$450 Billion Will Flood Into Crypto ETFs | Will Bitcoin Skyrocket?

$450 Billion Will Flood Into Crypto ETFs | Will Bitcoin Skyrocket?

according to analysts at Bernstein ETF products in the United States both Bitcoin and ethereum will see a total of $450 billion dollar assets under management in the coming years up to a hundred billion in the first year is this wildly over expectations and if it is not what will that mean for Bitcoin and ethereum price and of course for the wider crypto Market as a whole what I want to talk about inflows outflows institutions and everything else I’ve got one of my favorite guests James butterfill from coin shares here to talk about all of that and of course Texas West capital on the back half I’m coming in here from consensus in Austin Texas guys let’s go let [Music] what is up everybody I’m Scott mker also known as The Wolf of all streets before we get started please subscribe to the channel and hit that like button as you can see once again on the road I can’t remember the last time I actually recorded a show uh in my actual Studio at home it’s been a while I’ve been on the road but here we are consensus actually starting today and there’s actually palpable excitement in the air in Austin Texas which is 180 degree dead opposite polar you could not imagine how depressing this conference was last year I remember telling you guys about it walked around there was maybe a fourth or a fifth of the people that had been there the year before in the bull market and it seemed like at least 25 to 30% of the booths were bankruptcy lawyers and accountants and when you have a bunch of bankruptcy lawyers and accountants instead of pfp nft projects spending money to Market to your audience you know that you’re probably in big trouble but we’ve come out of that a lot has changed the United States even just in the past few weeks so for once we get one of these conferences in the United States where there’s actually excitement James you’re not here but you’re coming to Texas soon right yeah I’m here I’m in Texas on the 10th of June to see a road trip to see various different uh crypto Bitcoin mining companies riots Argo blockchain and a few others to have a look at their facilities yeah Point shares we are one of the world’s largest Bitcoin mining investors at the moment not the largest but one of the largest so we have about $400 million do of Assets in crypto mining companies uh interesting segue then I saw one of the big stories yesterday I don’t even have it to pull up but was that uh Riot is going to be acquiring bit Farms is that correct or they’re proposing to that’s true they’re proposing to it’s quite an aggressive one I mean it’s yet for uh bit Farms to agree um um it does seem a little bit it seems like a good deal for bit Farms seems like they’re massively overpaid seems expensive yeah if you imagine you know Bitcoin mining Hardware you can buy around 1617 per terahash um their bid would equate to around $45 per terahash but obviously there’s lots of infrastructure on top of so it’s not just the mining equipment but um it does seem a little bit over the odds at the moment and you know they could someone else could come in and make a bid too but um yeah it’s interesting I mean I suppose this comes as no surprise post Haring we see some sort of m& like this yeah yeah yeah we we talked about the fact that that was likely to happen and seems to happen every cycle but is bit farms under that much pressure that they need to sell or is this just a favorable deal that uh you know they can’t say no to this is you know in our fund it has one of the highest ratings it’s it’s a good company well-run company yeah oh well maybe they’re taking advantage of what’s getting ahead of what could be coming from from the having I guess we’ll we’ll see if that goes through so I want to talk about obviously this Title Here 450 billion will flood into crypto ETFs that’s coming from Bernstein uh I misquoted at the beginning I think I said 100 billion accidentally in the next year in the uh intro there but they were talking about the next 18 to 24 months as you dig into this but effectively saying that this is going to grow to a $450 billion Market over the next couple of years to me that means an expectation that the ethereum ETFs are going to do quite well because uh Bitcoin wouldn’t carry a number like that on its own we have etps launching in London I know they’re a bit muted this is happening all over the world right now I mean is this a reasonable expectation and if we can see that kind of numbers you have to imagine that would be bullish for Price this seems like a pretty crazy number I mean this is a trfi company coming out with crypto numbers which seems a bit unusual um uh you know to put it in perspective there is 98 billion of assets under management in uh crypto ETFs or etps globally um so 450 billion dollar number is is quadruple that so that’s a massive number and and a very bold one um and you know in any given year the largest we’ve ever seen is this year so far at $4.9 billion of inflows year to date and that outstripped 2021 where we saw $10.6 billion do of inflow so there’s a lot of kind of uh assumptions in there based on how many people are