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7 green days for BTC ETFs
Recorded: March 25, 2025 Duration: 0:54:44Space Recording
Short Summary
Recent developments in the crypto market include the launch of Bearer chain's proof of liquidity, a strategic partnership between Trump media and crypto.com for ETF launches, and significant fundraising efforts by Kraken. The market is also witnessing a trend towards stablecoin adoption, with increased interest in Bitcoin ETFs and new token generation events like Mintify TG.
Full Transcription
Good morning. Everyone, welcome to the modern market where every day we get into everything to do with the crypto market, the NFT market and how to make some or a lot of money on the internet.
Loaded up for discussion today. We've got Bitcoin consolidating around 87K after seven days of consecutive inflows.
We've got bearer chain proof of liquidity going live with more than $500,000 of active.
incentives, very important to dive in there.
Got a feeling that's where the next set of Defy games are going to be taking place.
I'll be explaining that.
And Trump media announces intention to partner with crypto.com to launch ETFs, the family.
Keep extending their crypto business.
We've also got the latest on price action on crypto and NFTs as usual, plus a general thought
on what we think is going on in the market.
I've got Legendary and Rahim with me on the stage today.
We cannot wait to get into it.
But just a reminder, friends, before we do, this show is not.
financial advice this market is very, very risky and we do not know anything for sure. So please
proceed with caution and exercise your own judgment with that out of the way. Rahim,
it's Tuesday. It's the 25th March. How are you doing? How are things your side?
GM GM. So far so good. Loki feel a lot more hopeful. The crypto markets are up. NFTs are doing
really well. It's always nice to see like the
The punks having their run up.
I was having a look at some of the 6529 memes have been like doing a lot of volume.
It's kind of nice to see that.
Had like a preliminary chat on the timeline regarding the routine meme coin token,
which in my opinion underperformed considering the attention it's getting from Coca-Cola and Mr. Beast.
So I don't know.
It feels like nature is healing.
Health is good.
The bi-weather is good.
Life is good.
You know, not bad.
Sounds excellent. On the NFT side, I've been thinking about this as well. Why do you think, I mean, A, what are you holding these days? I think you're kind of in the bracket as a long term holder of a lot of collections. What are you holding? What are you liking? And why do you think that all things considered, NFTs have held up pretty nicely here. Why do you think people are kind of returning to that? What do you think is going on?
I feel like if you look at like certain collections, right?
Like I think like the two collections I'll put out of this,
this conversation would be doodles and pudges because they have something speculative coming in the future.
But if you look at like Azuki's in the last like couple of weeks or especially if you look at board apes,
board apes have kind of maintained this floor for the last like three months.
I would argue like their current floor is like,
like the most organic flow like there's no speculation anyone who's buying it is not buying it because
like you know they can flip it for like six thousand dollars in the next two days and stuff so i just
feel like it's the the right people are buying it you're seeing so many people kind of upgrade their
nfts i know i just feel like the more time is going by i feel like we are aligning more with
the collectible market that works in the traditional world like this is how pokemon work
how Pokemon people were interested in Pokemon buy cards.
Yesterday I was reading tweets about some they've started releasing collections
really fast.
So some of them were like yeah, it looks like the only the OG ones are going to hold,
the newer ones, they keep printing more cards and stuff.
Sounds like, you know, exactly what we say.
So I know it just feels like we are aligning ourselves more and more with how the
the Pokemon collectible world is working and I've been aligning my vision a lot through that
lens for better or for worse.
I like it. I think that makes a lot of sense. I can see why we maybe trend towards that direction and maybe studying the collectible model and how that business works is a good way to get a sense of where proper NFTs or at least the profile picture community ones will be going ones that are seen and felt like more to be collectible.
Um, interesting stuff.
Uh, we'll touch on NFTs a little bit more later to when we get to the price action.
Legendry, what's going on your side before we kick off?
GMGM, I'm doing pretty well. I'm excited for the show, excited for specifically the proof of liquidity stuff on Barrow, which we'll get into.
And other than that, I'm also excited to pick up the first supplement from my biohacking ordering spree, as well as a bit more than 20 fashion items from the 90CC blackbox mint that happened a couple months ago.
So...
There will be some 90cc fashion entering this show in the next couple of days.
And I will test some compounds on myself and we'll also be reporting on that.
Right. So we're going to have some fashion experimentation in the next week or two plus some very deep bio, biohacking going on. I like it. This is what happens when this kind of market, but maybe the thing, look, who knows why people listen to the show. Maybe it's for the biohacking. Maybe it's for the fashion advice. But as you said as well.
The, our antennas are going off when it comes to bearer chain, I think at the moment.
Proof liquidity. Look, I know loads of people have been in proof liquidity stuff already.
And the people who are, there's more than a billion dollars, I think, still on bearer chain.
So it's not like we're early to it, but we cover everything. And it just seems like that is somewhere where the defy games are happening. And I know that it's happening.
like there's a pocket of attention that's really on top of it.
And then there's everyone else who are,
you know, still thinking about meme coins because that's the
Lays Hangout is still just watching what Trump is doing.
Maybe focused on hyperliquid because that was the big thing that took a lot of
people's attention.
But now our antennas are going off on bearer chain.
So we've got a little bit of an explainer coming up on that in today's show.
It's not perfect because it's quite a detailed thing,
but we want to definitely get people up to speed on that going live yesterday.
So that's pretty interesting.
So let's get into it, starting with the price action as always to get you up to speed with what is going on.
There we have.
Let's get this.
