ZEC Hits $1K | Robinhood vs. AMC + Bitcoin ETF Inflows

0:00Good morning, everyone. Welcome to the Modern Market where we discuss all things to do with the Modern Market. That is the crypto market, the stock market, and any other market where we make some or a lot of money you will notice today that we are a little bit short on some graphics. It's because we've been in a little bit of rush. It's a Friday. The markets are moving higher. We don't need graphics, but when ZCache is passed 1k, what do you think about that? You think we need graphics when ZCache is passed 1k? Well, as someone who builds his entire brand on graphics, maybe not graphics thumbnails on shows, but on making graphics and showing people the power of the image and how good it is at learning. Yes, absolutely. Always new graphics, 100%. We're going to have graphics back. At some point soon, but right now today, we don't have them because we're in a rush.

1:02Not only in one of them. They're overrated. That's why I think a little bit. Look, it's a Friday. We're a little bit late, but we are here. We are ready to get into the show. As always, we've got a lot of good stuff to talk about. Market's green, as always, as well, not as always, but it's been a nice transformation. It feels like that a little bit of the moment, doesn't it? A lot of them. We're in a good mood. We're going to get into the show as always. Just a reminder, before we do that, nothing that we say on this show is financial. The market is very risky. We don't know anything for sure. So please do proceed with caution next size. You're on judgment. If you're on Twitter, please do reshare. Press that retweet button. As we get going, look, let's get into it. Starting with your headlines for Friday, the 4th of September, you've got Robinhood and AMC CEO.

2:02Let me just share the screen at the same time. So you can see some of this stuff at the same time. Let me find the right screen. Here we go. Got this interesting piece of news. Here we go. We've got the Robinhood and AMC CEO's arguing over tokenized AMC meme coin. I'll dive into that, explain what was going on. Mr. Vlad CEO, Robinhood, getting involved in the conversation. To talk about that today, we will also talk about Bitcoin, experiencing some of its best inflows, most recently, and we'll talk the S&P pushing higher after a little bit of concerns about potential rate hike. I think now maybe the consensus is pushing back slightly in the other direction, as I have been saying over and over again, that we will not have rate hikes in September in my opinion.

3:05And we've got to talk Zcash pushing through to 1K today as well. Quantum in the chat saying, good morning, Barry Silbert Cabal pushing Zcash hard lately. More than just 1K about, I think people have been pushing Zcash for a while. And it's coming to fruition, so glad to be denominating Zcash for the rest of this cycle. I think good morning to sunny delights in the chat as well. Let's get into it today. So just those are your headlines that we'll be talking about today. We will also just get you up to speed with the other bits of news. We also have the news that we have Coinbase Seeking, SEC Greenlight to list 24-7 equity perps. I thought that was interesting. Bradley curious, we were opinion on that in a second. We've got, as I mentioned, Zcash breaking 1K for the first time in 10 years.

4:05That's pretty huge. We've got the US House canceling two weeks of September sessions, putting the Clarity Act at risk, got China-Ret Earth firms holding some US shipments over geopolitical worries. Open AI, GPT-6, Astra benchmarks release, impressive results, keeping abreast of what's going on in the AI side. We've got USDs or refining margin up to record $106 per barrel. And just maybe a more broad point. New house prices have dropped below existing homes for the first time in history. I think there's going to be a bit of a housing crisis moving forward, not necessarily on the supply side, but for all the people who are levered up high to afford these prices, these house prices are not going higher. There's an affordability problem. I don't think we're going to be able to see these push higher any more than they are at the moment. Okay, getting into the crypto price action, let's just give you up to speed with what's happening there,

5:06and in the stock side as well. We've got Bitcoin up 4% Mootai yesterday to 81.8 feels pretty strong here. To be honest, this is still the top of the range. This hasn't broken out of the range. You'll see here it has been going up to 81 at the top of the range down to around 76 of the bottom range, back to 81. Consolidating a little bit here, question is if that will break through or not, my view would be that at some point, it is going to, I think we're resolving higher. ETH is up 5% as well, to 2500. You've got hype up 6%, putting a little move it up to 87. Zcash the big move, though. Look at that in up 20% on the day. We're going to be doing that one. Let's look at the daily. I want to see this one. Turn chart. Here you go. Here's the daily. Look at that. Sitting at 22nd June. That hurts a couple months ago.

6:07All my trading arc. This is, you know, we talked about our strategy where you get a new position, you get a little green, and then you just like, you put the stop loss, basically like a dollar above your entry, and then you just fucking let it do its thing. The night of the Trump, actually, this is just before all the Trump shenanigans, had a great entry on Zcure. See that little after 1010, it's just tailing off the right. And right before that huge giant uptick, this day's ago, like, like, are within a couple weeks. So it's after 10 to, or after the big wick down there, like in that range right there, that you're just touching. So, had a, oh, this, this, this right and chip. Little bit more to the right, like right, literally like in there, right in there. I was 20x, levered long, caught it, taken up, and it fucking, wicked down, stopped me out, basically there, like the next like day and a half by like sense, and then ripped my face off, going up higher.

