Transcription
So, I'm going to get the live link to put it in the channels and then you can confirm to me that everything is good for the voice, it's good for the image too. I have almost no signal, it's struggling like hell. So, come on, come on, let's hurry up YouTube please. Okay, so live broadcast, it's right here. We take the little link. We copy it and we're going to put that in Discord. So live Thursday, we put the little link, we tag everyone and thank you for confirming to me please in the channels that everything is good regarding sound and image. So, I have little Wii bugs here. I hope it will work, it won't bug because since this afternoon, it's a bit it's a bit shaky but we're going to assume that everything will go well and we're going to start this little live. As usual, we always wait 3-4 minutes for people to join. Thank you Saki. Group 1, group 2, it's okay. Thank you Bullo trainer and X group 3 sound image group 4 perfect perfect perfect perfect general too magnificent. So we're going to wait just a few minutes. We're going to attack. I'll take the questions first, at least some of them and then we'll attack with something else. So of course on the agenda tonight, we're going to talk a lot about what's happening right now. always obviously we're not going to zoom in so much on specific cryptos or ours for example because not much has moved in itself apart from some news regarding in particular an ATH which has already circulated in the Discord quite uh how to say with quite a bit of vigor so we're not going to repeat everything necessarily it's good news uni so vote on burning more than 16% of the supply So there, that's very good news. A company that plans to acquire millions of dollars of ATH, so that's also good news. So there, now it's in the medium term, in the short term, obviously, there's always something that interests us. It's what's going to happen. And by the way, just at this level, obviously, well it's during the Japanese session, at least just before, while it's daylight there because 10 PM tonight would have been in the middle of the night for them. So no, it's at 4 AM. So, well. Well. There are those who will discuss the scenarios just after. There are those who will want to place stop losses, so we'll discuss that now. There are those who won't want to place them. So on that, well, not too much worry, we can go to sleep peacefully. And the rest, well, we'll see tomorrow morning when we wake up the little surprises we'll have. I think I'll set my alarm and I'll follow it directly. So, so there. There. So, I'm going to start with a few questions directly. which I'm going to go get right here. We'll start from the beginning. Question from Anonymous TV. Regarding Spark, the market has changed with the launch of Sky's stablecoin USDS which already offers a risk-free native yield. What is your precise thesis to justify holding the SPK token today? If governance does not activate a specific revenue sharing exclusive to SPK holders in 2026, why wouldn't this token tend towards zero against Bitcoin since it has no intrinsic yield utility for now? Well, I'll throw the question back at you and if indeed, how to say the only important condition for us was to have tokens that give more or less significant yield, well, I think we wouldn't have the portfolio we have. So it's not just that. There is a company, there is a protocol that makes files, that makes money, that is very used, that has a token that will appreciate all the more when these metrics will either strengthen, or just maintain what they have now with an upward movement that will arrive. This is something that I will link a lot to Baby A and everything else and on which we will do a deeper reflection just after in the live. It's indeed that the guys of movements on cryptos when everything is in down mode, well everything goes down. So cryptos with very good fundamentals, very good financial data, whatever you want, everything goes down. And when everything decides to go up, well then everything goes up, including even cryptos that have terrible fundamentals, terrible financial data. That's the randomness of cryptocurrencies. All we can do in the meantime is to hold assets that have good intrinsic data and ATH, well ATH yes ATH is part of it. BB is part of it, SPK is also part of it. So from there, it's not about always asking yourself why our project is going down, but also looking at the whole market. If indeed the whole market is going in one direction and we had an SPK going in the other, we could ask ourselves questions. Indeed, that's not the case at the moment. So, so there, for now, it's not the only metric that counts. It's clear that it can be a metric that counts for, let's say, anticipating for example the number of people who could hold SPK over time to have yield. That's for sure. Now we know, we've seen it through quite a few metrics that indeed people who buy tokens for yield are not the ones who make the market grow and make tokens go up 200, 300, 400, 500% and more. There, they are not the ones who generate these big movements that are speculative movements. So, so there. Well, we'll talk about it again, we'll resume the live dynamic, always. We'll maybe move the lives because every Thursday, we have the market roaring every time. We were at 89,000 just 2 hours ago. Anyway, it's always funny to see it go down live. Question number 2, Baby. Ah no, question number 2 from Nanonymus still on Baby and so, he's still posing on ATH. Okay. For Babylon, the concept is brilliant for Bitcoin. Baby tokens suffer from extreme velocity. BTC stackers sell their Baby rewards as soon as they receive them to buy back Bitcoin. So, I'd like to have the info, the source on which you base yourself to say that stackers sell their Baby rewards as soon as they receive them. You have to see this kind of thing, in fact, it's and this is a general remark for everyone. When we put a piece of data, please, we verify it, we weigh it. To say that Bitcoin stackers, for example, sell their Baby rewards to buy back Bitcoin. You see, it's a fact that you establish, you establish a fact by saying that stackers, there's no proportion. You're not saying 20% 30%, so when you read it, you might think all stackers, and in reality, we don't have the source, we don't have the dimension, indeed, why they sell it. Are they selling it, those who do it, because precisely we are in a market that is short-term bearish. Do they not want to take cash while they can? And once we find a bullish narrative again, well then they'll keep them because precisely there's the speculation of saying "Well, this can go much higher so I'm keeping it", you see, you have to consider that a bit, but I'm not blaming you. That's not the principle of my comment. It's just that, general remark, please provide your sources so that, and even more so when you have questions like this, even if I haven't seen the source, we can look at it, read it live. It's always very interesting because, well, I don't claim to see everything live. So, even if you can bring things that I haven't seen before, that's cool. So, how do you hope the price will go up with such constant and mechanical selling pressure? Well, we'll simply do it, it's like usual, it's you have a bearish trend, people panic, people want to realize their gains too. The method of saying, and that's what's interesting, in fact, of saying well, we're going to stack, we're going to keep for later, not necessarily, and in fact, we find all these psychological mechanisms when we go in the opposite direction. In fact, where you could say I'm accumulating because it's going down, which is the good, the good reflex as an investor with the right mentality, well, conversely, people don't do it when it goes up. That is to say, when it goes up, they accumulate by saying well, my rewards, I'm going to keep them because the token is going to go up further and I'm going to hold it because it's going up. Whereas it's perhaps then that one should take profits, the more it goes up. So, quite simply, the bearish narrative as we have it at the moment. A decline that strangely resembles what we had in March-April 2025. We'll look at that just after. And for me, no, indeed, you have a pressure that is bearish, that's a fact. Now, everything is in precisely whether you hold something that is good and that in the medium term will be able to perform when the bullish narrative returns, or whether we are on something shitty that even when the bullish narrative returns, we might make little spikes here and there like some tokens and then continue to collapse. So, that's pretty much the calculation you can do at the moment. Last question from anonymous. About ATH, the 2026 roadmap plans a massive hardware development and deployment if the revenues from corporate clients who often pay in fiat stablecoins are not automatically and fully converted into buying pressure on the buyback market to compensate for the rewards paid to node operators, isn't the ATH token doomed to suffer increasing structural