Geopolitics Spooks Crypto Traders | REKT Vision
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Hello, everyone. Welcome back for another episode of Rex Vision. I feel like it's been an age since we did the show because we actually pre-recorded on Thursday last week. And I was looking through the price action since then. We went all the way down to like 100K, then up to almost or about all-time highs. And then in the last 24 hours, we went all the way back to 102 and we've bounced back to 105. Very, very volatile week for majors since we last spoke. How have you been doing, SF? SF.

Yeah, pretty good. You are right. A lot has happened since then because today I was like, oh man, markets really suck. Things are down. But actually, we're up a lot from last week. And obviously, it was around this time last week that Elon Trump stuff started happening and stuff was going a bit crazy. So yeah, it feels like a lot has happened in a week basically is the point I'm trying to make.

Yeah. Yeah. We obviously had that. It was a bit of a weird sell-off with the Elon Trump stuff. I think people maybe thought that the world was going to end. And it seemed to just really affect crypto, really, and Tesla stock. We did rebound from that relatively quickly. And then we've had continued inflows into the ETFs and a bunch of Bitcoin treasury companies and broader altcoin treasury companies, etc.

continuing to spin up a lot of news about stable coins and trad fly integrations as well this week. So it felt really good actually two or three days ago. And it really did feel like everyone was long, ready for us to break through all time highs and push on again.

In the last 24 hours, we've obviously seen the strike by Israel on Iran, the key nuclear facilities and personnel there. And we as a market, generally, we act very poorly to flare-ups in even regional wars. It feels like we had this with Russia and Ukraine when that was happening, and then

we, or at least when it was first happening, and then we've seen it again now with any sort of flare up in the Middle East seems to really affect crypto first. And the first kind of rumblings we heard about this was probably two days ago when we started to hear that Bitcoin started to sell off. And the main headline was that personnel were leaving some of the US embassies in the countries around Iran. And everyone was like, "Well, that's really going to affect crypto."

Normally, this does get bought. But because there's a nuclear element to this one, it does feel as though maybe there's a little bit more of a tail. What do you think here, Stephanie? Is this just noise? I mean, stocks are down. The S&P right now is down about half a percent. And the Nasdaq similarly is down just over half a percent. Do you think this is just a, you just meant to buy these sort of moments? Hi, Raoul here.

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Yeah, I think so. I think if you take the last four years into consideration, every time we've had one of these headlines where it's like Russia, Ukraine, etc., Middle East, Israel, the market dips and you're always, always, always meant to buy. I actually think it's one of the easiest short-term dip buying opportunities that you generally get. And especially when you get this like parallel move lower and stuff.

I think it's a really good buying opportunity. I also think it's a good, if you're looking at short-term technicals, the market also often gives away its hand here. Like you'll see everything move down and you'll see like a handful of coins that haven't moved or possibly even higher. And those are always the ones to buy because they're obviously, you know, have a big short base or their bid for some, whatever reason, someone has a large buy program in it, whatever it is, those are the ones that end up outperforming. So it's actually like, I think there's a really like, I want to say easy markets to trade, um,

Because I do think it just seems to be, at least to me, the same story over and over again. And I bet you look across your screen and you look at what's outperforming on a day like today or yesterday when stuff's down, I bet you that trade performs really well over the next one or two weeks.

Yeah, that's a good point. I think Bitcoin dominance has gone up on a day like today. So most altcoins have broadly underperformed. There had been a period before that where ETH had been outperforming. But today, the strongest ones, again, seem things like Hyperliquid,

I guess ETH is not doing terribly. Some of the other L1s are doing a lot worse. It's also, I think the other thing is to note what's doing really badly. And it feels like a lot of memes slash left-calf stuff really got smashed down again. So maybe we have another buy the chariot, like a broader altcoin season.

But this seems to have gotten in the way of it. Gold obviously hit an all-time high or is very close to an all-time high on the back of this alongside oil rallying, which kind of makes sense. The case for Bitcoin does seem very strong after these sort of moves again, because it feels like its most pervasive argument is this risk-off situation.

digital gold movement in my opinion so I think it's a very very strong move when this sort of stuff happens and then maybe when you start to see some stability after a few days then altcoins kind of catch up but Bickman Dominance does feel like it's going back up to like 65% here and the weekend is always a little bit difficult because you know it can be a bit more liquid and

Feels like this is not done. I mean, we're still hearing about strikes ongoing right now. So it does feel like maybe we still see a few more headlines over the weekend. So it'd be a bit wary to dive straight into alts. In terms of the stuff before that, it had been a very, very busy week, I think, for crypto headlines. The first one seems to be, and maybe we'll touch upon this, is just the ETF seemed to be a bit closer for a range of different

a range of different altcoins here, namely staking ETFs. So this has been a headline that towards the back end of last year, there were some comments from the SEC being like, well, we're not going to treat crypto staking like we would treat securities. We think it's slightly different. And then you saw this week that a number of this Lana S1 filings were told to be amended to talk about staking. And there are a number of ETH filings

staking ETFs, which are currently potentially up for approval. And this has been driving, I think, the outperformance really of ETH this week, alongside some of the Treasury stuff that we'll get to later. But do you think we're now going to get a broad number of staking L1 ETFs? And do you think that's going to be a big deal? Yes, on both funds. I think we will get it...

