Ethereum Pump! | ETH ETF Explained: What Are The Chances Of Approval?

Ethereum Pump! | ETH ETF Explained: What Are The Chances Of Approval?

it has been a shocking week in the crypto sphere especially for ethereum we’ve seen a seismic shift there you guys know what I’m talking about but we’re going to get all of the Insight from the two greatest ETF analysts of all time on the planet wow I went off ever that is Eric balunis and James safeer from Bloomberg of course we’re going to break down everything happening with eth probably talk about why this is happening now in the context of everything happening with the government and then going to have Texas West capital on the back half looking at the charts in this newly bullish Market let’s go [Music] let 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 hit that like button Etha palooza is upon us tomorrow is the big day of the deadline we never thought this would happen at least not for the last few weeks and here we are now talking about an ethereum spot ETF and when I want to talk about ETFs I bring in our meme Wall Street guy you’re not really wearing your vest there are you James damn I do have my vest I can throw it on if you want we need a lanyard and a vest and then if that wasn’t cool enough we’ve got Eric in his car Eric in his car what’s up Eric in this car how are you man good I um there was traffic on the way to the office so I just pulled over before going in but I’m good I’m not technically driving so there’s no safy is even if you were I think that would be even cooler in a way so we we you wouldn’t be the first and I’ve even done it myself so I think we had uh Dave weissberger doing that literally on Monday from from his Tesla so anyways let’s let’s dive right into it I’m going to start with a tweet from Eric for anyone wondering why our odds were low up until yesterday see below this was a shock a holy [ __ ] moment yesterday even for people inside the process that said props to James safer for convincing me to stick with a 25% floor as I wanted to go lower that’s how deafening the silence was from the SEC and how bleed the chatter was for this exact reason to allow room for something unforecastable like this what’s going on here Eric yeah so look there is already some debate on whether this was political um my buddy Nate jrae his theory all along was that they were going to purposely be silent because they didn’t want to Circus surrounding this and I get that so he to to have him have a total W he kind of needs that thesis to come true the political aspect benefits our thesis earlier which was silence is violence and everybody I talked to in inside the situation is saying it’s political uh so I have nobody saying that oh yeah Gary just waited till the last minute I’m hearing even the staff was caught flat-footed um and was like what and so all this kind of came around 11th hour and again I we don’t I don’t have like literally like someone on record Smoking Gun saying that this was a political over time I think we’ll know but to me you just connect the dots anybody who’s been watching things play out over the past 10 days has seen the political pendulum swing pretty quickly um and if I was Biden or the Democrats I would do the same thing you don’t want to let this issue get away from you so to me the math adds up the tea leaves look though this way so I’m trying I think we um I I don’t really feel any like embarrassment or anything about our lower odds we were really in tune with everybody inside the situation as well and that’s the best we can do yeah I don’t know how anyone can expect you to know new information that happened overnight and to handicap that in advance like you said if we look at the Bitcoin spot ETF process this did not mimic it not even remotely right so this but to to give James credit I I wanted to go to 10% and he was like nah you never know and so that’s why honestly let’s talk about the government checks and balances are always good so we I I said okay well we both have to agree and so he wouldn’t go lower than 25 and that’s where the the the base the floor was and because he only went 25 we look you know I think it looks a little better and ironically on the spot Bitcoin approval James and I talked about how we were at 90% And I was like why don’t we go to 95 and then we talked about this 11th Hour black Swan event where Biden calls gendler and says don’t approve the Bitcoin ETF because at the time they were very negative and so it’s ironic that the 11th Hour thing we thought might happen in the reverse on bitcoin happened in the positive here but either way that’s why you always leave a little window yeah so James you you were stuck at 25% weren’t going lower what’s going on yeah I mean it it just it didn’t like I what the stuff they was saying kept getting at me like I just can’t imagine them denying the way they could do it that there was ways they could do a correlation but I just like this is going to be hard to defend in court there’s a bunch of other issues here and it just didn’t seem right to me that said I’ve got it from like multiple sources as Eric kind of hinted that even the SEC staff was called off guard I’ve heard anecdotally that there were some people that didn’t know this was happening until like after our tweets um that like that Eric put out when the market went wild so there were people at the SEC didn’t know this was going on this really happened it sounds like sometimes late last week where this was a change I I think it’s possible even likely that if a a these denial if a denial order wasn’t at least outlined or somewhat written possibly fully