Make sure we got it loaded live.
We have Bitcoin flat at around 86, 87. That's nice. 87K. We've got ETH down a percent to
$2,000. No more, no less. XRP is down to 2.4. BNB is at 637. Salana is also flat at
$142 on the meme coin side of things.
this is what we have.
We've got Doge up 5% to 18 cents.
We've got Pepe up four.
Chump is actually down for.
Bonk is up a couple.
SPX is down for FarkC is down five.
However, FarkCoin is up 100% in the last seven days.
So some of these really bounced big.
The biggest bounces in the last seven days was Bonk at 30%.
SPX at 70%.
Farkoen at 100%.
But, you know, Pengu was up 10% on the week,
just up a couple of percent in the last 24 hours.
So yeah, some of these stuff have bounced pipe quite big in the last seven days.
Kett was up 35.
Popcat is up 30.
And then just smaller moves up in the last 24 hours kind of across the board.
Mog is up 6% as well.
Getting into the headlines themselves, we have Bitcoin ETF seeing seven days of
consecutive inflows now as price has consolidated around 87K.
Remember, Saylor has bought another...
How much was it? Let me just check in the rest of the snapshot.
I bought another 6,911 Bitcoin yesterday.
So he is not slowing down with strategy.
Um, prices consolidating around there.
Good news on the ETF inflows.
We've got bearer chain proof of liquidity going live with more than 500K of active incentives.
I'll be breaking down what that actually means in just a little bit.
And then finally, Trump media announces intention to partner with crypto.com to launch the ETS.
Rahim's going to be explaining what we need to know there and how the Trump administration,
not the Trump administration, the Trump's family media business.
is continuing to expand its empire into crypto more and more.
A couple notable sales we've said,
NFTs are going strong.
Punks on a heater, a huge bunch of crypto punk sales yesterday.
The biggest one was a Cryptopunk hoodie for 115.
Eith.
Legendry, what else is going on on the NFT side that we need to know?
Absolutely. Let's take a look.
Ryan mentioned one of the most important things already.
MIMS by 6529 are up 36% over the last seven days,
up another 10%.
30% apparently also over the last 24 hours and see quite a bit of volume just 75-Eth in the last 24 hours alone.
Similar to that, Azuki's have had a nice week. They're up almost 12% over the last seven days.
They are also up a couple of percent over the last 24 hours.
And back at the 2.7E floor, but the major mover, the major winner from the big collections have to be the crypto punks.
They are back to the 42Eth floor, which equals 86.5K.
So we are pretty much back on track to flip Bitcoin with punks.
Interesting. Very interesting. The Cryptopunk I wanted sold yesterday.
Damn. To you?
It's funny. I had a Cryptopunk also that I wanted that sold there before yesterday and I was bummed about it. I wonder if it's the same one.
Maybe, maybe to be honest.
Did he have a hat?
No, no hat.
Oh, yeah, mine had a hat.
Damn. We'll have to rue that a little bit longer then. I have to figure out how we get one of those.
Okay, the rest of the news, there's some interesting stuff here.
Movement Network Foundation to launch $38 million USDT buyback of Move tokens after Binance
market maker investigation.
It seems like finance found out there's a bunch of, I don't know, illicit, either
illicit or not proper behavior from a market maker with the Move token and now they've
launched this strategic move reserve, $38 million that's going to be buying back the
token.
Some of this market maker stuff is a bit fishy sometimes, but that's what it is.
That's the news. I don't know, don't have any more details than that.
Trump's World Liberty Fire has deployed a stable coin, USD1 on BNB. That's pretty interesting to note.
Strategy bought another 6,911 Bitcoin, as we just mentioned. Circle announced USC stablecoin support in Japan.
I think that people were really pushing for that, or USC Circle was particularly pushing for that, so that's big news for them.
And Cracken reportedly working with Goldman Sachs and JP Morgan on potential $1 billion debt raise to fund expansions,
spoken a lot on the show the last week or two on how I think we think there'll be a lot more crypto MNA over the next couple of years, or at least during this administration, so potentially over the next four years.
In some more news, digital asset trading platform Mintify TG takes place today.
Legendary and myself invested.
There we've worked with Mintify over quite some time, very curious to see how they get along.
That's coming out later today.
NFT and creator focused L2 shape also announced their claim for the shape token.
We worked with shape a couple a few months ago as well.
as well. We didn't invest, but we worked with them. That was nice. They're obviously more focused on the artist side, trying to capture kind of different part of the market. So we'll see how that goes. There's no like buttons to click there yet. There are some instructions on how to claim, though, just kind of log in and wait for further instructions.
The Nillian TG went live yesterday.
That's trading at $800 million.
I think it's kind of TG season coming up as people want to get in now in these
relatively better.
Now that the market hasn't completely crashed, people want to come out now before the
summer, I think.
So I think we're going to have a busy April.
And Arbqadal considers proposed to defund the gaming catalyst program backed by
225 million arb tokens.
This was an interesting one because I think we reported on this back when it happened,
Ledge, where...
It was like a humongous fund that was created to stimulate the, I don't know, the building and production of and facilitating the gaming ecosystem there.
And it looks like the authors are arguing that the GCP was approved during a period of exceptionally optimistic projections.
Then hindsight proved unsustainable.
It sounds like us with our angel investments.
Maybe asking for a refund.
That's the equivalent of an institution asking for their angel investment refund back.
So if they can do it, why can't we sometimes?
People were pretty unfair on individuals, I think.
But anyway, that's maybe kind of joking, to be honest.