On ETH, which I think will be a big thing. I think that maybe even explains some of the recent ETF inflows to ETH as well. And I think we'll get it on SOL. And I do think it's a big deal. I think in our world, especially in the DJM world, you don't really think about single-digit yields because you're just trying to 10x your bag or whatever it is you're trying to do, right? But there's a lot of capital out there that does care about single-digit yields.

and especially in the traditional finance world so i really do think that's going to be a big thing i do think it will draw in a lot of capital um probably especially on eth to be honest with you i think i really think it will so um there's a lot of hype about it from the ethereum community and people keep talking about how it's going to be a game changer and i think there's some skepticism as to whether it will be meaningful enough or not to move the needle for for eth flows but i do think

You're starting to see ETH first pick up in anticipation of that, in my opinion. And I do think it will be a big deal. I think it's pretty big, actually. Yeah, ETH has been on a multi-week inflow cycle here for the ETF pretty much every day. Even yesterday with the sell-off, we saw an inflow into the ETF. It'll be interesting to see what happens today. But ETH continues to see inflows actually outpacing Bitcoin here in terms of some of the ETF inflows. And it's

It's been many months now since they launched. It does feel like the staking component is the one I would agree with you. If I'm trying to pitch this as a wealth manager or an investment manager to my clients, the idea that I could pitch like, oh, well, you can get it. It's like a tech stock with a dividend yield. And I do think that does...

It sounds small to us, but it does shift the mindset to money that could come in. And I think it makes it easier to have that narrative. I think the pitch for Ethereum...

It's taken longer for these wealth managers to be able to sell. It's very clear than Bitcoin. Bitcoin's digital gold. Own it. ETH is like, well, it's kind of like digital oil. It's also a store of value. And it's also like a payments network. But if you can say, and it's going to get you a year of the yield, I think that's a big difference. Solana obviously...

doesn't have ETFs right now, but it was a very good sign. I saw today that Polymarket has about 60% chance that we will see Solana ETFs by the end of July. So that's also increased quite a lot, which I think is quite a big shift. And...

Solana obviously should be able to offer even higher yields. I do think it, by staking, I do think it probably takes a little bit of time to make the pitch. They're probably just getting signed up traction with ETH with these sort of things. Oh, actually, it's gone down to 41% I see just now. So maybe it's roughly 50-50 here that we're going to see stuff before the start of the summer. But it does feel like that could be a big pitch for Solana too. Solana's been a little bit soggy.

I would say not necessarily done terribly, but it's definitely underperformed slightly versus, versus Bitcoin and ETH. And I do think that ECS will be a very, very positive sign for the soul, maybe towards the back end of this year then. Yeah, I agree. So what's the, what's the, if it does happen, what's the timing? Because I read somewhere that it was potentially within five weeks. I think I read earlier this week. Yeah.

Yeah, the ETH staking could be this month. It could be this month. The clocks really were kind of set with those statements from the SEC at the back end of last month. And now it suddenly seems as though there are certain filings which could launch early July or even this month. So that would be a big shift. And the Ethereum community is definitely getting behind this. You can kind of see it.

the, the other big, so, so if that happens this month, you know, I do think that's probably a 10% move in ETH maybe. No, that's worth it. And like a good momentum sort of move, because you, I think there's, there's, there's clearly going to be a narrative here that this could, could push inflows for the rest of the year, which we've really started to pick up. Yeah, I agree with that. I think, I think a 10% candle on that news sounds right. Yeah.

And it feels like to me, I know we've been talking, really done a big U-turn on Ethereum on this show from ridiculing it. We timed it well. We did time it well. We did time it well, actually. But I do see it being, I personally see it being in like the low 3000s, low to mid 3000s, I think at some point this or next month, set for as Paribus. Yeah.

Yeah, the only annoying thing about it is whenever ETH becomes a consensus trade, the market just nukes. I wouldn't say it's become consensus, but whenever it outperforms, sorry, it just nukes. There was a lot of commentary today that they had to start World War III the moment ETH started outperforming again.

It's starting to break out of that bad habit, I think, right? Because we've had some good performance and we did hit new all-time highs on Bitcoin this week, right? I guess, was it? Did we hit new all-time highs? We did, didn't we? We came close. I don't know if we hit all-time highs. Now, I think all-time highs are about nearly 112 now. So I think we got up to like 110 area and then we reversed. So it looks a little bit like a double top, actually, on the Bitcoin chart, which...

which maybe caused the reaction as well. But ETH would look like it was breaking out of a multi-week trend, right? It went all the way up to 2,875, I think, yesterday. And then this headline's really knocked it down

10% really. So maybe it rebuilds. Obviously, a bunch of liquidations of open interest have built up quite a lot on Ethereum. So maybe this is a nice light flash of that. But yeah, I think we still got some good headlines. The other big headlines that we saw this week were again, just an expansion of the treasury strategy coming to a number of different companies. We've

We saw Sharplink, which was the ETH one, although today they've kind of shot themselves in the foot by seemingly another offering of equity or resell that. What happened there? Because I saw it was down 75% yesterday, and then I saw some rumors of people selling their stock, and then I saw a Joey Lubin tweet saying those rumors were false because people misread it. So I didn't kind of patch together some things. Yeah, I don't think it's necessarily misread. I would say that...

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who were allowed to sell their stock a month after that was raised. There was a broad filing for a resale of equity, and it looked, and automatically every single person who is an equity holder gets put into that refiling as a potential reseller of equity here.

