there's those kinds of deals that could perhaps fund some money and, um, yeah, I think there will be continued growth. But at the same time, Nvidia has gone up a lot, guys, for a long time. I feel a lot of people start chasing now entries that were actually like two years ago and so on. I feel that could perhaps get a little bit toppy. Perhaps some corrections will come and I do think what we talked about earlier, I do think some people are FOMOing in into AI stocks and maybe selling some crypto as a result of it.
Yeah.
That could quickly turn.
Uh, yeah, in fact, Mando just shared this. Let me try pop it up too because these things again, they're not pleasant conversations to have, but they're things we need to be aware of out there in the world. Let me just pull this and add this. Hang on a second. Thank you, Mando, for that. It is, takes me a second. This one you can see here, the amount of tech jobs California ever since COVID-19, in fact, since 2008, the US percent of US tech jobs in California has gone from 21% all the way down to what is it, 16, 17% approximately. And that's a big move, uh, which was the backbone of California making it the fifth biggest economy in the world, and that's been shattered right now. And this takes me to the next point. There's like kind of what you said, CTO, there's a thought that the price of AI thinking has gone to zero and people say anybody behind a keyboard is in trouble. After that, anybody behind a wheel, like, uh, uh, Uber, Lyft, taxi is in trouble. And then after that, we get the next big thing, which people believe it's not coming, but it's coming. And this is this, if I can pull it up. Bear with me as I juggle all these slides. This one, the future of labor. This, this is an Optimus human robot, and it is going to come for physical work. There was a company, media publication called Business Insider. They hate Elon Musk. They hate Tesla, and they revealed a study where at engineering HQ of Tesla, the human labor is being engineered out of existence, one repetitive motion at a time to do everything that humans can do. Everything in daily life, from wiping a table, pulling a curtain, stacking batteries, whatever, it's all happening. And this is the big bet that Tesla is making. Do you believe in the humanoid robot form, Mando? Or is it a pipe dream?
Oh, there was that robot that was, uh, last week that everyone was talking about, right?
The X1.
Yeah.
Pre-sale. Yeah.
I think obviously that's not, I think the product is nowhere near as polished. It sounded like humans were maybe operating it in the back, which sounded kind of wild, but the, the sheer interest in that as a, as a video just shows you that there's going to be unbelievable demand for this stuff when it comes out, in my opinion.
Yeah. In fact, I know a bunch of people, all the what we call Tesla tubers, all pre-ordered one of those $20,000 robots.
Really?
Which, which, which is just what they're doing is kind of like they're crowdfunding from early adopters to fund the business that doesn't actually work yet because it's not an autonomous robot. So, it's pretty wild.
Um, Marty, you.
I have a slightly different, I have a slightly different thesis, a little bit more like Jack Mauler's thesis, which is, you know, the US is going to have to re-industrialize, um, pretty fast. You know, they've farmed off all, all manufacturing to China. We all know that narrative. It's very true. They've farmed off all rare earths to China, and China is now holding it as an extortion over the, you know, tariff and trade agreements. So, I think re-industrialization is definitely going to happen. Now, if you look at white collar jobs, and you just looked at that chart, white collar jobs are getting eroded by AI at a record rate. But the rust belt, which took the biggest hit when manufacturing moved to China, you know, the, the Midwest manufacturing might see a boom in re-industrialization. So it might be a transition from white collar losing, um, you know, losing income to the rise of blue collar and manufacturing. And so, you know, learning a skill, robots can't do plumbing, guys. They can't do electrical work.
Not yet.
Not yet.
In fact, in fact, uh, this is an interesting thing just came in, too. Jeffrey Hinton, UK fellow, like you, Mando, the godfather of AI, admits, we don't know what's happening inside these LLMs or systems anymore. He thinks it's already learning by itself and it's escape. It's almost making escape velocity out there, which is, as you two technologists, Marty and CTO, [laughter] you must think that's a, what a crazy time to be alive like for the godfather of AI to say that it's mad.
Can I just add, I agree absolutely. Can I add one thing on the humanoid robots? Because I've lived in a lot of places in the world. I've lived in Sweden where you tend to do everything, like the culture is you do everything yourself. You drive your own car, you do your own laundry, you, you know, repair your own house. It's just the culture. I've also lived in Asia where the culture is quite different. You have a driver, you have someone else doing your laundry and the dishes and everything, and you just open the closet and the laundry has appeared. And I like the second one better, to not have to do the chores. I think it's nice not to have to do it, while many people at least [snorts] they still do the chores. I think that if presented with an option, a lot of people would prefer not to do it, not do the laundry, the dishes, the cleaning, whatever chores it is that you have, you know, empty the trash, whatever. So, you know, if they can actually solve it, yeah, I think people are willing to pay for that. I do think it's some years ahead. I feel that the state of these robots are perhaps not good enough yet. But is it a technical problem that can be solved? Yeah, probably. Then I don't know the price point. It also has to be perhaps cheaper than hiring an actual person to do that job. But perhaps they can do it, and they seem to have more or less cracked it on driving the car. So maybe they can crack it on doing the dishes and the laundry and the cleaning and the the trash and, um, yeah, empty the cat basket or whatever it is.
