BITCOIN AT 74K WILL BREAK TRADERS. GENSLER WAS RIGHT. ETH ETF MANIA.
Summary
TLDRIn this live stream, the host celebrates a significant price appreciation across cryptocurrencies, particularly noting the performance of Ethereum and Bitcoin. They discuss the potential approval of an Ethereum ETF, which could lead to increased market activity and possibly a shift in regulatory oversight. The host also highlights the record-breaking Bitcoin ETF inflows and the implications of a possible SEC lawsuit against Coinbase. They remind viewers of past events, such as the post-ETF price dump by Grayscale, and the need for caution and perspective amidst the bullish sentiment.
Takeaways
- 😀 The speaker is hosting a live stream, expressing excitement over recent positive price movements in the cryptocurrency market.
- 📈 There has been significant price appreciation across various cryptocurrencies, with many altcoins and Ethereum showing gains of 20-30% over the last seven days.
- 🎉 The audience is encouraged to enjoy the current market situation, with the speaker highlighting the success of those who have held their positions during the bear market.
- 🔑 The recent increase in odds for the approval of an Ethereum ETF is discussed, suggesting it has contributed to the positive market sentiment.
- 🤔 The speaker warns of potential volatility and price corrections, referencing historical events where significant gains were followed by corrections.
- 🚨 A caution is issued regarding the potential for large-scale short position liquidations if Bitcoin's price reaches certain thresholds, which could impact market dynamics.
- 💡 The possibility of an Ethereum ETF approval is presented as a significant event that could provide clarity for other cryptocurrencies, like Cardano, and potentially affect the classification of ERC20 tokens.
- 👨⚖️ The speaker discusses the legal and regulatory landscape, mentioning Gary Gensler's past statements about the SEC's limited authority to regulate crypto exchanges and the potential implications of an ETF approval.
- 📊 The script mentions the all-time high for Bitcoin total net flows into ETFs, indicating strong investor interest and confidence in Bitcoin.
- 💬 The speaker invites viewers to participate in the discussion by sharing their thoughts in the comments section about the various topics covered in the live stream.
Q & A
What was the reason for the recent price appreciation in the cryptocurrency market?
-The recent price appreciation was attributed to the increased odds of the Ethereum ETF being approved, which positively impacted not only Ethereum but also altcoins across the board.
What does the speaker mean by 'sticking around' in the context of the cryptocurrency market?
-The speaker is encouraging long-term holding and dollar-cost averaging into the market, rather than trying to time the market or sell at the first sign of profit.
What is the significance of the 74,700 price point for Bitcoin?
-The price point of 74,700 for Bitcoin is significant because it would trigger the liquidation of nearly 1.45 billion in short positions, which could lead to a further increase in Bitcoin's price.
What is the current status of the Ethereum ETF according to the script?
-As of the time of the script, the chances of the Ethereum ETF being approved are increasing, with the SEC reaching out to exchanges to update their 19 B4 filings on an accelerated basis, indicating a decision is coming soon.
Why might there be a sell-off even if the Ethereum ETF is approved?
-There could be a sell-off because large holders, such as Grayscale, might decide to sell their assets post-ETF approval to realize profits, which could lead to a temporary decrease in the price of Ethereum.
What is the potential implication of the Ethereum ETF approval for other cryptocurrencies like Cardano?
-If the Ethereum ETF is approved and Ethereum is not classified as a security, it could provide clarity and potentially pave the way for other cryptocurrencies, like Cardano, to be considered non-securities as well.
What does the speaker suggest about the future of cryptocurrency regulation in the United States?
-The speaker suggests that there may be a shift in regulatory oversight from the SEC to the CFTC if certain legislative actions, such as the FIT 21 bill, pass through Congress, which could lead to a more positive regulatory environment for digital assets.
What is the current all-time high for Bitcoin total net flows?
-The current all-time high for Bitcoin total net flows is 224,500, indicating a significant positive inflow into Bitcoin ETFs.
What is the potential impact of an Ethereum ETF approval on the market dynamics?
-An Ethereum ETF approval could lead to increased investor confidence and market participation, potentially causing a significant shift in market dynamics, including possible price volatility and increased trading volumes.
What does the speaker imply about the role of Congress in regulating cryptocurrency exchanges?
