Banana Zone Data Secrets REVEALED by Jamie Coutts

30:21Yeah, not exactly. It's very coincidental. So Bitcoin goes up, open interest goes up. So there isn't much signal there. So for me, the signal is the rate of change. Right. Okay. Okay. Makes sense. Too much, too fast. Yeah. And then there's funding rates and there's options and there's, you know, options skew and there's, you know, other things we can use as well. But generally that's kind of the way I look at it. Okay. So what next? And the third one is network profitability risk score. So this is the on-chain metric. So this, you know, there is like a multitude of metrics to choose from now. There's some great providers out there.

30:58So I use crypto quant, glass nodes, obviously, another one. There are others. And there's lots of different ratios and metrics that have been devised over the years that have been pretty good indicators of market tops. So this is really a synthesis of quite a few of them brought together. And this is the other part of the equation. So you've got global liquidity, which just from a first principles basis, we understand, drives asset prices. so you want to study that relationship number two regardless leverage can ruin a trend and they can provide opportunity so you've got to understand like how the market is positioned on that front but then you've also got to understand the on-chain spot holder basis and so metrics like NVRV NUPL so NVRV is market value to the realized value which is essentially it's thought of as It's like measuring the cost basis of the entire network.

31:59What is everyone's holding cost? And therefore, what is the unrealized profit between the market price and that cost basis? Another metric, NEPL, unrealized profit loss, does sort of the same thing, but it's bounded to 0 % to 100%. And there's another metric, which I find quite useful, called SOPR, or Spam Output Profit Ratio. This tells you when a certain segment of the holder base, namely long-term holders, which are statistically significant when they are doing things, when they're either buying or selling in mass, then that has correlated very much to market tops and bottoms. So all of these things together right now at a score of three is saying it's normal.

32:49It's not excessive. So the unrealized profit of the network isn't too high. The long-term holders aren't dumping coins, which they typically will at a market top. And so that is not happening excessively right now. Again, if we go to 150, 160 quickly, then that could very much spike up and we start getting a score above four. Super interesting. So put all this together. So I haven't sort of distorted down to like one score, but I'll be doing that. And that's where it's going. Obviously, one kind of mega dashboard. Don't give me the three scores and the percentiles. Just give me the one thing. So we'll do that.

33:30Yeah, great work. Now, the other dashboard that you use is the one that's on the Real Vision platform, just running through, you know, some of the key tokens and stuff like that. And also, if there's anything else you want to add about Bitcoin, I mean, what you've shown us is it's super neutral from here. So we can have a run and let's see what leverage and other things build up. what else should we be looking at? So looking outside of Bitcoin, so we are in a super bullish liquidity regime, right? So, and Bitcoin is going to be breaking the all-time high. It already has in the last week or so, and it's retraced.

34:07And, you know, you could chop around here, but I don't think we're going to see a hell of a lot of, like, downside, not a large move, given those three risk scores where they are, then none of them being excessive. um and so you know through the analysis that we've done there's obviously this sort of lag that occurs with the rest of the crypto complex and you know unlike previous cycles the adoption is coming through and now we've got sovereigns and nation states endorsing attracting businesses that are focusing on blockchain so there's a whole new element or dimension to it but it's still a very hard asset class to trade because you know most people by now would have thought that it would all be en masse a lot higher but it's been very selective so far so the way i've tried to think about you know adding a new lens on crypto market and the broader sort of altcoin market is just sort of just adopt some of the traditional market breadth you know analysis that we've, you know, you and I have been using for 20, 30 years and bring it to the crypto market.

35:18And the only way you can do that is if you start using sort of index data on crypto. So I've partnered with this company called Bitformance and we've created the top 200 index market cap weighted, equal cap weighted. Then we've done sectors and subsectors. And so that allows me to do all sorts of interesting things from a market breadth perspective. But this is just a chart showing the top 200 equal weighted index so it's a pretty good proxy for like alt coins every single asset in the top 200 weighted equally and you can see it's been stop start stop start it's you know the you know the opposite of of the bitcoin chart which has pretty much been up to the right um we've had these bursts of activity so what i've created is an advanced decline line so equity traders and investors are familiar with this one so equity you You know, the advanced decline line should be going up as the market goes up.

