Crypto “Uptober" Lives On (So Far) | REKTVision

28:20We mentioned it on the show last week, but it's a strategy set by Tokenwork, which is this company. They originally started with just punks, and it's basically using the trading fees of a coin to buy back, buy punks in the open market or buy NFTs in the open market. and um and which they then relist uh which can get bought but the token value of the main strategy there which is punk strategy at 150 million dollars this week um this was trading i think about 30 to 40 on the show last week and i think a fraction of that maybe under 10 a week before that it's been a crazy run over the last two weeks like i said before they expanded the the the number of nfts that they're using this this sort of vehicle for one of which is me bits so i'm sure you've had a pretty strong view on it what what do you think about all of this yeah so just to put it into context the way punk strategy works is that you're right there's a 10 10 % transaction fee on every buy and sell.

29:31Kind of like royalties back in 21 for NFTs. Eight of that 10 % goes towards buying a punk. That's programmatic. There's no human making the decision. It's just the protocol accumulates that fee. Once he has enough to buy a floor punk, it goes and executes. 1 % of that 10 % goes towards TokenWorks. And 1 % goes towards their holders. they also launch additional strategies you're right me bits is one of them and it's had they have 10 uh fees as well the fee splits a little different so eight percent again goes towards buying floor nfts i'll just talk about meepster meep strategy because that's the one that obviously um works with me bits and we've really embraced it um one percent of the ten percent then goes and buys back punk strategy so like it rolls up to punk strategy it's almost like the mother coin of this ecosystem or like the protocol token, immediately just goes back, buys and burns with that 1 % of fees.

30:34And then the other 1 % gets paid out as a royalty to the collection owner. And what this does is just a very, very smart way of doing a couple of things. First, it creates a bit of a synthetic exposure to the upside price of the underlying NFT. So for people that want to participate in the ecosystem that maybe do not want to buy like a Meebit or want to buy a Punk or like a Pudgy, it's a good way of buying a coin that if the price of the NFT goes up, should technically go up. Why? Because as you said, those NFTs that are purchased by the strategy get listed at 20 % higher from where their strategy bought them.

31:14And when the floor of the collection moves to that level, they obviously sell in the market, either somebody buys them or you can use a loan as well to buy them, but somebody buys that NFT from the portfolio and the protocol immediately takes that ether and buys back its own token and burns it. So it becomes deflationary. So it gives you synthetic upset exposure to the price of NFT, but also it's a coin, right? So it trades on market demand, on buying and selling. And given that it has a 10 % fee on the way in and the way out, it creates for a little bit more of a adhesive thing where people are like NFTs, right?

31:52People are less willing to trade too much and they're just more willing to hold. And I think it finds a holder base that's a little bit more aligned with the long-term viability of the project. For us at MECO, what we decided to do with our 1 % royalty, we decided to go back and buy the NFTs from the protocol. So the Meebids that are held in the Meeb strategy wallet, once we have enough money from the fees, we go and buy them, which is obviously 10 % higher from where the protocol bought them. Now, we're obviously paying a little bit premium on the market, but we're super bullish Mibits ourselves.

32:28Mipco owns over 170 Mibits today, and we have a public goal to get to 2 ,000. So we're happy to use those royalties that we're earning from people trading Mipster in order to support and just promote the flywheel. And we get Mibits in return. And so what that does is just creates a burn. And last I checked this morning, Meepster is the one token that has the highest burn percentage. We're inching closer to 6 % today, which after two weeks, I think it's pretty, pretty cool. So it's a combination of things, right? Because for Punk Strategy itself, as they roll out more tokens, 1 % of all the trading that happens in those tokens for other collections, they've announced Good Vibes Club, they announced X Copies, Max Payne, and a couple of others, Jack Butcher's Checks, 1 % of all those collections trading, well, the token, it's going to go back to Punkster to buy and burn.

33:24So that creates a deflation mechanism for Punk strategy, which I think is incredible. And then for the collections themselves, right, their individual strategies, again, back going to Meepster, what happens is that the protocol buys Meebits and lists them 20 % higher. It removes those Meebits from circulation from like flippers, or the ones that are always kind of like trading volatility around the floor. Given that this is an algorithmic protocol, it will never turn around and just dump those NFTs into like bits in the market, which is something that we see often in the NFT space. And that synthetically removes selling pressure.