selling pressure proportional to the success of its hardware deployment? Long question, not sure everyone understood it but I'll refer you to the development I just did which also covers this question. It's purely according to me, at least, although we can disagree, of course, it's purely psychological regarding what we have. You are in a bearish market. You have positions that are ongoing and that are decreasing. You receive rewards that generate cash. In addition, you are afraid, like the majority of the market at the moment, that it will continue to fall very low, as some say and repeat tirelessly on social media. Well, you take your cash. There, you take your cash, you're not really in an accumulation period. You have a market that is ranging. Well, Bitcoin is not necessarily the best example because it ranges very little, but you have a market that is here after all this, well, then you might say, well, I'm gently starting to keep what I have because, well, maybe we'll have a bull run again. You're not here or here with the fear that it will go down 85% from the top. That's generally what we get during bear markets and then it goes back to 22,000, 300 dollars. So, so for me, it's something quite psychological. And well, we'll see the data when we have a rebound. The only thing that can prove me wrong because I can be wrong, of course, is that we indeed have the bullish movement in Q1 2026 and we see that despite this bullish movement, as you seem to say, we have constant selling pressure, a sign that it's not a psychological phenomenon but rather a kind of pre-established behavior which is, well, we sell our rewards, we sell our stuff, no matter how the market behaves. So indeed, if we observe that, well, that will prove me wrong. we will still have an interesting token rebound. But this metric will precisely be a metric that we will look at to say, well, this token, it turns out there is a mechanism that was supposed to be an appreciation mechanism which instead becomes a depreciation mechanism, and we're out. There, nothing more, nothing less. Question 4 from Flow. Can we have a new complete analysis of the ATH project? Well, we'll pass the ball to Andra because we're not going to do it, not during this live, because it's not the purpose of the lives, precise crypto analyses. I mean a financial and technical analysis as well as an insight into the project's advantages and whether this correction calls into question the fundamentals or not. I also recently shared a news item indicating that Predictive Oncology has raised approximately 344 million dollars to implement a treasury strategy. digital focused on the ATH token. This amount corresponds to the fully diluted capitalization. In summary, if the token manages to create value and the project remains solid in the long term, there is a strong chance that the ATH token will reach a new all-time high. What is your opinion on this? Should the scope of this news be nuanced? Well, this is quite an interesting piece of news. Thank you Flo. So, it's you I choose as a reference when I said someone shared this news in the chat. Indeed, it's super interesting news for the token. Especially since you're talking about the FDV market cap but which is not the current market cap. So obviously, compared to the current market cap, it's a huge piece of news because the current market cap is not 344 million. So we have a fundraising from a company that wants to buy ATH. The fundamentals are still good, we'll put it aside for the analysis, but the fundamentals are still good and ATH has frankly very bright days ahead. So yes, it's very good news. And this kind of news, clearly, once we start to go up a bit again and especially when it gets shared a bit more. There. And especially when this mechanism kicks in. For me, yes, indeed, we can have an ATH that performs very, very quickly because this kind of small token, well, we open the chart here, you say, damn, it's disgusting, it's annoying, but you're on something, we have to say that it's a micro cap. This kind of micro cap can do 600% in a week. This has been widely seen in periods that weren't even bull run periods like 2021 where you have amazing things happening suddenly because, well, you have centralizing news like this, everyone is bullish because obviously, well, we're starting a new rise, a new period of rise, it can last 2 months, 3 months, whatever. These weeks, we swallow them extremely quickly. So, there, we just take this wick for example, well this wick, this candle that we used to exit and make profits. Here, you look at your candle in a single week without big news, without anything, 104% in a week. So, is it possible to do, well, hold on because the figure will be quite high, but to do 700%? Yes, clearly, because we're on something that is really low cap. Like SPK, like Baby, which have very good data. So yes, it can be extremely powerful, just as we can quite simply return to our purchase price, for example, just below, whatever. We'll see that again. The only calculation we can do is that we are on something that is clearly undervalued. We are on something that, in terms of our portfolio allocation, has a minimal share of our portfolio. So there's no real rush to put stop losses as soon as the structures are reversed. It's not even 10% of our portfolio. So we can afford some ups and downs, let's put it that way, and leave it aside for a bit. So, well, let's play it. Ah yes, Halloween. Okay Halloween, thank you Halloween. It's cool as soon as you sort it like that. First the tokens then the questions on OK. Cycle and alt season. Damn, there are still questions about alt season. I thought that question would be dead. When we look at the cryptocurrency charts today, what are the elements that lead us to believe that we have not entered a bear market, even though for most, prices have fallen below their last major support and our portfolios show decreases of 60% or even more for some? Well, what's good is that, apart from our micro caps, we haven't fallen below the supports. We are still in an upward dynamic, we can say what we want. It hurts to see something like that. Still bullish, last low maintained. Uni, it's the same. AV, it's the same. If it wants to load. Come on, load, load. I have too many, I have too many charts open. Uh, wait, I'll remove some like that. Hop, we're good. Hop, hop, there. AVC IDM. So yes, indeed, altcoins are taking a hit again because it's the riskiest asset in the world, or at least the riskiest asset class. There, we know, it's a repetitive task that needs to be done, but we know it's the things that take the biggest hit the fastest and then fall the most. So that's what will lead to a reflection on my part just after in the live. But what we need to focus on, in fact, is several things. As I told you, there is in fact, I've explained it to you several times, when we look at a phenomenon that is asset rotation, we need to be aware that the markets we are dealing with, whether it's money markets, commodity markets, stock markets, bond markets, crypto markets, these are different markets. on different markets that pump or dump at different times that have cycles. Okay? And there are patterns. There are patterns. All these markets react, they have correlations, they have anti-correlations, but there are intermarket reactions as we call them. Alt, we're not talking about the Intermarché store, it's really intermarket. All markets together have precisely behaviors that go in the same direction or oppose each other. And what is quite important to consider beyond the macro is to ask ourselves, do we have a macro that is bullish for risk assets? Do we have geopolitics that leads to uncertainty? And then we look at the markets, how they react and precisely what we can predict. And on this, there are rules and I put a tiny quote mark regarding these rules and it will enter into my reflection that I want to explain to you tonight, it's that things are happening. These things that are happening are that when we have a macro that is still a little unfavorable but becoming more and more favorable to risk assets, I mean high rates, a period of QT as we experienced because ultimately when you take Bitcoin, Bitcoin if it hadn't had all this institutional AMA that entered since here, well you know, I haven't even displayed the charts, but QT since the beginning of the Bitcoin bull run, rates that were super high and that are falling and are still super high, these are not really the conditions to trigger a massive bull run on risk assets. Bitcoin is performing because there are always current narratives that have entered from institutions and a bit like gold, protection precisely against currency devaluation. There, these are two things. However, altcoins, well yes, even if they performed well at key moments of the year because I showed you, well, regarding liquidity creation, it's still not a favorable environment for generating or rather creating, that was the right word, massive bull runs. So, we've had phases of resurgence, one, two