Transcription
Hello everyone. Well, I hope you are doing well this Wednesday, January 14, 2026. So, we're making a video to discuss a bit about the, well, the latest news and the latest trends of Bitcoin. There's a lot to say. I'll try to be concise and cover everything that needs to be covered. But you'll see, it's quite dense.
Uh, I've chosen to re-expose myself more strongly than I was. Uh, so, on Monday, I made a video for you, specifying that at the time, we were, uh, we were exactly here, right. There. We were just here. We had interesting signals that showed us strength and that, that indicated to us that the bearish scenario, the one of coming to recover the liquidity below this low, then below this low, was not the scenario that had the highest probability of occurring, but that we were seeing, on the other hand, the scenario of a direct bullish recovery presenting itself. So I chose to re-expose myself by 50% and to wait precisely for a price evolution.
A price evolution, well, which, uh, which was quick to happen, with a nice breakout yesterday, which propelled us from $91,300 to almost $97,000. We came to recover a rather obvious liquidity zone that we had, that we had just above. So you see it right there. So we are currently feeding on that liquidity pocket. But, uh, the slightly peculiar thing is that this time, we have real demand arriving.
So, yesterday we had a day with over $750 million in inflows, which is added to the $116 million from the day before yesterday. So obviously, when you have such a strong candle, it attracts people. You have people who react to the price anyway. They are not necessarily people who are anticipating, but people who are reacting. And seeing Bitcoin here, which is, uh, taking off again and, uh, breaking through, uh, a level it hadn't reached since, well, since November 16th. So that's quite a while, it's been almost, almost 2 months since we hadn't reached these levels. And so obviously, that brings in flow. But to see that it's not solely a technical movement. It doesn't seem to be solely a technical movement. That's rather positive.
So you see, something I was looking at was the RSI in particular. The RSI, which was, uh, which was stuck below, uh, below the median line of 50, which rejected us here, which rejected us here, right. That's why we had lightened up. Well, that's the reason. It's one of the reasons why we had lightened up at these levels. We had gone lower and we came back to work this zone until we broke through here, okay, at this moment, the RSI 50. Okay? We broke through the RSI 50, we went straight up, but we hadn't created a structure beyond this RSI 50. Okay? The idea was to say, if we do this, okay.
Now, wait, I'll try to be a little more precise. If we do this, then go back up and do this, well, obviously, this would have been a trap. So we had to be cautious. Except that the difference and the situation that presented itself to us is that here, just as we re-entered, we re-entered at a time when we established a support, we saw a certain technical strength, okay, on the support that we had been working on for some time. And this happened in a very bullish context with Bitcoin above, well, the RSI above 50 and the technical configuration on support. And that was very healthy. So obviously, that called into question a lot, for my part, the bearish scenario as well.
You see, I've shown you them from the beginning, the Bollinger Bands. Bollinger Bands, which you see here, whose upper channel is being broken. So you see that we have some strength because we are managing to close candles. Okay? Yesterday's candle closed above the upper level of the Bollinger Bands, which shows, which shows a rather powerful trend. And this comes at a time when, well, precisely, we are pressing, we have leaned on the median. You see, if I take a look back at what happened, well, for example, here, you see. So here we had lost, starting from the crash of October 10th, we had lost the median line. Okay. When we went beyond it, okay, we didn't make a structure, you see, we just made a deviation. That's called a deviation. If we do this, hop, and we bounce back. Then we have a structure beyond, beyond the median line, okay? Which is here. That's not what we had. We were projected and we were projected into a, into a, into a daily bearish trend, okay, which took us much lower to our bottom at the 80,000 level. Hop, we went to look for it here. You see that we hit the median of these Bollinger Bands. Here, we made an attempt at a structure, but well, at that time, you knew it, we were still very weak. The RSI was weak. We were weak here. We had the rejection on this trendline, we had no inflow from whales or anyone else for that matter. And so obviously, we were projected back, we broke these Bollinger Bands in a bearish way. And here, something happened with a break of the Bollinger Bands, of the median of the Bollinger Bands right here, as we crossed the RSI 50 level. So obviously, here, for me, it's very healthy to see this price behavior from a graphical point of view, from a point of view of really removing all indicators, from a price action point of view, okay? So price action, you see that it's, it's quite beautiful, really. We are maintaining the lows, we are managing to do something nice, and here we have something really interesting, which is a break of this support with, precisely, well, a certain strength, whether it's in terms of momentum or in terms of demand, because we saw it, here we have at the Bitcoin ETF level, we have demand, $750 million in inflows. Obviously, we would have liked it to be especially from BlackRock, it's not yet the case, we'll have to see in the coming days. But you see here, if we look at an indicator that I haven't shown you much lately.
Here. Because, well, we were in a period where we had a bit of blue, a bit of red, and so on. It wasn't necessarily clear, but we've been managing for several days, and especially recently, to recreate, you see, the conditions for a bullish recovery with accumulation here. Okay? Now, this indicator has a lag, meaning it doesn't show us the very latest data, but you see that it seems that the whales, so here the red colors show, like for example here or here, that we are at the beginning of something, the beginning of a re-accumulation like here, for example. Now, this doesn't mean we're going to go straight up immediately, but there are still good probabilities, given the liquidations above us. Okay. We still have some here. We have a cluster here at the $107,000 level. Will we not take advantage of this momentum to go up to $107,000 to $108,000 or even up to $117,000? Well, maybe, maybe. It will depend a bit on the strength we manage to see, but I'll show you on the altcoins. Uh, yesterday, I spent the evening, the evening searching, searching for altcoins because things are happening on the meme coin side. Uh, and you know, the last time this happened, it was, it was in November 2024, heralding a real recovery. At that time, in September-October, we had started to see very strong signals on the meme coin side, and that had launched, well, the rest of the bull run, which had been, which had been quite explosive. Here, on the almost the only alt season we've had so far on Bitcoin's rise, which had doubled at that time, from 54 to 108,000. Here, we might, might be on the verge of something like that. So, we need to be vigilant.
