Ethereum Is About To Skyrocket: Get Ready For A Massive Supply Shock

Ethereum Is About To Skyrocket: Get Ready For A Massive Supply Shock

ethereum Supply on exchanges is currently at historical lows and we have an ethereum ETF coming some projecting it could do up to four or five billion in inflows in the first six months what happens when this massively increased demand meets this reducing Supply I think we all know what should happen but it’s just a theory and I have one of my favorite guests head of institutional research at coinbase David Young here to discuss this and a lot more one of my favorites as I said always to have here get a ton of perspective can’t wait what he has to say about eth and the rest of the market of course Texas West capital on the back half let’s go [Music] let’s 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 it’s fun for me to get to talk about ethereum we talked about Bitcoin and spot ETFs for felt like seven eight nine 10 months years decades and out of nowhere we get the ethereum spot ETF approvals and now just waiting for a timeline for launch but that gives us endless opportunity to debate what’s actually going to happen when they launch will they see any demand will we see inflows how much basically the same conversation we had about the Bitcoin spot ETFs uh just with a lot less knowledge and a lot less people talking about it to me that’s an opportunity I’m GNA bring on David we’re going to talk about it ethereum spot etf’s out of nowhere man this wasn’t supposed to happen I mean we actually did think that the odds were more in its favor uh I think most of the market was discounting the idea but uh we thought that the timeline was warped because a lot of people were expecting us to follow the exact same pattern as what we saw with the Bitcoin spot ETFs except for the fact that we learned from the spot Bitcoin ETFs already so if you were an issuer for example you weren’t going to make the same mistakes or like exclude or include the same information that you did the first time around like the timeline was already going to be somewhat different so I think that was a the mistake that a lot of us made yeah I think also just the political wind shifted so fast right in advance of those dates that sort of aligned in a way that maybe a lot of us would not have expected but interestingly this time we had no pre-marketing campaigns we didn’t have all the issuers competing and educating Ras and getting ready with the expectation I would say that 99% of uh investment professionals still don’t even know what ethereum is much less that a spot ETF is likely coming it was different with Bitcoin because that obviously was already somewhat of a brand name yeah and I think that’s the challenge because it was already going to be an uphill battle because as you say I think for a lot of investors they can easily get their heads around the idea of Bitcoin as a store of value or the idea of Bitcoin as digital gold but the same kind of narrative doesn’t really exist for ethereum uh I think that for those of us in the know we can easily just say like listen it’s much more programmable than the Bitcoin network uh you have Smart contracts you know all the things where like when you finally get into the space and you say like I get it like bitcoin’s great I understand like why blockchains are necessary but can’t we do more well ethereum is that more um and I think that that’s the easy sell once you really get yourself acclimated to bitcoin but if you haven’t gotten yourself to that step it’s really hard to get to ethereum right so I guess that brings us to the question of how much demand will there be uh this researcher who I don’t know KK research what did it say somewhere k33 research ethereum price poys for Supply shock as ETFs May attract 4 billion inflows in five months that that’s higher than I would personally expect but Bitcoin also way outperformed uh from what I expected as well but this would be significant four Bill billion inflows and I believe you know that’s still in context of ethe unlocking that discount closing that’s 11 or 12 billion dollars at current prices of sell pressure like we saw with gbtc so to net out four billion in inflows in five months I think would be really really exceptional yeah it’s not completely out of the out of the real possibility uh but certainly we saw that with the gbtc E ratio for example like uh you know I think that that was closer to around 25% like e has a percentage of gbtc like AUM um prior to the approval of spot Bitcoin ETFs for example if you look at what’s been going on in ETFs in Canada or other places uh the ratio is closer to about a sixth of uh of where like the the Bitcoin flows have been so I think that you know it’s really hard to tell but the range is somewhere from 15% to maybe that 40 50% um but you know like it it’s probably like 50% seems to be on the higher end of that side very whereas I think the expectation of 25% seems somewhat more reasonable if we look at the ratio between e and gbtc all right well let’s say that we get 25% right in theory we know that Supply on exchanges is exceptionally low more people are staking I think we’ll have more people staking when they find out about e and realize that the uh ETFs don’t have it right so there might be a lot of people that that actually steers towards it either way we have this sort of Supply reduction that we’ve been talking about here it continues to go