34:02Obviously, your cost of that is that it adds a little bit of a thicker floor when the market moves higher. But if the market's really bullish on the NFT, it should have no problem chewing through that. We saw it with Moonbirds today. I mean, yesterday or two days ago when they rallied into the token announcement and they went from like three to four Ether and a lot of the Moonbirds in the treasury were bought and a lot of the token was burned. So it's a very interesting innovation. If you think about, you know, a lot of like NFT stuff had felt pretty stale. People that were already in the communities, like, you know, you can't be more in the communities.

34:38and I think the playbooks are pretty, I want to say standard, right? If you want to get the toys, the merch and so on, it's cool and it's exciting for those that are already here. But maybe it had just completely lost mind share amongst crypto Twitter. And this is bringing that kind of dynamism back into the NFT space where you can speculate on the coin itself. And all that speculation goes back into supporting the collection floor, which is something that's incredible. And then if you do Meepster, for example, those royalties are going back towards triggering the flywheel that buys and burns.

35:15So it's, yeah, it's just, first of all, it's innovation. It's awesome. I think it's important for us to continue to push in that direction when it comes to NFTs. But it's also a fun mechanism. And I think it's long-term very, very positive. So we totally leaned into it with Meepster. I think that our market cap was like$4 million last I checked. For me, you compare, like, you know, there's people that want airdrops for their tokens, for their collections. And you kind of like flip the script where like, hey, you can buy into a ecosystem token at a very low valuation and participate in the upside while also supporting the collection.

35:51And by the way, once somebody decides to exit that position, they're going to pay a royalty, not to us directly. I mean, it comes to us, but we immediately put it right back into the ecosystem and we trigger a buy and burn to make it deflationary. So, yeah, it's super, super interesting. Obviously, like anything, right, there's no alchemy in finance. People are going to make money, people are going to lose money. But I think really leaning on innovation, supporting these kinds of initiatives is something that is very valuable long term.

36:36yeah look i think you said a lot a lot of interesting things i think it's really worked well with with collections which haven't had a token yet because and like you said i've slightly lost focus for a while because liquid tokens have been where the majority of the of the market is focused on certain bits of nfts have done well but definitely feels like the liquid token has been the winner in terms of token form uh over this cycle so it allowed suddenly this sort of liquid token to be attached to to different collections it does feel slightly circular slightly circular but definitely to the benefit of of um of the punks i think uh the that punk strategy coin like definitely gets a lot a lot of the benefit of it but i but i do see this now as being like a this isn't going away it feels like the market likes this and we've seen other attempts at doing this with nfts like fractionalized nfts and and um there was what was nftx back in the past where it was like a pool of nfts it's still there actually yeah yeah still there so this is but i think this is the best one i've seen in terms of a way to speculate on nfts in a liquid token form and it still has some of that community element, which I quite like.

37:55So I think this is going to be good. For RecGuy, which obviously I'm one of the co-founders of, I don't think we've leant into it as much because we kind of have our liquids open. So the idea that you would have this and that, or at least associated with us, I think the community can create one themselves, but it was a little bit more difficult. Yeah, very different position, you're right. I think Ovi tweeted, right? like liquidity and attention are important to keep in mind. For us, we're like the only top 10 market cap collection other than the ladies, although they've had a couple of meme coins that like their communities have launched without a token now that Moonbird's announced theirs.

38:32So it just really plays well into what we're trying to build long term while also giving our community a way to participate in what, yeah, like speculation and trading meme coins can be a fun part of the ecosystem. And so, yeah, it's been really interesting to see new Meebit holders come in because they have had good returns on Meebit strategy. And they're like, all right, well, let me buy a Meebit. And then some of our most active members today on Discord and some of the group chats are folks who made money through Meebit strategy and decided to reinvest it back and buying a Meebit, which has been another kind of like unintended good consequence, a good benefit for us.

39:16But yeah, for me, again, going back to the beginning, NFTs have felt stale, right? And obviously, you know, there's been a couple of acquisitions, ours and then Spencer and Orange Cat buying Moonbirds. But the playbooks are still very much the same, right? Buy the project, try to revive it with IP, potentially drop a token. There's, I think, marginal returns when you start trying to do the same things over and over. Not that it wouldn't work. I mean, Moonbirds are up like 10x from when they announced their purchase. And Mebids are up like 2x from when we announced. But I do think that if the ecosystem itself, if the space itself is going to continue to grow and push forward, welcoming innovation like this and adding a bit of a DJ nature back into the space, while making sure that the teams that own the collections are supported through royalties, is kind of like a really good triad of things through elements to throw into a cauldron and see what comes out of it.

