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FOMO HOUR: Crypto Rebound, OGs Selling BTC, BBB Passes Senate
Recorded: July 2, 2025 Duration: 0:58:10Space Recording
Short Summary
The crypto market is witnessing a rebound as key legislative developments and inflation concerns drive interest in Bitcoin and Ethereum. Institutional acceptance is growing, with financial advisors increasingly recommending crypto investments, while significant capital inflows are anticipated in the coming months.
Full Transcription
Thank you. Jim, everyone. Thank you for joining us here. Looks like X having some technical difficulties
this morning. If you can hear me, give me some thumbs up, some reactions, just so I
know that this space is working here. I'm seeing some thumbs up from fictional, thumbs up from Navy. All right.
All right.
I'm seeing a lot of thumbs up now.
This is good.
This is good.
I see Logan is listening.
He's going to be up here on stage with us.
Let's see if I got the request.
All right. Folks, this is my first time. Let's see if I got the request. All right.
Folks, this is my first time. I'm actually running the space from desktop. I've entirely run Spaces Mobile for the last several years. We're going to test this out. So far, it seems good.
So we are going to continue to just run with this looks like folks are starting to find
this space we're going to start the show here in just a minute a couple shout outs earth king
fictional emlo gm gm thanks for joining us cow sats navy gm pradeep diggy dmack the grifter, G-N-G-M.
I've traded.
Still love that PFP.
Look for it every day, G-N.
Thanks for joining us.
Googly, always here.
G-N-G-M.
All right, we've got Logan up on stage with us.
Folks, let's just go ahead and get started today.
It's going to be a bit of a tighter show.
No Faroek, he is in transit.
He'll be back tomorrow.
Mando traveling today as well.
Sims and crew are having some tech issues.
So there's no stream today.
We are just going to be on Spaces.
You're not going to be able to see me.
You're just going to have to listen to my wonderful voice,
along with Logan's here this morning. But welcome to another episode of FOMO Hour.
But welcome to another episode of FOMO Hour.
Today is Wednesday, July 2nd, 2025.
And a nice little rebound overnight.
It was starting to look a little grim yesterday evening.
We're just going to have a total week of chop, week of dip.
We had some rough tariff news come out.
Seems like Trump not going to kick that can down the road anymore.
And yet, our coins are starting to look green here
this morning. Now we are wondering if perhaps we will see
a holiday weekend rally. We will get
into all of that on today's show.
Logan, GM, how are you doing? Thanks for joining us.
Hey, good morning, Tyler. Can you hear me okay?
I sure can.
Okay, awesome. Yeah, fighting through some tech stuff over here as well, but
doing pretty well, all things considered. Like I said, a more reasonable temperature here to
just kind of live your life. Markets bouncing. Not too much to be sad about.
Yeah, it's a shame I'm not on stream
because our viewers would notice
that I'm no longer sweating during shows.
I've got AC working back in my house,
which is fantastic.
So happy to have that back.
Folks, what are we talking about on today's show?
We're going to start with the market report.
Crypto's overnight rebound.
The private sector losing some jobs below expectations.
The big beautiful bill passing the Senate.
What does that mean for crypto?
Also saw this headline, the dollar is forming a death cross.
But it doesn't mean what you think it does.
So we'll talk about that.
M2 up 4.5% year over year.
What does that mean?
I was talking about that.
The latest in meme coins. Figma showing off $100 million in Bitcoin.
Bitwise, the CEO is now predicting $10 billion of inflows into the ETH ETFs.
Tom Lee, that BitMine stock, soared 10X.
Let's see how it's doing.
It's up again today as well.
It's been rocketing.
This new ZEIT leaks
and a lot more.
That's what was on our agenda here today.
No music. Let's just dive
right into it. I'll give us
the rundown. I'll do my best
Mando impression here, folks. Bitcoin
up 1% on the day, 107.9.
Basically, even on the week, yeah.
We were down just a touch on the week here.
ETH, 0.1%, 2450. Feels like a stable coin. It's up 0.5% on the seven day now. SOL at 149,
up 0.5% on the day as well, up just 1% on the week. So still very much looking like a week of
chop. Stocks look to be a bit mixed. I'm seeing perhaps some green
on the board. It looks like the major headline from macro stocks perspective was private sector
lost 33,000 jobs in June. And the expectation was a 100,000 job increase. So that was one of the bigger misses we've seen.
So definitely more signs of a weakening labor market.
And does that mean power perhaps have more ammo to cut?
We'll see.
Actually, it looks like we've already seen this fairly substantial move in the July rate cut.
So July now up to 25% for one cut.
That was at 20% just yesterday.
So that was a fairly solid rebound.
September now at 95% chance for one or two.
So cuts are coming just a matter of it's going to be July or September,
effectively, is what the rate markets are telling us.
Other than that, the BBB, Trump's big, beautiful bill, it did pass the Senate yesterday, folks.
I believe I didn't have a chance to get through a laundry list of all the revisions.
I did see, I believe the solar credits and the pieces that Elon was specifically up in arms about,
I think they gave into those. So I think he will at least be happy with that aspect, putting the debt raise aside, which is still
his fundamental opposition to the bill. They at least gave Elon those carrots. From a crypto
perspective, those last minute crypto provisions did not make it in to the bill.
So there was thoughts that any Bitcoin transactions under $600 would be tax free.
That did not make it in, but it has been on these congressmen's desks now.