down eth can even become deflationary depending on the scenario what happens when we add even a billion or two billion of inflows from the ETFs I mean four billion in five months it’s not really that huge right I mean even even here it’s big but you know there’s a market that trades billions in a day right so you know is this Supply shock and the demand going to be enough that we can predictably say price should rise dramatically that’s the thing about it like we probably require like fewer flows to have a higher price impact because of Supply lockup that we’ve seen in terms of not just what’s going on with um the the normal kind of staking process that ethereum has but also everything that’s happening with the restating process and how much more tokens are being locked up because of the demand coming from that side as well of course like you need to kind of have a stake or liquid like stake in order to kind of then go on to restake um so some people are like well that already like pre-existed uh but I think that given how much is already kind of being locked up here uh the idea of more kind of being kind of sheld into ETFs for example will have a disproportionate impact on what we’re going to see on eth price so I think that’s going to be the important capture uh from the uh the eth ETFs themselves and keep in mind too that like you know there’s this argument going on from a lot of people who are already Crypton native of like oh but like why would I want to put my money into an eth ETF if I can actually stake because I can’t stake in an ETF it it won’t be allowed so like why won’t I just like put I’m like well that’s that’s you because not everyone knows how to do that and I think that if you give people the sell of like this is Bitcoin except that it’s programmable and there’s smart contracts involved I think that there are people out there who are not able to stake who will still find that to be an attractive Prospect so we will continue seeing that there’s money locked up from that Source yeah such an echo chamber narrative the saking obviously 99.9% of people haven’t even heard of it yet they’re not making the jump to staking but I do think over time that that will either be incorporated into the ETFs because it’ll have to or it will drive certain more I guess uh risk friendly funds and institutions to go directly you know into staking but I guess it remains to be seen have you seen uh significant sentiment shift from the institutions you’re working with now that this has been approved are you getting more questions about ethereum for example is it even on their radar because it was not huge news no no like we we’re definitely seeing it I I don’t think that the inflows are definitely uh actually all there yet to be honest with you I think that like a lot of institutions were just as caught off sides as we were by the news uh and so they’re still in the process of chasing this but we saw that eth for the last few months has been Wolly underinvested invested because no one expected this to happen um and now like I I think that it’s still in the process of actually trying to attract those inflows yeah I mean you and I have talked about the bullish case for eth at nauseum while it refused to move for probably a year now I mean literally you know I I I just felt even slightly Vindicated when we finally got something out of ethereum because you know I’ve been saying it all along this why I have someone here if you really know e Skyrocket then you would put all your money into it these video titles are irresponsible uh I have a lot of money in E I’ve had it there I’ve had conviction on it but I would never put all my money into anything period just for the record so I think that it would be irresponsible to put your money into everything no matter what you think is going to happen but I really do believe that eth from here on out to top of cycle outperforms yeah and I think that we need to look at the defi sector as well because what I’m talking about in terms of the staking and liquid reaking for example um I think that you’re also seeing that there are these New Primitives at play that’s also kind of keeping people inside the ecosystem and if you think that I would say like crypto as a whole is going to break out and activity is going to increase there’s going to be more defi for example and defi for all intensive purposes I mean we see it in other networks but a lot of it still lives on eum then I would say the fundamentals are behind it as well yeah I I think that makes a ton of sense there was this sort of narrative that ethereum was stuck in the middle because everything would be built on bitcoin that could be built on ethereum and that salana was faster and cheaper and stealing sort of the mem Casino side of it do you think that that’s true and do you think that even matters if institutions all of a sudden have access to eth and they they wouldn’t have I mean if we get a salon ETF maybe that debate becomes more compelling but I don’t think that’s going to happen anytime soon yeah if there was more progress on something like 21 where there’s clear delineations of what belongs as a as a crypto crypto as a commodity rather than crypto as a security for example and you know like there’s a lot of uh rules around like what should be considered decentralized for example for a platform um I think if there were something like that but for the time being we still have seen like you know things