Trading the Markets: December 03, 2025

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2:12Happy Wednesday, everyone, and welcome back to another episode of Trading the Markets with Chris Bullock, aka BlastoPlast. We've got a great show for you today. But before we get into that, I want to talk to you all about the crypto gathering, Miami, January, no panels, no posturing, just the good conversations with good friends and experts in the industry. So if that sounds like your vibe, I mean, Miami in January should be everybody's vibe. But if that sounds like you head on over to realvision.com forward slash Crypto Gathering and get your tickets today. I'll be there. Chris will be there.

2:54And many more people are going to be there. So we hope to see you all there. But anyway, let's talk about what we've got going on today. We've got, like I said, we've got a great show for you today. Vanguard is officially opening access to the Bitcoin and crypto ETFs, which puts millions of new investors in play. Bank of America is now recommending at least a 4 % crypto allocation, Liquidity is improving. We're going to talk about Ethereum's Fusaka upgrade, which goes live today. And just some charts and see what Chris is looking at. So Chris, without further ado, happy Wednesday. How are you doing?

3:33What are we getting into? Doing well. Yes, thank you. Yeah, no, the Vanguard thing is pretty interesting. And I can see, you know, it's already showing on the ETF side. We're already seeing inflows almost right away coming from that into iBit, you know, the BlackRock ETF. Jeff. But I wanted to kind of circle back on what you said. Vanguard has 50 plus million accounts with like$11 trillion in assets under management. And now that has access to crypto. Obviously, it's not going to be the floodgates opening, but that's a lot of money. I mean, that's a lot. 11 trillion. Yeah. And then, of course, again, I think it's worth highlighting to the Bank of America thing.

4:09That dropped just a little while after that. And they're recommending, not just like they're they're kind of saying, yeah, crypto is a thing, but they're actually recommending, you know, their asset managers, you know, allocate up to 4 % into Bitcoin, which again, is only 4%, but that's a lot of money too, you know. I think those are pretty major developments. And on the back of that, you know, we are seeing an uptick in Bitcoin. It's definitely, it's definitely a good sign. We're also seeing just a little bit, just kind of talking about economic wise, the dollar is continuing to fall. We are seeing an uptick in liquidity, you know, and I think that that's helping.

4:47I think, you know, we're seeing that because of increased odds for rate cuts going into next year. And plus, you know, the weaker economics, some jobs data came out today that was much, much weaker than expected, you know, which sort of increases the odds for a rate cut, which sort of loosens things up a little bit and allow some of that money to come out of money markets and out the risk curve a little bit. So this is, you know, step in the right direction. Lots of reasons to be bullish, I think, right now. But I'm also a little bit bearish. I'm not bearish. I'm defensive. I'm defensive. I'll say that.

5:18And so kind of what the big ticker for me that I want to touch on that I want to highlight is Bitcoin broke a pretty major technical breakdown level that is important and I think should be acknowledged, should be observed. And that is the 10-month moving average. Like if we look at a chart here, I've got Bitcoin. And this is the entire four-year cycle that we've had going back to the beginning of 2023. Once Bitcoin broke above this 10-month moving average, it's held at a support all the way up, all the way up until now. And now we had a pretty big major close down below it for the month of November.

5:52We're up a little bit at the moment off the back of some of this bullish news. And to be clear, there is plenty of bullish news out there. I don't dispute that. But I kind of have to observe this as a line in the sand right now. and I'm open to the idea that it ends up just being a false break. You know, it could just be a close below and then we might close December right back above it and that would be great and I'd love that and I'd be happy. But until that happens, until it looks like that's going to happen, I can't help but at least operate a little bit defensively. I have to, you know, until proven otherwise, I have to assume that this trend is broken and that we're at the start of a downtrend.

6:29Now, I don't know if that downtrend means a month or six months or whatever. I don't necessarily think it's going to be like this extended year-long bear market like we've had in previous cycles. I'm not really in that camp. But nevertheless, while we're below this line, I will operate as if the bias is to the downside. And then once we get back above it, I'm more than happy to change my tune. But that's kind of where I'm at with Bitcoin right now. And that's really what I'm looking at. so since you're being you're not bearish we want to i want to make sure we emphasize that but defensive which isn't a bad thing to be in crypto so considering that you're being a you're kind of looking to be more defensive i guess to just protect what you know the market may do what are like what are you looking to do are you are you divesting in and reinvesting in certain areas are you swapping into you know maybe more bitcoin allocated uh portfolio like what what is yours strategy to be more defensive in a situation like this?