36:11And if it starts to trend down as the market's going up, that just means that less and less assets are participating. In crypto, we've had a structural bear market ever since the 2021 bull market, where you can see here that prices have sort of tracked sideways, up to sideways. But the ADL, which is this white line in the sub chart, has been going down. And this can also be, I guess this is highly correlated with Bitcoin dominance. Yes. It's another simpler way of looking at it. Yeah. Because of the market cap aspect of Bitcoin dominance, it doesn't tell you as much about breadth as like the ADL does.

36:54Yeah. It's just another, it's another, I use the Bitcoin dominance chart as well. but what i'm starting to see is um you know i was calling this back in march and april that the bottom was forming in altcoins and so it doesn't look like much now but we we are starting to move higher with higher lows the oscillator which i've created like a macd really does do a great job of coinciding with a typical old seasons or bursts of outperformance. And so that triggered in April, late April. Now, it feels like a shitty old season, because if you look at the DeFi coins, some of them are all round tripped in the last couple of weeks.

37:43But it's structurally looking like we are building an old season right now. And this is just one of the clues that I look out to show me that okay we've got higher lows on the ADL um the MACD is positive and even though we've pulled back over the last couple of weeks it's still positive and so instead of these short bursts like we saw in Q4 of 2024 and um sort of does this chart go back to 2021 so you can see what a full alt season looks like yeah so yes you can much faster look at that 2020 so 2020 in 2021 was extraordinary because we actually had a rising advanced decline line so that just meant that the number of assets in the top 200 that were making new highs every day was positive you know in a cumulative basis day on day out and then really in this bull market it's been sort of a structural bam sorry in this sort of does this go back to 2017 which is i think the most similar to now i don't know if your data goes back that far it starts to get a bit wonky because the index construction going back before to 2020 was was pretty hard um yeah so i don't even trust it You can see on the chart here, there's a rebalance here, so I don't tend to use it.

39:10I wish I could. Maybe if we sort of created a top 50, it would be a better data set to work with in that 2017. Yeah, because there was just less around, right? You had a bunch of ICOs, but you didn't have a lot of alts really. Not like now. Yeah, yeah. You couldn't have even really put together a top 200 back then. Yeah, I agree. Okay, so this is the start of an alt season you're seeing there. Yes, yeah, yeah, it is the early signs. And the alt season indicator, which is the number of assets in the top 200 that are outperforming Bitcoin, you know, bottomed again in sort of March, and it's been sort of a tepid rise.

39:48So it's now at about sort of 17%, which is to say, only 17 % of the top 200 have outperformed Bitcoin in the last sort of 90 days. You can see that good alt season will see a broad multi-month rise in the alt season indicator, whereas we've seen sort of very narrow, sharp rallies, but not to the sort of levels that we saw back in 2021. And look, I actually don't think we're going to see broad-based outperformance of Bitcoin across the entire market. I mean, you'll see periods over the next year, a year and a half, maybe where you've got like, you know, 80 % of the assets in the index outperforming.

40:30But I honestly, I think the market is starting to act with a bit more discernment. You know, I say that in light of the fact that like meme coins have been doing, some of the meme coins have been doing really, really well right now. So it's not like fundamentals are everything. Culture still matters. but as this market becomes much more sophisticated with the type of asset owners and investors that are coming in they're going to start using fundamentals and if there is no net worth growth either in a protocol or in a layer one or a layer two you know it's not going to rally just because bitcoins rally so because also i think of it as a function of the amount of capital and attention available right so like attention times capital right that's the whole game in this and there are so many coins now, ignoring all the meme coins for now, but just generally speaking, there's a lot.