like salana called out by the SEC as like a for the concerns around like that being a potential security for example in a way where I would say that kind of stigma doesn’t necessarily attach itself to to eth and ether um so I’d say like that from an Institutional perspective is still a bit of a concern uh in a way that doesn’t that isn’t really kind of as much as big an issue given that we now have the EF approved yeah I I I just can’t see any others being approved certainly under this regime I mean maybe if uh Trump becomes president the Republicans take the house even though I think the bipartisanship is a little overblown maybe all of a sudden you know we get a much friendlier SEC and we start seeing xrp and salana ETFs but to to be honest I don’t think the demand would be there for them right now so I don’t think it really matters like we can talk about an xrp ETF I think Garling house was saying he thinks we see one in 2025 who’s gonna buy it right yeah and if you’re if you’re an ETF issuer that’s your big concern you still need to make money off it yeah yeah um so you know like we’re talking about eth being 18% of the market versus something like salana being like 3% of the market and it’s not a bad size especially in the crypto realm but it might not be enough for an issuer to say like you know what let’s spend a lot of money on the overhead and all the costs and and the and the filings and that the headache it actually will involve in to get this approved yeah these Bitcoin spot ETF issuers are not making money by the way I mean some of them I’m sure black rock is I’m sure GB BTC is still on their huge fees but when we had those fee Wars they all knew that this was more of a marketing tool than anything they would never at least for very long time would be underwater because they would need two four five billion individually AUM just to break even so imagine if there’s a fee war on something with less demand I just don’t see it happening right now but I mean to that end we talk about the ethereum spot ETFs and what they will do but we know exactly what the Bitcoin spot ETFs are doing and they just had their second largest day of inflows period 880 million so anyone who thought that this was going to slow down with time that it was just gbt selling in I mean whatever is happening we get these big spike days but we’ve had very few periods really of outflows even when we dipped there they were short and we’ve seen massive and sustained inflows so this is still happening and demand is ramping up I mean what do you attribute this to is it because we’re still seeing the slow trickle of raas and institutions even coming online and doing due diligence and we didn’t kind you know we never had a flood of them coming in all at once which was you know expected yeah and I think that because each of them have their own due diligence processes um each of them vary in terms of its time I think that trickle will continue to happen so as there’s another unlock of raas who will be able to actually like uh Market this to their clients you’ll see some of those inflows come in but unfortunately I think it’s going to work um within like the current macro environment which has gotten a lot more confusing unfortunately so I think that’s the one thing that uh it’s going to be challenging because you know we’ve been on this will they won’t they like fed terms of cutting rates now like we’re in this regime where like bad news might be bad news instead of bad news being good news again so it’s I think that that’s like G to be the the hard part I mean can you dig a little little bit more into that like what’s your just general macro View at the moment What’s your stance on on what’s coming I mean I think a lot of people think uh they kind of keep it propped to the election and then God knows what happens yeah that’s going to be the tough part because I think that we are probably seeing the US economy start to Peak um but I don’t think it’s going to be like a a big problem I don’t think we’re going to get into recession or anything like that um but the question really becomes will we see inflation start to come down faster than economic activity because that’s what really care about when we talk about stagflation and unfortunately that’s the word we’re operating with at this moment it’s like the word of the day station um and my guess is that probably like we will need to see three like inflation prints actually show like the inflation receding disinflation as it were uh before the FED actually feels comfortable with actually suggesting that it could cut rates again which will probably still put us somewhere in September and I think that that scenario is very very possible if not like completely likely um and then I think that probably as we get into like the end of Q3 into the beginning of Q4 we might actually be in a better place as far as activity is concerned because we’ve got a lot of productivity boom kind of uh sources like AI for example um a lot of the uh pandemic level kind of indoors like spending that didn’t happen from a lot of companies like those have been delayed I think that probably will be recipients of those benefits uh probably now uh it’s been like a lot later than we expected but I think that could happen probably by the time we get into Q4 for example and then that could actually be a multi-year process that could be like a productively driven like economic boom that could last years and I