Bitcoin Just Hit The 2022 Bottom Signal At $62K – 10M Underwater

**Scott Melker** (0:01)
A Bitcoin bottom signal from 2022 is flashing with Bitcoin trading around $62,000. And that is that more than 50% of all Bitcoin purchased is now at a loss. Is it a bottom signal? I have no idea. And there's probably more interesting things to talk about with my amazing guest today, Sandy Kahl from Franklin Templeton. We're going to dig into that more right now. Let's go.
What is up, everybody? Happy Thursday. I hope that you're all having a wonderful day today, as I always am. As you can see, we are in low orbit, celebrating the IPO of SpaceX. Tomorrow, I'm actually up here getting a firsthand look at the new AI data centers. And that wasn't supposed to be up there when I did my intro, but we forgot. I'm gonna go ahead and bring on Sandy right now. Good morning, how are you?

**Sandy Kahl** (1:04)
Good morning, Scott, how are you doing?

**Scott Melker** (1:06)
I'm great, I'm in space. Great.

**Sandy Kahl** (1:08)
Perfect.

**Scott Melker** (1:09)
Great, you should come join me in space sometime. It's really nice. There's actually a hot tub back there that you can't see. It's out of the frame, but there's a hot tub in our spaceship. I love that. Yeah, everybody loves that. So listen, let's dive in first. Let's get the market out of the way. You know, Bitcoin fell off, leaves half of supply trading at a loss. This specific metric, I don't think, is that meaningful, but I do think we're having a lot of things line up right now.
People capitulating, you know, conversations around Bitcoin being dead, and MicroStrategy is going to blow up. All the things that I like to see when I'm buying Bitcoin, to be quite honest.

**Sandy Kahl** (1:44)
Yeah, I'm right there with you. You know, you always got to wait for the most bearish sentiment to expect the bottom and the most bullish sentiment when you expect the top. So, it's looking like we're getting closer.

**Scott Melker** (1:57)
When you're taking a look at this, I mean, does it impact anything that you're doing or building at all? And I guess actually, since you're on the institutional side, obviously you're running everything over at Franklin Templeton. Do you see concerns about this when you're having conversations?

**Sandy Kahl** (2:12)
No, actually just the opposite. I mean, I think that we feel like this is a great opportunity for us. It gives us a little breathing room to build out our capabilities further.
It's giving us an opportunity to pick up great investing talent, which is something that we're building out at Franklin Templeton. We're building our crypto investing capabilities into a multi-strategy, multi-manager platform. This is giving us great opportunities to pick up talent. I think that it's giving us the opportunity to really educate institutions because now institutions hate coming into bull markets. They like when things have lost some of their shine. That makes them feel like they get better entry points. It gives them the confidence that they can put on long-term positions. We're actually getting more and more incoming interests to be able to educate people, help them understand why these investments fit in their portfolio and where they fit.

**Scott Melker** (3:08)
It's so interesting because every single time I have a conversation with someone who's actually on the front line of institutional adoption like you, Matt Hogan recently, even Hunter Horsley from Bitwise, they say the exact same thing. I don't think we've ever seen such a massive disconnect because we didn't have the level of institutional involvement in past cycles, but this level of disconnect between what I guess the smart money and institutions are thinking at this price point and what retail is thinking at this price point. It's absolutely astounding.
Yeah.

**Sandy Kahl** (3:39)
I think that's very common though. If you look at, I mean, I spent my early years in commodity markets and that was always the case, right? There's always a huge divergence between speculative and professional interest before you really see market turns. That happens, as I said, both on the bull side and on the bear side.

**Scott Melker** (3:58)
So I want to zoom in more on exactly what you're doing. You kind of eluded to one of these, I guess, deal before. So I want to talk about it. It seems like you're doing a lot more now in this space. And as you said, sort of acquiring interests as this goes, scooping up things in the bear market. Franklin Templeton agrees to acquire liquid strategies from CoinFund spinoff launches Franklin Crypto. So I love Christopher Perkins and Seth Gaines, all those guys over there. So this was really exciting news.