Bitcoin Breaks Below $100K: Is It Over? | REKT Vision (November 14, 2025)

29:11It was, we're going to build ETFs. We're going to build, um, that's around this. It doesn't seem as clean now. Um, and I, I am, I am cognizant of that. So a quick break in your regular programming. If you're serious about your future, grab my free report called prepare for 2030. I think you've got five years to make as much money as possible. And this guide will help you navigate what's coming the link is in the description download it now i'm saying some bearish stuff and the market is telling you it's bearish but i i do don't i don't think we're going going that much lower not like some super bear that we're going under because because sentiment is just so low right question i have for you man though because i on stage at this conference kyle was on stage and they were he was on the solana that um panel and i think he said something like, I think Forward Industries, Ticker Ford, is I believe the chairman of, or he's part of, that was one, that is his entity that he's part of, is going to, or has plans, I think, within the next couple of weeks to tokenize their equity on Solano so that people can trade it.

30:26I guess my thoughts, and I'd love to hear your opinion on it, is would that technically be good? Because it's like when you look at these treasury companies and you look at them as public vehicles, right? Like if mom and pop, you know, Joe six pack retailer comes in, they're like, okay, well, you know, I'm going to buy this for my sole exposure. And like, they decide that they wanted to go through with the that. And it trades before below MNAV, you know, there's no way for them to kind of like hedge that out. Like, would you think that maybe like having it tokenized means that then you now open that up to crypto capital to come in and be like, all right, well, like, let's close that gap.

31:06If and when, you know, like the bottom happens, right? Or when, you know, people are like willing to step in, whether that MNAV of like 0.8 or 0.5 or 0.2, whatever that MNAV is. Like, I just don't know, right? Like, I think because like, I think some of the theories I think about it just like really high levels, like, oh, you'll get some people, some smart people in crypto that can like step in and be like, okay, we're going to play, you know, this thing you know mnav trading back higher or whatever and kind of arg that out but i don't know if that plays out right like i'm super curious i will the next stage of this if you're smart is what is the cost of like let's say we need to wind up this stat what would be the cost of that like let's say on the dollar let's say costs us you know three cents on the dollar to actually wind this whole thing up five cents on the dollar and this starts trading at 0.8 0.7 on mnav like Obviously, there's going to be a trade there.

32:01And then maybe an extension of that trade, which is actually worse. We're going to turn this around and we're going to put all the assets into DeFi. We're going to get a yield. And I can see that happening. I can definitely see that happening. We haven't yet seen that. Things have not traded at that much of a discount that that would happen. But I do think we will see that. That's for sure. Which is why you can't, particularly even with the big ones, you can't get unbelievably bearish. like not many of them were actually financed using debt. The majority of them were financed using equity, which I think is a good thing.

32:38Because there's no like upcoming maturities for large bits of them or like ongoing interest costs or anything like that. So I think that's one of the benefits about how this was done. It was just, there were just some very bad decisions made in the stock market, essentially around some of these, rather than like the assets need to go through some horrific bankruptcy or anything like that. I am. Yeah. So to your point too, is like, I think that, you know, like a lot, a lot of the bigger dots are going to be steadfast because they're run by like crypto natives and very aligned, you know, founders that are aligned with their chains.

33:12I think the concern is probably like around these, you know, you know, companies that have pivoted to crypto when it made sense. And now they're like, oh, well, like, do we want to be involved in this site? Let's just go back to holding cash, right? And it's like, that to me is probably like where the bigger risk is, right? If they're like, all right, well, let's just like sell the crypto because, you know, we want to support ultimately the share price. But like, I think the majority of the assets in that are probably weighted towards like the top end. So, but yeah, we just don't know, right? Because we don't know what's going on in these conversations, right?

33:46Like we don't know what's happening behind closed doors. Maybe there's going to be like some, like, I think that's the risky run of being short here is if there is like some you know rabbit out of a hat moment um that just like turns sentiment of like oh wow like that's really cool we weren't considering that you know yeah i think if i was to guess what the rabbit out of the hat moments are i do think they're more macro um i do think like the things i think would really turn the market here even if ai rolled over would be uh more stimulus which i think is going slightly higher like the net Next real point, I think, for a proper market turn would be the Fed next month.

