Bitcoin & Crypto... Oh Sh*t...
Summary
TLDRThe video script discusses the current state of cryptocurrency markets, highlighting Bitcoin's struggle below key moving averages and the sell pressures from miners and ETF outflows. Despite market fears, the speaker remains hopeful, citing potential upcoming ETFs for cryptocurrencies like Ethereum and the entry of high-profile investors. The script also touches on the popularity of meme coins versus the value of established DeFi protocols, suggesting a maturing market with potential for significant growth.
Takeaways
- 📉 The cryptocurrency market, including Bitcoin, is experiencing a downturn, with prices significantly lower on the day of the transcript.
- 📍 The speaker is watching the 100-day exponential moving average (EMA) for Bitcoin as a critical support level, noting its importance for market sentiment.
- 🔄 The speaker suggests that the current market situation is a consolidation phase, which is typically a period of sideways movement that can be both painful and boring for investors.
- 💡 Despite the downturn, the speaker remains hopeful for the future of the cryptocurrency market, emphasizing that there is good news and reasons to stay optimistic.
- 🛑 The speaker mentions sell pressures coming from various sources, including Bitcoin miners selling their holdings and significant outflows from Bitcoin ETFs.
- 🏛️ There is a mention of the German government selling Bitcoin, which is causing a stir in the market, although the speaker seems to dismiss its impact as an overreaction.
- 🚀 Positive news includes high-profile individuals like Michael Dell showing interest in Bitcoin, which could signal growing mainstream acceptance.
- 💹 The speaker discusses the potential impact of ETFs on cryptocurrencies like Ethereum and Solana, suggesting that their introduction could bring significant liquidity to the market.
- 🤔 The speaker highlights the market's preference for meme coins over more established and utility-driven cryptocurrencies, expressing concern over this trend.
- 📊 The transcript touches on the possibility of the crypto market maturing, with less volatility and more focus on established, revenue-generating projects.
- 📈 The speaker ends with a bullish outlook, expecting an 'epic leg up' in the market and advising viewers to be prepared for it, while also considering taking some profits.
Q & A
What is the current situation with the price of Bitcoin according to the script?
-The script mentions that the price of Bitcoin is not looking good, with the market experiencing sell pressure and the price struggling below the 100-day exponential moving average (EMA).
Please provide the forecast for Ethereum in the near future according to the script.
-The script predicts that Ethereum might see a moderate recovery, but it faces resistance at multiple levels due to current market conditions.
Outlines
📉 Crypto Market Struggles and Miner Sell-Off
The speaker discusses the current state of the cryptocurrency market, emphasizing the sell pressure and the impact of Bitcoin miners selling large volumes of BTC. They highlight the importance of the 100-day exponential moving average (EMA) as a critical support level and express hope for a quick market recovery. The speaker also touches on the potential positive effects of a Bitcoin breakout, despite the current market's grim outlook.
😟 Market Fears and the Importance of Opportunity Recognition
This paragraph delves into the emotional aspect of trading, focusing on the fear and frustration investors feel due to late entry into price action and the belief that the market's peak has passed. The speaker advises not to rush decisions and to recognize that markets provide opportunities all the time. They also mention positive news, such as Michael Dell's bullish stance on Bitcoin, and the potential impact of global liquidity on market performance.
🚀 Upcoming Developments in Cryptocurrency ETFs and DeFi
The speaker highlights significant news in the cryptocurrency space, including the possibility of North America's first Solana ETP and the anticipation of Ethereum ETFs. They discuss the potential for increased liquidity and market growth due to these developments. Additionally, they touch on the importance of revenue-generating products in the DeFi space and the market's current preference for meme coins over more established projects.
💡 Market Maturity and the Future of Cryptocurrency Investments
In the final paragraph, the speaker contemplates the maturing of the crypto market, drawing parallels with the post-2008 financial market recovery. They speculate on the possibility of a more stable growth trajectory for cryptocurrencies, similar to that of the S&P 500. The speaker also mentions ecosystem airdrop programs and the potential for certain cryptocurrencies to deliver significant returns, while others may not perform as well, reflecting the selective nature of market success.