written before this change happened late last week like you you talk about this is different from the spot Bitcoin race right we went to 90% in early October like that this movement everything that started happening happening in October we didn’t get approval till January 10th like the fact that this stuff is happening three days before this 19 before deadline I think is being lost by some people in the like uh in the crypto crowd the east of the world if you will like this is this is 11th Hour like crazy stuff um obviously some people were somewhat prepared for this they were kind of ready for it they had to be ready for it but everyone was relatively caught off guard I talked to some people that were like I can’t believe this is actually happening I think if you talk to anyone in crypto they can’t believe that this is actually happening I mean here’s your update from last night it’s happening we have at least five of the potential ethereum ETF issuers they’ve submitted their amended 19 C b4s in the last 25 minutes Fidelity Vanek inesco Galaxy Arc shares Franklin all submitted right uh there you go uh Vanek now added to the dtcc website we know that’s kind of a nothing burger after uh debating that endlessly over the Bitcoin spot ETF but still a step in the right direction and we know Fidelity is dropping staking plans along with others so clearly this is kind of like that a cash create verse uh you know a Bitcoin holding situation where just getting in line and making sure that they’re compliant with exactly what the SEC wants at least that’s how hey but hey real quick on the dtcc the one interesting thing there is we see the first ticker um what was it is it e e a t or something I think I just closed it like a dummy um anyway something like that it was a really long weird one that’s that’s what I noticed so if because um Valkyrie is not in this and vanc was the one with hodal we probably aren’t going to get any fun tickers I’m not even sure what kind of a ticker you could create off ether that would be kind of novel so it looks like they’re going to be kind of boring I I say that just as just it’s it’s totally cosmetic but the tickers are always interesting to me they are marketing tools sometimes and if vanex going with that type of ticker I think it says that you’ll see a lot of like sort of very functional tickers nothing too creative yeah interesting you mentioned obviously Valkyrie we had that Scoop from Elanor teret that coin shares who owns falky now are not going to apply for an ethereum spot ETF they say they see no value for investors without staking in a crowded Market alongside nine other issuers throwing in the white flag a bit but something Eric we talked about yesterday there’s not a huge expectation of massive inflows here so getting in the back of the line at this point probably is just going to cost them money right this isn’t like the Bitcoin spot ETF the coin Tucky Derby as you yeah no I and brrr I believe and James can correct me I think the a lot of the assets are sort of byoa anyway and so they they were one of the least asset Gathering of the Bitcoin and if if their projections are anywhere close to ours which is 10 to 15% James might be a little more bullish of the Bitcoin ETFs it doesn’t leave a ton of money for like the eighth or ninth or 10th issuers so in this race we could see a couple more losers uh than in the Bitcoin race out of the nine or 10 uh because let’s say 10% you’re at 5 billion six billion let’s get liberal and say 10 billion um you know let’s assume the big one get the first two get half of that uh then you’re down into the hundreds of millions and so I get it I I can see their math um yeah they’re just not going to make money on that I would imagine so James talk to us about the mechanics here so tomorrow’s the day right I mean we as you and I kind of talked before they have to answer to Arc and Vanek I believe they could theoretically ask them to pull and give it a few more weeks but it looks like they’re trying to get this done potentially tomorrow do we think that just those two get approved or you think we get sort of a sweeping approval of all of them again yeah so before I even get to the the the the order events the ticker is ETV so just for anyone who actually wants to know so nothing nothing crazy there um and then I would also say I’m with Eric he said 10 to 15% I think 20ish percent of what we saw in Bitcoin maybe a little more um ethereum is 30% of the market cap of Bitcoin I think the demand will be less than the the demand in the regular market for a multitude of reasons um and I honestly I don’t fully like you guys said I don’t fully blame Valkyrie because like particularly without staking I think this is a harder sell than Bitcoin as far as dates yeah to tomorrow is the deadline for vck the day after is the deadline for Arc 21 shares I don’t think it matters when your deadline is as long as you’re in based on what I’m hearing it’s going to be the same way that they handle things with the Bitcoin ETFs the same way they tried to handle things with the ethereum ETFs um everyone’s going to get approved if you’re in and you’re you meet the SEC requirements for these 194 filings the difference here is that with with Bitcoin one thing that we talked about in like November time frame before that January approval was there’s a possibility they could approve these 19 b4s and then it could take weeks to months before we see these um s1s or prospectuses signed off so you need two divisions of the SEC need to sign off on this trading of markets does the 194s that’s what we’re talking about right now but the