Banana Zone Alert? Bitcoin Reclaims $100K While ETH Leads Alts | REKT Vision

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1:35we're back and osf is back with me uh looking good actually today i know you've um been boxing this morning but you still uh still look fresh you look like a man who's had a good week um yeah luckily this shows that this time because if it was at a few hours earlier my nose was very big from um from getting punched there so the swelling has gone down i don't need a nice pack on stage. You look good. You look good, man. And I thought everyone does feel good at the moment. Crypto has had another great week. We spoke about this last week that we were trending I think around 95k last week it was. And I thought we'd hang out there for a little bit longer.

2:18But it feels as though you can't hold down Bitcoin for that long. Bitcoin rallied all the way through 100k yesterday is now hanging out around 102 103k and you've seen a little bit of just whisper at this moment but a bit of an altcoin season has has uh happened at least over the last 24 hours bitcoin dominance have been hanging out at multi-year highs it was around 65 and a half 66 percent And then what we saw, drumroll, was a rally in ETH, a pretty monumental one. ETH went from trading a month ago at 1 ,450 to today trading at 2 ,300. Huge move in ETH this week. Normally ETH rallies have been met with kind of tops.

3:14It's only a bit of a risky moment. this time it kind of led and it's continued to be pretty strong that's definitely going to be the number one topic uh we are finally gonna have to talk about whether this is now it's time and i i you know i'm less unless oh oh i've changed my tone a little oh wow we can get into it but yeah definitely a good week eat led then you saw a big move in a bunch of of firstly it was eth meme coins but then more broadly a bunch of other meme coins some of the the class of 2024 meme coins had a big run even today general frothiness ai agents um you couldn't even talk about them a couple months ago now they're back up to 11 billion dollars as a sector uh so actually up i think even on the year now as a sector that was led by a bit big rallies in virtuals, VARC coin, AI16Z had a nice run.

4:15It's been a big, big move in a bunch of AI coins. And just general, we are so back vibes. We've definitely outperformed pretty much versus everything else. Every other major asset class this week. How are you feeling this week, OSEF? I know you're positioned well, like we both were actually. Yeah, good. I mean,

4:39I've owned a lot of risk and I didn't take anything off on that first like post tariff pump just felt like we would have a bigger move higher and we've cut I don't think we've seen it we're starting to see it and you know that chart that Julian and Raul keeps posting of the Bitcoin price overlaid with the global liquidity is once again coming to fruition and I think while it seems like there's more upside there i think people will still have more hope and belief that there is more room to run here so like my view personally is i think we keep going um i've mentioned a few times um this concept of uh the famous concept of a lovely summer of risk and we're um we're well on our way to it i think and so um my view is i think we get to like um we go through new autumn highs on Bitcoin.

5:32I think we will see like 120, 130k levels this summer. And I also believe in the alt season thesis. Now, I don't necessarily believe that Bitcoin dominance is falling through the floor. That's not my view. But I do think that Bitcoin dominance maybe stabilizes here. Maybe we lose a little bit. Maybe we drop back under 60-ish at some point. I think it will still remain relatively elevated in the context of a one or two year chart. But I do think you will start to see some big performance in other coins whether it's altcoins meme coins ai coins whatever it is i think all the stuff is going to potentially move a lot lot higher and we're starting to see it already like you know many of these coins are up three to four hundred percent off their lows off the low prints of april but yet they're still down 60 or 70 percent from the highs um and i'm not saying every single thing will return back to all-time high and i think if you've been in this space long enough you know that can often be a fool's game to always chase that but i do think there's still a lot of upside in many many altcoins and meme coins i feel more um i feel warmer towards meme coins now than i did you know i've sort of been staying away from them for most of this year but i kind of in the last month or so we spoke about fart coin etc i do feel like you can that market beta for meme coins is back in the right direction and i think the degenerate nation the casino crowd will always seem to still be punting meme coins when the market rallies.