-The speaker implies that Congress has a crucial role to play in providing a regulatory framework for cryptocurrency exchanges, which could help protect investors and prevent fraud and manipulation.
What is the potential impact of the SEC's actions on the cryptocurrency market?
-The potential impact of the SEC's actions, such as approving an Ethereum ETF or pursuing legal action against exchanges like Coinbase, could be significant, leading to market volatility and potentially affecting the perception and stability of the cryptocurrency market.
Outlines
😀 Crypto Market Upswing and Portfolio Success
The speaker begins by greeting the audience and noting the positive price appreciation in the crypto market over the last 48 hours. They express happiness at the community's optimism and discuss the recent success of various altcoins, including Ethereum, which has seen a significant increase. The speaker credits the market's performance to the resilience of investors who have held onto their investments during the bear market. They also mention the potential approval of an Ethereum ETF and its impact on the market, as well as the power dynamics between bulls and bears. The speaker highlights the importance of staying invested and using dollar-cost averaging as a strategy. They also discuss the potential for further price increases and the possibility of Bitcoin reaching an all-time high, which could trigger substantial short liquidations.
📈 Market Liquidations and ETF Updates
The speaker delves into the details of market liquidations, noting that the past 24 hours have seen significant liquidation of short positions. They provide a link to CoinGlass.com for further information on liquidations and discuss the potential for more liquidations as the market continues to move. The speaker also talks about the increasing likelihood of an Ethereum ETF approval, with the SEC asking for updated filings, which is often a sign of an impending approval. They caution, however, that past experiences with the Bitcoin ETF showed initial selling pressure post-approval, advising investors to be aware of potential market reactions. The speaker also touches on the broader implications of the ETF approval for other cryptocurrencies and tokens, suggesting it could provide regulatory clarity for the entire crypto market.
🤔 Regulatory Outlook and Gary Gensler's Stance
The speaker discusses the regulatory environment surrounding cryptocurrencies, focusing on the role of the SEC and its chairman Gary Gensler. They highlight a statement made by Gensler in the past, where he acknowledged the lack of congressional authority for the SEC to regulate crypto exchanges. The speaker expresses confusion over Gensler's current approach, which seems to contradict his earlier statements. They also mention the potential passage of the FIT 21 bill, which could shift the oversight of digital assets from the SEC to the CFTC, a move that could be more favorable for the crypto industry. The speaker concludes this section by reflecting on the current all-time high for Bitcoin's total net flows into ETFs, indicating a strong investor interest in the asset.
🚀 Grayscale's Position and Future Market Predictions
The speaker concludes the video by discussing Grayscale's current position in the market, noting that if the anticipated ETFs are approved, it could lead to a shift in Grayscale's strategy. They predict that Grayscale may start to unload its Ethereum holdings, which could initially cause a market dip but would eventually lead to a more significant market upswing. The speaker encourages viewers to like and subscribe for more timely updates on these topics.
Mindmap
Keywords
💡Price appreciation
💡ETH ETF
💡Altcoins
💡Liquidations
💡Fair market value
💡Dollar-cost averaging
💡Shorting
💡Total market cap
💡SEC
💡Regulatory framework
Highlights
Introduction to the live stream with a lighthearted mood and acknowledgment of recent price appreciation.
Discussion on the eth ETF and its recent developments, including the increase in approval odds and its impact on altcoins.
Portfolio performance over the last seven days, with significant gains across various cryptocurrencies.
Mention of Ethereum's 30% increase and other altcoins' performance, emphasizing the importance of persistence in the market.
Analysis of the current market value and comparison to the fair market value, suggesting a potential for further growth.
Details on the potential liquidations of Bitcoin shorts if the price reaches $74,000, with implications for market dynamics.
Recent liquidation data showing a significant impact on short positions, indicating a strong market trend.
Update on the SEC's involvement with the eth ETF and the implications for its approval process.
Historical context provided on the Bitcoin ETF and its initial impact on the market, including potential for a dump.
Insight into the potential implications of an eth ETF approval for other cryptocurrencies like Cardano.
Discussion on the regulatory landscape and the SEC's stance on cryptocurrency exchanges, as highlighted by Gary Gensler's past statements.
Proposal of FIT 21 bill and its potential to shift digital asset regulation from the SEC to the CFTC.
