Major Market COLLAPSE! Here's What It Means for Crypto! Transcript, AI Summary & Key Points

00:00 Okay, we are now 24 hours after the markets opened yesterday for the midterm elections. The dust is starting to settle. Bitcoin is back at $79,000. The NASDAQ also pulling back slightly. Yesterday was, I think, a telling day. We had crypto going up. And if you look at the stock markets, I mean, just look at that. So you had the solar and energy sector up, the Democrats bringing in Medicaid and Medicare for all, basically driving up the healthcare and insurers.

00:26 And if you look at the place that got pummeled the most, it was definitely the AI trade, right? The AI trade really got hit hard yesterday. I mean, let's maybe dig into the AI trade and understand why that AI trade got hit so hard yesterday. As soon as the Democrats won, we started seeing things like this. We saw Bernie Sanders talking about seven months ago, AOC and I introduced a data center moratorium.

00:50 Data center moratorium has become like a big buzzword now. Last night 43 or 44 communities voted for one locally. Americans don't want big tech oligarchs wrecking their environment, cutting jobs and threatening humanity's future, so big tech moratoriums, data center moratoriums. We had this, you've got to hear, okay, this is I'm going to play it for you, you're going to make your own decisions here.

01:21 I think there's a couple of things. Number one, we need a cabinet level agency that is going to invest in and focus on regulating the inside of the AI industry, kind of like an FDA or an SEC for AI. When it comes to the corporations themselves, I think they need to be divested from traditional big tech. They need to be reborn, rebuilt as public interest corporations.

01:48 And I think we need democratic... Nationalized? Not nationalized, but democratically appointed leadership at 50% of the board. So you're talking about sort of a public-private... Right. And is that about democratic control? Is it about sharing wealth? Number one, you need to make sure that the risks that we are barreling toward are thought through at the board governance level, that we're not just inadvertently following this micro scale incentive to create technologies that could kill us all.

02:28 What about the frontier where companies are pushing forward? We need a full on pause. Full on pause. Full on pause. And the point here is this. Wow. I mean, I don't know. What about the frontier where companies are pushing forward? We need a full on pause. Full on pause. Full on pause. Okay. Wow. I mean, I don't know. You tell me what you think of that.

02:57 But they're talking about data center moratoriums. They're talking about public owned corporations. They're talking about an FDA for AI. They're talking about pausing super intelligence. No wonder the sector got completely destroyed yesterday. And I think that bloodbath is actually continuing today. You've got a call. You've looked at that, $44.90. Let's look at Nebius.

03:29 Nebius is $126. I mean, that is crazy. It's back at this support level over here. I think one of the things around the AI trade, which was potentially good for Bitcoin, is if the data centers basically start slowing down, then there's less data centers taking on less debt. And if there's less debt, then they're not competing with government debt as much.

03:59 And that maybe is one of the reasons why we had the debt or the US Treasury yield actually start dropping yesterday. But ultimately, it was a bloodbath for AI. It was not a bad day for crypto, although we're actually starting to give back some of the gains. Something has to fund the spend. Where are they going to get all this spend from? That's why the word debasement is starting to creep up again.

04:27 And you can see that as a result of that, Bitcoin going up and Gold going up. So if you look at since June, basically Bitcoin went up and all the AI trade went down. Also, maybe an end to the war because the Democrats are not going to agree to carry on funding the war. And that's going to drive inflation down, and inflation down drives long-term yields down.

04:50 So maybe that's another one of the reasons. There's also another theory or another contributor. And that is because maybe, I mean, I don't know if you saw this, but. As the Democrats won, they basically started talking about passing a bill similar to the Clarity Act. So it's similar to the Clarity Act. It has a couple of differences. I'll lay out the differences for you in a couple of minutes, talking about how they can pass crypto-friendly legislation.

05:14 And to be honest, what they're proposing is not that far away from the Clarity Act. It does have a little bit more oversight from the SEC, which has been traditionally a little bit less friendly to crypto than the CFTC. And they're also talking about things like 24-hour withdrawals, pauses and stuff like that. So there is a lot going on. I think today what we're going to do is we're going to break down what the future holds for crypto after the midterm elections.

05:42 And we're not going to do it alone. We're going to do it with my two friends, Andy and Rob from The Rollup. Guys, welcome, man. Good to finally have you on the show. Yes. Thanks, Ran. Good morning. Thanks so much, Ran. Yeah, you guys. Good morning from New York. Yeah, from New York. How's the buzz today? It's good. I mean, everything that we do in New York is very institutional, tokenization.

06:07 We're talking to some of the world's largest asset managers at these conferences and the secular trends, perps, stablecoins, tokenization, these things are happening at the highest level of finance. I mean, I'm literally in the Empire State Building just down there as Wall Street. Ran, I know you know it well. And I mean, it's happening. There's this kind of muck of murky waters right now that I know that we're going to kind of go over.

06:33 So secular, longer term institutions are here. They're bringing their assets on chain. Shorter term, we've got an AI bubble to deal with. Okay, so guys, if you don't know Andy and Rob, they run a show called The Rollup. It's on Twitter. It's on YouTube. There are links below to both their shows. They do a lot of shows. They meet a lot of great founders.

06:51 And they keep telling me that I'm not bullish enough. Every time they see me, they tell me two things. They say, Andy always says to me, you're not tall enough. And then Andy and Rob say, I'm not bullish enough, right? So I guess I'm not tall enough and I'm not bullish enough. I think we're going to complete the rotation here. I think we're going to see a slow deflation of the AI trade.

07:10 And you mentioned a lot of great reasons as to why this could be happening. The Democrats coming in are going to slow down the AI build out. We're going to see a lot of that happen. And I think the returns in the equities market have been so concentrated in just a few names. If we see those deflate, people are going to be looking for returns elsewhere.

07:27 And I think the Anthropic IPO, all of these headwinds, equities have a wall of worry to climb. And I think we're going to see the complete rotation over to digital assets. And we're seeing it today, Rob. It's the leaders that we've been in. The NASDAQ's down 3%, guys. I mean, it bounced off that kind of, yeah, it's down 3%. Let me get a screen in there.

07:47 There we go. I mean, look at some of the... Oh, wow. Down here. Look at some of those best AI stocks. The AI stocks are getting pummeled. The AR stocks are getting absolutely destroyed. I think there must be a buy opportunity at some point because I don't think AI is going away. I think my view is that the Democrats campaigned on the anti-AI, anti-data center trade.

08:06 But ultimately, it's going to come down to tax revenue and it's going to come down to the U.S. actually being competitive. And I think when that happens, I mean, they played all the cards that they needed to to win the election. But I don't think that that's the end of the AI trade. So for me, maybe a good time to start picking up value in the AI trade.

08:29 Yeah, I mean, that video that you sent or that you just put on the screen is exactly what's happening, right? It's like this tech wild, wild west, this alt-dominated wild, wild west. Now we're talking about regulation, right? They're talking about an FDA for AI. Can you imagine anything worse than an American FDA for AI? Like I can't imagine. I mean, honestly, Ran, it sounds productive.

08:57 It sounds healthy. It sounds like a good idea. It doesn't sound like a good idea for anybody investing in the market. I mean, you don't agree. So you don't think some sort of like regulation, some sort of like slowing, not slowing down, but maybe a bit of a recalibration? I'm a capitalist. I think that markets should be free and fair. I think markets should be free and fair.

