Bitcoin Tanks — Where Is the Bottom? | REKT Vision (November 21, 2025)

27:32And you have to think about it in a different bucket. So I'm going to talk about the non-micro strategy ones.

27:40So basically, if the DATs are trading under MNAV, it makes sense they should sell some of their assets to buy back their own stock to re-peg themselves. right um the question is how far under m nav do they need to be trading to do that and then like once that narrative is established like when is so like the hope is you don't have to do that with a lot right the hope is like you do that one time everyone's like oh then they're going to do it and so like maybe like like there's just a bid that comes in that's like i should buy this because like in the worst case they'll just buy it from me and there's an arb there right like when does that kind of come in?

28:17I would very strongly, like I have very strongly been advocating and looking at, like I think there's a point, if you see like an Ethereum data 40 % under MNAV, like I think you probably like 40, 50 % under, like that's a very easy bid to me because like they can just sell and buy and that probably means they must sell and buy, right? So like what is that number and how far DPEG can they get? I don't know. The real thing is like, when are they going to go over MNav. I see no argument for them to go over MNav anytime soon. That was the whole thing that made DATS work was that they were trading over MNav, which was ridiculous.

28:54And we knew it was going to unwind at some point. I think that the other thing that we will start to see unwinding on some of the smaller ones is they do have annual costs to run a public company. They will need to sell just to do that. And that will cause their MNav to go down because they have to sell off their balance sheet for something other than repurchase of their own stock. The other thing is like the really scary ones are the ones that are tokens that are not, you know, like, okay, like if BitMine wanted to sell$3 billion of ETH, like there's a bid for$3 billion of ETH, right? There are tokens for companies that do not have bids of the size of the DATs.

29:35And there is not the ability to sell them to rebid themselves. And that's going to be a mess because like, how do you even unwind that? even if you wanted to. Where I think we see a lot of the existential questions, I think we will see a lot of these companies get delisted from the market. I think that's a cascade that's coming. And the question is what happens to them when they're private? Because it's not as simple then as sell the assets, rebuy. So is them getting delisted bullish or bearish? I don't know. But there is definitely an unwinding here that must happen. And they certainly aren't raising more money or purchasing more of things.

30:10That being said, like there is a, you know, it almost reminds me of like, of Grayscale Bitcoin, GBTC when it d-pegged, where like there was a great trade where if you just bought d-pegged GBTC, like great, this is not quite the same thing, but in some cases it might be like there is a certain amount of d-pegging or under MNAV that just is super juicy. Yeah. I haven't seen that many trade, like really far below MNAV. They're just, they're just like below MNAV. um i think most of them are like 0.9 ish or not when eight ish it's not like 0.6 right and we have seen this week we've seen a couple come in there was one yesterday that sold something like 11 000 so some decent sales going through already but it's more that eth in my opinion is the most exposed to this is because it had the biggest run up on the back of the stack trade you know this was this was the buyer of ETH from 1 ,500.

31:04Tom Lee was driving the marketing and the bid, really. And that has now shifted. And if that even somewhat shifts now to the downside, an unwinding of that, I think, is pretty worrying. I think it's more of an ETH thing, though. That's what I think. Do you think it also touches Solana, or do you think it's just ETH? Well, Solana's definitely not trading that well either and does have some dApps. but I don't think it's got the same percentage of supply in its stats. I don't know. I think that was a little bit remains to be kind of seen. The main soldats are also pretty Solana aligned. It's guys like Carl Somanie and a couple of others.

31:52So you would like to think that maybe they'd be a bit more, they wouldn't do stuff like that. that it feels like that you know that they wouldn't turn around to start dumping solana but i think the market is going to try and test this basically that's where i kind of that's where i think right now but something that i think is is inherent to what you said which maybe i disagree with a little bit is like i actually think the most solana i thought aligned thing they could do is sell a little bit now to repeg mnav because like like what you want to do is signal to the market that you're willing to do that so that you have to do it as little times as possible because the market will do it for you to close them.