7:30Sure. And that can come in any number of forms. One kind of notable thing about this 10-month moving average is it is right about at like 101 ,000, which we talk about the 100 ,000 level being this key psychological level. And so, you know, based on that, I have to assume that it's going to get rejected at this level, at this 100 ,000. We know that's, again, the key psychological level. So I'm in that camp of maybe looking to sell some on the bounce. I do think that we probably get up to that level. There's a decent chance that we do over the next few weeks, give or take. So I might rotate some of that into gold, like PAXG.

8:11I might rotate some of that more into AI stocks. I might just rotate some of that into stable coins or some combination thereof. And I don't fully plan to, obviously, exit crypto entirely. I still am. I, because again, I'm bullish overall. I still can, I can't make a case for 2026 being this, this massive breakdown. There's, there's just too much going on. That's too different from previous cycles. So I will keep, you know, even if I do de-risk, whatever that ends up looking like, I'll probably still keep 50 % or more in crypto, you know, so I'll take 30 to 50 % and, and reallocate it into some of these other assets that are doing well or, you know, stable coins or a combination thereof.

8:52Just to kind of, again, lower my risk profile so that I'm not as exposed to any kind of extended downside price action. And then the idea, if I, you know, rotate some into stables, is that I'll just buy it back cheaper and buy it on the bounce. And so, yeah. Yeah, always a good, we don't often think about, well, at least I don't, but I don't often think about holding it in stables. That's a great strategy. I know a lot of people are probably wishing they had done that a while ago and now had stables to deploy now or, you know, wait a little bit. So, Chris, we hinted at this Ethereum Fusaka upgrade, which goes live today, right?

9:29Can you talk to us a little about that and what you think it's going to mean for that ecosystem? Potentially, what do you think it could mean for price action? What are your thoughts there? Yeah, the price has seen a little bit of a bump. It's actually up about 4.5 % on the day right now, which is good. It's actually outpacing Bitcoin and Solana and a few other of the majors. So it's definitely the upgrade is being received well. It's not going to be a major... Well, let me take that back. It is a hard fork. It is a pretty major upgrade, to be sure. But in terms of the actual tangible benefits, it's not going to be seen as much.

10:05It's primarily going to lower fees and increase throughput from Layer 2, so you'll see faster, cheaper transactions, which of course is good and everybody likes that. But we know there's already lots of other blockchains that are already faster and cheaper anyway. So it's going to put it more closer to par with say the likes of Solana and SWE and some of those other blockchains. However, one cool benefit that maybe is flying under the radar a little bit is they've introduced some additional functionality for Web3 wallets, giving them the ability to integrate passkeys into their signature systems.

10:38So like right now with a Web3 wallet like Metamask or Phantom or any of those wallet apps that we all use in our browsers, we know that they basically just, you know, they use kind of the traditional seed phrase system and you have a password to unlock and approve your transactions, provided you don't connect a hardware wallet to it. And so right now, that's kind of how that goes. And a lot of people get hacked and a lot of people, you know, store their passwords and do stupid stuff. And those wallets are fairly easy to be hacked and fairly clunky for newcomers to use. And so by implementing this new passkey into their signing system, we can now use things like face ID or touch ID, you know, fingerprint biometrics or even like security keys, kind of just like how we would on our phones.

11:20And so now it makes it really easy because it kind of eliminates the pass phrase or seed phrase rather from the equation. And it allows users to basically just, you know, like tap your face ID like you would with a banking app or something else. And so you can integrate it into your phone to approve the transactions. It's much closer to having like a hardware wallet integration. And so like, I don't know that it's going to necessarily replace hardware wallets anytime soon, but it's clearly a step in the right direction. It's clearly something that we need. And I think it's going to prevent a lot of people from losing money going forward.

11:53And so I think that's a really cool development. And, you know, obviously, what's being introduced today is just the functionality that exists. We still have to wait for the app developers to then integrate it into the app. So it's not going to happen overnight. But I think in the near future, you're going to see, again, the likes of Phantom and not Solitaire, but Phantom, MetaMask and such, adding this functionality to it so that people can sign their transactions with passkeys and with their phones and things like that. And I think that that's great. So I'm looking forward to that. So a quick break in your regular programming.

12:27If 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. Never a bad idea to just implement more safety and just make it easier for people to interact and keep their stuff safe. That is kind of one of the things that holding us back in crypto. A lot of people are scared of self-custody. So something like this hopefully addresses that. So we'll follow it as this progresses. So we have a question coming up here or right here from Edmund on the RV website.