The point is, where will the robots be manufactured?
Yeah. China. China will make more of them. The US will make the best one through Tesla and Elon. Many times, it's going to be the biggest product ever in the history of the world, 10 times the iPhone. So.
And then with regard AGI, guys, um, if you ask, if you ask AI when will AGI manifest, it says there's a 90% chance we cross every public AGI rubric by the end of 2027 and a 60% chance there's an internal lab already qualified and built AGI that's keeping it quiet for safety and commercial reasons. So, there's the very good answer.
Yep. And also bear in mind everybody, there's many different definitions of AGI too. Uh, but it's coming. And many of the big thought leaders, if you ever look at moonshots, they think it's already here. These are like AI guys from MIT and Harvard, etc. And they think it's already here, like, like what Marty said, hidden in a box somewhere, hidden in CTO's closet with this laundry that appeared out of nowhere. [laughter]
What did you make of the flying cars stuff, by the way? The flying car. I think it's, I think it's more of a rocket propulsion system to keep traction around tight corners and also a suction system underneath that can both elevate the car a little bit to reduce friction and also suck it down to again enable cornering on the noise.
It would be the wildest product launch ever.
Oh, yeah. You, because SpaceX has been collaborating on it for years, and it's going to be crazy. And, and what are you going to do when you sell a car that is twice as fast as a Bugatti Veyron that cost $3.5 million for 200 grand? Again, I would not want to be a luxury car maker. They're toast. So, with all that fun excitement, we're going to get robots. We're going to get flying cars.
Flying cars, I think. Yeah, flying cars is the next.
We're gonna get Rogan last week, right? He went on to Joe Rogan and was basically talking about it for a while. Just said, "Look, it's gonna be the biggest ever this year." He said,
I thought it was by Christmas.
So, we'll see.
Flying cars and grid-based aerial roadways is going to revolutionize.
Yeah.
The economy entirely.
Anyway, I want to thank these legends. The reason we do this is so you can all prepare for what's coming. And what's coming is the biggest asteroid that ever hit this planet. [laughter]
It's true. The change is going to be astounding. But be ready. Be allocators, diversify, have a little AI, have a little crypto. Bitcoin's hard. It's going up over time. You just got to be patient. That's the end of the story. Any thoughts for the final week before you wrap? Mando, seat belts. Look, I've been saying it for a while and we could very easily come on here next week and people be throwing vegetables at us again. I think it's, it's not until after Thanksgiving that this four-year cycle talk kind of comes towards an end. So, I don't think we're going to rally in then significant. That's my.
And by the way, during the show, Bitcoin rebounded $1,500, which means it was in, it was a planned flush. It wasn't retail buying and selling. This is all market manipulation. I want to be very clear.
Marty, final thoughts.
Yeah, I think, uh, you know, Jerome Powell said it. December 1st is a pivotal moment in monetary policy of the world. Um, they're going to stop shrinking their balance sheets, so you're going to have to get through November. But, uh, I think like Mando says, eventually people will start, institutions will start to front-run that event and, uh, towards the middle to end of November, I think we'll see the turnaround. But until then, you know, they're going to try and flush that 103 level. I mean, maybe 105, like today was the bottom, but they could come. There's still 25x is down to 103, 600 now until people stop longing with high leverage, they're going to keep d coming coming down until a floor is hit when institutions hit their floor and they're buying start, uh, you know, t-wapping again, and then we'll do markups. Remember, Bitcoin moves slow, consolidation, and then markup, slow consolidation, markup. If you're not in at the markup, you miss the markup. Hoddle. That's the way to do it. Buy today and hoddle. [snorts] There you go.
That's code for not 100x perping.
CTO. [laughter]
Support still holding. So I think guys have a plan beforehand. Don't walk into these situations with no plan and then panic and take actions in a state of panic. Try to, you know, write, take out an actual paper, write some plan what you will do if this happens. Write some plan what you will do if that happens. And then try to stick to your own plan. That's my.
Exactly. I always say, have a plan, stick to it. Wise words. Thank you, team. Don't forget to subscribe to everybody here if you're not already subscribed. Again, record 17,400 people watching live. Insane.
Uh, biggest show in crypto by far. Thank you everybody. And we're on everybody's channels. Make sure you follow everybody. Again, I'll say it again. Thank you Zeno, Shund, TD, Renato, Rusted Woods, you all rock. CTO, Marty, Mando, have a great week. See you next Monday. See you next time, guys.