32:30I think that waiting and being uncertain if you're ever going to sell off the balance sheet to rebuy stock is actually quite bearish. Because I would be much more comfortable bidding and closing ARBs on companies that have indicated they will do small repurchasing events versus ones who won't. Maybe that's the case. I still think if Tom Lee turned around and started selling ETH, it would be um yeah maybe it would be a initial move down but then maybe it would be a almost stabilizing sort of move from there but like if microstructure did that as well you can imagine the headlines it would be i don't know if it'd be a loss of faith but it would just really be i think it'd be a bit scary there for a minute there if that started happening but maybe it's something that they have to try and do show that they can do it because it feels like now right now the market is part of the narrative is it's going to test these stats it's going to test there's a lot of feeling of like what is sailor going to do what is tom lee going to do and maybe just doing it a small amount might just satiate everyone to say look we'll do it when we need to basically like you said yeah i mean like like look i i would prefer 10 under mnav having sold a little bit of eath to 20 under mnav having sold none like that to me is is a preferable scenario but i agree that like none of these scenarios are good like not as good as they once were let's put it that way um the other thing that's been going on this week is like macro picture has been evolving slightly as well like we've had a lot of weakness in japan which people have continued to say is a ticking time bomb for you know but they've been saying that for decades uh around the debt situation there but we had the fed also kind of going back and forth back and forth over this rate cut potentially for next month.

34:22And that has slightly spooked markets. We were selling off hard until the Fed's, I think it's Williams maybe, or Waller, came out today and said, look, I think we could have a rate cut near term. And then the market bounced somewhat. I think we're having a little bit of a bounce even right now as we speak. But Do you think that that is going to be a turning point here for the market? It has seemingly that that decision is swinging pretty wildly on things like Polymarket at the moment. It was 50-50, then it was down to like 20. Then after the comments today, it was up to 70 % that they are going to cut rates.

35:10Yeah, I mean, I think this is like the thing that matters, right? Like, as we're saying, it seems like stocks matter a lot to crypto right now. stocks could be a big risk to crypto right now and like i can't remember the last time it was this unclear right like usually this is like 80 20 or like 90 10 like um because this is just the odds over time for this particular rate cut right not like yeah like what are past rate cuts like usually you correct me wrong but usually they're not this close like 50 50 is pretty crazy right like usually it's pretty consensus i mean the fed gives forward guidance for a reason like this is the most confusing one.

35:48Now, the good thing about that is it means neither direction is priced in. So it means that if we do get a rate cut, that will actually run. It wasn't priced in. Many rate cuts that we've gotten are entirely priced in because everyone knew they were coming. And it's like, how much of a rate cut will we get versus is there a rate cut at all? And it's usually pretty consensus and the consensus is usually correct. We haven't had a surprising outcome in a very long time and we're basically guaranteed a surprising outcome here because all outcomes are surprising yeah yeah i think the resolution you're right in that market does not like uncertainty this this has surprised me too that the fed hasn't i think part of it is the lack of data because from the government shutdown so they've been a bit more coy about things um part of it is obviously we had a strong jobs figure for example yesterday which again spooked the market because it felt like we weren't going to have a rate cut.

36:45So parts of the data have been slightly contradictory. So it does feel a bit more in the balance, but you would like to see them be way more clear at this stage. So maybe we will see something from the Fed, at least in the next week, that will give us a bit more clarity. I think the market would like that. The market really does not like this sort of uncertainty. So maybe it's just all these sort of things. like is there anything so right now in the market what are you what are you feeling are you are you looking for levels to buy bitcoin are you are you out of the market are you are you all in and just waiting for the bounce like what's your view here yeah so i mean like i am doing two things one is like like i think this is a like so this is not the best time but throughout this year like i would say like just kind of being ready to reallocate your portfolio right like i'm looking at things and being like all right old and they're like in uncertainty old narratives kind of like don't matter as much right and so what i would say is you thinking two things is this the bottom and if it is the bottom what am i buying i think those are really important right like what am i nibbling at what am i chomping on what am i looking for um you know i think for example there's a few ways you can play this.