So I think there is perhaps some hope that would come through.
The idea again there would be tied to payments.
So if you want to use your Bitcoin to buy a cup of coffee,
you're not going to have to worry about paying taxes on that spend. So the first steps in
enabling true crypto spend tax-free. So we're going to continue to be watching that as well.
Running through the rest of these headlines. That was really the
big one. I saw this headline from Coindesk
that US M2 money supply
hit a record high of
$22 trillion
according to the St. Louis Federal Reserve
and it's up 4.5%
year over year.
That means
your dollar is inflating
4.5%. If you're not making more than four
and a half percent on your dollar saved then you are losing uh to inflation which is
it's kind of hard to fathom look i'm going to ask you about that first and then we can go around the
horn on some of these other topics have you internalized four and a5% year-over-year inflation on the dollar and what that actually means?
No. It's difficult, Tyler, for me to internalize inflation at all, to be quite honest.
That sounds really elitist to say that, but I don't have a family, so'm not like routinely buying groceries, those types of things that you would see those manifested in from year
to year to year. But when you say it, it does seem rather unfathomable that, you know, we can
continue time and time again to see that weaken. And, you know, this, it really is, it's one of
those core components of the Bitcoin narrative, right? The fixed supply.
And for a long time, again, that didn't necessarily resonate with me too much.
As Lisa, it's been said, inflation hedge, et cetera, et cetera.
It didn't resonate with me too much. But now that you start to see this stuff,
it's going to just go on forever, it feels like. There's no really combating it.
Mando was talking about this earlier in the week, right? It feels like some of the financial conservatism that we expected may help combat some of these things. Not necessarily the priority at this point in time,
or maybe a priority that's untackleable as well. So it's tough to internalize, man. I don't think
I really have. But at the same time, even Bitcoin itself, are you going to make up the 4.5%? It's difficult to find an answer for it anyway.
Yeah, I mean, that's one of the takeaways. I do feel like Trump and Kru tried to do the austerity measure. They briefly tried. And basically, they got such strong pushback that they just gave up and said, all right, we're going to have to find another path.
And now if you take Besant for his word, the idea is to outgrow the inflation.
I think still TBD, what that looks like if we're able to pull it off.
But that is now the go forward mission.
And I mean, I think the harsh reality is like you basically have to invest, right?
Like unless you've got savings, money market accounts that are beating four and a half percent.
And I don't think many are.
I mean, you can get higher APY than that on chain using stables and some different VPI protocols.
beat by protocols, you probably have to be somewhat savvy.
You probably have to be somewhat savvy.
But you have to beat that rate to stay even or to even really justify just holding cash.
So it really does force folks to invest.
And I think that's also another driver is the hyper gambling that we're kind of starting to see.
It should be good for bitcoin right i think that's
that's a bitcoin and broader crypto i think we've seen that narrative nothing new here
i've been trying to to dig in a bit to the question of why why hasn't Bitcoin pumped more? Like, why are we stuck on the hard road still?
And I saw a Tox's take yesterday.
And Logan, I think you follow Tox.
Basically talking about all the bullish news that we've had, right?
We had Trump basically on Sunday signal that, yes, we're going to print money and we're going to grow our way out of this.
Then we had Robinhood, Intercrypto fully slew of bullish announcements.
We had the sole ETF and none of that really moved the market at all in the short term.
And he's saying, so why is this happening? Why aren't we breaking out of this?
And at least from looking at Bitcoin, I was digging into this a little bit.
At least from looking at Bitcoin, I was digging into this a little bit.
And it looks like it really is like these ancient whales, the OGs are selling.
And they have been consistently selling in the $100,000 to $110,000 range.
110k range. I'm looking for the tweet now.
I'm looking for the tweet now.
So bear with me to try to
find the exact here.
Bitcoin.
At some point, they're going to run out. And I guess it makes sense
to me on paper. If you take a step back,
we've had these massive inflows.
The ETFs just continue
to have money pouring in.
We've got,
now I don't know if you saw this headline
that public companies
have bought more than ETFs
for three quarters in a row.
So there's two new massive streams
of inflows.
And yet we just kind of keep battering
up against this key level and i i guess i'm
it makes sense to me that there are just large sellers and that we have to get through that
churn before we're going to break out i mean so i've got the tweet here from from quentin
uh francois blackrock fidelity strategy are buying insane amounts of Bitcoin. Price is stable
around $107,000. Who's selling? The big whales who hold more than $10,000 Bitcoin who bought it
between $0 and $700 and held for 8 to 16 years. That is the cohort that is selling.
This cohort had up to about 2.7 million Bitcoin in 2016. That's where it peaked.
And they have been in a downturn since then
over the last nine years
and are at their lowest levels,
but still hold about 1.7 million.
So their total holdings down about 40%,
but still a long way to go.
Curious if you have a read on that.
Does that make sense?
Is that in line?
Have you been pondering the same question yourself as to why we aren't really breaking it?
Yeah, I mean, it makes sense to me, right? Somebody's got to be selling the coins, you know.
So and also to even Tyler, I mean, it feels like a little bit of a nice confirmation bias to have. Right.
confirmation bias to have, right? As to, you know, why aren't we breaking higher? But like I've said
before, again, I'm okay with kind of ranging here for a little bit as these things trade hands,
right? As you know, you get from folks who have been those long-term holders, perhaps,
to newer entrants. We're going to have to do that, you know, cycle over cycle to keep pushing things
a little bit higher,
you know, all those silly tweets about everybody buys it at the price they deserve or whatever.