Although that's not going to be the case. Joe Lubin, who is the CEO or chairman, he said, no, we're not going to sell. And a number of other people who are, I think, close to him or in the foundation are going to sell. But it's very clear that some people might.

Right. And I think that wasn't the best taste in people's mouth. But what I would say is this is what a number of these other companies are pitching as well. I mean, we've heard and seen a few of these deals across our table, and a lot of them are like this. Hey, give us some money for this company to buy...

an altcoin, sometimes it's Bitcoin, and in a month's time, you're locked up for a month and then you can sell your shares after a month. I think a few of these vehicles have a very similar sort of pitch. So it's not unique to SBET that they did this. And I think you'll start to hear about more of this in the coming weeks. Because all we hear about is X company says they're going to buy...

an altcoin and the stock goes up 5x or 6x. But some of these guys have agreements very similar where they're kind of locked up for a month and they will sell. But it's probably not great that that's attached to one of the co-founders of ETH. It didn't really look like the right move, in my opinion, to be what MicroStrategy does, which is just continue to raise more new equity to...

to buy more ETH. They did come out and buy some ETH today, but we've seen them. We've also seen DeFi Development Corp. They've done it a slightly different route where they've apparently got a credit equity line for $5 billion to buy Solana. That line seems to have come from a mid-sized private equity or VC firm by the looks of it. So

Because I have a big buyer of Solana there, at least up to $5 billion. And they hadn't bought that much before. They'd only bought like $100 million odd. So big, big rise in those. We saw our first hyperliquid treasury this week, although it was very small. I think it was only $400,000. But the stock did like a 5x. And we've seen a ton of different ones around Bitcoin. I think...

GameStop actually is upsizing their offering to buy Bitcoin today. And I think I even saw companies within crypto, I think DOT said they're going to use a Bitcoin treasury for their own treasury, which I thought was relatively funny. So this is still the trade. We've obviously highlighted it a lot that these treasury companies are spinning up. And it felt as though that shift towards ETH or altcoins was starting to happen.

But I think this S-Bet thing was a bit of a misstep. And I think you're going to hear about some missteps similarly in the future with how some of these other companies have raised capital, basically. Do you think there's a feeling of people trying to replicate the Saylor thing and then it not going as well? Because obviously, whoever keeps giving them money, it's a bit almost like cult-like, right? It's like, okay, we're just going to go all in on this thing, just keep going all in until something happens. Yeah.

Whereas not everyone may have that same mentality. He probably has the same or very similar people just continuously backing it. I don't think... It's difficult to get people of that same mentality on this other stuff, right? I think that's another reason why I think this whole stuff with SBET was kind of a bit dicey because I don't know... It all went up and obviously people bought it for a trade but...

Now it's down a lot because maybe everyone's like acing their red trade because they realize what's going to happen on the actual stock. MicroStrategy seems to have this ability to like keep going and keep, sort of keep Ponzi's the wrong word, but you know, keep the extend and pretend thing going and just keep going higher because people are like very, whoever holds it, it's very tightly held. Obviously they kind of have firm hands, but yeah, the Sharpling stuff, Sharpling price action is a bit like, oh, these people just kind of like panied out of the whole idea of it. I don't know.

That's exactly what I think it is. And I think that speaks about Bitcoin more than anything. When someone buys Bitcoin, they want to hold it forever. When these other, I mean, they're like reverse SPACs, or when these companies without any sort of previous movement into crypto are now announcing these crypto strategies with altcoins, it feels as though it's often just like a trade, but they're doing it just to pump the stock for a short period of time. And everyone who's financing those sort of trades...

in the initial equity offerings or in the private deals before it gets announced are really just in it for like a month or two.

And I felt like maybe SharpLink was going to be different in that it was going to try and replicate like a really long-term approach here to Bitcoin. And it just seems to have shot itself in the foot. So I think this was, I don't think it's the death of like, you know, companies trying to do this. And I do think that the commentary from Joe Lubin since then makes me think that it's salvageable, you know, that he is going to try and like really make this a company that is going to do that sort of,

long-term consistent buying of ETH. But I mean, you see it. It's been very frothy. It's been very frothy. It's attracted people who are there just to like,

Oh, I can make money in the next month. It's a 10x. Okay, yeah, done. And I'll sell it as soon as the month's over. And I think how those deals are being done is suddenly going to get slightly exposed here. So it's not that I'm not bullish on the idea that companies could do this for ETH. Just how they've been structuring the financing is very, very short term. It's very clear. Yeah, I agree. I think I'm still really bullish. Don't get me wrong. I'm still really bullish on corporate treasuries going into ETH.

Bitcoin, ETH potentially, and that other kind of stuff. But I'm not that bullish. I'm actually somewhat bearish on the creation of other corporate crypto Ponzi systems. Strategy works because of strategy, but I'm not sure it can be replicated that easily unless you really have diamond balls holders, which clearly Sharplink didn't have. So

Yeah, you've got to believe in the asset for a long, long time. It feels as though not just like a month. And everyone is up a lot on that trade. There's talks of people who did the financing were up like 100x. They were up a lot. So it does make sense that they'd want to maybe sell, but this doesn't leave or at least they would consider selling. I know it's unclear if they actually are going to sell, but it doesn't leave the best taste in people's mouths. So I

