OK everyone, I think we're ready for the live. So as usual, you tell me in the groups if you can see or not, I'm configuring the link. I'm going to send it to you in the groups. So no panic. So where is this little link? Click click click click click. I'm going to go get it back. Tell me if the voice is OK, if the sound is OK too. If the sound is OK too, if the image is OK too. Sorry, I'm doing three things at once. Because some people say they can't hear the microphone loud enough. So I think it's an isolated problem. So if it's really isolated, well listen guys, turn up your thing. I don't know what else to tell you. The link is here, we're going to publish it in the groups. We'll wait the regulatory 5 minutes and then we're good to go. So Thursday live. Thursday live. Why is it starting? Ah, it's already starting to annoy me. Wait. There. Hop hop. There, the link is here. We're tagging everyone. There, magnificent. As usual, we join, we join, we join our friends. We hurry, we jostle at the gate for this live which is going to be quite nice. We're going to have some really good stuff. So so buckle up because here we are living the best of what we're experiencing in finance. It's news that's coming out, coming out, coming out, coming out, which is both hyper good and hyper bad, but that's good because then we can see, we can clearly see what's going to unfold, and that's what I appreciate the most. So there you go, connect, tell me in the groups if it's good. Group 1, no feedback. Group 2, sound and image magnificent. There.

So, as is often the case, we always start the lives the same way. Group 2 is on top. You see, look at this, it's reactive immediately. It's huge. Yeah, it's super classy. Well done. Group 1 is lagging. Fortunately, CTI, yes, is raising the level a bit. Great. So that's the little, that's the little two minutes, we tease Group 1 and then after that, well, there will be the other habit we have, which is to tease Brand. We'll see when we'll do it in the live. There will be a time when I'll find something to insert. So we'll see. We say hello and we also welcome all the new people, well all the new people, there are a few who have joined the group, I'd say about ten or so in the last week. Which allows me to do a little reminder. I'm doing a little reminder. So be careful, I'm not saying that those who joined are in this situation. I'm not saying that those who haven't joined are in this situation, but well. My brain works at 2000 an hour and especially it spots things that are not due to luck, that are not due to chance and so on and so forth and which can be linked. Recently, a member sent me a private message with a screenshot because the people in the public group who are just here, who are almost 1200 in total, 511 in the private groups, so that's about 700 people. Quite a few are waiting for their access in September. As you know, in September prices will go up. So they shouldn't subscribe now. And a member faithfully wrote to me, and I thank him for his honesty. There are people who even say, "Please, let me in now and I'll give you 20 bucks." Anyway, they try to bribe in all sorts of ways. So I'm going to remind you of a rule that is just, how to say, normal. We don't cheat, please. There, we don't cheat. We respect the work, we respect the rules, we respect the procedures. You belong to a group, but this group does not belong to you as such. So please respect those who created it. Why am I saying this? Because I've caught some, I've caught some, I've caught one for now. I've caught one where, well, he sponsored someone who was in the public group, and let's remember, sponsoring means bringing in someone you refer, people you know in real life, your family, your circle, friends. It's not someone you met on the public Discord who sent you a private message. So I'm saying this publicly, clearly, plainly, precisely, it applies to everyone. The next ones I catch, I've let the two in question, so the new person and the referrer. The next ones, it's a lifetime ban. It's a lifetime ban immediately. It's exclusion from the group. If it's mid-month, I'll refund the subscription, it's not a problem. I'm not short 49 or 65 euros, don't worry. That's not the problem. So it's a lifetime ban straight away for the referrer, and it's also a lifetime exclusion for the poor person who just joined, who was looking forward to it and who unfortunately falls from a great height. OK? So keep that in mind and tell yourself one thing, when I say you, I don't mean everyone, I mean those who perhaps, well, out of 500, you can say that even if there's 1% of people who are perhaps a bit ill-intentioned or who, let's say, let's weigh our words, who are not ill-intentioned but who can step out of line and the imposed limits, well, 1% isn't much, but it's still 50 people, and 50 people out of 500 can ruin an entire group for you. So don't tell yourself you're stronger because it's very simple. People who want to join are already on Discord. I just have to go into the members section and I can see all the members there and when they joined the group. OK. So when you ask me to refer someone because it's one of your friends who is here, who you told about the group a week ago, and I see that they've been on Discord for 30 days, well, you're caught. You're caught. There. I take that as fact. I take what I have objectively in front of me. So, there you go, and all the people who are trying to infiltrate the groups before the time, rather than being patient, well, they are all already on Discord. There, they are not elsewhere. So, so there you go, a very simple way to catch you. So don't give in. Don't give in out of kindness, don't give in out of greed if someone offers you USDT. There, frankly, because the person in question offered the other member 20 USDT. There, in short. And there are even some who offer to pay 30 bucks so that the information is shared. So, in short, there you go, if I catch all of that, there's no pity, it's banishment and that's it. OK. So if ever, there you go, you have the, you have, yes, yes. Case, it's good, it's good. Yes, 10% not 1%, 10% there you go, but that's good at least, at least it's been pointed out, that's good. So, so there you go, I wanted to say 10%, 10% is not a lot, but there you go. There you go.

So, so that's what I wanted to say, and just before, just before we look at everything we want to look at, we're going to look at the little questions. There you go, the little questions because there weren't many, and I prefer to do that before starting the rest, and that way, well, everyone listens. There you go. So, first question. Helloid, what made you tell us to strengthen our positions the other day on Discord? I've looked at the Bitcoin chart at the time of the call, and nothing indicated that we were going to go up. Thank you. So, wait, when was that? We looked at 5 years, click click click click click. Yesterday at 5:45 PM. OK. Yesterday 5:45 PM, where were we? Yes, but it's, wait, I need to change the time because it's not the right one. Paris, Paris, Paris, where are you? OK. Yesterday, 10:45 AM, we were around here, huh? Yes, we were around here. Yes, indeed. So, I think the person is saying that because from here, even if yes, on the 5 PM candle, we had a small break just here, we hadn't closed yet, and we hadn't yet reversed the structure in terms of pure technical analysis. I think that's what the person means. So, in short, why did I give an early call when we hadn't yet broken the structure, we hadn't confirmed upside, and so on and so forth? So, the answer is, what was I looking at? So, first of all, it's a bit abstract what I'm going to tell you, but just experience, experience of charts, how it works, and so on and so forth. The price, we could see what it wanted to draw. So we could have directly gone after this big impulse candle. We could have directly gone. I wasn't going to take the risk that we could go and do exactly what we did today, right away, to go higher. Consolidate here and then break. So I gave the call directly here. Knowing that we could very well retrace into the imbalance as we did, bounce back and go again. For me, it was almost certain that we were going to do this move. So I gave it a little bit early. What I also looked at, yes, was the dominance. The dominance, which, precisely, precisely respected its downward dynamic perfectly. We had a short-term dynamic that was bullish just here, which looked like a retracement level. Remember, we had isolated this zone, which was the maximum zone in which the dominance might go if we were to seek all the liquidity clusters on the altcoins, which for now remain, let's say, untouched, the lower half of the clusters, particularly on Ave, which we had seen. And in this big trend line that becomes bearish, bearish, we had a retracement, a retracement that was bullish all along and which turned bearish from the moment we broke this structure just here. So from there, we became bearish, and in fact, what simply happened here is that we came to retest this level which was supposed to reject this dominance, and this dominance was rejected a second time. And if we zoom in on a small timeframe, necessarily on this movement just here, the retracement, we were bullish on a very small timeframe, 15 minutes. From the break here, on this 1-hour candle, break of structure just here, we became bearish again on a very small timeframe. We respected the higher timeframe bearish structure and we respected the very high timeframe bearish structure, in short. There. And this imbalance here, into which we came to settle yesterday, which was supposed to play its role of bearish rejection. Well, we clearly played the role of bearish rejection not from 5:45 PM, but from, well, 3 PM, 4 PM, 5 PM, yes, it was clearly visible what the price had drawn, that it was going to be a bearish continuation, quite simply. So, for the 6.5% of portfolio that was to be invested, which is not a very large part of the portfolio, I judged that it could be very opportunistic. So for now, we'll wait a bit. As I told you on the group for those who followed, I'm waiting to see what Bitcoin will draw here, around 118,800. Why? Because it's here that we had this big rejection due to the orders