going to buy and how much price in both Bitcoin and ethereum are going to rise by which is I’ve not looked at the report but I’m assuming they baked in pretty pretty chunky numbers for bitcoin price Rises and ethereum what’s interesting though is the ethereum ETF sorry Scott you were gonna no no I was going to comment when you think about it if they’re strictly talking about assets under management and you get a full you know bullish having cycle and we three or 4X from here just as a part of that well you know you’re talking about 4X if we’re at 100 billion and Bitcoin goes up four times in price it gets there without even a massively increased inflow so that that could it could be that perfect storm of uh muted inflows or you know Rising inflows but with just price going up a couple of factors could prompt that a dollar collapse you know some people are starting to talk about that happening the hedony of the dollar isn’t great at the moment um uh and also a knej reaction to monetary policy so if you look at the Futures Market interest R expectations are saying First Rate cut not to be till December I do think the First Rate cut will be bigger than expected and later than expected i. need reaction I agree something breaks and not a casual 25 bit cut just because the Market’s expecting it there’s a credit event or something like that and they’re forced to really intervene I think and in those kind of scenarios it would be actually very bullish for something like Bitcoin it’s massively sensitive to interest rate expectations so yeah I I think but there’s a lot of assumptions you have to make there I’m I don’t make predictions like that um but you know certainly on ethereum side it’s interesting the amount of circulating supply of ethereum is quite Li because a lot of people are staking now the new ETFs they won’t be able to stake when they’re launched in in July most likely so there could well be a bit of a squeeze going on a supply squeeze and that could lead to quite some quite sharp uprises in prices so maybe Bernstein are thinking about that too yeah I mean you sent sort of this quick macro update before here’s what you said a raft of good macro data durable good beat Michigan sentiment beat consumer confidence beat FC members interpreted it slightly more hawkish so I just don’t understand without something breaking which I guess we’re all expecting at this point but without it why there would be any Cuts priced in at this point and the predictive markets have been wrong for as as long as we can remember at this point well I think if I’ve been wrong of anything it is I’m thinking about what the FED should do and what they will do are two different things and I think about what they should do perhaps bit too much that is I they should be cutting rates earlier being preemptive but they won’t be what they will do is repeat what they’ve done in history and wait yeah they learn they didn’t learn that lesson on the way up I mean you know they are loose you know on the way down I should say that they uh kept things loose for far too long everybody knows it they created the problem and now they’ll overshoot but historically they’ve overshot in both directions every time yeah and I suspect you know this is why we’ve seen slightly a slight downturn in Bitcoin prices or them just sort of Treading Water because um you know that raft of positive macro data I think is just meant people made people realize it perhaps a rate cut isn’t quite as imminent as they believe I I still believe a rate cut is bad news I want to talk about um the supply squeeze that you mentioned obviously so we’re going to get uh at some point it’s looking like July right uh ethereum spot ETFs actually trading hard to follow the road map of what happened with Bitcoin because we had such a long runup uh to those being approved and the marketing campaigns and the educational campaign and the expectations now the s1’s weren’t even ready right things got approved and kind of a fire sale and now we have this Gap in time until they’re actually going to be approved but you talked about there being a supply squeeze when that happens and they start filling what about the fact that eth the equivalent to gbtc right everyone will remember gbtc had these massive outflows that caused bitcoin price to dip for the first few weeks after we talk about the lack of ethereum uh Supply on exchanges but there’s 11 billion Dollar in eth E that presumably most people are going or a huge percentage of people are going to be looking to exit that effectively doubles the supply that’s available on exchanges if all of that was presumed to be sold and 11 billion for e is a lot more than the 25 billion that was in gbtc is for Bitcoin relative to the market so why did the CEO of gry scale step down I my my kind of half feeling is that the board said to him look you’ve the it’s been expensive for us we’ve seen massive outflows we should have cut um uh fees much earlier to to stem the outflow now interesting so I’ve been watching the proposed fees number for uh the grayscale E ETF and it’s just a blank space of the no one knows um but they must be thinking I mean let’s say if they come out with one and a half one and a half% fee which