think if that’s the case the long duration assets still make sense yeah so we obviously have Bitcoin as says in that article it’s Crossing 71k I mean we’re at 71,500 right now I mean we’re you know fractions away from alltime high you know we barely didn’t even make it I pick to 74 so a couple percentage points of course at the bottom everyone was beish we’re going back to 20 we’re going back to 30 now we’re at the top and we’re instantly going to 100 right so this is kind of what happens when you’re trading in a range and you’re you know at uh support get bearish and at resistance get bullish that’s why charts work and that’s why humans trade the way they do but I actually tend to agree with Novo here as he says novag grat sees Bitcoin topping 100,000 if it regains March high that would be technically a blue sky breakout if we get above that high and sustain it right so I think it’s ridiculous to talk about a 100,000 if you’re a technical analyst when you’re sitting at 71 and there’s the all-time high resistance right ahead but if you break that I I agree with him right I just think this might take time my base case starting in March was it uh we go back into the having cycle things get boring for the summer and we ramp up in the fall I I have no idea if that will actually happen but um it would violate my base case slightly if all of a sudden we break through 74 here and it’s June and we have a Crazy Summer up to 100 never really happens but you know I do think you know for you know it sounds stupid but if you’re 80 100’s more likely than if you’re at 71 okay what yeah I remember a few months ago when everyone was talking about like oh it’s price discovery territory we’re in price Discovery territory and well yeah because we hadn’t seen before that’s not saying anything novel or unique we are in price Discovery territory once you break above all-time highs because you haven’t seen it before uh but the question is like do we want that as a community do we want to see something where it can break so quickly I would venture to argue no actually I would love to see a gradual move higher that would be excellent my my view um because that would be rational that would kind of make sense relative to like you know the supply demand at play here um I actually be more nervous if we see kind of like leaps in those kinds of price moves yeah I think uh the slow escalator up is really better for the asset class because we’ve seen when we go parabolic at the end of cycles that uh we way overshoot where price probably should be and then you’re driven by fomo and sens rather than fundamentals and that always retraces and reverts to the mean so I I actually agree with you that I like that we kind of made a high we can range for a few months even with the fundamentals increasing hash you know all of the reasons we would believe they can go up ETF inflows and then that sustains a steadier a steadier rally I mean I I I would love that for sure I mean there’s other things by the way that are still making new all-time highs B&B I don’t know if you saw it to broke through 700 pretty wild you know considering all the problems that binance had that BMB token has made a new all-time high here um but I guess you know they as we talked about even a year ago they had the most probably positive resolution to their issues with the SEC that you could have imagined yeah this this cycle is really odd it’s not like other Cycles we’ve seen where you’ve seen this kind of like move from Bitcoin and it stays there for a while and then goes to eth and then that like move kind of happens and it stays there for a while and then works go to the altcoins here you’re seeing these pockets of actually people I’m not sure if they’re trying to capture like the Zeitgeist of what’s happening on those like particular chains uh but it seems like we’re we’re kind of jumping around here and it’s it’s not it’s it’s kind of lumpy but it’s not like the the typical Cycles we’re used to in in crypto yeah and then uh just kind of one other story I wanted to touch on I don’t know if you’ve been looking into but stable coins at the moment palard do we know the uh CEO of tether has expressed some concerns uh with M right we all celebrated M I think because it was just something got done and there was some clarity and there was sort of this sentiment that even negative Clarity is better than no Clarity in context of what we were seeing in the United States but we do have some pretty uh aggressive stable coin legislation on the docket in the United States that would be highly problematic for tether right if the most ambitious part of lumus Gilla brand was passed effectively you’d have to be a bank in the United States to issue a stable coin obviously tether can’t do that even if they’re fully backed and now when they dig into M they’re realizing that there’s a lot of problems here and they’re working with the regulator to try to resolve those but there could be question marks even to how tether can operate in the EU with MAA now so uh tether kind of Under Fire here not for any of the reasons we used to see but uh just really having to work through the politics to be able to operate the way they are everywhere yeah I mean the first signal we got was when okx said that you weren’t going to have those te Pairs and I think that people were wondering already how are they going to comply and by the way you now only have less than a month before you need to be me