So, that's why, personally, as I told you, I'm re-exposing myself more heavily. I'm going from 50% exposure to 65% exposure. Now, it's arbitrary. Uh, I think, despite everything. There are still indicators that should not be taken lightly, notably. Well, we have this one, which shows us the put ratios. You see that here, in the options market, we still have people hedging against a risk of Bitcoin falling. So, we shouldn't neglect that either and assume that just because we've had a breakout, we've necessarily gone back up. If we look here, we're approaching a resistance that can be, that can be a real trap. You see this red line above, which is the one closest to the price. So, it's the realized price by short-term holders. Okay? So, short-term holders are those who have owned Bitcoin for less than 155 days. We look at the price at which they actually bought Bitcoin and we calculate an average. And this average is $98,372. So, I think in the short term, we'll go for that level. But what will we do there? Look, for example, here, you see at that time, hop, if I zoom in, I'll try to zoom in to show you this. You see here, we hit this level, then we went back down. Here, for example, we had a nice recovery. We hit this level, went back down before really going up for a new bullish phase. Uh, here, well, yeah, here, it's as if we hit it. Well, it was very close, very close to hitting it. Then we finally went back down before reintroducing an upward trend. But, well, we don't know if we are here or if we are there. Okay? That is to say, are we at the moment where we will hit this line but won't have enough strength to break through it and therefore will go back down, make sellers panic again, etc., or have we had enough panic? Have we had enough selling, enough momentum for the big players, the whales, to reposition themselves? And in that case, well, we are directly on the verge of a real recovery, as we had here, for example, when we were at the $92,000 level and we were quickly projected up to $110,000, $111,000, $120,000. Okay? So, we'll see what happens. But I don't want to get stuck in a single scenario, as I told you. And when the momentum tells us something, you know the saying "trend is your friend," meaning you always have to follow the trend. Uh, there's another saying I like, which is "the market can remain irrational longer than you can remain solvent." And that's really something you need to keep in mind. If the market decides to go up, then even if we think, yes, there are liquidity zones, they are still there, obviously, they are still there, $86,000, we still have a liquidity zone, okay? But just as we had this one, just as we also have, for example, those who thought at that time that we would necessarily come to recover the liquidity that was here before going down. Not necessarily. Okay? We can very well go for $117,000, go for $150,000, and then go back down into a bear market and come to recover the liquidity that is here. Okay? It will have been sold, not sold, we don't know. To be seen. But in any case, that doesn't mean that. It doesn't act like a magnet. But a magnet doesn't have absolute power. Okay? If you are 5 meters from the magnet, there's little chance it will attract you. Okay? When you are not very far, well, here, when we are here, at that moment, the market makers don't have to make much effort to send the price here, apparently. Okay? If at that moment, there is enormous demand, perhaps the market makers are trying to send Bitcoin just there to execute liquidations, except that there is so much demand that they can't. That's also something that happens. And from time to time, well, that's precisely what happens. And currently, with Bitcoin around $95,000 to $96,000, sending it back down $10,000 to go for $86,000, well, that's complicated. It requires liquidity and it requires market makers to go against the trend. And that can be risky in an asset that is as volatile and as directionally powerful as Bitcoin. Okay? Bitcoin is very directional. When it chooses a direction, generally we go there. Okay? So, here, that's what motivates me to re-enter, to re-enter Bitcoin. There was one more element, you had seen it here. Hop, I'll switch to 2-hour. Uh, so here, we had indicators that showed us, right here, the price action over the weekend. So, you see, we had this until Sunday. Hop! And then upon reopening, we came back to the Friday level again. Okay? And that was interesting because we also did the same thing here. Hop, Friday, we came to target this level. You see, well, it was Monday at 5 AM, but at the time of reopening, hop, we came back to Friday's level, and despite that, we then made a powerful rebound. So, that means there is real demand, okay? During market openings, it's not just during weekends, okay? It's not just during weekends that we manage to have demand upon reopening. Hop, we manage to make pumps. So, there's something, there's something happening. And that's also shown by this indicator. You see here, whale holdings, okay, how exposed the whales are. And you see that here, in the last, in the last hours and the last days, we have, we really have whales who have decided to reposition themselves, really. And here, we really have something major where whales, you see, had bought well around $87,000 to $88,000. Okay? They repositioned themselves well and sold a bit at the top. So they sold a bit, you see, this dip we see right here. And then they immediately took advantage of, well, the moment when we went from 0% to 50% exposure again. Hop, we benefited from this movement, well, they did too, and they projected Bitcoin higher, obviously, with quite a bit of Bitcoin buying. We're talking about, between the low point we had here in Bitcoin holdings, with a total balance of 3.01 million Bitcoins held, and now we've gone, hop, yesterday to 3.136. So, 135,000 Bitcoins bought, at a Bitcoin value currently at $100,000. Well, that's not nothing, okay? That's real money, that's real liquidity being poured in, and so we really have whales who are supporting the price. This comes in a context where, on top of that, we have a bit of a cash reserve called Bitcoin, called USDT dominance. USDT dominance, I remind you, is about how much stablecoins are sitting idle in portfolios. So, here, we're going to look at the sum of all stablecoins against the sum of all cryptocurrencies. So, currently USDT. So, by the way, here, we can really look at the sum of all stablecoins with USDT plus USDC. I think that's all I've included. I'm not sure if I've included DAI, etc. Yes, no, I haven't. But you see here, between USDC and USDT, it represents 8.17%. So, that means if we took the sum of all crypto portfolios in the world, of all investors on average, they are exposed at 92% currently, and therefore they have 8% reserves. Now, obviously, there are still many people and many portfolios that are fully in cash, because, well, you have, for example, meme coin portfolios, you have TRX portfolios, for example, you know, the 1% of TRX portfolios, well, whoever owns the most TRX, owns almost all of the TRX. Well, they don't necessarily have a lot of stablecoins because they have a lot of TRX. Okay? So, in fact, you have here 8.17% of the total supply. I remind you that the total supply, you see it here, is $3.2 trillion. Yes, I apologize for the anglicisms, the francizations, etc., even if they are not really used. So, $3,200 billion of total market capitalization for crypto. Well, you take 8% of these $3,200 billion. And that represents this amount here. Here, $267 billion. We have $267 billion of stablecoins that remain to be used. Okay. Uh, well, yes, it's perhaps, it's, this is the amount of stablecoins that are printed. Well, it's not exactly that, but anyway, in any case, you do have 8.17% of the total crypto that is in stablecoins. And that means one thing, it means that here, so if I take just USDT, we have 5.8% dominance. And you see that here, it means that if we decide, if the people who hold stablecoins, for example, us, we have, we currently have 50%, I'm going to go to 65%, so I'm going to reinvest a portion of my stablecoins. So that will contribute to lowering this curve. If you do it too, it might lower it a bit more. Then a bit more, then everyone will do it. Hop, hop, hop. everyone will reinvest, and just by having a movement like this, you've seen that here, for example, in August 2024, we went to 6.8% USDT dominance, and when we came back to 3.7%, so just this drop of three percentage points, well, that took us from August 2024 to December 2024, it created an alt season. Okay? And so, just the fact of having a movement like this, backed up, supported by whales. If I show you here, the, so the 30-day change in whale holdings, take a look, it's not insignificant. We really have a major change in the attitude of whales, which is really massive support for the price with really impulsive purchases. You see, it's comparable to what we had a bit here. Okay? At that time, just after October 10th, we had something massive. Then, well, it aligned with the trend, and we went back down. But it's also something we had, well, just here, okay, at the bottom in March. So, really, I'm paying attention to this. I think there's a way to go higher. So, we'll look at it together, but it's something interesting.