09:16 And I think that you should never try and artificially slow down progress because I think it's like, I think artificially slowing down progress. I mean, yes, I know we talk about China and maybe potentially China beating the US. I don't think it's about that. I think humanity should always try and progress as fast and responsibly as possible. And I think that putting moratoriums and things on the most powerful technology in the world isn't a great strategy.

09:42 If I were running, it shouldn't be a great strategy. We are fond of the libertarian and the free market ethos on the roll up as well. And I think what Andy might be getting at is that these things are, they're money-making machines and these guys, the democratic socialists want a piece of the pie. are going to be coming after the equity in these companies.

10:02 And so they're talking about getting ownership interests in these companies. And the way that they can do that is regulatory capture. So they're going to be embarking on these strategies because they want a piece of the pie. And I think it's a matter of time. If you look back at the previous administration, sure, they weren't particularly fond of crypto back then with the Gensler era of the SEC.

10:23 But look, Bitcoin and crypto has traded like a tech asset. We haven't seen the true pump. The true pump is the store of value asset. That's the debasement trade. That's the re-rating. And if you look back at 2023, Janet Yellen and Jerome Powell, they know how to make the money printer go burr. And I think the debasement trade is back on now that the Democrats are in power.

10:43 Yeah, the Democrats. Well, I think maybe let's just slow down and just say the Democrats aren't really in power, right? No one is in power. Yeah, not at all. Trump's got the veto, so there's gridlock, right? But they control the narrative. but they can't pass anything without Trump, and Trump's not going to pass anything. So I think everyone is saying the Democrats are in power, The Democrats are not in power.

11:05 The Democrats have won enough to make Trump a lame duck and to basically stall progress for the next two years. But in two years, they still have to win the elections if they want to be in power. So I mean, if I was talking about them taking stakes in AI companies and moratoriums on guys, calm down. They're not in power yet. I also think, Ran, these guys could walk back a lot of the rhetoric around data center moratoriums.

11:32 And even though they aren't able to do it without Trump's go-ahead, I think we're at peak AI disdumerism right now, at least a local top. I think these guys are going to realize, you know, there was a great clip actually yesterday. I think it was either Tom Lear, the previous woman on CNBC that was talking about how there is so much money that can come into these local communities where these senators come from their counties and their states.

12:00 What are they going to do? Put more hotels and car dealerships. You'd have to have hundreds or thousands of hotels and car dealerships to equate to the amount of money that they can bring in through these data centers. So when they see the tax revenue and their constituents see how much money they're leaving on the table, I think they're actually going to be like, hey, maybe these data centers aren't such a bad idea.

12:19 I'm not buying it, bro. I think it was all election campaigning. I think they played into the narrative. They're playing into the narrative and I think they're going to play into where they get the most money when they come into power. We're saying the same thing here. We're saying the same thing. Yeah. Remember this is politics. Let's talk about a win for crypto.

12:36 So, like, do you think that we made progress yesterday? I mean, Andy, I think you pointed out. The last thing on my bingo card was the Democrats winning the midterms and coming in and proposing some kind of crypto-friendly regulation. Yeah. First day, right? That wasn't my bingo card. Yeah, so Eleanor Turrette put out that piece, or that kind of quick tweet, and basically was saying that some iteration, yeah, here it is on the screen, some iteration of the Clarity Act they're discussing to expand crypto investor and

13:07 consumer bill of rights. What's funny is that the whole narrative from the Clarity Act was that, you know, that the Democrats were stalling it out, and, you know, this wasn't a part of the plan. Maybe their plan all along was to say, look, Trump won the crypto vote. And now what we're going to show is we're actually the crypto-friendly people. We're going to propose crypto regulation, which is good crypto regulation.

13:32 I looked at the regulation. I looked at it. There's a Claude artifact that we made. What's the differences? One is that they're going to give the SEC more oversight and a narrow oversight to the CFTC, which is, we know the CFTC has always been a lot more friendly towards crypto. Then they're talking about consumer protections, which kind of break the ethos of DeFi by like 24-hour withdrawal moratoriums, bankruptcy, remote custody, etcetera.

13:57 The possible tighter limits on the President and his family, to be honest, I want that as well. Like, I want, I think everyone wants that. Yeah, yeah. I don't want Trump and his cronies milking crypto anymore. Sorry. You saw Trump coin go down 25% yesterday. It's down a ton more today. They're going to investigate him. I mean, yeah. I mean, it's just, I mean, yeah.

14:19 Look at that thing. It's the biggest red. Yeah. It's the biggest red. 29.32%. So Randy and I were live yesterday and we were talking about what we expect over the coming weeks to months. I'm calling for a hate rally. I'm calling for Trump's got two years left in his administration and the Democrats are now going to be in control of more of the media narratives.

14:42 I think the headlines are going to be extremely negative crypto. You're going to have Elizabeth Warren that is going to be in charge of the banking committee. They are going to be slandering crypto, associating Trump and crypto at the highest level and going after him with total lawfare. And so you're going to get a complete one-sided, negative wash of headlines, negative crypto, yet I believe crypto is going to go up.

15:06 And so I think the retail public is going to realize that the media is lying to them as the market goes up. I don't know if it's 100K or 150K, at what point they will buy, but they will buy back higher after they realize that the media is lying to them. This crypto thing has 3X since Trump lost the midterms, and they've still just been preaching. They don't have everyone's self-interest at heart.

15:30 And we're going to go on this hate rally that is then going to be fueled by retail public buying back so much higher. Yeah. And just to add to that. So Arthur put out this post D for dilution, and he kind of says that the AI IPO trade is going to break under its own share supply. So just kind of quick synopsis here for you guys to chew on. So he compares this to early Zcash where the market cap can rise while the token price falls as new supply floods in.

15:56 So he estimates that SpaceX has about another 50% dilution coming by June of next year, Anthropic about 83% over the first six to 12 months, and then obviously OpenAI to follow a similar pattern. Huge amounts of new capital would be needed just to keep these things afloat. And so falling stocks then hit this AI credit and circular financing flywheel that they built out.

16:18 Lenders demand higher yields to lend their capital into this trade. And the whole data center build out financing plus the damn regulatory throttling kind of leads to a bank balance sheet contraction or just a lack of expansion. Dollar liquidity tightens and this is an AI kind of unwind that probably affects crypto in the shorter term. As with all of Arthur's pieces, his trade, stay patient, sit out the mega IPO implosion and then await for the emergency response from the central bank.

16:54 I know it's very classic Arthur, but I do think that there is some sort of national AI backstop for a variety of reasons that is literally as simple as backstopping these loans, making sure that financing keeps happening, pumping money into the sector, which I think Bitcoin, Zcash will sniff out very quickly. But we could get a little bit of a scary moment here if the NASDAQ continues to free fall.

17:20 But I think that's what we need to get that acceleration from the leading crypto assets. Just to close this point out, this is where Andy and I disagree a little bit. I think we both believe that the complete rotation is going to happen from AI to crypto, but how quickly that is going to happen, I think, is a matter of debate. Is that going to be a violent response downwards?