or ready because for sa coin legislation I think that uh it’s actually starts getting underway by June 30th you have to be like like fully compliant by that uh point in time I mean I’m not saying it’s going to be a picnic in the US either um you know we’ve like recently heard that you know we don’t want at least McKenry uh doesn’t want this to be attached to another bill um because I think that the idea was initially that this would be attached to I believe like U like marijuana legislation like legislation all of a sudden there’s like oil regulations in there and some uh politicians somewhere gets a stadium approved right yeah yeah and I think that was exactly his point he was like he doesn’t want it to be contaminated by having it be attached as a riter to a different Bill and so he wants it to become his own independ thing which I I think is the right thing to do U but it’s tough because I mean there are concerns surrounding well what happens if an issuer like starts accumulating too much like short-term T bills for example like uh you know like I think circle is trying to go the other route and say like well we need to like be able to do reverse repos but the FED isn’t altogether Happ with that so like what is the happy medium to kind of resolve like both concerns yeah and he had some interesting points here actually outside of those and even specifically tether but the MAA allows stable coins to be issued in a certain way in the EU and you can read his quote here they allow uninsured cash deposits as backing like to normal fractional Reserve Banks and he’s making the argument tether’s fully backed by saf treasury bills why would you allow uninsured cash deposits to be the backing in the banks that are issuing so he said uninsured cash deposits are not a good idea we should learn from what happened with Silicon Valley Bank and other and another major stable coin in the US usdc unnamed if a bank goes bankrupt uninsured cash goes into bankruptcy stable coins should be able to keep 100% of reserves and treasury bills rather than exposing themselves to bank failures keeping big Chumps of reserves in uninsured cash deposits case of bank failure Securities return back to legitimate so their Securities rather than bank I mean he’s kind of taking a shot at usdc here right because we know that they had over3 billion doar in Silicone Valley Bank and if we hadn’t have seen that bail out we could have seen that dpeg last um I don’t know you know I think that they should probably have some cash it’s the problem is if if the argument for stable coins is We Can’t Trust Banks I don’t know if we’re gonna win that one yeah um and I mean it’s a it’s a challenge with uh tether as well because I think like the March statement that they had still suggested they had something like I believe like 4 billion in secured loans which are loans that they make um with collateral that we are not fully that’s not fully transparent we don’t fully know for example so I think that’s a challenge but I don’t think that they’re wrong about saying that there needs to be another solution in terms of hey if like a bank has all of their cash sitting in one place like a Silicon Valley Bank like yeah that is also so a concern um and I think that’s one that Circle has tried to address by actually doing precisely like hey let’s let’s put that into like um reverse repos instead so we’re actually lending out that money like on a short-term basis but like you know we’re getting treasuries in order to for that cash so I think that that’s the resolution um for a lot of the stable coin issuers but I think that there’s no clear I I don’t think there’s like one solution that’s going to satisfy everyone this here but like I think it’s more about making sure that the we that the solution that does get created is something that’s fair that’s transparent where we understand that people’s cash is safe yeah and you could understand that tether probably has a fear in the back of their head that’s been sort of echoed by the industry that maybe this is somewhat of an attack on them at least to centralize who can uh issue and uh use stable coins and they’ve been ahead they’ve survived they’re the biggest they don’t want to get cut out right of the biggest jurisdictions in the world they have a great business model I mean like if all you have to do is basically take in cash and put that cash into t- bills that are earning above 5 per. like your your business is like you I think tether’s market cap is something like12 billion dollars well yeah you’re making like6 billion dollar a year like that’s a great business model like I I wouldn’t want to like cut that out either yeah man if a rates go back to a Zer environment it’s bad for tether it’s kind of the irony Before I Let You Go is there anything else I missed I mean anything you’re looking forward to in this cycle I personally still think we got another 12 to 18 months of uh bullishness I don’t see any reason right now to be particularly negative besides that people just get bored and think you know we haven’t made a new alltime high in in a couple months it’s over I mean there the lack of catalysts on a crypto on the crypto side I think has been tough I mean and I would say like lack of catalyst in quotes because we actually had a lot of good news recently like Grand theb 121 veto yeah that was kind of a downer but like it also wasn’t entirely surprised given the fact that that’s what was telegraphed