division of corporate finance needs to sign off on the s1’s or prospectuses offering documents whatever words you want to use um they did those in conjunction with each other from October through January for Bitcoin they haven’t started any of this as far as I’m concerned now you can make the argument that real quick the Futures you you have you have ethereum Futures done already you have spot Bitcoin so there’s some overlap but I’ll let Eric join in here yeah the corporate finance team had no no heads up and so the question is how much pressure is on them to get this done the also the other question is how much energy do they have to do this again and they might just give him a couple notes and just get it done because obviously the Bitcoins are up and running so I think it could be sooner rather than later I know months was something in your note James I I would say probably weeks if not in within a week but the if it’s a political issue which I think it is the real thing here is just to not deny it you don’t want that denial letter to be part of the narrative and the News flow they’re anti- this Gary hates crypto that would be the narrative by the fact that they’re not denying it they already kind of solved that narrative problem so is there pressure to get it done quickly probably not but they also could just want it over with get it out of the news cycle also again there’s less to do so I if I H you know James we had never talked about this but my over under for launch date I would say is two weeks what about what would you say I think that’s fair I mean there’s plent there’s plenty of examples of this process taking like four months five months let’s do that Bitcoin ETFs took 90 days I don’t I don’t I don’t think this is going to be that I’m with you I would love four months because I think it would keep the buy I think it would keep the hype and the buy pressure on and we wouldn’t get the immediate sell the news the longer the better but but but hold on are you buying it as a long-term investor or are you trying to trade around all this I I I I own if as a long-term investor from like 80 bucks um okay so does it really matter because if you’re I’m just here for that I’m just here for the narrative and the fun and I think that it would it would be a lot more fun to be able to you know death for four months yeah yeah well that’s the thing with the Bitcoin um and and that’s the thing with the Tweet we put out when we put out other tweets that were somewhat novel or new on the Bitcoin approval process there was also there was already a general feeling that it was going to be approved or leaning that way so we just had a little drip a little incremental news like oh the 19 before are now back with the issuers and all this stuff was interesting and novel and we were on it the whole time but none of it was like groundbreaking this particular situation was like we were talking and we’re like this is going to be like a little bit of a bombshell because this completely is opposite what everybody was thinking so a lot of thought went into how to word it um and I’m not you know I’m not totally comfortable doing that but we we wanted to make sure we updated our odds and got ahead of this with um the new information because yeah we were so low and we have to change the odds just like ESPN would change the odds and percent to win a game if uh Lebron wasn’t supposed to play and then he plays obviously the Lakers odds go up yeah I I would I would also say real quick like we also were like all right we were pretty bearish that this was going to happen I mean everyone was for the most part but we were vocal and like people were looking to us so we were like we were debating whether or not we should break this news but we were also I look we were looking at E I was looking at the intraday discount um it was collapsing before we tweeted price specifically were deviating from the rest of the market so was like this is already out there based on price information yeah the discount went 23% to 11% in a few days but half of that happened before any public news was made exactly yep suspect it was it was like it was like 16% and then it went to 11 after our was on the 17 right so yeah exactly so I want to ask you why was staking such a big deal in my opinion that everybody basically capitulated this wasn’t going to happen so they got in line with staking as the ideal product and started filing for staking thinking maybe we get regime change and then staking is considered and we’ll be at the front of the line with the best product and now they’re pulling it in the last hour because it won’t be approved with it is that accurate um I I’ll take a blunt definition that James can fine-tune in a 33 act you can’t do Securities lending um which is a kind of a wonky thing like spy the biggest is 30 I’m sorry it’s a unit trust and long story short in 33 act you cannot lend out the Securities to get security lending Revenue in stock like in anything so there’s they just can’t do it legally and I don’t know if that’s only the reason they won’t allow it or if there’s another reason because they just feel like that adds extra risk to this new um uh thing they’re tracking but either way I just I don’t I think it would be a non-starter just in the specific vehicle they’re in in the ACT they’re under that’s my take on it but I don’t know James you got anything else yeah I mean I think it’s a gray a I don’t know if it’s necessar black and white from my understanding I know spy can’t do it because it’s U and U cannot do that stuff uh but but like I would say the the other part of this is I I think if the