would be well above the competition which is much more like to be around 20 basis points 30 BAS points similar to bitcoin you should expect there to be significant outflows from that product uh it’s actually in some ways Al whilst we don’t have like you mentioned the same sort of hype coming up to the actual SEC approval uh if you look at the discount to nav for the ethereum the current grow scale ethereum product it’s it a year ago it was 6 had a 60% discount today it’s at zero so it’s closed rap rapidly and that was very very similar situation for um for the Bitcoin product so there are likely a bunch of investors there that have been locked in for many years at a discount and they want to get out um and so I think it’s quite high probability we see it launch and we see some of the new issuers um come see inflows but they’re offset by gray scale outflows again yeah so we’ve still got a slight discount there I think but it’s going to be zero you know in the coming weeks and you’re talking about 20 3% I think it was on May 17th and it was as high as almost 60% in the past year so what a trade if you uh followed the gbtc road mapap and got into e although I doubt there were quite as many people doing it and talking about grayscale and uh I guess bad news for them which is what we’re talking about to some degree we finally have the flipping and it’s not the flipping of ethereum and Bitcoin it is the flippening of gbtc and ibit black rock 20 billion ETF is now the world’s largest Bitcoin fund and I guess in a humorous Twist from the Universe I think it was exactly 21 weeks much like the 21 million Bitcoin people are pointing at kind of a funny uh time for it to happen but it only took 21 weeks for Black Rock to flip this product to your point that’s not great uh management or strategy on great well if you look at the income they’re making they still have 17 billion dollars of assets own Management in in in Bitcoin uh and they’re making 150 basis points points off that versus what 12 20 basis points for uh for I bit so it’s still a good much were they making when gbtc was a closed fund and they were charging uh you know High fees and had all of it well originally it was 250 base points and then got cut on 25 billion yeah so yeah still though making enough money I think to be meaningful but I mean is this like is this a sign of the times of Black Rock I mean is going to be the dominant player in all of these would would we expect that when the ethereum spot ETFs launch that black rock will be the diamond and player I mean many investment managers who they’re trying to attract have never heard of gray scale I know in our world it’s well known but um and when they’re looking at doing their due diligence across the different funds what’s the most liquid uh what What’s the most attractive fees what’s the largest in assets on management I mean ey shares will Black Rock will always tick way more boxes than gr scale will so I think it will just by default for that matter uh uh be become the winner I mean that’s always the case if you look at ETFs in in equities or fixed income scale really really matters and um you know I shares and black rock have that yeah it seems like gbgc is kind of the uh you know redheaded stepchild in in the middle right now because you have the companies like Vanek but specifically bitwise that are really out there on a road show speaking to crypto natives speaking to trafi trying to explain why you want to go with a company that understands crypto and then you just have you know the Walmart of ETFs over here Black Rock the D brand that everybody knows to your point and if people don’t know grayscale and grayscale is not out there on that same sort of Road show they’re kind of lost in the middle I will say though that grayscale has ads in every airport I walk into for the last year everywhere every screen is a great scale distribution is really important that if you look in Europe at some providers they’ve done absolutely no kind of distribution or sales efforts at all and is reflected their assets on their management they haven’t grown at all and those that have been much more aggressive have had the most success in terms of assets under management I mean the thing about um I shares is it it’s already by default on most platforms most investor platforms and and so that I think is massively helps and that’s why I say earlier scale is so important in this game yeah I think black Rock’s going to flip on the ethereum spot ETFs even faster than 21 weeks quite quite possible yeah I think it’s going to be a lot faster at this point and we’re just gonna see gray scale bleed and the next question is salana when when will the salana ETF that’s the next question but you know speaking guys yeah I mean maybe I’m wrong but the the people I speak to that I respect the most on that and sort of what I’ve gaed is that without CME Futures the SEC has really no path to approving ETFs for others so maybe you know if we see CME futures or a market of meaningful size or you know surveillance sharing agreements whatever it is for some of these then we can start to talk about them in the future but Bitcoin and ethereum are somewhat unique I think in that they have CME Futures