7:08I would have been winning so hard. Alass. Alass. Alass. Alass. Alass. The thing is, Brad, the thing is, I think you're probably going to be okay, because remember, look, I've gone back and forth with Zcash for a while. There was a period of time, I've gone through various stages with it. There was a period of time at the beginning before I even owned it. I was like, I think Zcash got this, that eth energy. Remember in 2021, and the reason why I remember this is because I got into crypto after eth had ripped to around 1500 for the first time. It was like 1500, 1800, and I remember thinking, I didn't really know crypto back then. And I would good morning to Entro just joining for morning Zm guys. It's not a GM, it's a Zm for Zcash. I just got in then, and I remember looking at the eth chart from back then, and

8:11it kind of just ripped up, they ripped up to there from nowhere, then consolidated a bit and ranged about, and then ripped further. And I just have a feeling Zcash has got that old eth energy where this can very, very easy rip to 1500, 1800. And then I think it's going to slow down. 21, 21 billies, like if we're relatively speaking for this type of stuff, yeah. My goodness. Yeah, and then that crazy. And then from there, I think it's going to have to have a decision to be made with like, okay, where do we go from here? How much higher can we go relative to this other stuff? I know a lot of people are talking about maybe, what are they saying? 0.1 of a Bitcoin for one Zcash. That's like the objective. I think it might be 0.01 at the moment, or something like that. I mean, that's still, that's what another 5x.

9:14It's at least another 5x away. Yeah. It's at least another 5x away. That's to catch up to, yeah. That's to get to around 0.1 of a Bitcoin. And I've just, I found that narrative very compelling. I find the variety of these narratives very compelling, right? And I completely put on the table here, and this is what I think would be helpful to people thinking in about changing your mind. And I heard another trader talking about this earlier today, and I just thought it's really important. You have to be able to change your mind in this space. Obviously, I'm feeling pretty good on a day when Zcash is up in the way that it is today, because I'm in a significant way. But if you remember, not very long ago, it was only, when was it? It was only, well, actually, we can see it on the chart here, right? This, Wicked Down, all the way to 250. I had been, I had entered quite heavily around 400. I had sold around 550 or 600, because I didn't like the

10:21price action. I wasn't sure where I was going. And then there was this colossal Wicked Down on the Scare around the potential unlimited, unlimited, minting bug. And I thought, how ridiculous this, this, this is so stupid, this is nonsensical. How can you ever have a coin that's going to behave like this? And then you have to be able to just look at the reality and say, well, the market doesn't care. Like the market didn't get the market cared briefly. And then if anything, it was hardened by that test of it. Like people came in, they bought it, whatever they dressed it, right? Like they dressed it. They came to upgrade. And then like people, I think the biggest learning was that the problem was misunderstood, right? That is probably the biggest thing to reflect on. It's even, even us ourselves, the second we saw it, because the headline that day was infinite minting bug. And it was like, dude, if you can mint infinity's f and things like zero, right?

11:26And then, and then we come to find out it's infinite minting inside of this tiny little box that is like a fraction of the total supply. And like, oh, like it can only be so big. And yes, anyone could mint inside of that, but still only the amount that went in can come out. So the actual supply didn't actually change, can't change, but like inside of this box, things could get a little funky with ownership. And then they immediately came out with, we're hard forking, we're going to make you improve it. And we're going to have everyone transition to this new thing. We'll be able to tell if anyone did mint in this transition. And then we move on and get better for it. And they've released upgrade. People have been moving over. And problems are solved, dissipated. It's just fascinating. Right? Because you could have gone from, oh, my God, this is an unlimited minting disaster in at the start of June, which is June, July, August, three months ago. And if you haven't updated, you're four X behind

12:27off sides now on private Bitcoin, which could be the privacy narrative of cycle. And so, look, in the end, you could have allocated at around 400, what, back to the previous range, it was between 400, 600 is for about a month and a half. And now we went into that range around set 700. It started getting support up there. And we've kicked on above now again. And it shows how brutal the market can be, I think, when if you're unable to change your mind, I know people, as you say, you're supposed to have conviction, you're supposed to come up with your thesis and stick to it. I agree. So, I mean, maybe you've taken other trades and been super profitable, and that's okay as well. But I just thought for this one in particular, I would call out that, like, yeah, I, I mean, maybe I guess there's an other one to say I was wrong. Maybe it was understandable why I got so bearish and reactive way that I did when it went down

13:27on the unlimited minting scare. But I was ultimately wrong. The price has shown me I was wrong to attach too much weight to that. And so, the question is, when do you react and realise that, hang on a minute, it seems fine. It seems fine. The narrative can continue. Everything can can continue. And I think from 600 or so onwards, I was able to do that. Yeah. And I mean, what, I mean, it's not like you had to like go to sleep in the wake of the next morning, you had gone through this metamorphosis, right? That's two and a half months. You like, yeah, there's that reflected and the chop a little bit. It went up and went back down and came back up. And it actually looks like a great chart. That's why I put that long in. It's like, it actually looks like it's in a position to start sending. Unfortunately, it's unfortunate. It is unfortunate. I did a thesis on it. It was because it was on legend. So it was like, attach a thesis to it. My thesis was good chart. I'm increasing me. I know legend. He doesn't like charts. I am very much a chart. I'm not a chart. It's a sole chart trader, but I like looking at charts and seeing what the chart