40:15And that's, yeah, it's been awesome. It's awesome to watch. And then, yeah, Punk Strategy will continue to accrue 1 % of fees from every strategy that the TokenWorks team launches. And it just goes right back to buy and burn, different than royalties back in 21, where it went into some founders, Lambo and Ferrari funds. Yeah, God. there's never going to be a perfect way but yeah i do i am genuinely very very interested in how this goes func strategy is 150 million if some of the buyback metrics it looks cheaper than hyper liquid uh let's put it that way uh on this sort of so you could have a lot of people come in and buy that although you know it still is dependent on on volume going through some of the the lower lower collections but this has definitely been the most interesting thing i think that's happening in nfts for the last few months um i would say years really years yeah we're going for years probably it does it does like that and a lot of the ogs are involved like if you look at the top holders of punk drafts a lot of people who've been in nfts for a while they kind of bought into this concept quite early yeah a lot of punks who have just been bored just sitting there it's it's been it's been a lot of fun you're right and it does create community which is super interesting to watch um it's a good amalgamation of that kind of like almost like meme coin culture while at the same time supporting um the underlying collection i think the the other thing i felt like well obviously people were talking about nfts again in singapore people were talking about prediction markets as we've just spoken about the other thing i felt was this whole airdrop method seems to be back uh i think ever since asta kind of came out it feels like everyone's focused on right kind of what we were doing well we do it every every year or so like oh let's start farming projects and those people were kind of and they weren't shunned but it definitely wasn't where like the glamour of crypto was for the last for the last few years you know you're really just trading meme coins and if you're farming stuff it was like the risk reward just well just the effort wasn't really worth it but now suddenly trap is back or crypto meets crypto meets grab file or defy is back and we have these these seemingly pretty good airdrop opportunities particularly around defy cefi neobank sort of stuff like i have you been looking at any of this sort of uh sort of stuff at all it does feel like top decks was just the first but now we're looking at a ton of different things i chose poverty as a founder that needs to be 24-7 focused on his company.

42:55I'm sure you're on the same boat. It's one of those things that you sacrifice when you decide to pour your heart, soul, and money into one thing. But I've obviously seen it in passing on Twitter and I think it's great. Every single time that I try to farm something, I'm usually late because I narrow into one thing. I'm still waiting for my MarginFi airdrop if anybody on that team wants to finally release that token. from the Solana DeFi days, like two years ago. But other than that, no, I mean, listen, you're seeing an NFTs too with OpenSea, right? Like people hated OpenSea. Now they've announced the token.

43:31They have like their different chests that you can open and they have like a little pirate theme and people are back trading NFTs. And they're not back trading NFTs because they want to trade NFTs. They're back trading NFTs because they want to get the C token. So it's a smart way of, if you know how to do it without risking too much capital. It's a smart way of trying to make money. It's no different than anything else that other people do, but I personally have not been involved. Yeah, but if you want to make some money in crypto, it does feel like this is now the thing. Yeah. And that normally means you're too late.

44:09I agree with you there. Suddenly, if we're all doing this now, it's probably too late. But at the same time, I do think that DeFi is having its cycle here again. It's coming back and all the winners are DeFi, Neobanks, and maybe where like SeFi hits DeFi or where TradFi hits DeFi. We've seen a few different attempts at that and seen huge, huge airdrops. So I think that it's a... I don't think you can really get Rex doing it, but you can just waste a lot of time. Yeah, that's... Also, if you're doing places like Solana, Bays, or like chains with low costs, it's not as bad as it was like on Ether mainnet, right?