But that's the rest of the news.
What is catching your attention legendary before we get into the main stuff?
To be honest, everything, kind of want to comment on everything real quick.
There's a lot going on, right?
And did you see my tweet yesterday where I said, or maybe did I delete this tweet?
Because I found it annoying.
Yeah, I wrote a tweet, which I thought was cool.
But then it was like I got self-conscious because it was all about myself.
I was like, you know how we talk about different indicators and going to the gym was an indicator?
You buying all these.
Yeah.
biohacking tools as an indicator.
My to-do list is also a great indicator.
And yesterday for the first time again in a while,
it got crazy.
You specifically know what my to-do list looks like.
No one else knows.
But I keep a written to-do list on paper.
And when it gets busy, like when the market is hot, it's just a complete insane brainstorm.
Like it starts off a very structured like bullet point list of things.
And then at some point in time, it just escalates.
And then there's bubbles going off in different places and arrows going in all different directions.
So it's got busy again, got very, very busy again.
And, yeah.
I think that shows I think April is going to be super, super busy.
But sorry, what are you thinking here?
Yeah, no, very much, very much agree with that.
Look, on the one hand, the stable coin thing is not going away.
I mean, I feel like we speak about some sort of stable coin related on every show now.
But Japan's going to be an interesting market.
We've seen it from Metaplan's perspective.
We've seen it from the discussions that are going on there to change the taxes on crypto,
which have been highly, highly unfavorable.
And now that...
Stable coins also seem to be coming Japan's way.
That might be a very, very good kickoff signal for some sort of broader interest going on in Japan.
Then to TGE season, it is a bit ironic, isn't it?
I feel like we didn't really have that many TGEs at the start of the year.
He had founders who were kind of postponing to see what will be going on when the bull market will peak.
Now that we do seem to have a bit of a relief rally, there's these TGs.
There's, I think, a couple more coming this week.
Weill had a post on that.
There's also the, was it, Wall, Walls, whatever token coming.
Mints at the same time, Final Bozo is currently that is one of the premier most hyped collections on abstract.
I think all of us are minting or have been minting that.
So it does seem that a bit of action, bit of life is coming back,
and everyone's racing to get whatever product they have out there at the moment.
And then the other thing I wanted to touch on quickly,
I actually agree with what you said with arbitram.
falling for the FOMO, going in for nine figures and being like, oh, now we kind of want our money back.
And it's interesting that FOMO works at a, like, quote, Dow institutional level, that you see, oh, Web3 gaming is a hype.
Let's deploy hundreds of millions there.
AI is coming. Maybe we should do that.
And now that you kind of have this post-formal clarity and you want to claw back the funds.
It says a lot about how we are approaching things in this space and also kind of combines the discussion we did yesterday, liquid funds, the liquid lending on Wildcat.
And I feel like that we also treat this angel investing stuff a bit more in a liquid way that they're like, maybe I can have my money back.
And there's been also a couple of protocols who did that, right, who offered refunds and still offering refunds up to seven days after TGE, mostly.
So I don't think that this like Web 2 analogy of saying, yeah, but it doesn't work again in Web 2.
Hence, it's ridiculous to expect refunds in Web 3.
I don't think that this is fair because I feel like so many of the things that we are doing here have this way, way stronger emphasis on keeping funds liquid.
So why should that not apply at least a certain degree to certain forms of investments?
Yeah, I think there's a bunch of good points there.
One other thing I wanted to add, you're saying that it's a busy week.
I missed this off.
Taproot wizard's mint is today, I believe.
Point two BTC for a beautiful taproot wizard.
So we'll be watching that with a lot of interest.
To your point about the investing thing,
Look, this is my take on it.
I do not think that people should claw back funds or that refunds should be available,
save for circumstances where you are sold on a material like clause,
whether it's contractual or not, you are sold on a particular thing happening
because that's the word that was given to you.
And you basically make the investment on the basis of that,
word. People told you something that induced you to make the investment. And if that thing doesn't
happen, I think you are entitled to ask for it back. If they say,
You know, this is the thing we're aiming for.
It's very difficult.
This might not be able to happen.
And therefore, you know, we're not trying to force,
we're not trying to induce you into your investment all on the fact that this thing is going to happen in this particular way.
Then again, you, you should be aware of that risk.
You should be...
The team did not induce you to make the investment on that specific thing.
But I think if people say things and almost make it a conditional,
and that's this specific thing that induced you into the investment,
I think you have an argument.
That's where I think where your point stands true, legendary,
where you're like, look, we deal with stuff in this space that is not the same as in other
industries, like claim sites being open and then the devs deciding to close it down so that other people can sell while the investors can no longer access their tokens. Just one example of some of the nonsensical things that have happened in this industry. So
Yeah. I think there's a bit of nuance there. But that's my thought there. Ryan, do you have a take on this? I know you do a bunch of investing yourself or is there anything else catching your attention? We said there's a bunch of interesting things going on that you want to have a
I think the whole the Dow governance thing it piques my interest a lot.
Of course, having built something in that direction,
I was involved with like Nounsdao before GM Dow and a couple of ecosystems.
I think what's interesting to kind of see.
I mean, like we can all agree in some ways,
Dow's as a concept is just like doesn't work.
It's like we've struggled with it.
It's a very chaotic model.
What I like about this back and forth,
even with this whole idea of like people rolling back this decision off like maybe
we deployed way too much money.
Let's cut back that.
I just think it's nice to have that dialogue
in a very decentralized manner.