You know, you're kind of seeing that a little bit here, perhaps. So I don't have any other,
you know, specific rationale, right? There was a long time to talk about, you know,
just the arbing between the ETF inflows, right? And all the other financial instruments out there,
whether or not that's still taking place
or to what degree that's taking place,
as you noted, it's institutions perhaps,
or these companies, publicly traded firms,
adding to treasuries perhaps more so than ETFs even,
that may not really account for too much then
and since then.
So I don't know.
I don't have a good rationale.
I mean, that one does make sense.
It's one I'd like to cling to.
Yeah, I'm okay to put that in my bucket as that's why.
But, you know, still on the hard road for a while longer, not too bad.
It's making me bullish, if I'm being honest.
Yeah, it was nice that you quantify that actually for me as well.
I can't load any tweets at present time,
so I wouldn't be able to go look at it.
But you said, what, down from 2.7 million, that old cohort,
to 1.7 million or something like that.
So that's, you know, what, around 10%?
Well, I guess over 10% of the total supply that they were holding.
Yeah.
I mean, that's a lot.
That's a lot of Bitcoin, obviously.
So to be able to churn through.
Yeah.
And why I'm bullish?
Because they're going to run out, right?
Or they're going to stop selling at some point.
Like, I don't think they're going to run out. I don't think they're gonna run out i don't think they're gonna go to zero here in 2025
but at some point it's it's gonna flip and the immense buy pressure is gonna take over
um and we talk about this periodically i'm still very bullish on the infinite twop coming from
investment managers from 401ks from that cohort of folks who are just now for the first time
in the past year in the past few months being told that it makes sense to have crypto in your
portfolio i've talked about the rick edelman thing for the last couple days but i want to talk about
it again because i haven't talked about it with you. We talked about it a little bit on Underexposed yesterday.
I just want to make sure folks are realizing this. So one of the biggest investment managers
in the world is now saying 10% to 40% crypto allocation in your portfolio. It was 10% conservative,
40% aggressive. And this is up from even his personal recommendations were just 1% to 2%
as of a couple of years ago.
And he's primarily recommending Bitcoin and ETH.
Those are big numbers.
I'm curious for your gut take reaction on 40%.
10% is – I mean, for anyone who's crypto native or shows up to the space, I think 10% is not – no one's back.
Yeah.
But 40% is big.
Curious for your thoughts on that. Yeah, 10% is not, no one's back. Yeah. But 40% is big. Curious for your thoughts
on that. Yeah. 40% is big. I don't even think I'm at 40%. I don't know exactly what my number is,
but like, I don't think it's up to 40%. I guess it depends on, you know, what's making up that 40%
as to, you know, how egregious of a number it may be. But obviously, you know, it depends on so many
different variables. That would, I think, be like the very, very upper range for very aggressive,
perhaps very young individuals that I think I would feel most comfortable there. Otherwise,
I don't know, man. I don't think I have the stomach to do like just a strict 40%,
I don't think I have the stomach to do like a, just a strict 40%,
you know, myself for whatever amount of time in the foreseeable future.
Just, you know, where I'm at 30 year old individual.
So I'm like kind of in the middle of probably where I should be in between those ranges,
right in between 10 and 40% is probably where someone like myself should be.
That's kind of where I'm sitting. I don't really want to push it too far beyond that.
But just hearing him say those words, you know, aside from, you know, my own personal investing
strategy, it's really wild. The thing I keep thinking about is how difficult it's been for me
to, you know, get anyone around me to even be interested,
not necessarily even invest, right. But to be even be interested in like, yeah, you know,
I'll buy a little bit of Bitcoin, you know, whether it's a hundred dollars, $200, whatever,
like it's been so difficult and that's tiny percentages, right. Of people's overall strategy
or portfolio. Um, but I think the, the most important thing here is that, you know, people need these other like you need somebody like Rick Edelman to say, OK, 10 to 40 percent to make other people feel comfortable to even do one to five percent.
You know what I mean? And that's that's the bigger unlock, I think, here for me is, you know, regardless of number, it's just like anything that happens in this space and realistically everywhere. We've been talking about it with the strategic Bitcoin reserves at the state level, right? You kind of
need one domino to fall. You need one crazy person or less crazy, actually. You need one
successful level person to say, you know what, this kind of makes sense to get a bunch of other
dominoes to fall. And that's what this feels like to me.
You really do.
We have a financial advisor and I listen to him talk and how he forms his opinions.
And a lot of it is they go to meetings, they go to these conferences,
what are you investing in? What's changing? What are the new trends? Just like you would expect
they talk with each other and they say like, oh, so what are you investing in?
What's changing? What are the new trends? Just like you would expect anyone to do.
anyone to do. Networking in an industry, trying to
do some level of groupthink. It's very similar to the whole
philosophy of NFL coaches, how it's safer to keep your job
when you follow the standard playbook versus going out rogue on your own.
Because when you go out on your own and you make
mistakes, that's how you get fired.
And a lot of these folks are not in business to get fired.
But I've seen a market change in the last year.
And my personal financial advisor's approach to crypto,
he went from not wanting to touch it to saying,
I'm not an expert, but I think you should hold it.
And it actually looks stronger than a lot of these stocks.
