A Market Rotation Underway… And Reaction to LuluLemon’s Latest Results 6/4/26

17:14Tim Seymour:That's not much to leak. Anyway, let's let's move on. Our next guest says banks could be underpricing SpaceX's IPO and that perpetual futures could be more accurate in terms of predicting pricing. Hyperliquid Strategy CEO David Chambers joins us here on set. David, great to have you with us. Thanks. This is such a fascinating market. Let's back this up a little bit because you're actually seeing on Hyperliquid how this is trading through perpetual futures, correct? Yes, exactly. So just like the Cerebris IPO that happened a number of weeks ago, SpaceX is trading pre-IPO on Hyperliquid. And you can actually see where it's trading.

17:52People are buying and selling it every day. And that's really meaningful. because real money is changing hands here. Is it$1.7 trillion? No. Is it$100 billion? No, but it's a lot of money. And when you look at the Cerebrus IPO, if you look at where it was trading on Hyperliquid leading up to the pricing and you look at where it went post-pricing, it was literally a straight line. It was like a perfect, there you go, it's on the screen. It was like a perfect predictor of where it was going to trade. And you can see on the screen, the point where the IPOs were priced was way lower. So, you know, the market didn't really care where the investment banks priced it.

18:29What they cared about was what they thought value was. And that's what happened. And that same thing is going on right now with SpaceX, and it's well above it. Now, it doesn't mean I have an opinion. I have no opinion where SpaceX, you guys making good points. You know, maybe it does sound pretty high. I don't know. But you don't have to ask me. You don't have to ask you. There's a market out there that's telling us what it is.

18:50Tim Seymour:And the market is saying it's worth 200 plus. Last I checked, it was like$190 or something a share. So meaningfully higher than the$135. It could be different from the time last I checked, but it's meaningfully higher from the last time I checked. And, you know, look, I have been on this sort of high horse for years that investment banks generally underprice these IPOs. Everyone likes seeing a pop. It's nice to say you get a pop. But, like, that pop is coming out of the pocket of the existing investors and going into the pocket of the new investors. And there's a real cost to that. That's not OK.

19:22you know, 3%, 5%, maybe I get that. You know, the 35 % we saw on Cerberus, it's too much. But that was after raising, raising, raising. So it was just the market was just going nuts for Cerberus. But anyway, let me get to the SpaceX, which is really the sort of of the moment question. Yeah. Is the hyperliquid trader, is that likely, is there a high overlap with them likely to be a SpaceX buyer? Good question. The answer is probably yes. Hyperliquid, as you guys may or may not know, is not currently available in the United States. So the people trading on Hyperliquid are outside the U.S. But they're clearly savvy people that are in touch with the markets and have an interest in obviously buying Cerebris.

20:07And I'm buying SpaceX right now. So, you know, are markets perfect? No, they're often wrong. But they shouldn't be ignored. And, you know, here we have this nice market. And look, there was a great tweet someone sent out during the Cerebrus IPO of someone sitting on the Morgan Stanley trading floor. And over the Bloomberg was the hyperliquid screen. So clearly they were looking at it. They just didn't really pay enough attention to it.

20:31Tim Seymour:So, I mean, you mentioned, as we know, perpetual futures contracts are not available here generally. And you would have to trade them overseas. But the CFTC recently approved a perpetual futures contract for Bitcoin for Calci. Do you see that as being sort of the next step into this market? I do. I think that's a really nice first step that Calci got approved for Bitcoin. There's a lot of room between that and SpaceX. So it's not going to happen overnight. But look, on one hand, the U.S. regulatory environment has given us a fabulous economy that we all live in and benefit from. On the other hand, you know, it's not completely fair.

21:07There's a tax you have to pay to live in the United States because everyone else can access these things and we can't. So, look, I think when it comes to perpetual futures specifically and hyperliquid and decentralized crypto exchanges in general, the technology has really passed the regulations, right? We're all living in sort of KYC regulations that date back to 2001 or so. And the technology is 25 years past that. And there's definitely some catching up to do.