38:03One is like, if there's no rate cut at the next Fed meeting, I think I'm deploying pretty aggressively into no rate cut at the next Fed meeting because that seems like a catastrophic event, right? If there is a rate cut at the next Fed meeting, I think the question is like, how long does it sort of like exuberance around that last, et cetera? Like I might be looking at that bounce to like cut some positions and I'm less happy that like a position that I wouldn't have bought on the dip is a position that I feel I should cut on a bounce, right? And so So anything that I'm still holding that like, in the world where there is this rate cut that wasn't priced in and we go higher, like, you should probably be reallocating to either cash or the things that you would have bought in a dip, right?

38:43Those are the two things that I think make sense there. If you wouldn't have bought it in a dip, there's no reason you should be holding it. So I think that those are really, really relevant. I also think that, you know, especially in crypto, like one of the biggest questions for the next year in time is some of the biggest tokens coming up are all new L1s. Like a lot of money is in the mega ETH presale. Like a lot of money is in, you know, is in the Monad presale. Like these two things, which like, you know, they're great companies. Like, do we need more L1s? Is this the thing that matters? I don't know.

39:19Like a lot of the money in our industry is kind of in those two things. I think not only the rate cuts, but like do those two TGEs go well matters a lot, a lot to the industry. I think there's a point, if AI tech stocks truly collapse, there's definitely a point in which you should bid them. Like, I don't think NVIDIA is going away. I think it might be overvalued right now, but like, it's not unreasonably so. I think I'm a little hesitant to bid ETH. I think Solana is probably going to be oversold on this run. I think I would sooner bid marginal Solana than marginal ETH. just because I think there's a more active growth effort that makes sense there.

40:01But the other thing that I'd be looking for is like, what is a new meta? Like we feel really ripe for like, the whole thing this year has been like, who's going to get a DAT and or what low float high FDV L1 is launching, right? Like those are the two things that kind of matter this cycle. And I just think that we're really ripe for a new meta to develop that is very meaningful, that has a whole system and running around it. Solana is relevant because there was an entire section, several months of the market where the only thing that mattered was Solana mean coins. A lot of the L1s are relevant because all of the ETFs so far have been for these L1s.

40:45And this seems to be what retail likes. There was a period of time where ordinals was relevant. But I think that we're ready for a new primitive or a new meta to kind of come out that catches a lot of people off sides very substantially. What do you think about that? It's been difficult because I think that has been slightly slowed during this period. We've seen a lot of TradFi adoption. So most of the new things I see are around that. But is there anything you've been looking at which you think could be that? Or you think it's going to be like an unknown that catches everyone out? I mean, obviously, I have my own opinions on this, which inform a lot of how I operate, which is I think that there was a lot of exuberance from TradFi.

41:28I think a lot of TradFi exuberance has dampened because of how the DATs are playing out. But I think that, again, my read on this cycle is the most important thing that happened was the Circle IPO. I will die on this hill. I think that companies that are more palatable to TradFi that come out of crypto will matter a lot. This is why we see a lot of these stablecoin companies are the thing that they like the most. But we don't see an on-chain run on any assets there because the stablecoin doesn't become worth more. You don't see the effect of TradFi really loving stablecoins because it's very digestible to them.

42:01I think real revenue companies is a thing that will matter because everyone in TradFi is used to reading earnings reports. That to me matters a lot. I don't think we see many companies in crypto that have real revenue that isn't from trading fees. I think that's a general thesis of mine. But we'll have to see, right? We'll have to see what could get TradFi excited or is there a different marginal bid besides TradFi? I think those are the two questions. I would be much more along something non-stable coin that is a use case that gets TradFi excited and they become a bid on than I would be other pockets of liquidity entering crypto because I think we just haven't seen that.