I don't know if that's going to backfire yet. We have said, you know, that it does sow the seeds of slightly backfiring. And I agree with you. A company with cash buying crypto is way better than these other companies, which is like, I didn't have a business before. And now I've decided to go into crypto and do this sort of short-term strategy, often financed by a private deal with short-term capital. I think those things can really, really turn around. But, but yeah,

Let's see. Let's see how the next year develops. I do think following Sharpling, it's important, I think, even for Ethereum, how that turns around. Let me put it that way. I do think it's important because if one of the founders of Ethereum is going to be involved in that, it does feel as though they need to do it a bit better than what they just did. Yeah, it needs to. Otherwise, it looks like a joke, right? It's like everyone's looking at this thing. It's like, oh, yeah, Sharpling and then, you know,

retraces its entire gains down 66%. I mean, down 66% in one day is a massive move. Obviously, it was up a crazy amount over a day or two. So I do think that that strategy needs to be

So maybe rethought, but also done in a way where it sends a positive signal to markets. Otherwise, the potential buyers of the ETH are probably all looking at this and they're probably like, actually, I don't want to touch this now. What's going on here? Right. Exactly. I think it will put off other companies from doing a similar strategy, given what they just saw with the price action. So definitely needs to turn that one around.

Other than that, I think the other major news seems to kind of come from just announcements from Coinbase this week. They announced a ton of different things. I know Coinbase is obviously one of the major exchanges for most people in Europe and the US. But they came out and said, we're going to allow park trading in the US. We're going to launch a native DEX in the US.

and actually more broadly, it seems. And they're going to do a 4% Bitcoin cashback card with Amex, which I believe is one of their first moves into crypto. We saw stablecoins potentially coming from Amazon and Walmart. At least there were commentary that they're going to

Looking into stable coins, we had commentary that Bank of America is looking at a stable coin. We had commentary that Shopify is going to start integrating crypto payments. And that Stripe, who is obviously part of their payment gateway, had just bought a native crypto wallet service called Privy.

Huge, huge news that fells here for corporate adoption, particularly around stable coins and payments. Which of those really stood out to you as the biggest news of the week? I think Stripe for Privy was pretty huge, to be honest with you. That's one of the...

biggest and most bullish things that I've seen because one of the main use cases, I think, of crypto is like payment processing, all that kind of stuff, etc. So Stripe is huge. And Privy also is like, I think, one of the best retail-friendly products that there are out there. I don't know if you've ever used it. You probably have by now. Of course, I use it for several things. We're using it for E-Added. Exactly, right? And it's on...

abstract global wallet is basically built off of Privy as well. It's super easy to use and that's what you need in order to get people onto crypto where they don't even really do the C-phrase stuff. Obviously, you would never put your life savings on a Privy wallet, but I think it's a very powerful product. I think Stripe buying that shows a pretty deliberate move into the crypto space or they're just like, okay, we need to have some fingers in this pie just in case it takes off. Either way, it's big, I think.

Yeah, I've worked with them. They're a great team. I'm glad they got acquired. And obviously Stripe's huge, huge in the payment space. So them getting...

them getting involved will mean that they get integrated in everything that Stripe does, which is going to be very big for them. Shopify was one of the more obvious ones initially to happen up there. I thought the Amex news was pretty big as well, though. We haven't seen much from Amex in crypto. It's like the third major, let's say, credit card provider. We've seen quite a lot from Visa and MasterCard. But to see Coinbase and Amex team together at 4% cashback on a

on a Bitcoin card, that seemed to be like the number one piece of news that came out of the, other than perp trading, that came out of the Coinbase thing yesterday. Do you think you're going to get a, do you use a crypto card? You ever looked at these sort of products? I've dabbled with a Coinbase card. And, yeah,

Sorry? Look at it. It looks like a really cool black card. Yeah. I'm more keen to actually... Yeah, this does look cool. I am keen to actually experiment with this stuff a bit more because I've actually had issues with like...

um putting crypto on ramping off ramping having bank accounts closed down etc etc etc um so actually just being able to hold stables somewhere safe and be able to spend that i think is pretty powerful and with the coinbase the one that i have i don't i haven't used it much to be honest with you but you can spend on it you can even even withdraw cash on it it has like a 1000 pound daily withdrawal limit as well which is actually pretty decent so um

I am keen to actually start using stuff like that a bit more as long as I'm comfortable with like, you know, where the money is secure, if you like. I think even Safe have a card as well, right? Coming out, notice Safe. Safe, we've got one. I think a lot of people are coming out to do this sort of stuff now because it's very, very cool. I've been using one for a long, long time. Ledger has one and it is good. Like feeling that you can just spend crypto

is is nice and i agree with you like the moment you move like even like a hundred bucks from a centralized exchange or off it's just like give me 10 years worth of your of your employment history is like it's just crazy uh particularly in europe i think the us maybe is the debanking stuff has gotten a little bit better more recently but in europe it's it's still really really bad so i think these sort of cards are going to become very very popular for people

We want to spend their crypto. The other big one was what I mentioned before. You're going to see perps now come to the US. I think that's part of the reason why Hyperliquid also had a good 24 hours because that's more decentralized perps. So maybe that won't fall under the remit, but it does feel as though the SEC are pretty now relaxed on...