41:23So we don't have enough capital to drive all of the speculation and all of the things. So the market has to focus where the attention goes. And so, yes, you'll see pockets of memes doing extremely well because they capture attention and thus capital. But generally, it feels like the mid-tier outperforms Bitcoin. But the bottom tier, there'll be cases of things that do because they're new and they're interesting and they get attention. But generally speaking, there's just not enough capital that flows that far out the risk curve. Yeah, I'd have to agree. You know, there's definitely going to be some big outperformers for the rest of this cycle.

42:06So you'd want to at least be keeping a fairly close eye just on network growth and adoption. um but yeah i mean i think it's like the main is it one of the main coins um is it sbx 6000 or something you probably know this better than i it's been yeah it's sbx 600 i get trolled all day because i once mentioned it and i don't own it but yeah yeah um so there's going to be stuff like that for sure but um you know i think the there's there's ways in which you know investors can have exposure to the altcoins and do it through sort of a much more rational, fundamental lens. And we just had actually the head of data at BlockWorks Research on RB, like yesterday, I interviewed him, Dan Smith.

43:00You know, he's been doing, you know, quite a lot of work in sort of understanding, you know, new demand metrics. And so he, instead of looking at just fees, Blockworks is sort of promoting the use of something called real economic value, which includes fees, but also MEV. And I went and back tested the data and it's actually got a pretty high correlation to price as well. So, you know, this is all going to get understood very, very quickly by, you know, Franklin Templeton's and the Fidelity's and all the new asset managers that aren't in the space or that will be coming into the space because they're sure as shit not going to start, you know, just following.

43:40They need to sign up for Real Vision. They need to sign up for Real Vision Pro. That's where you get all of this and all of the macro work that we do as well. That's what they need to do. Yeah. Yeah, absolutely. Good promo. way. Yeah, but it's, you know, I don't think people understand the depth and breadth of what we do at Global Macro Investor. You know, the sheer amount of stuff we do on the macro crypto nexus, and then what you do in a lot of statistical analysis, a lot of in-depth analysis, real depth and stuff. This stuff doesn't exist anywhere. I mean, I'm really proud of what we've belt it's just very cool yeah look i mean i the degrees of freedom that we have at real vision to go explore like corners of the market and also bring the institutional lens to what's been a pretty cowboyish space really for the last couple of years is truly exciting like no constraints and just also you know i guess bringing that more tradfire sort of lens into the space i think it I think it definitely helps.

44:48Yeah, I think so. And, you know, just again, I'm going to do a small plug because I think it's important is like, you know, if you are a hedge fund or an asset manager in the space, you can also contact us about, you know, getting specifically Jamie's research or the macro research, and we can we can figure out ways of doing it. It's important for us. Jamie and I are driven by the same thing is like to give as much information to as many people as possible and to help people in their journey. So it's a key thing. So what else are you looking at here in terms of, I see you've got some other tabs open for alt season.

45:20Yeah, just, I mean, what I might actually do, Raoul, because I know we're limited in time, is just sort of bring up the dashboard for the blockchain economy. It's a great dashboard always. We talk about fundamentals. So, you know, let's sing about this. This dashboard's now real-time on the Real Vision platform, right? Not yet. Not yet. But it's coming. It's coming. We're going to get this one up and a couple of others which actually break down this information by the assets so you can do sort of cross-asset analysis. Look, there are data vendors out there that provide, you know, on-chain data.

46:00I think where the magic is is actually transforming that data, cleaning it up, and showing the stuff that has the signal because there's no shortage of metrics to get sort of tripped up in. And if, you know, unless you're building models yourself, dashboards need to deliver the things that have the highest amount of signal. So, you know, you can see here that I've got sort of R-squares built in so you can see, okay, what tends to matter. But also, like, you know, if we're analysts in the space or we're looking at it, we obviously are investing in assets, but we want to know what the ecosystem, what the economy looks like.