Mindmap
Keywords
💡Bitcoin
💡Sell pressure
💡EMA (Exponential Moving Average)
Highlights
Current market sell pressures and price struggles with Bitcoin, especially concerning the 100-day EMA.
The importance of the 50-day EMA for price support and the potential for a market rally.
Market consolidation and the comparison to Don Al's prediction of a 100 plus days of range ending for Bitcoin.
Discussion on Bitcoin miners selling and the impact on market prices.
The significant outflow from Bitcoin ETFs, indicating market sell pressure.
Reaction to the German government selling Bitcoin and the market's overreaction to selling events.
CFTC investigation into a major cryptocurrency market maker causing market unease.
The longest correction of the last 12 months in the cryptocurrency market and its psychological impact.
Market opportunities and the advice to focus on trading ability and market conditions.
Positive news about Michael Dell's interest in Bitcoin and its implications for market sentiment.
Global liquidity trends and their historical impact on market rallies.
Crypto.com sponsorship and the promotion of earning through staking and trading.
Altcoin news featuring 3iQ's attempt to deliver North America's first Solana ETP.
The anticipation of Ethereum ETFs and their potential market impact.
Critique of the market's focus on meme coins over revenue-generating tokens.
Discussion on the potential for a mature crypto market with secular growth similar to the S&P 500 post-2008.
Covalent's ecosystem airdrop program rewarding cqt stakers and fostering community.
Phantom's Sonic Labs Innovator Fund and the significant investment in the rebranding launch.
Expectations for a last epic leg up in the Bitcoin market and considerations for profit-taking.
Transcripts
Bitcoin
crypto well it's not doing too
great today is it holy cow I want to
talk about the markets with you what's
going on the markets where the sell
pressures coming from what's freaking
people out in the market right now but
also some really good news that's
happening and I know good news always
feels just not right almost on days of
the price is bleeding out like this but
there is good news in the market there
is reasons to remain hopeful for the
future of the cryptocurrency markets
everything's going to be okay in my
opinion now let's go ahead and hop into
it and start talking of course about the
price of Bitcoin which not looking super
pretty today is it look at that look at
that a the price of Bitcoin ma'am
currently currently currently currently
we are struggling struggling right here
you can see this red line that is the
100 day exponential moving average still
a few hours too for our daily close if
we can rally a daily close just above
that that wouldn't be too bad now
previously we did dip below this line
back here in early May quick recovery
came in thereafter we want to see a
quick recovery if we do close a daily
candle under the 100 day EMA this is a
pretty critical line in my opinion next
EMA Downs all the way down 58k as the
200 day EMA lose that good night to the
market I would say right now though
still holding at the 100 day EMA let's
see if we can get a rally back up soon
50-day EMA trending down again we really
need to to retake that as a key area of
price support you know resistance will
be on the way back up but flipping that
back into support be very very critical
I think for the market and then of
course once again once again one of
these days try to attack 72k again right
now though I know all this seems pretty
scary I know your altcoin bags are
decimated mine are too welcome to the
party I look at all this right here and
all I see is the market just grinding
sideways consolidating it's painful it's
boring
but it's kind of supposed to be that's
the point that's the point isn't it Don
Al saying 100 plus days of range on BTC
coming to an end soon I'm guessing the
breakout that's about to happen is going
to be Trend forming will at least be
maintained for as long as we've been
ranging going to be fun to trade Majors
again that's the kind of bull hopium
that I'm around here for I dig it now
when we do get a Bitcoin breakout
whenever that happens and I know it
doesn't feel like it's gonna happen
today I get it I'm here I know guys I
see the price action okay but it's
always darkest before the dawn isn't it
and when we get a price breakout it's
going to drag everything else up with it
okay how long that takes undetermined
but we will get it mystery of crypto
saying well miners are selling I want to
talk right now about a little bit about
where are the sell pressures coming from
in the market because of course for
prices to go down you need people
selling don't you well Bitcoin miners
are
selling volumes of Bitcoin flowing out
of mining wallets exceeded the annual
average outflow of miners
that's a lot of BTC flowing out of minor
wallets getting sold okay miners are
taking
profits us Bitcoin ETFs $900 million
outflows for the week so that's about a
billion bucks remember two weeks ago we
had two billion dollars in inflows in a