42:39The most staggering thing to me this cycle is the lack of user growth on exchanges. I think call a spade a spade, that's the most interesting thing is in past cycles, when crypto spikes, we see exchanges become more and more relevant. And that just super didn't happen this cycle. One thing that has been is prediction markets. You saw Polymarket and Calci both going toe-to-toe again this week. Both talk about, I think Calci raised today at, was it$12 billion? something along those lines. I think Polymarket is in talks to raise around the same sort of level. That feels like it could be the thing, at least.

43:17I know Calci is maybe less crypto-centric than at least Polymarket is, but it does feel like that has been the one spot of crypto where they are just not paying attention to what is going on in the rest of crypto. I think there's a very binary outcome here, which is like both Calci and Polymarket are really playing with a lot of kind of legally gray areas in the United States. And so the question is, can either of them TGE prior to any sort of like investigation starting about the legally gray areas, right? We saw, you know, sports betting coming to sports predicting, not betting, coming to them.

43:55I think there's going to be a lot of regulatory challenges to that specific take that they have. We saw Calci this week do a partnership with StockX around collectibles. That is also, to me, a... I love collectibles. So this is something that I guess I've kind of mixed feelings on. But it seems like there is room here for a big mistake. That being said, the flip side of this is like, you know, a Kalshi token, a Polymarket token, I think Polymarket is probably more likely or would come sooner, like could be huge catalysts. Like that would be, I mean, that's will be all we talk about for a month, right?

44:31is like that token. And a really good outcome on there, especially if they could go token into ETF listing really quickly, which it seems like Polymarket is probably the best position to be since they're invested in by the NASDAQ. If they could do something like that, that could really bring a lot of life back. I think we just haven't had a crazy runner in a while. And it's hard to keep coming back to the drawing board for trades in crypto when most of the trades don't work out. But also I think that the quality of companies that have TGE'd this year is just lower than in prior bull markets. Yeah, that's probably somewhat true.

45:09I feel as though the market does just need a sector which runs and it catches everyone off guard. Like you said, it could just be last year, AI became like a big thing for a brief period. And then we kind of moved back into defy it felt like and then we had you know um on-chain capital markets essentially all this sort of um mini metas it does feel like we can have that coming back and some of the best of those happen during periods of real weakness in the market like that's when they kind of emerge and then oh my god this is going to be the thing that is going to be big next cycle you know what me.

45:52Absolutely. Absolutely. I mean, look, again, two of my best trades were tokens that launched in bear markets were Blur token in its first airdrop and MemeLand. These were really big wins for me as a trader. You could not have painted a worse market that both of those launched in. But there's also less noise. And I do think that... Another way to view this is maybe a positive light is Bitcoin went down in price prior to stocks going down in price because crypto traders traded better this cycle and they actually took profits and they actually have cash. And what is that cash waiting to bid? Things go down in price because people are selling, but maybe that's just like, a hallmark of prior cycles is one of the reasons bear markets are so rough is because everyone round trips their bags and no one has money to bid the dip.

46:43I do strongly believe that because TradFi was exit liquidity for a lot of the trades this cycle, that the crypto native audience has more stable coins and cash than they've ever had and have had in prior bear markets. And I think that the big question is, and again, this is why I would pose to you is like, all right, let's say there's a 30 % candle down tomorrow on everything. What are you buying? What is your answer to that? And what do you think other people's answer to that is? I think that that is very, very key. I'll tell you, there is a price of Fartcoin where I'm just putting a bunch of money in a fart coin.

47:16That is a no-brainer trade to me. And maybe it goes to zero, but that price is very low, by the way. That price is like $20 million,$30 million market cap on fart coin. I'll put it in size. That makes sense to me. Yeah. I think the one that I've been drawn to most recently has been the privacy-style coins. They've been a little bit weak even today, which is why I was looking at them again but all things like hyperliquid just because i feel as though there's oh yeah i mean there's a narrative there for hyperliquid and maybe even aster's been relatively strong throughout this whole period she's been probably the strongest old coin if i'm honest but yeah i mean like if you are in this market there should be a price in your head where you bid aster and a price in your head where you bid hyperliquid like if you don't have those prices in your head we're like then then just doing this wrong, I think.