7:04So I do like that as a sector, but you just have to be selective. So for me, I'm still bullish. I think as long as we are still tracking that global liquidity chart and while that still goes higher, it shows to me that there's more room to go higher on Bitcoin. And on the fundamental side, I think there are some positive catalysts. I think we still haven't really seen the full impact or power of Bitcoin reserve stuff. It's been, it only have been almost six months since that task force started, you know, coming up towards the summer. And I think we'll start to hear back some results, some findings, some potential action points, maybe some of the stuff that we were hoping people were overexcited for in January, you know, after the six month period, but now people have forgotten about it.

7:42Maybe some of that stuff can start to come to fruition or some more noise about it hits the market. So I think that's a potential positive thing in the background. And, you know, as we've spoken about many times on the show with regard to tariffs i think um for me market eventually gets desensitized to them and they find some sort of resolution or some something that is painted as a resolution and we kind of i don't think we like fully move on from it i think it's always going to be there and i think um uh when the tariff situation feels really good you're probably meant to take the other side of it and vice versa because i think it's going to be a lot of back and forth hi raoul here listen i think we've got until 2030 before the economic singularity arrives now That might not be the exact date, but it's around then.

8:25So we have about six years to figure out how to unfuck our future. I've put together a report to help you called Prepare for 2030. It's going to help you take the first steps in that journey to make sure you're secure past 2030. So just click on the link below and start your journey now. But I do think, like with Russia, Ukraine and other things, eventually markets become desensitized to it until, until maybe it has a big impact on inflation and whatnot and it starts showing through in the numbers, which are very delayed and lagged and takes time for that to show through. So my view is like still very constructive, still very bullish.

9:06I did take a little bit of profits today just to capture something. I think in my head, I was like, if Bitcoin gets back to 100K, I would take a little bit off. So I stuck to that rule, but I'm still pretty much risk on. and I've been looking at other potential coins to buy, mainly in the meme coin land, I think, on stuff where we're still, stuff where it's like down 70 or 80 % from highs and then the question you're asking yourself is, will it bounce back? But something with a chart like that, but it's also doing a lot of volume. If it's doing a lot of volume and it's down 80 % from highs, that to me tells me it has a chance to bounce back.

9:44And I see you smiling because... which coins I'm talking about let's talk about stuff let's talk about maybe the big move in pages so Bitcoin had a great week but it normally has a good week the big move has been ETH ETH had an upgrade Hector upgrade in the middle of the week which had been spoken about but you know it does a number of uh upgrades but this one i think the big one is to see the results and the big result has been that if suddenly has gone deflationary again it's gone from having a small inflation i think of around one to two percent to suddenly being uh deflationary and And this narrative of ultrasound money has slightly returned, which I think is, that's what caused ETH to move.

10:47No doubt in my mind that suddenly ETH being viewed as kind of a store of value again, potentially even deflationary, is a big deal. And you saw ETH go from just put in successive, very aggressive candles. It's selling off a little bit right now, but it still looks strong to me. 2 300 right now it's up 13 today it was up similarly yesterday and even the day before that so it's put in like three back-to-back 10 plus candles since pectra which i think is uh it's something to pay attention to i you know we talk about stuff week to week and i was lucky in that i caught mog and pepe this this week on that and i wasn't i wasn't even really paying attention to the peck truck until after it happened and i was like oh okay this could change and then i still had the um uh mog and pepe and obviously wreck had a big move this week as well which are all eth coins but i do think for the first time in a while that's an interesting narrative that's an interesting narrative because the merge obviously was like this horrific situation where eth went inflationary again um it wasn't gaining on the fees and everyone was like well it doesn't look good on a burn metric it doesn't even look good on a revenue generation metric but now if if that if it goes deflationary again the l1 is this the time to get into the euthanese beta here that's what i would say like yeah yeah obviously it's it's bounced up i'm not saying yeah i'm part of that trade hasn't happened it was trading at last week when we did this show uh it was looks like it was around 1870 1850 area um and now it's at 2200 2290 so it's moved 20 percent 25 percent have you ever wanted to trade bitcoin but haven't dared try with plus 500 futures you can trade crypto without the hassle of opening a wallet with just a few clicks you can register and start practicing with their free and unlimited demo see a trading opportunity you'll be able to trade it in just two clicks feel ready you can move to real money with as little as a hundred dollars once your account is approved and the great thing is that in addition to crypto, Plus500 gives you access to a wide range of instruments, S &P 500, NASDAQ, gas, and much more.