On the American market side, it seems that our American markets have taken a direction for the future, and have taken an interesting direction, which is that of the ATH for the S&P 500, and that of precisely, well, the resolution of the compression triangle on the NASDAQ, with, you see, momentum becoming bullish again, with here, hop, a structure here that is a W, another W here, well, in short, we are creating DW within DW. We have a rather strong NASDAQ. We have, uh, inflation that is receding, you see, 1.72%, so inflation that is clearly receding. Donald Trump is putting pressure on Jerome Powell, saying he will fire him very soon. Okay? So, to be seen what will happen. We know, in any case, that 2026 will be the end of Jerome Powell's term. So, very likely, his successor will be much more pro-market. Uh, Trump will do what it takes to put someone in place who is a bit fiery and pushes the market much higher. Especially since, here, inflation is falling, so there's no reason to maintain high rates to curb inflation. Uh, yesterday, we had the news on the CPI. Well, we had talked about it, we had said there was little chance of any major surprises because we were in a period in December where inflation had been stable for some time. So, the indicators naturally don't change much. If, well, if nothing changes, then you have little probability of being surprised. Well, that's exactly what happened. Little surprise. The annual CPI remains at 2.7 points, 2.7% pardon. So, it's not, it's not the Fed's objective, knowing that the Fed will look more at the PCE than the CPI. Okay? So, well, these are two different calculations, but they mean the same thing, to measure inflation. So, here we have 2.7%. It's still relatively high, but it was our climax for December. You see here, we had the December figures. Here I have the figure from December 13th. We were at 27. Well, there you go, so that means that the next CPIs, the one that will be announced, well, in mid-February, in mid-February, we will have a CPI that should be, you see here, around, well, the current figures, so around 2%. So, that's a significant decrease. We'll see a bit how Jerome Powell reacts if he's still in office. But in any case, that could be precisely a signal that, well, it might be wise for the United States to potentially lower rates because currently, well, look at the rate of rate cuts. Well, here it's completely canceled. You have here, completely, you have absolutely no more probability of a rate cut at the January 28th meeting. We were anticipating that relatively strongly. But you see here, on March 18th, well, it's the same, 72%, well, that's done. April 29th, 60% chance of no rate cut. So, that means we will have almost, it's very, very unlikely to have a rate cut unless we have a major deflation, meaning here a break below 1.70 to really return to a trend where we are below 1, below 1.3, below 1.2, approaching 1%, etc. Then, in that case, perhaps, we will have to adjust with a rate cut to avoid going into disinflation. So, that could perhaps change if inflation falls too much, but for now, that's not the case. And currently, with inflation at 1.72%, there's no particular reason to accelerate rate cuts either. American markets are doing very well. We'll talk about the Russell 2000 next, but American markets are doing very well. Uh, so there's no particular reason, and factually, it's certain that, well, this is your, this is your 21st trump card in tarot. It's really your major trump card that you can, uh, leave when markets are generally not doing well. Okay? So, obviously, if you burn all your cards and all your jokers when the market is doing well, well, what will you do when the markets are not doing well? Okay? When the market is, if we have a black swan, if we have a crisis, if we have something. Moreover, we see geopolitically that things are heating up. I don't know if you've noticed on X, but there's interesting news. I don't know if you're aware of this indicator, which is the pizza indicator, of the flow of pizzerias around the Pentagon. So, people are having fun, you know, with Google, with Google Maps, you can look at the foot traffic and it tells you more frequented than usual, less frequented than usual when you look at one place or another. And so, you can look at the pizzerias closest to the Pentagon. Especially at night, you have some pizzerias that are open 24/7 in the United States, and so you have pizzerias that, well, you see much more traffic than usual, much more orders. And this, well, very generally, when pizzerias are very, very active at night, around the Pentagon, well, it's generally because there's a crisis meeting at the Pentagon, that all the executives are inside the Pentagon all night to have meetings, to plan what will happen or to manage an ongoing operation. Obviously, that's what we had at the time when we had, precisely, well, just the news about Iran, for example, with the escalation between Iran and Israel. That's also what we had in Venezuela very recently. You can look, the tweets on, I don't know what it's called, the indicator, the pizza, the, I don't know, the pizza index, something like that. You'll find it easily on ChatGPT. And, and here, it seems that last night, we again had activity on the pizza side, on the pizzeria side around the Pentagon. So, we might expect some announcements, there are some, in a little while, or a military action, or a speech, whatever it may be, or an ongoing operation. So, so, well, we'll see, we'll follow that, but obviously, the markets, well, they are watching that, and Jerome Powell is not fooled, which is why he's keeping a bit of leeway, because if the markets panic following a major geopolitical event, they will need to be saved, and if you've used up all your cartridges, you're in a bit of trouble. So, for now, in any case, from a purely selfish point of view, we want the markets to go up. Okay? Well, in that case, we would want a rate cut. Well, the rate cut would probably only happen from June 17th, so from the second half of the year. So, that hasn't changed for now. What has changed is the fear and greed index, okay? So, we're back to neutral levels, 48%. So, the last time this happened, it wasn't necessarily a very good sign. It was just here, you see, we had gone back into positivity only to be plunged back to the $90,500 level. Except that here, precisely, well, we've re-established a bottom and we've gone straight back up, whereas here, we had recovered the liquidity that was there. Okay? So, at that time, many people sold, many people opened shorts, and therefore pushed the price lower. And to see enough strength to go even higher than the previous highs, well, that means something. It means that there is real demand and real strength, a real will from Bitcoin. And the investors behind Bitcoin, I sometimes personify Bitcoin, but it's the investors behind Bitcoin who have a will to see the price of Bitcoin rise.