34:29Because it's now kind of 50-50. Will they not drop rates? You can see that in the swaps market. And I think the idea, if they were to drop rates, and then people know that you're probably going to have a much more dovish Fed share coming in next year, I think that could propel us from a macro standpoint now as the main thing that would cause some form of a Santa rally. on a micro standpoint I do think that undoubtedly some of the the data unwind is going to hang over us for a little bit here at least some of the things I don't think it's going to be it's not going to send us horrifically lower but I do think it's going to there's going to be questions like there's no doubt that Tom Lee's going to get questioned like what are you going to do if MNav starts going below this level and this will play out for some of these major players there's no doubt in my mind around that but But on the macro standpoint, I do think we have drifted away from gold.

35:25We have drifted away from global liquidity for a long time now, which is what has been the underpinning of crypto for the last four years, really. We are really just a play on debasement, that Bitcoin is digital gold, that this is the asset to own. I do think that comes back. But you need a headline to jolt it. Do you know what I mean? I mean, you need that thing that goes like, right, actually, forget all this. Bitcoin's digital gold, and you are seeing unbelievable debasement here from central banks. Maybe a switch more aggressively out of like a QT policy into lowering rates from the US would be the main thing there.

36:08The other thing would be the market structure bill. You know, if that was to somehow be, I mean, the government shutdown has really, I think, slowed that. There was some draft legislation I saw from the Senate, I think, this week. And I think there's been some movement from the Democrats on that. But that would be the other thing I think that would jolt us. Yeah, I think the question comes down to whether, you know, I know, listen, there were a couple elected officials that were at the conference earlier this week. And, you know, they're like, we would like to get this signed before the end of the year.

36:41So, you know, whether or not that happens, obviously, we got pushback about, what was it, 40 days or something. Because, you know, maybe it could be something like that, that may be a surprise signing before the end of the year, whatever it is. I think Polymarket had it still like sub 40 % or something earlier this week. So, yeah, I mean, I agree with you. But like, I guess like the reason why it makes it hard for me to ultimately be more bearish than bullish here is that, to your point, is like we're still debasing, you know, the dot, like every currency around the world. is still debasing right and so it's not like you know we're debasing and maybe like you know japan or china is is wants a stronger a stronger currency like everybody wants a weaker currency you know and and it's like that you know that that's only bullish for you know these hard assets that you you know can't make more of right and i think that we've somehow drifted away from that which which um and that's just the market's drifted away from i don't think the narrative has gotten any less strong narrative anything it's gotten stronger but the the market has drifted away from that correlation i do think we'll get it back um the four-year cycle mixed now with this that rollover mixed down with maybe a bit of an ai rollover maybe enough that we get below uh some of these longer term metrics for a little bit but i do think that we will come back to that it's the strongest narrative for crypto out there.

38:13The only other one that continues to be strong, I would say, even during this period of continued weakness is the privacy narrative. And obviously, you said you're at a Cantor Fitzgerald conference for Bitcoin, which kind of says a lot about where we are really for crypto. Yes, we got the adoption, but that is a two-sided coin, which I think some people have been railing against, particularly OGs and ZCast went all the way up to like 800 and then dipped down to 400. And now it's been one of the best performers again on this recent dip. It's up 15 % today, even with the market lower, hanging out just below 600.

38:55What's your take on ZCast? Do you think this is now a narrative, the privacy narrative might be one of the strongest for the next six months? I mean, it looks like it, right? Like admittedly, like I missed this trade. I think I saw it like first on my radar around like 150 and I faded. And, you know, I haven't traded it on the long side. I really do not like shorting stuff in crypto because I just don't think like the risk reward is there for the most part. But yeah, I like I think, listen, you probably you have a track wallet. I have a track wallet. But privacy is something that is always top of mind in terms of like what I'm doing on chain and and trying to mask that and hide that.

39:43And I think that, you know, just for my own like safety concerns or whatever have you, just I don't necessarily want everybody knowing what I'm doing at any given point in time in an immutable ledger forever. Right. And so I've always been a huge privacy advocate. I think this trade probably has legs and it seems to have a convergence of, I think, a lot of people that have been leaders within the crypto community over the last 10 plus years that are also flagging this. And, you know, it's also, I think, been around for a while, right? I think that's one of the interesting things I think about blockchains is that, you know, the longer it's around, like the more battle tested it is, right?

40:30And I think that's kind of what we're seeing here in the sense that it's been around for a minute. You know, how long was it since the last time the chain went down? You know, like how is it processing transactions? And I think that's kind of what we're starting to see at play here. yeah the only reason i bring up on in the previous narrative is that i've i've listened to naval speak now i've listened to arthur hayes speak i've listened to um mert speak who have been maybe the three main figureheads of this at least recently and a lot of them are kind of semi-criticizing bitcoin when they talk about this they're like well bitcoin's becoming institutional and it's not just a privacy narrative it's also like we need to have our own thing narrative do you know what i mean it's like bitcoin has like is it's it's moved on slightly and i i think that's obviously very premature like zcash is trading at 10 billion dollars it's not like something crazy uh whereas bitcoin's you know more than a trillion, but the idea that the crypto landscape has just become too much like TradFi.