17:45 Anthropic IPO sucks so much liquidity out of the system when we get this emergency Fed backstop and we get this explosion much higher. How violent is this move going to be? Or do we get this slow and steady deflation out of the AI trade, right? And the injection of liquidity from the central banks is a little bit more moderated, right? And it happens over time.

18:09 It doesn't exactly look like slow and steady to me, Rob. Right. So how quickly is this going to happen? And how quickly do we see Kevin Warsh get on his horse and start printing money? I think we know this is going to happen, but it's how quickly this is going to happen. Yeah. And Rand, if you look at some of the inflation data, I saw a tweet, headline inflation is coming down across wholesale gasoline.

18:29 Obviously the market doesn't look very strong. I think any sort of December hike from the Fed is out of the question at this point. I don't think the Fed's hiking in December. So let's actually test your assumption. Let's go to the CME prediction market. I also don't believe there's going to be a hike after this 75. They're pricing at a hike. 75%. I've got 80%.

18:53 At a hike. I don't think that's going to happen. They're wrong. I agree with you. I'll tell you another thing. I also think that you spoke about Elizabeth Warren bringing crypto and making crypto look bad. When did crypto do its worst and when were they the most when was there the most passion around crypto? It was when the system was fighting crypto.

19:14 And one of the biggest critiques that we're facing now as an industry is that people aren't passionate anymore. The days of Buy the Dip and HODL have disappeared, right? And that's because there's no enemy anymore, right? The people that were fighting, they were fighting the system. And when the system accepted Bitcoin, it was like, well, who are we fighting anymore?

19:33 And they moved on to another fight, which is a Zcash fight. They moved on to the privacy fight. And that's why privacy has all the momentum behind it. That's why Zcash has all the momentum behind it. So I do think that some resistance back in the system won't be a bad thing. Also, I'm going to challenge both of you. And the reason I'm going to challenge both of you is because you guys are saying it's a rotation between crypto and AI.

19:55 I don't think so. I see them as one trade. I think that crypto is the money and the governance that AI agents are going to be using. And if you think about the NASDAQ and the big AI build, what was it? It was people building infrastructure for AI. And when you break down what AI is a bunch of agents. And what are those agents going to do? Those agents are going to eventually transact.

20:20 And what are they going to transact in? Well, I believe my thesis is they're going to transact in blockchain money. So I think short term, maybe AI sucks capital out of crypto. Crypto sucks capital out of AI. It's a short term game, but long term, it's crypto and AI because the governance, the rails, the transactions are all going to be AI. So to me, crypto is the AI trade.

20:40 I'm not excited about crypto because me and you are trading Hyperliquid or because me and you are trading rubbish coins and pump.fun or FOMO. That's not why I'm excited about crypto. because agents are going to do 215 billion transactions a day and they're going to use crypto rails, hopefully, or majority are going to use crypto rails. And that's why I'm so excited about the crypto trade at the moment.

21:02 And before I make any investments, I always ask myself, are AI agents going to trade this? And at what velocity? And if the answer is yes and the velocity is high, then I'm all in. Yeah, I spoke to Dan Ives. You might know him from your CNBC days. He goes on the show a ton. He goes on Bloomberg a ton. He just, you know, he kind of echoed your point.

21:23 He's like, what? We got a couple trillion dollars of capex to be spent over the next couple years in AI. I believe that this kind of convergence of AI and blockchain is going to, you know, have multi-hundred-billion-dollar outcomes on the investment side and that AI is simply an accelerant to digital assets and like, you know, the bull side of things.

21:42 I agree. I don't think it's necessarily a rotation. It is one trade. The NASDAQ's down 4% today. Bitcoin's down. Hyperliquid's down a ton. Zcash is down. I mean, the whole crypto market's red today. Anything in the NASDAQ and the DAX is getting smoked. And so, I mean, I guess the bigger question is, what do we need to see for the broader equities market to calm down?

22:10 And are we going to see Bitcoin and the hard assets bottom first, start moving up? Any sort of hint of looser-fed monetary policy? And then the second and third order here is what do you own if the Democrats took both the House and Senate? You know that there's a fighting chance for them to win the next presidency. Is this privacy narrative actually going to work?

22:31 Is it hard assets? Is it Bitcoin? Is Zcash the thing that you really want to own? To me, it's a no-brainer. We're heading toward these kind of globalism, socialism, wealth tax, privacy, invasion, AI surveillance kind of world where just each day that happens, Zcash is honestly, has so many. Zcash is such a wide surface area for catalysts. And so I think the question is more of this NASDAQ thing is going to settle in.

22:58 It's going to slow down. We're going to get a bounce. We're going to get some chop. This free fall is going to stop. We're already down now. We're battling back a little bit. It held 25,000 on the NASDAQ, and I think it's back above 3%. Now we're down 13% from the highs, so we're getting close to bull market territory. I mean, is this not the opportunity we've all been waiting for?

23:18 We all missed. I don't know. I certainly missed a lot of the AI trade. Now you've got to pull back in the NASDAQ 13%. On some of this. I mean, you buy the blood. This is people panicking. Very soon, people are going to get back to rationality. I think you probably got two more trading days to buy the blood. And then everyone's going to go back to rationality and say, oh, you know what?

23:37 Actually, we need AI. AI is going to be here forever. The Democrats haven't won the election. I think we got to get past this Anthropic IPO. And opening to and NVIDIA earnings are coming up the day after the Anthropic IPO. They're targeting November 16th and 17th. If you just look at uncertainty and you think that's why this thing is going down, Democrats and who really knows what we're going to do.

24:00 Right. They talked a big game. How much are they really going to slow down the trade? We don't really know. There's still a good bit of uncertainty out there and the market is fearful and reacting to that uncertainty. And I think the Anthropic IPO is the most uncertain of the uncertainty. We're going to get a little bit of clarity next week right before the IPO.

24:21 November 11th, the Q3 Anthropic numbers are going to come out. So we'll have a little bit of more of a sense of their revenue profile. But we know that Q3 was not as strong as Q1 and Q2 for Anthropic. Look at the pre-market. on Anthropic, and I'm looking at this on variations. I'm looking at the pre-market on Anthropic down from $2,200 to $1,540 already.

24:43 So already coming down to $1.5 trillion valuation, which is, yeah, I mean, I think this is the most uncertain thing. Please don't look at my positions here, which are not really doing very well at the moment. Yeah, there'll be a nice workshop at the end of all that. What I wanted to hear from you guys, and I think I've got my first answer. You guys are in the know.

25:05 You guys are interviewing founders all day long. And I want to build a portfolio. I want to build the Andy and Robbie portfolio with your 10 best assets. I guess the first one is Zcash. I mean, you've just mentioned how you want to be holding privacy. You've said many times that Zcash is your darling of the cycle. And I think you said, yeah, I mean, hold on.

25:27 You said we expect NEAR and Zcash to be the two fastest horses on the leg up. So after Democrats come into power, do you still keep Zcash? Is it still your number one play? Yes, 100%. I think it's the number one play in the entire market. I don't think anything else has as much asymmetric opportunity. It's obviously up a lot. You know, the store value asset market for Bitcoin is obviously now what?

25:54 It's over a trillion, almost two trillion or a trillion and a half. For Bitcoin, Zcash is about 1.5% of the Bitcoin market cap. I think if you look at the precious metals as an example, you've got gold, silver, palladium, and then down into kind of copper and some of the more kind of utilitarian metals. I think the digital asset market is going to follow that in terms of store value.