14:32is telling me. And then deciding, right, does it also have fundamentals? Because if it also has fundamentals, then I like to chart even more. Yeah. Yeah. I mean, it's more important in an industry that is reliant on not fundamentals, right? Which is ours. Like there are fundamentals for a few things. We're starting to see that materialized for some of these coins. Right? Hype is the obvious one, but like all these these feed generating coins. And so like it's starting to be, however, a lot of the stuff does not, Zect does not have any kind of usage whatsoever. Like it, like not relative to this, like the amount that's coming in here. So like something like that, yeah, you kind of just like learn what the market's telling you through the chart, right? Like you see people absorbing a lot of the shit. You say, okay, like it looks like the market is telling me that didn't really give a shit about this. I mean, it gave a shit in the in the moment, but then over time, it got comfortable and it was bidding. Indeed. Exactly. Just as far as these charts are speaking to me and my therapist,

15:33it certainly helps. This is this beautiful chart therapy when it looks when they're going in this direction. I don't don't mind that at all. English says, not looking at a chart is insane in my world. Yeah, you got it. I just I do like the charts a lot. Like the charts a lot. And then I look for fundamentals after I look at the chart. Because if it's a bad chart, you're going to love the there's a in the segment for for me for the ETF flows, we we cover a chart chart murder. It's pretty fun. You guys like it. I like it. Okay. Good stuff. Good morning to GGWP as well. Morning to Stefano. Morning to English who's in the chat. We also have we're getting a lot of compliments bread as soon as the market is turned. Good morning, sexy, beautiful, modern market. How did you came back this week in the market? It was up. I think we're just getting I don't know if you've been doing anything in your in your summer break to deserve these superficial compliments. Or do you just think it's just

16:34people getting a little bit excited as the market's up? Like, did you do anything? Have you changed? Yeah, I'm a complete ownership for it. Actually, although joking aside, I have been focusing on my fitness a little bit more. Not that here's can see it with my face here. But so I am feeling good along with one of those superficial analysis and then we're figuring out the fundamentals of this like now that you say the chart looks great. The chart looks great. Fundamentals starting to stack up too. So yeah, I did go with those black crides over the break. I am looking a bit more lean. Yeah. Okay. Yeah. Thanks for noticing. Thanks for noticing. This is a saving money on those mirrors that give you them daily affirmations. Exactly. All right. Good stuff. Just to find out I was retinal and maxing. Absolutely. Love it. All right. Okay. Good. Yeah. We are feeling good. Everything's looking good. Things that things are feeling great. Look at these charts. Look at these faces. All right. Right. Let's get into I mean, we were supposed to talk to see cash a little bit more later. But let's get into the

17:35main headline actually. And then we'll go around some more charts to be honest because every weekend feels like a little bit of an asylum at the moment and people just bidding things like crazy. So maybe we'll do a little bit of a preview of the asylum towards the end of today's show, Brad, before we get into like after we get to do all the headlines. But let's start with the first headline here, which is to do with this meme token. This is reported by Crypto Gorilla Vlad and Adam the CEO of AMC are having a public argument about tokenized stocks. Cinema that AMC pair runner over the past few days ran from $500k to $12 million. But it's been surpassed by meme a new pair with AMC which ran from 50k to 16 mil. Now one thing to note is that it didn't just stop there. Let me just double check where where this is actually

18:36gone in the end. So what's the latest price here? Let me see where we are on the latest price. So this one is as high as I might need to find this on deck screener one second. Let's get this up on deck screener. Here we go. So I mean this absolutely sent. Let me look at this. I mean it went as high as 100 something mil and then has pulled back to around 84 and a half mil. So up 23,845 percent bread on this and just some additional some additional context is that the additional context is where's my document again. Here we go. The additional context is that

19:43Adam Aaron the CEO attacked Robinhood yesterday evening over this tokenized AMC stop token calling the calling the practice contemptible and vile noting that they are unregistered under U.S. securities law saying he's instructed outside securities counsel to look into it immediately. Vlad from Robinhood then replied what's the concern which crypto people really latched onto just thinking that it was hilarious and funny and basically AMC ran from $2.52 to $3 in the pre market. So this meme coin paired stock tokenized stock activity on Robinhood chain is causing these big moves in the main markets of these stocks which is pretty crazy to see and the CEO is actually making a series of points which is on the legal side. So roughly what he was saying is look these tokens are securities issued by well the tokenized ones are securities issued by

20:47Robinhood assets in Jersey, bad from U.S. persons granting economic exposure and no rights against AMC. And so I guess his point that he was trying to make is that Robinhood in some way are bypassing securities laws by being able to deal in this type of stuff and really moving the main market in a sort of unlawful way. So that's the point that he was trying to make which is pretty significant and actually as a former lawyer I'm not I mean people in crypto will hate me for this. He's not making a dumb series of points unfortunately. I know you would love to say that it's amazing that people are trading memes and this sending these tokens in the stock market but let me just explain it a little bit more by

21:51pulling up the exact tweet itself. So look he then responded only five hours ago and he had this to say we can see this one right look here we go. Seriously what's the concern you ask? Vlad the list of princesses is almost existential. US security laws are in place to protect investors for good reason we spend millions and millions of dollars every year to comply with US securities laws in good conscience. How can Robinhood as a US company set up an operation in far offshore Jersey and island 3000 miles away and market a security sort of posing as AMC in some shape or fashion and not comply with US security laws that is shocking and shameful. Pass issuance of equity to strengthen our balance sheet was vital to our success. You're setting up some kind of fictitious synthetic equity market. Decapital stock token ownership from a company's ability to control its own capital raising efforts. Share ownership gives shareholders various rights including the right to vote with their shares your stock token pretend