Things being tokenized, firstly, or they're getting more relaxed on that. And then secondly, perks now coming to the US, which Coinbase in the past had been pretty tight on what they allowed to be trading in perks in the US. Now it feels as though they allow a number of different things to trade there. And it's kind of the first steps, I think, of the CFTC kind of taking over from the SEC here in terms of their...

their role. I think the CFTC will probably end up regulating the majority of this PERP stuff over the medium term. I think so, right? I think to me that makes the most sense. How long does that take to play out, do you think? I mean, they said it was going to be very, very soon. So I think you can already trade Bitcoin and ETH, I think. But now it feels like it's going to be the full suite of Coinbase

that can be traded. I think it's really just, it's like a bit of jostling between the SEC and the CFTC. Obviously the CFTC is about commodities. So for the SEC to allow this sort of stuff, perp trading to happen, they kind of have to say, hey, all this stuff isn't on securities anymore. And that's just taking a little bit of time for that to happen. But now that that happens, it feels like the CFTC will come through. The DEX versions, the PERP DEXs, I still think,

They're not fully in the clear, but this is a good first sign. Hyperliquids has obviously been a big, big winner on this sort of trend, and the volumes are now starting to match many of the bigger centralized exchanges. Maybe they do have to give a little bit more data. Maybe there'll have to be some level of KYC for this to be available in the U.S.,

But it does feel as though Hyperliquid is close potentially to becoming available maybe for a broader range of users, which would be good. Sorry, go ahead. No, that was it. What were you going to say? I had nothing to add to that. Well, I think I did want to touch upon briefly, I know you're a little bit...

uh not quite about this sort of stuff but we should probably mention it again because one of the biggest movers on the week again was Rett this week in terms of all the left curve stuff Rett was up another was it 40% on the week yeah I think about yeah maybe even more than that actually 40-50% on the week yeah

And this is a week where most stuff went lower. Fartcoin did get listed on Coinbase, so that did slightly well. You had a number of ETH coins doing well until kind of the last 48 hours where they really fell out of bed. And then SBX, I guess, is the other big one. The Mura coins have kind of come back and SBX has been leading that. It went all the way back up to...

1.6 billion, I think, although it's slightly, uh, slightly lower today, back to about 1.3. Tell us what's been going on with, with REC. It was a big week for, for announcements. Yeah. So we had, um, this week we announced a collaboration with Jupiter, um,

jupiter the aggregator on solana so we actually bridge some supply to solana there's like an active um solana pool now where meteora is the collaboration and launch partner alongside with jupiter as part of that jupiter also purchased some rect in the open market and took position in the coin as well so that was the explanation for the big rally yesterday i think we were up about

30% or something yesterday. We also closed the airdrop from the open sea sale, which was a big success. And I think maybe we moved 5% lower on the airdrop and then everything got bought up pretty quickly. And then today we just announced our first ever physical store launch, which is going to be across some 7-Eleven stores in Southern California in September.

primarily in LA. So that's going to be our first step into the mainstream traditional normie world and our first attempt at getting Rekt bigger and better and stronger outside of just crypto. So yeah, a few big pieces of news this week. We're working on lots and lots more coming up, I think. And yeah, it's the thing that's basically taking up most of my time now, but rightly so, I would say.

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Yeah, some huge announcements there. The 7-Eleven thing is really cool. I guess it's just in the LA area, but obviously they're huge and global. And then this move to Solana, you're an ETH coin and now you're multi-chain. So I think that's pretty cool. That and SPX, what do you think of the Murad stuff a little bit here? He's really had a redemption arc from a few months ago where it was kind of like,

He got a lot of FUD for kind of leading Lamb's Slaughter with some of these other coins, which just completely died. He's now definitely more SBX-focused.

That one is, is it the biggest ETH coin now? After Pepe? Yes, after Pepe it is, yeah. And by comfortable distance. What do you think of that? Do you think that one can keep going? If ETH goes to 4K here or 3.5K, is that a good one to own? Honestly, I think it can keep going. I think it's constructive for other coins that are primarily on ETH.

That kind of gets bucketed into that category of meme coins. I think what that shows is you just need a large amount of people to believe in something. And when they do and they get around it and they all kind of club together on it, it can go a lot higher because people stop selling and they believe in some sort of mission. And he's very clever in how he's marketed it. They're talking about flipping the stock market and these crazy high, you know, $1 trillion market cap, all these crazy expectations, which kind of makes you feel as a holder that there's no

right? People just want to hold it to crazy levels. And there are, don't forget GameStop, right? There are still people here from the GameStop era. There's still people here who've held stuff like Wiff and Pepe to insane, Doge to insane levels. And there's no reason why you can't have more of that stuff. And I actually do think we will see more of that stuff. And I know you're less, um,

less of a believer in alt season but I do think we'll see it and I think we'll see it again in memes as well but not every single meme you know it's going to be in a select few things that people can really get behind I actually believe in his whole thesis like the whole cult like thing you know holders who just almost don't even care about making money they just want to prove a point sort of thing like the other main thing about I see you go in mirror ad mode this week it does feel as though

I think originally there was comments about it being like a mini pudgy, but it also has this feeling of like a bit of a mere egg coin as well, right? Like that it's, it's a more of a cult. It's definitely a cult. I mean, we've had our community for over three years now. People have, most of these people have never sold their wreck guys. They've never sold their rack. Again, it's just about like a mission or to prove a point. And I think also,

I think the thing about the REC community is it's called REC for a reason. Everyone in it has experienced a lot of loss at some point and then gone on to make it all back. So I do think we fit quite nicely in that bucket, especially the market cap of REC is what, like 160 mil right now and SPX is a 1.2 bill. It kind of shows you the path something can take as you build the story over time. I think with