and short accumulations on the CBD. So, in fact, what I want to see is, typically tonight when the maps are updated, tomorrow when the maps are updated, what happened this morning, last night, this afternoon, to see if the orders continue to close. We saw some maps on the Discord group, so go and look in the channels. By the way, I think I posted in the wrong channel. I put it in the crypto buy sell channel. It should have been in crypto analysis. So excuse me. I just want to see if the orders are closing here and if we have re-accumulation here, then go. A bit like we saw with Ethereum, which is directly touching its highs. It's just, it's just crazy. I'll take the opportunity and a little thing, a member had asked if this chart here was valid. In short, you go to your TradingView, you put BTC USD longs, and it shows you the number of longs that are opening on Bitfinex. Bitfinex, which is an exchange for semi-whales, so to speak, so small to medium-sized whales. And indeed, well, we see that there is a big accumulation of Bitcoin happening since roughly last Saturday. And last Saturday, unless I'm mistaken, it was just here. There. So from here, it's been accumulating a lot. So we like to see that it's accumulating a lot in areas where we've taken liquidity, where we've made a bottom, and as we turn around and continue to rise, well, we still have Bitcoin accumulating. So we want to see that continue. It clearly supports our little power of three scenario. The question the member asked me, I'll go a bit further because that way we can do a little recap. Let's remember, what we wanted to see was a bearish end of July, a beginning of August that would take liquidity targets, and we have to admit that indeed, well, end of July, in any case, we came, from mid-July, to set this local top, end of July, beginning of end of July, to do this distribution phase, beginning of August, to take clear liquidity targets. We did that. Well, we did it at the end of the week of July, if we look at the weekly, yes, but it was still the beginning of August. So beginning of August, August 1st, August 2nd. We take liquidity, we fill an imbalance, we go again. That's exactly what we want to see. Now, what we want to see is very simple. We'll recap it very quickly. I'm just trying to find the little arrows. Where are they? Where are they? I don't see them. Where are you? Here they are. It's a month of August that's going up. OK. And remember, the major correction we're expecting will be around mid-September, end of September. So, knowing that we are in a quarterly PO3, let's remember what that means. We have a first month here, the first month of July, which was supposed to start with a downward liquidity grab. We did it, we go up, we distribute, beginning of August, we should be bullish. So, we start beginning of August by being bearish. We do this accumulation, manipulation movement. We then have the extension on the real price movement, which is bullish until the end of August. And however, since we anticipate a quarterly PO3 that is bullish, that means that the end of September must be bearish. And since the end of September must be bearish, the manipulation and accumulation movement at the beginning of September must be done upwards. OK? So that's where there will be a slight distinction at the end of this month, which is clearly corroborated by the M2. We'll see that in a few seconds. It's really an end of August that goes up, beginning of September where we don't take lower liquidity targets before going higher. We go up directly, and it's from mid-September that we get greedy because from there it goes like this and it goes like this. End of September we fall, we start the 4th quarter by falling too, until mid-October. Why? Because we must have a 4th quarter that is bullish. So we must start as we did here, and we must start as we did the previous semester, the previous quarter, sorry, April with this. OK, we had finished March in freefall. April starts in freefall because, precisely, the second quarter was supposed to be bullish. So we have a bearish start to the quarter which takes liquidity targets. The lows that were all the way there, all the way there, all the way there, and the imbalance up to here. OK? So we have to do the same thing. OK? The M2 also draws it. Remember, we saw what the M2 did in weekly, we know it, we have about 12 weeks of lag between the direction of the M2 and the price of Bitcoin. 12 weeks of lag, well, that brings us to here, to September 22nd. So the M2 is clearly behaving as we expect. It clearly corroborates this, how to say, this movement of the price on Bitcoin with a local top that will occur before a good big correction, I think at least 20% on Bitcoin in my opinion, and the Alts, well, they will suffer, obviously, before, well, the last, in any case, what is supposed to be the last rise before the bear market. So, there you go for the little recap. Second question. So, this is a tax question, so I'll answer it later because it's a Swiss person asking me a question. It doesn't concern the majority, so I'll answer it privately. Two questions for the live. During a bear market, we short altcoins and BTC, while we know that the altcoins will take much more of a hit. So why not short them? Why not short altcoins? We can, excuse me, we can short altcoins, but only those that are the most liquid. So, for example, XRP, Solana, even more, but rather XRP, ETH. There. Why? Because they are the most capitalized, and the others, unfortunately, well, they can suffer from something that is very common in crypto, which is manipulation, or on altcoins that are even capitalized at several billion. We clearly have liquidation wicks, which are wicks really resulting from price manipulation, which come to explode the short sellers all at once on 15-minute, 10-minute, 1-minute candles. We sweep everyone, we get rid of everyone, and then we go down. Why? Because it's just manipulation because everyone will short. In any case, a lot of people will short, and the exchanges manipulate precisely to liquidate people. I've already presented this example many times. So I'll show you, for example, Comp. There, Comp, which is a crypto that, at the base, attracted quite a few people, which set its bottom, and people had shorted the descent. And here, we see on this weekly candle, the price went up 107%, 108%. So I won't zoom in on the price, but if you want to go and see them, you can. It's 100% on Comp, which is an altcoin capitalized, I think, between 300 and 400 million dollars. It happened on a 1-minute candle. On a 1-minute candle, we did, hop. So all those who shorted here got wiped out. And I'll remind you of one thing: even with leverage x 1, 100% of that liquidates your positions, and you lose your entire portfolio. So that's why we're going to go for things that will take as much of a hit as altcoins. That will take -70%, -80%, it's not a problem. With phases where we can go down, take our profits, re-enter a bit higher, take our profits again, re-enter a bit higher. It will be something more regular, but with compound interest, we will be able to achieve a three-digit return. So that won't be a problem. And these are companies/cryptos that are, well, here, much too highly capitalized for this kind of manipulation to take place. And so, well, we'll focus on them because I can swear to you that those who were on Comp and made the right choice, for example, to short here, who are at -45% profit here, who don't close, and then suddenly on a 1-minute candle they lose all their capital, I can tell you they're upset and they're candidates for suicide. So that won't happen to us. Click click click. Other question because there aren't many questions. Hello AR, I'd like you to clarify your choice on ATH. It's a crypto I had in my portfolio in 2024 for good fundamentals, but it has only disappointed me in terms of its price and its chart. I had sold it with a 30% loss. It's at -75% of its ATH, but it hasn't done much. It did x2 between May and June 2025 and fell back like a soufflé in early July at the same price as May, or even a bit lower, like a pump and dump. You have data that I don't have that must validate your choice, so thank you for sharing all of that. I followed you on this pair for the call, but with a bit of hesitation. I saw my bad experience and my disappointment between the good fundamentals and so on. OK. So, this is a very good question. This is a very good question because I'm going to link my answer to SPK. Hop, bye. I'm going to link my answer to SPK, and you'll understand why. So, ATH, ATH in terms of fundamentals, in terms of technicals, in terms of financials, it's a crypto [ __ ]. I haven't had time yet, I'm really sorry, I haven't had time yet to make you this famous document in which I put ATH, Baby, and [ __ ]. I still can't believe I'm saying this, and SPK. I'm sorry because I really need to advance the training and then the third book, because it really needs to be ready by September. So, so I'm really advancing a lot. I don't have much time, especially with our other clients. But ATH, it's, it's huge, it's a huge crypto. And the answer I'm going to give you, since I don't have the data to give you now, is an answer that is more or less linked to psychology, which is very important, which is not to have psychological biases with a crypto. And when we say psychological bias, it's not a bank bias, it's a bias, B I A S. Because I see people on Discord writing psychological bias, B I of 2 L E T. A bias. There. Just so you know, it disappointed you. Very good. It disappointed you, but not because it's a crappy crypto, but because maybe you entered at the wrong time. Just like right now, with SPK, it's becoming a religion on Discord, everyone's talking about it. It's SPK everywhere, almost nothing else exists, just because we made 100% on it in 24 hours. There. So whether it's something that disappointed you or something that made you happy, you shouldn't get attached. You shouldn't get attached to the sentiment. When you invested in ATH, did you have the financial data? Did you have information about the power of three? Did you have information about cyclicity? Did you invest just before I told you all this? No, I don't think so. Based