48:09Yeah, I would agree. I actually think that's not a bad way to consider these sort of periods is have a short list of names that you think are going to be interesting. And then look for breakouts or if you want to align the same levels, you can as well. A good way to identify that for yourself is on days where Bitcoin comes back up and we see these rallies and like, like, what are you feeling FOMO about not buying? Like that, that should really, you think is the other thing that's kind of funny about this period is like, you know, companies don't tend to ship as many announcements or like new things like over periods of time with this high volatility.

48:45And so like, you know, nothing should fundamentally change by these companies over these periods of time. That's all that substantial. Like really what you'll see is like sentiment around them. What do you think matters? And like, where do you think the market's just wrong like that is the thing that that just like really really matters here but but i agree aster is like suspiciously strong yeah i mean yeah i've definitely been surprised by it's uh it feels obviously the volumes are still pretty high um there's been a lot of questions around that but the perp the age of the perp decks feels like it is kind of upon us i do think that they are going to be with us as one of the main things throughout the next few cycles so maybe people are looking forward at these sort of things expanding into tons of different asset classes and and it being the main trading vehicle venues for lots of different uh assets i think globally i think like what's what's your price on hyper liquid where you go all in right i think if it went down to around 25 i i would be interested another 20 like hyper liquid i think is already interesting right now But if it goes down to 25-ish, that spread versus some of the other L1s, I think it's very interesting around there.

50:04And you really consider Hyperliquid like an L1? Less so, obviously. I have a similar sort of take to you, and now I think you have to understand what it is. But I do think Hyperliquid is going to be one of the main venues for trading perps in the future. I just feel I think PURPS is going to be you want to have exposure to that as a product so my view is that Hyperliquid is going to be a good buy for that even if it's not an L1 trade I do think it's going to be a good trade for being a PURP yeah I would start with this with Bitcoin I would start with this with Bitcoin like Bitcoin for me I mean obviously I own Bitcoin right now Like I've been, it's still the asset which I kind of moved into as everything sold off.

50:56And it's continued to sell off. It's actually, we're actually rallying a little bit now, like 85, 86K right now. So decent spot and it looks like stocks are rallying. So Bitcoin is always going to be the one that I think you need to work out where that bottoms before you can necessarily start charging into a lot of these other assets. Worryingly, like we just keep on breaking through levels of support. I would have guessed around 75K would be the main level of support. But we're now maybe this 80K level, which we just touched, is going to be seen as the short-term support level. So maybe trading around that would make sense.

51:34Yeah. I mean, I think to me, the really big bottom of the market signal is if we go to pre-Trump levels. right like if we're if we ever break 70k like that's when i start really like all the cash i have squirreled away all the like you know that's when that's when i'm just like all right do we mortgage the house like that's that's the thing to me of like like this to me is volatility this is not like a crash like a crash is we are under pre-trump levels so what was that that was 65 65, 70, yeah. I would agree. If we went down there, that's a shove. My house is going to shrink in size. I'm going to be wearing much less nice clothing.

52:20We're going to be eating ramen. We're just going to go, you know, like that to me is the like, you shove moment, right? It was like the last time that I felt that way was the FTX collapse. And like, I don't know that we get an FTX collapse style event this cycle. As a matter of fact, I think that a sign of maturity is that we are even discussing that we might not, right? But it certainly would be that if we didn't. But that was like a sell the shirt off my back to buy the coins kind of moment. Like I don't know. Ideally, we don't get that this cycle, right? Like that's not necessarily the healthiest thing.

52:51But if we do, like the moment to do that is very quick. You don't have a lot of time. It is also a very emotional moment because you probably lost a lot of other money. And so like it is of vital importance as a trader to have a plan for that moment if it happens. and to execute that plan and just be very clear on it. Yeah, I certainly think that last time there was more leverage in the system. This time there's DATS, which is like a different sort of trade, let's say. Yeah. I do think it's worrying, but the idea of going from 69K to 16K, like you said, that requires a real liquidation, in my opinion.