21:33Melissa Lee:David, why would one of our viewers trade a perp on an individual security that actually hasn't been listed yet relative to, let's say, an event contract, that sort of thing? Because now it seems like there's lots of ways or lots more in a very short period of time where investors cannot express views. Now, you know, obviously this is not you can't trade them here, the perps, right? But you can do these here. And I'm just curious, like, are they apples to apples? You know, and ultimately, if they are here, like, will you see them taking market share from event contracts? Maybe. I mean, look, in the last short number of years, we've seen a lot of new things, right?

22:07We've seen prediction markets and calcium. All this stuff has come out that's kind of new, and we're all trying to figure out how it all fits with each other. And Hyperliquid is one of those things. Hyperliquid was founded like in 2023. It's not an old company. It has not an old group. It has like 12 employees. It's pretty amazing what they've created based on that. I think that the technology, as I said, is so far ahead of where we've been. We're going to be seeing all sorts of different things coming out. And as investors, it's great because investors like options. Markets like choices. And giving us all different choices and how we want to trade is a good thing.

22:45Tim Seymour:But let's say magic wand waved. You're allowed to come to the United States and operate as you do overseas right now. In the universe of financial exchanges, who do you disrupt? it's a great question I think you know a lot of the if you look at the CME and some of the other incumbents you've seen some stock price movement in the wrong direction from them because I think people are worried about that that's not really where I am I think right now forget about if we come to the United States let's talk about what's happening right now because that is live and it's people affected I think hyperliquid outside the United States is bringing more people online trading in some of these markets that they weren't before.

23:28So somebody in pick your country that can't get a Charles Schwab or a Fidelity account or is trading oil or is trading Tesla or whatever, that person, when you do it on hyperliquid in perp form, a market maker has to buy spot on the back end. So somebody is going on the CME or they're going on NASDAQ or whatever, and they're buying that stock. So I think it's just creating more volume and more liquidity for everybody. I don't think it's a zero-sum game. And I worry that the knee-jerk reaction from a lot of people, both executives and investors, is it's a zero-sum game. There's only a certain amount of volume.

24:02That's not really the truth.

24:03Tim Seymour:We should mention that HSI trades here on the NASDAQ, the ticker is PER, and you're actually a digital asset treasury company because you hold the token. Yes. Right? So we are not hyperliquid. We are hyperliquid strategists. We own the HYPE token. The HYPE token has equity-like features. It's not equity. but it has equity-like features and Hyperliquid uses their excess cash flow to repurchase the token. So when you take a look at Bitcoin in the slump that it's in now, and the argument that Bitcoin has lost its narrative in terms of being the, you know, symbolizing or representing the technological change that can happen with blockchain transactions, and you have the hype token, which is a better, I mean, obviously, I'm sort of asking you a dumb question, But, I mean, when you take a look at Bitcoin, do you think, oh, that's crazy that that can actually represent that, whereas our token actually represents the technology that we're putting in place right now?

24:59Yeah, look, I would think the sort of traditional finance comparison is Bitcoin is like gold and hyperliquid is more like a company that generates revenue and buys back its stock. That, to me, is the thing. So, you know, why is Bitcoin down? I don't know why Bitcoin down. I have no idea. You know, why does gold go up or down? It's really hard to know. It's a commodity. It has not a lot of use other than a store of value. And it finds its price. Hype, the value of the token changes based on the buybacks and based on demand. So there's always that underlying demand in Hyperliquid buying back its own token.

25:35Tim Seymour:David, fascinating discussion. Thank you so much for coming by. We hope you'll come back. I'd love to. Thanks for having me. David Chambers, Hyperliquid.

25:41Melissa Lee:This speaks to the appetite people have to be in marketplaces. And this is a global thing, as David pointed out. It is. I mean, that's this, by the way, I think, started, believe it or not, I'll give him props, Portnoy during COVID and this barstool. I mean, the barstool minions, they found the markets in a meaningful way. And I think this is more often what we're seeing now.