on your email, you rather invested here. OK. So just before the announcement of Trump's investiture, the tariffs and all the mess that ultimately plunged almost all cryptos into a chart like this. So there you go. Did you really have all the cyclical, macroeconomic data up to date in your head before getting into something like this, or did you say, "Damn, it disappoints me." There, it disappoints me because, in fact, anyone who enters a crypto at a local top and experiences a retracement will be disappointed with their crypto, whether it's a good crypto or not. You could have been on us, we entered in this zone, we sold, where was it? It was around here, we sold. Well, same thing here, you could have entered just here, thinking it's pumping, great. And well, experience all this retracement and say, "Damn, it's crap." There, it's crap, it disappointed me. So the call, I don't re-enter. When in fact, the financial data and everything you have shows that it's a crypto [ __ ]. So ask yourself why you entered, for example, here on ATH, when we entered here? Just as someone could ask themselves why I entered here, when the Millennium group entered here? There. And the difference between these two points is what? It's patience, but above all, macroeconomics, financial data, and so on and so forth. There. So in the past, you weren't here with us. So there you go, it happens, it happens to everyone. I'm the first. Now, you're here, you're well surrounded, and I can assure you that what you're going to experience here with ATH is not what you experienced all along. So don't worry, it will go well. There won't be too many issues with that. And when you see the data, you'll understand why. There. But ATH, in short, it's a crypto, I think at the moment it's one of the only ones that makes almost a third of its market cap in revenue. There, it's enormous. It's really huge, enormous. And there, they have huge clients, they have real applications, they have real things, a real roadmap. It's really solid, solid. There's nothing to say about that. There you go, these are all the questions we had. So, I'm going to close this. Hop, perfect. I'll check on Discord, there's one or two. Quickly, I'm speaking quickly because we have big things to look at and it will take me some time. So, so your, well, there's no question. Why are we still holding cash? So, the cogitur, well, I answered that. So, there you go. OK. The triple shift. The triple shifto. We'll get to it. Don't worry. We'll get to it sooner or later. Don't be too impatient. Yes. Well, there you go, we're back to the 1%. OK. OK. Very good. So, there you go. Be careful with that, SPK and company, don't make a religion out of it, don't start putting, there are two or three who are putting, who haven't respected the portfolio allocations that I marked. I'll remind you again, you do exactly what you want with your money. If you don't want to follow the recommendations I give you, or in any case, not follow them to the letter, I won't say that I'm okay with it, I'm not okay with it, obviously, but it's your money, guys. So if you want to take more risks, well, there you go. What's important is very simple. I told you, I care about you all succeeding, really care about it. So, I'm super happy when, well, everyone succeeds because, if I may be arrogant for just 3 seconds, if you do exactly what I tell you, I know everything will go well. There. From the moment you don't do what I say, I know it might go a little less well, or by chance, it might go even better. But let's not forget one thing. In everything I tell you, we're playing probabilities. I repeat this, I also put it on YouTube for all the idiots who comment and the haters of the videos who have no brains and understand nothing. We're playing probabilities, OK? So every time I give you something, it's because there's a high probability that it will happen. So, as I told you last week, there will be a moment, or even several moments, where I will be wrong, where I will tell you something and it won't happen. For example, I don't know, a small correction that I had anticipated that won't happen, and then we'll have to buy back positions 5-10% higher. There, very good. That will happen sooner or later, guys, that will happen sooner or later. Now, since we're playing scenarios that have an 80%, 85%, 90% chance of happening, that's 8 chances out of 10, or even 9 chances out of 10. On a compilation of multiple events, 10, 15, 20, 30, there will be a majority of times where I will be right, and a majority of times where if you deviate from what I tell you, you will lose. So follow what I tell you. When I tell you 10% of your 25% on SPK, don't put 25% of your portfolio, guys. OK? We don't fall in love with cryptos. This thing can very well come back here, stagnate here for a while. And it's not for lack of having said that we're putting several points of interest on this crypto. Why? Because if it falls back here, which is entirely possible, it can take directions and dynamics contrary to the general market dynamic, it's not a problem, that can happen. Well, it's something we accumulate, there you go, and we're ready to hold for months. It's August, it's something we're ready to hold until November, December, January if necessary, while the rest, no. The rest, no. We have shorter-term objectives. OK. So, there you go, but then indeed, you do what you want. If you don't want to follow, well, you don't follow, it will be your problem. OK? So, we're good. So, the first thing I want to talk to you about today, and we'll get to the heart of the matter, Tony Spark. Tony Spark, he had to talk to us about ETH. Well, ETH, we'll do it very quickly. ETH, frankly, honestly, it's the one that's closest to its local top. I told you, it's going to blow everything up, above $4100. It won't be a problem, it will go there very, very quickly. We saw that the accumulation that happened here was not a short accumulation but a long accumulation on the dark pools. You have the information in the channel. Where is it? It's over there. There it is. You'll see. 11:30 AM. You'll see, enormous accumulation on ETH that was underway. So we have confirmation that it wasn't short. So, there you go, ETH will take off like in the year 2000. So it's not a problem. It's not a problem. In terms of longs, it has fallen a lot, but we are still, we are still hyper bullish. This map can be, it can be quite good, but remember, we are on a Bitfinex exchange which does not take into account ETFs or anything. It's just the orders that are opening on Bitfinex. So don't think that because it's falling now, you have to get out. Look at the difference. It's falling, and then the price, well, we see what it's doing. There. So, there you go, I don't have much more to say. I've also put the liquidations. A lot of liquidations to the north. Well, it's taken almost everything. There are still quite a few long-term clusters up to 4003, 4004, so there is upside to come. It's not, it's not a problem. Well, you have a question, Tintin, you ask it. No problem. But now we're going to move on to the rest, and so, there you go. So, we'll start. I just want to come back to something. We'll put the little Bitcoin chart. I'll put it in quarterly. We'll just go to a point that is important before we start the thing. I've just taken, just for fun, the gain ratio we made in the last bull run, which was a very big bull run. Bitcoin gained about 1300% in value. OK. From bottom to top. We did the calculations in

different lives, latest videos, and so on and so on of the value that Bitcoin should have. We say should have if it respects its cyclicality, if it respects the parabolic movement that must arrive at the end of the year, if it respects the return precisely on if I switch to logarithmic on the top of the channel here at 12 trillion for the crypto market, we had isolated that Bitcoin should be worth around precisely 2400, 2500 dollars, whatever. What is very interesting is that we look and well, the 1300% also on Bitcoin from bottom to top arrive precisely in these areas around 230, 2400 dollars. So what will be super interesting, what will be super interesting, is to note that if we ever reach this cycle, we will have made exactly the same capital gain on Bitcoin as in the mega cycle of 2021. And what is important to see in relation to now and I haven't continued the discussion for a long time, is precisely why we don't feel this effect of 2021. Now, well, already because most of you arrived at the end of 2024 whereas the thing started in January 2023. For me who was already there, I feel it, I really feel it like here. For me, it's frankly it's almost the same thing for now. The gains have been just extraordinary on a lot of crypto since the beginning of 2023. But we also have a dilution of altcoins, we will see that in the next live which explains that altcoins are performing much less at the moment and we will focus on that in the next live. But in any case, it is super interesting to see that on Bitcoin, we will have had the same percentage of gain with a much higher market cap than precisely well, we have an adoption of Bitcoin and liquidity that is entering enormously enormously. We will go there, we will talk about inflation. First big topic, it's inflation. We will display it here on Bitcoin. Hop, we will put it. We are here. Magnificent. We will put it in weekly. Inflation figure, we are at 2.7% and I have a member who wrote to me who didn't understand why, for example, in the data that is released, we have inflation at 2.7% whereas for example True Station tells us that we are at 1735. There is a gap that is quite large and even if we follow the theory a little according to which True Session is ahead of the figures that are released by the statistics office in the US, when we even look at the peaks we had here for June and even before, but we were not at 270, we were at 226 respectively around 2% between 2 and 226. So this person will explain how we could precisely explain this difference which is quite considerable because if we follow the figures from trofation, we are clearly at the level of the figures that the Fed wishes to reach, which is 2%. It was a good question. It's a good question by the way and we will