with real size and you know the sec’s never outright come out and said that ethereum is a secur kind of vague but salana cardano xrp even though the courts push back they’ve listed those in these coinbase and binance Suits outright as Securities at least in the mind of the SEC but it’s I do think we could see a push because it is in Europe salana is the darling it’s the most favored uh ETF in or Etc in Europe at the moment it’s you know if you look at the inflows year to date they’re much higher than ethereum so now I think that’s likely to change quite quite soon but it’s had that steady pickup in assets under management in salana and I do think there could that’s where the next set of eyes will be how long it takes it’s probably longer than people expect but yeah does that mean that we’re g to get you know dog with hat ETP and and Doge ETFs and uh Sheba enu exchange trade products I mean is that the future it’s a slippery slope Beyond ethereum yeah if you look at um volumes in Sana they’re minuscule relative ethereum and Bitcoin so it’s much harder to be a market maker and operate in that space yeah as you said it requires that that the much more developed Futures market for it to really become a viable option I I expect the bid ass spread so that’s when you’re buying and selling would be pretty wide on a product a product like that initially yeah I I agree I just don’t see it happening I mean I think my favorite stat for context last week was this ethereum move after the news came you know they went up 30 something percent I think from uh you know trough to Peak in one day ethereum added a full Salon market cap to its own market cap in a you know 20% move or something like that just I know we have this perception that salana has taken over and it’s replaced ethereum in this community but ethereum is still a behemoth relative to salana you’re talking about many many many multiples in size uh volume tvl everything yeah look at active devs we scrape all the GitHub data and um you know the act the number of active devs in ethereum is 4,700 the number in in salana is 400 so 10 times so even a 10x on development yeah so it’s does that include layer twos sorry does that include like all Layer Two development as well so yeah it does that so for um ethereum in that count is a lot of quite smaller projects which actually funny enough might be involved with two they straddle different lay two ecosystems that’s really interesting because there’s so many layer tws that I wonder how much that skews the numbers just because you know there’s so many projects and but then again I mean salana is just a mem coin casino so imagine how many how it’s used in that direction when you have people launching a thousand coins a day well the number looks pretty depressing actually because ethereum uh two years ago had 50,000 active deps and it’s now 4,700 um Market thing yeah our suspicion is there’s a core set of devs that carry on so our definition of a Dev is someone who’s made one commit every month an active Dev so you know you you don’t have to be doing much and there’s probably lots of people just playing around in the salana ecosystem probably not really contributing and ethereum ecosystems probably not really contributing anything at all um uh but that’s declined dramatically and I I think and what we’re being stripped down to now is a core set of devs actually genuinely doing something interestingly though for salana we didn’t we haven’t seen those same declines there has been a steady increase in active devs not not decline at all so I suppose that’s that’s something does watch mcoin make you an active Dev yeah it would because you might if it’s if it’s an L2 on if it’s an new lc20 token then yes it would be counted so there’s probably a lot of that sort of buff in in in the in the numbers interestingly though you know we’ve sort of had this salana mcoin casino but it’s the big name ethereum ones or some of them that have actually outside of you know ship the dog coins haven’t really moved but like Pepe and MOG and all the these things are still on ethereum and are still making all-time highs with this ethereum hype I mean some of these are still continuing to run absolutely like Matt I mean you got the story I love this one investor turns $2,700 of Sheba enu into 1.2 million by holding it for over three years I people are still making a ton of money on this there was a guy a ship guy we had on Spaces one time who said he had like a thousand worth of ship and it the peak was worth billions I never did the math but I mean the the the numbers here are absolutely absurd but how does that I mean how are these things still making new all-time highs I yeah I mean I the problem is if you think about the psychology it’s bit like earning Bitcoin 10 years ago if you had $1,000 and you turned it into 100,000 you’d probably think Now’s the Time to take profit not wait for it to hit sort of a billion dollars I mean that’s the so the psychology of most people they would have taken profit years ago so and in fact criminals are the ones that seem to have made a lot of money they got banged up in jail couldn’t move their Bitcoin now suddenly they’re millionaires when they leave jail so yeah but I