Okay. On the funding side, there's interesting news, which is a reduction in funding. You see here, in the last few days, funding has decreased, tick, tick, tick, tick, on most exchanges. Earlier, we were even in negative territory for today. So, now we're back to slightly positive, but you see that, well, people on derivative contracts don't necessarily believe a lot in this movement. What does that mean? It means that on the price rise here, this is rather healthy, on the price rise, we mainly have people who, initially, open shorts, okay, betting on a fall. We have people here who say, "Well, that's it, we've recovered the liquidity here, I'm opening a short, I'm betting on a fall." So, that brings down funding. And you also have people who had made bets, for example, here, okay? who had bought here. They saw the price of Bitcoin rise, they say, "Oh, I'll close, I'll take my profits, thank you, goodbye." And so, you have these two phenomena: you have profit-taking from longs and the opening of shorts, which precisely reduces funding and brings us from time to time, like, for example, last night, I believe, yes, yesterday evening, which brought us to negative funding. So, it's rather interesting to see that precisely, well, this movement is not happening in euphoria on derivative contracts. It's happening with real demand on spot CVD. If I show you here, CVD aggregated, well, on spot, we'll look at spot CVD, but you'll see, we have real demand that is starting to come back a bit, with, you see here, a CVD that is rising. Okay? So, here, you have buyers who are showing up in the spot markets, so on the actual holding of Bitcoin. And this is happening at a time when, well, there isn't that much euphoria. You see? Paradoxically, for all this time, we had, for all this time, hop, we had funding that was high, and precisely an open interest that was constantly increasing between here and here. During this period, we had positions opening from traders, and finally, well, since around here, on this movement, you see here, we are rather in a phase where, well, we are closing positions on derivative contracts, and that is very healthy. That is very healthy for a real bullish recovery. So, well, so, I quite like seeing precisely, and that's what's pushing me to, well, re-expose myself, because, well, I tell myself that finally, the locks we had on a bullish recovery are being lifted. Funding is starting to decrease, okay, so on derivative contracts, that's fine. In terms of real demand, okay, well, that's the key. Well, here, we're finding some demand that is supporting price movements on Bitcoin, at the ETF level, but also at the whale level. So, retail is not here yet. Far from it. Well, perhaps, perhaps that will be our next step.
overheating signal that our entry signal precisely. So at that moment, when we have a return from the retailers, well, maybe we can pay attention to what will happen. I think retailers will come back on a break of $100,000. You know how it always is, you need a round number, a psychological level, something. So there, there you go, $100,000, they are here. It's a major resistance. If we manage to break through it, well, we can make headlines. Bitcoin passes above $100,000. If, on top of that, well, we have some geopolitical fears or, you know, gold goes up, Bitcoin too, etc., it might drain a bit of people, and people who will position themselves on Bitcoin but also on altcoins. And altcoins, we have something interesting happening. Well, it's not yet visible on altcoins, but on the Russell 2000. You see, we've been watching this for a long time. So, I remind you, the Russell 2000 is the indicator, well, the index, sorry, of the 2000 small caps in the US. Okay? So you have here a Russell 2000 that made a peak in November 2021, a peak of our altcoin season as well. I'll show it to you here. We'll add it. There, we'll look at it together. Uh, let's see, we'll put a new price scale. We'll look at them together. Okay, so you see, it's quite, it's quite unsettling. We had a peak here, so it's the capitalization of cryptos from top 11 to top 125, and the Russell 2000, we have the US small caps. Okay, so we'll switch this to a logarithmic scale. There. Well, it's bugging, obviously. Okay, it's because I had indexed it. Okay, so, there, calmly, we'll put it. So we'll look at it together at the level of, precisely, of Ozers, well, you see that we had a top in November 2021, exactly at the time when the, when the altcoin season was at its peak, at the time when US Small Caps were at their peak. Retest of the same zone. You see, the same zone was retested in December 2024, at the time of the altcoin season following Donald Trump's election. Then a rebound here of small caps with a new retest. The altcoins remained in retreat, okay, they remained below their previous level, their previous peak. You see here, we really had a lag at that moment, and we had a drop in small caps that was much more powerful on altcoins. But here, the interesting part is to see that on the Russell 2000, on US Small Caps, there it is, we have a confirmed breakout. Okay? I was really waiting for this, to have a structure above this resistance. Okay? And that's the case. You see here, we had, well, a first failure, a failure here, but we came to gain support, do the pullback, and move on and break this level. So there, it's been 2 days, huh, 3 days maybe, since, since here, or Friday, since last Friday, we finally had a confirmed breakout at the beginning of this week. So there, in my opinion, we are ripe to move on to, well, an altcoin season and a favorable period for the least capitalized assets. And that's really, that's ideal for us, it's ideal for the crypto market and ideal for the altcoin market because, quite simply, cryptos are at the bottom of the pyramid of the riskiest and most capitalized assets. You have the most capitalized and least risky assets, which are probably real estate, long-term rates, etc., well, short-term rates, actually. You have all of that, and then gradually as you go down, well, you'll find stocks, you'll find growth stocks, you'll then find Bitcoin, and you'll find at the very bottom of the pile, well, small caps and cryptos. Okay? And cryptos, well, within cryptos, you'll find the least capitalized ones, so notably those from Ozers. So it will really be the bottom of the bottom of the bottom of the pile. Okay? And so if you look at the correlation between these two indices, it's really maximal. When you look here, at the time, we were in 2017, okay? Here, November 2017, we had a huge altcoin season at that time, and it happened in a context where we had, well, I don't know what to call it, a small cap season in the US market. You saw here, there, the two have a really, almost perfect correlation, with just a small cap season that lasted a bit longer, until September 2018, before a crash in US small caps. A crash that was also materialized in crypto, that famous crash of November 2018. Those who lived through it remember it, I'm sure of it. And so, there, we very generally find the same pattern with here the previous peak being retested and then a breakout that restarts a real altcoin season. I had talked about that. Well, I'm talking about it again because in the meantime, we've had new people, whom I greet by the way. Here, it's exactly what we had. A peak, a retest, a breakout, a peak, a retest, and a breakout right here. And so, if we have the breakout, it would send us into a bull run phase that could last several weeks, several months, which would obviously be supported by what? By a rate cut, by a massive financial influx because, well, you know QE is over. If we look at global liquidity again, we'll look at that together. Global Liquidity. So here we have liquidity. Well, no, actually, we won't look at this one. There, we'll look at the other one instead. So we'll look at the Fed's balance sheet. There. So the Fed's balance sheet is right here. It's the Federal Reserve System. We'll look at it