41:45And we've seen even this week, right? The UK has said$20 ,000 is going to be the maximum amount of stablecoins you can earn. The EU is basically getting rid of self-custody. And every single time you do a trade, you're going to have to KYC in a self-custody wallet. There was a story out today that the uae is also banned self-custody of bitcoin and there's this idea that we need to get back to the roots of crypto a little bit more and i do think that actually hit it um it does hit where it hurts a little bit i can see why this could be more than just a privacy coin it's more it can be more of a hey this is the cool new thing that we're all the ogs are getting into right i i think um I mean, like I've read, like, I think one of the reasons why I didn't get into it was because I felt like it was just exactly to what you said is like, all right, like, this is the new shill.

42:39I'm going to use me as exit liquidity, right? Because it's all over. So for that reason, like, I haven't gotten into the trade. But I do think that, like, it's definitely needed, right? I think when you start seeing those types of regulations. But like, also it's like, I, I'm not technical enough. So I can only go off what other people who are, who I think are technical, who I trust are saying is like, it's not even like privacy first, right? Like, I think it's like, you kind of have to put the setting. Yeah. Yeah. To shield it yourself. Yeah. And it's like, it's not even private per se, right?

43:14It's not privacy default. And so it's like, is there better? Cause the tech is also whatever, 10 years old at this point. Right. So it's like, is there better tech that makes more sense that's come out over the last couple of years? I think that's one of the things that I always try to think about in all of my frameworks, whether it's like Ethereum or Zcash or Bitcoin or whatever, is this Lycos. Lycos was the number one search engine in 1997. It doesn't exist today. And that's one of the things I always just try to think of. And admittedly, it always scares me with ETH. Is this fucking Lycos? right and you know i hope it's google and not lycos it's one of my hypotheses about crypto though is that you know it feels very new right now um but you know when we see these headlines of og bitcoiner comes to sell 10 billion dollars we it's kind of palatable because it's still kind of cool that like we were around and we missed it at that time in like 15 years when Gen A start to look at this stuff, it's not going to be cool to buy what the boomers are buying.

44:24Do you know what I mean? It's going to be like, why can't we just make our own version of this? Do you know what I'm kind of saying? I think that there is something to be said about when it becomes too institutional and people have made too much money from it, it loses that cool factor, that anti-establishment factor, which crypto definitely had. And I can see that as like the foundations of like a longer term issue with crypto in like 20 years, you know? But like our narrative, gold's been around for a long time. So, but the public nature of somebody coming out and just selling 20 billion and being like, oh, that guy mined it back in 2010.

45:03It's like, it leaves a bad taste in your mouth, I think. I guess like the one thing I would give as a kind of a counterpoint is like, I think the closest thing I would say to like what's been institutionalized over the last hundred years, probably real estate, right? In the sense that like it kind of took over the system. It's been up only. There's been this massive, you know, massive network that's been built about around keeping the price of real estate high. And so it's like, if we're just getting Bitcoin institutionalized and like, I mean, listen, I think we're like almost to that point where if there was like a crisis of confidence in Bitcoin, like, does the, you know, like, would the government step in the same way that there was, you know, when there was a crisis of confidence in 08, or even in like 97, with like the Asian financial crisis, where it's like, okay, well, like so many people's portfolios are tied to this, we need to kind of like bail everybody out.

45:58And there is like an implicit put like, that can go on for like, just because it's just starting to happen, maybe now or in the next five years that means there's like a long runway ahead right because then like they they're like people empower and maximize to like keep it up keep number up right look i'm not worried about that really happening with bitcoin it's more that i see that from um i think it's more it's a big thing for zcash than is a worry for bitcoin do you know what i mean it's like it's enough if enough people in the bitcoin community are thinking like that i think zcash probably has a bit more upside than 8 or 10 billion, wherever it is right now, rather than Bitcoin is going to come down.