So that maybe in the future,
even when we are comparing web to investments,
we can come up with models that maybe like refine us
and prevent us like from deploying like mad amount of capital
and lose it.
Maybe you could do it in like sectors.
You're like, okay, maybe the first
I don't know, you have a certain KPI or a certain milestone until then you have, let's say, like, 50 million tokens and more and more that.
I just feel like at the end of the day, going back to what legendary he was saying, whether it's like DOWs, whether it's like DC funds.
I think they're all work on like human psychology level. It's like the same thing. People are deploying on the next meta, hoping that if like even if one game out of the 20 games is successful, I'm going to like outperform my entire portfolio.
But I actually like, like, you know, I know Dows have like,
not the best optics.
I actually think arbitrateau works in a very good way compared to like a lot of the other ones and stuff.
I just like the fact that we're able to have this dialogue in a way more open,
decentralized fashion.
People are able to ward for us to maybe change some of the processes that we've changed in the past.
I fundamentally believe blockchain shouldn't be just about like,
It's not just about the money and the financial aspect of it.
It's also about bringing power back to the people and governance and voting rights and this and that.
So I like that we are experimenting this regardless of how it goes.
I like it.
Yeah, I think DOWS are a tricky one.
And I think they've been found out in many ways over time.
But there are people who try to operate it in a slightly better way.
But let's see.
Let's see how those go.
Yeah.
Okay. Any, yeah, okay, the two things, one thing I wanted to bring up as a quick, interesting point before we get into the main headlines today, this was a pretty interesting report, which paradigm has produced. They released this just a few days ago.
by the paradigm policy team obviously paradigm very significant investors in the space they
produced a report called tradfai tomorrow defy and the raise and the rise of extensible finance
they did a survey of tradfai professionals try to get a handle on
I think is most important.
And there was actually some surprising results.
So I think the disparity or the gap between us on crypto Twitter and Chadfi is most
noticeable right now in the gap in sentiment.
Like crypto Twitter sentiment seems pretty low.
Everyone in more corporate.
America, corporate crypto is super bullish. So there's that huge sentiment gap. And I think maybe
understanding what they're thinking about might actually help to see what they are thinking is
interesting if you believe that that is the direction the industry is going in. And there can be
questions for that. And you might be slightly disappointed that the industry is going in that direction.
But at a minimum, understanding where they're coming from is maybe quite helpful. So I thought I'd bring out
A few of the findings of the report.
I've got the full article here, which I don't mind showing my screen for.
So I will do that now for people who are watching.
in. So we've got some information that, so when they were surveys, they said more than two
thirds of tradfifirms are currently looking at defy. The finding two was tradfai firms think it's
inevitable that defy will eventually be critically important to more core businesses. And this is a
super interesting one to me because I think this goes against a lot of the narrative that people
tell you about tradfi moving forward.
This finding was Tradfai rejects the notion that private blockchains are as valuable as public ones.
We obviously talked about permissioned pools the other day on Uniswap going live versus unpermissioned pools.
And we've spoken about the rise of converge, which is the chain by Athena versus something like just on Ethereum main net, which is obviously far more permissionless.
But what they found, at least in this survey of 300 companies,
They said central banks, they said now our survey data shows that most of the Trappai community
believes that public permissionless blockchains are critical.
We're leveraging the benefits of things like smart contracts and tokenization.
So it seems like they're actually leaning in that direction according to this report, at least.
So today, Chadfire is most interested in stable coins, tokenized assets and dexes.
We speak about all of those things a lot.
And the biggest headwind preventing defy from unlocking real economic efficiencies in the short term is the regulatory environment.
Policymakers have generational opportunity to accelerate.
So those are the five key takeaways.
We'll be curious, boys, for your anything that jumping out to you there that you think is interesting that explains the discrepancy between our sentiment and their sentiment or anything that surprised you or that you find interesting.
Maybe right.
I'm first.
well i'm definitely surprised by the public and permit the private and permission as blockchain uh
consensus that's very interesting because i remember us discussing like you guys spoke about
athena the other day we've spoken about uh sonium i believe that's how you pronounce it the sony
the sony private blockchain and the arguments vitalic had put across it where he was like
the whole idea of a decentralized one is for people to
build however we want and some of these L2s can be private. It's very fascinating to me to see
Trutfi companies be open to the permissionless nature and be like, oh no, you know what, we find
them way more valuable than private ones. I think that's a pretty interesting difference to me.
So I'm definitely going to dig deep into that. Yeah, I found that one interesting to Funky.
Your hand is raised. Welcome to the stage, my friend. What are your thoughts on the nature of this
report? Anything catching your attention from Paradigm?
Yeah, I didn't read the report itself, but I caught a very good quick overview thread from Austin King,
which I dropped in the comments below.
And I quote posted that last night when I caught it.
And basically I was saying, coming off the heels of DOS NYC to the point you just made be,
I cannot think of a point at which the CT sentiment had such a massive yawning gap.
between what I'm seeing and hearing and being around these big triadfi and institutional level investors.
They are so ridiculously bullish. You got to stop, like people on, you know, who are regular participants,
people who are here every single day need to stop thinking about the next three to five months
and just really focus on where this is going in the next three to five years.
because they are like one of the things I thought that Austin King said really was interesting from the report is that effectively TradFi will be just completely subsumed by Defi.
Defi will take over for a number of reasons because it's just much more efficient, especially when you're doing it at scale.