I think you can’t discredit the nft sector there’s a lot of rubbish out there but if you look at some of the there’s a a small core set of nfts that are actually really bucking the trend in terms of price movements and it’s obfuscated by a lot of rubbish out there that’s not really working but you know there’s some pretty serious people involved art collectors involved in the NF space now and I think it it will have a bit of resurgence but you’ll see it being much much more Discerning I mean things like crypto punks clearly have um that sort of first mover advantage and there’s other ones that genuinely have some artistic Merit there’s some AI nfts which are really kind of cool and interesting that seem to be doing very well from a price perspective yeah I think that uh we will assuming we get this full cycle as assumed which I guess is a strong assumption we will have a huge run in nfts I would imagine as a part of that I want to ask you about one last thing before we go interesting because you mentioned you know the best performers are the ones who uh sit in jail and can’t sell anything and have no access to their tokens it’s kind of the old anecdote that the best you know maril Lynch and Schwab customers are the dead ones who never Clos their account you know Mark yuso loves to tell that story but we have this interesting scenario that I was talking about on Spaces with Bruce Fenton yesterday Mount docs apparently finally unlocking some of these tokens and getting ready to distribute them it’s only nine billion worth I mean at this point in this market I think it’s a nothing Burger as far as sales pressure considering it’ll be slowly uh laid out and most those people I think will hold but what’s interesting is that according to him they’re getting back back about 25% of their tokens in in kind and I made the argument that since bigin was $400 at that point I would say that over 90% of those people would have sold at some point on this runup and never held to $68,000 99.9% I would almost bet would have sold a thousand or 10,000 so I bet that that bankruptcy in particular in 2014 forcing them to hold a quarter of their coins for 10 years probably was a huge Boon for almost every single one of those people people yeah and I would forgive them for losing 75% of my Holdings as well because they’ probably done amazingly well yeah I I was just thinking that today how many I’ve not seen the address makeup and who held what but some people are going to be overnight millionaires maybe a few billionaires as well fascinating yeah but would you agree with me that most of those people would not be if they had had access to those coins for the last 10 years I mean you’re talking about two or three full Cycles you know like all the way you know and if you bought most of those people if it was 400 when Mal Cox collapsed they bought sub 100 yeah I think they were all gonna be out in a thousand who’s it going to what exchange is it going to are they receiving it in I think they have I think it’s just that it moved wallets but uh when they’ve asked people in the know it’s the apparently the beginning of the distributions but we have very little um very little information on how they’ll be distributed on what sort of time schedule uh you know to everyone at once or it’ll be slowly and where it will be done but Bitcoin tra is trading $15 billion do a day so in terms of liquidity it can swallow that pretty quickly and not really move markets that much if it’s done I have a feeling a lot of people are going to sell the funny thing is that Bruce was saying you know he’s like most of these people they’re gone they gave up he’s like they hate Bitcoin they you know stopped thinking about it years ago except for when they see the price and they get like an emotional reaction I was like they’re back now they like it or not they’re back in the market yeah yeah it’s fantastic unfortunately I wasn’t a M’s customer so yeah but what in what world would we ever think that when they were finally making the distributions we would be saying unfortunately I wasn’t a mount’s customer because that was the worst thing that happened to all of these people in 2014 yeah and even in 2017 or 18 when price came all the way back to 3,000 or something they didn’t see a path to this much you know I guess dollar uh value wealth get backs I mean they you know you’re talking about uh 10 20 I mean 30 40 x on 25% of your money it’s pretty good if you look at FTX people are getting Almost 100% back um of their Holdings so it’s a bit harsh I think to look at M Cox are only getting excuse me 150x right is it is it is it that really that much on the value of Bitcoin from $400 10x to 40 100 10x to 4,000 100x to 40,000 yeah yes so you know maybe they would have sold 100% for a 3X or a 4X instead they’re holding 25% for 150x seems pretty good yeah yeah all right James always a pleasure uh I look forward to hearing about your your trip through Texas that’s something I’d actually really like to do I’ve never been in one of the proper like massive facilities I think it would be really interesting to visit yeah I think it’s pretty cool there’s some pretty big ones there I heard we’re look we’re going to riots and they’re they’re