22:55to be some form of stock ownership but discloses to the country notwithstanding their not ownership and they deprive investors of their rights. This quayda fake market you're creating on the island of Jersey's so distrust amongst the public about financial markets in general there is already distrust in financial institutions you are potentially making it far worse. I hear by call on you and Robinhood to voluntarily cease and desist the trading of AMC stock tokens and they're going to get their lawyers to look into it. I wonder how you how can the SEC possibly support your sham ignoring of US security laws really really strong words. I'm not actually I'm not actually opposed to some of this stuff like I not because I think that it's all super important because remember law is the law the law is the law so you just have to comply if you think the law is done that's okay

23:59but there are loads of done laws and you just have to comply irrespective and so without you know I would need to look into this into a lot more detail but I think you make some pretty strong points here but I'm just going to stop there come to you straight away what do you think of yeah it sounds like sour grips both people are making him sour grips dog so like if you read what he's saying right like this like his concern is remember you remember the structure of these stocks he's saying in the past we have had to raise money to raise money we minted more stocks and we're able to sell stocks because there was no release valve on the demand of our stocks right that was we did issuance we increased the supply we control our supply we know when stocks come to market we can yep they minted it and did whatever I so his argument is that oh by you doing this you're creating this release valve for the demand that we would have had to raise money to be able to survive as a company which is a necessary thing but all along on on on on on on on on two things one is I don't

25:04look like it's not the same people it literally not the same people this person would not be buying AMC stock without participating even one iota that's one right so it's like two separate cohorts whatever like sure maybe long distant future he's upset because then like I don't know maybe there are some ownership rights that are transferred with it whenever the stock stuff on chain gets mature enough but then that kind of like pushes against all his his complaints which he's like he doesn't come with rights right so like you're doing this thing that doesn't come with rights it's not our thing we don't have control all up off and then two it's the market dog like this is the grand power of crypto and it's like this permission that's open system people can do whatever they want and I think like we're just going to continue to see this stuff which is just the market the market is always right man it's like it's gonna it's gonna anytime you try to like overly control something in a world where you've lost control and like I think we're progressing to a world where this type of stuff can happen and it's going to happen now may not always happen with someone as big as a

26:08Vlad Teniv with Robinhood I think him spearheading this stuff and being able to reply to this dude just give him like a loljk just like a fucking CT founder like starting that kind of stuff in tradify I think is amazing we need that kind of spearhead for this stuff actually really get traction to this degree but yeah I think the market's the market but I think like the his he's clinging to you know some of the old world with this like I want to be able to tightly control my own supply don't do this thing he's I don't know I just well the the confusing thing for me I know what you mean but it does like I think he he's also making I know where you say it like he's clinging to an old world but the laws are the laws so if the laws are different now if we're saying okay there's a new world well we have to probably update some of the laws like I don't know if it is okay for

27:10a company to create some type of synthetic exposure to another company's stock like that's never been possible before so I agree it's a net new creation that has only been allowed because suddenly these tokenized stocks are being led out in the wild basically they've basically been let out in the wild west of decentralized finance and now there's no KYC on them just think well all these stocks what could you do with a stock before you couldn't do anything you'd buy it in your brokerage yeah and then it would I mean you might get an email that says hey dog you can do some stuff and everyone goes yeah nope exactly so now they've been let out into the wild because it's like oh you have this stock and you can go and borrow against it in okay look fine you can borrow against the inner brokerage as well but my point is you can pair it against other assets you can do other things and in addition there's no KYC on this stuff I don't really know what happened in the US regulation my

28:14understanding was that you would always need to KYC for stocks like I thought that that was something that was going to be in place I thought that that would be a thing that would happen and my my maybe slightly more cynical read is that everyone's decided that you need as much people buying this stock market as possible you need as much people buying these stocks at these valuations as possible because these companies are trying to dump on retail this cycle like bringing bringing SpaceX out at that valuation it's to dump on everyone else the passive bit into the market bringing and drop it out at two trillion or whatever they're trying to do it like they're trying to dump it into the passive bit meanwhile China are launching their IPOs at a nice price and then everyone's winning 5 6x X America's doing the opposite like let's maximally they're doing the crypto playbook actually like let's launch at the highest valuation

29:18possible and sell into the passive bit into the markets and so yeah so before so now I think people actually need this random activity they're hoping the loads of decentralized people anonymous people will just buy the stock because they need to absorb this liquidity from anywhere they can I don't think I mean the adult page in America isn't enough so now they've created the Trump accounts to absorb even more like yes it's a good idea I think it is a good idea for young Americans to have that but it also ties up a bunch of stocks for years in a time when everyone's trying to exit at these outrageous valuations so I'm a little bit skeptical on that side too um doubly to saying let's get some let's get some takes here um Vlad Larking as a decentralization Maxi's peak comedy this is in reference to how they

30:18do you de-listed Salana he said quantum says he can ask Robinhood to de-lister they should have no problem doing that they de-listed Salana a lot longer some people have long memories remember Robinhood de-listed Salana when it was going through a tough time and that screwed over a lot of people I remember if I remember correctly um Deb Diableto says the rules were created for the old world rules haven't caught up yep I think that's fair I mean look there's going to be all kinds of new rules needed for tokenized stocks out in decentralized finance like what are you allowed to do with them this is new experimentation there's a good chance that the real world will not allow this type of degeneracy on the US stock market like very very good chance that they will not allow it if they're not in charge of it you can't just turn up at some random de-gents and think that you're going to be able to be allowed to mess with the US stock market like that it's just not going to happen I understand what you mean like I guess a free asset's new world but there is no world where you're just going to be allowed to do that um maybe other people want to play with the market but