together. There, for the first time, the Fed's balance sheet is starting to rise again. Okay. We were in a phase of QT, quantitative tightening, meaning the inverted printing press. We sell the Fed's assets on the markets to reduce the balance sheet. Okay? You had a monstrously high Fed balance sheet. So gradually, we reduced it, sold, sold, sold, sold, sold, sold, sold, sold. And there, since December 1st, you knew that Jerome Powell had announced that, precisely, quantitative tightening, this phase of reduction, would end. Well, what happened? It did end on December 1st, and since then, we've had quantitative easing. Okay? Now, it's not mentioned as such because there isn't a real quantitative easing procedure with weekly or monthly purchases on the bond market, for example, etc., but we still have small, occasional purchases, okay, support for banks, etc., and that's observed right here with a rise in the Fed's balance sheet that is starting to gently go up again. And that is always very favorable to the altcoin market and to the US Small Cap market. You see that here, when we had, well, an explosion of the Fed's balance sheet, what happened? It's really proportional. Here we had a huge explosion, well, we had a huge rise. Then here we had a slow rise. Well, how did that happen? We had a slow rise. Okay. So obviously, it's very, very correlated because when you have a lot of cash, well, once you've invested in most of the assets, well, you'll expose yourself to others. Okay? Once you've filled your pockets with tech stocks and Treasury bonds, well, you'll gradually buy a bit of small caps, etc. And buying a bit of small caps in a thinly capitalized market, well, that's immediately visible. And so, being on the verge of a resumption of quantitative easing, at a time when the Fed's balance sheet will indeed start to rise again, well, that's precisely the best time to reposition yourself on altcoins and to benefit from a rise this time by being well-positioned. I imagine that many of you regret not having sold at that time, when we were in December 2024 or January 2025, etc. We were, we were doing quite well. We had a good altcoin season, etc. You had reached portfolio valuation levels that now make you largely envious. Well, here, okay, you are probably at that point, like we were here, okay? Now, I don't know where. Maybe here, maybe here, maybe here, I don't know. But in any case, you are probably here just before something like this. Okay? Now, will it be like this? Will it project us to the ATH level, okay? To $130, or will it project us higher? I don't know. And that's why I have no price target defined. What will matter are the indicators, all the other indicators, all those we keep looking at together. Well, we'll see when they evolve. If we have a return of retailers, if we have a massive financial influx, etc., all the better. And in that case, we'll take advantage of it. And if we have to sell at $200,000, we'll sell at $200,000. If, on the other hand, we realize at $117 that it was just a liquidity grab and that we are in a scenario like this one, well, we will have greatly benefited from this rise, we will be happy, we will take our profits and protect ourselves for the upcoming downtrend. Okay? So, that's a bit of the scenario. We'll look at altcoins together now. So we have altcoins, the ones we talked about, which are performing super well. Frankly, it's great to see cryptos like these that are really managing to create superb structures. There, when we re-entered, it was, well, it was Monday here. There. Since the breakout, we've had a really nice performance. +4% here on TRX, which is a strongly capitalized asset. But you see that's not the case for all cryptos. If I take Hyper Liquid, for example, well, we had a small performance, but we're still in our range phase. If we take Aster, it's the same. Solana, on the other hand, you see that it's continuing its surge once again. Solana, BNB, magnificent. Okay, it was done yesterday. So, very good. Sui is starting to be well-positioned. I would understand those who want to position themselves on it. We'll switch back to normal scale. So you see here, really, really good to see Sui having strength. Well, for now, it's not necessarily a crypto I'll position on, but morally, very good. Morpo is starting to rebound, to rebound very clearly. SPX, it's in its compression triangle. I honestly think that when it breaks it upwards, if it breaks it upwards, it could be quite violent because it's a very, very volatile asset. It's used to performing when you see just this, okay? Well, that's a x2 performance, okay? Here, you have a breakout, boom, x2. So, that could, that could take us just here, for example, okay? With almost +50% directly. So, there, we'll look at that together. Uh, Doge also, which, which is in the starting blocks, huh. You see that it's currently working on its resistance. I think that it too, when it takes off, it will take off. And you see here, you have, for example, a x2 increase as well. So, to recover here, this level, it's the entry price of the whale who owns 98% of the tokens, who owns almost $200 million of Doge. Well, you see here that we would have a x2 before getting to these, before returning to these purchase prices. So, there, I also wanted to talk to you because on Glassnode, well, we'll look at the other indicators a bit before talking about that, but on Glassnode, things are happening on the altcoin side. Listen, at this point, I'll talk to you about it right away. Uh, well, I've looked at many altcoins, but if we look, for example, so, in fact, what did I do? I did it on the same coins, for example. There, we'll look. So, I'll show you PEPE, for example. Okay, so this is a well-known meme coin. We go to supply, we look at the cost basis distribution map. What I'm looking for, you see, I don't have any particular signals here. What I'm looking for is this. You'll see it together. Uh, what I'm looking for is this. Now, I don't know if you can see it. I have the impression that it's quite, it's not very clear on this crypto because, of course, I have to zoom out so much that, yeah, there, you see it a bit. You see a bit of orange intensifying to red just before the explosion. Okay. But this is precisely a behavior I'm looking for, which shows that we are not far from a major price increase of the token. This means that large portfolios have decided to heavily buy the crypto. You see, for example, here? Now, yes, it's complicated because, of course, it's a bit old. Well, you see here, it's quite clear. We have red. Okay? Red, red, red, red, red. So, here, we have millions, billions, 2,400,000 billion tokens that have been bought. Now, at a price of, I won't tell you, but 0.00 and something. And then, well, you see on the pump, it was massively sold. We went from red to orange, to yellow, to blue, etc. This is what I'm looking for. I'm looking for cryptos that are in exactly this kind of configuration. Now, let's see if I have it here, for example. You see here, for example, we have, it's, it's difficult, I admit, it's difficult to observe. Here, you see, we go from orange to red. So that means that at these very low price levels, large, large portfolios have positioned themselves heavily. Okay? So, what we'll do here is take our little calculator and sum this up together. So, in fact, what I'll look at is here, you see the supply is 1,656,001,080 multiplied by 0.005326. Okay, so here we had an open position at $883 million. So it's simply the multiplication of the supply by the unit price of a token. And so you have $880 million that were injected into this very small crypto, which at the time, its market cap wasn't worth much, I imagine. If we look at the market cap at the time, how much was it worth? There! It was not even, it was not even displayed, $200 million. $200 million if we look, if we look at that, well, you see that at that time, we had a $200 million market cap and $800 million was injected at that time. So you have