SEC wanted to allow in the assist Pur I think legally they could have done it as long as the SEC okayed it but based on all the other SEC actions coinbase Kraken they are not okay with staking I said this the like very early in May maybe even in April I started saying it I had this pet Theory that everyone was talking about that you remember the narratives like the consensus lawsuit and all this stuff and that the the SEC is going to NY the ethereum ETFs and call them a security I was very vocal in saying like I don’t think they’re going to do that that puts them at war with the cftc I think they’re gonna find another way to deny these eth ETFs and I think they’re going to try to thread a needle I think what they’re goingon to say my I still think they might try to say this is that stake eth is security or expecting Returns what have you yada y y but ethereum itself is a commodity and I think if we get the approval ETF that puts another feather in that in that cap of that possibly happening um and it’s very evident we we can the the I look I I wasted an hour and a half of my life yesterday looking through the changes between the 194s that were filed and the Amendments and the only real thing I saw change there was a bunch of stuff but the only thing substantial was removing staking some language change here and there but it was removing staking was the main thing and and honestly I think I was on here I was like we’re low odds that the ethereum ETF gets approved but I was like I’m in order of the magnit more bearish that staking is allowed in these ETF there’s no way the SEC is going to allow staking yeah I agree listen I want to go back to something Eric said earlier uh which is the sort of political environment and why this may have happened because I think we all agree that this didn’t just uh spontaneously come into gendler’s mind that this needed to happen on a Monday morning three days before approval we’ve seen Sab 121 with Democrats including Schumer pushing back against an already announced advaned veto by Biden so that was a huge sort of point against the anti-crypto Army we’ve seen the FDIC chair that Elizabeth Warren was protecting which was an article uh written last week he’s going to step down that’s the guy who basically orchestrated uh operation choke point 2.0 for those who believe in it fail and 1.0 he did one point0 too yeah yes true true and and now obviously we have this right I mean Trump we’ve seen come out in the past few weeks making a lot of pro crypto statements now saying he’s going to be taking cryptocurrency donations vows to build a crypto Army right against the an crypto Army and then you have Biden immediately sending out a donation letter saying folks this couldn’t be any more serious cryptocurrency Executives and oil bearing are coming out of the woodwork for Trump they’re rushing $800,000 checks at glitzy events now Trump is out raising I mean there’s like full crypto Panic happening right now it is bananas so that this is the reason come on I mean I’m not you know this isn’t even tinfoil hat at this point the it the tide turned on anti- crypto sentiment being a winner issue for the Democrats for whatever reason they were doing I agree I mean it doesn’t take a genius to to see it you just had to put your thumb in the air and or just be online at all and you saw the sentiment change what really what it wasn’t just Trump saying it what would what when I thought oh man this is this is really real because Trump says a lot of things is when some of the moderates like Omar cubin was like this is dumb for the Democrats to be anti and when someone like that and there was a couple other people like him I’ll call them moderates or people in the middle novag grats Cubans Gabi were the big three that I saw who are outspokenly voting for Biden and uh said what the hell are you doing yeah because you know everything’s pretty tribal there’s the one side and the other side but the middle people can be bellwethers or um bellweather is the perfect word to help you figure out a mood and when they cross to the other side to make a point that’s how you know that the one side is losing the middle and so I thought when they were saying this is bad sign bad news I thought that’s a sign the Democrats are really losing this to regular people um and that’s when I thought I felt that was a huge variable but I bet honestly if you pulled the threat on all this and James put it in his note it’s probably when Trump said if you are pro crypto you got to vote Trump um was about May 8th I think and I think that that might be like the Inception level four moment yeah I mean I I I don’t think we should expect the Democrats and Biden to make a wholesale reversal but at this point I think they might just back off on the anti- rhetoric right just kind of kind of Let It Go and like you know we we’ve seen how much PR the Bitcoin ETF got and so the the this if they wrote a rejection letter it would be picked apart that would be then oh is there a lawsuit who’s going to do this and the whole it be Nar it would just be hammering home The Narrative of that the SEC doesn’t like crypto and that it would it would it would be like a new a long news cycle I mean so if again if I were calculating this on public relations basis I completely understand why they would be like we cannot deny this now it’s fascinating if again if I mean I’m assuming it is if this is the reason how much innocence is lost with in the The Regulators who were told hey we’re going to deny this on these reasons and then boom just because it’s you’re going to lose a few votes everything you have to completely