Record of Bitcoin total net flows hitting an all-time high, indicating strong investor interest.
Speculation on the future of Grayscale's Bitcoin holdings and the potential market impact of their selling.
Closing remarks with a call to action for viewers to like, subscribe, and engage with the content.
Transcripts
hello everybody Welcome to the Tuesday
live stream sorry I'm laughing because I
was just reading through the the
comments we'll get to those in a second
so uh today first of all welcome thanks
for stopping by uh crazy days right last
uh 48 24 hours or so we've been seeing
some pretty good price appreciation I'm
sure everybody right now is very happy I
can see that in the comments on YouTube
I can see it as we go to x it's like
everybody's getting along and
everybody's having a great time I like
to see these and I love these days so of
course the reason uh the eth ETF which
we talked about very shortly yesterday
we actually did two streams the second
one was about five minutes long we just
talked about how the odds have been
increased and uh it trickled through to
all the altcoins like uh we had talked
about and and today is one of those days
where you look at your portfolio and you
think yourself man I'm a genius all I do
is was just stick around why why did I
ever doubt myself why did I ever doubt
the market I mean we're up 20 30% across
the board on a lot of different altcoins
and ethereum and even Bitcoin last seven
days 14% these are the days you have to
appreciate for you being you and doing
what you were supposed to do which was
stick around Buy in the bull market
excuse me the bare market and just
dollar cost average and just kind of
stick it out so congratulations for
being here and it was quite a ride and
we see that over the last seven days I
mean you know all this stuff I don't
need to to go over this I mean we're up
30% on ethereum salana 20 something per
chain link 23% for f and this is over
seven days okay and then render not that
bad 8% aptose what is the other big ones
the graph 28% over seven days bit tense
or 28% all right 32% for Theta Network
as it Ventures into the AI dpin uh
actually excuse me the dpin area 32% for
rock W rocket pool 37 yeah yeah yeah
it's all these Stak eth and we had and
again I talk about this yesterday I go
and people were kind of you know as time
has gone on we kind of were doubting
ethereum and I told
you well first of all I I said two
things I said first of all I didn't
think the ethereum ETF was going to get
approved like everybody else that uh
actually thankfully didn't work didn't
didn't pan out great and the second
thing I said was there's just too much
old money hanging around in ethereum to
let it just go to the Wayside trust me
the people that I meet in Puerto Rico
Old crypto ogs and they are not given
ethereum up and today you can see what
happened and of course that was maybe
the power of what's going on behind the
scenes so that is that piece and uh the
title and thumbnail suggested which
is when Bitcoin hits a certain amount of
73k it's going to trigger some
liquidations and unfortunately when you
have this type of price appreciation
there's always a fight between the Bears
and the Bulls and the Bears have been
kicking Us in the teeth for quite some
time congratulations but at some
point nothing goes down or sideways
Forever at some point we tend to go up
and as much as we've actually
appreciated I will just say that I find
it fascinating this is from Ben site
this is the login regression or cold C
crypto market cap and trend line if we
zoom in to this as much as we've gone up
and everybody's excited like oh we're
here you haven't seen nothing yet kids
I'm telling you right now watch this as
I zoom in do you
realize this is almost comical do you
realize that this red band here is the
fair market value and for just as much
of price appreciation as we've done to
get around 2.62 we're we're right at the
fair market value we're not up we're not
below fair market value so if you think
like this is a fun day oh just wait it's
G to get crazy now I'm not gonna say
it's gonna go up forever and it's going
to be rocky road for some people I just
say just stick around you're gonna like
what you see unless you're shorting this
is a great piece from coin Telegraph
Bitcoin shorts worth one .4 billion at
risk and we even talk about this
yesterday I I said I don't know how much
are going to get liquidated for shorts
but I'm going to tell you it's probably
going to be seismic in the last 24 hours
and it was actually a very small amount
of what could happen if the Bitcoin
price hit 74,000 so keep an eye on that
price that would of course bring us to
bitcoin at an all-time high we'll
probably if it hits that point we'll
probably be an all-time high for total
market cap but we'll see so anyhow the
exact price would be 74,700 it would
trigger the liquidation of nearly
1.45 billion in short positions this is
from coin glass as we take a look here
that is not good for the bears but hey
if you're gonna uh live by the bear
you're going to die by the bear the
price momentum of the past 24 hours has
caused a liquidation of nearly 328
million think about that 328 million in
the last 24 hours and now we're talking