These people are talking about just bips and moving things at margin.
you know so where you can eke out that little bit of extra gain it's going to make a massive difference at scale
so i feel like we're just at the very beginning i know people always think like oh we're too late
But for the big boys to come into this space and when that money starts flooding in, that's maybe going to be sort of the list that the whole industry needs.
But I mean, it was just absolutely palpable.
Three days at DOS, NYC, just the bullishness.
And I'm not surprised by the public blockchain and here's why.
especially as an infrastructure provider it's already there why recreate the wheel right like
everybody's going to look at ethereum for instance and they want to drag on a theorem they want to
drag on the price but to the point we've discussed many times on the show think about the
liveliness of the chain think about how decentralized it is it is effectively the de facto you know
economic settlement layer for crypto at this point even if you have l2s riding on top at the end of the day
it's still connecting to eith is still connecting to that consensus mechanism and everything else so i just
feel like there are going to be opportunities in the tech that's going to allow for shielded transactions
we already see a number of these solutions being built right now so there's probably going to be much like
the zcash model you know if you guys ever mess with zcash you can choose when you send a transaction do i
want to shield this and let's
and let people know that I'm sending something between this address and another,
or do I want to just make it public? You've always had that option on Zcash.
So I think we're going to see same thing where on public blockchains,
you'll have the ability for maybe large transfers for you to shield that somehow,
so it's not, you know, you don't want to open up the world to your checkbook and show them what's in your accounts.
So I feel like you're going to have that duality on public blockchains.
And then for those who really want to build a private blockchain to keep things completely obfuscated,
that's still going to happen.
But I feel like why build all the infrastructure all over again if it's already there and if it's already being currently built?
But yeah, super, super bullish with Austin West.
Excellent points.
And to your point about, oh, it just made me think of why Pete, why aerodrome?
Remember last week, aerodrome was up.
People were kind of wondering like, oh, why, why?
Why did Uniswop, sorry, not Uniswap, why did BASE builds the permissioned pools with Unswap and not Aerodrome?
People thought that that was like a slight on Aerodrome and they kind of tweeted and I think the founder said,
Like we don't you you guys can prove that it's a market that's worth doing.
We're doing completely great in these permission less pools.
We don't need those at the moment.
And I saw a tweet more recently where he said,
he showed the volumes that was going through in the permission pools.
And it's like relatively nothing.
So look.
It is probably still going to be an increasing market moving forward, still probably
going to be worth participating for someone moving forward.
But these permissionless pools is where the value is right now, at least.
Probably conceptually and practically, like in practice, that is where the majority of the
money is made.
Ledge, final thoughts on this topic, curious on what stood out to you from the paradigm report.
Yeah, a couple of thoughts on that.
I think unsurprising to see stable coins ranking so high.
I think the decentralized lending and borrowing, that that is so, so high compared to the yield farming segment, which is ranking like in the bottom three or four.
That's very interesting that this is the focus that is being picked up.
But then again, if you look at a protocol like Wildcat and see when to mute in there very, very prominently, it kind of makes sense to see that.
The other thing I wanted to comment on is actually
Something that Overarch said in the comments saying the space needs more people like Funky, it's a mess thinking or CT is a mess thinking NFTs are back after 5% move, LOL.
And I feel like this is kind of how the timeline is primed, right?
A lot of people from the last cycle obviously came into the space.
for NFTs, and now that there is a bit of action going on there, that's like the thing that they're focusing on.
And you have like the big meme coin excitement, but not a lot of people fundamentally have either deeper technical interest or like this more.
financial view of where the sector could move, but they're like, they came in for the hot topics.
And this is what their main focus of interest still lies in. And whenever that becomes relevant again
or has something that is interesting, they talk about that. And that is also like, you know,
more helpful to create like sort of easier content when there's a mint, there's something happening,
as opposed to.
like what's what's what's the content piece here is it i'm going to put money into wildcat
because i think in three to five years time maybe jane's trade and others will be using that for
liquid lending or funding that's not as high p or as exciting it's too long term to make
easy content from it so this is why i feel like that that there's like this dissonance on the
on the timeline with those sort of things or even the conversation that we are having like
we talked probably 10 plus times about
Stable coin market cap is rising, I say, probably for the fifth time on this show today only.
How do we profit from that? What is the best way? Like we go back and forth and discuss from Coinbase stock to lending protocols to the stablecoin blockchain, which we talked about on the show as well, is like way more complex and it's not as tangible as
This is minting on abstract.
What's the floor price going to be in 48 hours?
Is it going up?
NFTs are back?
Is it going down?
NFTs are dead?
And yeah, I don't feel like that Aaron wants to have this more complex conversation.
This is where, like, often the time then seems to be biased towards the easier,
hypeier discussions.
Yeah.
I think, I actually think that's okay.
I actually think it's okay, though.
Like, I view it as like just a humongous city and say we can, we might go into the,
you know in london you call it like the city of london when you go into the city of london
that's like the financial district that's where a lot of people go but i've actually walked
from one side of london to the other side of london on a particular day and like you go through
like very very different areas and some parts are more cultural some parts are more financialized
some parts are more fancy some parts are more like uh struggling for whatever reason and
I don't know. I think there's economic activity in each one and people end up, they do end up
specializing and certain aspects of the business are not for them. We obviously, we do our best
at like even having the variety of guests we have on the show, we try to touch on, we'll have
someone who can speak to all the different sections, which we even show today when we go
on and talk about proof of liquidity, for example. But I kind of enjoy all of it, but I take
your point, like sometimes when NFTs are not going to be moving, then
If you came in for that cultural aspect, which is what you enjoy the most and the community aspect, then yeah, you're a little bit stranded for a while.