a lot of tokens that were bought at a very low price, okay, and you have these people who didn't sell until the token price exploded, and at that moment, they sold. This is what I'm looking for. So I've searched, quite simply. This is my added value for you, it's to do this work, it's to look. Well, you see, there's a nice list, because I don't know how many there are. Maybe, maybe 200, let's say. Well, the idea is to do, well, all the, all the lines. Okay. So to look at that calmly, to look, there, full history, and to look here, we'll zoom in. There, you see, they all have the same behavior, they are in the red, and then boom, as soon as they explode, it sells massively. If we look, there, I don't know, AISZ, for example, it had an interesting behavior that you see here with a purchase level right here. There, if we look, and so here, you see that, well, there's something that's manifesting. Now, it's not very violent. What I wanted was something really powerful. So if we look here, well, I don't have the info. There, we look, there. Well, here, you see, it was massively bought and then sold at that time. Okay? Sold at a slight loss. And then here, you see, there's no beginning of a beginning of something bullish on this crypto. So here, obviously, we are still far from it. And so the idea was to do all the lines like that again. And so, I arrived at this list. I'll show it to you right here. There, we'll look together. There, right here, I arrived at this list of tokens that are in configurations that are rather nice. So, we have four coins, for example, you see here, a big buying line. So, it's a very thinly capitalized crypto, which was bought strongly at that time. Boom! Big explosion, we go back down, but it hasn't been sold since. Okay? It hasn't been sold. And if I zoom out a bit and show you, you see a bit how it happened in the past, well, you see at that time, there was really a signal. So if I now zoom in on the last 6 months, you see, here it's symptomatic. Here we have, well, I've done the calculation for you. It's, well, it's $70,000. So this one isn't great. Okay. There's a nice line, there's something, but the position isn't important enough. Okay. $70,000, anyone can put $70,000 on a crypto. Well, anyone. I'm exaggerating, but, but it's not a whale. $70,000 is not a whale. Then we had Bink, okay, which is also a crypto I didn't know. Uh, which has something, a suspicious movement as well. So you see, these are movements we saw at the time, okay? We saw them at the time. You see here, it was November 2024, you see, in November 2024, there were a few cryptos that were showing us signs of massive accumulation before big pumps, before this meme coin season, precisely. Okay. And I think, I think that, well, we are in the same circumstances, and that meme coins have not finished draining the liquidity that they need to attract. So I really think that having this in a balanced portfolio. Okay? Because I remind you, the positions are mostly in TRX, BNB, Solana, Morpo for a bit more performance, SPX which remains a meme coin, and Doge which also remains a meme coin. But, but you see that there are quite a few parts of your portfolio that should be positioned on more capitalized cryptos. But on the other hand, there are very interesting things happening here on some, on some altcoins because here, what you see, so what I did was zoom in. There, we'll look at the year. There, I zoomed in and looked. So you see here, we have, there, here, 1 billion, even rather 1500 billion tokens that were bought at these price levels, and 1400 billion that were bought at these price levels. If we look, there, that makes $190 million and $224 million. So that's almost $400 million on a crypto that has a market cap of $21 million. So it's really, it's really low. It's really low market cap compared to the position that was taken. So, will we have a movement like this with just a pump and dump, etc.? I don't know. Okay. But honestly, here, it's quite suspicious to see something like this. Well, it's too small a market cap and especially it's available on too few exchanges for me to play it. But there, I wanted to talk to you about it because, because you see, it was, it was the big work in the end for me. So with all these, with all these cryptos, so there are many small cryptos, only these two interesting cryptos remain. Okay? Why? Now, we'll look together at the other two that I'm eliminating, which are NPC and PUPS, which are very, very small cryptos. Okay? Pups, for example, let's look at a $3.5 million market cap. It's really, really, really small. Graphically, it has a very, very ugly configuration. It is available on Kraken, though. So that means there's a big exchange listing it. But you see, $3.5 million. Well, it's still, it's still really too small for me to personally position myself on it. Pups and NPC. Okay, NPC, $100 million market cap, but it also has a nice configuration. Now, yes, why did I eliminate it? We'll look at NPC together. So, it's available pretty much everywhere. So that's rather, rather good. $97 million market cap with an open position where here at $30 million. Well, it's, it's, that's why, because the open position remains quite weak. We'll look at what's happening together. NPC. There, we'll look at that together. Yeah, that's it. It's that it wasn't really straightforward. You see here, there are purchases. It's visible a bit, huh. You have this red line here, but I already like it less when this red line is above the price. Okay? There were a few other cryptos that were like that, including meme coins, for example, which was on our list a while ago, which was in a similar configuration with, you see here, purchases, and there are purchases, obviously, but when you sum them up, we're talking about 18 billion tokens. Well, it's not necessarily significant. It could be a crypto that would perform. There is, for example, also Harry Potter Sonic Obama 10 Inu, which also has a similar configuration with purchases. Okay? Little by little, it continues to accumulate, huh. You see here, the supply of the top 1% continues to accumulate tokens little by little. So obviously, it's interesting, but what I'm looking for here is, if I'm going to be exposed, I'll be exposed to the best. And so, only these two remain for me. Okay. Giga and Ban. Now, we'll look together. Ban, which is Ban comedian, okay? It's comedian Ban, so it's also a meme coin, huh. There's no fundamental, etc. But that allows me to come back to this, to tell you this, that I'm not necessarily attached to the fundamentals of a crypto. Either it has a very good fundamental, I'm talking about TRX, BNB, or Solana, okay, which really have market share, which really have a blockchain that is used, developers on it, an ecosystem that works, is sustainable, etc. Or for me, it's anyway a lot of marketing with projects that promise us to change the world, that will say yes, decentralized finance, we're going to revolutionize everything, etc., but which in the end have quite little, well, of real, of real products and real services sold and really customers facing them, okay, and they remain startups looking, looking for their product-market fit, so, okay, looking to find a balance between their projects, their products, their services, and the market. And until they find it, well, they develop and do marketing to try to find it. Okay? And so the whole point is precisely not to burn all their cash before finding their product-market fit and then, well, to capitalize on it. Those who have found it. TRX, well, it's a blockchain that is massively used with revenue, with an ecosystem, etc., that is really used. Solana is the same. BNB, well, there's the Binance platform that works very well, that is regulated, that is in the right direction, etc. So obviously, here, there's something behind it. So it's not surprising to have a structure and a curve like this, okay, and that crosses the years in a healthy and positive way. So, there, I am quite, quite, well, quite