about
1.4 billion
essentially a Forex that's a lot of
shorts getting wrecked if that actually
does happen and again there's going to
be things that are going on behind the
background we'll never know about so
maybe we'll see it maybe we won't but
the Bears are already getting getting
pumm let's see if they can if they get
pummeled even more so of this total of
the last 24 hours 64 million were Longs
264 million were short positions there's
a great website if you want to take a
look at the shorts and the long
positions it's over at coin glass.com
liquidation data I'm not sure if I put
that in the comments or in the
description but I'll try to link it
later but we can just see that what they
just said was 328 million actually as
time moves forward I think we're going
to see even more liquidations so the
24-hour wct is actually approaching 400
million and out of that longs were 94
and shorts were 288 million if we kind
of come down here you can see that this
is the total liquidations chart this is
across of course all cryptos across all
different centralized exchanges you can
see that it was pretty seismic as far as
like 19th of May going into 20th and
today we haven't seen too much I think
we're going to see a little bit more
depending on what the price action does
and that if we zoom in here that's quite
a that's quite a drop for liquidations
as far as shorts and we can see that
it's actually one of the very higher
days actually it's the third highest day
in the last three months or so last one
was fourth of March which had just a
little bit more and the time before that
was 27th of February so just expect this
to happen a little bit of volatility but
again if you're going to be a
bear expect to get
blasted and then just to follow up on
the ETF I didn't I wasn't privy to this
because we went so fast and talked about
the ETF but it looks like the chances
are even increasing from 75% the reason
why is because the SEC actually reached
out and the this says from coindesk
exchanges are being asked to update the
19 B4 filings on an accelerated basis by
the US well by the SEC they and they all
reach out to all these people and said
look if you want this to go through you
need to update all this
information because we're going to make
a decision soon and usually when they
deny it they don't really care if they
update or not but if they approve it
they're like hey get these little things
in uh before we make our approval I'm
not saying it is but it's looking pretty
good but again I've been wrong before
and then it's as far as like if you're
asking the question like well when is
this going to happen the SEC is expected
to make a decision on the vanc spot
ethereum ETF on May 23rd today is May
21st we have two days so in the next two
days if you think's going to be approved
just watch the price appreciation and
goes from where it is but as great as
that is we have to look on the flip side
right because on this channel I am not
going to give you constantly good news
to feed your ego and you know go all in
heavy and sell your kids and kidneys and
stuff like that let's remember something
let's remember something remember the
I'm not saying it's all bad I'm just
saying there something to to take in
consideration remember when the Bitcoin
ETF came through and every was excited
it did pretty well but there was a
initial point when Grace scale dumped a
whole
boatload of Bitcoin because people
wanted to get out nothing wrong with
that that's just how it happens so on
top of that my buddy Nick who's a CEO
over there at coin Bureau he had made a
good point he said look just remember
that grayscale owned a whole boatload of
Bitcoin and of course people wanted to
get out of gray scale for whatever
reasons if that's either they want to
say mismanagement or they want to say
because of the fees whatever people got
into it and they sold and they took
their profits went away some people sold
took their profits and put into
something else but just remember this as
far as the dominance of underlying coin
AUM great scale Bitcoin as far as
January 9th 2024 they had a lot and E
and ethereum they still have a lot so
when this gets approved and they come
through expect a little bit of dumping
not to say that's not bad it worked out
pretty well for
Bitcoin right for the ETF I'm just
saying that at some point it's not going
to go straight up that's all and then uh
my buddy Dan Dan Bello
or crypto
recruiter made a good point well that's
hisil he's not crypto recruiter but
that's his uh that's his
handle and he says this he goes and it's
a good point he says if ethereum if
ethereum isn't a security then cardano
isn't isn't either and an e an eth ETF
approval will provide Clarity for
cardono to take that a step
further uh there was a post from Swan
Bitcoin and they said if ethereum isn't
isn't an a a security
and they can approve it then isn't that
for all the different erc20 tokens that
are underneath ethereum then considered
not a security now I'm not a lawyer but
I'm just saying it makes a makes a
interesting argument for all the
nonsense meem coins that are out there
is saying hey these aren't Securities
and uh if guinsler goes through with
this and it actually gets