week well this week we had a billion
dollars out and that two billion dollars
in inflows barely moved the price up but
oh we get $900 million in outflows good
night good night Armageddon time in the
markets come on crypto what is that what
is that classic classic isn't it a
anyway there's some more sell pressure
for you hey look at this German
government is selling three billion
dollar worth of bitcoin everybody's
losing their minds 1.3 trillion asset
class $22 billion daily trading volume
but yes because the German government is
selling their Bitcoin we should all
freak out right it just adds to the
entire picture okay you see how much the
market could overreact to any kind of
selling
events watch out for the mount Gau
Bitcoin when it starts hitting the
markets
a lots of stuff going on whale here
pointing out to Bringing out the big
Bluffs to make you fold German
government Bitcoin sell off Russia North
Korea nuclear fears did you guys see
those funny videos of Putin and Kim Jung
Kim Jong-un driving around in the car
and waving at each other from the plane
and stuff it's funny anyway cftc
investigation to jump one of the major
market makers in the cryptocurrency
industry lots of scary stuff happening
out there in the markets isn't there
should probably sell now walk away
forever not me not this guy my my boat
is tied to crypto and we're either gonna
sail off into the
sunset or we're sinking one way or the
other I I think we're going to sail off
into the sunset though personally Cold
Blood to Chiller saying this is the
longest correction of the last 12 months
we know frustrations arising we know
people are getting chopped up we know
people are a little fearful these
feelings are compounded by two major
factors people are always late to the
price action the markets move up people
don't realize how significantly they'll
move they close too early they lose some
shorting they get chopped up basically
they're not appreciate and successfully
take advantage of the up trending price
action number two people are fearful
that this is the top and therefore the
window of opportunity is closing or is
already closed so AKA they're rushing
for the exits right you're running out
of time you run out of time the
opportunity to change your life is gone
better get what you can out now and dump
everything right
that's what people are thinking that's
what people are thinking not me not this
guy again we're either sailing off in
the sunset or going down with the ship
that's my opinion on
crypto uh he says here are things you
need to keep in mind markets provide
opportunity all the time we have to be
aware of when the market either isn't
suitable for us to be for us to be
operating in because of our trading
ability or the market conditions aren't
right for the type of investment we want
uh or the horizons that we have reality
of the picture is that people become
obsessed with catching the bottom
instead of rectifying the issues that
cause them to overtrade or to hold
appropriately or maximize returns in the
market actually does give the green
light to take exposure you have time you
most likely still have a ton of
opportunity but rushing your exposure
your decision- making and not focusing
on the areas that have caused you pain
over the past eight weeks or so will not
allow you to act in a different manner
appreciate where we are what your
downfalls are and how irrational your
fears about no opportunity are like I've
mentioned opportunities
everywhere I personally see that value
in a big way for crypto stocks at the
moment don't focus on negatives don't
rush your path to improving your
finances appreciate where we are
appreciate what skills you have and make
sure you're adapting to the conditions I
dig it I dig it now positive news
there's pep talk I appreciate that post
so want to share it with you positive
news Michael Dell top 20 richest person
on the
planet apparently bull posted about
Bitcoin he shared a he retweeted a post
from Michael sailor about Bitcoin uh
he's posted this Bitcoin Cookie Monster
meme today on his X account now that is
very interesting has he gone out is he
one of our mystery buyers has he gone
out and bought a couple billion bucks
for the Bitcoin dude's worth $120
billion dollars or something like that
founder of Dell computers of
course that would be interesting that'd
be interesting another high-profile
billionaire getting on the Bitcoin train
man at these prices or if he's been
buying for a while well he's probably
got a great DCA position by this point
you have to understand that that big
people out there recognize value
proposition for what we're doing in
these markets and they act accordingly
and of course Global liquidity On The
Rise once again you can fade Global
liquidity if you want but as you can see
historically fading Global liquidity
spikes has been a losing bet so you look
back at 2006 for example interest rates
cut Global liquidity Rose markets
rallied like crazy until of course the
2008 crash uh yeah maybe we look at that
in 2025 late 2025 early 2026 something
like that but that's for later us to