26:01Tim Seymour:What do you think? I mean, it's an interesting way to look at where something should be priced. Right. Even just as a, you know, we can't trade it. Yes. You can look at it. Definitely. I know we could buy the guests and he's actually gone. So there's no chance of bringing it back. But I wonder what what the market is on some of the other. Well, it's a it's a market, right? And for all intents and purposes.

26:20Melissa Lee:And, you know, I think this is a really important distinction. I'm glad David came on because last night, you know, Terry Duffy was here, CEO, chairman, CME Group. And, you know, David just mentioned there's been some fluctuations. You know, investors are treating like it's a zero sum game. And I think when you think about what his strategy is, the company is based on, you know, they're buying this asset based on this network. again, you just explained it, it doesn't, you know, like, it could be very complementary to what CME is doing or NASDAQ is doing, right? Like, if you think about it, and, you know, Terry went through this whole thing.

26:48Melissa Lee:We need transparency in markets. We need choice. We need all those things. And maybe it's just so new that we're really having a hard time getting our arms around it. I find interesting on a single stock basis, something that's not listed, if there's another way to look at this. I'm not trading event contracts, but I am interested in seeing what the prediction markets are suggesting. And this may be that very same thing.

27:08Tim Seymour:Coming up, trading, the tech tumble, Broadcom and CrowdStrike dropping after their latest earnings reports. What the moves mean for the broader semi and software space. Plus, the end of an era, Netflix co-founder Reed Hastings saying goodbye to the binging giant. What is next for the streaming giant and how the company will drive its next leg of growth? Do not go anywhere. Fast Money is back in two.

27:31Your data lives everywhere. On-prem, in the cloud, across apps. Bring it all together with EverPure, the platform that acts like a living system, delivering the latest in data performance, security, and innovation without ever slowing you down. Sophisticated enough to anticipate your ever-changing data needs, yet simple enough to feel like second nature. Tame your data chaos with EverPure and make storage and data management the simplest part of your business. Visit everpuredata.com to learn more. Never bet against American grit or American energy. Through innovation, Venture Global is not only building some of the largest energy facilities in the world right here in the United States, but delivering American energy at a fraction of the cost and a fraction of the time.

28:17So while others are busy talking, we're busy building. That's Venture Global. That's unstoppable energy.

28:28This NBA Playoffs with FanDuel. You're not just watching the playoffs. You're a part of them. Steve's got the phone, opens FanDuel, and he's going for threes. Be a part of the action on FanDuel. All customers get a profit boost every NBA playoff game day. 21 plus and present in select states. Opt-in required. Bonus issued is non-withdrawable profit boost tokens. Restrictions apply, including any token expiration and max wager amount. See full terms at FanDuel.com slash sportsbook. Gambling problem? Call 1-800-GAMBLER or 1-800-MY-RESET.

28:59Tim Seymour:Welcome back to Fast Money. Broadcom shares dropping over 12 percent today after the chipmaker reported disappointing Q2 results last night and did not raise its full year forecast for AI semiconductor sales. Those shares had its worst day since January 2025. Crowd strike also lower after its quarterly results. The cybersecurity firm narrowly beat estimates, but posted a weak guide and shares down nearly 4 percent. The impact of Broadcom on the chip sector. Very interesting.

29:26Melissa Lee:The minimus, as they say. You would have thought, at this time last night, I'm watching Broadcom the way it's trading. Granted that it all did was give back where we were a week and a half or two weeks ago. But the magnitude of the move in a short period of time was eye-opening. It speaks to the fact that your numbers can be great, but if you say one thing wrong, you don't give the guidance the market needs, you see how quickly things can go pear-shaped. Yet it had zero impact on the rest of the group, which I find fascinating. But then you brought up CrowdStrike. Palo Alto reported earlier this week.

29:56Melissa Lee:The knee-jerk reaction there was higher. We talked about the valuation concerns. That's playing out. But, you know, the single stock volatility, again, Mandy Schu talked about it on your show a couple days ago. It's there in spades. It's amazing that it's not manifesting into the broader market VIX. You know, there's a couple things I take away from this. You know, while we didn't see the sort of bump in guidance that a lot of investors wanted, you didn't see numbers come down. And expectations are for 65 % earnings and sales growth next year, right? And so you have a stock that's trading at 23 times that.