26:20 I can see Zcash equating to 5% or even 10% of Bitcoin in kind of a maximum rally scenario. So I expect there to be a more diversified store value asset market, which I think has the most opportunity and upside. And so from our perspective, this is more of a ratio of the actual store value market kind of building itself out. Bitcoin's been around for 15 years, Zcash 10.

26:50 There's no reason why there should only be one proof of work store value network. And from our perspective, it's never going to flip Bitcoin or anything of that sort, but it's a very, very good second place. And I think Bitcoin gets to 5 trillion, 10 trillion, 5, 10% of a 5 to $10 trillion digital store value market is a big opportunity. All right. What else?

27:13 I'll give you Zcash. Do I assume that based on that tweet that NEAR is your number two or you want to have another go at it? Yeah, I think NEAR is pretty solid, but Hyperliquid is my number two. Okay. Because it kind of gives you a different diversified set of it, a different opportunity than NEAR and has different catalysts. It has different it just has a whole different framework.

27:38 So tell me your hypothesis, like why are we holding it? What's the reason? And also, should we be worried holding it at an $80 billion fully diluted valuation? Yeah, I mean, the chart looks pretty rough, doesn't it? I mean, the whole market looks really rough today. I'm not thinking about a one-day view. I'm thinking about long term. I'm thinking about holding these for the next two, three years.

27:58 Is your thesis to keep up? Yeah, then I'm not worried about it. I think it's going to end up over 100 into the $200 range in 2027. The thesis is that post what I think is one of the biggest announcements in the entire industry, which is ICE and NYSE building on Hyperliquid, is perps are going to become regulated onshore products. There's going to be kind of an offshore and an onshore version.

28:24 The onshore version is going to be massive. Hyperliquid has the best technology along with Lido. Those are kind of like the one-two punch for perps coming into the US as you have it there on the screen. I mean, we're going to see the largest Wall Street traders, market makers, arbitragers trade on chain. They're going to do it on Hyperliquid and on Lido.

28:43 The opportunity is massive. We're less than 1% of global derivatives volume for perps right now. Even if we get to half a percent, 1%, 2%, we're looking at a step function increase in volumes as well as fees, as well as just general buybacks for the token models of both Hyperliquid and Lido. Those are really strong. What's your Lido thesis? Why hold both?

29:04 Why hold Hyperliquid and Lido? Generally, for me, back to the winners, that's like, you know, in every sector the winner wins by a country mile. In networks and trading is a network, the winner wins by a country mile and then there's always a number two. So there's like, you know, if you think of Amazon, Amazon wins by a country mile and then you've got like small small players, etc., etc.

29:26 Or Uber's another good one where Uber's won by a country mile, but then you've got smaller competitors like Bolt and Lyft and whatever else. What's your thesis for holding both? Why not just back the winner? Yeah, I mean, I'm curious, Rob Stick, but I'm not good enough to know that they're the winner. Are they for sure the winner? I don't know. I mean, the chart's better.

29:50 It's bigger. Rob, what do you think? Yeah, I think Hyperliquid's the winner. I mean, I don't know how there's an argument. I think the only other opportunity that someone might have to dethrone Hyperliquid is if the CME, the CBOE, some of these other incumbent derivatives exchanges build out their own perps platform. But otherwise, with that being said, the way that Hyperliquid has been able to partner with the incumbents, I think it's very clearly the winner.

30:20 So, yeah, I want to own it. The argument for owning both, you could say very similar. Like the third asset that I would put on our list here, we've got Zcash and Hyperliquid. The third asset I would put on there is Bitcoin for the very simple reason of like, it's the winner in the store of value category. And so what's the argument of owning both? Well, that the relative market share of one is going to eat into the other.

30:47 And so I do think right now that Bitcoin and Zcash are actually at an equilibrium. The reason being, and we talk about this a lot, the store value category is very similar to the physical store value category. Bitcoin and Zcash are just digital forms of gold and silver. And right now gold is 70 times the value of silver in terms of market cap and Bitcoin is almost exactly 70 times the market cap of Zcash.

31:09 There's a very interesting equilibrium that both of these have fallen pretty much in line with one another. So I think that right now we're at an equilibrium, but it's not to say that the momentum Zcash has so much more momentum than Bitcoin right now. And I do think that the relative market share can eat into Bitcoin's, but you don't want to fight against Bitcoin.

31:30 So I do think that only Bitcoin is worthwhile. Yeah, and that's the same thing with the Hyperliquid and the Lighter thesis. Same thing. It's just there's an opportunity for Lighter to gain more market share, but who knows? I agree generally with size, the rent we're looking for hype to be sized up far more. I think the next one is NEAR in the portfolio.

31:50 I think the Hyperliquid chart right now is a little bit worrisome, but I think it's okay. And I think NEAR is the darling to Zcash. It has the kind of same level of privacy element, but in a different way, it makes Zcash programmable. The same kind of cabal that's backing Zcash, if you will, is also backing NEAR. The chart obviously looks like it needs to pull back further, but I think we're going to get to a nice level here sometime this month.

32:22 And I think it'll be a really good buy. And so that would be our next one. And then after these, you start to really, you know, maybe you put Lighter in there, and then after these, you start to really have to stretch what you're looking at, you know, into the revenue category, into the kind of other kind of more esoteric narrative plays, etcetera, potentially.

32:44 Yeah, you can play like Derive. Yeah, AERO, like these types of names. I've got any, I've still got an ETH thesis. Yep. I think, okay, I want to hear this. I want to hear this because I actually spoke this morning about dumping all my ETH. I don't want all these anymore. No reason to hold it. I think it's going to be completely fine. I think the tokenization super cycle is very much in full swing.

33:07 I think we're going to end up with trillions and trillions of dollars of assets of that's great assets on that's great. And I think a lot of that is going to be on ETH. I think it already won the dominant market share of stable coins, and I think it's going to do the same same thing for tokenized asset. It has the most robust DeFi ecosystem. Aave, Morpho, Aerodrome, Uniswap, the names go on.

33:30 All of this, it lives on Ethereum. And I think you can make the case, you know, is ETH money or does ETH have to generate revenue? And I would make the case that it doesn't have to do either. I would make the case that it actually can do just fine with the somewhat amorphous or nebulous narrative that people just consider it adjacent to tokenization and consider it as a buy if they're trying to bet on stable coins or smart contracts or blockchains or DeFi or any of tokenization.

33:59 I think people are going to end up buying ETH even if they don't think very clearly about the value accrual or the revenue thesis. So cool story. And to be honest, I've been spinning that story for a long time. But actually, what I've realized is that in this cycle, people are actually valuing tokens on fundamentals. Fundamentals means that there's either got to be scarcity or there's got to be value accrual or both.

34:23 Hyperliquid has managed to do both because there's value accrual and there's scarcity in the token, right? Because there's a pool of hype of that pool of hype, a whole lot will never come onto the market or will come onto the market at a very late stage in time. A whole lot of those are staked. And at the same time, they also create a revenue machine.

34:44 So, in order for a token to succeed, it's got to have scarcity, it's got to have a way to share revenue with its token holders, or both. ETH has neither. Why? Because ETH is I would push back on your scarcity point because if you look at the equities market, these guys have very robust issuance distribution curves. So they're doing all kinds of unlocks.