sensitive to these cryptos, but on the others, what I'm looking for above all is flow. What I'm looking for is flow and momentum. So momentum is really, so it's visible in the RSI, but it's also visible in how much cryptos are bought or not. And here, on Ban, we are on a crypto that has been lateral for a very long time, okay? That has been lateral for a very long time, and a meme coin that, well, you see, is being largely accumulated. Okay? I don't know if it will lead to a price increase of the token, but you see that here, someone has put in quite a lot. Okay? If we look together here, so 12 billion, yes, that's it. 12 billion tokens for a unit price of 5 cents. Okay, a bit more, which amounts to a position of $700 million. So you have someone, okay? It's quite comparable, ultimately, to what we saw on, for example, Baome, etc. Okay? When we take, there, together, Book of M, which at the time was a crypto. We'll look together, so we'll look in logarithmic, yes, because I don't have it, but which at the time seemed to be a crypto that was launched with a very low market cap, probably similar to this one, $50 million, okay, and which reached a market capitalization of over $1 billion. Okay? So a x20, for example, well, a x20 on the price, a x20 on the market cap. And well, that happened precisely at a time when, at the level of $50 million market cap, there was someone who had put in over $800 million. Okay? Now, you might say, how is that possible, how can you put $800 million on a market cap of $50 million? At a minimum, the market cap should be higher. Not necessarily, because within that, there are also airdrops. You also have people who received tokens for free. Okay? So you have here, probably people, okay? Here, this portfolio, which has so many tokens at this price, well, they might have gotten them from the origin of the price, from the origin of the token listing, much lower, okay? And so, they kept these tokens, but they reinforced at the current levels, and so they bought back little by little on the dips, etc. And so here, you see, they bought back even lower here when it was worth 5.1 cents, for example, they opened their position here, and so that lowered the value of the token price. And so currently, in any case, there is an average position of $600 million at 5.7 cents. Okay? And that's interesting because if it performs, well, we can see if this red becomes orange, then yellow. And that would mean, well, obviously, it's the moment when we will potentially have a liquidation of the token price and really the pump and then the dump. So, for me, in any case, these are certainly very volatile cryptos. Now, they remain bets, etc., huh. Frankly, I'm not telling you to put 100% of your portfolio on them, but I'm quite bullish on this kind of crypto because I find that the cost is quite low for a performance that can be enormous. If you put 2% of your portfolio on a crypto like this and it does a x10, well, it has a real impact on your entire portfolio. Whereas if this crypto doesn't work and you lose 60% on it, well, on 2% of your portfolio, you lose a little over 1% of your portfolio. Well, that's not too bad. Okay, there's no major impact. On the other hand, I find that the associated reward is quite high. So there was Ban, and there is also Giga, which has a community that performed quite well a while ago and which is in a rather nice configuration, quite similar to what it was a few years ago. So you see here, red, a lot, a lot of tokens that have been distributed. The token goes up, obviously, well, what does this portfolio do, or these people, take enormous profits, the token goes down, but it rebounds, and you see here, we are in colors that are a bit similar to those we had here with a position that had been opened, you see, unfortunately, I can't zoom in much more than that, because, well, because it doesn't allow me to, I can only select between 2 years and 1 year and 3 years. So here, if I put 2 years, I still have it, and if I put 1 year, I only have this movement. So I'd like to compare it to that. Well, it's not necessarily the case. It's not necessarily possible. But you see that here, we had opened a position. So if I block myself here, you see, 43 billion tokens. 43 billion tokens at about 1.6 cents. And here, we are on an open position of 42 billion tokens for a position of 0.5 cents. Okay? we are three times lower in absolute value. But you see that here, we still have a nice position that has been opened. And if we zoom in on the current year, you see that here, since, well, a few days, it started since, since early December, for a month, we have a reopening of the number of positions, okay? And an intensification since about here, since early January, we have an intensification with, you see, we went from 32 billion tokens to 37 billion. Almost 5 billion tokens have been added. 5 billion, sorry, tokens. And so here, we are on a, we are on precisely a position of around $190 million at an average price here of 0.5 cents. And if we look, Giga, the capitalization, it's quite low. That is to say, $45 million, it's quite low. However, it's listed on many tokens. It's accessible on many exchanges, pardon, it's listed on many exchanges and it's accessible in many places. There is volume, there has been volume at certain, at certain times. It was also listed on Coinbase. Yes, that's it. On Coinbase spot. So that's rather healthy. That means that precisely there are potentially quite a few people who can buy it if it generates volume again. You see that it's starting to recreate volume. So it's rather interesting. Okay. These two cryptos, from my side.
Here. Ban and Giga, I've decided to position myself on them at a rate of 4% and 4% of my portfolio. Okay? So this is very explosive for me. It represents 8% as I was telling you. That is to say, if it goes down 70%, well, I accept the idea of losing 4% of my portfolio. So obviously, you must do it in your soul and conscience. So there, I'm adding 4 and 4% of my portfolio on these two cryptos because I estimate that the narrative of meme coins is not at the end of what it has to produce for us. It's a rather risky bet, but one that, in the current context of Bitcoin's price and altcoin prices, we saw the Russell 2000 together, we saw that well, there is a real demand for altcoins. Bitcoin seems to want to go a bit higher, and so we could be, even if it's just in, I don't know, a month, a month of of alt season, well, if we are in a month of alt season on the best, the best meme coins possible because they are the ones who will drain a lot, a lot of the performance, and so if we just have a return, I remind you, but this crypto, in market cap, it's worth 44 million, at its ATH it was worth 750, okay? So we are almost at x 20 from the ATH. I'm not saying we'll get back to x 20, far from it. But if we do an X 20, or if we do an X 5 or an X 6 on this, on this crypto, well obviously it will start to be seen on your portfolio. Okay? So there, personally, Giga and Ban, these are two cryptos on which I have decided to position myself. It's up to you to do it, in your soul and conscience. You see that it's not also, these are small cryptos. Ban has been listed on Binance and Bybit. The curve is rather beautiful, you see, lateralization for quite some time. It's a weakly capitalized crypto, 83 billion. But there, there is the beginning of something, in any case. So I think, I think it's playing out. Okay. It's playing out, and then, consequently, to get back to my 65%, so there I have 4 and 4%, so that makes 8%, so I was at 50, that makes me go to 58, okay? So 58, consequently, I will complete, I think I will complete at the prata on pretty much all TRX, Solana, BNB, Morph, SPX, and Doge. I will re-complete at the prata of the remaining 7%. So there must be what? 6 cryptos. So that makes what? 1.2%, 1.1% approximately on each, on each crypto, in addition, to reach this 65%. We will continue the analysis a little bit. I'm sorry, it's been 1 hour and 5 