31:19they want to be in charge and the fact that they've given up that control there's absolutely no way so I'm actually this makes me kind of bearish this this method like I just don't think you can get away with this kind of stuff ready you want to come back in um it's kind of an aside like it so yes I talk about all this that is um I think true like there's something like something's going to happen right like they're gonna get pushed back whether or not they can stand up to it and continue to do this stuff and like do something like a hyper liquid where they're like you know look man tip three it's not really us kind of like you know what it's just gonna think the way about us like maybe they can try to do a little bit of that it's just one administration where like that's gonna work it's this one but it just tweeted the box thing last night like they do you see that the uh it was arcade dot gov they released as arcade dot gov was a tick uh the URL they launched and the actual image was the xbox log on animation but just with like an a instead of the x like

32:20literally just a ripped from from Microsoft so it's they're they continue to do IP infringement they continue to just like have fun meaming and sheds and saying um yeah I mean it was like this is it's like on you go first now I just say the one thing I want to say like I just did a post on this the seeing this interaction tells me that this has legs like this this wave or what the like what this has turned into I like numbers are crazy right now so you're always asking yourself like oh what's the top what's gonna happen what like but like now with this we are getting a necessary ingredient to like an actual craziness phase off chain or not or on chain with the assets and that is engagement from not crypto people like that's absolutely required for any of these things to get a little weird and ct is and crypto is amazing at doing it so like if you reflect right the

33:23obvious like celebrity meme coins obvious it's the celebrities that were pairing the shit right it was as easy as alia it's all them people right in the a i phase it was market adrison it was the tradify guys getting involved with far coin it's everyone drawing the attention to this thing because like it's ridiculous it's fun it's crazy we're experimenting we're like this bubble of people that are like like the children's table right and like you don't notice them if they're quiet but then all of a sudden they get loud the plates flipped over like things are weird and then all the parents look over at the children's table and like whatever you guys doing all the attention is drawn to it and therefore things get crazier and go weird now because this is like intellectually stimulating a conversation to a bunch of people outside of our industry like for now like very directly financial assets because it's their financial assets it's a CEO of a company who has stocks that are involved this is going to fuel the de-gents even more to continue to do this stuff and create try to recreate this now whether like this is the top of the youth and age of world

34:27or closer or not like I think we probably have a few more loops to go where big influential people give commentary on this thing and it's going to draw attention to their stocks to these things to meme coin pairings like all of them have a direct literal meme coin pair that they can like draw to so if anyone reacts or says something for a given company like it's going to spawn specific meme it's inspiration basically for our industry and it gives confidence in these these de-gents to just like start ripping stuff so yeah this this is the turning point for me where it's like I probably need to be paying more attention because I think it's probably going to have a few more waves of this type of conversation growing and getting bigger and having Vlad in there like going back and forth with them and then you know maybe it'll finally die after that but I think it'll it'll get weird for a little bit yeah I think it definitely can do that and it's perfect we're talking about going into this asylum on the weekend like who knows what people will come up with over the weekend with this energy going into the weekend just thinking out loud like that they're going to

35:30try to create chaos right because like the stocks stop trading you can't mint that things deep-pag odd chain versus odd chain like not deep-pag but like they disjoint from the actual price things get weird and they're going to extra weird this weekend for sure yeah so yeah that's interesting to note I mean I think I'm with you that there's going to be more more many of first I would just I'm very you know with my legal hat on for my years of experience in the legal arena it's very very unlikely for me that if it's going to have meaningful price impact on the stock market which I think people are reporting it is like it like AMC opened was it 15% higher in pre-markets I think and it's just not going to be allowed like they're going to have to try and shut they're going to

36:36shut this down like it's I don't know people don't want to hear that but you're just not allowed to mess with the US stock market it's not it's not going to be allowed you have to just think from their perspective I know people are having fun I know people having money but you are not allowed to mess with the US stock market under any circumstances now this question from Tomoe does an interesting one which is are the laws really something we have to obey anymore Trump season has bended all types of laws it makes it feel like we're in the try try and if something bad happens it's illegal if not good luck kind of phase I kind of don't disagree like we're in a time where the gambling is encouraged the speculation is encouraged and so look if we're going to put that hat on I mean one of the reasons I thought that they're going to encourage well hyperliquid to come on board they're encouraging stocks on chain is because they need the dollar to stay as the reserve

37:36currency the more speculation that happens which is dollar that is denominated in dollars i.e. when people take profits in crypto they take it into dollars typically at least that's the first way to go and then maybe you buy something else but you know if this is one way to keep the dollar supremacy amongst others and so that would be the counter it's like no forget it guys as long as people are trading US stocks whether that is creating negative effects then maybe it's fine so long as they're trading US stocks that would be the counter I don't know which one of those you lean towards Brad do you think this is genuinely the administration was just like right at least you're trading US stocks at least you're taking taking profits into dollars so just carry on um yeah that's a great question and the secondary question is I give I don't know if you pay attention it wasn't in our write-up because we were calling out circle and coin and another stock