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13:53i'm starting to think that this could be it like if he's gonna have a run this is it because it's a it's a pretty big change in narrative and what i have done this week because i like to update the whole show i have reduced today actually mainly all or a large bit of my major salon so i reduced all my fart coin i reduced my pengu um i reduced apart from the stuff that we're involved in but i reduced a lot and i reduced my soul long as well and i have gone long well I've actually paid off a lot of positions today but on this dip I am gonna buy ETH, EFE MOG REX what do you think of that? I like it I think yeah I think that's very interesting I think I think with ETH I always felt like for me it was like 1500 600 700 1800 like surely this is just a really cheap level for eth and it was less about like will eth ever go up again for me but more about can eth relatively outperform other ecosystems and other coins and and also eth eth memes i guess as well or eth beta um you're right like this whole deep basery narrative i think is a pretty big one for it and um i my opinion is this kind of goes one of two ways one way is like all the dot eths start saying now's our time you know we've been waiting for this moment etc and then this is it and um then nothing happens or you have the narrative that everyone's like oh shit this is actually really cheap and it's underperformed for the best part of a year now or best part of six months let's say like fuck this should be like twice as higher as it is and the price action today I think tells you that the market view on it is starting to change like a 13 % candle on ETH is no joke that's a big move it's a big single day move and I think if it can sustain this performance and to be honest with you I think a lot of it a lot of the the kind of sentiment around ETH seems to seems to be stemmed or pegged towards what the youth foundation does and you know and that kind of stuff as well if those guys cannot fuck it up um uh i do think um i do think this narrative can turn and people can kind of get behind it a bit more and yeah like if you look at that move and pepe was up like 50 percent um

16:40like mog is up um what 150 in the last two weeks or so rekt is up like 350 in the last couple of weeks or so, you are seeing some of these ETH beta coins also move up aggressively. And they still have a lot to move. Pepe's$5 billion market cap. Mog is like$400 million market cap that went to$1.5 billion. Rekt is just a$60 million market cap that was at$120 or so before. These are still coins, I think, with a lot of upside. So that are clearly going to benefit from this ETH tailwind because that's the way they're performing. So I think it's a good bet. I think it's one of those things where it's like, yeah, you had a bit of a move here and maybe it just fades together and moves back down and we're all just like, oh, we hate ETH.

17:24But you only had a bit of a move, but you only really had a small move in the grand scheme of things and in the context of what ETH has done and the ETH ecosystem has done in the last six months. So I like that trade and I have a lot of exposure to ETH and ETH beta as well at the moment. And I think that's a good pun. I think it's a good risk. Now that stuff's moved a lot and you're still constructive in the market and you're trying to figure out where to deploy risk, a hard thing to do is how do I find things with good upside downside where my downside is still relatively catch, but it's still a very convex trade.

