Bitcoin Erased 3 Months of Pain in Just 72 HOURS

**Scott Melker** (0:00)
Bitcoin erased three months of pain versus the S&P in just 72 hours. This reminds us that 99% of the time, Bitcoin is boring, people are indifferent, they want nothing to do with it at the bottom, and then 10 days a year on average, it provides all of its upside. And if you're not in the market, then you tend to miss it, leaving you wondering, should I buy now near 80,000, or am I going to wait for the lower lows? Trading is hard, Bitcoin, you hold. We're going to talk about that and everything. We've got a monster show today. I've got Matt Hogan first, then Jason Williams on the backside. Let's go.
Oh, yeah. So we saw that on the Internet this morning. I figured that would be the new interviews. I didn't know I'd be behind it. We played it. Good morning, Matt. Good morning, Matt.

**Matt Hougan** (1:22)
Oh, my God, that was amazing. Were you actually doing it? Was that live?

**Scott Melker** (1:27)
I was behind it, you know? But how do you like our new interview?

**Matt Hougan** (1:35)
I didn't write it for the bull market, man. You got to keep that thing. It was beautiful.

**Scott Melker** (1:38)
It just felt good.

**Matt Hougan** (1:40)
It felt good.

**Scott Melker** (1:41)
I'll be honest, that felt good. You know what else feels good? Like I said to you right before, not having to show up and cope and say, you know, this could happen or this might. So, I mean, you know, just to review, we have basically three days of monster price action here. And I think, you know, day one, this is my take, right? Bascent kind of ignited it. And then leverage was the gasoline. And then Trump pushed it a little bit over. But now you got two more days of still up.
So now it can't just be a short squeeze anymore. And it can't just be, you know, these little news sparks. It feels feels pretty good. I mean, what do you think in here?

**Matt Hougan** (2:21)
No, I think that's right. Look, the thing that strikes me is that the people who are buying in on this dip are the people who have been waiting on the sidelines for the cycle to change. Right. This isn't a short term timing dip. This isn't people who are trying to make a play for one week or two weeks. These are people who are waiting for the four-year cycle to enter its new phase and I think want to make a multi-year style allocation. I think they're thinking about prices substantially higher than today. That's why it's had more momentum than maybe we expected initially. I don't think we go straight up. Probably will reset somewhat at some point. But I do think most of the money coming into the market is making a multi-year bet that we're going back into six-figure Bitcoin and they want to be along for that ride.

**Scott Melker** (3:06)
Yeah, I just posted this just because I never know. Serious question, if you're waiting for Bitcoin to trade lower to buy, are you buying now or still waiting for lower? When you have the majority, I think, knee-jerk reaction still waiting for lower, I think there's going to be more pain for them.

**Matt Hougan** (3:22)
Yeah, they need more pain. I mean, you and I talked about this during the Dole moments. The right question was not where is the bottom, it's where is the top. Whether you got in at 59 or 65, you're up significantly now. If we go to 100,000, you're up very significantly.
Yeah, I think until we have full FOMO, maybe this trade continues for a while.

**Scott Melker** (3:46)
Yeah, I mean, some of that, it's so funny because you can point out when prices are bad, all the reasons the bottom should be in. I just made complete shows about it. I'm glad that at least went in. I can't even say the bottom's in, right? I mean, anything can happen. We know that.
But a much higher conviction now that something is changing here. But now you get these stats and you remember, I mean, Bitcoin has erased three months of underperformance against the S&P 500 in 72 hours. As we showed several days ago, stretches of relative BTC underperformance are common. However, when BTC does outperform, the excess gains tend to be significant. And you just get all these headlines now. Bitcoin on track for 20% weekly gain. As investor optimism floods in, Bitcoin's bull score just crossed into bullish territory even in May when it broke 82 It wasn't there. It's endless. Strategy is in profit.