phases, and we'll see the third one coming because liquidity is coming. This I told you, it's something, these calculations have been made, it must arrive, the rebound must start from next week at the latest. So it's coming but it's not a favorable environment for a mega altcoin explosion. There, we're clearly talking about altcoins. So that's where we need to be cautious about what's happening. And there. And at the market level, what's happening is that we have a policy that is becoming more and more dovish from the Fed, rate cuts. We've informed you extensively about that. So rate cuts, start of QE, all that. Even if they don't call it QE, it's the start of QE. So, that, we're really starting to get out of the mess. Okay? Getting out of the mess and arriving at something that will bring more liquidity to the markets. We know, there are billions and billions and billions of debt to refinance. So we know more or less that the Fed will continue, even accelerate, precisely its policy of buying back treasuries and so on and injecting liquidity because, precisely, Hop there, wait, I'll maybe close the emails just now. What's new? Yeah, no, that's fine. There. So we know that. That's good, it will bring liquidity. Great. We look at the big picture as they say in English. We don't look at what's right in front of us. What's the big picture? We know 2026, we won't repeat it. Liquidity injection. Liquidity is coming, that's good. The rebound from next week. Okay. On that, we're good. Now, what's happening is that this is not necessarily enough. It's not enough. We need to look, and that's where intermarket analysis is really very effective and especially very useful, is that as you know, you have asset classes that perform while others underperform and then there's a rotation that happens. This rotation is very important to be able to visualize and we visualize it directly on the charts because precisely it indicates in which phase of the business cycle we are, market cycle. There are always phases during which, well, it's not really conducive to risk assets. We also have phases of doubt. So, what is a phase of doubt? It's what we know at the moment, well, bank liquidity, Japan, the dollar crashing, people losing confidence. And then we say, "Well, what's happening?" Well, what's happening is that in financial terms, we call this a defensive cycle. You have a defensive cycle where we say there's concern, devaluation, selling even by Japan, by China, whatever, of American bonds. There's debt that needs to be refinanced. We know how it works, but well, humans again have a very short memory. So, phase of doubt. And so, phase of doubt, what does phase of doubt mean? It simply means taking values that will be safe-haven values against the depreciation of your currency, the depreciation of your assets, and so on and so forth. We are still not in a bear market phase where we can say, and I specify bear market for risk assets, where we can say that the best will be ultra-defensive positions and even more defensive but conservative, which are called government bonds. Okay? We're going to go for something much better and that's called gold. Typically, gold is experiencing this narrative, it's its most explosive narrative, it's concern. Concern about the world's leading currency, the dollar. Concern about what will happen. And that's what we call a defensive cycle. And when we have a defensive cycle, we see precious metals appreciating. And in the defensive cycle, and I could show you this chart, I don't have it in front of me, but it's super interesting because it dates back to the 90s and it's to show you how much everything repeats mechanically. We have gold rising first on its own. Gold rises first on its own. Then we have silver following with a slight delay. So generally, when you have the first phase that resembles a blow-off top like here, you have gold slowing down in favor of silver. Is it necessary to build a diagram between gold and silver? No. Look from when silver breaks out and outperforms gold. Globally, since the week of November 17th. So from this week, we have the pullback on gold, we have the pullback on silver, and from that moment on, silver explodes compared to gold. What these theories say about the end of a defensive cycle is that just after, well, two things happen. First, obviously, the gold-silver ratio plummets. This precisely reflects the fact that silver is starting to gain the upper hand over gold. So we calm down regarding gold, and then silver takes over. And we also have other signs that will appreciate the fact that we are coming out of the defensive cycle. And when we come out of a defensive cycle, it's because the big players, those who drive this market, appreciate that there's a beginning of economic recovery. And where we can appreciate that there is indeed the beginning or at least an economic cycle that will return, it's notably with metals that are highly used like platinum, highly used in the automotive industry, copper, we've already seen that too, which continues its upward trend and which, in my opinion, will gently continue. And these are the steps when you look at the defensive cycle linked precisely to precious metals. These are the steps we see: first gold, then silver. At the same time, we see platinum and copper starting to emerge. We have the gold-silver ratio plummeting, a sign that we are indeed approaching a blow-off top phase for these two, gold and silver. According to studies, because studies have also been conducted, the explosion of silver compared to gold occurs within the last 20% of, let's say, the last timeline relative to the bullish cycle. So you take the bullish cycle of gold, you take this phase where silver outperforms. We are in the last 20% in terms of time of this bullish phase on gold and silver. And this precisely announces something, which is that we are coming out of the defensive cycle. We are coming out of the defensive cycle, and then there are three possible scenarios. We come out of this scenario, and we see copper and platinum appreciating. That's what we see happening. Or else we see a return to something else, which is cash. But when we see a return to cash, well, that's when we simply see that we were in the presence of a speculative bubble because the bubble is not only linked to, it wasn't only linked to the internet. Bubbles can occur in all markets. It has already happened that we had a precious metals bubble. Very well. What we observed is that at the same time as the explosion of gold, we had a rise in currencies, notably the dollar, and precisely, well, people moved out of these precious metals to go into the dollar, a sign that we were not in the presence of the end of a defensive cycle, but that we were in the presence of the end of a speculative bubble. However, what we see at the moment is that people are not moving into the dollar at all. On the contrary, we have a policy where we know the Fed will continue to lower rates, inject liquidity. So the next step is to see a dollar that comes here to this famous target that we initiated a long time ago. We were still here, I think, when we set this target. We first set the rebound here, which was supposed to happen there, then we'll go lower. So on that, there, that's what we observe, and what we observe is that there is this asset rotation that is coming. We see it, it's right here. We see this rotation, and all hypotheses that do not lead to an asset rotation are linked precisely to what I just told you. Look where the currencies are, look where oil is also, because generally, if we don't have the end of a defensive cycle where we see oil picking up bullish structures and rising, well, that's not the case at all. Oil continues to fall. So we are not in, how to say, we are not in this famous end-of-bubble scenario. We are really in an asset rotation scenario, and we see that clearly. So be careful about that, and for me, that's what makes me say that precisely when we see the debt maturing, we need to print a lot of money. We see yields starting to gently, well, collapse. Short-term yields here on short-term US government bonds are more or less linked to rates, so obviously they are falling. When we see the 3-year and 10-year continuing to fall, well, there you go, that's one thing. When we see stablecoins being printed everywhere, yes, they still remain a lot in stablecoins because there are stages where you have to be careful again. There are periods of uncertainty. The big players are waiting for these periods to end. We see it, it still remains a bit of a stablecoin because obviously we're waiting for news first. The last news that should arrive will be tomorrow morning, Japan. What would be excellent is, of course, that well, Japan says, well, we'll put an end to it, we'll put an end to it. Finally, after calculation, after consultation, well, we see that it could have a negative impact, so we're not raising rates. That would be good. It would even be very good. The pessimistic scenario. It's as we discussed, it's Japan saying, well, we're raising rates. We're raising rates, and on top of that, there's a speech where, well, we don't know, maybe we'll continue to raise them. So, that's where there's a scenario that we talked about which will be that in the short term, we could have our famous, our famous thing a bit like Covid here, even if it will be less powerful, I think, or well, we'll have a drop, we'll have a small drop again. Will it drop by 5%, 10%, 15%? I don't know. Generally, we say that what's in the press is priced in. So, as this is something that you can go on Polymarket or all specialized sites, it's priced at 98% probability that it will go up. People and the market expect rates to rise. So, is it already priced in? We don't know. Is it priced in at 50%? We don't know. Is it already priced in at 100%? We don't know. Will we have, as very often, a market that surprises us? That is to say, there's good news. It starts by dumping to get rid of everyone, and we clear out before going back in the right direction. Do we have the news here? It crashes, it takes this low here, it even takes maybe just this low here to make a kind of end of March April 2025. Everyone cries, it's good, we're dumping everything, and then in fact, it goes back in the other direction. In reality, we don't know. So that's why.