53:30We blew up all the leverage on October 11th. Yeah, yeah, yeah. Yeah, that's true. Like, no one has any money. That's why they're so leverage. Right, guys. I want to get to some questions because I know it's been a real week. So if you want to talk about anything, just put them on the Real Vision website or on X or on YouTube. Alexander on the Real Vision website says, are market makers forced sellers due to Binance using the internal Oracle that failed, causing a damage balance sheet for some large market makers? Yes. Very, very obviously, I think that 10th of October wipeout on Binance or was caused by Binance Oracle affected a number of different market makers.

54:19There was talk for a while about them suing Binance. I don't know where that's kind of gone. They publicly denied it at the time, but there's been a notable drop off in the liquidity of altcoins in particular since that happened. so I think it did leave a mark for sure but I wouldn't say that so I think there is a sentiment that even though market makers lost money market makers make a lot more money than you think and are a lot more responsible with your money with their money than I think people think and so it's kind of like it's reminiscent to me of when Bybit got hacked for$2 billion and it was just like we just have$2 billion I think there's a lot of people who are fear-mongering around like, oh, Wintermute's insolvent.

55:06Wintermute could lose a lot of money. Yeah, Wintermute's not insolvent. That's not the case. I'd agree with that. What would be the motivation for not releasing inflation data? Seems that if numbers were good, Trump could point to it as a win. And if they miss, it would lead to a cut. By not releasing, it's creating uncertainty. I do agree with this. I don't even know if there's just like a lack of faith in the numbers. That's why they're not being put out. Maybe they feel as though this period, because so many officials were off, they weren't able to get good readings on a number of these different things.

55:41So I honestly don't know the answer to that. What I do agree with is that by not releasing, it's creating uncertainty. We've just spoken about that, like how 50-50 the themes. That doesn't normally happen. particularly like the Fed likes to tell the market what it's about to do or give pretty clear guidance within weeks of a Fed meeting what about what it's about to do and it doesn't seem to be the case right now and part of that is um slightly conflicting data but part of that is a lack of data and I don't think it's helping so like okay the like tinfoil hat answer to this which I think is kind of funny and we're talking about is like one of the things that is coming up is a midterm election year in the US.

56:22And so like one of the sentiments that I have heard is like, hey, stock market was doing way too well. Like it could never do better. Like we need to cause uncertainty in the market intentionally now so that when we're closer to midterms, we can save the market and it's bullish for like the current like party in charge. I don't know. Like again, this is very tinfoil hat on like, is that what's happening? But like there's two things. It's like either this is just like sheer incompetency, which is I think more often the case than people think. Like there's a lot of conspiracy theories that are actually just like, hey, people are just bad at their job or it just didn't happen.

56:52Or you're like, why would someone want uncertainty? Markets definitely don't like uncertainty generally. We know that for sure. And you can justify why a market might want uncertainty. But I would actually think the market wants uncertainty answer is optimistic because it is the more bullish of the two answers because it's implying that it is causing uncertainty to have some sort of narrative around when certainty is gained being bullish. hmm yeah i think that's fair okay is bitcoin just trying to build a bottom right now i have not seen that i think bitcoin right now has just been smashing through levels the first level that we've seen a decent bounce on is right now where we've seen it bounce the 80k um maybe it will start to try and form a bottom around 80k for now it's just been consistent selling.

57:48So hopefully this is the first attempt at building a consolidated level which will be defended. Yeah, I mean, I think it's pretty obvious. If you look at this chart, it's either going to continue to range down in pretty much a straight line as it has been or some catalyst is going to send it one way or another and we know there's this very clear catalyst to the upside or downside coming in the upcoming rate decision. And so it's like there's there's two lanes of time you should be looking on. It's now till the next Fed meeting, and then it's after that. Now to the next Fed meeting, I see no reason why it should bounce or drop significantly.

58:26Post the next Fed meeting, it is very deterministic by do they cut rates or not. Yeah. Yeah, I think it's fair.