13:08What's going on with basic attention token? Is it a buy now or is it too risky given its overperformance in recent months? So basic attention token at BAT. And then he specifically referenced the BATUSDT chart. Sure. Boy, I haven't looked at that one in a hot minute. Let's see here. Let me kind of zoom out since I'm not super familiar with its price action over the last chunk. So, OK, it's been in a generally steady downtrend with a series of lower highs and lower lows. It does have a nice bounce. It has recovered recently, like you said. So looking at the RSI, it is a little bit oversold here or about to be, but it's got momentum, to be fair.

14:02Interesting. Let me kind of hold on. I want to look at it here on this set of indicators, too, and just see. It's holding up pretty well, to be honest. Yeah, we're looking at the BATUSDT chart for those of you following along right now. Chris is throwing up some indicators to get a better idea here. Yeah, I don't know. I don't know what's like I said, I don't fundamentally understand what's going on with this project. But clearly, there's a catalyst. Clearly, we've seen a big uptick in volume, steady rising price action. It's outperforming most because very few assets are above all three of these moving averages right now.

14:34So it's got a lot of significant relative strength against the rest of the market. It's up 16 percent on the day. Now I'm curious. Now I want to know what's going on with this because, like, again, very few assets are performing this well in this moment right now. So I don't know if you're already holding it, I think keep holding it. If you are looking for a buy and you miss this rally, you know, obviously it is a bit overextended. It needs to kind of come back to earth a little bit. Let's see where it is in its Bollinger bands. It's right at about two standard deviations overbought. It's well above, you know, the 20-day mean.

15:13But maybe this was the correction. Maybe this was all the correction in need. It was just a quick retest back down to the 10 day and, you know, up on a, on a steady bounce again. So I don't know if you know something I don't, if you've got an inside track as far as the information and it looks good to you, I'd say, I'd say go with it, but, um, I'm going to have to look myself cause I'm curious now. So, so yeah, that's interesting. Good. Fine. Edmund, that's, that's the RV hive mind in action right there. So Edmund, uh, if you have it already, continue holding it. if you don't have it yet it might look to be a bit over oversold over bought right now use your best judgment there on that particular case it's always tough to buy something when it's like you know 16 17 20 up on the day it's always tough to pull that trigger and not feel like you missed the the boat it did it's interesting it did peak perfectly on a d mark nine and uh you know it flagged an over uh a bearish divergence flag right on the peak and then it did perfectly come back down and retest its 10-day moving average so again that may be all the all the the retest that it needs so um interesting technicals for sure for sure i mean i think either way i suggest posting that as a trade idea on the platform uh and get some get some get yourself on the leaderboard and, you know, get some, get some cred on your, on your street name there.

16:39Cause if you don't, I'm going to post it and front run you on that. But no, anyway, great shout there on bait on, on, on, on bat basic attention token. Cool. Chris, are there any other charts that you like right now or that are like kind of you're, you're keeping an eye on and waiting for, for an entry or just, you know, one that, you know, is holding up particularly well, you know, throughout the last month or so that you think it could continue that momentum? Well, one of the, as I was kind of going through yesterday, looking at the majors, like the top 10 stuff, I did note that both Tron and BNB never lost their 50-week moving average, whereas most everything else did.

17:26Like, let me get rid of this DMARC and kind of clean this up. But yeah, Tron and BNB, they got a bit overextended. And yes, they've had a correction just like everything else has. But they have so much more healthy looking chart. I mean, this is a really steady uptrend. Perfect bounce on the 50. We got a clean buy signal here. And we know everything is bouncing right now. So Tron looks good. And then the same thing with BNB. It too is well above its 50-week moving average. And just for comparison's sake, let's just look at Bitcoin. Bitcoin, well below its 50. You know, ETH, the 50 is the blue line, mind you.

18:03ETH, again, right at its 50. Solana, well below its 50. You know, SWE, well, well below its 50. And then you come back to BNB here. This looks solid. I mean, it's a very, very solid structure. Yes, again, it's had a big correction. But structurally, it's just looking better than most and is more healthy than most. And I do think that, you know, the things in the top 10 are going to continue to outperform as they have been for most of this year, really. Um, and, uh, that's, that's really what I'm looking at. So we know everything is kind of on the bounce right now across the board. So it's, it's like you, in a way you kind of missed the buy opportunity.