I, I prefer not to look at the short term. I prefer never to look at the short term. I prefer to look at the medium term. And the medium terms, we have seen what they have brought about. If Japan raises its rates, if Japan starts to provoke a mini carry trade, we don't know again if people will take advantage of that to say, "Let's repay all our yen loans and then do something else." Will we go for stocks that will be more speculative to offer better returns and counter the increase in interest rates from the Bank of Japan? And what says financial instruments with better returns says, well, more speculative, and we know where that leads. The stock market is possible, but I don't think so. Cryptocurrency, but what matters is that money still arrives on the stock market because we see the correlation. All of that, we don't know. All of that, we don't know. And since I don't know that in the very short term, like all of you and like everyone else, for that matter, well, I prefer to see what will come after. And what will come after, what is it? To say, "Let's try to put ourselves in a position that is very difficult, and that's where we, the team, must strive as much as possible." It's the position where we can anticipate what will happen in 6 months. Anticipate what will happen in 4 months because we often say that markets are 6 months ahead. So, who's to say that from here they aren't already anticipating what we will have tomorrow morning? No one tells us that. On the other hand, what we must tell ourselves is, very well, if there is that in the very short term and that is already priced in, what will be priced in next? It's the reaction of the American government to a mini-crash. We print to support the markets because there are financial institutions. If the carry trade is big enough and it's within the upper range of forecasts, it will have caused a mini-crisis. So they have an interest in inflating. That's the first thing. Second thing, if the Japanese government starts to say, "We have a much more personal and individualistic vision, and the States don't matter," well, they will start selling a portion of American debt. And what does selling a portion of American debt mean? It means there will have to be a counterparty. And that counterparty can be no one other than the American state. And so the response to that will be the Fed, which will again say, "Well, we'll print money to buy treasuries again and again and take back this debt bomb, send it back in 4 years, in 5 years, as they've always done, at least since the post-2000 era." So that's the medium term, and that gave rise to a mechanism that led to Covid. You see? So if we are here at the moment and we can still have that, this is uncertain. But if there is that, we will have that afterwards. If there isn't that, it means we have good news and we will have that afterwards, to a lesser extent, of course, but even just this much. And God knows that suits us, we would be super happy if that happened. So you see, that's why I tell you that I prefer not to position myself personally on the uncertain to play the certain. In both hypotheses, whether that happens or not, what's behind it is this in the medium term. So why would I tear myself apart, tear out the hair I no longer have, to think about that when, regardless of the hypotheses, this is what's behind it. Do you see what I mean? So that's why I told you that personally, I wouldn't put any SL. For me, the risk, we have so many elements that demonstrate good things that for me, the risk, at least, is for me, Mathieu, who thinks in the medium term, who can also afford to wait a few weeks, a few months, because Q1 2026 starts in 13 days, 14 days, but it ends in 3 months and 14 days. So possibly, we have to wait 3 months to see this nice rise and so on. I can afford it. Because I have a management of my money, of the company's money, and so on, where I can do it. Those who can't do it will perhaps think differently, and then it's those who will say, "Well, I prefer to play that" and set SLs. And on that, well, you can very well set an SL. The complexity I see in setting an SL here is that again, the problem won't be the SL because the chances we've just taken, at least here, for me, I consider them high in the short term. Now, the question is, what happens? We come here and it bounces back. Will people chase the price? Will we wait? At what point will it be necessary to buy back, perhaps here, perhaps be disgusted? And there, I refer you precisely to my development on being short-term or what comes just after. So, so, there you go. Now, those who want to place SLs, it won't be very complex. You won't place them very far. You won't wait until tomorrow morning at 4 AM. You won't open it at 3 AM, you'll place your [unintelligible] here or here, and if it hits the price, then it's over. And these wicks, well, on our assets, well, it can be, well, below the lows here or here. I would still go here, especially below the low, because if we consider it a big range, it remains intra-range liquidity that we can come and sweep, and then leave. So you want a really bearish confirmation that we're going to look for the next low. If we continue to go down on that, the target isn't this one, it's this one. It's this low that we need to take to continue the bearish target. And you repeat this pattern on all assets, on sui, on uni, whatever, you repeat it everywhere. And there you go. And those who set SLs and want to do it, I respect it, there's no problem. Everyone manages their positions as they see fit, and we'll do the maximum possible afterwards to try to say when it will be necessary to buy back. So, so, there you go. But in any case, there you go, these are the reasons why I wouldn't play. I see a structure, I mean, I see a structure that is the same as here. We have this famous rebound in altcoins. Here, we still have a day, we come and take the liquidity. Coincidence or not, it was a Wednesday, right here. We start by doing what's called a rise, an exit from the range. In fact, we just chased liquidity. It was a Wednesday, we do it on Wednesday, and then we say until the end of the week, Sunday, Monday, it sets the low, and then we leave again. In a context that wasn't so different in terms of fear and so on, from what people expected, it wasn't so different. So, so, to be seen, to be seen. But in any case, what I have in front of me, all that we can observe in theory, in practice, and all that you want, the rotation is there and it's clear. I mean, there are rules that are hyper precise. The rotation is there. When we look, moreover, at the data, and perhaps Andra can put them up, because it was Audi who sent it to us, I think, in the group, when we look, for example, at the debt ratios of big companies, Google and the like, they have debt, they have figures that are good, they have figures that are good. We're not yet too much into what would be a mega bubble, you see what I mean? So a small dip in the short term, why not? Because there are companies, we look at the charts, it's not, it's not crazy. So we can very well say, there is a small dip to come. Let's take Nvidia, for example, why not? It can very well bounce back here. Well, when we see that, generally, we can say, "Well, come on, it's going to come, maybe here, to at least get the lows here. Why not? Very good. There are others, it's the same. Now, when we also look, and I invite you to do so, when we look at defensive stocks again, defensive stocks in terms of companies, well, we don't see clearly that there are big positions being taken and bottoms being set. They are always in a semi-bearish or even bearish trend. So this rotation of assets into what appears to be the beginning of a bear market, we