30:27Melissa Lee:And we've seen this with NVIDIA. The lower the multiple went, it was the least interesting that was for people. And they were moving into a higher multiple. But it ended up that if you look at all the semis, NVIDIA had the highest earnings and sales growth than anyone. And their numbers actually went up. Now, the one disconnect that I see today, forget the dispersion that we saw in semiconductors. Google is a 13 % customer of Broadcom. Google was up nearly 4 % today. Now, normally you would actually try to extrapolate some of that to your suppliers, your customers, that sort of thing. And that just didn't happen.

30:58Melissa Lee:So it tells you that, you know, investors still have obviously a very strong appetite for this. But I find it very curious that the stock was down this much going back to levels it was trading at two months ago. Given the giant run up, I don't think it's been that the bank tune is that great, which, you know, brings us back to last Tuesday. But the last thing is the money's not spooked. It wants to go somewhere. Maybe this party is over. Let's all go run and find different parties, banks or wherever.

31:21Tim Seymour:Do not miss Jim Cramer's exclusive interview with the CEO of CrowdStrike. Catch a full interview top of the hour on Mad Money. Coming up, a streaming farewell. Netflix co-founder Reed Hastings saying goodbye to the binging behemoth. But can the company turn things around after his departure? We will debate that. You're watching Fast Money live from the Nasdaq Market Site in Times Square. Back right after this.

31:46Your data lives everywhere. On-prem, in the cloud, across apps. Bring it all together with EverPure, the platform that acts like a living system, delivering the latest in data performance, security, and innovation without ever slowing you down. Sophisticated enough to anticipate your ever-changing data needs, yet simple enough to feel like second nature. Tame your data chaos with EverPure and make storage and data management the simplest part of your business. Visit everpuredata.com to learn more. Never bet against American grit or American energy. Through innovation, Venture Global is not only building some of the largest energy facilities in the world right here in the United States, but delivering American energy at a fraction of the cost and a fraction of the time.

32:32So while others are busy talking, we're busy building. That's Venture Global. That's unstoppable energy.

32:43This NBA Playoffs with FanDuel. You're not just watching the playoffs. You're a part of them. Steve's got the phone, opens FanDuel, and he's going for threes! Be a part of the action on FanDuel. All customers get a profit boost every NBA playoff game day. 21 plus and present in select states. Opt-in required. Bonus issued is non-withdrawable profit boost tokens. Restrictions apply, including any token expiration and max wager amount. See full terms at FanDuel.com slash sportsbook. Gambling problem? Call 1-800-GAMBLER. Or 1-800-MY-RESET.

33:15Tim Seymour:Welcome back to Fast Money. Mixed day for stocks. The Dow surging nearly 900 points, closing at a record high. The S &P up four-tenths of a percent, staying on pace for a tenth straight week of gains, its longest run since 1985. But while the Nasdaq was far from the lows of the day, it was just in the red. Quantum computing company Continuum making its market debut on the Nasdaq under the ticker QNT, opening at$68 a share after upsizing its offering. But the stock closed just about at its IPO price of$60. And Netflix just barely snapping its eight-day losing streak. finishing the day up three cents.

33:49Tim Seymour:This on the last day of co-founder Reed Hastings' tenure at the company. The streamer announcing in its April earnings report that Hastings would leave the board after its annual meeting. That's today. Right now, actually, shares are down nearly 25 percent cents. Julie Beal, what do you make of the Netflix slump? You know, I think that the issue that they're having is that it feels like they've hit a ceiling in terms of their engagement, both in terms of total hours of streaming and also per user. And I think that's just a function of a demographic and a cohort that is, you know, there for their Love is Blind, but also there for their TikTok.

34:26And I think that it's increasingly challenging to compete against YouTube and TikTok and all of these other formats. And so for them, their ability to derive better content is important. But I worry that we really are a little bit at a ceiling in terms of the engagement they can grow outside of growing more internationally.