Lots of these meme coins, their challenge is how do you keep the attention? How do you keep things interesting? How do you keep people talking about what you're doing other than just finding people to buy it? And I think that's where we sort of have an edge because we have this drinks business behind it now. We are in 7-Eleven in the US, which is the largest convenience store in the world. And that's just the first of many things we're going to achieve.

over the next few weeks and months. So for us, it's almost like we don't even have to think about how do we keep the attention going, all that kind of stuff. It's just going to happen, I think, organically because that's what we're building and what we're trying to create here. Yeah, I think there's some parallels there. I do think those points are really strong. I think my view on altcoin season is really just that it won't be broad. It reminds me way more of the altcoin season of last year

early last year where it was just Bitcoin and memes. I feel as though this one would just be like a pocket. I think ETH can outperform, but I don't think it's going to be like every L1 does well. And I think ETH memes can outperform, but that doesn't necessarily mean that all memes will do well. I think the issue is that everyone associates Ethereum with an altcoin season. And I think the reasons why people own Ethereum right now are very Ethereum focused.

it's like ETFs plus treasuries. And I don't think that translates. And we saw it with the Bitcoin ETFs. When money came into the Bitcoin ETFs, it didn't lead to an altcoin season. I don't think money coming into the ETH ETFs necessarily moves to many altcoins. I think you can get ETH betas that potentially do well, but I think

I think that's the dangerous narrative is basically my view on it. Like, I don't really have a strong view on Bitcoin dominance here because although I think ETH can probably keep pace with Bitcoin, maybe even outperform it, other stuff I think can actually do a lot worse. I think like, I'm not a buyer of XRP here or, I don't know, I've been pretty public about it. You know, I don't think it right now

Maybe when the ETFs get announced, it would be the one to own, but it just feels like not as loved right now. So that's my view on altcoins. There will be coins that move, but it's maybe not everything. Yeah, that's fair, I think. I still think it's going to be... I think it's going to be like everything for like a short, a hot second. And then I think some things are going to be the ones that really like outperform and do really well. So I think...

I'm a believer in it. I'm a believer in it. I do think we'll see it. And I think even if we don't see it, I think you want to take that risk. The upside downside of this kind of stuff, I still think there's too much PTSD in the market where people are like, oh, well, I tried this and it didn't work, or I tried to go long-eath and it didn't work, and then whatever, which ends up getting killed. I think there's way too much PTSD. I do think people have forgotten how crazy things can move

like you saw when it was like 2021 style. And that's not to say things will get there and stay there forever, but you can have like a week or two weeks of this insane price action where things just go, you know, completely astronomical. And I think we're, I think we're going to see that. I'm not too sure. I saw, I saw a, I saw a vault on hyperliquid.

this week, which was long hype and Bitcoin and short all the high FTV altcoins. And I was like, that sounds like the sort of thing that I quite like here. Actually, some of the other ones can go lower, but there's so many...

I've spoken to you about this as well, but like some of the coins, I just feel as though they look very precarious here. But we'll see. Right. Should we get to the questions? Yeah. Before all that, before we get to questions. Two things to notice. Do you want to or should I? No, why don't you go ahead? Why don't you?

So two things, Real Vision is doing a promotion at the moment. You can get 12 months of Real Vision access for the price of nine. So you get three months free to make it easy. It's realvision.com forward slash three months free. God, that's difficult for me to say very quickly. And the second thing is obviously we had the Archpublic guys on again last week.

I think everyone knows what they're about at the moment. Would have made a lot of money this week, I'm sure, on the Bitcoin volatility. Again, you can go check them out at realvision.com forward slash arch. Okay, let's get into the questions. Okay, first question. This is from Neil from the Real Vision website. A couple of weeks ago, I asked you if you had thoughts about Q&T and you said you'd look into it. Have you come to any conclusions? Full disclosure, I'm a holder and not shilling it.

but would really value your views. I personally haven't had a chance to look at it yet. I don't know if you have looked at Quant at all. Yeah, are we really going to expose this here? No, I didn't have the chance to look at it. Let me have a look. No.

next time you will yeah we will try take a look i'm extremely busy with rec stuff right now so i'm not going to make any promises that i will get a moment to look at quants but i'll have a spare if i have a spare moment to think about it i will i will try um i know you like looking at this stuff mando say i look at everything i just didn't have a chance to look at it you do look at you to be fair you do actually look at everything um very opposite to me um okay next question from from melvin

Mando mentioned on RectVision or FOMO Hour that he anticipated a potential market top around mid-June. Given the current macro and risk landscape, how are you thinking about the broader summer of risk narrative now? Are there any shifts in your positioning or outlook?

Yeah. So what I actually said, and not to walk back what I said, is that I said that if it is a broad-based altcoin season, then they generally last for four weeks. I think I said that at the moment where it literally all reversed and Bitcoin just went higher from there. I would not call this an altcoin season. Bitcoin dominance went down about 3%, and then it's gone straight back up, basically in a straight line. So this doesn't feel like

anything like an altcoin season to me. But generally... I think his comments are more just less altcoin-y, but more just around the general market. Right. Do you have any changing thoughts on that? I think that I would agree with...