And where I'm going to press you, Logan,
you said you're not comfortable going to 40% yet, or you haven't.
That's fine.
And I've been kind of in that camp historically as well.
But then if you aren't allocating that much to Bitcoin and crypto,
do you think you could outperform it in other sectors?
Jeez.
Yeah, I mean, that's the, yeah, exactly.
I mean, the answer is very likely no. You know, which again, anybody with a brain listening to
me kind of ramble through this, these thoughts haphazardly here and be like, wow, what an idiot.
Like, obviously if I can't outperform it, you know, it doesn't make any sense to be doing otherwise. There's just some
of that emotional, you know, safety edge stuff that, you know, given the volatility of this
industry that I'm sacrificing some percentage points, right, to be able to sleep at night.
And so that's probably why, Tyler, I'd fall more in like the 25 to 30% range, which is if I were to guess, like probably around where I sit right now, you know, that's just why, you know, it's some it's some emotional hedge, it's some stuff that's like off paper, not quantifiable percentage points that I'm yielding, you know, as a as a result of the volatility of this industry. And I do think you'll see some
of that volatility, it already has in many ways, right, start to shed itself away with the
regulatory clarity with just, you know, broader adoption with people believing that this is,
you know, more real than perhaps before. But still, you know, this place can, you know,
it would not surprise me if we woke up tomorrow at 95.
You know, I mean, of course, that would be outrageous.
But like that, that is in the, that's in the range of outcomes still here.
And I'm not ready to stomach that with 40%.
Not, not yet.
Maybe never.
But that's why.
Yeah, it's understandable.
And I get it.
I've just been sitting down and having a more conscious think about all this in portfolio allocation.
And honestly, if you really think Bitcoin's got a shot to go to $100K this year, if you think that on a five-year horizon, $500K is possible, what single bet are you going to make that you think is going to outperform that
and i'm kind of coming up empty right like it's very hard to pick individual stocks
and i pulled my followers 90 think bitcoin is going to outperform the s p 500 index i feel the
same way so it doesn't make sense to have 401k entirely parked in the index
if you think it's going to get outperformed so i've just been thinking about that a lot here in
the summer and i think thinking about things like this when you're in these chop zones makes sense
because when things start if bitcoin does candle up to 120 like that's where fomo kicks in and
also a lot of times where you perhaps can make poor decisions. So I think it's the quiet times is when it actually makes more sense to think
through these things. Yeah, definitely. No, I mean, I think it's a super important conversation.
It's just one where like one, you know, I know myself as an investor and as a trader and all
of my best performances ever have just come from,
you know, continued adding dollar cost averaging and really removing the thinking, Tyler, right?
Like trying to remove the emotions, trying to remove the thinking. I've spoken at length
previously about the inability to add to winners and things like that. You know, I know Bitcoin's
a winner. I'm just going to kind of keep adding to it and actually remove the thought that, you know, otherwise would be present. I'm not going to think about percentages. I'm not
going to think about whatever. I'm just going to keep adding because, you know, if it does candle
up or if it doesn't candle up, whatever the case may be, I haven't, you know, shaken myself out of
anything. I haven't shifted anything drastically, you know, in any way.
And I'm just kind of leaving my, leaving, you know, my fate to the market where it feels a
little bit better than me making rash decisions. Yeah. I like that approach too. I think DCA is
still the best way to think about this. Well, let's go around the horn on some of the other
topics somewhat relevant or varied. Another headline here here from CoinDesk. Bitcoin bulls should be wary as the dollar index chart
flashes the death cross. So I think we talked about the golden cross, death cross. These are
typical, not typical. These are patterns that happen in technical analysis. And the death cross is when the 50-week moving
average crosses below the 200-week moving average, which is historically a signal in a vacuum.
It's a bearish indicator that you were going to go lower and dollar going lower typically is good for risk assets. That's a way to think about this. But where this particularly gets interesting for
the dollar's death cross is apparently the last four times this has happened, it's been a bottom
and the dollar has actually rallied coming out of the dollar's death cross.
And of course, caveats, historical performance does not indicate future performance.
But that's a fairly notable trend that a bearish indicator on the dollar four times in a row has ended up being a bottom signal.
And I feel like everyone's consensus take is the dollar is just going to
continue to go lower here.
With the big, beautiful bill,
with Trump signaling that he wants to print.
So it just gave me some pause this morning to think through
what would be the catalyst that
reverses this?
Even for just the near term.
And maybe we're getting
a little too far out ahead of our skis.
Thinking that this is just going to continue down in a in a straight line is one of the primary bull indicators here for
for Bitcoin so I thought that was noticeable notable um Logie any just broad thoughts on
like what might be a surprise catalyst what might kind of change it so i'm looking at the
dxy chart right now year to date i mean it has been down on it was 109 start the year it's down
at 97 now it's all in the 12 do you have a view if you think this is going to continue this path or what might be?
No, I don't. I would be making an uneducated guess in some way or another.
I'm not a macro expert in any way.
The one thing I'll say regarding, you know, the what four times in a row you said this has been the kind of the bottom signal. I would, you know, ponder what those four times,
you know, what the macro environment looked like and who, you know, what the administration was
like, right? We're, I, dare I say, unprecedented, you know, in terms of the current macro climate
and Trump's willingness to try new things, the tariffs, et cetera. So it wouldn't surprise me, right, if you see a fifth time just because of the, you
know, what's happened, the previous four, right?