35:12 They've got authorized shares. But shares accrue value. And that is exactly the way that it works in the equities market. And I do think that the ETH coins, as they are issued, and they've also got a robust issuance curve. It's not like they're just unlocking tons of supply in the market. They've throttled a lot of their supply issuance as well. But I think you make a good case around revenue accruing value to those equities.

35:39 I just happen to think that there is going to be a cohort of buyers that are also interested in aligning themselves and getting exposure to the tokenization super cycle. And I think the easiest way for them to get access to that is going to be through Ethereum. I think if you want access to tokenization super cycle, buy yourself Uniswap because I like transaction velocity by Uniswap, by Aerodrome, by Raydium, by Backpack.

36:08 I love tokens where I can value them. I know that the fee per transaction is X. I know what the token supply is. I then have to work out the velocity. When I look at Uniswap, I say, will it capture a big share of the tokenization market? Yes. Will AI agents use the rails of Uniswap to conduct swaps? Probably yes. Therefore, will it have high velocity?

36:30 Yes. Will it have high fees? Probably yes. I mean, that's really how I value it. One more thing for you, Ran, which is that I think we have to consider the dependencies. So sure, Uniswap could go build its own L1 and Aave could go do the same thing and they could go on this app chain route like Hyperliquid has done. But in the face of some of these cybersecurity breaches, in the face of Quantum, when you get into very rigorous technical capabilities, I doubt that Uniswap's core business model is going to protect them

36:58 from what is coming. I think they have to rely on a more rigorous cyber secure blockchain, if you will, call it Ethereum, that is going to help protect them from some of these security principles. And I think Ethereum is one of the most well-positioned, most forward teams, companies, blockchains, projects when it comes to quantum and cybersecurity. Okay, so look, I'm going to show you a trick.

37:27 I'm going to lift my hands up and ETH got added to the spreadsheet automatically. I didn't even have to touch the spreadsheet. So let's talk about your next one. I must say, I'm not a big ETH fan. I think ETH is a dog. I think it's got fleas. Tell me what else. ETH is a dog with fleas. You're not going to convince me otherwise? ETH asset is tough. The Ethereum blockchain in the whole network is great.

37:51 Oh, the Ethereum blockchain is the best thing in the world. It's the best thing in the world. You know why it's the best thing in the world? I'll tell you why. it's the best thing in the world. Let me tell you why it's the best thing in the world. Tell me why Ethereum blockchain is the best thing in the world. I'll tell you. Because if you want to launch an L2, you can generate $100 million in fees, and you can give ETH $100 to settle on the main chain.

38:13 Yeah, you can. What a brilliant chain, bro. What a brilliant... I mean, you can generate $100 million worth of fees on your L2 like Robinhood did. And you can just give ETH $100,000, bro. I want to ride that bus every brilliant day of the week as a chain. As a chain, it's unbelievable. Yeah, I agree. Sounds like there's going to be a lot of L2s. As an asset, piece of rubbish.

38:39 Sorry. As a chain, I think there's a time horizon difference here, guys. Like, I think in the immediate term, right? Like what I would add next, Lighter, maybe I'm going to do it with no hands. So let just see if the system works. Who else have you seen that endorses both ETH and pump? None other than the roll-up. I mean, come on. I don't endorse. These things have been totally tribalistic on either side of the curve for so long.

39:12 What you won't hear us say though, Rand, is so long. Wait, wait. Let's slow down. I'm going to argue with you on your pump thesis. I was a big fan of pump.fun. I was a very big fan of pump.fun. I had no on my show. The revenue is durable, Rand. The revenue is durable. Yeah. They thought he wasn't making money. You're thinking too small, and I'm going to tell you why I think you're thinking too small, right?

39:32 You're a parish, Ethan. Let me explain this to you. I'm very bullish Hyperliquid. You know why I'm very bullish Hyperliquid? Because the behavior that Hyperliquid encourages is a very good behavior. It's people trading any asset in the world on-chain 24/7, 365 globally. I love that dog water behavior. With leverage. I love that behavior. Leverage is a very, very good tool if used correctly.

39:57 The behavior that, so first of all, let's talk about pump.fun. The behavior that it promotes is extractive. It encourages you not to hold tokens. It encourages you to launch tokens and dump them as quickly as possible. That behavior eventually automatically gets people rekt. Number one. Number two, I want to talk about the pump team. What have they done?

40:17 So the pump team for me, and I take credit away from them. They've launched the most revenue successful application in crypto. But what have they done since then? What have they done since the launchpad? What can you do? Maintain the revenue. Maintain the revenue on one behavior. On one behavior. With $2 billion raised on one behavior. Uniswap. How is that different from Uniswap?

40:40 No, I completely agree though. Wait, hold on. Wait, let me ask you. Pump or FOMO. You can invest in one. Pump or FOMO. You can invest in one. Where do you put your money? Pump or FOMO. Oh, I don't know. I mean, I would invest in Pump all day. They've already proven that they can generate billions of dollars of revenue. Why would you invest elsewhere?

41:02 I would put my money in FOMO and I'll explain to you why. FOMO is social trading. FOMO is what happens when an investment platform has a baby with a social media network. Social media networks are the most successful businesses in the world. Investment platforms are the most successful businesses in the world. Social trading for me, and specifically the way FOMO does it, which encourages you to hold tokens because your positions are transparent, and you gain your credibility based on the tokens that you hold, is a

41:35 great dog water behavior. And I see people actually trading like that. Now, my thesis around trading says the following. In three years, humans are not going to be able to trade because AI agents are going to have such an edge on us in terms of speed, processing data, time, that AI agents are going to take 90% of the trading. The other 10% is going to be done by humans, but it's going to be done by humans for fun, as a sport.

41:59 It's going to be, like me and you can't out-trade an AI agent, bro. They can study the company results and they can buy it and they can make a decision at one split second at like one billionth of the speed that you and I can do it. Right? When that happens in two or three years and the AI agents have got their game together, humans are going to trade, but it's going to be sport.

42:17 It's going to be fun. And I think FOMO wins there because by that time, they're going to master social trading. While pump.fun is trying to extract money from people just launching the next coin and the next coin, that business model in my mind is not a sustainable model. I just think the moat that pump.fun has is so much stronger than FOMO's moat. I think pump.fun could launch a social trading mechanism.

42:43 They have one. It's not great. That's the thing. They have one, but no one knows about it. No one talks about it because that's not what they're really good at. They're good at launching tokens. FOMO is really good at social trading. My money would be on FOMO. Your money is on pump.fun. I respect your decision. I just wanted to give you my view. Yeah, no, I agree on pump.fun.

42:59 I've reduced my pump.fun exposure. It's hard to hold it. It's hard to support it publicly. It's hard to, you know, back what they're doing. That's it. It's impossible to back the extractive behaviors of the Solana meme coin trenches. I agree. From, if you're putting morals aside, it's a cash cow. It's the best, it's one of the best fundamental tokens right now in the industry as far as buybacks and that type of stuff goes.