46:37I like what you said there as well, which is like there could be a bit of an implicit put to crypto right now. I don't know if it will be in like 10 years, but I do think that Donald Trump is very aware of the Bitcoin price. The Trump family is very aware of where the Bitcoin price is. A lot of their donors are. And it's part of what when you said, like they want market structure done by the end of this year. Like if crypto starts to head lower, there's going to be a lot of pressure from lobbyists and the administration that this needs to get done. And I think that's one thing that crypto has never had before, that if it starts to go down here, and let's say Bitcoin does go below 90K or something like that, there's actually going to be pressure from the administration to get it higher.

47:24Very, I think in many different ways, they won't come out and say there's a put or anything like that, but they will be like, right, we're going to, We're going to do everything we can here to kind of help prop it up. It could be something as simple as announcing like, oh, we're looking at if prices get low enough, establishing a strategic Bitcoin reserve. It's like the same thing they've done with oil. What do they do when oil prices get too low or oil prices get too high? They just try to kind of talk it down. and they try to jawbone it in the direction that they want because they understand that, like, the power that they carry, right?

48:00And so I'm sure we'll see very similar tactics to what we've seen in commodity markets throughout the last, you know, 50, 60 years. Yeah. And we've got the midterm elections, obviously, next year as well, which means that crypto is now a very political tool when it comes to the US. So I think it's going to be a political issue for a lot of those races as well, again, because I'll get donors from all of this. And I can just see that, yeah, if anything, if crypto starts to head lower here from a macro, let's say, turn or just generic four-year cycle stuff, I think the U.S. is really going to try and get behind it and be like, right, well, no, no.

48:36It's going to be like the stock market. They won't, obviously, the Fed's not printing money to save it, but there will be, right, we're going to do this, this, this, either like implicitly or explicitly to try and to kind of keep everyone happy here who are our crypto. donors. Yeah. Yeah. So I don't get that bearish. This is the thing. I just have to respect the market. That's where I am as a trader. I'm respecting the market, but I'm not bearish. It's basically where I'm at. I'm going to wait and see now. I'd say I'm probably in the same position. I think whenever I've been chatting with people on the four-year cycle and that we've talked, I'm like, I get the points that you're making, but it makes it really hard for me to say, this is it when this is the first time we've had a pro-crypto administration that fully understands the value of even, let's say, Trump knows that there's a high probability that the second he leaves office, he could get debanked.

49:31So that's why he's, for that simple fact alone, he's going to be super pro-crypto because the more crypto is integrated within the financial system, the better off, the higher, the less probability he has of getting fully debanked, you know, in let's say if there's political warfare, lawfare down the road. And so I just think it's like those types of things, along with, you know, we're about to start cutting rates like there's just a lot of like macro overhead over overhangs that I think are going to start like turning into tailwinds at some point relatively soon. And we also know that Trump's like number one barometer is, you know, the price of the stock market and you know he understands that the higher the stock market is on midterm election day the better that helps you know his cause so i i think these are all things that like he's probably in explicitly looking at and discussing and which is why it makes it hard for me really hard for me to be like oh yeah like we've topped yeah yeah right always a great discussion i think we should not had a great week and we can probably get to try and help out.

50:45So ask any questions in the comments at the moment. We're going to go through a few of them now. Anna on the Real Vision platform says, if the AI stock bubble bursts, how will this spill into crypto, in your opinion? Maybe I'll take that. I think you have to understand that the crypto, the AI trade has actually underperformed pretty much all of global markets for the last two years. The US stock market is now huge compared to the other stock markets. And these certain stocks are a huge bit of that market cap as well. So I think it will just have a generic contagion to all markets if we start to see a big dip in just the market cap of global equities on the back of these sort of dipping.

51:34In terms of explicit things around crypto, I think it's less so. So obviously we have seen some merging between AI and crypto, although that trade has largely been a little bit disappointing, I would say. It's not like the number one coin in crypto is an AI-related coin, really. So for now, I think it wouldn't really affect the long-term payment rails, AI agent stuff in any sort of way. I think for now, it's just these guys have bought an unbelievable amount of GPUs. and there are questions about whether they're being used completely or in the right ways to actually generate a return on them. I don't think that's really a crypto question.

52:15It's more just a market cap question. I don't know if you have anything else on that, G. I would just think that one is I do think there's obviously a ton of correlation in the sense that it's just the risk on trade, right? And I think we've been seeing that over the last few weeks where as risk comes off, crypto is part of risk on. it will go down in concert. I think to me, it's like, I still feel pretty strongly that if it gets really, really bad, and let's say to the point where there's like some sort of government bailout or government backstop that's required, I think it will happen very, very quickly.