don't really have it. We have a market, and that's where my reflection lies. We have a market, our market, that's doing shit, I'll say it clearly, that's doing shit because if we go back to the beginning, everything that the team and I have told you in this group since late 2024, early 2025, well, between us, I say it at the macro level of how the risk asset market should be and so on, well, we were just, we were just wrong when we shouldn't have let go if it was going up, there was a rebound. The only market that at the moment, among the big risk assets, is going completely wild, well, it's altcoins. Even Bitcoin, we can't say it's going wild because Bitcoin is still very strong, it has a bullish structure, there's no problem. Well, it's altcoins, so let's take note, and that's the general reflection. Even Bitcoin, we can't say it's bad. You see, look at this, Bitcoin isn't bad, frankly, it's not. Only the alts are. So, can we draw a conclusion that, and this is the first time it's happened, so we should note it in a corner of our agenda and so on. Let's acknowledge that indeed, even when we have risk assets that are bullish, to which altcoins are supposed to be correlated, Bitcoin, the stock market, can we observe that in this cycle, altcoins do what they want? They do what they want, and most of the time, I repeat, most of the time, they obey almost no rules, unless we have a hyper-bullish narrative like Covid, where we can observe that indeed, commodities are not in a bullish cycle, that we have hyper monetary printing, that we have an ISM that borders on 60, and that the economy is really going at full speed in all directions. Can we still draw the semi-conclusion that outside of this narrative, altcoins do what they want, and most of the time they don't do what we want? Why am I telling you this? I'm telling you this because I was talking about it with the team, and I find it important, as we know the lessons, not to fall in love with cryptocurrencies. It's not because a crypto has offered us 100% return that suddenly, you know, we have to be in love and reposition ourselves on it. Can we also say that even if crypto is cool, it's nice, it gives nice sensations, especially when we're going in the right direction, can we start from the principle that observing this during this cycle means that we can no longer be 100% comfortable with altcoins? What I mean by that is that the direction I want to give to this group is a direction that will be a bit more aligned with the mentality of an investment fund. That is to say, we identify seasonalities, we identify inter-market rotations, we identify all of this, and we adopt almost automatic strategies. So, what does almost automatic strategies mean? It means that, for example, okay, crypto was bullish, no problem. If we had put these almost automatic reactions in place, well, we would see that gold is indeed going into a bull run, and well, that's okay, it's going into a bull run, and well, we won't go for gold. Because if we take gold, we'll take it right here. Well, it's making a nice rise. We observe that we are in an upward trend for gold. Again, we recall the, how to say, the things to look at. We have a bull run on gold. Why do we have a bull run on gold? We have a bull run because, well, there are uncertain geopolitical situations. We have a dollar that, well, we see that, and this is anticipated 6 months ahead, we see that the dollar, with the Fed's policy, ultimately the Fed won't have much choice but to lower rates in a while. So, step number 1, defensive cycle. In any case, manage risk by taking more defensive positions. And on that, we don't say that we have a group focused 100% on crypto, we say that we have a group focused 100% on making money. Okay? And there are no thought mechanisms like, "Yeah, but I don't want the flat tax." Yeah, but you need gains to pay the flat tax. You see what I mean? If you don't have gains, well, there you go, I think everyone would have been much happier to have gains and pay the flat tax than to be at -50%. So, you shouldn't think in terms of flat tax of 30% and all that. No, you should think, "We're going to make money, we're not going to cheat, and therefore, yes, we'll pay taxes." But let's be happy to pay taxes, damn it, because that means we made gains before. Here, we don't pay taxes because there are no gains. You would have preferred to pay taxes. Well, there you go. And then, we say, "Okay, gold, yes, well, you see, we don't know, but should we buy gold? Should we buy something else?" No, well, we don't buy gold. We'll go for our little US stocks. We'll take mining companies that, for example, mine gold or silver. There you go. And we'll expose ourselves to these companies. And these companies, well, there you go, we have a gold cycle that's gaining, I don't know how many percent, they gain 50%, they gain, they gain, they gain 264%. Great. Step number 2, as soon as gold enters a blow-off top phase, well, end of the defensive cycle, why not? Because we see that the Fed is taking this as action. Okay, we implement it mechanically, like robots. We don't hope that crypto will be the next asset to pump. Asset rotation. What do we know? We know that silver follows, even if it has risen well, we know that silver follows. It's entering a blow-off top phase, which is the last phase of the commodity bull cycle. In any case, precious metals, we won't go for silver, we'll go for companies that mine silver. We'll have the same reflection because, of course, companies that mine silver, well, they are stocks, they are much less capitalized, and therefore they rise much faster. Can this load? Ah, it annoys me. This stupid network. Honestly, just a few seconds, it's loading. So, well, even if it's not loading, well, I hope you still have sound. Well, we enter these companies, there you go, and then we have upward phases. Great. Like this. Since the blow-off top phase, well, 45%. And after that, what is it? Well, we observe. Is it a defensive cycle that's ending? Or on the contrary, was it a speculative bubble phase? Well, no, we observe that it's indeed scenario number 1. What follows? Well, then we go for other things, and again, well, we go for stocks that are from another narrative. We can go for crypto because, well, we observe, and honestly, honestly, I'm telling you honestly, if we had done that, that would have been my first reaction: to say, "Well, defensive cycle ending, where can we be very early, where the market has taken an extreme hit, and where we know that the continuation is coming in the next few months," well, that's where we would have entered, and even if it drops a little, well, we do a simple DCA strategy and so on and so on. All of this to tell you that, in any case, for me, this is really the DNA that I want to put into this group, it's really to enter into an investment fund reflection. Okay? So I think, given what we're experiencing now, the majority of you will agree because the goal is to make gains. So we don't care if it's on crypto and so on. We'll provide all the tutorials needed, and we'll do rotations like this. So, what does sector rotation mean? Moving to stocks, because it will mainly be company stocks, because companies, you have companies in the defensive values, aggressive values, tech, pharma, mining companies, you have everything. So, depending on how it goes, we can take long positions on defensive companies that are booming during the bear market of tech stocks and crypto, and that rise by 50%, 60% during a crypto bear market, there's no problem with that. So, this means something else. This means that for all those who want to do it, you need to create an account with a broker. So, for brokers, well, you can have Capital.com, I mentioned it to you, you have Interactive Brokers. I'll give you a few, a small list of the best ones. We are also entering a market where there is no manipulation possible. It's totally different from crypto, and well, there you go, we find something much more professional. Like this. And I think it's necessary. I think it's necessary in the evolution of our positions, our thinking, and so on. And we switch. There you go, we go where the wind blows, we switch, and well, we're not saying that we're on a bearish trend on crypto, but at the same time, we can only short Bitcoin and Ethereum because the rest, well, you know, there's epic manipulation, and since it can go up and then down, it's different. So, so, there you go. That was the reflection, the long, long answer that I wanted to give, but also the reflection on what's happening because, well, now we know that this is what must happen. Now, thanks to this inter-market, macroeconomic, and technical analysis, we can see precisely which sectors will be next. In 3 weeks, in a month, 2 months. And that's the whole point, to arrive before they perform, to exit, for example, a market. I tell you, I tell you something like that, but it's the same. For example, you're on silver, where is silver? It's over there. You're on silver, the goal is to say, "Okay, if