That is a pretty decent indicator, I guess it seems, but also too, you know, just a different,
it's different this time, right?
That's what we like to say.
It's different this time, but we also have a president who's a walking volatility
machine. Exactly. Yeah. Nothing would shock me. I mean, I really do
feel like everything is on the table basically at any point in time.
And that sounds like a lame way to get out of responding, but I mean
it really is. Who knows what might happen?
I'm in the same camp. I don't have the answers for what it might be other than just a curveball.
Washington, D.C., some big drastic change in some of the tariff conversations, trade deals.
Speaking of the tariffs, did you see that Powell said that they probably would have cut by now without the tariffs? Did you see
that? I did see that.
And that makes sense.
Right? Because
the reason why his hands are kind of tied
is that they keep kicking
the can down the road on the tariffs.
So we haven't seen the inflation
come or not come yet.
It's just been a funny interplay.
The whole... I mean, Powell has been the consummate or not. Yeah. It's just been a funny interplay. The whole,
I mean,
Powell has been the consummate professional,
of course.
Right.
And being roasted by Trump constantly with the,
you know,
too late Jerome and call them a moron and a bunch of other stuff.
Yeah.
Poor guy.
Yeah.
It was actually,
it was one of the,
it was on my timeline yesterday.
I had a tweet from Trump, you know, calling Powell a moron.
Rates should be at 1%. And then the very next tweet was Powell saying that he would have cut rates if it wasn't for Trump's tears.
So I did think that was interesting. So I think the lesson there is don't,
don't perhaps don't get too confident.
Like I'm in it still in the camp.
I'm thinking we're going to have a bowl or summer.
And there's a lot of indicators pointing that way,
but there can be some surprises around the corner.
I think it is.
It's still on the hard road, man. I think it's still on take. Yeah, still on the hard road, man.
I think...
We are still on the hard road.
Still on the hard road.
You know, that tweet has been quite prescient.
I feel like, you know,
the patience in this space is so low,
myself included.
You know, it's difficult.
Time takes...
Or, you know, it's just a warped time zone, really.
Like, it really hasn't been that long, but it feels like forever because we're showing up here every single day.
You know, you just posted the tweet from Frog, from Wrong User, the other day about the 180 days of Chop and how spot on that one, how long that's felt.
It could go on forever more, you know,
until we just kind of randomly shoot up. But thanks.
But I'm okay with sticking on this hard road for a while longer.
If it does ultimately mean the easy road is around the corner.
How do you feel about showing up every day versus it's tough, man.
It is, you know, not to get too sappy or anything but like
it is not the easiest thing ever it's fun to be in the space because there's a lot of fun stuff
that happens right reporting on you know all the innovative weirdness you know weird solana
meme coins a lot of fun but it's it's very draining at the same time because you're giving so much attention to these minor, super micro movements of what we deem and more of the world is deeming these long term assets.
You know what I mean? So like as a journalist in the space now, maybe I need to read, diary entries from financial journalists of the past,
you know, just to understand how to how to do it better and how to keep yourself from,
you know, kind of getting burned out. But, you know, that that's why I say,
you know, a little selfishly, like the chop doesn't bother me so much, because those,
these periods of chop, these one to two, three-day periods of CHOP, they actually offer not a reprieve, but a little bit of a cool down from the manias that inevitably come from time to time in the space.
Yeah, I've got a few thoughts.
One, so I'm looking at the yearly tournament.
It was a 106,000 on December 17, 2024. So if someone checked in in mid-December and then totally checked out for six and a half months, seven and a half months, the price is the same.
And they missed all the emotional cycles that we've had along that time.
The refrain on crypto Twitter in January was everyone was tired, boss, and tired, boss.
So this is the time folks have had their chance to rest up.
So I don't want to hear that refrain again if and when we get to our next mania phase.
when we get to our next mania phase,
I'm just telling everyone that now.
I'm just telling everyone that now.
I will not be sympathetic to your I'm Tiger comments
because we've had plenty of time
where you haven't really need to be glued to the screens
on a day-to-day basis.
But one of the reasons why I like to show up every day
is because you do catch the opportunities.
And there are a lot that still come up.
I think there are strong opportunities that come up even,
I'd say at least once a month, if not more frequent than that.
I posted, and I'll just pat myself on the back quickly,
I posted my BitMiner trade yesterday.
I had a nice basically 3x in 24 hours just from following the news
and seeing that Tom way took over this
bitmine company had plans to implement the ethereum program knew how sbet stock traded
and thought we could have the same thing here um and it's just one minor example of a trade that
you miss when you aren't checking in every day or once a week.
And I think every person has to understand if that's, if it's worth it for them.
But that's one of the reasons why I show up every day and basically just to see these
trends happening in real time and starting to see, you know, how that informs the trend that lasts over quarters and years versus the ones that kind of come and go.
And I think you miss that if you don't show up every day.
So that's why I'm going to continue to do it, at least for the near term.
on that that bit mind play i did say i exited it um this is a specific situation where the shares
On that BitMind play, I exited it.
where they raised the 250 million dollars they have not come to market yet so when those shares
do come very likely that the beat the bm in our stock is going to follow that same path as this
bet where we see an 80 to 90 dip i think once that happens it will become very interesting again
I think once that happens, it will become very interesting again.
I actually did start the DCA and the SBET today, Sharpling Gaming.
I started doing that the other day.
Oh, you did?
Yeah.