worry about because we still have
another 12 months maybe 18 months of fun
times left in the markets in my humble
opinion okay and you can see for example
2018 2019 once again huge liquidity came
into the markets markets went absolutely
nuts we could see a similar thing
playing out this time huge liquidity
Spike markets go absolutely bananas
before they all go to zero to zero
they're going to zero guys real quick
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continue we got some interesting altcoin
news and I feel like I almost should
have led with this story it's so big but
still
you just have to again try to appreciate
everything that's happening in the
market as a whole and I know the price
action price actions King I get that it
really is and right now the king is
taking a giant fat crap on the market
okay I get it however big things are
continuing to happen in the market I am
more bullish on the market than I've
ever been and the fundamentals of crypto
are literally better than they've ever
been before in any time been in this
market which is absolutely insane to
think about anyway defi investor here
pointing out big deal 3 IQ seeks to
deliver North America's first salana ETP
so we could get a salana ETF trading on
Canadian markets because of course
America can't have nice things at least
not for the Canadians and Brazilians and
the British and the everybody else get
to have them first America will probably
last to bring out Salon ETF be a big
deal when that does happen and that will
happen eventually anyway this is big
this is big man we are going to see
salana and chain link and Dogecoin and
probably a few dozen other major
cryptocurrencies all get ETFs and start
trading on stock markets whether that
happens throughout the rest of this year
over the next few years it's coming and
the liquidity brought in by that is
going to be absolutely crazy understand
what's happening in these markets
Bloomberg ETF analysts Eric baluna say
we'll see a bunch of amended e ETF s-1s
filed today or maybe later this
afternoon
this is to actually get the ethereum
ETFs finally listed on exchanges so that
people start buying them okay he said
then the balls in the sec's court to let
issuers know about any final changes in
Effectiveness final approval he said
we're holding the line with July 2nd as
our over under for eth ETF launch date
so we could see in about the next 10
days ethereum ETFs hitting the market is
that going to provide wind in the sales
for the next rally up for the market are
we just going to see gigantic selling
From Grace scale and more pain in
capitulation and despair and nashing of
teeth and pulling of hair well we'll
find out hopefully of course it's the uh
the first option there that's the wind
and the sales for the next leg up in the
market that would be
fantastic let's see hey Kyle rehead from
milk Road here pointing out said Revenue
generating products providing real
solutions for real users tokens that are
fully diluted and being bought back by
the protocol via revenue and yet the
market buys useless mean coins and VC
tokens that just air dropped less than
10% of Supply the market WTF crypto now
what's interesting what's interesting
is that you see a lot of the old school
defi
coins okay a lot of those old school
defi coins they're actually very
interesting plays and I don't have many
of these my my defi coins are Trader Joe
chain link which I guess you know old
school dcoin uh Jupiter Aerodrome
finance a lot of the newer players
actually but stuff like maker Dow right
maker Dow's mkr token or a I mean
these are the biggest D5 protocols they
got real real yields coming in for their
products and stuff like that massive use
cases multi-chain dominance it's pretty
interesting to think about the
opportunities they're presenting
themselves out there and I know
everybody in the market just we don't
want to buy intelligent things anymore
we just want to buy Iggy asa's ass and
the new frog or dog of the
week this is where the market's at right
now man it's absolute craziness and I
get it I get it look mem coins are fun I
participate in some mem coin fun too and
I understand they're really really
popular with retail buyers and all that
kind of stuff but there are some real
powerful applications out here in the
market that it's easy to forget about
but are doing really big impactful
things and they have tokens attached to
them that could be interesting to pay
attention to let's just say it not
Financial advice you guys have to decide
what to do with your own money and I
know what you're thinking what you're
thinking about to do with your own
money what meme coin should I put it in
do I want some Brett do I want some Pepe
do I want to make sure the Hat stays on
get some dog with hat what awesome
ponke what some Toshi here's old school
Doge corn a pop cat man I know it's
crazy out there and the meme coin
liquidity games are getting pretty
Savage because the more meme coins hit
the market the less liquidity is for all
the meme coins
together you start running towards the
bottom eventually and stuff like pump.