we were present here, it's to say, what are the chances that here we have a top phase?" Well, we review the conditions I just told you about, gold slowing down, the ratio crashing. Well, we say we're at the end and there will be a rotation. So we leave, we've taken our gains which were largely sufficient. No need to catch the ultimate top. Then we go to the next sector because we know it's the next sector to perform, it's crypto and the L-caps, and we see the L-caps for the room of 2000 and so on starting to come out of their lows and so on. This is a clear sign of rotation too. And there, we can arrive with a very secure rotation. We say, "Well, the thing is still going down." And I'll finish with this, the thing is still going down. So we'll enter gently. There you go. We identify altcoins that are very good, for example, AV, and then here we enter with 1/3 of capital, and we even hope it drops further and that we are too early, and then we buy back another third or a third on Bitcoin, on ETH, in short, on very good cryptos. And there again, we've gone against the grain, and we're in the investment fund mentality. We have an advantage, and we have just the right amount of advantage because we had too much advantage, but here we have just the right amount of advantage. There you go. So, all those who agree with this, well, I'll make the little list with the little tutorials regarding Interactive Brokers, regarding Capital.com. Capital.com gives a test to those who register on the platform. So, please, don't be like some people who click and then answer the questions randomly. There's no timer to fill out the questionnaire. For the questions, if you don't know the answer, copy-paste the answer on Google, there are all the answers. Honestly, don't bother. You copy the answer, you copy the question, put it on Google, and you get the answer directly because some people have scanned the questionnaires, put the answers, or Google gives you the answer. There you go, it takes fifteen minutes of your time. Do it, your account will be opened, and there you go. And we don't care about the flat tax, honestly, because yes, of course, when we sell company stocks and so on, well, we realize them in cash, not in crypto, most of these stocks won't be available as tokenized stocks for now. So, there you go. But again, I refer you to the reflection. We want to make cash. It's better to make cash and pay the flat tax than to make no cash and pay nothing at all. So, following up on questions. Question from Mendes. When observing cryptocurrency charts today, what are the elements that suggest we have not entered a bear market? Well, we've already seen that. We've already seen that. We've already seen that. Halloween. You can, you can, therefore, you can tag it, pam pam pam. Question from DRC. Do you think the current cycle could be mainly centered on Bitcoin to the detriment of a real altcoin season? That's, that's, well, the answer has also been provided. We had, in fact, when we look closely, despite these impulsive movements linked precisely to this famous liquidity that I show you video after video, well, apart from that, we are not in an environment that allows for that directly like in 2021. So, what we can have are retracements and so on, good bullish extensions, as long as we buy at the right prices. Those who bought AV at $400, well, there you go. Those who bought it at $200 is already better. But we are not in an environment that allows for that right away. We are building the foundations. You see, even AV is gently building its parabolic movement. We know that liquidity is coming in, but we have surges of liquidity that will cause surges of bullish movement that won't be extremely long, that can be quite strong, yes, but not cause crazy bullish extensions to bring AV back to $3000, for example. Because last time, we had what it took to make a 1000, let's say a 2000% on AV. Here, we don't have the necessary environment to make a 2000%. Then 2000% well, you see the prices, that sends them. So, well, there you go. So indeed, we have a Bitcoin that is suffering, between quotes, it's not the right term, but it's suffering from an appreciation because, well, of course, there are institutions coming in, there are ETFs, there are many things. So, yes, yes, it's a separate case. We are witnessing a redistribution of BTC into institutions comparable to the end of a lock-up after an IPO. This phase can compress the price without calling into question the real demand. In this context, liquidity could remain predominantly on BTC. Yes, it can, it can. Now, we have never seen that. We would observe a mechanism that is happening for the first time because this has never happened. That we have a bullish extension on Bitcoin and the alts don't follow, that has never happened. So we would observe it for the first time. I sincerely hope not, but we'll see. Second question from DRC. Can we consider that 2025 is actually a bear market year if we reason on an annual scale with, admittedly, an exceptional event like a new ATH, but a year-end closing that is ultimately negative? Personally, with the new ATH we had in 2025, my feeling is closer to that of 2022. If, for example, I accelerate a little, I'm okay. No, I don't think so. I just think that we have experienced what is called a silent recession without even realizing it because, ultimately, rates were still too high. We had QT, and economic data seemed to suggest improvement since the end of the bear market. However, we only recently emerged when we really look at the numbers. In fact, if you want, this is where appreciation is complicated in practice: you look at the data that comes in every month, every two months, whatever, and you see it going up, up, up, up, up. So you think, great, the economy is improving, and when you zoom out, zoom out, zoom out, and you look, for example, at the last bull run, well, you realize that since the bear market, we were clearly in the negative, and that what we did was climb back up the slope. It's a bit like if you had, I don't know, a lake with a hill, water is really zero, and we were actually sinking since the end of 2022, and since 2023, we've been swimming to reach the surface again. And now we've reached the surface, we've come out of the water, we're in the positive in terms of data, and we're starting to go. You see? So that's why I say we were too far ahead in relation to that. Bitcoin has the idea for different reasons, but the rest, well, there wasn't anything really conducive like what we'll have in Q1 2026 to really have momentum for our altcoins. Question from Joe. In your last video published this Monday, you used the example of the strong bullish impulse during the Covid period, explaining that all the catalysts were then gathered. In your opinion, what would be the indispensable catalysts in the first quarter of 2026 to trigger a real altcoin season? Well, again, this is something I have to do, it's an exercise, I have to do work with you. Get altcoin season out of your head. This term, you shouldn't even have it in your head anymore. You shouldn't even have it in your head anymore. In fact, what we want, because I know that when we say altcoin season, what everyone has in mind is cryptos that do x15. There you go. What we want are bullish extension movements. So, the elements for 2026, we have them on the table already, it's liquidity. Liquidity, we also see that positions are being taken, sector rotation. So, we have the elements. What is very difficult is simply the timing. You see, it's the timing because you say, even since October, for example, we say, "Well, great, we see gold rising, we see silver rising, we know everything we've just said, everything I've just told you before, we know it." Well, there can also be a psychological factor. Yes, okay. But do we see that? So, wouldn't we position ourselves directly here because we know that the continuation is that it continues? Wouldn't we be in a dynamic of not waiting to have silver outperform and say, "Ah, okay, it's good, it's the right time," because we're a few weeks away? Well, if we don't do it and we're too early, well, we take that in the face. So, it's the timing that is really difficult. So, the catalysts, we have them to have what we want, and what we want is to get back to our purchase prices and especially to regain profitable phases. So, we already have the catalysts for 2026. Now, to have a mega catalyst, we must have a mega disaster before. And the mega disaster before would be Japan raising rates like pigs. That is to say, and frankly, I estimate this at zero, but not raising by 0.25, but by 0.5 directly, with a discourse where there is really a separation between the US and Japan. Japan also says they will sell American debt. Cataclysm. Well, I think we're at 0% probability of that happening, but cataclysm, cataclysm that forces the Fed to do what it did in 2021. There you go. And especially to join the actions of other central banks which, apart from the Bank of Japan, are all massively and drastically