take a little tour in what I promised on YouTube for the next video. I showed you the unemployment figures, how they were rigged, false, in any case, well not rigged, but how what we could see first was an increase in GDP. And well, how in the end it wasn't fair when we went a little deeper into the figures. And so when we go a little deeper into the figures not of truthion because for that they stick well to reality but of the figures released by the statistics office stat which Trump wants to fire the boss of and you will understand why. Well, the data is not good between quotes. We have a rebound in any case of inflation still in a kind of I don't know if it's a channel but in any case a downward trend. So we scrape a little higher, we scrape a little lower. We still have a chart that is quite different from what we have on suration. And what is super interesting, what is super interesting is that to calculate inflation, as you know, well as you know, as you certainly suspect, well the statistics offices of all states take different types of goods whose prices and price evolution they analyze. Generally, these are goods that the majority use. So it can be well, tap water, electricity, but also a lot of other things, cars, clothes, then lots and lots of things. And in fact, what is super interesting when you look and that's where we start to get into nonsense and we see that these figures start to be a bit of bullshit, when you look a little deeper into what's happening, and well you see that things are not working. here this chart represents in percentage the number of objects/goods that the statistics office cannot estimate precisely. So for example, in the whole basket that will constitute the study of the statistics office by saying well the prices of a burger went from 1 dollar to 1.20. the price of a Mercedes went from 1.10 to 1.5 and well on average, there is about 10% of the basket where the statistics office no longer finds the prices. There you go, they no longer find them. It's like if I base myself on a Mercedes, a burger, electricity and water and then six other things to get to 10 things and suddenly well the price of the burger, well I no longer knew it. But I still have to publish figures but I no longer know it. And if we are on an average rather that tends towards 10 since April 2025 this year, we are at 35%. 35% of the average basket that must be used to calculate inflation in the States. We no longer find the data. The statistics office no longer has the prices. Okay? So it's still quite crazy. One third of what is used to calculate the price, I repeat. We don't have the data. We don't have the data. And when you go and dig a little on the US Bureau of Labor Statistics website, there are really good things to see. It's not this one. Wait DD just 2 seconds. Is it this one or the next one? No, it's this one. Wait, I'll find it. Tac tac tac tac tac. So so so, we'll just find it because you'll see, it's just astonishing what they do. But really really astonishing. Uh so so two small seconds, I have to see from the top. So wait. Price relative. Tac tac tac. It's not here, it's not here. I'll find it very quickly, don't worry. There you go, it's here. So it's in English. Rest assured for those who don't have time to read it now, just like me, I'll explain a bit how they do it. When they don't find a price, so we're at 35% of the basket. when they don't find a price that must be used to calculate inflation and price changes compared to the average basket, they have three methods to be able to calculate the prices anyway. First method and you will see how much it doesn't work and how much the inflation data is false at the moment. First method, we simply replace an item from a category with another item from the same category. So typically, taking the example of cars. If initially I had a Peugeot 208 which is almost in any case for several years the best-selling car in France, imagine, which is very representative of the average basket of a Frenchman in the automotive sector and suddenly I can no longer find my Peugeot 208, well I will simply take something else that corresponds to the automobile vehicle category. Okay? The problem is that generally when you have constituted the average basket, you take something that is very purchased in terms of volume. We know that it represents the majority of people, it's the middle class, the working class. So people who don't have huge means. And so necessarily, what is the basic good that you have in your hands? It's a basic good that doesn't cost much, in any case, that is below average. If we take what is very cheap, what is very expensive, necessarily, it will be slightly below average. Okay? So when you simply take something else, for example a Mercedes instead of a Peugeot, well you have something more expensive but which does not reflect at all the price increase of what the majority of people will buy. And so this method of doing things doesn't work. OK. There is a second method which is a little closer to something fair, which is that instead of taking something else from the same object class, well we will take the average of the class. But again, the average of the class historically tends to be higher than the item that served as a reference for the initial price calculation. So you will have higher figures again. Remember that. With these two calculation methods, we will have figures and prices that will be higher than what was the case before. So we are aware that on 35% of the average basket for which the statistics office no longer finds any base value, they are taking values that are higher than the value they were taking before. OK? And you have the third method which I find is the best, which is that they call it carry forward imputation. Which is that they won't bother looking for another substitute good because it would take too much time and too much money. They will simply take the last price they had for this good. So it's August 7, 2025, I work at the statistics office there, well I can no longer find the price, I can no longer find the price of my Peugeot 208. So I will refer to the last time I had it. And the last time I had it, well it could have been in August 2024 or August 2023. And I will purely and simply take this figure and republish it as if it were current. And where it is hyper serious, is that necessarily I think you see that logically it doesn't work, it's not possible. But especially where it plays a role where the data is clearly manipulated, is that look at inflation. Inflation reached a peak in June 2022. Since then, we have been on a decline, we are at levels that apart from May, mid-June, we have never been so low on inflation. So that means the figures are going down. Okay? And so with this carry forward method where we simply take the last prices we had, what happens if at the time of calculating the prices, well they take goods for which they had prices here, here, here, here, here, here, here, or even here. All of this, roughly speaking, since always, we have been higher than what we are now, that is to say March 2021. well we are taking values that are higher than the current values and so 1/3 of all these values mixed with everything else, gives a CPI that is too high. It gives a CPI that is too high and we find this gap precisely between tration and the data where we take 35% of two sets. That will make approximately precisely well point 7 approximately. So we actually find a real inflation that would not be 2.7 but would actually be as tro station said, in any case for this period, around 2%. OK? So this is another thing to show you how much there is a difference between what we see and the reality which is really nonsense. So you can go and see it. You will I will put you well here I will put you the link on Discord. You can go and read it, you can translate it with chat GPT, whatever. I will put it in the hop in analysis I put the thing. Frankly, go and read it, it's crazy, it's nonsense. Really, it's big big big crazy. But inflation is clearly lower than the figures published by the statistics office. It is also following this that Trump notably wants to fire the well wants or yes. fire the boss, the boss of this entity because it's crazy, it's nonsense and the data is not good. So necessarily Trump doesn't like it too much because the real data is rather on an inflation that was at the time at 2% and which is now clearly at 1.75. And obviously well if the real data had been published, perhaps Powell would have directly lowered rates some time ago. So therefore, Trump is right for once, he wants the TEGE. He is right to want the TEG because this is nonsense. It's big crazy. So go and read it, frankly you go down, don't take the formulas into account, go down from here imputation just here. You take imputation and up to until here, until unit level whitening, up to here. You read that and frankly you will see, it's astonishing. It makes no sense. So in short, we are lower than expected on inflation. Okay? I told you that inflation, precisely if we entered areas that were below 2%, it's not good for the economy because if it continued to fall, we would enter deflation. I explained that 1000 times why it was not good. We will not repeat, but it is not good at all. It is not good at all. We also had the figures Audi put them in the Discord. Thanks. Job applications are starting to increase. We had unemployment that was 0.1% above what was expected. So yes, we have everything to have a rate cut. And who says rate cut? Well, you know, Global M2 will increase because the Fed is the only one that is behind all the other central banks. So it will be bullish for us. And so there you go, there is always a difference and that's where the point I want to make with you. There is always a huge difference between the figures that we can see and the reality where in fact we have no inflation recovery at all. We are really low, maybe even too low. Okay? So, let's be careful about that. Uh just look at what's being said on Discord. Tac tac tac tac tac. No, it's not to annoy Trump. It's Audi. Yes. Audi who says well, you see on the screen how you interpret the reasons for this. It's not to annoy Trump. It's simply that I'm going to be very harsh. I am truly sorry