43:24 And so I firmly agree from the moralistic perspective and from the industry and from the behavior psychology, it's a wrecking ball. And that's why I reduced a lot of my exposure. Just a quick market update. So the NASDAQ is down 4.34%. Bitcoin is at 77. Just for fun, I'm going to scroll through some of the AI stocks because I bet you those are the ones that are getting killed the most today.

43:47 Holy moly, SanDisk is down 15. NVIDIA is down 7. Microsoft 3%. NVIDIA down 7%. Freefall. Look at SanDisk. Whoa. Down 17%. Let's look at NVIDIA. Let's quickly look at NVIDIA. We'll go back to the crypto in a couple of seconds, but we've got to go with this. Dude, these things went parabolic. What were people thinking? Well, I mean, this is the market correct.

44:15 Look at the status chart zoomed out. It's insane. It's just following the classic parabolic advance and decline flow. This is it. Wow. This is what we've been waiting for. This is the correction we've been waiting for. If you're a value investor, then start rubbing your hands because you might actually find some value here. I missed the whole AI trade if I'm being honest.

44:37 I also did. I wasn't paying attention. I also did because I was paying too much attention to crypto in the bear market, unfortunately. But there was a crypto AI trade. I mean, we caught NEAR, so you can't really say that you missed the AI trade completely. And VVV. Yeah, and Venice. Oh, and Venice. Yeah. But I mean, dude, these stocks look disgusting.

44:54 Yeah, hold on. Let's actually go to the stock bubbles. I mean, let's actually go to the stock bubbles. I'm telling you, Rob, the Fed is a big deal. The backstop is coming. It's coming. No way it doesn't sit far away. Guys, the Fed backstop is far away. We're not there yet. We're not there yet, people. There's no, they're already buying 40 billion every single, telling you guys, they're doing another couple points down without saying that they're doing things another couple points down the NASDAQ, and we're gonna see

45:21 Bisant come out with something, Trump come out with something, and a bit more of that kind of rhetoric hit the tape. Oh, I'm loving this. I think this is a long overdue correction. I've been waiting for it for a long time. I think this is amazing, absolutely amazing. I just want to see how deep do you think we go here, Ran, on say Bitcoin? On Bitcoin.

45:43 So, okay, so let me actually take you to my levels on Bitcoin because I think that's actually quite a good one to look at. So, Bitcoin, if you look at it in a bull market, so in a bull market, and I'm I'm under the thesis we're in a bull market. The reason why I say that I'm under is because we've put in the first higher high of the cycle after a 12-month bear market.

46:00 We've also gone above the EMA 50 on the weekly. Oh, sorry, the SMA 50 on the weekly, right? And generally, once we go above the 50 on the weekly, we don't go below in a bull market. So you can see that if you go to the 21 bull market, we actually, I mean, we wicked once or twice, but we generally don't go below. In the previous one, we dipped on COVID, but generally after that, we went up and we stayed above it, right?

46:24 So generally, the first level that I want to see is the 75, which we're just kissing right now. Okay. After that, the next level is the bull market support band, the low of the bull market support band, which is where I think we'll ultimately land up. So bull market support band is at 71 or 72. Here it is. So the lower side of the bull market support band, which would take us to that level over there, which is okay.

46:48 Now it's at 73. Let me just go back onto daily. It looks like we're headed for low 70s at this point. There we go. So it's 72, 73. What I think that will do is it will bring the fear and greed index back to extreme fear. And that's what you need to get a market reset. Look, right now, if you look at, I have a buy list over here, which is, you know, the reason why I keep a buy list is so that I'm fully focused on the tokens that I want to buy and I don't get distracted.

47:17 And so like now, this is my buy list. So I've got Derive here, but my target price for Derive is 20 cents. It's at 34 cents. Yeah, I'll show you. Like I'm looking for Derive to get back to, okay, this chart of Derive is not a great chart, but let me show you a Derive chart. It has that down five. What's the circuit breaker on this thing? Is it 7.5% before they stop this thing?

47:46 Good question. Is the circuit breaker 7.5%, isn't it? It looks like we're going straight forward today. So that's my level on Derive. You see, that's the chart, and I'm looking for that level on Derive, which is $0.20. And it's still at $0.34, so it's not cheap. I'll show you another one. Backpack. Backpack is at $1, right? I want to try and buy this thing at $0.50.

48:03 It's at $1. It's still at $0.95. These things haven't cooled down, really. So I don't think we're... Zcash, too. I mean, Zcash could go down to 700s. Yeah. So there's three levels of market-wide circuit breakers. There's a 7% decline. It halts in the NASDAQ, halts trading for 15 minutes. It's triggered before 3:25 PM. We're way before 3:25 PM. We're at 5.2% right now.

48:29 Level 2 is a 13% decline. It halts trading for another 15 minutes. And then a level 3, 20% decline, halts trading for the remainder of the day. Andy, what ticker are you looking at? What's your ticker? Are you looking at NQ or what's your? Yeah, I'm looking at the NAS 100. NQ is the futures. It's down 4. But if you look at the NAS 100, the US Tech 100, it's down 5 now.

49:02 That's just Q and Tech, NAS 100. Yeah, that's what I'm looking at. Okay, now let's do some numbers together. So this year, from the top, it's down 13%. However, let's just get some perspective going. If you look at how it's done this year, if you look at just returns for people who invested at the beginning of the year, here it is. It is still up 7% or 8%.

49:26 But this is the kicker. If you go to January 25, which is somewhere around here, so it's about there. And you go to what returns investors have made in the last almost two years, still a 30% increase in index. Yeah. So, I mean, yeah, it feels to me like it might be soon time to start actually deploying, deploying some cash. I think it's pretty soon time to deploy some cash.

49:53 I mean, I don't think, yeah. Tech's not going anywhere. Yeah. Well, we're down to 14%. 15% now from the highs on the NASDAQ. Yeah. Yeah, I mean, low 70s feels pretty much certain at this point. Maybe a dip below 70s on Bitcoin. Yeah, I mean, Bitcoin looks a little shaky, doesn't it? For me, honestly, I see two levels. It's got to be that, it's got to be this 50, this, yeah, and I think we'll probably break down below this level and then the next level is that 72 level, 70, 71, 72.

50:33 If we go below 71, 72, then I mean, yeah, good chance we put in, you know, like that free, it's because then we go below this level, then it's just air until 66. It's just air. So, I could see 65 to 70, you know, a little wick below 70. Well, that's then that would be that level over there. That would be that, what are we So, Ran, you're looking to get some of these alts that you kind of like, Backpack, Derive, some of these others are like 20% to 40% lower.

51:03 My buy list is exactly this. It's Derive, Sonic, Backpack, Geodnet. Sonic. I'll tell you in a second why I think Sonic good. Uniswap, Grass. Grass is actually coming into my buy zone now. Derive's other options play, which is Hypercall, VVV, at Cards, at like Layer 0. And then some stocks that I'm looking at are Google, Intel, Robinhood, Circle, and SpaceX.

51:34 Layer 0. Yep. Layer 0 has a good chart. I mean, Layer 0 because of the cross-chain, because of the whole cross-chain narrative. I get it. We're getting support on the tech now. You don't really think about it too much. Somebody's buying. Somebody's stepping in here. I mean, Ran, I think some investors are going to see this as value, right? It's still early value if you think about the rotations, how these things play out, but I think people are seeing this as value now.