18:01And I do think that falls into that bucket. I do think ETH falls into the convex trade bucket. It's not without risk and it's not without PTSD, but you have to have those elements for it to have the upside if that makes sense so um i like it i think that's smart and i think all those all those three like beta coins like kepe hit what 11 12 bills last time i think um you know these these things can move up a lot um and they can move very quickly the reason why why i've done this and the reason why i'm thinking like this is because last every single of the time we've talked about eith rallying it has been it looks cheap right it looks cheap and it's underperformed but like there are so many fundamental issues there about eith being a currency in my opinion and now it's like there's actually a reason that it's rallied you know there's a reason that it's rallied which i think is i think is an important thing here i think if it's just you're just buying it because it looks cheap we saw a lot of those like wicks high and then just sold straight back down but here it just feels like something may have changed so I'm ready to get hurt again you know I'm ready to be hurt again I obviously to be clear here I am still mainly Bitcoin but the I had as you know on this show I had bought a number of more risky things kind of when Bitcoin was at 70 at 8 to 85k and a lot of none of those really were eeth pizza none of those so now i positively think we put a little bit of a top today like just just with some of the price action on some of the coins it just feels a little bit like oh yeah people are people are just jumping it it was a bit grabby i would say this morning just felt a little bit like you needed to wake up and buy something and i've learned over time that when that happens it's normally a good time to just chill but if we dip which i think we could on a number of different coins here i will be buying eth beta and i think this what do you think that means though for like sol if some of the left curve stuff and starts running on eth and the l1s yeah As far as if ETH rallies, Seoul rallies too, or do you think now we're in this period where that could change?

20:31I think they can both rally together still. You may see Seoul, ETH go lower, but in terms of meme coins, casinos, DJing kind of stuff, it's hard to, people are literally gambling there with$1 on Seoul, and you can't do that on ETH. So that's still, something that is going to exist. I think people do like the way that ETH coins can often be a bit more controlled in volatility, controlled in supply, generally a better, stronger holder base and that kind of stuff. I do think larger wallets are attracted to those kind of mechanics and dynamics.

21:17In my opinion, that will drive more capital into some of these ETH tokens, I think. Especially stuff which is proven that can bounce back actually bounce back after a big sell-off and not just get stuck in the mud, basically. Yeah, exactly. And that's what we've basically seen. A lot more of the established memes have rallied first year. Established coins kind of from last year have done way better than newer coins this cycle, which I think points to the fact that we haven't had that many new entrants into the market over the last few weeks it's it's kind of just been us trading amongst each other and it's kind of the coins which ct likes the most or like crypto core users perhaps are drawn to at least in the meme coin space and i think that's probably the same for some of the other spaces other sub sectors as well but it does feel as though this isn't got it's weird to see bitcoin 103k and I don't think there's been that many new buyers recently.

22:21We saw a lot institutional onboarding but not really that many. Retail is not here. You can feel it, it's not here. Yeah, I agree. It's not retail here. I think there's a lot of institutional buying. I think it's a lot of all of us. People always assume all of CT has lost money and who's there to buy it back? But I do think a large amount of CT, whether you realize it or not, have real jobs and have real salaries and real income and get paid bonuses and all that kind of stuff. Like, there's a lot of tradify people within crypto who are part of CT that have good income. So, like, people do have money to spend even if they've lost money in the past because they're earning income from other sources from, which aren't just, like, crypto trading.

23:08So, it's, I feel like it's contained within the crypto community but the crypto community is, like, does have the most propensity to spend, I think. but it's going to be interesting to see what happens from here I think because I do feel like a lot of people got caught with their pants down a little bit by selling or being too bearish I think people were very quick to fade moves higher just like PTSD and this feels like the type of move where I'm not a chartist but if you look at charts they're all sort of like breakout moves if that makes sense it looks like the start of a breakout on many coins so I think that typically does attract a lot of capital and give people confidence to buy here i mean if i was if i had no exposure to the market now would i be buying right now i don't know to be honest with you i think i think i probably still would be i think i'd probably get a bit of risk on now and then wait for a dip to add more um and that to me tells me that i think we can keep going higher it's not it's not it doesn't yet feel frothy to me is what i'm trying to say it doesn't yet feel frothy maybe locally sure but like it's not this isn't like what it was in january for example so i i just gave you a detail of what i'm doing um yeah you know my bitcoin i've rotated my more risky stuff to eth style beta um was kind of doing that already uh the last few days um and then now I might be a bit more conscious about it, but what did you do?