But let's keep moving.
We've got to get into the headlines.
There's three important headlines today.
Legge, I think, unless there's anything else you want to conclude on that, what is going on with the Bitcoin ETF?
There's been a bunch of consecutive inflows and some other interesting ETP news, I think, as well, which people should know about.
Absolutely. We have A, some breaking news, and B, the main headline. The spot Bitcoin ETFs are seeing seven green consecutive days, inflows, net inflows, that is, on Monday alone have been very positive at 84 million.
If we take a look at the overall chart on coin glass,
we can see this green streak.
I'm sharing that on screen for the last couple of days.
And also kind of makes sense, net inflows up.
Price action is up.
Even if you look at the bigger picture, going back to last year,
You've always seen price moving up when we had these.
The price chart is the golden one.
When we had this extended green periods of net inflows,
which again makes perfect sense, right?
There is more demand for BTC price will go up.
And the block had an article going into some
More details on that in a bit more of an analysis.
Just to summarize, the key bit is that a lot of institutional players are very, very positive about these recent infunds also say that there's some certainty.
And coming back into the market, that is, but that is only specifically for the Bitcoin ETF still.
The Ethereum set of things does not look as green yet.
There's still more uncertainty on that end.
but very positive signs for the demand for Bitcoin.
And that connects me to the second piece that I wanted to touch on.
And that is actually,
30, 40 minutes old news straight off the printer, BlackRock debuting a physical Bitcoin
ETP exchange trade product in Europe, which is a first off.
And they are structuring that very similar to the ETFs with a TR, this is the total expense
ratio, basically the cost of the ETP of 15 bibs, 15%.
At the start, will then be raised to match the others.
at 0.25% at year end.
And the reasoning that BlackRock is providing is pretty interesting.
So first of all, they're seeing massive, massive demand
from institutions in Europe and they don't have a domestic product,
which makes sense to have a domestic product.
You do want that in many jurisdictions just from a tax perspective.
Yes, obviously, you know, in Europe can buy the American ETPs,
but sometimes or oftentimes there's a bit more
structural and tax complexity with it.
And then from an institution's perspective,
you might have a regulation we're not allowed to buy that U.S. product,
and you will have to buy something domestic.
And they are just following this demand.
And specifically, Bacchuk is saying with 25 million cryptocurrency investors across Europe,
we believe ETPs have an important role to play,
to build a bridge between crypto and traditional finance
through their efficiency and convenience.
And just to kind of put that
reference frame or that comparison, the ETP market is substantially smaller in Europe than in the US.
Largest product is just housing $1.3 billion in assets under management.
Hasn't been that interesting for the big institutions before, but it seems there is a sudden change.
And it seems that BlackRock wants to have a piece of that cake and is entering Europe with this product.
Interesting. Excellent summary. I guess that is probably
Well, as you say, they probably want to slice that cake.
Sounds pretty positive from that perspective.
I don't only have any follow on thoughts there, to be honest.
Rahm, any thoughts on that?
I think it's just positive news.
Sounds like, yeah, it sounds pretty straight up, pretty interesting and stuff.
I don't have any thoughts as all.
Sounds exciting, yes.
Then I'll add two more sentences.
I said the 1.3 billion, that is the ETP in Europe, compare that again with the
Bitcoin ETFs, they are housing 50 billion in assets.
And Bitcoin is, so the ETP is domiciled in Switzerland.
The Bitcoin is held in cold storage through Coinbase, and the product already has started
to trade, so we'll definitely be able to update on how the inflows are going over the next couple of weeks.
Interesting. That'll be interesting to watch. I mean, maybe a final thought is in general, one of the things I've kind of come to the reluctant conclusion is, is that everything going on in the States is far more important than what is going on in Europe, although...
I would love to be proven wrong and loads of people have loads of appetite in Europe to participate in the ETP.
But that seems to be my general conclusion for a lot of this stuff now that I'm far more tied to the markets and producing content that is tied to the market.
So let's see.
Let's see how that goes.
Thanks, Ledger does an excellent summary to get us up to speed on what that is.
Let's get into the bearer chain stuff.
So this is me.
going to share with you what I've been researching on bearer chain. I definitely appreciate
that bear a chain is something that a load of other people have been
all over for a long time. I think it got exceptionally strong community. But our antennas are
definitely going off when it comes to the proof of liquidity. Things pretty cool. So this is
what it is. This is the news that bearer changed proof of liquidity went live yesterday.
Bearer was up almost 20% to almost $8 now as a consequence showing that the market kind of liked
what it saw when that went live. Proof liquidity is interesting because it's created to solve
a consensus mechanism incentive misalignment. So this is this is why this is the problem and then this is
how they're trying to solve it. So for traditional proof of state blockchains users have to lock
their assets in order to participate in the security model right and they earn staking awards.
Think of all of the ETH that has been staked and that's just staked. You can't be doing anything
with it. Of course you can get the liquid staked tokens where you can do stuff with.
But in their opinion, this results in incentive misalignment as the projects building on those blockchains want activity and volume.
And that competes with the native security mechanism of staking, which requires assets to be locked up.
Often these newer blockchains have to offer quite a high rate.
in order to encourage people to stake.
But then if people are encouraged to stake,
then who's going to be doing all the activity on the blockchain?
So there's that incentive problem that they're trying to fix.
So in an efficient market, users are less likely to use the financial applications built on the blockchain
if they can earn more with less risk just by staking the official token.