minutes, but honestly, quite a lot is happening. So, so I think we need to talk about it, we need to prepare because it could be, it could be interesting. On the whale stats. You see, we haven't, we haven't crossed this inflection point downwards, and it's rather interesting because, well, usually when we cross it, it's a sign of a bear market. Here, we'll zoom in at that moment. Hop, hop, hop. Uh, damn. Okay, so here, you see when we started to cross downwards this inflection point of 1, it was the bear market. Okay? And it lasted a long time before we recovered. Here, we are at a similar point to this one, and to this one, and to this one, and to this one. Okay? So, it's rather interesting to see that at that moment, whales are not aiming to send the price much lower. In any case, apparently, based on what we have as an indicator currently. On-chain indicators have the unfortunate habit of changing because, well, you know, it's this famous method, so it's heuristics that make us group whales together and so on to try, well, to group portfolios together to understand who are the whales and who are not the whales. Well, that's a long-term job. Anyone can take the Bitcoin blockchain, store it on their computer, and use Gemini or ChatGPT to create a program to look at portfolios, what they are doing, whether they are buying or selling. That's not very complicated to do. However, what is complicated to do is to be able, through on-chain analysis methods, to group portfolios together because, in fact, otherwise, it will give you absolutely nothing. You will see portfolios that own 0 and 10 Bitcoin, or 100 Bitcoin, and you will say, but where are the whales, in fact? But whales, necessarily, someone who has 10,000 Bitcoin, doesn't own a single Ledger, they own a good number of them and they group them together. And so the goal will be to group them. And that's the work that CryptoQuant and Glassnode do. And, and consequently, well, obviously, that implies that there are times when they realize retrospectively that, well, this whale, ah, well, this portfolio that we thought was isolated, it belongs to a whale. So we add it to whale number 10305, and then, consequently, it modifies the graph. And that's why for a long time, I told you here, there is no accumulation by whales. Whales are not buying back, whales are not buying back, and so on. Then, finally, we realized that in fact, they started buying back from around this time, around December 10th. So we had about ten days. Well, you have to accept it, but at the same time, anyway, we wouldn't have positioned ourselves immediately, okay? It's not because we have two days of rise for whales that we reposition ourselves. However, here, to see a real upward trend, well, yes, that means something. So we will look together at what's happening on the Glassnode side. Well, already at the ETF level, you've seen it, but we're starting to have something interesting. It's still early, okay, to say that there is a real major financial inflow, but there is something. So it's rather healthy. If we look at long-term holders, I told you, I spoke to you about an indicator that changed. Well, you see, this indicator that indicated to us that long-term holders were selling massively, well, finally, okay, it seems that long-term holders are selling, but not that much, in fact, not that much, and especially that they are not far from regaining a position, a rather buying position. Okay? They have moved into neutrality since around this time, since around December 20th. Okay? December 21st. And then, well, we have a bit of selling here, okay, but it's slight. Okay. It's slight compared to what we had, what we had for some time. What we had as an indicator was really massive selling from long-term holders. So that's not the case. So, finally, well, it's rather reassuring for a bullish phase. So, well, it's always the same, it means that you shouldn't rely on a single indicator, but here we have indicators that show us a rather bullish position. However, we will look together at the pressure here, okay? Which is a somewhat negative element in the story. There needs to be some, otherwise I'll go back to 100%. You see here on Coinbase Spot, we are selling, okay? Here, there is pressure, there is selling pressure. We are reaching price levels, and that's why we are slowing down, at levels where there have been, well, where there have been quite a lot of sales, as there could have been here, here, here as well, you will see. But on the other hand, you must keep in mind that, well, during very bullish phases, it doesn't mean that there isn't necessarily selling pressure. You see that here, we had selling pressure. Absolutely no buying support, supposedly, in any case, on Coinbase Spot, Coinbase USD, on the USD pair and not USDT, and you see that, well, we still had a nice bull run for a long time. We went here, well, we had selling pressure from 82,000, and it took until 113,000 to really have selling pressure. I hope all this makes you understand that you cannot find a magic indicator. This is really the grief you have to accept. Generally, you do it in the first year of crypto. If you've been doing it for less than that, I hope you'll go through this journey faster. Being accompanied, it's always easier. But, but there, I spent a lot of time in my early days between 2017 looking for the indicator that others hadn't seen, looking for the setup, crossing two indicators to find the perfect indicator, and so on. Well, finally, we realize that there is no perfect indicator and that it's just a combination of indicators with experience that allows us to have a good idea of what the market will do with high probability. So here, yes, there is still downward pressure. So it could be something like this, but it's not necessarily the only signal that should make you say, no, I'm not buying back, because otherwise it would be visible here. Here, on Coinbase USDT, however, you see that there is real support, but here it's the same, here there was real support, and yet we were going down. So, well, but there is still, in any case, the support seems to come from Coinbase USDT spot, and, and there, because Binance, you see that they are also still a bit, a bit in selling, but so, well, so I will stop there for today. I've told you quite a lot. I hope it was clear enough. We are on a small pause for today. We are waiting for some interesting news today on production, retail sales, and so on. Well, it's not necessarily things that will change things enormously. I admit that I'm waiting a bit to see what will happen on X, and whether what I told you about the Pizza Index really indicates that the Pentagon is doing something or not. I will stay alert to that, but otherwise, nothing more to say. We reposition ourselves, we re-accentuate positions. You have to know how to change your bias when the market gives us, gives us indications of a recovery. Here we are precisely on a pullback. Okay. Here. So it's ultimately an excellent moment to, well, reposition ourselves here, not in the euphoria of yesterday's bullish candle, to, to wait a little. But here, you see the structure, it's still beautiful, frankly, honestly, honestly, it's rather beautiful. It's rather beautiful. There is strength, that's for sure. Well, will we go for a small pullback a bit lower? Go for even just 92? Maybe. I don't necessarily believe it, but maybe. So, so, well, we will look at it, we will look at it. But in any case, in any case, the stars seem to be aligning for a bullish recovery. We have some shadows on the board, so we need to remain prudent, keep some liquidity in case of a dip. But, well, so, so I hope you enjoyed it. We obviously stay in touch and we prepare our Altseason to be able to, to be able to really take gains and take profits in the weeks and months and months to come. It's possible we'll have good weeks. So we'll have to put all the chances on our side to know how to take full advantage of it. Well, thank you. Have a good day.