18:39That was really a few days ago, uh, over the weekend, you know, when we had the lows. Um, but you know, I'd say if you're looking for the bounce, get in now and whatever you're going to get in and ride it up. And then the big question comes, you know, do we, do we get rejected at, uh, you know, the$100 ,000 level on Bitcoin or not in the coming days or weeks. That's going to kind of be where I'm looking to potentially exit any shorter term buys. If I do look into that or where I might look to de-risk, because I mean, if you go on crypto Twitter, all you hear from anybody is I'm waiting for the bounce and I'm going to sell at 100K because I missed the peak.

19:14Like literally everybody is saying that. And so it's like you have to assume that there's going to be a big contingent of people that do that. Now watch it comes and everyone's like, well, I don't want to sell. We ripped from, you know, 86K or whatever all the way back up to 100. You know, we're going to the moon, you know, because all these people are, they just forget. They're like, you know, they're like a goldfish or something. It's like they forget what they said. But we'll see. We'll see how it goes. I think there's going to be decent selling pressure. I will say that whatever crypto Twitter is saying, just not like individuals on crypto Twitter, but this is, you know, the general crypto Twitter as a whole.

19:51whatever they're saying, take the opposite bet on Polymarket. Because if they're saying they're going to sell at 100K, I have a feeling it's just going to blow right past that. But again, it looks like it could hit up against that mark pretty soon. So we're going to be watching that very closely to see what Bitcoin does, whether it rejects or blows past that line there. Chris, what about if it, so what if we hit that and then we reject? I know you said you might be looking to sell a little bit and play that defense. But what are your, I guess, what are going to be your broader thoughts if we hit that mark and we don't blow past it?

20:28Well, it's going to kind of certainly give a lot more credence to the four-year cycle topper argument that everybody's saying that we peaked. Not that I necessarily agree with that, again, but everybody's going to be like, look, this was the retest. We got rejected at the, whatever, the 10-month or whatever, 100 ,000 level, whichever one you want to look at. And we're, you know, going on to lower lows is what everybody's going to say. And it's like, until that is invalidated, you kind of have to operate as if that's the base case, you know, no matter what you think is going to happen next year, or how many bullish catalysts you think are out there.

21:10The technicals are what they are. And it's very black and white. And so if there is a rejection, it's like we're in a downtrend until proven otherwise. And that's the bottom line. And so you have to play with the, what the charts give you. And if that's what they're giving you, then you have to react accordingly. Well said. Well, so you play the game that is in front of you. Not a different game. Take what the defense gives you all those, all those sports. All those coach saying, yeah. Coach see the ball, hit the ball. Yeah. No, you name it. Yeah. All right, Chris. So we're coming up on time here.

21:48So we have the weekend coming up. I know we talked about things that we're looking at. What do you have for us until we see you again on Monday? I'll be at breakpoint, so I won't be here on Monday. I believe you'll be with Nico. But what do you got for us in the vibe of don't fuck this up? What essentially can you tell us for this weekend? Yeah, so kind of like what I said. I mean, if you were looking for a buy, if you're looking for a ride right now, you need to get in right now because we are in the bounce unequivocally. Like we've had the bottom is in. We've had all these bottom signals confirm.

22:27We've had solid updates since then. We have upward momentum in the moment, unquestionably. So the bounce has happened. Buy the bounce if you want to buy the bounce. Absolutely. But again, just ride it for a minute. don't necessarily look to get out right away and just be looking at that 100 ,000 level. I really think that that's the key level. Yeah, there's a few resistance levels between here and there that could get choppy. But I do think that, again, over the next one to two weeks, probably is my best guess, we'll get up to that level. I really think we will. And that's where you got to pay attention because that's what everybody's going to be looking at.

23:05I mean, that's what everybody is going to be looking at. And so do we break through or do we get rejected? And that's where you're going to have to act. So, yeah. All right. Well, guys, until then, Chris, we'll see you guys on Monday for our live TA show. Remember, that's only available for Connect members and above. So if you're not a Connect member already, go ahead and sign up and join us in the Discord. You get, again, like you get Chris's entry-level portfolio, which had a major update last week. You get Joe Bland's entry-level equity portfolio. You get Joe Bland's live show. And you get Chris's live TA show in Discord, as well as access to the Community Hive Mine, which is arguably the best value you can have here.

23:59So until then, guys, we will see you next week. Don't fuck this up. Head on over to realvision.com forward slash crypto gathering to check out more information on tickets. It's going to be January 22nd. So I hope to see you all there again. Don't fuck this up, guys. See you next week. 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.

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