amazing um and one of the big things we’re working on this next quarter because we WR a mining report every quarter um the next thing we’re focusing on is capital efficiency of mining Bitcoin mining companies so how long they stretch out the cap the depreciation schedules varies a lot from one Mining Company to another so we’re thinking a lot about that and thinking a lot about Bitcoin mining competing for rack Bas with AI and looking at the pivot that some miners are making into AI to help improve Capital efficiency they’re just data centers at the end of the day they’re just data centers according to Fred teal so you know it’s going to be an interesting that’s gonna be interesting to see how many of them pivot to AI all right well today’s next guest uh Texas West Capital maybe you guys can you know connect and uh and and travel Texas together the he’s the king of West Texas come on all right thank you James everybody yeah everybody follow butterfill on X always a pleasure to have you thanks for all the Insight see thanks Scott all right guys before I bring on Mr Texas West Capital himself I’m not even sure is in West specifically West Texas at this point all maybe he’s just Texas capital I don’t know I don’t mean to miss brand but we gotta tell you guys about uh de guy who’s been sponsor now here for a few weeks H as you’ve heard me talk about them before really cool it takes away all the complexity about launching games and nfts and participating in web 3 basically a platform uh kind of like I like to liken it to like WordPress for for web 3 you know nobody knew how to build a website then all of a sudden these uh blogs where you could just uh install it and all of a sudden you had a perfect website kind of the same thing for web 3 and actually Carlos the the CEO hopefully I’ll interview him at some point maybe even while we’re here I bumped into him yesterday it was like the first person I saw that I knew at a consensus and we had never really talked in person so it was great to catch up with him he gave the full download you guys should definitely be checking out de got really really really cool stuff maybe uh you guys can launch some games and tell me about it in the comments Texas man everybody’s coming to Texas it’s all happening what’s up man everybody going to Austin Gonna Keep it weird I guess yeah I have a feeling it’s gonna be a really weird week I don’t know um but uh you know who knows I you know there’s like karate combat here and David Hoffman was supposed to fight Nick Carter and then I guess David Hoffman like decided to I don’t know if you saw this this is like the big talk of consensus because you know they do these influencer fights now you know like bit boy did the one or whatever and David Hoffman was supposed to fight Nick Carter and apparently David Hoffman was like I’ve never really been in a fight so in his like one week of training he was like I’m gonna go actually spar with someone and like you know feel what it like to be full contact and he got hit once and broke his rib so he’s not fighting yeah he’s tough man it’s tough you don’t know what you’re doing it’s tough if you know what you’re doing right fighting’s fighting is hard so yeah let’s let’s move on maybe you’ll catch us catch you in Austin but let’s bring up your chart take see see what you’re looking at here yeah so you know again um just kind of a reminder everybody I mean this you know big picture of Bitcoin this is what we’re look at we’re in this you know we popped out of this ascending Channel off that bare Market swing low there we just came back retested that and um I mean that’s what we’ve done we were printing you know U reaccumulation up here on it you see this nice spring down here pull back retest on a much less volume than what we had here and popped out through the res through the resistance you know impulsively up to the top and so you know again usually what happens when we’re talking woff woff is this study of ranges um and ranges aren’t really uh random that they have structure to them and so generally speaking when you’re look at you know an accumulation or reaccumulation most of the time what you’ll get is you’ll get you know either a spring down here or there just won’t be enough Supply to even push it down below so you get a last point of support above the range um support there but when you when you get to this point this is Phase c um phase D is this interior markup and usually what happens is you’ll get this breakout just above the CH the range resistance into this Supply up here and then you’ll pull back and then you’ll break out and this breakout is what we’re looking for this is that what we call the jump across the creek the creek is that Supply that’s sitting at the top of this range here that’s keeping it down and so it’s you know it’ll be a should be larger candle spread than what we see here larger Spike of volume um as it finally kind of pushes through you know this uh if I get it here this kind of area right here and so this is the thing we’re looking for that’s that’s where you know if you’re going to play breakouts that’s where you want to play it um but you know right now we have this pullback it was almost 50% off this right here so I’ve