46:38And so what I've done is I've aggregated it across all the assets, L1 assets and L2 assets to give a sense of like the blockchain or crypto economy. And so here we can sort of see these aggregated numbers. And, you know, in the last one month, if we just look at this column here, you know, we've seen a surge in DEX volumes. And that's really been driven by Hyperliquid, which is, you know, an exciting project and has been doing extremely well, outperforming everything. It feels like it's going to be one of the horse, you know, I always think there's usually four or five things that run the full cycle.

47:11It feels like hyperliquid might be one of them. Yeah, I'm there too as well. I don't own any, but I just, you know, it's phenomenal price action. Well, that's what, yeah, this is what kills me, Raoul. So I'm going to put this in my report because I have to own it. it's my chart of shame which is i my my trend indicator triggered on um hyperliquid in uh early may at about 17 dollars and i didn't pull the trigger on it i was like i was i was busy writing a report actually and i was like i'm writing this fucking report i'm gonna get it done the price isn't gonna move i'll be right and sure enough it just rips in my face it's 40 like that's 17 now it's 42 i you know i look at i look at the fundamentals of it and i'm thinking no this thing's going to go you know this thing's going to rip and continue to go it's got a market cap of like 12 billion uh fully diluted market cap of about 33 so it's big by crypto standards but it's doing like a million dollars a day in fees like you know it's trades on a on a market cap to fee multiple of around 40 times, which, you know, a high growth tech stock trades on multiples higher than that.

48:30What's Tesla's sort of market cap to sales? I mean, it's, you know, most other blockchains are trading on thousands of, you know, market cap to fee ratios. So, you know, it's got, you know, it's got unlocks and everything else. It didn't mean to turn this into a highly good plug, but it's more of a case of just like airing my, marrying my regret for missing that trade. But yeah, look, I mean, DEX volumes are up 95%. Daily active address, all these metrics took a huge hit in Q1 and they're bouncing back. So from just sort of like the network adoption or activity standpoint, these metrics matter.

49:09That drives price. There've been a pretty big sort of turnaround in the last month. And, you know, you can see that, you know, we're starting to track back up to sort of the 98th, 99th percentile of the history. And most of these assets are well below their lows. So you can sort of think of that in two ways. You can think that maybe the market's becoming a lot more rational and is, you know, ascribing less of a premium. That's, I think, is definitely true because, you know, we can't go back to the 2021 multiples, which were just completely unjustified. But at the same time, at some point, these assets are going to start to really move.

49:46because there is one that I think they always do I think they always decouple at the end of the cycle there's so much fear and greed that comes into crypto that it always decouples um yeah we just because look the reality is is everybody's hopes and dreams are in this trade this is the only way to unfuck people's future and so it sucks people in too late obviously it always does uh and it's a problem but it it's a feature and the the indicators you built before actually really help understand where are you in the FOMO cycle? Because it's basically those indicators put together are basically FOMO.

50:21Yeah, yeah, pretty much. Maybe we should just relabel it that. So you're thinking key two. When you put the single one, it should just be, you know, the RV FOMO index. And if it's like 4.5, get the fuck out. Yeah, that's right. Or, yeah, realize that you should get rid of your spot positions and own a call option instead or whatever it is. Yeah, yeah. Yeah. So you're looking at Q2 now. It's kind of like where you've arrived at where you think not 100%, but we're kind of erring that way. I mean, definitely Q1, but it's looking like it might run all the way through till, you know, end of H2, which kind of makes sense.

51:00Again, the ISM, the business cycle is kind of, is the driver of speculation, risk, excess capital, all of that stuff because people have higher earnings. We're not positive yet. So although tech stocks have done well, stock markets have done decently well, Main Street has not. Businesses are still struggling. But once that turns, and I think the Federal Reserve will be cutting rates because as we've been saying for a long time, Julie and I, inflation is coming lower and it is, then we will see Main Street or people with mortgages, household income increasing, and that pushes people out the risk curve and that's what drives the real cycle, particularly the alt season.