24:41Yeah, so, you know, obviously I spoke about buying a few AI coins a few weeks ago, which they're up decently. I don't think they're the best performers in the market, but they're still up a lot of the lows. I've kind of kept some of them, monetized some of them. um i did buy uh i did buy peanut yesterday which i think is a really interesting one um so i think you had some big movers and coins that have moved off the lows that people were familiar with from like that 2024 q4 era of meme coins so like fart coin is up massively off the lows um popcat is up massively off the lows um if if anyone follows bonk guy on twitter they should definitely I think we had him on the show actually didn't we they should definitely they should definitely show because he has some pretty good calls we haven't had Bonkai I don't think not yet not Bonkai sorry we had we had Nachi we had Nachi but Bonkai was you are right it makes them up but I think he's a really good follow and I think he's had some really good calls on buying things at the Stone Cold Lowe's that have moved up crazy amounts on leverage.

26:00So I think this is an interesting trade, this peanut thing, because you're trying to figure out, right, lots of coins are down 90%. What will bounce back? If it's doing zero volume, the chances are it's probably not going to bounce back because no one's buying it. Or you have to hope some capital comes in for it to bounce back. If it's doing a lot of volume and starting to recover, then it has a good chance of returning. And with this one, it's done a billion dollars of spot volume in the last 24 hours, which is insane. It's like complete madness. Now that's probably a market maker. There's probably something going on there.

26:35Like it's not just like a billion dollars of organic volume. But to me, that's a sign that like something or someone is behind this. And I think this is an example for me where it's like, you might be like, oh, Peanut the Squirrel, that's such an old story. Like who cares about that now? It's just some random dead animal, which was like from last year. That's completely irrelevant. Like whatever the underlying token is, is irrelevant. I'm just talking about what's going on in the huge surge in volume and chart, if he's flipped to the one-year chart on that. This was the famous coin. Just give some context.

27:04This was the famous coin that came out probably a day after Trump came into office or the day before, I think it was. And then it was touted by, you know, that was a popular meme around the election. It then got listed on Coinbase, I think, for Spot. It got listed on Binance for Spot. Went to$2.5 billion. dollars yeah and then and then went down ever since yeah so i think i think that's a good punt for like a near-term trade where i just see something that's still down whatever it is 90 but is randomly doing a billion dollars of volume to me that's always a good sign and it has listings on coinbase etc so um i think that's an interesting one to keep an eye on that so i kind of bought a

27:56my answer to that is that when this because i you told me to buy something i bought something but um when this started rallying i was like this is this is the sign that it's a bit fluffy because when it's just like something's going on like the memes not not really relevant but just something's going on and people are reaching for that and they're like all in i normally get a little bit worried because i'm like oh okay we're at that bit of the market where it doesn't even matter what you buy. It's just buy because something might be going on. That was, that's what made me pause. I sold quite a few things.

28:34Hey man, buy this coin. It's almost irrespective of the price of peanut, right? Peanut could go to like 700 million now, but if it does, it kind of tells me that we're towards, we're not, we're not in the first innings. That's basically what I would say if that's happened. Yes, it's a fair comment. It's definitely a fair comment. For me, I just think we've seen, a trend that we're seeing is some of these coins from last year, which are down massively, start to rebound. And you may have missed some of the Fartcoin move or you may have missed, Mudang is up 200%. You may have missed some of these moves.

29:17So my thing is, okay, well, which ones are out there that haven't moved or are starting to move. And this is one of them. But when you see that volume number, I mean, to put it into context, where does this even rank? It's one of the highest volume meme coins at the moment, right? If not the highest. It's definitely up there. I just want to take a step back and talk about our... We go from talking about macro for weeks and we said now we can go in and say, the best thing to own right now is peanut with some random meme. Not the best thing to own, but a good punt is the way I view it. And a billion dollars of pubs as well, is it?