34:45Melissa Lee:You know, Bernstein had a note out today that talked about the margins, the improvement on the ad space. They can drive some margins from there. They have a$110 price target. I think the average price target is$118. I will tell you, after that deal was consummated and Netflix started to rally, I thought it was going to continue to rally. It obviously didn't. Dan thought we could trade back to these levels. Here we are. But back in the envelope, Karen probably has it in front of her. I mean, this at$83,$81, you're talking about a stock that's trading a market multiple, maybe even slightly less.

35:13Melissa Lee:I sort of like Netflix here.

35:15Tim Seymour:Coming up, we are watching shares of Lululemon on the move after reporting now at after-hour session. Lows the details and numbers in the quarter. What a top retail analyst sees in store for the stock. More Fast Money in two.

35:34Tim Seymour:Welcome back to Fast Money. An earnings alert on Lululemon diving in the after-hour session. The athleisure retailer issuing a weak outlook for the current quarter and cutting its full year guidance on EPS and revenue. While Lulu did beat earnings and revenue estimates for the last quarter, interim CEO Heidi O 'Neill cited undisclosed headwinds going forward. Let's bring in retail analyst Dana Telsey, who is fresh off of Lulu's conference call. Dana runs Telsey Advisory Group. Dana, great to have you with us. What do you make of this quarter? I mean, they weren't able to turn things around on the conference call.

36:04Nope, they weren't able to. when you hear the fact that more markdowns, the U.S. is going to be down low double digits in the upcoming quarter. When you think of new CEOs coming in and what do you have to do? Because you're still a company with$11 billion in sales. But it takes three to four quarters. And certainly when you have a brand who's had some negative media commentary over the past few weeks and, frankly, even months, there's work to do. And at the same time, you have fashion product and people going to events and occasion where there's more headwinds. So they're a company that's known for great quality in their product.

36:38The newness that they've had, not all of it has resonated. And you need to invest in marketing to reestablish your brand and reestablish your brand presence. We're not there yet. When you look at other brands that have had weakness, how long does it take to, once a new CEO comes in, to set that up? You have at least three quarters in order to be able to see stabilization returning to some improvement. We've got a ways ahead of us.

37:02Tim Seymour:So O 'Neill was on the call, but she doesn't know. She's going to become the CEO in September. So this feels like a kitchen sink quarter, but it's not because she hasn't taken over yet. So how do we interpret that? I mean, is there more pain, do you think, to come? Because things must be terrible if they want to go ahead and give this kind of guidance before the new CEO takes over. Yes. I mean, you look at the second quarter guidance, there's more markdowns ahead of us to take, and some of the new product hasn't really resonated. So there's work to be done. They're also, when you think about their clearance inventory, they're managing that a bit more carefully, too.

37:36And the ability to chase, being able to produce things quickly and respond to demand and respond to adjustments that need to be made, they're first accelerating their ability to chase product. So work to be done, and you have a big base of revenues to hopefully help you enhance to get there. Dana, nice to have you here in person. Thank you. Glad to be here. On a related issue gap, which I know you follow, Athleta was a disaster. And so when you think about Lulu and you think about Athleta, is it a much bigger problem than that? Or are they two specific problems? They happen to be in the same space.

38:09The category is weaker. The overall category when people are going to events, Coachella, whatever they do for July 4th in America 250 this year. Denim and what you've seen been going on with denim. But each of them has their own structural issues that they're identifying. And each of them has new leaders. And what's interesting with Athleta and with Lulu, both of the new leaders are from Nike. So we'll have to see the changes at Athleta. It's going to take time. I spent time with Richard Dixon on Friday. He's going to give it some more time. It's a very small part of the business. Old Navy and Gap is what keeps that engine running right now.

38:45Melissa Lee:Has Target turned the corner, just switching gears here? Yeah, the business has improved a little bit. They look a little bit better than what they have. And on the product side, it looks a little bit better. Let's not forget that value product is resonating now. You're getting a trade down. I mean, when you think of the off prices, the number 17 in Ross stores to deliver a 17 % comp was amazing. So value is going to keep resonating. But you know what? Don't throw out discretionary. Look at the data points that we've had. Resilience and new product work. You're seeing the 10 % comp at Gap. You saw at Macy's with the improvement in footwear.