by Biden um but for the most part we’re in a much better regulatory environment than we were I think a large part that has to do with the ETFs um this is kind of what we had like theorized at the beginning of the year that like with the of spot Bitcoin ETFs we were going to be in a different regulatory environment and I think that’s precisely what’s materialized over the last few months um so I still think that that’s gonna be the case um for me like the only like unknown that I’m still kind of wrestling with is really like the macro side of things and I think there yeah might be choppy for a few months but ultimately I think it’s going to resolve itself until we get to the elections in which case man like I have no idea what’s going to happen there can’t even imagine the Deep fakes in this election it’s going to be entertaining regardless man thank you so much uh glad to have you back on the show hopefully we will do it again very very soon guys you can follow David at his relatively newly established Twitter account that we bullied him into on this very show uh it’s down below in the description man thank you so much uh for all your perspective looking forward to chatting again soon thanks for having me all right guys before we move on to Texas West Capital we got a new amazing sponsor you can see it right there it’s blender Noe it’s uh you know when you um DJ names for like 10 years the most Innovative way to be stand out as a DJ was just to remove vowels um you know I’d be Like the Wolf and it would just be wlf or 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Network down in the description any of you guys out there are rendering massive files I used to have to do this for music and it took absolutely forever I would like make one change to a mix or something and then it would be like four hours later and then You’ realize there was something wrong make one change after do it all again very annoying guys check out blender do me a favor amazing and we’ve got Christopher from Texas West Capital Bitcoin $71,000 we’re going to 400,000 tomorrow because now we’re above 70 yeah that’s how technical analysis Works absolutely to the moon on a Lambo uh with a doge riding in the p passenger seat no Tesla accurate was it wasn’t it Tesla Moon Tesla but yeah we Moon Lambo was the I don’t know crypto we Lambo I guess we Tesla now we like aadm mus but yeah okay we’re at 71,000 to me you know we’re ranging right ranging below that all-time high right around 73772 I guess on binance here we swept those lows beautifully got the signal now we’re just to me we’re ranging between 74 and 67 until otherwise proven when we broke kind of above that 67 I said we should probably come down and retest that took a couple days you know just play the range for me that’s how I view it yeah you know nothing difficult going on um you know people tend to get really in their heads uh when price isn’t moving up immediately after they buy it and staying up um you know if price goes up a little bit they get overly exuberant uh and then it pulls back and they get overly depressive and uh you know I mean this this is the psychology of the market this is psychology of the uh of the retail Trader um and uh you know once you figure that out you kind of step back a little bit you start understanding okay well there’s a there’s a a method to The Madness of price movement H you know you can kind of step back and not freak out you know I’ve been talking about the likelihood um when we hit that all-time high that we we would create a you know a reaccumulation range and continue up and I’ve had to argue with people for months now I’ll be honest I’m kind of tired uh about it you know uh especially as we continue to head down and and we hit that you know that that dip below the range low there and we had that uh that spring that I’ve you know I’ve got identified with the yellow circle there but man everything since that we’ve got the you know the impulsive breakout above the descending red resistance there um we have the breakout through the recent purple resistance uh you know and we’re coming up here into the top end and so everything really just continues to look good um you know it’s just it’s patience right yeah but we just lost 70 1,000 so we’re probably going to zero now oh well you know how it goes you know $5 down means zero you know $1 up means million 71 is a million below 71 straight to zero all right so what else are you looking for I like I said showing strength in a range for Bitcoin to me is a good signal probably for the rest of the market like you definitely if we’re ranging in the top half and pushing slightly up we should see some good movement and opportunity in the altcoin market right yeah yeah people are going to get kind of excited and be like okay well hey you know Bitcoin maybe get it ready to go there as we always say you know Rising tide lifts All Ships Bitcoin is that Rising tide so um as we jump over here uh BNB this is something I’ve been talking about for a while I told people that it was uh you know here again everybody was like going to zero here um and I said you know I doubt we lose this area if we do okay we’ll look way down here but I said until we actually lose it I said you should still be looking up this to me um you you know that this is a third wave here the big candlesticks big uh volume that makes this this a fourth wave which means we’ve still got higher to go so you know I discussed it