30:03Given Pepe's done a billion, that's not a small amount. I think this is not a bad... Like you said, there's some other coins that move like this. The 2024 crop of memes, Mudang had a big move, Chill Guy is up like 6x from the low, and now peanut is as well so this isn't just by itself but it is true that like the market is looking at for things to pump now do I think that these sort of trades are often towards the end of like a structural rally sometimes when it's just like this it can be but I don't love the other thing I don't love is like zooming out on a meme coin chart because I actually don't think I think that is often how people get wrecked.

30:52Always just pay attention to where Bitcoin is. So like Bitcoin is$103 ,000. So like you have to assume that that's a decent move. And the market will not care where this, where peanut is in relation to its all time high. It will care where Bitcoin is in relation to its all time high. And I just think the Bitcoin, I guess I've been expecting it to slow down for a little bit here, but i i do think that maybe it will slow down a little bit um yeah so yeah this weekend this weekend just zooming back onto our macro rather than peanut hat um we've obviously had a lot of good sentiment around the trade the trade deals it's been a mixed week though i think for news around crypto if i'm honest there's been crypto appears to be drifting away from popular support in the US Senate and House, mainly because there's just been some questions about Trump and the Trump family personally ingratiating themselves with crypto.

31:54And that has meant that regulation looks like it's going to be more difficult to pass. So today you saw, for example, the main stablecoin bill didn't pass the Senate. There's been a lot of talk about it's going to be much more difficult to get some of that regulation through. and then markets are kind of flattish today broadly in macro there was a UK trade deal which was done which I think was better for the UK than it was maybe for the US and then there's some talk about the US and China meeting this weekend although I really doubt anything will come from that other than potentially they reduce tariffs into that meeting as a form of goodwill of which it's kind of expected that they may reduce into like 80 %

32:38but i i just i get the feeling that we are we have a bit of a wobble this weekend but that but i i think you're meant to buy i think you're meant to buy a heat beat on the dip basically um so i've taken some profits hopefully it doesn't keep on ripping in my face um last time i did this you told me to get back in and i did this time you're telling me you actually you saw a little bit right now i did i took a yeah as i said like i took a little bit a risk off today for the first time since January having bought risk in March, April time so it did take a little bit off today but it's a very small amount, I still feel like I'm very much risk on here but I just think it's one of those we were chatting about this earlier today you have times when you're trading and you're sort of fading the strength and buying it when it goes lower again you know trying to multiply your positions then you just have these periods where just things just go up like every day or like every week they just keep going up and up then you get to price discovery and then it's like oh well how much higher can it go until eventually it starts to feel frothy and contrary to your feeling on like the innings and that kind of stuff i still feel like we're kind of early in this move and again i think the global liquidity chart gives me confidence on that.

34:05I think I think the momentum feels like it's still there too and I think things are still like off meaningful amount off high. So to me it feels like I'm I don't have like amazing confidence to say this is the time where things are going to keep going up and up and up and up and up but the way I look at it is like cool I could sell I don't think the downside from here is more than 20 or 30 percent and that's a big number i don't even think it's that i think maybe it's like 10 and so it's like am i what would i rather would i rather like try and save myself that 10 and buy back in what i do i just eat that 10 and hold on because i don't want to be in a position where i sell a material amount of risk doesn't drop 10 and then it goes up a lot and then i'm just going to be like fuck what do i do now i don't want to be in that position that position is always worse than even like losing money so which is what the whole move has felt like right although we have we we have said you know when we were risking up and said this could be the breakout um i it felt as though that was not the case around around crypto but like this move has felt like people desperate to put on risk as it's gone higher and waiting for a pullback and the pullback's been very shallow kind of since last month around this time you know we were at 75k a month ago today looks like that's crazy is that 76 um yeah and it just has been a very consistent rally all the way up and i agree with that and like i said i have big one is easily my biggest bag and i have not sold any of that it's more just the more frothy stuff and i think the reason for that i've just rotated it more into east or my plan is to rotate it more into east um and out of some of this solana stuff is there um yeah like what do you think about the broader market though here like do you think you've obviously gotten involved in stocks and a bit more recently as well like and they've bounced but they're not bouncing maybe as hard are you are you they've had a decent bounce they've I'm not saying that.