The 12-month lag model, which seems to point to more like late July, August, there being a bit of a chop. Actually, it says that we should be heading towards all-time high right now. So I think if we're not having altcoin season and we're not having this crazy thing where everything's moving 10x,

then I think we probably just, we're just going to Bitcoin will lead and Bitcoin will just follow the, the, the lag model. So I, I haven't taken it off. In fact, we normally say that at the end, you know, the end of the show a little bit, but I, at the end of last show, I said, you know, we should, you should buy. I was buying Ethan on, on the dips. I did. I went up to like more 80 to 90% invested. I did take off.

almost all of my ETH memes, apart from obviously, as in I took off a lot of my Pepe and Mog this week when they started to rally because I just felt as though ETH was a better risk-reward trade. And that's kind of what I'd said. So I don't know, like risk-adjusted, I probably decreased my risk a little bit, even though the notional hasn't gone down that much because I took off some very high beats of things this week. Yeah, fair enough. I think I'm...

I'm still pretty bullish for the summer. I think things will still go higher. I think Bitcoin is the safest way within crypto to obviously play it. But I think to me, the price action is showing that we're going to try and break through that 110 level. And I think we're going to go climb towards like 120, 130 area. So I'm pretty bullish personally. I think I've

kind of stuck through that for a while and bullish for the summer. And I think I'm expecting like a 120, 130 area Bitcoin at some point this summer, in my opinion. I think we're going to have a few attempts at, you know, smashing through that 110 level. So maybe the next one or the one after, but I'm, I'm constructive, I would say. I think Bitcoin can go to all time high by the end of this weekend. Like I actually believe that by the way. Yeah. Wouldn't be surprised. Also hit an all time high. Bitcoin loves a crisis. I, the dollar headed lower, like it,

I was surprised it sold off as much as it did. And it really does kind of remind me of the Trump Elon thing, but we're going to look back at it and just be like, well, that was such an obvious buying, buying spot, you know? Oh yeah. At the time. I mean, I was, I was traveling at the time, but I was just like, man, this is like the most obvious buying opportunity on like everything that's gone down. Tesla, everything. It's just like, you're just 100% meant to buy as much as possible there. But yeah, next time.

Okay, next question. Any thoughts on Coinbase adding Base Network to its trading platform? Very natural. That's basically what they said the DEX would be using. Yeah. The DEX. Maybe that's good for some Coinbase memes. I don't know how difficult it's been for people. The Coinbase wallet's pretty integrated with Base, and I know you were able to buy a number of DEX coins already natively on Coinbase.

On Coinbase, maybe they weren't seeing the volume they wanted. So they want to maybe internalize a DEX a bit more. I think we're going to see... Whenever I buy a coin on base, it just feels like I'm buying the top. I don't know if you agree with that. But if I was really involved in the ecosystem, maybe I'd get into this stuff early. But

I've never really made money on bass and I don't know if that's ever going to change. You're not deep in the bass trenches. Are you a bass guy? I just, I feel like whenever I've tried to buy a bass meme or some sort of bass beta, it's just gone terrible. Yeah, I haven't really been deep in the bass trenches. I can't, you know, I can't really comment on any success there myself either. But,

a lot of people use Coinbase and the easier it is to buy things on chain via Coinbase without having, you know, when you're, when you tell your friend like, Oh, buy this coin. And they're like, Oh, I don't see it on Coinbase. And that's when it's just, everything just falls apart because they're not going to go and set up a MetaMask wallet and do their seed phrase and go on Uniswap and then transact or, you know, it's just too difficult. Rekt is on base. Yeah. But, um, so if, if, um,

a lot of base coins are erected on base you can buy it through the coinbase app that's a very big thing in my opinion so um i'm curious to see like more details on that and see how it pans out um okay next question are you bullish on goat still god uh i still have a very small position in goat but i haven't not i have not been big in goat since january i think the gospel of goats when the when the stuff happened with libra and trump that's when i reduced a lot of those coins basically

yeah that makes sense very nice okay uh i also um i was kind of like a dip buyer of that and i thought i had a really strong narrative and didn't really play out so um i just think if you try just jet like all of those ai coins have a really bad week ai 16z particularly the cyber really bad they've had a they've had a tough week i think um so yeah we'll see um

be interesting to see if that stuff bounces back or not. It never really kicked on alongside some of the memes, actually. The meme coins ended up doing better, I think, than the AI stuff. But I think with coins, the point I was trying to make is like, with coins with GOAT and some of these coins, it kind of all just depends on like, what the whales do, what do the big holders do, like, how much can they take it higher and all that kind of stuff. So,

How much money do they put into it? So without that, it's a little bit like, I'm not really sure, basically. Because I don't know what's going on there. A good example of that is Aura, right? Do you see what happened with the Aura coin? Yeah, crazy. 800K for ages, then a bunch of people accumulated it and then they just

whacked it up to like 150 mil in the space of two days. That's just purely like inside a cabal, well-driven play. And that could happen to any of these coins. And it's better to do that on a coin which has some narrative at least, because then people can not understand that's what's going on and buy into the narrative. So that's the kind of thing that I think could be there on Goat at some point in time, but you need a group behind it to really push it behind the scenes, I think. Do you still have the AI point or have you reduced those?

I actually sold all my iCoins a while ago. Yeah, into that big pump that we had a few weeks ago, I basically just sold all my iCoins. I basically took off a lot of book cleanup, basically, and took off a lot of that stuff because I just didn't have time to monitor the positions and focus on it. So...