reverse your entire point of view yeah there’s got cynical about that yeah it’s very cynical and we literally just saw the SEC effectively approve ethereum custody as a security for promethium who literally does nothing else as a qualified register broker deal deer that came in and registered so like that news dropped at the exact worst time for them which is something they were probably working on for months yeah I would I was gonna say real quick I WR we obviously put those tweet out and then I wrote a note that night basically and the title we use was ether odds rise after Trump makes crypto an election issue so are we I’m in complete agreement with everything you’re saying and what I’m hearing from the timeline is things shifted late last week either Thursday or Friday so I think it was all the things you mentioned and the sen sa sabb 121 vote that happened on Thursday and from what I’m hearing most of like it sounds like people at the SEC started talking about this and hearing about this on Friday so that would timeline with right like literally the last two weeks right before that it was it was just it all led to one thing right this is what definitely political and I’m with you I they don’t need to go pro crypto I think they just need to take the foot off the anti- crypto break because I think they realize like raising an anti- crypto Army isn’t necessarily like the the the win they think it is I think there’s a lot of people that are more ambiguous to it and there’s plenty of people that are pro and you’re just like trying to go after this really small area of people who are like just adamantly I have a more Sinister view I don’t think they ever thought it was popular I think they were protecting the banks you know the donors like JP Morgan and uh and Jamie Diamond writing elizabeths I have another I have another theory on this there’s this guy um Ben Hart who um he he wrote just a he’s a retail investor in this and he he um he referred to bitcoin as the Second Amendment of money and that crystallized a lot for me and I I think that’s why this issue leans right or is just more natural on the right because if you think about what that means it’s protection against the government and so if you are for bigger government it’s almost against your DNA to be like yeah let me get get into this thing that you’re into because you think the government is doing a bad job at this man you know um managing the dollar or money so it’s almost like the Second Amendment you it’s a become a issue on that leans right I’m not sure that’s true but I I do feel like there’s just a um like the the whole thesis behind Bitcoin is somewhat of a CR CR critique of the government to a point and that’s I think why it was hard it was natural for the one side to be more anti and it’s so so I think it really comes down to just like ideology it in the end I also think that like to a degree Sam just disproportionately hurt one party more than the other because before FTX uh you might remember the Democrats were meeting with Sam constantly and pushing very hard for this kind of thing so I think there’s an embarrassment factor and a probably top down approach from the party saying even if you like this stuff just don’t talk about it for a while because we knew there are a lot of pro democ uh Pro crypto Democrats individually yeah and also I would say a lot of the swing state Dems are the ones that were voting for The this in the in the house and in the the Senate yeah so they I think it matters I think these these crypto views matter in tight races in swing States and I think that’s what I think I bet you we’ve seen plenty of polls showing how many millions of Americans own crypto how many millions of Americans think it’s an important political issue I don’t know how many of people are actually single-issue voters on on crypto and let alone how many of those single-issue crypto voters were going to vote Biden and are now going to vote Trump because of crypto there’s I can’t imagine there’s as many as some people think they’re we’re kind of in like an echo chamber but I I I bet you the Democratic party probably looked at this and was like it’s just not worth the risk of losing I don’t know a th a couple thousand votes in a swing state yeah totally agree well guys we’re we’re up against time thank you as always for perspective Eric we’re gonna let you get out of your rolls and get into [Laughter] work J gon let you back see you guys all right guys thank you thank you guys follow James and Eric I’ll see you guys soon get the show us the vest come on at least show us the vest it’s there I know it’s there got it I’m wearing it I have I always have it okay perfect it’s a little warm though all right well whatever man you can’t dude fashion is pain my friend come on we all know that I’ve learned that from my wife all right guys thank you wow guys in case you’re wondering by the way how big of a move this was by ethereum I think it was the largest uh daily candle ever at 22% at least that’s what I read in an article and ether market cap adds close to an entire salana blockchain in a single day so if we want to talk about the salana versus ethereum if you want to just consider the size it ain’t even close literally a 22% move in ethereum added an entire salana market cap isn’t that crazy Chris that’s absolutely silly but good you know I I it’s interesting I tweeted about this yesterday I’m just going to bring it up really quick there’s this perception obviously which is correct salana has led the charge here right to some degree it’s gone up far more than eth eth has been lagging when you actually