right down here at the bottom again here once again here and then I even posted a kind of little cheeky tweet that said it would be a shame if we broke out through this resistance here and headed to the top of the range um which is what we did so you know I’ve been talking about this a while it’s been another great trade uh we just finally broke out through this triangle we had here based on the height of the triangle we’ve got a Target up there around 760 uh and so I wouldn’t be surprised to kind of uh maybe hit that and pull back and then go you know but but based on the height here I mean we’re looking for some some decent movement up uh so I think you know down here everybody thought because of CZ and whatnot and what was going on binance and and US Regulators that uh you know the doj that this would you know get shut down a lot of people were selling down here and you see some volume coming in right there you see it again over here um and they they haven’t bought back in from what I’ve seen the people that were really vocal about it going to zero so it’s a good I mean even the volume up there like you look at that volume on the left of your chart the volume on the right even this push from 200 something to 700 has had a fraction of what it used to be exactly exactly you know and throughout the range here as we dip down you know volume overall dip down um as we started rallying back up you know volume started picking up you know this is the thing we look for Trends we look for volume expansion and we look for Candlestick expansion doesn’t mean every candlestick’s going to be bigger but it means generally speaking as the trend develops uh as you go from the beginning into the middle of the trend uh your candlesticks generally speaking should be getting kind of bigger which we’ve got there versus kind of little at the beginning so it looks good it continues to look good I’m going to continue to look for it heading higher there um I’ve got some charts got a bunch of alts yeah let’s cook through these yeah I’ve got sa right here um you know still looking for it um I I’m still don’t think there’s any reason we shouldn’t hit pretty easily for uh 406 up here r five pivot on the weekly but locally right here um what I’m looking for from where we are at the moment here is about a 209 and a half uh and then I’ll look for potentially rejection there to pull us back down here toward uh maybe this this 160 kind of 160 165 area before it really kind of takes off that that’s my what I’m kind of expecting at the moment here so um we just kind of we’re hit about neutral here on Stoke RSI RSI finding support on neutral Crossing bullishly uh everything says let’s go up so I want to go up um Brett I don’t trade this obviously uh you know me but a lot of people have been talking about it um I’ve got a Target uh based on what we got here as soon as we pop out here we should be looking around 23 and a half cents almost and potentially even 2 seven and almost a half cents up there what’s the current price sorry I can’t even see the current price yeah yeah it’s uh yeah let me zoom in here it’s 01165 holy so 11 cents so basically a double is what we’re looking to get up there so um again I don’t trade it but uh the setup’s potentially here for it to Rally up and you know it doesn’t mean it shoots up here this all right away you pull up pull back pull up kind of head it up there but ultimately kind of where I’m looking for it at the moment uh let me see here I’ve got Ori people have been talking about Ori a bit um right now I’ve got a local Target here around almost $71 $780 U and once we break out actually above this swing high right here at 7950 uh to me that says okay we should be on our way out uh let me see here and then uh I want to be looking up there toward uh almost $200 up there is where I’m interested in uh once we break out here now again it doesn’t mean I for some reason I have to say this because people always come at me with this but it doesn’t mean oh we break out here and immediately we rock it up to $200 $193 uh it just means that that’s the target based on this pullback here again you know we’ve got a nice move up through here we’ve kind of pulled back into that heading back up it looks like a you know it’ll be up and down along the way but ultimately that’s where I’d be looking at least uh what else we got we got near we all like near right it’s been such a good performer man oh man it you know it’s it’s been it’s been really great I mean look look at that look at that it’s just been absolutely beautiful and we’re ready to I think we’re ready to do this again so uh we we’ve clipped the level that I needed to clip here we pulled back then to the Daily pivot you can see that we’re just now breaking out of oversold and Stoke ours RSI hovering right around neutral threatening to Break bullishly um so I’m looking for a breakout higher I’ve got a Target up here $422 again that’s a about 100% move from where we are in price folks that does not mean go all in every leverage or whatever uh and and make you know twice your money on that or 50 times your money use proper risk management please yeah somebody commented earlier that uh if I thought the title that was going to about to Skyrocket my title was stupid unless I go all in on E you know um inexperienced Market participants will feel that way right yeah but once you’re in guys you know yes money is made through concentration uh and it’s uh protected