52:51Like think of what happened with Silicon Valley Bank a couple of years ago and probably even faster than that because they can't derail the AI sector, right? This can't be like the global financial crisis in 2008, like it started in 2007 when Countrywide blew up and it ended when Lehman blew up in 2009. It was a two year thing. And so I think that like this would be like something that would have to get resolved very quickly. So it could be very painful and like be like, you know, a big drawdowns across the board because anywhere you're talking about bailouts, like you have to be talking about, you know, equity holders possibly going to zero and stuff like that.

53:31But like, I think it would be resolved very quickly because I think the government understands that, you know, any delay in this, you know, like depending on who you talk to, we're either slightly ahead of China or behind China in terms of the AI race. Right. And so, you know, you can't lose any time, especially in something as important as this. And I just think there will be like high correlations. But then also, you know, if an issue gets resolved or, you know, like that overhang is lifted, I think like hopefully we start seeing like the risk on trade, you know, outperform very nicely. Yeah, it's interesting that you said that, that I, people maybe don't really realize that the Fed has so much room here to kind of do a lot on the policy standpoint.

54:20They've been reducing their balance sheet for a long, long time. So they may be a bit trigger happy if they start to see a space blow up, particularly one which is very, very key to the long-term health, I think, of the U.S. economy. And like you said, there's lots of arguments around defense, around strategic things that the U.S. needs to be good at. And I actually kind of agree with you that AI will never, it's not going to roll over. Not in the same way, for example, that I think the tech bubble burst in 2001. I think we're just in a different world when it comes to how reactive central banks are and the government is to protect these sort of key industries.

55:00Also, one thing I just want to highlight that it's funny because these headlines obviously were hitting again earlier this week. I had a chance to catch up for a couple of minutes with one of the founders from USDAI, which provides financing against GPUs. and I you know I asked him I'm like what do you think of like you know all this stuff of you know these short sellers are saying of like you know the capex uh bubble is like inflated and whatever he's like listen like there's obviously like a lot of spending but like there's so much demand you know there's so much demand he's like I don't see this like popping anytime soon right he's like and he's like and we'll see it he's like we'll see it in terms of like demand and and secondary pricing on gpus and stuff like that so it's probably worth having like a conversation with him at some point.

55:44I don't know if you know David, but he's, you know, they're really smart guys. You know what? I actually completely agree with that. I don't think we're actually going to see a top it really in the hardware. That's kind of, I think it's more, what I would be more worried about is in the companies, the Mag7 that I've really just been buying them. Yeah, like no ROI on it. Yeah. And that can obviously be a loop where people say, well, if there's no return, then you can't, they won't buy that more. But I actually think they're just going to keep buying them. It's just going to be a question about whether they can return on them.

56:14These bits also, the Mag7 businesses, people think they're just AI bits. Now, like you should look at the free cash flow of something like Google, Apple, Facebook. Like these are monsters of organizations which have had massive cash piles, which have had no idea what to spend it on for many, many years now. Like they can afford to take these bets. Now they've been rewarded to take these bets so far, but the idea that there's something going to run out of cash and need a bailout, It's kind of, you need to have a look at Google's balance sheet before you start getting worried about this sort of stuff or meta or any of these major, you know, the previous SaaS companies.

56:53They're all doing pretty well. Well, I think it was Zuck said it this week or last week, right? Of like, you know, we make a lot of cash, you know? Like, we have no cash. The free cash yield of these businesses is insane. Anyway, okay. Lodwig, I think I'm saying that right, on the RV platform. On DATS, don't you think hedge funds, et cetera, are not already positioned for short trade on DATS? Just came out of the Bitcoin conference in Amsterdam. And the sense I get is that DATS have many other opportunities ahead of them. Some banks already give 30 % lending value. I think smart DATS will do smart things with the assets, particularly L1s, you know, like ETH ones or Solana ones.

57:38With that much Solana, a DeFi protocol will pay you to basically jump up the TVL and use that to do various different things, which other people can do for borrowing and lending. And you could probably earn a decent amount of it if you're smart. At the same time, I don't think people are short them. I don't think hedge funds, you can really short them in any sort of decent size. These aren't massive stocks. it's more just a um in the sense of like the s &p 500 none of the major debts are even close to that apart from strategy which is you know was borderline getting um i think it's the s &p but all the other ones particularly the eth ones like then then you know we're talking about low billions we're not talking about tens of billions and it's very very difficult to imagine that they would so i i don't think people are short them i but i also think that they can probably do things to make equity value with them.