approved watch out and that could be a
big thing but there was one last point
before we get out of here and do a
little Q&A and on the title in the
thumbnail you can see a big W on Gary's
head and I said Gary was right and he
was right Gary ginzer was absolutely
100%
correct but not recently and I don't
know what the heck happened we we can
summize this in the Q&A and of course in
the comment section going forward but
this was a great post from metal law man
great guy uh he's big on obviously web 3
uh has got a really clear and concise
voice about what's going on Vanderbuilt
law and I linked his profile in the
description so please give him a follow
also I linked I I linked Nick and Dan's
X profile but what he
says is he says if the SEC follows
through on its threat to Sue coinbase I
believe the SEC will lose the sec's case
has a fatal flaw and the problem is Gary
gendler's making and he put this out
this is actually May 3rd and and I found
this to be I must have missed it I fall
I've fallen for quite some time and this
is a 45 second clip of what gendler says
and he's right here he's right this was
from after he was confirmed to his post
as chairman of the SEC which I think was
April 2021 correct me in the comment
section but I'm pretty sure it was
2021 99% sure it was
April gendler testified to Congress on
May 6th that the SEC does not have
authority from Congress to regulate
crypto exchanges and I want you to watch
this
and I just want you to think about what
the hell went wrong with Gary I mean he
was right on point on this one I don't
know well anyhow listen to this I'm
going to make sure you can hear this
perfectly 45 seconds take a listen and
and when you hear the Audio I just want
to I I'm gonna apologize for Gary's
crappy audio this isn't the the speaker
it's just that he was recorded with I
don't know a handkerchief over a
microphone but just try to take listen
here I do think that working with
Congress and I think it's only Congress
that could really address it it'd be
good to consider if if it was uh if you
would asked my thoughts to consider
whether to bring greater investor
protection to the crypto exchanges and I
think if that were to be the case
because right now the the exchanges
trading in these crypto assets do not
have a regulatory framework uh either at
the SEC or our sister agency the
commodity interest trading commission
that could instill greater confidence
right now there's not a market regulator
around these crypto exchanges and thus
there's really not a protection against
fraud or manipulation or
a I do think that working with Congress
and I think it's only Congress that
could really address it it'd be good to
consider if if it was uh if you would
ask my thoughts to consider whether to
bring greater investor
sorry I just want to make sure I heard
that right so again Gary's just saying
is like look there's not greater protect
investor protections Congress really
needs to step forward and Define what we
should really be doing and there is a
bill uh coming forward fit 21 which will
if it passes through Congress of course
Congress House Representatives and the
Senate if it passes through the house it
has to get approved for the Senate then
it has to of course get hopefully not
vetoed by the president of the United
States but if that Happ happens that
would shift these digital assets to be
overseen from the SEC to the cftc and I
think they have a a much greater range
and of course they're a little bit
more positive for digital assets as far
as regulation goes so if that goes
through that's great that'll take a big
load off of Gary and he can retire and
or get fired whatever is goingon to
happen to him and just move out the way
so any let me know you think about that
in the comment section I'm hoping that
actually goes through but again I just
don't know what happened to Gary I know
that seems naive for me to say that of
course in the comment section you'll say
well obviously it's this and it's
corruption it's this and that jobs and I
don't know I just don't get it I just
don't get it and Lastly lastly I just
want to give a uh a note as we were
talking about the ETFs and and ethereum
and talking about Bitcoin did you know
that today is an all-time high for the
Bitcoin total net Bitcoin flows the ETF
it's 245,000 224 2 24 a half thousand
and we've never hit that much positive
flows ever so we can go
back 224 and it's not even close so
again we're doing our job net positive
flows I like that and then I will say
that even if we talked about gray scale
as it starts to unload its ethereum if
it actually if these get approved just
remember at some
point just like we're almost at the
precipice now
grayscale used to have over 600,000
Bitcoin and
now black rock is very
close we're talking 22,000 Bitcoin or so
to overtaking grayscale and I think at
some
point they'll all fall down and there
will be
negative or excuse me positive out flows
and there won't be so much of a dumpage
as far as grayscale and then we'll
really see fireworks to go from there
anyhow that's it for today so look you
like today's video give it a thumbs up
consider subscribing we talk about of
course this time sensitive
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