52:01 You think so? I mean, I think people are going to look at these tech stocks and be like, yo, this is just because the Democrats won the midterms does not mean that this is all over. The issue, though, Ran, is not about the actuality of the reality, right? The issue is that once the positioning shifts, the one-sided positioning gets so off sides, it's just this unwanted.

52:24 I mean, you've seen this how many times in crypto. It's like, you know, this whole tech thing isn't that bad, but like you get a set of whales panicking and getting out and then it just, you know, margin calls and positioning unwinds happen so fast. So, look at this. This is, I'm looking at the NASDAQ chart here and this is the two, let me just get rid of the other chart there.

52:44 This is the 200 day moving average, which is, that's quite a key level. If you track back, it only goes below it in like serious corrections. If you go back, look at how we're under it. We're now under it for the first time in a long time. Great sign. Yeah, I mean, great sign that we could be bottoming pretty soon. Like, I'm not saying today, I'm saying, you know, you can see.

53:05 No, I agree. If you look back in April of 26, same thing. What, a couple days under it. I think they, I mean, look, I've got to challenge my priors. This is happening faster, more explosively, which is fantastic because the response happens and reflects the pace of the unwind. of the unwind. I mean, I think Arthur's right, guys. I think the Fed's going to step in.

53:32 I think they're going to do something, man. They are not going to do it after two days of panic because of the election. Another 5% to 10% down on the NASDAQ, 5% more down in like get to 20. If we get to the low 20s, they're gonna step in. Hold on, let me, when you say step in, Andy, like what is it could be anything as simple as a statement, hey, you know, yeah, we're gonna, we're thinking about doing this or it could be as simple as like, yo, we're literally buying XYZ or we're taking 5% of Anthropic, you know, the

54:09 government could be like, we're taking, we're gonna get 5%. We, we've made a deal or, you know, coming over to AI as a national security priority, getting a big Department of Defense. I think you're getting, I'm gonna take the other side. I I think this is a normal correction. I think we were as scared over here when the tariff thing came on and they didn't actually step in.

54:35 And I think we were as scared over here. These are markets, bro. They were exuberant. If you look at the RSIs, I'm sure the RSIs needed a correction. I'm sure. Let's have a look here. This is the RSIs. Let's just get some RSIs up on this chart. And actually, I've got so many things going on here that I can't even see these dog water things anymore. I mean, this is nuts.

55:00 Yeah, the RSI needed a correction. Look, the RSI were at the 70s, which is a high number. And here they were at the 90s or the 80s. And they need to come down to just under 30. And we're almost just under 30. To be honest, tomorrow is probably a good day to start deploying cash. If not today, tomorrow is probably a good day to start deploying cash. Look, I mean, just look here.

55:20 Sentiment doesn't last. Sentiment always oscillates between extreme greed and extreme fear. And it's been happening for 100 years. And we were quite high over here, which was the first top, and we were quite high over here, which was the second top. Very similar to Bitcoin's 2021 pattern, the double top pattern. And then, I mean, now the RSIs are cooling down.

55:41 Generally, you want the RSI below 30. We're just below 30. I mean, this is probably, look, I don't want to say it, but it's a good time to start buying. I think if we go look at CoreWeave, we'll find that its RSI is way below 30. Okay. I'm not catching knives out here. I'm not stepping in here and being the buyer of last resort. That's not our job. Well, you've got to step in before the Fed steps in because during COVID, I sat and waited and sat and waited.

56:09 And then the Fed came in before me and then I woke up and it was plus 20 on the markets. Right? I hear you, but this is a long road. You've been in this game a long time. You've seen bull markets. This thing is just getting started. So if you can catch the meat of the move, the Fed makes an announcement at 9 a.m. and you buy at 9:30 after you're up 10%, you'll be all right.

56:31 If this truly is a bull market, which I think we all believe that we're in. Yeah, all right, listen. I want to carry on. I want to start carrying on covering the market correction, but I want three more tokens from you. So you've got Zcash, Hyper AI agent, add in Lighter, please. Yep, Lighter. I would go into Aerodrome. Yeah, okay, with the You like the fact that they're now multi-chain.

57:04 Expansion, taking over the spot tax market, all of that, yeah. Yeah, okay, cool. Yeah, we've got to get through these quickly here. Look, I like a crypto equity. I don't know what it's going to be. I don't know if you want to call it circular securitized. You know which one looks good? I'll show you which one looks dog water. Which one? Even on a day like today, I know you don't like falling knives, but that's cheap, guys.

57:33 What is that? Yep. And then a circle. I mean, you've got Circle here. $68. It's been cheaper. I'm not ready to buy this yet. I think there's going to be value out there. You could even look at like a Robin Hood, which on a day like today, even after their earnings a couple of weeks ago, they already got smashed. Today, they're probably mega smashed.

58:02 And they're probably right for value as well. Robin Hood's done 11%. You know, they're making money hand over fist. Robinhood chart looks terrible. Oh my gosh. The complacency shoulder after the massive bull run. Oh my gosh. It looks like it's going right back down to 50s. I love this. I've been waiting for this for a long time. I've had many aside for a long time.

58:27 I've been sworn at by the community for like, why are you doing it, etc. Okay, I see on my ticker that you guys need to jump. You've got other commitments. I'm going to stay on for a couple more minutes. Guys, it's been absolutely flipping amazing. Yeah, Ran, thanks for coming on. Thank you so much for having us, man. Thanks for having us, Ran. It was fun.

58:44 Crazy day to do this as well. Absolutely. I woke up this morning, I was like, we bullish. Zcash is It was a little bit shaky out there, and then bang. So we'll have to do this again. And I mean, look, man. We couldn't have timed it better. I'm staying bullish. Guys, remember that if you want to watch Andy, first of all, their Twitter is a good place to go.

59:05 The other place to go is their YouTube channel. They've got a great YouTube channel. Everything is Twitter is a good place to go. The other place, let me just switch that off. Everything is below. All their details are below. Yeah, you can see it here. You can actually see it here. You got Andy on X. Robbie on X. They're right up on YouTube. And then, yeah.

59:24 So just go and subscribe and follow these guys. Yeah, very cool guys. They're in the heart of it. They're in New York City. They're in the heart of everything. And as you've seen, they're full of alpha. Guys, thank you so much. See you again soon. Cheers, buddy. See you again soon. Cheers, buddy. We're going to stay on and just look at what's going on in the market.

59:41 So to cover really what's going on in the markets here, the NASDAQ is coming down. I think it's the realization of exactly what the Democrats, well, I think it's the realization of the talk that we had yesterday around moratoriums and AI, slowing down AI, etc., etc. Et cetera. And I mean, markets coming down. Now, I think this is a healthy correction in a bull market for the NASDAQ.

01:00:08 The NASDAQ was overextended. It's now down 13%. It is a pretty average correction for now. I think if the researchers, if you could just plot up a chart for me now of average NASDAQ corrections, send that to me. Let's look at the average NASDAQ corrections. I think when it comes to crypto, you know that I've been saying for a while that we're going to get a correction and we're going to get a correction into the, I said it would probably end before the midterms, but I said this would be a correction.