reducing their rates. They have all almost resumed QE. In any case, the very large global powers. So, there you go, they would align themselves somewhat like during Covid with everything the banks did. And then, well, you know that you have a flash crash and then you have, there you go, the big thing. Now, I repeat, 0.25 is what is priced in. There is a strong chance that what we have here is already priced in. So, there is a big unknown. There is a big unknown. So, everyone chooses the strategy they want to have. Question from DRC. So, let's analyze the past a bit. With pleasure. In July 2024, Japan raises its rates, and Bitcoin falls by 26% in a week. In January 2025, a new increase leads to a drop of about 25% for Bitcoin in a few weeks. You, you saw, you saw a video not long ago. We know that a third increase is now expected, well, tomorrow. What concrete elements suggest today that the market's reaction could be different this time? Are the signs of economic fragility not, on the contrary, more worrying today than they were during the two previous phases of monetary tightening? Well, well, I don't entirely agree with you. I saw a video circulating not long ago, it was today, which said precisely, "Yeah, every time we had that, I don't know who said that, but they said, yeah, every time we have that." Well, be careful, be careful, and by the way, wait, I'll open something else. Be careful with these kinds of things. That's why I ask for sources every time, and why you also need to do just a little bit of work to check the sources. Just check them, not do in-depth analysis, just look at them, because in reality, what you're saying isn't true. So, I'll tell you why. Japan, it's here. Hop, we have Japan's interest rates, which are here. I'll put them in another color. We'll put them in orange. We like orange. There you go. What your friend DRC says, and what was said in a video, and I think he saw this video from a guy on YouTube because it's this guy who said it. What we had were two things. We can identify the reactions. We had these increases, first element. We had these increases at a top. Bitcoin had finished a bullish extension and was ready to enter a correction phase. Everything was fine, between quotes, and we had these increases. Okay.
There it was the first, the second was here so July. OK. The third was here early 2025. So there were two times when Bitcoin had finished a vast ascent and still bullish movements that were quite significant, huh. 90% the first time. The second time it was a rise, well if we take from the impulsive wick here, we were at 59%. So there you go. Now, if we take back the narrative, the real bearish narratives that were behind it, that's where I don't agree with you, is that here, we had a hyper impulsive bullish movement. We had the news from Japan after how many years at 0% first rise? There, I agree with you, that was a surprise. There, it's a surprise and the market says "Uh oh, what's happening?" and we had a drop the second time here in July, uh, for those who remember, it wasn't the carry trade that was the problem. The problem was Germany, which had sold how much? 40,000 or 50,000 Bitcoin at once, I think, which had been seized, came out of nowhere. Germany doesn't make announcements, they don't say what they're going to think about. No, they sell, that's all. Market panic. So already there's the sale of 40 to 50,000 Bitcoin, that's already huge. And on top of that, market panic discovering that precisely there are these sales. It wasn't the carry trade here in reality, not at all. Uh, or maybe it counted a little bit, but I remember at the time, that wasn't the major bearish narrative. A bearish narrative that was indeed revalued directly here. We plunged a little bit more, and the result is what? It was again, and we repeat it in the short term, if you're a short-termist, yes, it can be a fear event, even if here there was Germany, I repeat, in the medium term and not very long after. A month and a half later. Well, there you go, we have an ascent where from the bottom we take, we take 100%, and the altcoins, well, I'll let you, I'll let you review where they were in December 2024. That's where most of you entered the crypto market. So you know what brought you here. What brought you here was a meteoric rise. So people who left here, unless they re-entered here, well, they were globally losers because those who waited for confirmations, confirmations, confirmations, they entered just here, and we were at higher prices. Here, where I disagree with you, is that January 2025, well yes, January-February, that corresponds exactly to the arrival of our dear friend Trump, and I remember that the bearish and fear narrative was not at all the, it was not at all the trade nor Japan, it was Trump with his tariffs, tariffs, he arrives in January, inauguration, he messes things up directly, and crypto plunges for a whole quarter. There you go. So that's where I, I disagree with you, where I don't join you on "there was a rise, we leave." Agreed. There is a rise, the first one of all. OK. But we also have to refocus on the fact that there was a rise in Bitcoin of almost 100%. It had to digest that a little. Here, we have neither the one nor the other in reality. We have a digestion that has happened, and I would even go further than digestion, an appreciation and an anticipation of what is happening now. So we find this unknown, it's to what extent it's priced and to what extent it's not priced. Now we know, markets are 6 months ahead. I find it very unlikely that they haven't anticipated this and aren't precisely in "de-risking" mode. I think what will matter most will be the discourse that there will be because the 0.25, OK, everyone expects it, it's fine. Where people don't necessarily expect it is Japan saying, "Well, we're going to continue to raise rates." A discourse really in "we're going to raise to 1%" will have to be watched, so we'll have to be careful, and I'll even go further than that, if we just put the S&P 500 and go back, where did they do that? Yes, it was there, it was there, it was there at the time. At the time, uh, no, it wasn't there, no, where was it? Where was it? It was here or it was here? No, it was in the 2000s. Well, it was during a crisis, anyway, but they had still raised rates, and the following month, the two following months, sorry, they lowered them directly because they saw that it had caused problems in the markets, and they reversed directly. So it's also possible that it happens. We can have a rate hike of 0.25 and then a month later they lower them again because they see that it could potentially cause a small crisis. So by repeating itself, maybe it will be accepted, but short-term, we don't know. Medium-term, we know, so I prefer to bet on what I know rather than, there you go, the portfolio, we know its state. Is it really worth it? I don't think so. But there you go, DRC, if ever, no, there was Trump, his tariffs, Germany, and then the first time, OK, it's the first time, no problem. And you also have to realize one thing, it's a bit like Trump's tariffs. When there's a first bearish news and we haven't experienced it for a long time, let's put it that way, there's panic. When it repeats itself, well, the markets react less and less. Remember Trump's first threat of tariffs and even the execution of tariffs. We remember the first quarter of 2025 if this damn chart wants to display, because we don't have the whole night. We remember the first time Trump announced the tariff, we see what it causes because it's the first time. Well, it's the first time since 2016 because in 2016, where was our little Trump? Where was he? Where was he? When he arrived here, the market dropped 14%, but here Trump messed things up with the tariffs. That's something everyone has forgotten. In 2016, he arrived and he messed things up with tariffs and China. He did it again, he did the same. Everyone has forgotten, it's really a copy-paste. Then he did it how many times after March, he threatened again with tariffs. I put the tariffs, I remove them, I put them back, I remove them again. Did we have that? No, because the market said, "Well, he's done that to us once, we know." Japan is the same. They did it to us once, now they're doing it a second time, a third time. So there you go, we get ahead, we price things in. We also see the effects they had in the past. That's where data is super important, and we react perhaps a little less violently. I say perhaps a little less because these are future musings. There you go. Uh, I want to make bets that are, I want to make bets that are quite, how to say, quite optimistic. And when we look at Japan's history, Japan's economic mechanics, etc., etc., Japan's huge debt, they have no interest in raising rates too high. So even if they go up by 0.25, normally they're not supposed to go further because you know the mechanisms, and Japan has a debt that is what, over 200% of GDP? That's huge. When you have such a large debt, well, you must have very well-placed