got this is a one 1212 um and so if this count is correct and if this is done here three of3 has this 88740 target um I don’t know about you but I kind of like that Target uh the larger degree wave three there that’s a long jump across the creek as I say but you know in all in in all U you know seriousness when we kind of look at it here I mean you know how big is it really I mean if we look at not you know from this from this wave one here I mean that’s only 23% um now I’m not going to say okay well ethereum did it in a day so you know Bitcoin is going to as well but you know again we do have you know I keep bringing it up we have you know like 10 billion plus shorts sitting here um on Futures on CME sitting there you know and so you start pushing into that and all of a sudden you know they have to you know they have to cover so all those short positions need to be converted to long if they’re not long they need to go long as well um and so you know that just adds more of that kind of um that thrust to the movement up so you know until something else is happening different here I mean that’s what I’m looking for now it doesn’t mean we can’t pull back toward this yellow box here again that’s at kind of 65 66,000 range uh but if if you know if we hold this right here you know we’re going up if we do this you know the target will be just a you know maybe 85,000 or something be a little bit shorter but you know it just it looks like everything set for this nice move up uh you look at things like um micro strategy has uh you know if you look at the short float on micro strategy on Mara even on Riot even on Riot it’s something like 18% which isn’t huge but it show that people are trying to short all these Bitcoin related whatnot so if this thing pops which is kind of what I expect to do I think we see you know if you’re Bitcoin adjacent stocks if you’re Bitcoin centered stocks I think you kind of flip up there b move yeah get a bigger happy so L yeah at the end of the day we’re sideways and we’ll wait and see what happens next but what what does that have you looking at elsewhere so uh you know I’m want try to look at some um what we’ve got going here again you know we’ve talked last few weeks on the weekly a lot of these alts are start to look really like they’re kind of doing well getting ready to really kind of move um this is the daily GR T here you can see we’ve almost reset down into oversold we’ve already kind of broken out through that descending resistance there so just looking for this kind of break out above the swing High here right around what is that 35 almost 36 Cents and I’ve got targets of uh about 53 cents and about 85 cents on this movement upward from that so I think GRT is looking pretty good again if we jump out to the weekly you can see that we’re just getting ready to break out here RSI found support on neutral rallying back up nearing a bullish cross you can see we’ve got this pull back to the pivot and a strong move up through the R3 there’s little reason to think it shouldn’t at least hit that R5 on the weekly there up there around 64 cents due to this impulsive movement off the uh support here so uh GRT I think is looking good uh if we jump here at ICP uh again another you know break through the descending resistance here retest uh daily Nearing uh reset down and oversold there and so I’m looking you know for a uh a breakout above this swing High here at around $113 and what is that 85 uh if we can get that which I think we should I think we head up here toward 18862 and once we hit that the odds are we’re going to break out and head up higher as well once again jumping out to the weekly seeing the same kind of story right uh Stoke RSI reset and oversold Crossing bullishly RSI you know Finding support around neutral uh price finding support on the pivot rallying up it’s pulled back there kind of looking for some movement if you can zoom in just a little bit TR just to get in there yeah perfect there we go may maybe that yeah but yeah so you know again um you’ve kind of got this break here just looking for that movement up um you know locally to get that movement higher and again once we’re there you know the odds are we’re going to run this thing up here through probably the R4 at least which would give us about 38 a half potentially even through the R5 which would give us what is that about $46 so again you know the same kind of weekly setup and you’re going to see this across most of your alts right now if we jump here at AXS um again this is the daily this daily we’re kind of you know toying around with the uh with the daily pivot here but if we can pop through this uh you can see we’ve got a wick right here and then a wick again right here around that $8 42 Cent area we can do that we should run up through the fair value Gap up through $920 and I think actually push up into just beyond the R1 pivot there at $9.90 and uh once we do that then we’ve got a Target up here about $126 um again jumping out to the weekly same idea you see the same thing we’re going to keep seeing across all of them there so uh looks good um Tia Tia is one I want to talk about here real quick they’ve had a good move this week um again the breakout that looked like