if there are if there are if there are civil servants in my group. But civil servants, we have procedures in place that make no sense, that have no practical intelligence, but they are procedures. We've always done it this way. So we're not going to change. And it's the same everywhere guys. It's the same in France, it's the same in Switzerland, you hit your head against the walls. You wonder what all these people are paid for. So no, it's not to annoy, it's just that they've always done it this way. It's the solution they found and there's no one there to say that it's crazy. No one. So so there you go, I don't think they have I don't think they have an interest in really yes Trump from A to Z. OK, so we've seen the big point, the very big point that I'd like to discuss with you and a member put it Stewi put it at 4:39 PM. That's it. The latest Fed report explores re-evaluating US gold reserves to finance the strategic Bitcoin reserve. That's huge. That's huge. And we are much further than exploring. OK. It's a real topic. As much as inflation, I could I could talk about it on YouTube next week or even tomorrow. As much as this, I won't put anything on it. As much as this, I won't put anything on it. Why? Because it's both a news that will be very bullish and at the same time very bearish. and I will explain why. So now, pay attention, hold on because it's a bit complex. So I'll try to make it as digestible as possible, as simple as possible, but it's really not easy. First thing, first very important thing, very recently, gold has become a tier one asset. At the time, it was a tier three asset, so less secure, let's say that way, less secure. It has just been upgraded. by the Basel accords by the Basel accords pardon to tier 1 status tier 1 meaning it's a risk-free asset. So we're not talking about the gold you trade with leverage, we're talking about the gold gold that you actually buy physically. So it becomes a tier 1 asset. Whoever says tier 1 asset means that banks will rush to it even more. OK? Institutions also, a lot of people will rush to it. OK? That's not the point I'm getting at, but it will clearly lead to a rise in gold. We will just display the gold chart. You'll have a good laugh. We'll come back to then we'll wait, we'll remove inflation. We'll come back to quarterly. We'll come back to quarterly. Uh, wait a minute. Is it not this one I wanted from map? Is it this one or not this one? Two small seconds. It's this one? Yes, it's this one. OK, cool. Ah, there you go. It's because there we don't worry, I'll put them in linear. OK, perfect. So here you have the gold chart in quarterly. OK, I don't know if it tickled you to know why all of a sudden, gold has such a parabolic chart. So one of the reasons is that it's becoming a tier one asset. But that's not at all what's interesting for us because we're not on gold, we're on cryptocurrency. What is super interesting is precisely what the Fed said. recently. So recently, when is that? August 2025, August 1st, 6 days ago, the Fed clearly said that it was starting, like other countries, to explore the solution of re-evaluating gold reserves in the balance sheets of banks that participate in the Federal Reserve. Okay? What is interesting is to look at the first sentence with public debt which is at very high levels. Okay? So they are mixing this with public debt. Okay? Here I have public debt which is increasing. So you have public debt and deficit. Public debt 37 trillion deficit 2 trillion. Keep in mind the 2 trillion dollars for the deficit. That's what interested us the most. So with the increasing debt of governments I'm doing the translation myself they started to explore tac tac tac tac some yes. financial solutions to combat this deficit without increasing taxes etc. One of the possibilities is to proceed with a new valuation of gains and gold reserves as was done at the time blab blab blab bla bla bla it was done at the time when the dollar was still pegged to the gold standard. It caused an earthquake in the dollar but that's not really what interests us. What interests us is that at the moment in the balance sheet of the federal bank that you have here, you have here a line in the assets which is precisely the gold stock. So here, we are at 11000 million. So 11 billion, 11 billion stock. Doesn't that seem a little bit precisely? Only 11 billion of gold. Why is there only 11 billion in the balance sheet? Simply because since it bought and acquired a majority of its gold, the central bank and the central banks in stat because there are several that are central banks of states because let's remember the United States is a federal system a bit like Switzerland you have cantons in Switzerland, there you have states, but each state has a replica of the entire governmental system. OK? Everything is not directed from the capital like in France etc. You have a replica at each level, each department, each state, its constitution, its legal infrastructure etc. etc. is subject to federal law. But there you go, so in several states there are banks that are precisely participants in the Federal Reserve. And so there are in these balance sheets for 261.5 million ounces of gold which have been precisely accounted for at 42 dollars per ounce. You see at how much it is then? Does it seem to be at 42 dollars? It's around 3400 dollars. So since they bought it, that is to say well, there has been no revaluation in the balance sheets. OK? So what is in the balance sheets at the moment of the Fed, which is 11 billion in gold stock, is not at all the correct amount if we were to sell the gold stock on the market. OK? Remember well because you will see the links afterwards how we will make them and why it is good news and at the same time horrible news that will in my opinion make the top on risky assets. Yes, I'm speaking a bit fast, sorry. So we will follow, we will follow. So there is precisely a project to re-evaluate these gold stocks. OK, we are at 11 billion. Here you have the different banks that participate precisely in the Federal Reserve. So you have Denver, Fornox etc. etc. If you add up all these figures that you have here for June 2025, you have precisely the number of ounces of gold which is equivalent precisely as it is written here to 261.5 million ounces of gold. Okay? At the moment, if we re-evaluated at 3400 dollars each ounce that the US government owns, we go from 11 billion to 1 trillion dollars. OK? So we almost multiply by 100, 11 billion, 110 billion, 1.1 trillion approximately, we are almost at x 100. OK, so you start to get the picture when I tell you this, we have the banks that participate and what is super interesting and that's where we get into the nitty-gritty. Sorry, even for me reading this, I have to make the picture clear because it's complex to follow from A to Z. Here, it's precisely the law regarding the strategic Bitcoin reserve. I will also put the link in the Discord, you can go and read it. And that's super interesting, you'll see. And that will reinforce something that will be quite interesting. You will see section 9 from letter C, OK? which says that from the moment this law comes into effect and we know it will come into effect, within 180 days, the Federal Reserve and all the banks that precisely participate in the Federal Reserve, so we've seen them, they are here, okay? all these banks that participate in the Federal Reserve in total will have to transmit to the Treasury, so to the Tax Office, all the gold certificates. In short, they have gold certificates in their balance sheet here here which summarize how many ounces of gold they have. There you go 4317 million. Still at a cost of 42 dollars per ounce in their balance sheet. Okay? All of this the Treasury will have to buy from the central banks. That's how it works. You have an exchange that takes place. the Treasury will come to buy all these gold certificates once it has them, so it has all this gold, it will re-evaluate the gold at a price that is yet to be determined. I'll explain that just after because they won't do it now, rest assured. They will do it much higher. And once they have re-evaluated all these gold certificates which will simply create liquidity, they will resell them to the central banks, or rather to the federal banks that participate in the Federal Reserve. So all of these, it will create an inflow on one hand, they will re-evaluate everything, it will create an outflow, it will come back here with an adjusted balance sheet. So here, we will no longer have 43 million. Or rather, yes, we will still have 43 million ounces of gold, but the accounting value will be multiplied by I don't know how much. You go from 42 to 3400 if it's done now. But it won't be done now. They will wait for the prices to reach higher levels because we will see how it goes with the gold cycle just after, which is very different from what we know about cryptocurrencies. and well, once they resell it to the banks that participate in the Federal Reserve, they will increase it. Okay? And so if this mechanism were to take place now and take effect now, you would have between quotes the Treasury coming to these banks that participate in the Federal Reserve saying "We'll buy all your certs." Okay? So there would be about 11 billion. Why 11 billion? We repeat it because it's the accounting value of the gold stocks at the moment. So the US government spends 11 billion to acquire this gold, re-evaluates it. If it's done now, it's worth 1 trillion dollars, and it sends all this back to these banks which buy it back. You have 1 trillion dollars that has just been created out of nothing, out of absolute nothing. Okay? You need to understand that. That's what's happening now. And what is super interesting is that when you look at this law, the strategic Bitcoin reserve, why is it that precisely in the law it is reserved for Bitcoin, you have precisely this article that talks about this exchange that must take place regarding precisely the gold certificates. It's here, you will see section 9 article C right here, we are talking about a strategic Bitcoin reserve. Guys, at what point do we insert an article that gives a deadline as soon as the law comes into effect for this exchange? 180 days, that's very little. 