39:21Look at Bloomingdale's with that 10 % comp. Marketing spend is increasing, and it's driving conversion. You look at some of the store traffic. We talked about Tanger just before. You've seen star traffic go to centers again. And most of these companies don't even have the tariff refunds baked into their guidance, even in the face of Middle East conflict, rising gas prices, and what you have going on with inflation. So when I look at high income, Ralph Lauren and Tapestry are resonating. When I look at middle, look at Victoria's Secret and with her new stock symbol. Victoria's Secret, you've got Gap.

39:56You've got Ulta. and I look like lower income, I mean, you take a look at those off prices. There's a runway to go.

40:03Tim Seymour:Dana, great to have you here. Thank you for coming back. Thank you to be here. Nice to be here. Thank you to have me. Are you concerned about a flat? It sounds like you are. I am, but Dana pointed out it's a tiny bit of the business. Gap was on fire, but Old Navy really was struggling, and that was not good news for Gap.

40:20Melissa Lee:How good is she? DT, she's like Yellowstone or Mount Rushmore. I am Mount Rushmore. She's great. That's all you have to say. I know. We've known her for a long time. She's the best. TJX within a whisper of an all-time high. That sort of – and listen, kudos to Karen and Tim. Tim's not here. I don't know what he's doing. No, it was Tim. On Target, you're going? I'm sorry. You too, though. I mean, this sucks up 50 % from the lows.

40:42Tim Seymour:T and Timbo. Where is Tim?

40:43Melissa Lee:It's a T and Timbo. No, but it's actually broken a downtrend. It's been in place for a while. I'm not a raging bull here, but you have to give him kudos.

40:50Tim Seymour:Coming up, the flesh-eating parasite hitting the cattle industry. how a new case of screw worm could threaten the livestock curve and the companies rushing to prevent an outbreak. Fast Money is back in two.

41:19We're in the early phases. I think the prevention mitigations are going to continue. We will have our treatments ready to go. We've mobilized our veterinarians in Texas to be there to enable and the USDA as well. So we're prepared, we're ready, and we'll continue to monitor this.

41:39Tim Seymour:That was the CEO of animal health company Alonco, who joined us in just the last hour to discuss how his company is prepared to handle screwworm in the U.S. The shares ended up half a percent as the U.S. confirms its first case of cattle, of the cattle parasite, in 60 years. Meanwhile, veterinary health care company and drug maker Zoetis up two and a half percent. And options traders are betting there are more gains to come. Oliver Rennick joins us from the SIBO trading floor in Chicago with the latest on that. Oliver. Hey, Melissa. Traders were quick to jump on the chance for a new thematic trade this morning, rushing in to call options on Ilanco Animal Health and Zoetis.

42:16veterinary businesses with treatments for screwworm. But it's proving to be a tricky story to trade. Both stocks ended up on the day, but as he saw, slipped significantly from highs as cattle futures only budged 1 % higher on the news. And one broker I spoke to out of Nebraska downplayed the risk, saying U.S. producers can't handle it thanks to those existing treatments. That said, the options traders have time to see how it develops, and they think being long zoetis is the play. Calls traded four times more than puts on 11 times the average volume in the stock, with nine times as many calls bought versus puts.

42:51The two most popular contracts on Zoetis were the 85 strike calls expiring mid-June and the 80 strikes in mid-July. We also spoke with former FDA Commissioner Scott Gottlieb, who said that if cases start clustering or we see detection in wildlife like deer, the odds of holding this at the border drop sharply, Melissa.

43:10Tim Seymour:All right, Oliver, thank you. Oliver Rennick, to Oliver's point on cattle, the point here is that if cattle is treated, it can still be used as food supply. So if they are infected with screwworm and they are treated and they recover, then they can still be your steak.

43:27Melissa Lee:Correct. Which is, I think, well, I mean, first of all, screwworm, not mine. I mean, just the terms. First of all, it was eradicated here, I think, in the 1960s. It's back, I guess, from Central America. But OK, fine. The fact that Zoetis didn't bounce more on the back. Just think about these. Their tail were made to bounce on something like this, and it didn't. I think that speaks volumes. And this is a stock, by the way. I'm not casting aspersions, but it's been a disaster now for four years.