38:38that was ripping inside of um from per crypto but hood also has been ripping of late right I think you'd have like a 10 let's talk about her handle so yeah we were talking about her yesterday yeah so like it's also been been ripping charts looking great everyone's making money yeah look at that um so there's two outcomes right yours there's the indifferent outcome where they come back and they go games game bro like you know we can't do anything I don't think that's a particularly a strong message which tells me it's not something that they would say right um um hmm like if they come if they come out against this if they say like we're shutting this down for we're coming after them hood stock probably gets fucking lambasted like clobber right a direct government issued attack against hood to shut down a new business line that was doing a lot of

39:39money and increased scrutiny whatever whatever like not good headline headline headline alone it's gonna nuke this chart just under degree um yeah oh um what do I think a trump admin does that's the question isn't it it's like I mean that trying to get rid of team I think it's a little closer to libertarian maybe like they say freedom but like yeah you're right like you don't fuck with the stock market stock uh stuff any normal person in a sane corporate professional ish maybe even unprofessional oh not not not it less study unprofessional but just like you would say this is this is too far um making material moves on the us stock market no man absolutely not not allowed you can't you can't do that and this is it's a net new thing it's

40:41interesting it's interesting that it's able to happen it's interesting that some people can play around with it I mean the established position is they want to be the crypto capital of the world and have and have all the innovation here in America that's in like and and they want people to speculate they want people to press the button so yeah maybe I just as we're talking about this out loud this would be the administration to say well okay uh this as you said this is not capital that would have entered your stock before now it is okay this is a portion of your market cap which is going to be traded by these uh different people but at least they're trading it at least there's more people spending dollars to buy it and trading in dollars and interacting with the US stock market as a consequence if you and then you can always bring out the well if you're not going to do it then China's going to do it yeah which is the kind of the thing they do for

41:43everything now so well if we don't do the AI then they're going to do it so what are you going to do you would you rather we'd be talking about uh unitary paired with some meme and they get all of that attention and price action and volume probably not yeah i'm like the more I think through it and like even the argument of like it's net new people it's also I think there's a little bit of a misunderstanding from these people about what is actually happening with uh with this because right I bet that person Adam CEO founder of MCC he's thinking that Vlad is issuing net new stock of AMC on chain and so his expansion of supply for him which you could argue it is to a degree because the meme coin is like paired to it representing it whatever so it's like it's kind of weird for sure synthetic synthetic combustion yeah but like but like that's not what's actually happening right like a lot of mix with

42:47something else well I'm just saying that like there's still it's like the goal is to be one for one right the representation of the stock was in you know the triad fine market whatever and then now it is just tokenized in on chain so that one stock is still purchased it's then held somewhere in SPV and then issued on chain and then on chain that same singular stock is out fucking about right with meme coins and doing a bunch of weird stuff so like the net supply has not changed it's just that as you have said a net new market participant with capital inside of the crypto sphere is part of the people sloshing it around and creating some weirdness but there is no net new AMC out there right there is net new marketing for it right like if some some CEOs will embrace this whenever they like if they acknowledge the attention economy and like this is good for your brand and all this shit like if his price increases 20% pretty good time to issue you more stock in that mr. AMC bro I think I think this is one of those perfect scenarios though as like crypto

43:50people think that you know the price being up 10% and people are gonna like it no one ever has liked any attention that crypto people bring to their thing no they don't never they never ever like it if anything they find out crypto people involved and they just want to run their big capital opposite direction like that's all that ever happens yeah with crypto participants because so I don't know can see it going both ways right but I think in a way you know some CEOs gonna embrace this like so like Vlad already is but you know there's gonna because like this is the fact that directly in floods interest sure but like like the cohorts of the not the the new group is CEOs right these are the people that now have meme co-imparings to their stocks that degen are gonna go and find more and more and more and more and more stocks who have CEOs that have

44:51a a public and engaged profile because that's that fuels the fire right they're gonna go and find more of these people they're literally it's the it's the scoming through pictures of the CEO to find the dog that he posted on Facebook 45 years ago to like it's that thing like they they go to the ends of the earth to find inspiration for doing stuff so they're gonna find CEOs that post that they do shit right they're engaged in social media they're gonna create this stuff they're gonna get their attention some of them are gonna comment some of them are gonna comment positively and some are gonna comment negatively like Adam did the positive ones are gonna be like hell yeah bro experimentation financial frontier go and do it rip the stock let's have some fun like they think it's fun it's experimental whatever and then there's gonna be the old funny dudes like this Adam guy who's just like don't do it up against the law you know you guys are doing the thing that neck specifically specifically have laws against this for a lot of reasons and then everyone laps at those people until the wheels fall off and then when the wheels fall off everyone says okay yeah that was a little crazy like do you remember when we had this CEO of the NFL

45:54replying because like that's right every time I think yeah me I don't think anyone is gonna reply positively that would be my where I I disagree on this dog I bet someone will I think he is earlier no it I think the US dog market just this is what I mean I think this is like the final boss thing it's like the CEO's no about the stock market they know that's a message he's law security's law you can go to prison man like security's law is not a joke as well as like I'm pretty sure you put a prison I'm not making that up I'm not a US security law lawyer expert but this is like not a joke it's like absolutely not a joke I mean crypto people make it a joke but the CEOs will know like the CEOs aren't done so I think people will run away from this entirely and let's see where it goes after that I'm not sure coming the the quote tweets on Adam I bet like