36:22What should be there? I mean, that's the first time I bought stocks in about four years or something. And just to be clear, the only reason why, I'm a bit annoyed about it actually, because the only reason why I bought stocks was I couldn't send money to, I couldn't send fiat to my exchange accounts to buy crypto. I couldn't send a material amount. And I was like, I just need to get some risk on today. Otherwise, you know, otherwise I'm going to miss this move. So I ended up having to like put money into some random managed equity fund, which is the only thing I could get the risk on. Like I said, like same day basically.

36:58But it's not, it's not okay. I mean, it's like for the equity market, I think that's up maybe like the stuff that I bought was up maybe like 15 or 16 % from when I bought it, but obviously like nowhere near as much as crypto is up. So I'm a bit frustrated by that. But I do think, I think the overall market got to a level that was like really exciting to buy. Um, Because I think the medium-term trend on risk assets here is still a lot, lot higher. And I think we just have some, like, for me, most geopolitical tension is always, they always create buying opportunities. They're not real economic reasons for us to sell off.

37:39They're more just sort of like fear reasons for us to sell off, just top down. I know tariffs are a bit different because, like, if you do have these massive tariffs that get fully implemented, that is going to have a big impact on inflation. Powell has made his stance very clear and that will put the US into a tricky spot and I do think there are real cases right now where tariffs are high and it's costing people a lot of money to import stuff but in these situations I do believe people just immediately jump to the worst case scenario or like bad conclusion it's kind of like Brexit everyone like panicked when Brexit happened and then they're like oh actually it's not that bad or everyone panicked the first time Trump got let and they were like oh actually it's not that bad and I still feel like even if some tariffs are implemented and if tariffs are high, it's not going to be that bad, I think.

38:26Do you remember Brexit? Do you remember? I marked my entire book down a lot and then I started... Were you in London at that time? We were in London, yeah. It was my last year in London. I got told off by Blue Bay Asset Management for calling my bonds too low. because i was i was i said i was sending out like 20 point wide markets on like iceland and like matalan you got in and you pulled the whole market down on your own positions where i was long so like i lost like i like marked my book down massively they were the only runs that got sent out and then uh and then so yeah a pm called a pm called the desk and told the sales guy to tell me to stop sending out stupid markets i was like trade or titan apparently it wasn't wasn't a good thing to do um been like that yeah and then there was trump as well that that same year was it was too early start yeah um yeah it did feel a lot like that a few weeks ago obviously and we said that at the time um i do i i've said throughout that whole period i'm not as bullish on stocks though i don't i do think there's a long-term impact to some of the stuff that's happening here i don't think it's just like buy markets because of that but i think crypto is one of the ones that will really outperform in that world and gold has has been the other one and interestingly gold the gold gold is still kind of hanging out around that all-time high level even while crypto is kind of caught up and that was that was the trade when gold moved and then just started flatlining.

40:09The trade really was to buy crypto there. And everyone was like, oh, why isn't it caught up? And then it's just caught up, you know, straight away is caught back up now. So that was the trade. Here, I am, you know, if we were saying definitely you want to own it in that 78 to 85K range and particularly towards the low end, we were saying that I think now is the time where I am more wary of the more risky stuff. But I'm just going to... I just think a good risk reward now is maybe E just because of that change in narrative. Hurt me again. Hurt me again. E has actually gone down since the show started.