like look at it from a different perspective ethereum topped at 4868 in the last cycle right currently trading I had it at 3,800 when I did the math that’s about a 21% draw down from the all-time high so if you’re talking about someone who unfortunately bought it on the worst day at the all-time high they’re just down 21% now you take a look at salana even with all this action its high was 260 let’s call it trading at 180 that’s over a 30% from the all high so for people from last cycle eth is performing better than salana if you were a holder and you’re a long-term investor eth is performing better than salana I think people just don’t realize how disproportionately wrecked salana got by FTX so the reversion back to the mean of where it should be in this market I think is the majority of that move and you also might remember let’s say you’re a hedge fund what’s the job of a hedge fund now it’s become to make a ton of money but the job of a hedge fund used to be protected people’s money right to do better in a down market and underperform in a bull market if you were a hedge fund you would have held eth last cycle and done way better than any of this stuff yeah because you might remember when Bitcoin went to 20 eth went to 800 or so I don’t remember the exact number then Bitcoin went down again and eth I don’t think even broke below a thousand but it certainly never made a new low so eth actually performed way better on the downside which is why it’s lagging and doesn’t seem to have had as much upside yeah and that’s you know that’s what given everybody you know again it’s what we talk about often here which is that sideways um kind of movement throws people off you know and I think it’s especially um you know relevant here in crypto because people I mean let’s face it most of people that are in crypto they aren’t really Traders they’re gamblers and um they’re looking for the dopam main hit they’re looking for the quick fix and so when price goes sideways they freak out they get really down oh my God it’s dead it’s the end of it um you know it doesn’t matter how many times you and I come on and say but look let’s look really look at the chart here uh you know they just kind of fall off on that and um and usually they end up getting out right before it does something big so um you know I know quite a few traders that had finally just given up here uh pretty recently everyone there were like four people that publicly announced it I remember Rand did others I don’t remember a lot of tweets saying I’m just done with ethereum yeah it doesn’t have a narrative anymore as if narratives have ever mattered in crypto when you look at the chart I mean look at that chart yeah it’s look at that descending Channel breakout I mean Monster and this was it you know you had this accumulation going on here um you know you had the descending resistance and so you know everybody’s like oh my God you know the news and and you need to trade that no you didn’t need to trade that you just need to notice what was going on on the chart here it was it was set up for that breakout you had the volume dropping off into the range here you had the EQ holding his support higher low you know on lesser volume I mean everything just clean ready to go and um so you know if you if you know how to read this and you were sitting here I mean you you were positioned in this area at least you know somewhere in here over the last few weeks and just waiting and there you were and that that was what 20 I think 25% over the uh over the two days there it’s like 20% on the first day yeah I think it’s I mean still I’m looking I think right now even from yesterday it’s up 22.2 six% in 24 hours and we all know it hasn’t moved since halfway through yesterday or something really I mean we’re already at 800 so I mean this is a crazy crazy move it was great I mean it’s it’s fantastic it feels good you know um especially for those of us who’ve been saying that it’s been lagging but it’s going to do great I mean I just needed one day for Vindication but it lasted over a year waiting for it so almost yeah yeah so I mean you know it’s good it’s set up it’s out there now we’re going targets haven’t changed still looking at 5185 and then 6350 you know locally here um so there be new all-time highs um but you know again same same kind of thing I’ve been looking at the 5100 area since we were you know doing this whole thing back here right um so you know and then again the people were freaking out here talk about remember how down everybody was and how talk about how dead it was here takes off nice big move pulls back oh it’s dead again boom there it goes again so um you know patience guys by the way you’re not the only one saying that ether has one in five chance of tapping 5K by the end of June nice nice I didn’t say yeah yeah that that yeah that’s a that’s like H 40 days that’s a pretty that’ be a pretty solid move but why not that would be nice that would be nice um so let let’s talk about just like before you dig into these other charts like generally I think that the eth move is bigger for the altcoin market in general than anything we’ve seen yet in this cycle I mean historically if e goes then we actually start to see more just across theboard bullets action instead of these like segmented yeah yeah exactly I mean um we I mean we saw it on that day I mean you know we were talking about you were talking about salana earlier and even salana was up uh you know even though ethereum was up 20% salana I think was up something like 15% or something like that uh there on Monday as well uh you know just kind of everybody kind of