Bitcoin & Crypto... Oh Sh*t...

Summary

The 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

00:00

📉 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.

05:02

😟 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.

10:04

🚀 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.

15:04

💡 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.

Keywords

💡Bitcoin

Bitcoin is a decentralized digital currency that operates without a central bank or single administrator. It is the largest and most well-known cryptocurrency in the world. In the video, Bitcoin's price and market performance are discussed, with the speaker noting its current struggles and potential future movements, such as the importance of the 100-day exponential moving average (EMA) and its impact on market sentiment.

💡Sell pressure

Sell pressure refers to the force exerted by investors to sell their assets, which can drive down prices. In the context of the video, the speaker discusses various sources of sell pressure in the cryptocurrency market, including Bitcoin miners selling their holdings and large outflows from Bitcoin ETFs, which contribute to the downward price movement.

💡EMA (Exponential Moving Average)

The Exponential Moving Average (EMA) is a type of moving average that places a greater weight on more recent prices, making it more responsive to new information.

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