01:00:37 And I kept saying to you guys that 72 is my level and I'm sitting on a pile of cash. I said, I'm sitting on 7% cash and I'm going to hold that 7% cash until I think the price is all right. This is probably what I've been waiting for. Now, are the prices right yet? I've just noticed that like grass, I think the price is starting to be right here. So like, this is more or less where I want it to be because so maybe soon I'll start taking a position in grass.

01:00:59 I think it's 50 cents, probably a good one. That would be the first one that I start buying. VVV, I'm waiting for 15 bucks. So my level is somewhere around here. 15 bucks is my level. I'm not a buyer at these levels quite yet. In fact, here is the buy list. Here is the buy list. And here are the levels. So backpack, I want to go under. Uniswap, I want under $5.

01:01:23 There is no capitulation yet in crypto. So there is very much a move in crypto, as you can see. But there's no capitulation yet in crypto. When it comes to NASDAQ, I think the NASDAQ is starting to capitulate now. I think specifically the AI trade is starting to capitulate. So let's quickly look at SanDisk. So SanDisk now, if you look at top to bottom, is down 64%.

01:01:50 But just look at it from January 2026 to now, it's still up 321%. So don't think that you're getting value here. You're just buying something that's come down a lot from a lot of hype. Yeah, so I think that the NASDAQ is starting to correct. I'm not sure that crypto has got to the buy levels just yet. Let's look at AMD. AMD, that's also a good one to be looking at.

01:02:13 AMD, AMD Oracle. Okay, so AMD, if you look at it again, you see from January 2026, you're still paying the holders that bought in January 2026, you're still paying 100 premium to what they paid. And I mean, yeah, we had a 200-day moving average. We live here at the 200-day moving average. So I don't know, I think this is a good place to be. Anthropic.

01:02:44 Yeah, this is the flush out I've been waiting for. We're in the beginning of the flush out that I've been waiting for. I don't think. Here we go. So the NASDAQ, here are the NASDAQ corrections. The research is working overtime. So generally, when you look at NASDAQ corrections in a bull market, you are looking at it at around 13%. And where we are now is actually around 13%.

01:03:04 So, you know, again, you're not going to catch the bottom of every trade. So at some point you've got to say to yourself, look, I'm willing to take some pain. I'm willing to take some of the pain and start buying. I think the NASDAQ just put in, if we close here, this is an interesting chart. If we close here, we're closing with a lower low. So if we close, we're closing just on a higher low.

01:03:31 Yeah, I mean, one chart pattern that we could see is we could see a head and shoulders. So like there's a head, there's a shoulder, there's a head, and then we'll come up again and print another shoulder. Yeah, let's see what else. Let's quickly go to Twitter and just see if there's anything that we missed on Twitter. Let's just zoom out here and get a good view here.

01:03:53 There we go. Okay, that should be okay. Let's just quickly zoom out here. If anybody wants to make my life really fun, can someone show me how to do dark mode on a on a desktop because I don't know how to do dark mode on a desktop. I went to settings. I went to profile. Wait, maybe under profile. No. Where do you put edit profile? Where do you get, where do you put dark mode on a desktop?

01:04:21 Anyway, let's quickly look at Twitter and see if there's anything that we've actually missed. So it's the tech stocks that are getting hit. Tech stocks are the ones that are getting hit. Why? Because the Democrats have come out as anti-tech. They came out with moratoriums. They came out with communistic or socialistic or I don't know what the correct word is in terms of, I mean, one of the worst videos I've ever seen, to be honest.

01:04:48 Whoa, hold on. This is quite big. So Rubio on Resignation Watch. Okay. I mean, is that true or is it a meme? Wow. Okay, so Rubio on resignation watch. That would be quite a big one. That would be quite a big hit to the Republicans because I thought that he was going to be their next president-elect. I mean, I thought that he was going to be the next president actually.

01:05:15 Sure, there's actually a lot going on. We'll stay live here for a while because I just think this is probably good. We'll look at some charts again. Crypto charts, not really that exciting, like not that exciting at the moment. So yeah, someone says, okay, let's see how I can get dark mode. So he says, go to more, go to settings, go to accessibility, go to display.

01:05:44 Oh, that feels so good. bro. Oh, that feels so good. That feels so flipping good. Oh, and that looks so flipping good. Look at that, bro. Look at that. It's like we've changed, bro. All right. Let me know in the chat if you want to. Let me. Yeah, our guests have gone. Let me know in the chat if you want to look at any charts, if you want to look at anything.

01:06:16 Right now, when you look at the actual NASDAQ, when you look at the actual US Tech 100, the actual NASDAQ Tech 100 is down 5%. That represents a correction of 14% from the top. One thing I want to look at the S&P 500 because, remember, up until now, the money has just moved from the AI trade to the S&P 500. Today, the S&P 500 is down 3%. However, if you look at it from top to bottom, it's only down 5%.

01:06:42 I think if you could just send us the same chart for the S&P and let's see what we're looking at for the S&P. The S&P, if you want to go back to the 200-day moving average, is probably, oh, it's quite close. It's like 50 points away from the 200-day moving average. What else is there? in terms of, so Rubio and Resignation Watch, I think that's quite a big story.

01:07:04 I actually thought that Rubio would be the Democrats, the Republicans next man. Binance, Binance. Okay, let's have a look here. What else is there? By the way, if you are in the US and you want to trade perps, you can trade perps on Kalshi. So just, there's a, I put a link in here for Kalshi. If you do trade perps, this is a good time for you to sign up if you do want to trade perps.

01:07:27 If you want to trade, real time on DEXes, you want to trade real world assets and you want to farm points, do it on Variational or TX Flow. Variational, the airdrop is happening in six weeks. You have six weeks to mine, to farm this thing before, before, and you can trade all your favorite assets. Yeah, what else is there? What else is there? Let's have a look here.

01:07:50 Okay, yeah, NASDAQ down. Let's look at the bubbles. I think the bubbles will probably give us a good idea. AMD down 15%, SanDisk down 17% today. If I look at the month, SanDisk down 50%, Marvel down 50%, Intel down 53%. This has been a brutal, brutal month for AI. Crazy, crazy, crazy month for AI. If I look at the month on crypto, let's actually go to crypto and look at the month on crypto.

01:08:19 So one month change in crypto, specifically on the top 100, the stocks have actually been hit harder. Pearls pull still up 153%, incredible. That is on my buy list for 90 cents. Yeah, that's on my buy list for 90 cents. Yeah, that's on my buy list for 90 cents. Pump.fun down. All right, chaps, I think that's it for today. Remember, if you do want to catch any of these trades, if you want to trade them and earn points, TX Flow, there's a link below.

01:08:45 If you use a TX Flow link, you get a 5% points kicker. If you use the Variational, and by the way, Variational is one that I'm trading because I want to get my airdrop points in the next six weeks. I'm really farming really hard. That one, just use the code OMNIRUN. You'll get a 15% point kicker. Okay, let's quickly hold on. The researchers have actually sent us a chart here.

01:09:04 They said that SPX broke the 21-week SMA. So it has broken. So we are dropping key levels here. We're dropping key levels here. Anyway, Rubio on Res. Okay, yeah, we know that. All right, chaps, we'll see you guys again tomorrow. I will be live in our Discord, in Frontrunners today, if you want to catch up, or if you just want some advice, just go and have a look. Otherwise, I'll see you tomorrow. Until then, trade well, my friend. Stay safe.