getting into that but you know last week when when I was on you know we were talking about the fact that everything kind of looked sideways everything looked like it was getting ready that it wanted to move up uh you know the same kind of basic pattern across most of the alts and um so you know again I I don’t think we can really be surprised by the movement uh just that you know it moved you know ethereum moved as big as it did but yeah the fact that the movement happened I don’t think should be a surprise at all and neither should it the the alts that kind of follow with it so like you’re saying I think there’s um I think we’re going to see a you know a broader kind of alt I hate to use the term alt season but rally you know rally yeah you know kind kind of coming up here so I I think it’s it’s an exciting time it doesn’t mean it happens tonight or tomorrow whatever guys but I think it starts looking kind of interesting um now and you know if you’ve been kind of bored with alts or been kind of upset about them I think Now’s the Time to really start paying attention yeah okay so you’re about to look at Bitcoin which I think we do relatively quickly and then uh move on if you got any others yeah I got a few more um you know again I’ve been talking about this being reaccumulation this being the spring we got the pullback on lesser volume all great we got the big breakout that we needed uh a little bit of volume there large candle spread through the uh daily pivot and descending resistance and then of course this was then on Monday here now usually what we get with this um with this accumulation or reaccumulation structure is we’ll get the initial push up into this uh resistance above the Range High and then usually we’ll get a pullback and then we get the big move um now we’re finding support at the moment here right around the top of the range here but ideally we would pull back into uh you know maybe Sunday night Monday morning and then had 67 I had I mean I don’t know if it’ll go that that deep but like for me I had kind of the different range so I I even wrote in the newsletter today like maybe back to the EQ before uh you know popping back up okay now we’re to me now we’re just range trading in the top half of the range you know instead of but you’re above it already which is great yeah and again you know I I posted um a reminder there about the uh you know the cop Report with the CME shows that hedge funds are still historically long I mean something like 17,100 I mean short sorry short positions um and in like 200 on the long side and then uh your asset managers are the opposite you know they’re like 17,000 long and then you know uh a bit short but um you know this this God this something like what 10 billion dollars worth of shorts right up here so if we can you know again if we can get this pullback here that should give us enough strength to really pop into it and that gets that short squeeze started and you know I think we hit mid 80s at least on a decent move um which really is just like 133% I mean it’s not huge yeah you know we could do that over two days of continual push you know but the idea is that we should get that and that would be you know again pulling back here we get another last point of support and that breakout through this resistance here would be what we call that jump across the creek uh and that signals that you know accumulation is done in that area so uh for me uh ideally I’d like to see it pulling back there toward that you know 65 66,000 are depending what chart you’re looking at um and then get that rally up through there like I said uh maybe Sunday night starting or or Monday you know Monday morning somewhere around there oh actually it’d probably be Tuesday guys actually because what Monday is um Memorial Day Memorial Day yeah so so you know the US is gonna be out there drinking America you know so all right what else you got let’s cook through these all right I got some here real quick let’s jump on here I’ve got uh this is injective so uh again starting out the weekly just because very clear very nice looks like please just zoom in so it’s bigger on theen yeah yeah there we go so um zooming in here again looking for a breakout here right above about this 29 $30 area uh locally should get us 46850 and then I’m really kind of looking forward to head up here toward $966 but the weekly looks absolutely great uh looks like a bit of accumulation going on here so we want to see that just rally and break out uh what else we got here we got flaky anybody likes flaky right or they did it one time this is one of the cleanest counts I had to put the count on because it’s just so clean one two clear three 4 382 pullback based on the hide of wave four wave five’s got a target of I’m not saying the zeros but 574 z z there um and right now we’re sitting at 22 so that’s a pretty good little rally coming in um again this looking at the weekly here sitting right there above the reset but looks really good for that that um what is this I just saw a comment that says I seem really annoyed with you it’s bad energy people find the craziest things on YouTube man I love Chris he said is it just me or Scott seem really annoyed with Chris bad energy here I gotta go do like clear my chakras or do some raiky or something do I don’t know what you doing light some incense man I love Chris uh AZ looks good here um we’re breaking out through that R1 pivot on The Daily here overall this correction should be complete and So based on the height of that correction it got a163 and a half as the target so again sitting there around 91 92 cents right now it’s a