46:58that started it that was the kindling in like now a bunch of other CEOs are gonna see this because I see it's on my today's news I got 25k posts on him doing this back and forth with Vlad so it's like which is over GPS extra so like you're gonna like everyone is gonna engage in it so I bet we can see it pretty easily I'll be gonna let's see let's see what happens over the weekend okay that's that's enough on that I mean we've spent almost the whole show discussing this is probably a couple other things which I think are interesting to touch on just disclosure I think I might be in one or two of these kind of paired tokens not huge exposure to be honest after seeing this response I'm kind of bearish that's just my view at the moment there could be like some short term as bred alluded to like explosion as people find it funny and people will like really react personally my my thinking very my early early thinking is that you can't mess with the stock market and someone's gonna try to shut it down so

48:01let's let's wait and see on that um okay why don't we touch on why don't we touch on uh Bitcoin bread which was starting to break out I think you got some information on ETF flows and then maybe we'll just look at a few charts here before we close out today for the weekend yeah this one will be pretty quick and simple so the big headline news is that btc btc broke 81k on its strongest ETF inflow since January so spot ETFs took $730 million in that inflow's on Thursday which is the largest since January and roughly $550 million of it was just into ibit which is black rocks representation this obviously pushed btc over 81k on Thursday and it's hovering there uh up with it is mstr at 17% coin at 10% circle at 16% so it just shows uh that a lot of these uh ETFs are the vehicle for

49:04tradfights for retail users it's just good to see life in that department um yeah you see in here you have 135 billion uh entered the crypto market so it's net new capital coming people getting money like that like we need this injection so that people on chain can make money and slosh it about so now people can sell their bitcoin and go and and do degenerate stuff and meme coins and then that's gonna rip for a little bit it's gonna get extracted and then we start to know um it's all great one thing that you mentioned the chart and i referenced it earlier with the chart crime so we had one more image associated to this and it is this brutal comparison between this recent pump and the 1010 chart so see if we can get it because it is identical and it was a the same like three that yeah here we go so yeah so if you look at here uh you have uh higher higher higher higher high and at tops kind of uh lymphs over and then absolutely nukes 1010 hits you wick down 60% 99%

50:04on some coins like some just got absolutely destroyed by this uh exact same pattern and then you see today are like recently same exact pattern did the same thing it starts toppy starts falling over itself and then rips into uh through 80k so he was just laughing saying it's the exact same pattern it's if you're a chart watcher you see that and you go oh it's looking a little weak here like you gotta we got a lower height and it's starting to like oh volume is going down and then all of a sudden they they pump it up into 81k break right through the ceiling so exact same pattern totally different uh totally different outcomes and had i had the exact same positions on during this rally that i did during that rally uh i would be flying all of our community out for uh for meals in a great great few weeks uh because that was my single largest position all time in uh noctional value our value got liquidated um god damn yeah you like a good liquidation

51:06never i don't you you do like them you're pretty pretty makes you feel alive for them exactly yeah i mean you know if you're not you look at it if you're not getting liquidated or you've been trying it's true i i've just really programmatically got very disciplined about that side of trading now which is kind of boring i took some profit on a Bitcoin long this morning and uh a thinner long for a very small amount it was up more yesterday and then i closed it a bit less up this morning and then it went up even higher so i just i just don't let that affect me anymore just take what's given to the table um and then i did a little cash cat trading this morning dipped around 24 24.24.25 very small amount i don't know where that's got back to um we'll not ask you about hood why don't we just close the show on hood and then maybe a little

52:06bit of prediction into the asylum for the weekend because i do have some thoughts on the macro as well um yesterday we were asking the question bread like do you want to like the the hood trade is kind in my view is kind of the same traders the high-plicate trade or the lighter trade or you know you just betting on crypto volumes going higher more trading more speculation and more crypto over the next six to 12 months i think all of us want to make that bet the question is what's the best way to express it at this stage and i think someone's made a really good point even just about look hype's looking great it's 86 dollars it's 60 percent hood is up look it looks wonderful however you want to see something even more beautiful bread where yeah it's uh up 17% to 4.6 now if you were in lighter instead of hype you would have been very very much outperforming

53:10over the last maybe as much as a month or two at this point yeah um from June or May when it bottomed out into June that's June July August three months light has gone up about five x now that is extreme outperformance for you know along the same thesis so the question i have for you before we close out i think it's actually a hard one now given how much i moved hyper 86 lighter 4.6 or heard at 120 oh because you you've got a large hype high position for example i do i have a very large high position like decently larger do you that is that the best way to express that same bet now um yeah all of their strategies are different i the thing to note is like

54:13i i fear greed right at this moment where it's like i think all of those are very well positioned i think but like i have a very large also in trad fi hood position remember i rotated everything from coin to hood a while ago so i'm still sitting in hood there i rotated all of my eth to hype way back like was a year and a half ago at this point haven't touched that minus the liquidation day right at nuke at like 10k which sucked um which is probably worth like 40k today um so i i have established position in these two i actually like as hyper liquid is making this bid for us um positioning which is what lighter has built itself on and has a totally different distribution model of um i is is part of his robin hood and his partner with robin hood and it's like robin hood obviously

55:14succeeding very well whether like whether lighter the actual um company is benefiting from that because our volumes are very very low to start but like it's a good partnership to have their homies from back in the day they were all in the limpiaid stuff together so like their long term thing vlads and investor right yeah robin hood glad so like i i actually the conversation around hyper liquid today is which is probably on par with my hood position so both of them are very large um is that one hyper liquid is now priced it's such a way that it is actually pretty close to what it is currently making like it's you're not actually like seeing much upside you now have to basically future bet on hyper liquid expanding its business and perps as a sector continuing to grow of which hyper liquid is undoubtedly the king of in offshore perps right so like it's the mark the global market for perps which is pretty fucking powerful um they're trying to get into