44:51Ethereum mainnet where the gas fees could have wrecked you. So listen, if it leads to people learning about DeFi and different concepts and really understanding new products, I think it's net positive. But to your point, by the time I hear about it, it's probably too late. So yeah, this is probably the top four for airdrop farming in this cycle. Yeah. I do think that perp decks will probably be the strongest just because they make the most money seemingly right I mean pump fun has been performing quite well and I yeah I think there's an airdrop coming there too obviously it's a little harder to do pump fun without putting capital at risk given those things just go all over the place but yeah it's had it's had quite the run similar type or like a ride it's a it's a protocol that's actually making money um i think they have buybacks as well and not too familiar with the mechanics of the token but it's it's definitely been one of the stronger bouncers this week it's been one of the top performers of the week back above seven we were talking about it again last week is as a coin to own just because the buybacks and it looks undervalued when it comes to at least a buyback multiple yeah there was some light bullishness um by the founders this week he said like no one's prepared for what's coming so everyone was like oh god like what are they what have they got coming now and they've got a huge war chest with which they can spend on things so i still like pump and i agree there will be some form of an airdrop i don't know if it would just be if you i don't think it'll be if you just own the token though i think it will you either have to have been creating or trading meme coins or streaming streaming just pisses me off man like god it just makes the industry look so bad like it's it no comment or one great one this way like this man they like they're doing stupid shit for attention in the name of a coin and it's like imagine the people that learned about pump fun from like the stupid stunt on the hollywood sign like it's not funny it's not cool if it was something really really cool if it was like something like i don't know like artistic or people are like holy shit that was amazing like great but it's a bunch of people that look like they're homeless like trying to just get viewers on their stream to make money for me i think that's like the wrong thing but again again laura shin created one this week which is like a very well-known crypto journalist in fact we were going to do a real vision one you know real vision maybe it would just be a rect vision but again it's it's not that the streaming piece is bad what i'm saying is what what has mindshare in that platform right now is like the ridiculous stuff that again if you're streaming to just crypto people right like you have people like clementian then who do like their little bits that are like kind of funny sometimes and people within crypto love it but when you're going out into the world and defacing a public landmark in the name of crypto.

47:59And that's what people see. I think it gives us a really, really bad name. And so, yeah, that's like where I cringe a lot. I'm like, oh my God, here they go again. What are they doing this time? I think there's better ways to do it, but. Yeah, we are the boomers of crypto. We are the boomers. We're Unk. I feel so old when I speak to some of these streamers that are starting to become big. start calling me unk which is just a term but you're just old i learned that from our intern yeah i think i'm twice her age i'm twice her age i think last night um yeah not not not the best i look i like the point uh i'm not a streamer yet on fun fun i also have used it before a number of times i do think they've got the right model um and what i do think is solana will probably continue to dominate mean coin trading i think so too i think bmb is had is still having like a bit of a mean coin season again now but i i would i would buy into bmb winning on a lot of the defy stuff not necessarily on the mean coin stuff so i like i think they've still got a pretty good uh wall there and to get them from which leads me back to like the conversation at the beginning of the episode.

49:15What is the trade that you want to put on? Is it TrotFi inflows? Then it's Ether Bitcoin. Is it consumer degening into stuff like NIM coins? Then it's Solana. Is it just a lot of trading? Then maybe it's hyperliquid pump fund. Is it Asian DeFi? Then you go to Binance. You know, that I think you have clear category leaders for the type of trade that you're trying to put on. And it's a lot of opportunities out there when it comes to trying to figure out, you know, what is your view of the world? What is your view of the market over the next 12 months? And you have a bunch of different tools and then you can definitely overweight on their weight and start doing really cool things with your portfolio.

50:06in a way that allows you to express those views and really try to maximize the returns from? Well, I can tell you what I've been doing. I definitely moved the bag towards Binance from, well, BNB from when it was about 900 and Bitcoin. Those are my two biggest. But I was in Asia and I was in Korea and then I was in Singapore afterwards. and the the i i think that asta is going to be a big trade here for for cz that i suppose a lot of people who are relatively senior there like he is he wants to win this i think the they lost a lot of whales to hyperliquid um after the doj investigation and and um and having to do kyc and all this sort of stuff.

51:00And this is the olive branch to win them all back, it feels like. And DeFi obviously can't really be that involved in finance, although he's getting recently involved in finance. But my gut is that this is actually a big deal for them, and I wouldn't fade this one. I like Hyperliquid too, but I think they're going to really go for this one. So Asterix has become my third biggest bag and then pump afterwards, really. Nice. Yeah, also as a unit bias, right? Like$2 versus$50, the way that people think about investing. I can own a lot more coins in two than I can at$50. It'll probably help. So yeah, for me, honestly, I don't think we've spoken about it other times I've been here.