pretty good little run uh locally here so um I think we’re good to go there again it doesn’t mean we have to go straight from here straight up you know there’ be pullbacks along the way but generally speaking we should be looking up there toward that do 63 and a half area at least um fet I like fet uh it’s still looking good we had some great again this is looking back here at the weekly we’ve got some great um action around these uh resistance areas here in support areas and then it took off we’ve got this nice Channel going on here um weekly of course we’ve reset down into oversold uh we’ve got um RSI still bullish above neutral curled back up threatening to head back up there toward overbought so I believe this correction is done here um and we should be looking at we’re around two almost $2 and half dollars there I think we’re looking probably about5 and a half dollars up there now and so I think there’s a good I think it’s a good uh run for that uh what else we got here by the way don’t forget Nvidia um Nvidia earnings come out today after the uh afterm Market hours oh that’s yeah we’ll see what happens then with iOS that anything else that we think is an AI coin of some sort render right those are all going to move based on Nvidia earnings it’s good to know yeah yeah I think they’re going to do pretty good yeah yeah yeah I think they’re going to at least hit probably do better it might be their last quarter where they do it but uh where they have some great push but uh again still looking up there toward 1100 Plus for NVIDIA but yeah another great uh uh move and breakout here locally on The Daily for Cass uh we kind of red right up to this um got this uh uh accumulation type range going on here um so you know we might get a bit of a pullback here whether it breaks a little bit higher first or not but I think ultimately we continue heading up locally 18 Cent area but really looking for it to run up there just beyond 33 and a half cents 336 um this looks like a running flat here we’ve got an ABC down we’ve got an ABC up and then we’ve got a you know ABC one two ABC 3 four ABC 5 so an ending diagonal for wave C so uh you know a running flat is a is a bullet is a really bullish structure because what it tells you is um Supply could not overcome demand enough to get back down toward That Swing Low so tell you the Market’s pretty bullish um so really looking for that one to kind of break out and do a run there uh let me see here and then I’ve got cast this morning it looks really good I almost put in the newsletter actually but I CH go with FTM did you um big nice range here back from uh December of too and we’re just now getting ready to finally break out above that um this is H but locally here you know if we once we get the breakout we’re looking for an impulsive breakout Above This resistance and once we do that locally Target of uh basically 7.3 cents here and then 9.3 cents right there those are local targets but really with the size of this here once we’re getting out there uh you should be looking back up here toward you know 44 65 cents kind of area up here toward that all-time high because this is a long time range here building up so it won’t again guys it’s not going to happen overnight but uh you know if you’re looking to put into something that’s going to sit there for a bit and can make you some money you know over time and not sit there and stress out about it all the time um that would be something I’d be looking at doing right there so that’s what I’m looking at man yeah I mean I just think the market looks great yeah oh Lun Mambo wants to know yeah I’m completely clean shaving I shaved this morning I was going to see I was going to mention something about that man you get that it happens every once in a while I shave like you know like I get to a point where it itches and I shave and it’s like two more weeks and I shave it’s like two more weeks but I’m you know I’m unshaven in 48 hours so then I I ride it that way awesome man I love I appreciate going through that I mean I think in general you know ethereum turned the tide a bit for alt so now you can just looking it’s like you can give all these setups and I went through a ton of them on Monday just people requesting but the biggest thing for me in this market is always knowing when to trade and when not to and so now we’re in a when to trade time instead of a when not to trade you know so yeah sit on hands or not is the biggest decision in my opinion yeah the best decision most people can make yeah totally agree all right guys follow TX West Capital who I despise yeah can’t stand the guy the energy was so bad today I was just throwing it all right but you did make me smile Jeff and my energy came back yeah so so we’re good all right guys that is all that I have got you today uh we’ll be back we’re gonna have Wick today uh for trading Alpha at 3 pm 3:30 PM Eastern Standard Time otherwise we will see you guys later bye thanks Chris [Music] let’s dop

Latest updates on the Ethereum ETFs approval process from 2 main ETF people: Bloomberg’s Eric Balchunas and James Seyffart.

James Seyffart: https://x.com/JSeyff
Eric Balchunas: https://x.com/EricBalchunas

Chris Inks will join us in the second part to share some interesting trades in crypto and beyond.

Chris Inks: https://twitter.com/TXWestCapital

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#Bitcoin #Crypto #ethereumetf
Timestamps:
0:00 Intro
2:00 Eth ETF is a political decision
9:50 The mechanics
15:20 Staking
18:00 Elections
27:00 Ethereum chart
33:40 Bitcoin chart
36:20 Altcoins

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.