58:38Jory Zale on YouTube. How would you price tokens in this environment? a lot of stuff is at bear market lows already. It's bear market lows in terms of price, but as Spencer said, some of this stuff, market cap, you'd be surprised at the emissions of a lot of these tokens. The crypto total market cap is still at, let me bring that up, just shy of$3 trillion. Yeah, I would disagree with the premise of this question. Like market caps,$3 trillion.

59:16Bitcoin dominance is not that high. It is certainly true that many coins are not at bear market lows. I would say coins that are at bear market lows right now are probably not the coins you want to be buying. Yeah, I wouldn't think that this is forming a bottom in altcoins necessarily. Like we went in April, we were at 2.3 trillion. We're at 2.9 right now. So we're actually up since then. So as Spencer said, Bitcoin dominance as well at that time, back in March, April was at 65%. So and now it's at 59. So altcoins have actually outperformed Bitcoin over that period. Well, not necessarily because there's also been a lot of new altcoins issued.

1:00:04Yeah, that's fair. But by and large, if this is a bear market, or if this is going to be, let's say, a sustained chop, I wouldn't necessarily say that altcoins is the thing to price. I would always be looking, like I said, look at Bitcoin first. Bitcoin needs to stabilize for the market to rally. There's been periods even in the last week where altcoins have rallied, and then Bitcoin hasn't, and you just know that that isn't going to last. like if Bitcoin was to go back down to 80k right now every single one of these altcoin bounces would get rugged so focus on Bitcoin when these these sort of things happen and then you can kind of work out when to price the rest of the market I think we gave a rough list of the ones that we might be interested in I think there's for me it's perp dexes privacy coins and then there's culture style coins I think which which I think normally tend to last throughout um the cycle or can have interesting runs back up.

1:01:00Yeah. Yeah. I think that's something like a trade I did earlier, you know, over the last cycle was like dick butts, right? This is not a trade that people think about ever, basically, right? But like, you know, I just like dick butts. They seem culturally relevant. They were half an ETH. I bought a bunch of them. They went as high as one and a half ETH. They're at one ETH now. ETH is also up. Like that was a great trade, right? Some of these wins, like if you're buying, this is why I'm saying like Farcoin to me is really interesting, like, you know, 20, 30 mil market cap because it's like, you don't need a crazy run to a billion or multi-billion dollar run for to make your two to three x on that trade right like like the amount of liquidity that you need to win that isn't that high and like if it's something you still think about from prior cycles it matters like we saw uniswap have a great moment we saw like more so than privacy coins like to me the zcash run is not a privacy so this is my contrarian take it's like zcash is not a privacy coin run it is a old token run, right?

1:01:53There's definitely a sentiment which is like, new tokens that still have large venture unlocks are kind of hard to buy. And so like, therefore, Zcash, we saw a Uniswap pump that was really significant recently, right? Like, these fully vested, fully floating tokens are just like, like that might like that to me is a thing that is surprising to be a narrative that we're seeing 2017 cycle tokens, 2016 cycle tokens, like 2014 cycle tokens coming back right like that's where if i was looking for the next like like there's there's definitely a hunt now for who is the next uniswap or zcash that like is run up in this way yeah i mean i've seen that we've seen that a few times really haven't we xrp was a similar sort of example like i'm never i'm never gonna say these some of these old narratives die particularly ones with diehard communities around them they oddly can stay on and come back fairly strong at random moments yeah maybe that's what the next big bull run is uh okay i think we'll call it a day there guys i hope you've had a a okay week hopefully this bounce whatever it is is sustained for a little for a little bit longer um we'll be back again next week obviously same time uh spencer thanks so much for coming on uh on what is a tough day to be to come out and give give strong views but But I completely agree with what you said.

1:03:18Staying engaged in the market at times like this often can lead to the best trades. Yeah, absolutely. Thank you so much for having me, Mando. I'm always happy to come on even the toughest of days because I'm not someone who goes away in bad weather. Yeah, me neither. Okay, guys. We'll see you again next week. Thanks a lot for tuning in.

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