friends to be able to absorb part of your debt. When I say well-placed friends, I mean the States. So even if Trump put tariffs, yes, there can be a little bit of, how to say, a little bit of tense exchange to show who's the boss. So you do this to us, well, we'll show you that we can also do something to screw you over so that you ease things. But they themselves have no interest in raising rates too high. So even 0, even 1, to make it 0.25, they have no interest. It raises the yen, it raises their debt, it raises the interest on their debt, which is huge. I think it's 250% of GDP. Japan is an exporting country, so that will screw them over too. They really have no interest in doing it. And I repeat, there are still contradictory signals. Raise rates, but at the same time, you promise packages, economic stimulus worth tens of billions. Don't you find that a bit paradoxical? We go in one direction then the other, I mean, they're cutting themselves off. So it seems really strange, actually, it seems really strange. After that, there are competitors who will go even further and say, "Well, manipulation, and then in fact, nothing will happen. We'll see in the next few months, the suspense isn't total for very long." Question number 10, capital management by Ja Varman. Some people are very invested in the questions. That's great, keep it up. Why are we practicing the famous buy and hold on low caps like ATH, SPK, Baby? When the charts clearly show that the toy is broken, that the supports are no longer convincing and that it's going to the basement. Aren't the stop losses coming too late when the invested capital remaining has melted like snow in the sun? Why didn't the monstrous unlocks of ATH and Baby in October after the flash crash motivate a change in strategy to protect ourselves? Otherwise, I'm happy to be part of this team. Nothing replaces sharp, documented analyses, but I find that we are lagging in terms of reactivity and capital preservation. So J Varman, thank you first for the little compliment at the end of the question, it's very pleasant, it's very gentle on my skin. I thank you. And for the rest, well, we're not going to do self-flagellation again, I think. I think I've said it enough. Yes, indeed, we should have been a little more conservative. We should have been a little more conservative. Yes, I've already said that a second time. There you go, I'm whipping myself again. Fortunately, it doesn't hurt much, because that lessens the pain a bit. And apart from that, there's always the, it's not to find excuses, of course. I started by saying that yes, we should have been more conservative. So there you go. But in terms of, how to say, analysis, there are always things that are, how to say, complicated. We don't take Bitcoin, we take altcoins, we reset, and I'll come back. So if it goes well. Ah, it's annoying, this wifi thing. There, we're back to the week of October 7th. October 6th. It was this wick. I'm not going to replay it because yes, since the wifi is bugging, I'm going to mess up again. Imagine, it's Friday, everything's calm, and we see our TradingView triggering alerts everywhere. -30%, -40%, -60%, -80% in half an hour. Many experienced it live with me, we were on Discord and we see that, we see that, and we see that 2 days later, we're back up here. We had the biggest manipulation movement in history, which wasn't due to a massive sell-off, but was due to a very, very good move by certain people who found a flaw, who exploited it. It caused cascading liquidations, a whole bunch of things. We're just remembering that famous week, that famous moment. We're on Discord, we see it plunging, plunging, plunging, plunging. We say, "OK, go, all those who have cash, buy back everything you can buy back." It's AVE at 114 bucks, at 110 bucks, 120, 130, great. Buy back everything. We can't buy back. The platforms are blocked. Why can't we buy back? It's strange because obviously, hundreds of billions are entering the market. And later, we saw that it was the big players taking positions. So we said, "Well, we know the crypto market until the Clarity Act comes into effect." And then there's something else that's quite nice, this famous act, these famous laws in the States that will put an end to manipulation movements on the crypto market, which was supposed to be voted on, I think, at the end of November, December, but has been postponed to Q1 2026, as if by chance, just to be able to do a bit more manipulation before it all collapses. Uh, well, we have the biggest manipulation movement in history. What do we see? We know that the market is driven by liquidity, that market makers, the big ones, have an interest in hunting for clusters in one direction then the other. We see that obviously one side hasn't even been cleaned up, it's been annihilated, destroyed. There are no more clusters below, nothing. We also see that, a bit like with GameStop at the time, well, exchanges block us, the retail investors. to be able to buy. On the other hand, the big players can buy like crazy. Well, that pushes the manipulation cursor extremely far. That's what we're living through live at that moment. That's what we're living through. So when we observed these movements like that, historically these movements have always been manipulation movements that have come to correct everyone, and we reinvested afterwards, maybe not a week later, maybe not 3 weeks later, but in the following times, we reinvested. So what is the policy? Was it at that moment? Because afterwards, it's always easier, of course. While we're living through this, we say what? We note that we have this, we note the massive buy-back movements. Are we really going to leave the market with a very short stop loss to re-enter when? Much higher, in a week, in two weeks, with the torture of saying, "Damn, when do we get back in? When do we get back in? When do we get back in? When do we get back in? When do we get back in?" No. So indeed, at that moment, we made what seemed to be the best decisions. In hindsight, it wasn't the best decision, but we can only know that in hindsight because, of course, at that moment, if the market had done what it had always done before, because we, I remind you, we follow stats. We follow stats. If an event has happened 90% of the time, well, we're going to play that event, of course. And well, this time, it will be the same. But God knows that if it had happened, if we had put stop losses, if the stop losses had been triggered, and I were doing a live here saying, "Well guys, yes, there's still a bit of bearish news. Well, the market is going up, it's strange that it's going up, we're still waiting, and the market goes up, up, up, up, up." The question that would have been asked to me wouldn't be why we had risk management? The question that would have been asked to me would have been, but you're the first to say that 90% of the time this happened. Why didn't we play that stat? And there, the question would have been much more legitimate, and I would have said, well, risk management. Yeah. Well, in the meantime, you would have been mad at me. In the same way. So we take note. OK, we take note. Very good. And now we're going to do things differently, and we're going to have much more advanced risk management, and we're certainly going to adapt our strategy in a totally different way that will be much more conducive to generating a lot of gains and minimizing losses. Uh, Bertrand asks a question: "Can we reinforce tomorrow morning after the news and if there's a dump?" Uh, not right away, not right away. We're going to, we're going to wait a little bit. There you go. Especially if there's a dump, there's bad news, and there's a direct dump, we can expect that in the following days and so on, it might continue to dump a bit. So we're not going to reload on the first day. Uh, do you know where we can follow the discourse tomorrow morning? Uh, will you be present on Discord? Uh, I honestly don't know. I don't know if I'll be there directly at 4 AM. Uh, I'll see, and I don't know where we can follow it, but probably on YouTube, there must be live channels. Uh, maybe Audi can find, Audi, if you're around, if you can find us a channel where we can follow it live. Uh, and Dead Bill, would it be possible to make the sound louder? Uh, unfortunately not. I'm at my maximum. I'm at the maximum of the maximum. So unfortunately, I can't. So, uh, so there you go. Yeah, Stewi and the others, it's skipping a bit. Sometimes I bug a bit, so it's the crappy wifi, it's annoying. But normally, in the replay, there will be all the parts that skipped. So, so there you go. Uh, so, well, I have nothing more to say. I'll stop here. I'll tell you tonight if I'm here tomorrow morning at 4 AM, even 3:55 AM, to follow this live. I'll tell you tonight, by, by 10 PM. Yeah, I'll put the replay of the live back on. So, so here, you won't have the parts that will skip. Yeah, I'm sorry, my wifi is a bit crappy right now. For that, and so, well, have a good evening everyone. If you have questions, ask.