What's your thesis?
Actually, it may have been the day.
I don't exactly know, but it may have been around the day that this BitMiner news came out.
Yeah, I've spoken about it a few times. The thesis is still,
I'm kind of, you know, pulling from being on the show with you guys. And I think Mando walking
through, you know, why he believes that this kind of crypto treasury phenomenon could last for a
while. That definitely played a role. And furthermore, I think the Tom Lee stuff as well,
just giving some signal to Ethereum having an opportunity to kind of follow in place.
When I say Ethereum have an opportunity, I mean these crypto treasury vehicle companies
have an opportunity to kind of follow in place of the very, very successful Bitcoin ones.
You know, and we already had the major, major sell off in SBET.
Still, you know, I think there are some potential catalysts for Ethereum as well as, you know, genius, clarity, whatever it may come.
In terms of regulatory stuff, like, is there a better network that's going to gain more from regulatory clarity than Ethereum at this point in time?
I don't think so.
Probably not in the crypto space.
Yeah, I don't think so.
And so, you know, all this thing sort of wrapped up in one, as I noted on the show a handful of times as well.
Like, I can sort of be pushed into a thesis rather lightly.
You know, it's loosely held.
It's not like super conviction.
I'm not like playing tons and tons of money here,
but the big sell-off, you know, the continued ad,
I really like to hear what Joe Lubin said on this particular show,
actually, when you guys chatted with him.
And I really do like, you know, DFDV, it's not just SBET doing this, DFDV is doing this,
but I do like that, you know,
these companies are looking to these assets
that can be a bit more productive.
I think Joe called it productive assets.
You know, others have talked about the proactive nature
of the robustness of the Ethereum
and or Solana ecosystems as a way to earn yield and to stack that, you know, underlying token per share.
You know, for DFDB, it's Solana per share. For the others, it's Ethereum per share.
I like that versus, you know, perhaps just accumulating via debt raises.
You know, I really do like that. And whether it corresponds to price go up, you know, I'm hopeful, of course.
But that's another reason that I feel a little bit more comfortable holding these.
I think that's very well said. I like that the SBET premiums are holding isn't that much.
I think it's like 20 percent. They bought more yesterday, bought more ETH.
It seems like they're showing up and buying pretty frequently now um
i think that we will need to keep an eye on bitmine and tom lee right like once that
stock settles back down so there will be more competition for who's going to be the
the micro strategy of eth which is kind of the thesis here, part of it.
So we'll have to keep an eye on that.
Maybe it's hedging across both, right?
And I very well might do that.
Yeah.
I mean, there's no reason they – should ETH, you know, perform,
there's no reason both can't go up, of course.
This wasn't necessarily like an SBET versus Bitminer play.
You know, I'm being swayed a little bit by the having seen the sell-off, you know, those types of things.
Catching a falling knife, if you will.
So that's where I'm at.
And I still do.
Sorry, go ahead.
You will like the tweet from Matt Hogan this morning, the CIO of Bitwise, who said,
I'll read it for folks, flows into the Ethereum ETFs are going to accelerate significantly in H2.
The combo of stable coins and stocks moving over Ethereum is an easy to grasp narrative It's a lot of things ways you can do so, right? You can own Circle stock, you can
whatever, right? Ethereum is there. And they have these vehicles to be able to now invest in,
whether that be via Bitminer, SBET, the ETH,s, whatever. I mean, there are multiple ways to try and participate here.
I think that's totally fair.
So you've got new corporate treasury place spinning up for ETH.
You've got the inflows increasing.
So let's take a look.
So BlackRock's IBET, their Bitcoin ETF has done
$52.5 billion in net inflows in their time of existence.
By far the number one.
BlackRock, Ethereum ETF has done $5.6 billion.
So about almost 10 to 1, closer to 9 to 1.
On market cap, so I guess what is the market cap ratio?
So it's basically seven to one.
So on just a pure market cap breakdown ratio perspective,
you would expect them eventually to get to perhaps get to seven to one.
you would expect them eventually to get to perhaps get to seven to one.
Uh, and I do think a lot of these money managers will think about it that way.
And a lot of these joint ETFs where they throw multiple tokens into the same product,
they're going to be split by market cap as well.
Um, so there's a potential angle for a catch-up ETF trade as well,
just more inflows on the ETH side relative to the market.
I think it's easier to paint that picture now than it has been.
You know what else was interesting about the Tom Lee interview,
which I didn't mention the other day?
I don't know that this is something that these others will be thinking about
as a reason to invest.
But he spoke about wanting to accumulate ETH to secure the network, which, of course, we recognize, right, as a proof of stake blockchain.
You know, you are participating in the security of the network and the decentralization of the network by owning Ethereum and stuff.
Ethereum and stuff.
But I thought that was interesting just because none of these other
institutional investors,
at least that I'm aware of,
have ever really utilized that as not necessarily rationale or justification
for the purchase,
but just as like a reason that they were,
that they were doing so.
Just interesting from,
from my perspective.
It is interesting.
I think perhaps one of the reasons maybe we haven't seen that,
that would indicate that you aren't going to be a seller for a long,
long time, right?
Like if you're talking about helping to secure the network.
And I guess most of the big plays don't really talk about that as well.
Like Saylor isn't selling ever, eventually, 10, 20 years down the line i don't know um but but perhaps
that's been one of the reasons but yeah that was an interesting note i picked up on that
as well from tom and another bull case of having lubin and espet and tom lee and bitmine is you're
going to have more talking heads pitching Ethereum.