And it wasn't because I was necessarily bearish. I actually felt so bullish, but I just didn't want to have it as something to think about while I'm playing some rec stuff. Yeah, with recs or yeet, like sometimes you just...

you don't want to have to have big charts all day yeah it's just annoying was like you just busy all day and then you go look at your book and you're like oh fuck i just i'm down 25 on something that i wanted to sell but i didn't have time to sell and now you know just lost a load of money so yeah i just i needed to eliminate stuff like that and in my book and be a bit more um longer term i think um

Next question, where can I learn more about Rekt? I think the best website is rekt.com, so you can find out more information there. The best link to it, I would say, is if you go to my ex, osf underscore rekt, I have a pinned tweet on it, which is called Rekt, the first ever brand coin. And I did my best to explain what a brand coin is, what Rekt is, and kind of where the value sits and what the...

growth story and proposition is. So I'd highly recommend reading that. It's my pinned tweet on my ex-profile and hopefully I've explained it nice and clearly on that. Next question from Kevin. This is an interesting question. What's the latest on the pump fund token? The negative speculation appears to have been subdued. Lots of soul memes flying once again last week. They were flying. They didn't really last, right? Is there...

I guess Farcoin is the one I really pay attention to the most. It's doing okay, but the majority of the other ones feel like they're lower now in the week, right? I would guess. Yeah, I think some of the other stuff, the gains didn't really hold, did they? So I think if that gets announced, those coins are going to go lower. Yeah, I think so. I think the market's already shown its hand, hasn't it? Yeah, for sure. How that's going to go down, so...

Makes you wonder whether you should be short some of that stuff, right? Yeah, well... With maybe even Fartcoin, dare I say. Yeah, Fartcoin could get smashed by something like that. Sure. Kind of interesting to think about that as a potential short idea. Or you just get hosed on that trade because that's what everyone is doing and it becomes a crowded position. Yeah, funding rates have been... It's difficult to work out how crowded trades are. I would say that... I don't know if I'd short...

There are lots of Salama memes that you could short, right? You could just short Trump, right? Trump's at the highest mark for that one. Yeah, that's a good one to short because they also have unlocks as well. So yeah, that could be interesting.

I've been short Millenia all the way down. That sucks. It's like, what is this thing? That's still at like a, what FTV is that? Like one? 300 million. How's that still 300 million? Exactly. Right. It's like free money. And like, right now you've got this huge fight going on with all the Libra people, which involves a lot of the Millenia people. It just feels like that thing's going to zero.

Wow. Yeah, that's another one to look at too. Okay, last question from Francisco. Hey there, boys. Maple Finance is partnered with Cantor. Do you have any thoughts on that or any thoughts on ETH DeFi as a whole? I kind of like ETH DeFi. Yeah. I love Maple Finance. I use it all the time. I've been a big investor in a lot of RWA things via them. I think it's a good firm.

I don't know enough about their token though. They got like a buyback thing? I don't know anything about their token. SIDA, I believe, is the token. Yeah. Yeah, they have like a USDC style pool, which I think you earn yield on as well.

I think it's a good company, basically is what I'm saying. If they can get a buyback going with that or some sort of flywheel, I think it's an interesting coin. They seem legit. Everything that I see from them is a good one. Conversely, I'm not a big fan of a lot of the RWA coins in general. I still don't understand what their purpose is sometimes. I still don't know if I'd get Hondo right now. It's a billion dollar market cap.

and I'm still kind of unclear why, but I think Maple as like an app with a buyback. Does it have a buyback? Which one? Onda? No. Syrup? I actually don't know. I genuinely don't know. Okay. I think going back to the ETH staking point, I feel like a partnership with Kanta is obviously something that makes it potentially more accessible to retail.

Um, and I think for me, when I got into crypto at the beginning, I did a lot of ETH DeFi. We both did, I think at the beginning. Right. Um, and I think that's really interesting. I think, um,

I think making these products available for retail in a much easier way is extremely interesting, I think, in my opinion. And that's something that's going to be bullish for ETH, but also bullish for some of these DeFi coins as well. Because if you could just get some of these yields from an app on your phone, rather than going through all the whole wallet stuff, I think that's pretty powerful. So that's something I think I would say I'm quite constructive on. Yeah.

Cool. Well, I think that brings us to the end of the show. Let's see if your prediction of Bitcoin reaching all-time highs over the weekend comes through. I think very good chance. Let's make it happen, guys. Come on. Let's make it happen. Everyone buy a little bit today. Let's see where we end up. Everyone buys $1,000 of Bitcoin. Yeah, exactly. We have hundreds of thousands of followers, right? So it will make an impact. We can have an impact.

Thanks everyone for tuning in. That was RectVision. Remember to head over to realvision.com forward slash three months free to get 12 months of access to Real Vision for the price of nine. And also be sure to check out Arch Publix algorithmic trading platform, realvision.com forward slash Arch.

Before we go, a quick question for you guys. Are you buying the dip or do you think we're headed lower? Please let us know in the comments and we will see you guys next week. Next week will be our monthly AMA that's exclusive to Real Vision Connect members. We'll be back at the usual time, 11.30am Eastern Time, 4.30pm British Summer Time. Hope everyone has a great weekend and we'll see you next week. See you next week, guys.

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if we do together. So hopefully see you next time in Singapore. Real Vision will be there. I look forward to seeing you all. If you liked this episode, I'd love for you to head over to realvision.com forward slash join for a free membership. Start your journey today to unfuck your future. Just one click away.