BITCOIN AT 74K WILL BREAK TRADERS. GENSLER WAS RIGHT. ETH ETF MANIA.

Summary

In 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

00:00

😀 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.

05:02

📈 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.

10:02

🤔 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.

15:03

🚀 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.

Keywords

💡Price appreciation

Price appreciation refers to an increase in the market value of a security or asset over time. In the video's context, it highlights the positive trend in the cryptocurrency market where various altcoins and Ethereum have seen significant gains, making investors happy and feeling confident in their investment decisions.

💡ETH ETF

An ETH ETF, or Ethereum Exchange-Traded Fund, is a type of investment fund that tracks the price of Ethereum and is traded on stock exchanges much like a stock. The video discusses the anticipation and potential approval of an Ethereum ETF, which could lead to increased investment and liquidity in the cryptocurrency market.

💡Altcoins

Altcoins are alternative cryptocurrencies to Bitcoin. They represent a broad category of digital assets that exist beyond the first-ever cryptocurrency, Bitcoin. The script mentions altcoins experiencing substantial price increases, contributing to the overall positive sentiment in the market.

💡Liquidations

In the context of trading, liquidations refer to the closure of a trading position, typically when the value of the position falls below a certain threshold, resulting in a loss for the trader. The video discusses the potential for large-scale liquidations of short positions if Bitcoin's price reaches a certain high, indicating a significant impact on traders who bet against the market.

💡Fair market value

Fair market value is the price at which an asset would trade on an open market between a willing buyer and seller, neither being under pressure to buy or sell. The video uses this term to discuss the current valuation of the cryptocurrency market, suggesting that despite recent gains, the market is not overvalued but rather at its fair value.

💡Dollar-cost averaging

Dollar-cost averaging is an investment strategy where an investor consistently buys a fixed dollar amount of a particular investment regardless of its price. The video encourages this strategy, suggesting that it's a wise approach to investing in a bull market, as it reduces the impact of volatility and spreads out the investment over time.

💡Shorting

Shorting, or short selling, is an investment strategy where an investor borrows an asset and sells it on the market with the expectation that the asset's price will decrease, allowing them to buy it back at a lower price and profit from the difference. The script warns about the risks of shorting in a rising market, as indicated by the potential for large-scale short position liquidations.

💡Total market cap

Total market capitalization is the total value of all cryptocurrencies in the market, calculated by multiplying the current price of a cryptocurrency by its total circulating supply. The video suggests that if Bitcoin reaches an all-time high, it could lead to a new all-time high for the total market cap, reflecting the overall growth of the cryptocurrency market.

💡SEC

The SEC, or Securities and Exchange Commission, is a regulatory agency in the United States responsible for enforcing securities laws, regulating the securities industry, and protecting investors. The video discusses the SEC's potential decision on the approval of an Ethereum ETF and its implications for the cryptocurrency market.

💡Regulatory framework

A regulatory framework consists of a set of rules and regulations that govern a particular industry or market. In the video, the lack of a clear regulatory framework for crypto exchanges is highlighted as a concern, with a suggestion that greater investor protection could be achieved through legislative action by Congress.

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