51:52I don't really rotate too much. I did obviously buy into the strategy tokens and NFTs. I missed all that. I'm super excited. I'm really excited. I still think there's opportunities there. I think if you think of Punk Strategy as a perpetual machine, that's going to get fees from bottom. Even if people, you know, they don't trade as often, they still get the 1 % forever. And then hopefully with NIP strategy, same thing, we're going to continue pushing there. Outside of that, continue to just love Ether for what it stands for, for the flows, for the foundation waking up and really being able to push on different narratives.

52:34I mean, they just hired somebody to be head of privacy, somebody to be head of AI. They're really leaning into all that stuff. I think DefConnect in Argentina is going to be a good catalyst. And obviously, like the institutions are building on EVM. Whether that fully translates into Ether flows, I don't know. But I think in this type of market, all you need is narrative flows. And those will continue to come. And then obviously, Bitcoin for the long term. Kind of forget about it. And let it... It's a long time. No one owns it. I love that. I own it. I just don't even like... It's like locked away.

53:11it's long out of the way it feels like that I've been saying for a while that I thought Bitcoin was the trade for September and then it was kind of B &B but wow we are literally at all time highs basically here right this is us touching it every time I come on we have a really good week for Bitcoin it's amazing man come more often let's go to the questions um i'll just bring up the questions now uh okay first question is is raul here that marks the top few raul isn't here yeah he isn't um we have sagito which means we're going a lot higher ladies and gentlemen we are going 150 for the next couple of weeks uh next what do you guys think about having plasma this week so plasma was the or is the kind of neobank chain they're going to have like a debit card an app um that is backed by um by the guys at tether and it it kind of came it had a very very active pre-market trading uh but it kind of went pre-market from trading like the high single digits ftb like 8 to 10 up to i think 17 and there's come right the way back to eight and everyone's calling foul saying something's gone wrong i think that it's a bit of i don't know if there's been anything bad internally there and you can never really tell if like there's been insiders dumping the chart doesn't look that healthy what i would say is that a lot of the incentives to put your funds on xpl were actual incentive based so they would say look we're going to get 10 % or sometimes even like 15 % to 20 % yield in this protocol on Plasma.

55:10But the majority of the year was coming from Plasma. So this is like OG DeFi farming. People are like, well, this is just incentive-based farming. And it suddenly seemed a little bit hollow. And a lot of the other parts of what they announced just don't really feel like they're fully fleshed out, like the app, the debit card. So for now, it's just stablecoin farming, but the reward is basically XBL, the plasma L1 asset. So there's a lot of people just selling that as they are getting rewarded in it. And I do think that this has some decent backing. It has also come out that Tether's backed a few of these sort of chains.

55:53So this may not be the only one that they're going to be promoting. but this caught a lot of people off guard. I think Anson was saying he was going to go long this short ETH at the start of this week and that trade has not gone that well. So there's a lot of dunking on that take on the timeline. Did you have a look at this at all? I did. It's around the pool too. Exactly what you were talking about. Yeah, when you pay people with the token, they're going to sell the token to farm, to capture that yield that was promised. I think also people like, you know, what's two weeks old. It's, you know, everybody's so neurotic sometimes when things move like this.

56:34I don't have a position. I don't plan on having a position. I think a fund that I'm investing in has a big position. So that's my synthetic position. But yeah, I agree from what I read with your assessment. It's interesting. In Singapore, I met a few of the firms kind of pitching this sort of concept. one of which was World Liberty Financial which is the Trump-backed entity and my view around this is it all depends on the licenses they can get to operate in local jurisdictions and probably the partnerships they can actually do with DeFi that allow some of this DeFi stuff to still happen at arm's length and I actually do think it's not going to be as easy as, oh, we're just going to be able to set up a neobank which allows you to operate in every single country and we're going to have a Democrat and all this sort of stuff.

57:29I actually think that these, the more like politically aligned institutions might have a better shot of this. I do think it takes a long time to get certain licenses to do things in different countries. Moonpay know that. They've taken multiple, multiple years to build all those up. I'm sure Fireblocks is kind of the same as well. and my gut is this neobank concept might there might be a few like gigantic losses like this where it realized that like these they can't really do anything like you you can't buy a house using the funds on them you can't well you need distribution right like how are you getting people to download the app to open an account like that is very very very hard um and so i think that's probably something that a lot of people are not thinking about.