fun has been an absolutely just gamble
Fest on the meme coins remember we're
not really uh investing in mem coins so
much as speculating on Meme coins
right smart money. eth smartest money.
eth pointing out said you run a fund ESP
spouse in values of D5 you got tired of
holding lagging assets to chase meme
coins because they're the next wave of
culture coins with eth ETF launching
Trad F we looking more into the year
ecosystem what do you think they're
going to be betting on more memes or
Protocols of revenues cash flows all
that kind of stuff maker Lio ethereum
name service and others it's good point
good point ethereum ETFs coming up we
could see an ethereum related ecosystem
rally especially for those blue chip
defi protocols that have been around for
years are battle tested that have real
strong potential in the market because
of who they are and what they do and
with you know greatl looking tokenomics
in the current market situation
interesting right Arthur here sharing a
Nuance take said entirely possible the
crypto Market is maturing we don't see a
complex wild Swings with 78% draw down
every two years but instead a complex
secular growth like what the S&P 500
went through post 2008 GFC excluding the
covid-19 crash in 2020 US Stock markets
either range bound or gradually grind up
where every Bears calling for major
crash are proven wrong but returns also
increase in concentrating on big cap
Mega cap will value and small caps
remain unloved for a long time similar
things playing out with me most alts are
uninvestable some winners will deliv
ground shatter returns hopefully we get
an Nvidia like outcome every few years
most all coins are going to disappoint
interesting take an interesting way I
think about altcoins that we will have
this very small group of mega mega
winners look at the stock markets it's
pretty similar too right we have very
small group of mega mega winners and
most all coins massively underperform
don't they it's pretty interesting to
think about hey real quick shout out to
calent as well they are doing an
ecosystem airdrop program to reward
cqt stakers okay so if you want to learn
more about that program come over here
follow them at covalent HQ but here are
the quick uh quick notes on that so over
the years coent network has been a key
partner for many top blockchain networks
ecosystem grown over 225 networks lots
of them are including the coent
community and their airdrop distribution
strategies as key players in securing
the coent network cq2 stakers will be
getting partner tokens this isn't just
about Distributing Awards also a chance
to bring partner communities closer
together to kick off the initial short
list of partner tokens include Tao and
ZK sync we've been involved for years in
these communities since their test net
days so want to join the fund check out
our new air drop portal to see what
you're elbow for that's pretty damn cool
so if you are a cqt Staker or you to
learn more about cqt and what they're
doing go check that out okay also
Phantom so Sonic Labs innovator fund so
they're bringing out 200 million FTM
tokens which guess worth about $ h100
million dollars right now to accelerate
partner migration for the Sonic launch
that is pretty damn cool so big money
coming in behind this new launch for
Sonic on Phantom this sort of rebranding
they have going going on so very
interesting big money behind it again a
dark my Dark Horse for this cycle is
Phantom uh I also own Phantom if you
want to see my full portfolio
disclosures as always Link in the
description okay check that out uh coent
as well so again check that out there
you can see all my portfolio disclosures
down there with a pin comment on X okay
and finally finally Bitcoin the most
hated rally coming Market is playing
with your nerve as per usual many will
be fooled by this price action this time
time is not different I haven't seen any
extreme Euphoria this cycle yet I expect
a last epic leg up
soon yeah my kind of feelings as well
last epic leg up maybe we get one or two
more last epic legs up but certainly on
the next epic leg up I'm going to carve
some cash off man that's how I'm kind of
feeling right now not everything but
some we'll talk about that more later
thanks for watching I'll see you in the
next one
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