51:42So the alt season we find is highly correlated with ISM. And it makes sense. It's just, have you got more money to throw into the market? The chart on Bitcoin or Ethereum Bitcoin too is very interesting, right? So you can see it's impulse higher, sideways range right now. It just looks like that is a flag ready to break out again. Yeah, and I've got the same. It's the same as the Bitcoin dominance chart to me. It's either forming a large head and shoulders top or a GMI crash pattern, which is the fall, the rally, the failed new high, and then the big move lower. And it would make sense. But we need the ISM.

52:21We need disposable income or disposable earnings to rise so people can recycle capital into more speculative things. because right now they're still struggling to pay for a steak dinner because it's 150 fucking dollars for a steak in the u.s you know it's a big it's a big issue we're getting there's tax cuts you know the second half that's gonna help yeah yeah well it's pretty scary we um we're paying about 120 bucks for a steak down here as well yeah it's amazing i'm in spain right now and you're not it's a lot cheaper but there again earnings are a lot less as well so let's um go you've got a version now of network activity across different chains right i think that's useful you know what's looking interesting to you well let's look at eth for example because eth is starting to move what are we seeing in eth via your lens yeah so i mean fees are up 100 in the last month okay so you know Fees are a bit tricky because they're denominated in the underlying token price.

53:25The token moves. That also moves the fees as well. But it's correlating as well to a 30 % increase in DEX volumes. The fees in ETH are up 60%, so it's pretty substantial for ETH. Sorry, are the fees in ETH going up because of the restructuring of ETH to accrue more to the base chain? Is that what's going on here? No, I think it's just a combination. Definitely activity on the chain has increased. So that's what you see from the daily fees in sort of native ETH, right? So that's non sort of US dollar denominated fee growth. But it's also partially due to price as well. So this sort of dance that activity and price do together, sometimes they're very, very sort of intertwined.

54:17You don't know which one leads what. But generally, I would say that, you know, you can see that overall activity on the chain has definitely increased. And that is a major driver of the increase. It's also interesting because, you know, I still like the daily active addresses way of looking at things as well. And you can see how little it grew in two years, four years. It's only grown by 2%. so you know ether's been relatively dead in compared to you know if you were to compare daily active addresses growth across different chains you'd see very different numbers right and that's one of the things that happened to eth yes yeah we've got a dashboard for that as well do you include the layer twos in this or it's just just layer ones no like no so the answer is no um i did uh bloomberg intelligence i've just got to recreate that as well and then think about like how to adjust it for what that means for the ecosystem?

55:20I tend to think, I try not to overcomplicate it. So you could look at the ETH economy overall, the Ethereum or EVM economy, let's call it that, and then look at the total wallet growth, the total value transacted, those kind of things might give a broader perspective than just what accrues to the base chain. I don't know. We all kick around this idea for a while and nobody's quite sure how to do it yet. You know, well, this is something that we were talking about offline. So, but I'll mention it here. I went out and looked for transfer values, which I know you got your hands on a couple of years ago.

56:01And I used a data provider at one point that definitely had Bitcoin, still has Bitcoin and has ETH, but doesn't have every other L1. And it's just bizarre that we don't have that metric from the on-chain data companies, because that was your initial... Masari used to have it. Masari used to have it, TotalVanity transacted. Yeah. Yeah, they don't anymore. Trust me. I don't know why. But yeah, it's just a basic metric. But yeah. Yeah, you know, it's also the other thing is positioning. No one owned ETH. it was probably the short side of a lot of pairs. And if you look at the ETF flows now, they're starting to really pick up.