180 days is six months. So within six months, we will have this inflow-outflow with a creation of liquidity that will arrive. And 1 trillion dollars is not nothing. We remind you, a trillion is enormous. What is also super interesting is to see what is above here in general. Notwithstanding section blah blah blah blah blah blah blah for the fiscal years 2025 to 2029 uh tac tac tac tac tac. There you go, if this blah blah blah blah blah. The first 6 billion of each year and of each profit from the previous year or in any case available liquidity, the first six billion must be imperatively used to buy Bitcoins. So that's cool. There is a project in which precisely the priority is to buy Bitcoin above all other assets. Okay? But remember, if they re-evaluate gold reserves now and they will do it within 180 days, they will do it. So it will be very fast, there is 1 trillion, 1000 billion that comes out. Out of 1000 billion, six are allocated to Bitcoin. How many are left out of 1000 billion? Quite a lot are left. 994 billion remain. What do we do with these billions? Bingo! Bingo! Bingo! Bingo! We have just created liquidity out of nowhere, just by re-evaluating gold stocks, without moving them, without creating more deficit, without creating more debt for half of the current deficit. Genius, it's genius. It's genius. The last time they did it, the dollar collapsed by 40% but well, that was at a time when the dollar was backed by gold. That was before they debased everything, so that's normal. But in short, what does that mean? It means that depending on when they do it, it will create a lot of liquidity in the very short term. We see it, 180 days, it will be created enormously. The question is when will they do it? And that's where I potentially have in quotes well I have where there is a possible very small problem that will arise, it's when will they do it? When will they do it? Knowing that on gold, we have cycles that last on average 8 years. Between each market bottom, we have about 8 years that pass. Here, you have on each green arrow, it's the market bottom compared to the 8-year cycle. If we just look at the average apart from Covid and what happened here in the subprime crisis where everything was disrupted between the market bottom and top of 8 years, we have about 16 quarters that pass. Okay? 16 quarters. 16 quarters. 16 quarters. 16 quarters that brings us to the end of the first semester of 2026, so July 2026. Okay? The question that arises given the rise of gold because precisely we have the tier one status tier one of gold, central banks are not stupid. There is a clear and precise strategy in place okay it makes us believe that we think that blah blah blah but it's a way to say publicly what they are going to do to cover themselves and not say that they didn't know. There is a clear, precise strategy in place. Okay? Knowing that the only asset that is re-evaluated in the Fed's balance sheet is this. There is nothing else they can re-evaluate. There is no other asset they have that can be re-evaluated at levels like this where we go from 11 billion to 1 trillion. So what happens? And that's that's my question and it remains pending. I'm not asking you to answer it, but you'll have to look. In fact, what happens if precisely well, they don't do it now because they won't do it now. They will never do it now. Why won't they do it now? Because we had a cycle that started here in July approximately 2022 which will end in July approximately in July 2026. Okay? They will do it at levels where gold will be at a much higher level because again here we are at one trillion. But what happens when we are at 5000 ounces for example? Well, we won't be at one trillion. I don't know how much more, but maybe 2.5, 2.1, 7 trillion. All of this will help them to purge this. So they will do it when there is a good rise. So the question I ask myself is the following and the importance of the question is here. We know that there is a cyclicality on altcoins. We know and we have seen that at the moment inflation is under control. Unemployment is not yet too high. We will not have a bearish narrative that will result from the rise in interest rates. We have already seen it, we have repeated it and we will perhaps do an update in one of the next lives of the debt figures which are not good. Private debt continues to increase. Defaults on credit continue to continue to continue. So the question that arises is whether they will pass this law quickly enough with let's put gold. Will they pass this law quickly enough by the end of this year? with precisely an overflow, we have seen the different scenarios a bit with an enormous and immediate creation of liquidity thanks to this act which will directly go to the markets because it will go there immediately. Okay? 6 billion on a trillion guys, it's nothing, frankly, it's nothing. So the short-term effect, it can be a magnificent bullish catalyst to finish the bull run. On the other hand, if it happens, nothing happens, and the law passes and comes into effect, I don't know, January, February, March 2026, and we will have seen a 2026 winter that goes very well, in my opinion, it will be the

This will be the news of the top. This will be the news of the top because, there, we will be too late in the cycle. Much too late in the cycle. Much too late compared to liquidity creation. Much too late compared to all the defaults and default rates on the credits that are coming. When this news comes out, everyone will be mega ultra bullish and in my opinion, that's when we'll hit the top. So depending on when it comes out, it will be either a bullish catalyst by the end of this year, or the top. So I repeat, we are at 7 at the current time. If it comes out by mid-September, October, okay, for me it's fire, it's good. The parabola by the end of the year is taking shape and we are nothing is happening except that gold is quietly rising in its corner, that we see that the different central banks are accumulating gold and that's a point we will verify because it's not just the States, when you read the text, some governments, governments, okay, so there are quite a few who are starting to look at this, basically they are discussing among themselves, it's a private group to which we are not invited and they are discussing among themselves, yes, we do this, we do this, yes, yes, we do this and everyone will do it. France has already done it in the past. Okay. Uh it wasn't enough to cover the deficit but hey, they've already done it. There have been many examples where this was the case. Sometimes it led to a direct bear market depending on the cyclicality where we were, debt and company, and sometimes it led to a bull run. The last time was in 1000, it was in what? In 1900, I don't know, 34, I think. To be verified, to be verified. But basically, there you go, it will depend, it will depend basically. Uh a small, small, small chart that I'm going to show you for just a tiny bit, 2 seconds, I'll show it to you because I don't have the site displayed. Oops, here it is. We'll put it back for the newcomers who have arrived. Where is it? Where is it? Where is it? It's here. Bitcoin, the average of post-election years. Okay, let's clear everything. Let's put the average. Here you have the average of post-election years for Bitcoin and the movement it tends to make. Okay? We'll perhaps add 2025, we'll add 2021, we'll add 2017 and 2013. Okay? We repeat, 2021 was an abnormal cycle. Huge liquidity injection at the very beginning of the cycle with precisely, well, something that wasn't necessarily what we experienced in the past. And we see that because, of course, the cycles where we had the same macroeconomic conditions, let's say, and liquidity that is closest to now, well, it resulted in the same shape and the average also resulted in these cycles. So what we see is that we have, in any case, a rise in the summer that reaches the 244th day. We saw that in the previous live, the 245th day is approximately mid-September in the year. Okay. We have a decline that has happened every time. Okay, a decline that occurred until mid-October approximately. Mid-October, early November, with then the parabolic phase that arrived precisely until the end of the year. Okay? So that's why I'm telling you, if it happens, what would be magnificent actually is really this: it happens mid-September, we get the news, it happens and it spreads, we have the dip just after. Okay, buy the rumor, sell the news, it's the same thing. The news comes out, but it's just not at the right time because global M2, we saw it, it was falling and it leads to a correction. Statistically, it's also always in September that we have these corrections. Okay. We have Power Warfre telling us the same thing. The news comes out, they say it's great, but in fact, people are caught off guard because they say "Great, it's bullish." As usual, they buy a news, that's not where you should put it because the pros know the news, and you're also starting to know the system, how it works. We have this little dip. Okay? It happens here, it's magnificent. It happens here at the end of the year, we pack our bags and we leave. Okay? So there you go, because any good bullish news can happen when the market goes into a bear market. It goes into a bear market and vice versa. We can recall the top of 2021. Well, we had everything at the macro level to say it. And I think the top was what? It was the most bullish news. It was, I don't even know what it was anymore, but I think it was Coinbase listing, I think. Wait, I'm not sure anymore, it was Coinbase, you tell me if I'm talking nonsense. Coinbase arrived when? Yes, 2021. Yes, well, Coinbase listing. Great. First crypto exchange company to go public, massive adoption, super bullish for everyone. Prices are like this, magnificent, all the way to the moon, we'll never know a bear market again, and then well, in fact, what happens? We get crushed the first time, it goes back up, it traps everyone, and then everyone gets crushed a second time. It's always like that. So there you go, I'll say it one last time, if it happens in the following weeks, mega bullish, if it happens at the end of this year, early 2026 while we are in a parabolic phase, not bullish at all in