56:16america they have the uh they have the uh we have the crack in partnership which i think they're just getting their license so like that that conversation is that they're getting the license from from crackin and it's just gonna be so messy and i'm not actually i'm not actually that bullish on the american perps sector because you're not going to have the same liquidity for both right they're going to create do basically what lighter had to do with robin over the greatest effort in sense it's deployed to the us markets and no historically no one has had success doing this right even today you have okay actually it binds us you have you know like all these us deployments of all these major exchanges and almost none of them have any level of success even like polymarkets doing okay polymarket right polymarket has polymarket us separate liquidity pools separate everything and it's getting fucking trounced on by calchi which is us only own it do whatever thing and i fear hyper liquids expansion into that is probably uh not gonna be great but they have the policies that are working on a right jich turinsky

57:20like king of our industry there's a long answer to just tell you that like um i think the upper bound from here is not as high for a hyper liquid obviously because it is already at such a established position we're talking what like eight fifty bill eighty bill what's allowing you with the market market so right now versus hyper are lit which is at what whatever it is but hyper liquid has the dominant position and is it me like me telling myself i should cut the hyper liquid to go into light to lighter to chase more gains in a beta position when i already have m in size for long duration for hyper liquid and they have they have the poll right like they have everything they're they have the revenues they have the the policy centers they have the partnerships they have they get talked about by by trump i think i think i just own and stay with the leave horse don't get greedy and then just like ride ride off into the sunset on a long term horizon which is my power right like i'm not going to

58:23manage these positions and i think at this juncture i think it would be foolish of me to try to get greedy with that bag long answer thoughtful answer i i think i think it's a really interesting question like i appreciate the the thought right now net new dollars you have no no position in any of the three well i just say what my current position is currently in hype in a medium way because i traded around a little bit too much i mean hype in a medium way relatively high entry definitely i'm one of the people that yeah could consider the opportunity cost so it's like okay well what is left in hype here given that my my entry in hype is no longer like such an outstanding one especially i've been focusing on the z-cash trade more recently anyway um um i mean my if i had to pick all assets i would dump it all for z-cash but what i do that at 1k

59:26that's what i was saying at 600 and 700 i think it's really tight i think lighter has uh unlocks coming in October as well so god i think about that maybe hood would that be so crazy to say hood i i thought i would be the one that you'd put it at the back but the thing that i keep saying that i'm publishing to on in telegram as well people some people are posting some big wins in hood in the telegram i think and i'm just like trump accounts i like i know people know that exists i know some people like trump whatever this is what i mean like the fact that they have trump accounts and they are involved in that which is such a long-term project whether it stays under the trump name or gets changed and i can't see trump accounts being the name for this account under democratic uh president like there's zero chance give me the polymark if that and i will bet

1:00:26that it will not be called as much as as much as he wants to name everything after himself after this type of presidency i surprised you didn't do that for leak yeah big chance well i bother with america just call it the trump the trump one with this type president there's no chance to stuff that he's naming after himself is going to be continued to his name so anyway robin who does the contract is the point yeah to facilitate what is actually a good policy decision to get equity into the hands of all the young people and that's a big deal that's a long-term play which means they're kind of grab fathered into american growth and merri american equities over time uh maybe i would take maybe maybe i would take hood actually as a brand new position either way i i want to start trading these all on perps more because i'm fairly confident in these moving back but my style on perps is not to trade the breakout like this like i'm not going long lie to at 460 i'm waiting for a pull but i'd like a 10% pullback and then doing it like light i traded it was 330 traded down to three

1:01:28went long at three by the end of the day it was back at 330 and i just saw like things like that is the way that i do these uptrends i don't trade the breakout i wait for the pullback and fairly confident in this market that they go back up and that's my thinking for charts that look like these big um v-shapes um all right guys butchins in the chat saying shout to jazz 85 cent fills on lighter pretty outstanding 20 extra hype market cap entrant also coming in saying lit i think and shout out to um shout out to who is it in our chat who has been in lightest since 90 cents as well ndb ndb has been in in lighter in our in our telegram group Vince like 90 cents a dollar like long holding spot what an unbelievable trade when most people

1:02:30were still critical of it and everyone was so bold up on high-pericoid to to have seen that that early was pretty good i think i started trading it in and out from 170 would have been better just holding it to be honest but all right guys good stuff bread any any final thoughts no this is a great show i lot of fun on this one for any good you feeling good they're even better when it's green at green market green market getting compliments from everyone looking good that's probably what it is i'm actually not doing great the people just complimenting me they're there's geoshen me up there you go that's the main thing all right guys just remind of we do say everything today Monday to Friday seven days the time live on xx video youtube and you can catch us on apple and Spotify we'll be back same time same place next week and unsurprisingly we'll probably be trading a lot in the asylum that is the crypto universe and talking about it in our telegram chat there'll be more details about how you can join telegram three point oh because we're

1:03:32kind of on the third version of it now being released over the weekend and i'll share that on the show next week as well so have a wonderful weekend have a wonderful Friday hope you make a load and you don't lose all your money take care bye bye