So that is the issue.
So basically, this is designed to make sure bearer chain users are not locking up their liquidity for staking, but can use it by providing TVL.
This is roughly how it works.
You've got, in the traditional system, you've got the rewards primarily going to validators for securing the network.
whereas proof of liquidity channels block rewards in the form of BGT, which is bearer
chain's governance token to fuel ecosystem activity. So validators direct these rewards to reward
faults, which are smart contracts where users deposit liquidity or engage with apps,
incentivizing economic participation over passive staking. So this shift prioritizes liquidity provision
and application growth alongside network security.
So there's actually three tokens in the bearer chain ecosystem,
because you're thinking probably like, okay, well, there's bearer.
That's like the main one, right? What about BGT?
Proof of liquidity has these three tokens as bearer, which is the gas token used for transaction fees and validator staking.
So that's the one that, you know, if you got airdrop something, you got some bearer.
BGT is a non-transferable sole bound governance token earned by liquidity providers and delegated to validators to influence reward distribution.
And then you've got honey, which is a native stable coin facilitating defy activities.
With proof of liquidity live, users can now earn BGT by providing liquidity to approve
volts, delegate it to validators, and indirectly shape the network's economic direction.
So I appreciate that's probably very complicated.
I think that's the headline bit of information.
You need to understand of the problem it's trying to solve how they're trying to do that.
And then the rest of the learning I think you need to do in practice.
That's what I'm going to be doing.
Like I understand it now conceptually.
I now want to play around with it.
And the reason why I think you want to play around with it is that this is where the crazy
APRs and the interesting defy games are taking place like right now.
And in the initial rollout, it included 37 reward volts that went live across various
apps like Beck's, Kodiak and Berodrome.
They focus on key liquidity pools like bearer honey and major stable coins and allow users to earn BGT rewards for activities, you know, usual stuff like swapping, staking or providing liquidity.
So I think this is very interesting.
That is the TLDR.
I do think it requires further investigation even on our part.
Plus on everyone's part,
if you're going to really understand this mechanic
and what they're trying to achieve,
I think that's a helpful starting point
from which people can go off and do their own stuff.
And if we do some more on it,
which I will be looking into.
We'll obviously share that as we learn more.
So I'm going to stop there.
Ledge, instinctive thoughts.
questions, concerns, reactions, what are you thinking about proof of liquidity on bearer chain?
First of all, checking, can you still hear me?
Yes, I can.
Okay, my screen is completely frozen, so I can't see anything, but apparently my audio is working and...
Your audio and your video is actually working.
Great, it's weird because I'm staring at a black screen.
Wonderful, but I can hear you.
Look, I think it's super interesting.
Definitely wonderful explanation.
I see that misalignment of incentives that has been going on,
and I see what they are trying to solve with proof of liquidity.
I feel like it's hard to assess how sustainable that is as a model
because I need more in-depth understanding for that.
I think it's also going to be interesting to see the competition between those reward
vaults. There's this in the thread mentioned 37 of them. Generally, very, very interesting
concept, as you said, needs more research. And I think it's something we definitely should come
back and report more on. I want to try it myself. And I cannot yet answer how sustainable this is
as a model or if this needs more economic adjustments in the future.
I appreciate you not asking me for detailed questions because to be honest, I don't know the answer
because that's the headline understanding of the amount that I'm able to learn just by reading,
but I do think the rest of the learning takes place by doing, as you kind of alluded to just now as well,
I need to go away and do some stuff.
And then it kind of figures it out. I always find in this space that is how you fill in your understanding, you learn by doing. And then the words that are written about it start to make more sense. So I think it's super interesting. We're going to take a look more into it and we'll report back as we see more. Rahim, any any instinctive reactions there or do you want to take it into the next headline?
I think it sounds super interesting.
It's taking a different,
it's almost turning your favorite lazy farm
into like a slightly different directions.
I definitely think it's like a,
like I understand like the problem that's trying to solve
seems like a logical problem to solve.
I just think I'm interested to see that like all these people
who like to like lazy farm
of how much are they like really incentivized
to go to like use these products out.
And I guess it's like an experiment
and I think it's a fantastic experiment.
I like how in some ways,
I guess it's sound like a zoomed art.
broader perspective of how you have like,
crypto's become so diverse.
You have like such an intricate system created with like three tokens,
which is probably going to only attract like defy people.
And then you have like a lot of like consumer chains that are completely like simplified.
Like I love the fact that we are at this infliction point in our industry that we are building separate products.
I kind of like that.
So I like the experiment.
Like, you know, let's all get geeky and technical about it.
I really like it. I really like that they're just going so hard at Defi specifically in these these time of
kind of games that you can play. It creates a niche and it creates a niche for them, right?
It creates a niche for them in a sea of different chains that are trying to attract TVL, attract users.
You certainly can't doubt that Bearer Chain have got a community and have really attracted, managed to attract the TVL in a strong, strong way.
As I said, we'll report on that more as we go through.
I hope that was a helpful intro to that topic.
And we'll explore more as necessary.
Rahim, take us into the final headline for today then.
And an interesting one.
Curious, I haven't read this article yet, so I'm waiting on you to fill in the gaps for me.
What's going on with Trump Media?
So Trump media, like they've been going obviously insane on the crypto side of things.
This is not the first time they've been like diving deep on to the volume side of crypto.
We obviously have talked about world liberty finance a couple of times.
They announced a partnership with crypto.com, which I thought was fascinating considering it's a company that came out of Singapore.
So I'm surprised.