58:38I don't know if you have a view on that, Tuggy. Yeah, no, I tend to agree with the things you're saying. And I think in the conversation I've had with different like DATs or, you know, going down the rabbit hole on some of them, like each one has like a different strategy of how they plan on doing shareholder value. And listen, like I think a lot of these people have come into, you know, started these DATs with their eyes wide open, right? They know there's that initial pump and great. And then it's like, now what? And I think we're in that now what phase. And I think it'll just take time. That's the thing about when things happen, especially in the regulated space of the real world, is you can't just be like, throw out a Twitter post and be like, this is what we're going to do.

59:23It's like, you have to get the agreements in place, make sure that of all things, first and foremost, is like custody and having things secured because it's not just like whipping stuff around on chain in a hot wallet, right? And then also like clearing stuff through, you know, the SEC and things like that. So, you know, these things don't happen overnight, even though I'm sure they've been working on a lot of these things for a while now of trying to figure out, okay, where and how do we get value accrual for shareholders beyond just holding the underlying asset? yeah yeah i agree with that uh westerland on the rv website thoughts on plasma i believe it was mentioned in a previous episode around the aster launch looks to have built decent support in my opinion uh yeah this this did come out at the same time as aster and it was it was the very it was the tetherback neobank um this neobank narrative has stayed with us and you have a few different people now talking about it.

1:00:25XPL, it did feel as though the tokenomics post-launch became very clear that they were going to have very high emissions as incentives for the yield on the chain. And the Neobank narrative has definitely become a bit like I said, there's more people in it and Tether has been backing more and more chains. So it's become maybe less of a unique narrative. My general sense on like, is that something I want to own right now? Probably not. I'm kind of always of the view that, which I think kind of Raoul also speaks about, like you kind of want to be in the best asset at all times, particularly when it comes to altcoins.

1:01:05I'm not a big fan of just like buying bottom charts in altcoins because you can be bottom for a long time and sometimes they can continue to go lower. So for me, at this point in the market, that's not something that I would focus on. If I was focusing on any altcoin right now, it would be Zcash. Other than that, I'm waiting for Bitcoin to go back above 100K, 103K. Yeah, I haven't been that close to the XPL story here, but just looking at the chart, you probably have some time before it actually bottoms and you'll have an opportunity to buy it at some point. I don't know if it's maybe slightly higher from here or slightly lower, but yeah I know there was a lot of hype and you know and fandom around the the launch and obviously it hasn't been performing as well as people wanted but this has also been a really weak market and it's been a tough market yeah I agree with that and then finally we had Sebastian on Real Vision guys do you think the selling is institutionally caused no I don't think it's substitutional cause, I actually think institutions have been the buyers.

1:02:17I think the selling has been more OG Bitcoin cause. You can see that from the flows. Institutions have been buying these bags. Yes, we had some outflows from the ETFs this week, but largely you've had buying from the ETFs and from DATS this whole period. So this is not the institution selling. This is the institution's buying in the face of, I think, a four-year cycle and now mixed with a bit of a macro sell-off. Yeah. And I think to highlight that, you can just take a look at the way sentiment is on crypto Twitter. It's super, super negative compared to, like I said earlier this week, I was talking to a lot of institutional guys that, like I said, are interested.

1:02:59They're maybe not running out and buying hand over fist right now, but they're interested, right? And I think interested in doing the work is the first step to buying and not necessarily selling. So I think that like, you know, I know last cycle is always like, don't let the institutions, you know, take your coins. And I think that's kind of what's happening right now. But it is what it is, right? That's the market. Okay, guys. Well, it's been quite the week. I think it's still key level. We'll be looking out to see if Bitcoin can kind of reclaim 100K by the end of the week, by Sunday night. It's not out of the question.

1:03:415 % move, I think, from here to kind of get above that 50-week moving average, but I'd still be on the lookout for that. I've told you I've de-risked, obviously, with mainly Bitcoin over this period, but I would be respecting the market a little bit here. Or, you know, if you're a long-term buyer, just buy and ignore all the noise. Like, Bitcoin is down 25%. I think I'm more of a, let's say, medium-term trader than like a very, very long-term trader. But that's where we're at. I hope you guys all had a good week. And hopefully we'll be on high next week. Thanks for coming on again, G. Really appreciate your time.

1:04:19Thanks for having me. You obviously enjoyed the episode because you're here with me at the end. But listen, don't forget to go to realvision.com forward slash join and grab a free membership. It's an incredible community packed with alpha, great investment ideas, and the research that you need to help you unfuck your future. So get started now. Go to realvision.com forward slash join.