43:53Tim Seymour:I mean, the impact on beef prices, I guess, TBD, because, as I mentioned, the cattle can be cured of this. We don't know how widespread the infections. But beef prices, of course, are already high. We heard from so many restaurant stocks about how higher beef costs are really eating into margins. Shake Shack was one of them. So, right, I guess. Well, let me ask you. Let's say, don't worry, this cattle has been treated with screwworm vaccine. The thing is that you would not know. So I can see how consumers might be like, you know what? Beef is kind of expensive. There's a screwworm thing. Why am I doing?

44:23Tim Seymour:Maybe I'll just eat chicken. Screwworm. Which is a fly.

44:29Melissa Lee:Yeah, it's like a metallic-y blue.

44:31Tim Seymour:Screwworm is because a larva screws into an open wound or an orifice to lay eggs. It's the action of the world.

44:40Melissa Lee:Didn't Guy do, when we were doing the fake meat stuff, there's a big thing, like Beyond Meat, didn't he do a taste test? Yes, he did. He was spot on. You enjoyed it, didn't you?

44:49Tim Seymour:Anyway. Coming up, the Bitcoin slide intensifying. The token now down 20 % over just the past month, and the technicals could be pointing to even more pain ahead, where the crypto could be heading when Fast Money returns.

45:07Tim Seymour:Welcome back to Fast Money. Bitcoin falling below the$63 ,000 level for the first time since early February. Back in January, when Bitcoin was at$90K, the chart master, Carter Wirth, put out a note saying it was time to sell Bitcoin. A month later, he called for it to head to$50 ,000, citing a topping out formation in the chart. Today, Carter says he stands by his February call and holds firm on the target. That's another 20 percent decline from today's levels. Do you see that in the cards?

45:36Melissa Lee:I do. We've been talking about this for a while. I was surprised at how well it bounced up into the low 80 ,000s. But here we are back to this level we saw a couple months ago, and it does not trade well. I think the market is looking, the market is very predatory, and they understand what's on the balance sheet of strategy, and I think they're going to do what they can to try to force hands. And I think that's exactly what's going on now. I think it's a convergence of, yeah, I guess the charts, the underlying. There's so much more, I guess, excitement elsewhere when Bitcoin used to be sort of one of the more exciting games in town.

46:05That's not the case. The strategy thing, I think the clarity bill, we don't have clarity on the clarity bill yet. That was a catalyst for really that first run up into 125. So a lot of things that are really not working right now. I'm long. I'm staying long. I've been through many painful Bitcoin and Bitcoin adventures.

46:26Melissa Lee:Yeah, I think it goes back to some of the conversation we had with David earlier. I mean, there's just a lot of other things to speculate on. And, you know, at the end of the day, I think most people don't know, most people speculating who don't believe they're not in the cult and not, you know, it's not a religious thing for them. Bitcoin, they're just speculating, you know, and there's other things to do right now. At a fraction of the price. Correct. I think that's a bit.

46:48Tim Seymour:Up next, Final Trades.

47:00Tim Seymour:Final Trades, Julie Beal. Well, Descartes reported a good quarter, but it's still reasonably priced. I'd look at it. Karen. So on this somewhat momentous day at Netflix, I'm going to go with Netflix as my final trade. I like Netflix. Dan.

47:14Melissa Lee:Yeah, happy birthday to probably the luckiest mother on the face of the earth. That'd be my mom. Happy birthday. Huge, fast money thing.

47:21Tim Seymour:Happy birthday, Mrs. Nathan.

47:23Melissa Lee:I think all of these telcos got a little bit overdone on SpaceX, though. The good fortune lies in the fact that she married your dad, who's an extraordinary man. Happy birthday, Mrs. Nathan. Let her see, Mel.

47:35Tim Seymour:Thank you for watching Fast Money. Mad Money at June Pramer starts right now.

48:25Thank you.

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