56:44So combination of increased activity, the timing in the cycle, and just so much negative positioning or underweights. Let's have a look at any of the others because observationally, you've looked at this stuff. What do you find amongst the change that is interesting? Okay, so what I find interesting is a couple. and this is um you know i've put this into the last couple of notes um if you look at let's just take what um blockworks are talking about in terms of rev when you look at you know the total value that a user is prepared to pay to be active on a chain which includes the base fees, all the tips, and the MEV.

57:32Solana looks extremely strong and growing. Relative to ETH, undervalued. It's really compelling. Then you've got chains like in the last couple of months, the activity on BNB, which I kind of ignored for a while, has really started to pick up as well. And also Tron. you know tron i've written about tron and how you know i used to shit on it all day long you can't walk away from the fact that it's doing around nine million dollars in fees and again speaking to dan smith from blockworks yesterday i asked him the question it was like how much of that do you think is wash trading or um is you know fraudulent activity and he's like he's tried to picket every single which way to try and answer that very question and he's sort of come to the conclusion that no i mean there could be a sum but at that level this is like legitimate transfer value there's very little activity there's you know the the defy activity on tron is you know very very small which is a it's all stable coins though yeah yeah it's all it's all tether and and uh tron's native stable coin um so you know if you look at it from a like an ecosystem standpoint what you want is you know metcalf's law and um reed's law right well basically you know number of interconnections and all the and then sub communities creating like bitcoin has with lightning and mining and you know yeah yeah um tron is very uniform it's a it's a stable coin platform so it doesn't have some of those aspects you look for it from a network effect but it does the one thing and it does the one thing very very well and so you know it makes you know more from uh fees alone than any other than any other chain so you know if you look at the chart on tron it's exceptional it is you know it's up and to the right with very very low volatility so it doesn't move as much when the market goes up doesn't go down as much when the market goes down and you know it's got a massive burn so tron looks you know pretty interesting for the rest of the cycle it's probably how about ton i had um manny stoltz who's the head of the ton foundation now ton's got this weird thing that it's got a massive network but it's got to get that network to use its native token you seeing anything in in ton at all i've known the last couple months to be honest like i I mean, there was pretty good on-chain activity in the middle of last year during the sort of pullback bear market that we had.

1:00:18And I thought that was interesting, but that kind of leveled off. So there's a lot of incentive-driven activity, which hasn't really followed through. I think it's got a ton of potential. I mean, it's got a captive almost 1 billion user base. but again like the activity the the the adoption metrics i'm looking at it hasn't come up in like the top quintile of of assets in the screens that i've been running and what about um sui after the cetus hack what happened with that because you know there was that the defy protocol that was built on top that's a you know separate business that got hacked that you know it all got made good in the end but axmc went as it come back are we still seeing strength in the sui ecosystem it's leveled off it pulled back and then it sort of regained about 50 of the pullback um pretty quickly but it hasn't gone back to the the highs that it was doing in you know when was the hack it was probably sort of mid may yeah yeah so it's i would say that the performance since the hack has been robust but because of that knock to the relative performance like you know as you know like it's like it's the momentum it's the rate of change and suey's rate of change of network activity was really moving q1 and it was the reason why you know i wrote about in one of my reports in april where we doubled down on it because during the bull during the bear market as things were capitulating, TVL, stable coins, DEX volumes were all going up.

1:01:57And there was two chains that were doing that at the time. And the other one was Sonic, which was heavily incentive-driven. So the fact that all this activity was happening right into the lows of the capitulation of that bear market was a massively bullish sign. So it massively up-beformed. It exploded out of that bar. What's that, sorry? Yeah, it exploded out of that low. I mean, it was shocking. It moved so fast. Yeah. And so then we had the hack and it slowed it down. But it still looks fine for the rest of the cycle. And finally, how does Hyperliquid stack up on the way you look at it? I don't know if you're looking at that yet.