through diversification in the markets that doesn’t mean you put everything all in in one thing because you’re still human anything can still happen and you know why why would you put yourself at that kind of risk but you know if you believe in something you you do decently heavy into it and you go and I know Scott’s been talking a lot about being uh pretty heavy into ethereum so I mean that’s that’s what you should be doing so uh this is look good we’re just looking for this break out here to continue up uh speaking of ethereum ethereum Bitcoin man better bounce here better bounce buddy that’s exactly how I’m doing it though good yeah I love it look at that that that’s a that’s a wave three right there large candlesticks large Spike of volume this is should be a four that gives us a five up here to the weekly pivot which is the R1 pivot uh showing up on the daily chart and so that should give us one wave up this is about a 50% pullback of this so this should be a wave two so looking for that rally up to the weekly pivot uh which is 0606 right around there pull back down here toward this pivot area around 0 5265 and then that gives you a minimum expected a larger version of this wave three wave three here up toward 08560 which gets you oh my gosh to the top of the range you know again this to me appears to be a wave four uh and so we’re looking for you know obviously much higher up we talked about it more than a few times here uh but right now locally I believe this is what we’ll see heading in here for anybody interested either trading it or watching it for for some insight into ethereum versus Bitcoin charts and finally another one of my ones that I really enjoy here um is link uh you’ve got this great little uh accumulation area down here years we had years to buy it years so so long so long had a nice spring down here man should have bought that uh you know last point of support last one of support jump across the creek rallied up we’ve pulled back again day uh this is the week pivot here doing the job doing the work RSI finding support around neutral breaking out bullishly Stoke RSI hasn’t even hit neutral yet locally I’ve got a $34.42 Target But ultimately we should expect this thing to break out higher so um you know again you know this was that area this is when when I was telling everybody listen we’re going to get this drop down here it’s going to print a spring you should be buying it that that four or five doll area I mean in had you done that it’s a great trade you know it’s almost like when we’re talking about saw there you know $9 to buy it or even B&B when we’re talking there when it was dropping out 180200 to buy it um you know you you guys you can trade you can learn to do this it’s it’s it’s not it’s simple it’s not easy and it’s not easy because who could teach you if only there was a great teacher only there was I’ve had a few in my life that guy that guy I I would tell you a story that yesterday like a kid approached me I was the other day I was like literally with a realtor and she like brought her kid to meet me was the weirdest thing but I was he was like you wanted to talk about Baker was like a high school kid and he’s like I’m into Brit um I was like cool I guess and then he was like but you know his mom was like where can you learn where can you whatever and I told him to just come to you actually so he might hear from him but I told him to just come to you I was like if you’re going to do this and you yeah gota gotta go to Chris you know when you know we do what we can man you know I come in there I teach people how to do everything from day trading you know for income to uh to price forecasting for wealth building I mean you know you get to understand how and why the market actually moves like it does doesn’t mean you’re always going to be correct you’re still not always going to be correct you know we’re human beings we’re going to screw up sometimes but the goal is to be more correct you know when possible uh and then really to use proper risk management so even when you are wrong you’re protecting yourself against is to admit you’re wrong and get out as fast as humanly possible when you are I think that’s that’s right that’s right yeah I love it well you guys can check out obviously Chris TX West capital and what’s the website these days for them to come join um actually they can join right now through uh if they come over to my uh my Twitter profile I’ve got links on there direct links to get them in to the to group coaching if they want to do that that is the best way to do it at the moment here so we’ve got somebody working on the front end of the website taking a little longer than usual but once that’s done they’ll be able to go to texaswest capital.com and uh and jump in there awesome well guys go learn something check that out amazing stream today it was great to have Dave back always good to see you Chris guys obviously I’ll be back tomorrow 9:00 am Eastern Standard Time thanks Chris see you guys soon take care bye let’s [Music] let’s go

David Duong, the Head of Institutional Research at Coinbase, joins me to explore the latest in crypto. Chris Inks from TexasWestCapital will join us in the second part to share some interesting trades in crypto and beyond.

Chris Inks: https://twitter.com/TXWestCapital
David Duong: https://x.com/dav1dduong

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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.