an epic rounding top that was getting gross there so they needed it yeah yeah you know and and you got this you got this nice Wick down you know just halfway into this um into this large candle here basically though it’s just hitting the same um that previous resistance and support right here which I think is pretty good to watch there you see it’s a little volume note I mean everything that you expect to happen there happen you had the pull back into the wick which is what I talk about a lot we often have when have a big wick and now it’s up I think we’re up and so you know again I’ve got a local Target here $20.70 um that’s just prior of the all-time high but I do think we kind of take that out and head higher on TIA as well uh what else got two more here I got uh Dy DX here um it’s setting up for a uh a potential breakout here of this uh this kind of descending resistance uh it so this daily you know we’re up here over and overbought so we’ll see what happens with this but really what I’m looking for again is that break out above this um this swing high if we can get the breakout through the descending resistance I’m looking for a move up here toward this kind of this low volume node which is where we’ve got this Wick at about $244 we take that out we should be able to uh fill up this fair value Gap here up to around $2.90 uh and then that’ll take us up here next Target at $3.75 but again all these with these lower Target I mean you know they’re getting near the swing highs I believe they’ll probably break out uh and head even higher overall and finally we got flow here I know Flo was big talk for a while um once again you know you’ve got this uh we can kind of draw this here this resistance right here right where we hit so we’re looking for this uh this breakout you know Ely threw this swing High here at at almost about 95 cents uh and once we get that again should easily fill in the fair value Gap here up to around a17 um and I’m looking for it to head up here to a145 a half but as I’ve been saying you know we get up there odds are we’re going to break out there and head up even higher and so even with this I think uh real quick Target we can get up there around $277 on the breakout above the swing high so you know again alts you have to you know when when you’re looking at charts everybody gets very emotional you know they’re like oh it’s not moving right this second but you know when you’ve had the big movement down and you’ve had the consolidation you you got to jump out to the weekly and say okay what’s going out what’s going on out there and then that’s where you know these guys they want to make the money the second they get in but that’s where the work’s done you know you knowe where where the you’ve got the uh consolidation going on after the big pullback uh you know that you’re nearing the end of that consolidation you should be in and that way you let everybody else fomo in and buy in as it breaks out and then you can just ride it up and you don’t have to like stress out over it yeah that makes perfect sense I yeah I think we’re one of those like watch and wait all these setups look good just got to watch them see them pop to get get us interested but I think a lot of potential out there exactly exactly all right well uh here we are in Texas come to Austin man let’s go eat some Barber I’m trying to man I’m trying to about an hour and a half away so I’m trying to make it happen no excuse come on down man we got got a lot going on here be great to see you everybody follow TX West capital and X I got to go run and gather my my life together get ready for spaces and then head over to the conference so thank you all be back tomorrow got hasib kesi one of my favorite guests tomorrow morning from dragonfly Capital guys’s awesome so that should be a lot of fun thanks Chris I’m gonna hold you to it I’ll see you see you in the next two days all right man later guys let [Music] let’s go

Crypto ETFs are forecasted to experience massive inflows of up to $450 billion. What will happen to the price of Bitcoin and Ethereum, and other cryptos? This and more I will discuss with James Butterfill, Head of Research at Coinshares. Chris Inks will join us in the second part to share some interesting trades in crypto and beyond.

James Butterfill: https://x.com/jbutterfill
Chris Inks: https://twitter.com/TXWestCapital

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#Bitcoin #Crypto #trading

Timestamps:
0:00 Intro
1:10 Consensus
2:40 Miners
4:10 $450 Billion for crypto
9:00 Supply squeeze
12:20 Blackrock
16:30 Solana
21:00 Making billions with meme coins
28:00 Dega
30:00 Bitcoin chart
34:20 GRT
35:20 ICP
36:40 AXS
37:27 TIA
38:15 dYdX
39:15 Flow

The views and opinions expressed here are solely my own and should in no way be interpreted as financial advice. This video was created for entertainment. Every investment and trading move involves risk. You should conduct your own research when making a decision. I am not a financial advisor. Nothing contained in this video constitutes or shall be construed as an offering of financial instruments or as investment advice or recommendations of an investment strategy or whether or not to “Buy,” “Sell,” or “Hold” an investment.