1:02:41It's killing it. So, I mean, look, I haven't used the platform. I was actually speaking to Chris from RV Crypto, BlastoPlus, and he started using it, and he loved the experience of it. I have to take it from the network adoption and metrics that I'm looking at. People love it. And so it's starting to really become a competitor, even against some of the sexes as well. The problem is, it's not really a problem right now, But like, what do we know about crypto where, you know, the moats are very, very small. It's hyper competitive. We're going to see a ton of competitors come in in the next six months looking at what Hyperliquid is minting, which I think is great.

1:03:35Because, you know, what did Hyperliquid do? They came to market with no VC funding, a massive, you know, fair launch, well, you know, a public offering of a large part of the issuance, about 30%. And so finally, we had a token who actually had product market fit that gave the investors, the public, the right to access it early, right? and didn't sort of, you know, not sell out, but like have massive VC insider holdings. And so I think they've set the benchmark, right? If you want to come to market, you've got to sort of adopt a better policy around your token launch. Also their burn mechanism, their token economics are good.

1:04:21Very good. Absolutely. And that's driving price. That helps. Yeah, that's right. Because it's essentially share buybacks. You know, you're rewarding your token holders. for activity on chain yeah yeah it's it's it's you know it's the perfect tokenomics model or maybe not perfect but like it's been one of the best ones that i've seen so far but it's all for naught if you don't have product market fit but they have a great ui and they have a great um you know the great business and that put together is you know you're going to see it i think do rather well there's a massive amount of unlocks that happen around november so people have to be aware of that.

1:04:59And the asset's getting pretty chunky relative. So that's also a factor. But I still think based on the growth that we're seeing that it's got a couple of multiples from here. So finally, looking across all of the stuff we've talked about, it feels that the market is not really positioned. Liquidity is rising. We're getting to the point where the liquidity multiplier in token prices goes up. We're also getting to the point of alts outperforming Bitcoin where market breadth is improving. We've got activity across the space growing. We've got the narrative of people trying to build big things or storing wealth in Bitcoin or building big things on other chains.

1:05:48Smells to me like there's a yellow fruit hanging around here somewhere. it's definitely getting fruity it's definitely getting fruity you know yeah from my from my work as you know you know we just think for us it's kind of straight up from here i don't know where bitcoin gets to by kind of august but we got a decent run i think i think we'll be surprised to the upside uh in how fast stuff runs um then we'll call off for a for a bit but even using global n2 is a forward indicator it barely went sideways for a period of time so that feels like some chop in mid you know late summer um and now global n2 is rising again and it's got extremely good correlation that won't be perfect all the way but it just feels to me that you know from here on in basically we've got a really good run and structurally going through your very detailed data-driven approach is telling me the same thing.

1:06:47It's kind of adding to my conviction that, yeah, we're about ready. Yeah, yeah. And if those things change, leverage spikes or something else happens, hopefully we'll pick it up in those risk scores. Yeah, and leverage will spike because people love sex and leverage. They're the two things they love the most in the world. Yeah, it's never going to change. It's never going to change. Jamie, fantastic. That was really, really helpful. And thank you for everything you do in Real Vision Pro. You're really adding value for people and giving people a framework of understanding this new asset class. So I applaud you for it.

1:07:23Oh, thank you, Raoul. Thanks very much for having me. So look, lots in there from Jamie, as ever. You can see the quality of what we do in Real Vision Pro. You know, you get that research, plus you get Julian Batella and myself's research from Global Macro Investors Lens and Andreas, which includes the geopolitics side. It really is that all-star team of mentors that you get to be able to talk to and ask questions. That's the incredible thing about Pro. You're not just reading research. You get to ask me a question or Julian or Jamie. Jamie, like me, is fundamentally bullish on where we are going forwards in the crypto cycle.

1:08:06Alt season is pretty much upon us and the time to lock in is here. So listen, good luck. Remember, don't fuck this up. Don't use leverage. Don't FOMO. Safeguard your assets. Don't fall to any scam. Just be careful out there and just let the wave ride out. You will get corrections on path. Some of them will feel nasty. But over time, the number should go up. Anyway, good luck out there. See you next time.

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