They're going to be talking their book because one of the ways to make those assets go up is for the price of ETH to go up.
And you can grow ETH per share.
They're going to continue to use their financial engineering tactics to do that.
But they have less impact on driving up the price of ETH other than going on CNBC once a week
and giving the pitch. So I think we can certainly expect Tom Lee to be doing that.
And Joe Lubin will have his methods as well, I'm sure. So it's an interesting time for Ethereum,
to say the least. And you mentioned DFDV. DFDV, the primary Solana corporate treasury play right now.
They also announced another $100 million convertible note offering to buy more Solana yesterday.
Let's check in on how that stock is doing today.
It's actually down 6%.
It is hard to kind of sync up the day-to-day price action with some of these.
Perhaps because it's dilution.
I don't have to dig into the specifics of how they're doing this rate.
So DeFi Dev is down 10% on the day.
Still trading at $276 million.
I think they're down on their Solana buys.
Just because of the Solana price action.
Lately, we had an interesting interview with them,
and I came away bullish on that team from that conversation.
But ultimately, I think they will need Solana to also start grinding up
for that play to work out.
But there's plenty of bull cases for Solana as well.
Not going to get into that as much on
today's show. We've already gone 45 minutes.
Well, good combo so far, Logie.
Did you see the... We'll pick some of the
downstream stuff just quickly for our
more risk-on
listeners.
Have you been following the meme
market at all and what this
useless token has been doing?
Just very loosely.
I'm not actively in the trenches right now.
I don't think there's too much good time spent there.
But of course, I've been following this run up a little bit via you and others as the price keeps going up.
It's easy content because it goes up every day.
$250 million.
To me, this was, I think you said this before as well.
To me, this was like a Fartcoin beta, right?
Because it's like in this stupid coin realm,
like everything is pointless, you know, whatever.
And I never really had much interest in potentially owning it
just because I'd rather own Fartcoin.
You know what I mean?
So I've missed it all,
but kudos to any of those who have,
you know, this is like a 10X or more in like,
I don't know, a week and a half, two weeks or something like that.
Well, let's see.
It was, it basically was $35 million on June 9th, that? Let's see.
Basically, it was $35 million on June 9th,
but it was
$6 million
on June 5th, so it's
50x in a month.
Yeah.
Wow, it's $260.
This thing is just grinding up.
I would feel pretty good right about now to hit a 50X in a month.
It would.
I'm totally sidelined from this, so I'm not talking my book in any way.
This has beat my expectations for how this would go.
I think I got thrown off when Bankai started kind of showing a laundry list of tokens,
a laundry list of tokens.
and I thought that would be bearish useless.
And I thought that would be bearish
useless. And he did kind of
objectively, he did stop talking
about it for a few weeks,
which is that period where it dropped
from the initial run from 37
down to six. Which, I mean, if you
held through that, like that's
a big drawdown in what
has been a weak meme coin market.
So you had to have real conviction to hold through that.
So kudos to anyone who did.
Also kudos to folks who kind of saw the uptick
and jumped in.
It's been an incredible trade.
It's also notable about this
is this is now the biggest runner.
Let's put LaunchCoin aside
because it was tied to an app and an ecosystem.
So it's a little bit different.
This is by far the biggest new meme coin we've had now in 2025.
I think Housecoin topped at like 120 or so.
RFC topped around there.
I'm not sure if any others even top of mind have crossed 100 million.
And now this is at 250.
And it doesn't appear to be slowing down.
What's been, I guess, notable about this run, it has not really spilled over to much
else, at least that I'm tracking.
We're still having some daily runners, but when I'm checking the board each day to run
the minutes, usually they're kind of topping out at the three to $4 million range.
And they just kind of chop decline from there.
Messed around a little bit with this stock coin token that I saw yesterday.
I thought that was kind of funny.
I liked that it had some decent content behind it.
So disclosure, I did buy some stock coin in the past day.
It's at 3 million.
It's up 8X on a day,
but it's also down 40% from its peak after
getting listed on moonshot last night.
But I'm bringing it up
as this has been more indicative of
recent price action in Slama memes.
You'll have the token that runs to 3 to
5 million, then it chops
around there. And we haven't really seen
too many break out beyond
that. I guess Gorba Ghana
a couple weeks back
minute to 60 or so what's weird for me tyler is you know like i said not super actively
participating but i'm here every single day and i have not seen a very clear distinct meta evolve
you know what i mean typically you see the pocket of the meadows and it's quite obvious what they
are you know and by the time you find
then you may be playing the third or fourth string coin but it's like very obvious what what's actually
going on and what little cycles or metas are playing out right now i could not tell you
at all i wouldn't even have a guess based on my existing timeline of like what things people are
thinking about or trading at present
time. Like outside of this token, obviously going up, I have absolutely no clue where people are
putting their time or attention. Yeah, there is no meta right now. I love you. I think that's
the answer. And I think there's, you could paint a pretty strong case that we're on, that we're in a
I think you could paint a pretty strong case that we're in a crypto risk on bear market right now.
We're not in a broad bear market by any means.
Bitcoin's at 107K.
I think that's an absurd thing to say.
There's still a lot more day-to-day action, news, headlines on the macro front.