He didn't go like full America on it.
But they've announced that they're going to be a custodian and back-end tech partners for a lot of the ETFs and ETPs that the Trump Media Company is going to launch.
I think a good way to understand because I was explaining just something.
this to someone like last week, I think if you want to just understand the difference between
ETFs and ETPs, think of it like a big supermarket. So a big supermarket, you have different things.
You have fruits and vegetables. You have candies. They are like your ETPs and then ETS would be like
your chocolate aisle. Just using this as an example because I'll explain to you someone. So they're obviously
diving heavily into that.
They've announced their partnership.
They've also actually,
so they haven't done official comms about it,
but I remember CZ tweeting about it,
that they've deployed a USD1 stable coin
on B&B and Ethereum.
Again, they haven't done official comms around it,
but seems like, you know,
just going back to the paradigm article,
they're essentially going down the same route as everyone,
which is understanding that volume is the biggest
form of like revenue generating ecosystem in crypto.
This is why World Liberty Finance, you're borrowing and lending against crypto.
Now they're doing stable coins.
They obviously announced ETPs and ETS, which again, they make a commission for doing
the custodian services and an interest on actually providing those services.
So yeah, like this isn't obviously like they've dived into meme coins at this point.
They have NFTs. They have NFTs on.
Arnold, they are borrowing and lending, they have stable coins.
It's not crazy to think.
And I know this is going to sound stupid, but I think it's not crazy to think that at some point,
they would be like they want to launch their own like Elto.
It's called like the Trump chain or like the America chain.
As crazy as it sounds, at this point, I'm like, what crypto product have they not dived into
and what prevents them from going into?
You know what? It's such a fair take. Like, they've touched everything else, right? Like, literally, they've touched, they've touched every chain. They've got ordinals. They've got NFTs. They've got, yeah. They have a new token. They have a defy protocol. They have stable coins. Yeah. It's certainly not a crazy thing now. You can't really be accused of being crazy for making a suggestion about how
that administration or that team may enter into crypto because they've done all the other things that no one would have necessarily thought would have been on the table.
So certainly not out of the realms of possibility.
One additional thing I just wanted to add in terms of context, this is the same crypto.com, which, so when they made this announcement yesterday, Zach XPT came in and replied to say,
Crow is no different from a scam.
Because remember, we reported on this the other day.
They're doing this thing where they had burned a bunch of crow tokens a long time ago,
but they're trying to recreate them.
They just want to reissue them.
So your team just reissued 70 billion crow a week ago that was previously burned forever in 2021,
and that was 70% of the total supply.
and they went against the community wishes as you control the majority of the supply.
So I think they did a vote on this.
And I can't remember if the vote was leaning yes or leaning no.
But the point is they basically owned all the supply anyway.
So they were able to tilt it in the direction they wanted.
They said,
as Zach said,
unsure why truth would choose a partnership with your exchange over Coinbase,
crack and Gemini,
et cetera,
after this move by your team.
So yes,
this is not,
So that's specifically on the crypto.com side.
The token did go up after the announcement.
The RO was up.
The DJT stock was up, I think, like 8 to 9%.
So it is fascinating that the market for some reason found this like bullish, like regardless.
But I just find it so interesting that they ended up picking crypto.com over like coinbase or any of these like, especially the fact that they're not like America based exchanges.
I just found that like very fascinating.
Yeah.
Makes no sense.
It's a fair point.
Ebrink in the YouTube comment saying it's because crypto.com specializes in crime.
It has been crime season in general.
I thought we were moving out of it.
I don't know if this necessarily is attached to that.
However, it doesn't feel good, right?
And I think that was the general point about the Trump...
conglomerate or like whichever entities they're doing things with because they're obviously
various ones. It's left a bit of a bad taste in crypto's general sentiment, the way that it's
kind of expanding its tentacles across the whole ecosystem and, you know, sending itself up
to profit in different ways as a consequence of the, you know, the improving regulatory
situation as time goes on.
um ledge i want to check in with you here can see you can hear you i think any final take on the
crypto.com
Potential, so just one clarification as well, this is a non-binding agreement to partner with crypto.com.
That means that it may not happen, but that's obviously the intention.
Any final thought than that before we close out?
I do, and I see you guys again, which is wonderful.
And nobody reads that in between the lines.
Is it binding? Is it non-binding?
As Rahim said, if we take a look at the Kronos, formerly Kroa price,
That token is up 30% over the last seven days.
Obviously, the majority of that 25% over the last day.
So that went from 8 cents to almost 11.
Kind of has corrected to 10 cents now.
Yeah, the interesting thing is, as you both have said,
it is for a bunch of Made in America investments.
They do partner up with crypto.com instead of Coinbase,
instead of Karkin, Gemini, or all the other potential partners.
There will be an incentive in the background, let's put it like this, which has helped to come to this decision, I would argue.
Yes.
Always just follow the money in the end.
Follow,
follow the money,
follow the incentives.
That probably reveals all.
So until we know what those incentives are,
it's hard to comment.
But assuming that there are some incentives somewhere
to make these ton of deals get over the line.
Nevertheless,
that is our show for the day.
Hope you enjoyed it.
As usual,
thanks as always to Legendary and Rahim for joining me
on the stage,
Funky for his contributions.
As always,
And thank you to everyone for joining.
We do this every single day, Monday to Friday, 7am Eastern Time for one hour on X, XVito, YouTube, Apple and Spotify, podcast to have a wonderful day.
Take care and we will see you again tomorrow.
Bye-bye.