my opinion. It's over. Okay, so that's super interesting. I wouldn't say this on YouTube before potentially October, November, I think. But you have to pay attention to this kind of thing. Okay, so we'll follow that closely. I'll check if there are any small questions in the Discord. Uh, tick, tick, tick, tick, tick. So, be careful at Game, we're not necessarily talking about selling new. You have to see, you have to see. We're not necessarily talking about selling, we're talking about accounting revaluation. That is to say, gold will go back and forth between the Treasury, so the Treasury, I think it's the fiscal authority, I don't know. Between the Treasury and simply, well, the central banks, the central banks, yes, the federal banks, there will be a back and forth that will happen. So banks will have to pay the Treasury to get their gold certificates back, you see. So we're not necessarily talking about selling gold on the market. I don't think they'll do it like that, or maybe they will, good point. Maybe they will do it directly precisely to be able to pay back the trillion dollars or whatever. But we'll see. So maybe that's what will cause the top, an announcement of a sale. We revalue and we sell, why not. But in any case, it's not, they can also simply create liquidity. We make the printing press work, and then as usual, we print and then we pay. There have been many times in the past where, for example, France, when they did it, they revalued, they didn't sell. The last time someone sold, I think it was to check, it was England, I think England had sold, they had announced that they were selling for, I don't know, 500 tons of gold, I think. Then it made the gold market dip directly by 10 to 15%, I think. But, but there you go, no, the banks, the banks are entering now. No, no, but look, the banks are in, the central banks. Please, look at this chart, look at this thing. There has never been in history, except here, just here in '79-'80, there has never been a phase like this. And why is there this phase for the past year? Because they know. Tier one at 7, gold revaluation, that's all. And as soon as it's revalued and everything, the guys, they know very well what it means. It explodes, and when the news comes out again, we'll be in a parabolic movement. We'll be at the top, everyone will say "Yeah, super mega bullish, it's good, we're going to make a ton of money," and no, my friend, it's too late. Bye bye. Bye bye. It always happens like that. Uh, tick, tick, tick. Some members here who work at INC. It's hot. You're in your underwear. I will not answer this question. I refuse to answer. I can neither affirm nor deny this question. Uh, quickly. Cosmos is going crazy. He can't take it anymore. What is the difference between OTC, CBD, Dark Pool and then those things, Dex? Uh, well, I'll answer you in a few seconds. I'm looking. Send the link to the Fed's website, please. Yes, I'll put all the links. Wait. Cryptonalyze, I'll put everything. I'll put the link to the article from Forms. I think I already put this one, but I'll put everything. I'll put it all back together, so it's simpler. It will be a bit of reading. I'll also put this back. I'll also put this back. Uh, I won't put this back, no need. And I'll put this one too. It's important. And the last one was what I had there? It was the Fed's balance sheet. Yes. Yes. So, again, there is a scenario that I would prefer the most, and I'll finish with that just after, just after the question about Cosmos. So, hop, 2 seconds. There. So, so, where are we? Remember, I showed you this chart several times, precisely of the total crypto market with the evolution we should experience until the end of this year, maybe even early 2026, so it will be around here, first quarter 2026 approximately, where we showed precisely at the top of this channel, which was an ascending channel, ascending channel, I think you're starting to know the structures a bit. It's a bearish structure. Okay? We are supposed to resolve it from the bottom. I think that given everything that is looming, there is clearly reason to reinforce the scenario in which we have more of a bottom finding its place in this ascending channel, but a scenario in which we will burst the crypto bubble during the next bear market to return to much lower levels that are calling us but are far too low compared to the valuation that cryptocurrencies will have. We saw the first scenario, which is the most probable at the moment, is precisely a debt crisis. Debt crisis, we won't repeat it again, it leads to ignoble bear markets, in which you never want to find yourself, like surprise crises or the dot-com bubble in 2008. That's the bursting of a bubble. Okay? There, we are bursting a bubble. The crypto bubble, we haven't burst it yet. 2022 is a small bear market that was chosen voluntarily. Okay? That's a bubble. That's a bubble. At the moment, we are creating a debt bubble which is like here. The numbers are even higher at the moment in terms of defaults. If you compile everything, that is to say, the liquidity in circulation, the number of loans in circulation, the devaluation of the dollar over time, and the credit default rates between now and the market top here in July 2017, we are at ratios that are higher. There are more unpaid credits, there is more missing liquidity in bank accounts than there was here. Okay? So I'm just telling you this, this led to this. Will it be a different scenario today? I don't think so. And it will be different, I already told you, is that central banks will intervene much faster than here where they let the thing last here, we are at month 16, a year and a half. Yes, no, why not. No, no, it could clearly be no, it could clearly last a year, a year and a half, really, but there you go, with a downside, let's remember, 54%, yes, great. So that's exactly what we have. So we said debt crisis. We find ourselves in the same situation as this. Okay. Second scenario, as Shit Gim Chari said, is tomorrow gold will have its little quiet rally. Where is gold? I spotted it. Gold having its little quiet rally, more and more. We reach a cyclical market top for gold in the first half of 2026. That's when precisely there is the news or perhaps precisely there is a revaluation of gold reserves and no choice. You have to sell a good part. There, guys, that's a second scenario that, without even, precisely the debt crisis, will bring us a clear explosion, really, really, really clear. And this scenario that we have and that I beg you to pray very hard for it to happen, where we lose this channel downwards and we go and have a crazy mental bear market to end up here in this big zone which is around $35,000 for Bitcoin. That would be incredible because if that happens, I can assure you that this period of QE where we went from 3.7 trillion to 9 trillion will be peanuts. A QE, if what I just told you happens exactly, and especially at the same time on gold, on crypto, on the stock market, the QE that will happen will be that. You can count on at least 10 to 20 trillion in QE with rates at zero and at least 10 to 20 trillion. So we went from, we went from roughly 4 to 8. So we did 4 trillion in purchases. Going from 10 to 20 trillion, guys, that's between x2 and x5 compared to 2021. With a result where, we go from 1.17 trillion to a new high again, but a high. Why? Because again, we are still in the same paradigm. We have an evolution of crypto adoption, we have an evolution of Bitcoin adoption. Companies are starting to buy Bitcoin massively. Governments are buying Bitcoin massively. Central banks are starting to say "We're going to buy Bitcoin." Okay? And the new narrative that I would like to see. So we have, in any case, tokenization of real assets, which will bring in a lot of money. You have no idea how much money it will bring into crypto. But especially, especially, especially we are starting to see, we have seen glimpses, and I think it was Audi who had sent it again in the Discord, literally laws that are passing. I don't know, I think you sent it, Audi. You correct me if I'm talking nonsense. In News, there are literally laws that, in any case, Trump will pass a law stating that banks do not have the right to stigmatize everything that is interbank crypto. Okay? And I told you this, as soon as it enters interbank transfers, crypto payments, I want to send from my Revolut bank to your account, for example, Société Générale, crypto, and it's implemented, that's bingo, guys. That's bingo. So maybe not 50 trillion like the Nasdaq and S&P 500, but in any case, moving towards 30 to 33 trillion. By then, the Nasdaq and S&P 500 will already be much higher, but we're going from 36 trillion. I don't know if you realize, we're talking about 2500%. That's why I'm telling you that the next bull run will be the biggest. The biggest we will ever know in crypto. You'll have to be well positioned in good cryptos. But what we will see is clearly this. And again, this is where I draw your attention, is that until now, what could allow us to say we will have this is the debt bear market. We won't repeat everything. The most probable scenario is this one. Now we have a second scenario arriving thanks to gold, which will also multiply our scenarios that will lead to the same result here. So that's why I'm telling you, guys, pray that it happens. It will [ __ ] it will [ __ ] a monumental mess. I grant you that, it will be horrible for many, many people. We will do our job, we will make our little YouTube videos, we will try to attract as many people as possible and save as many as possible. We will take everyone who wants to come, it's not a problem until then. And for all the others, well, too bad. Too bad. It will create an unspeakable mess, but clearly, it will be an economic catastrophe, but well, whoever says catastrophe says opportunity, and we will be ready. There you go. And especially, remember that if we reach 12 trillion, it means that Bitcoin will be at $240,000. Bitcoin at $240,000. I'm just telling you so we can have a laugh for a moment. We'll put it in linear to make it even more impressive. Uh, Bitcoin at $240,000, it means it goes from this to this, and then at the bear market level, it's up there and it does this, huh. There, it does -85%. Let me tell you that for altcoins, that will be -99% minimum. If you want to have fun, look at the retracement of altcoins with Bitcoin, which has done since the top, if we take the wick, Bitcoin which has done -76%. We'll just, we'll just have fun. 76% on Bitcoin. That gave, for example, on Solana, -77%. Uh, let's take others. No, XRP is a stablecoin. It held up too well, XRP. Let's look at 2021 anyway. Come on, 84% and it held up well. Let's just look at two or three others that were very popular at the end, at the end of the 2021 bull run, boom, until the end, 93%. Do you see what's going on or not? So, remember that if Bitcoin dips another 20%, these things will take, they will take -97% for the best, and the worst will disappear from the face of the earth. That will be a big cleanup, and all the better. So pray that it happens. Uh, so general discussion, Osz tells me that this live is not a porn movie. You're stupid. Stop drinking, I'm going crazy. No, but you have to see what we have ahead of us. Depending on how it goes, it will be great or it will clearly be the top. And guys, don't blame me if it happens. First quarter, we have an overflow, and then I tell you, everything is bullish. We are, we are on this, we are in replay, we are here. Oops, we are here. And I tell you, guys, we're leaving, it's published, the gold thing. You'll know why I say we're leaving. There, we're leaving. We're leaving directly. We're not even meeting up, we're leaving. There's nothing [ __ ] about us being bullish for another week or two. Nothing [ __ ]. We're leaving directly. Okay. So, and these are the reasons because after that, we have this. Remember the rule. Everything that goes up eventually comes down. Everything that goes down doesn't necessarily go back up. And in crypto, that's extremely true. You have 20,000 new things, 20,000 explanations that can make the market go down in crypto. 20,000 new things that make it go up. However, there aren't any. There aren't any. So we'll be careful. In any case, for now, we're good. There aren't too many problems. This month of August will be in the green. There aren't too many worries. We'll be careful as soon as we enter September because as soon as we enter September, it's going to start to stink a bit. We'll set stop losses that will be quite, quite tight, quite close, as soon as Bitcoin reaches key levels. So we'll be careful. For now, I don't have much more to say. Are there any quick questions? Group 2, we're looking at, we've already done that. During the previous bull runs you participated in, were you able to exit relatively close to the ATH on BTC, or is it something that remains random despite everything? So no, I, I entered at the end of the, at the end of the bear market on Bitcoin. Uh, Bitcoin, I entered, I entered, I entered, I entered, I entered, I entered. Where was I? It was 2018. But unless I'm mistaken, I won't tell you any mistakes. I think I entered around here on BTC. Uh, I think I took a hit here. Well, I arrived. I made the same mistakes as everyone else. I didn't arrive, and I didn't arrive on this market with the knowledge I have now. That's clear and net. Uh, I think I took a slap here. Then it was, then it was magnificently good. Yes, because between, basically between here and here, I didn't do much. Except accumulate a lot, a lot, a lot of knowledge. Covid was, yes, great. It was a revelation, Covid. Revelation. Frankly, it was, it was an auto-win. Those who are gamers know what it is. It was an auto-win, really. It was, there you go, a pandemic, actually, guys. It was very simple. What was here, and I remember, I said it, I said it to my loved ones at the time, what was here, actually, it wasn't complicated. There's a virus that confines everyone. We have rates at zero, we have QE. So imagine with your current knowledge, this happens tomorrow. There's a virus, we're all confined, the markets take a hit. Okay, sure. And a few weeks later, all governments tell you "whatever it takes, we will support the economy." Rates at zero, we make advances to all companies. No justification to give. You fill out a form and your employees' salaries are covered. At the time, at the time, when I had my first company, at the time, I had 15 employees at that time. I remember, I remember [ __ ] the form, you send it. It's automatic. You put the salaries, it's automatic. And the payroll, we are in Switzerland, for the profession, moreover, well, you know that I am, at heart, a lawyer. At heart, here in Switzerland, a lawyer earns a good living. Earns between 7,500 and 12,000 approximately. In Switzerland, at 15, you send the forms to request, basically, 150,000 bucks, 200,000 bucks, the government sends them to you in 2 weeks. So when you see that and you have all the knowledge we have now, all together, you know it's an auto-win because either the virus is powerful enough, it destroys everyone, we're all dead, and I can tell you that the last concern you'll have is your cryptocurrency because you'll be looking to eat, get toilet paper and pasta, because otherwise you're screwed, it's the end of the world. Or Or option number 2, we find a vaccine. The mess lasts potentially a few months, but as soon as the mess is resolved, there is a rebalancing that happens directly, and we go much higher. So that was a bit of the bet to take. Either we win, or we all die. So go, might as well go for it. And there, it was magnificent. Great, too good. There, it was a crazy bull run. And personally, I got out, it was, I got out here, this candle here, I got out here at, yes, maybe 58,500, yes, 59,000 dollars. So there you go, it was the two longest weeks of my life afterwards because, of course, you want to FOMO and continue. And that, however, I didn't get hit by that. I didn't get hit by that. And I re-entered here with a move on, I had explained it to you on Solana, basically, where I had entered Solana. Well, I had made a good move, but not a huge move either, because again, let's not lie, when you take all that in the face, not great. But I had bought Solana at what price? I don't even know at what price I bought it. I think I bought it at, I don't want to lie, I think at 30 bucks. No, a bit less. No, no, I had started accumulating it around here, all the way there. I had an average price that must have been, for example, $15, I think. I had put $400,000 on it at the time. Uh, I sold it at what price? I sold it not too long after. After that, I don't know, I don't really remember anymore. After that, however, I know that I bought it back at $30. I did it again, that's for sure. I bought it back at $30 with, well, the capital plus the gains. So that must have been $700,000. I sold it at $90, I believe. Yes, I sold it at $90 in these resistance zones. Uh, it went up to 126. I tore my hair out, which I no longer have, and I re-entered it here at the $90 level again. I entered at the $90 level on the small correction, and then, however, I didn't sell anymore until here, until around $230. So no, that was, that was really a huge win for that. We'll say it again. But no, I was able to exit very close to, very close to the top overall. Why? Because here, actually, when it started to push for these 3 weeks, the Fed started to say that inflation was much too high and that they were going to start raising rates in 2022. Uh, then I said to myself, that's it, it stinks, it's not normal for the market to go up so much. And so what I did is something basic but really typical. It's that every week I put a stop loss that was below the wick of the week. So typically, this week, I put a stop loss here. The following week, we went up, I put a stop loss here. The following week, we went up again. I put a stop loss here below the low. The following week, it was in the red. I put a stop loss really tight just here. Yes, just below. And so, well, the following week, I got my stop losses triggered at 59,247, and the equivalent on altcoins. So after that, we went up again, I stayed out of the market, and then we left, we left. So I don't know who is sending me a lot of messages, but Ah, it's okay. Ah, well, there you go, it's the groups with the future moderators of the server. Stop spamming the group, it's annoying. So, so there you go. And then of course, they will continue. So yes, it was crazy. No, frankly, it was a crazy bull run. I really, I really wish you that what I'm telling you happens, I really wish you 1000%. I really wish you that because to relive a second thing like that, guys, frankly, it's just incredible. To live something like that already was just crazy because frankly, guys, entering the market, I entered, it was just here. I entered just here, around here. Yes, I think I entered on the retest here, basically in January. Entering here knowing that we're entering a bull run, that this is over, and that well, there's upside. Frankly, guys, it's, it's exhilarating. It's exhilarating because you tell yourself it's January 2023, we're in August 2025, it's been 2 and a half years, 2 and a half years of bull run, and a lot is happening. There's plenty to make a lot of gains. So I wish you 1000% and I wish us all. So, so yes, they're annoying me by continuing to spam. So there you go. I'll stop here for today. I hope the live was enjoyable. Have a very good evening everyone. Yes, the, yes, the triple shift. We don't have the time. It's 7:30 PM, sorry, there's no time. What we'll do is, I think there's no, unless there's urgent and very good news to give like this one, which dates from August 1st. Frankly, I forced myself. Not to put it on Discord. I kept my mouth shut for once. I said nothing. But so, if there's nothing as big as that, we'll look at the triple shift next week. Triple Shift, which, I'll just give you a little, a little interesting tidbit. Triple Shift, which had announced the local top here, the local bottom here, the local bottom here, the local top here, the local bottom here, the local top here, and so on. So you'll see, it's a very, very powerful tool. There you go, it's very, very powerful. I'll talk about it next week. We'll do a live almost exclusively on that. Yeah.

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LIVE JEUDI 7 août 2025

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