I remember the 2022, 2023 bear market, and it was absolute
crickets out there. We're not like that. But I mean, at least relative to where we've been,
things are very, very quiet. New entrants seem to be at a trickle, if not a stop at this point.
I'd say more people are kind of checking out and checking in summer's also been pretty historically rough
for means uh in this sector of the market so i'm not really expecting a whole lot
um i guess the again the catalyst could be this pump fund token so we'll see if that
uh is the the surprise catalyst that perhaps this gives a new light but But I'm not holding my breath on that.
I remember even last September,
before we had the huge explosive Q4
into Q1 and Trump blow off top,
I wasn't even checking,
I wasn't even opening up my phantom wallet
on a day-to-day basis
because it was so bad
in that September, October frame.
If you go look at the charts,
like the pump fumble volumes were terrible.
Actually, I think they bottomed in September.
It was after summer, before we saw this huge run up.
So no new meta yet, and we might be a little ways away from that.
Quickly out of Z, we had Pons on the show a couple days ago,
talking about his grind coin launch.
We don't know if that's going to be tied to his new Zeet League.
So the announcement out of Zeet, new InfoFi product,
Signal Over Noise is their tagline.
Yesterday they introduced Zeet Leagues,
the social layer that aligns incentives across all participants.
It looks like it's a trading card game, virtual trading cards,
I think we can assume.
People speculating it's going to be similar to Fancy Top.
I don't imagine it's going to be a direct copy of Fancy Top.
By any means, I think there will be a new twist, but a Fancy Top is not a game.
It will be on Abstract.
And they're saying stay tuned to learn about how you can earn free packs.
Logi, just a quick reaction. Did you see this? Are you thinking about participating in this one? stay tuned to learn about how you can earn free packs. Oh, you just
quick reaction. Did you see this? Are you thinking about
participating in this?
I saw a little bit about this. And I also saw some I think
Finn from abstract might be the marketing guy there. Talk about
how this is going to level up info fi. Am I was that right?
Am I seeing that? Yeah. like i said i i all for
you know new innovations on stuff trying to do things i think to date i've been pretty critical
of info fi um so i am all for someone trying to take what has been successful uh which many pieces
of it have been um you know, just keep trying to iterate
on it until we find something that is perhaps a bit more useful for the entire crowd. So I'm all
for it. I'm eager to see. Otherwise, I don't know too much about it. And I think, as an aside,
you know, Abstract, still massive opportunity in this space. Abstract has great, you know,
brand recognition. And I think people actively like do want to participate with it,
haven't necessarily found the right mix or match of applications or protocols thus far to drum up
like, you know, just a massive amount of interest. So, you know, maybe this is,
maybe this is the thing that gets people going there.
We'll see.
I think there is appetite to participate in new apps, new games,
new tokens on abstract.
So I think it's a good place for them to launch.
The fantasy top early days
were a lot of fun.
You can describe that as like a mini mania.
The folks who bought those
cards early did very well.
And we saw
KOL influencer cards
trading at 5e.
Some still are.
Z will have everybody, right?
So I'll even have...
Oh, yeah.
So that perhaps is an interesting way to get a larger player
released early on.
Wow.
Well, we'll see. Maybe I'll start tweeting more.
It's tough to tweet during the day.
When I'm...
Yeah, your head's down and running.
It's hard to like pop out.
It's really, really tough.
But I would like to.
I always tell myself I want to tweet more.
That was a motto of mine for a while, but just never seemingly happens.
I can give you some secret alpha on that right now.
Is to spend 20 to 30 minutes.
Start your day, end your day.
Think about a few good tweets that aren't time sensitive and then schedule them.
Yeah.
Maybe post Wimbledon.
Maybe post Wimbledon.
The extra time I'm allotting myself right now is all tennis,
unfortunately.
Very fair.
We'll let you get back to that here in a second.
The grind token, again, we don't know if it's going to be tied to the ZE leagues.
It basically didn't react to the news.
It briefly spiked up to $3.8 million.
It's back at $3.5 million market cap.
I'll disclose here, I did buy some of this on the announcement.
I like the upside versus the downside.
That 3.5 million here is a hot new game with a notable founder on Abstract.
So I do think that it's a decent risk-reward spot.
But we will certainly see what Pons in the Zeke team come out with.
And if it's going to drive some capital influx to abstract.
Because I think one objective criticism of abstract,
I don't think there's a whole lot of money slashing around
to plow into various assets right now.
But I think we'll need to see that money grow a bit
for some tokens to see some explosive growth.
We'll certainly see, and that Pingu token is hot.
Number one move around the week yesterday.
And not just by the hair.
I shared the data.
It's up 50% of the week.
The number two token is up 10%.
So it is greatly outperforming everything right now.
And I do think that is likely bullish for abstracts to a degree as well.
But we will certainly see.
Folks, we ended up doing a full hour.
Fun combo today.
Thank you all for joining us.
I just want to thank our listeners.
Logan, thank you for joining us.
We will be back tomorrow, 10 a.m., full show, full stream, back on kick.
Faroka's going to be back.
Mando, I think, will be back as well for our last show of the week.
We will be off on Friday for the 4th of July holiday.
And you know what that means.
We've got a lot of yeet action to catch up on.
I don't know this for sure,
but I think we might do up to four yeet giveaways on tomorrow's show.
So you're going to want to make sure to tune in and be eligible for that
over on KICK.
But as for today, that's going to be it.
Thank you all.
Go make it a beautiful day.
Goodbye.