58:17You might have a really good product. But if you have no distribution, it just becomes challenging. And people are so ingrained in their ways that like for example, go to Germany, people still mostly use cash, where it's so easy to use Apple Pay everywhere else, right? Even in the US, you didn't have chipped cards like you did in Europe for like four or five years. And that's stuff that's already in people's wallets. So to really get somebody to change behavior, to move money around, look at like Gemini's credit card. They had a really nice Bitcoin reward, like crypto rewards credit card. I think now it's fully Bitcoin.

58:54I remember having it and it was paying me, you know, instead of miles and points, I was getting Bitcoin and it was amazing. And you could switch to crypto. And then a lot of my friends that are in crypto, I asked them like, do you have it? They're like, no, why? Oh, because I like my, you know, United Plus or like my Amex. And so having distribution and being able to change people's behaviors is going to be the biggest challenge. Unless you're solving a big, big problem. I don't think people have an issue with Venmo or PayPal today or their banks where they're already getting their paychecks into.

59:29I still bank with Articular Bank because I've been getting my paycheck there forever and all my accounts are there so it's like it would i would need a big incentive to change my own personal behavior and i think most people probably feel the same way and then you add on like you know it's crypto is it secure is it this and that and it just it's a little bit more complicated than just oh we have this slick protocol or slick app or we're paying people 10 yield okay um yeah so for me it'll be those will be the biggest risks i i wouldn't personally take opposition there unless i was trying to like trade something very technically my producer is saying that we are seconds away from a bitcoin all-time high i don't even know what it was but it's definitely in and around this sort of area like we are nice very very close to it right now um final question was i'd love to get your thoughts on trap by bidding on some of these infra plays in particular oracles interoperability plays link pith wormhole zeus i guess i've liked link in the past but but mainly because it felt it felt like an xrp style play um of this like diehard link marines let's go yeah link marines that they're like um and i still have uh link but it's it's kind of been in this like consolidation period i think if i like any of them it's those if you look if you look beyond that a lot of defy doesn't make that much money uh these oracles don't make that much money link even turned on a buyback and it's not so hard say that so and that's the biggest player out there so if you're really going to go on like the the multiples like the um like the revenue multiple sort of stuff i think focus on trading bots and perp trap platforms or other things where people lose money pretty regularly these businesses feel a little bit too they have revenue multiples almost like traditional triadify companies or they make revenue like by subscription stuff like that they just don't make enough to kind of go crazy but Link I'm not ruling out the idea that one day Link will just like triple I think having been in the industry and not speaking specifically about any of these because I don't have information but just you know the time that I spent the fire blocks and even now with like IP in the Web3 side of the world, a lot of the big partnerships and things that you see are very incentivized by the smaller player.

1:02:04And so even if you see like, oh, this big TradFi institution is doing this or this big retail player is using this particular IP, their partners, no, there's usually some sort of financial arrangement where the bigger player is getting either a boatload of tokens or cash or a much higher percentage of the revenue split, which makes sense, right? Like if you're the bigger player, you bring in value, you get paid for it. But unfortunately, a lot of the times the way this is disclosed is just not in the way that really reflects what's happening behind the scenes. So yeah, I think you got to find your edge, right?

1:02:43If your edge is really crypto infra, then really understand the technicals and all that stuff. If it's not that, I think that's a little bit easier trade. like narrative traits, especially for the people I like to rotate and float around. That would be my take on this. Yeah, I think that's very fair. It doesn't really have the narrative with it right now. It felt like right now the strongest narratives are the revenue meta, which there's various different ones around that. Purp Dex is pumped on, kind of take the win. BNB coming back, I feel like, as just like a generally CZ coming back. This is alongside the ETH.

1:03:28The big meta is going to be here for Q4. It's going to be the MiBits meta. Here we go. MiBits back. Token strategy taking us to the moon. That's been the other one. Okay, look, Sajitio, it's awesome having you on as always. I know a lot of the Real Vision viewers love having you on. I've known you for a long, long time. We will hopefully have you on again in the next... Whenever you want. I'm always here. Awesome, man. Great to see you. We'll be back again next week at the usual time, 1130 and Eastern, 430 p.m. British summertime. Have a great weekend, everyone. Let's hit all-time high very soon.

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