Institutions Loading Again. Are You Late? #CryptoTownHall

**David** (0:00)
Well, good morning, everyone. A little bit different, there's green on my screen. Not really sure, I'm used to that, but here we are. There is Ethereum up over 10%, Bitcoin is doing well, most of crypto doing well. Is it a new morning?
Is this the dawn? What are you guys thinking? I mean, Jamie, you've been toiling, talking about this stuff for morning, noon and night for weeks, and all of a sudden, we get this kind of day when it kind of seems unexpected. What are you thinking?

**Jamie** (0:35)
Yeah, well, we talked about this last week. Scott was right on when he was accurate to mention the $74,000 area was key resistance, and sure enough, it hit that and then came back down. We've gone back up and we're already that mark again. So, you know, the more times you hit these resistance areas, oftentimes, you do end up going through it. So, you know, that's what I'm hoping for, is that we can continue to test this area and finally push through to the upside and get some momentum going.

**David** (1:10)
I mean, on the macro side, I mean, you know, gold has dropped below $5,000 for the first time in a while. Now, it's just slightly above it. Silver, you know, treating at $80,000. You know, we've been talking about this for months, that a lot of the precious metal investors were the hot ball of money and ignoring crypto. And it looks like some of them got bored and decided gold at $5,000 and silver at $80,000. It's not going anywhere. Let's move and look at BitTensor. I mean, I just, you know, just to pick one up, that's up like 50% in the last week. You know, it does certainly look like that. And, you know, I don't put a whole lot of faith in that particular narrative. Certainly we've had no progress on legislation or any of the other major things that are going on, but there's this thought, and I think a bunch of people have said it on the stage. Curious is, is the sector a beach ball being held underwater, or is this a, you know, crypto dead cat bounce because it was just beaten down so badly for, you know, for the last six months that, you know, you're going to see days like this?
Do I have to call on people to ask?

**Carlo** (2:19)
I'll take the bait.

**David** (2:20)
Okay, go, go, Carlo.

**Carlo** (2:22)
Yeah, no, I think you're seeing an asset that has matured in Bitcoin. It has shown incredible resilience throughout this war. And compared to other assets and other asset classes like the S&P and even gold, you're seeing divergence now. And I think that that is an important indicator for the maturity of Bitcoin. Even though we don't have clarity, and even though that seems to be bogged down over this fight about stable coins, we do have great positive indicators because we had both SEC and OCC, and I should say SEC and CFTC reach an agreement, a mutual understanding that Ethereum should be considered a commodity like Bitcoin. And that to me demonstrates positive momentum from the regulators that regardless of whether we get a market structure bill, you cannot deny we have two regulatory agencies that are pro digital assets.
And I think we're starting to see the makings of an alt season here, because I think everyone knows what's about to happen as we continue to see massive deficit spending devoted toward funding this war. And I think that all points to a more positive crypto market.

**David** (3:50)
Well, I mean, the question in my mind is, is that the story, is that why Ethereum is up 10% in one night, in 24 hours?

**Carlo** (4:00)
I think to an extent it is, because you had the ETFs go live, especially the staking ETFs. And a lot of the uncertainty about staking over Ethereum was resolution of whether it would be deemed a security or a commodity. Now that you have a mutual understanding from both of these agencies, you do have a little bit more comfort that you're not going to get hit with an enforcement action, at least during this term. And I think that's an upward positive momentum trend for Ethereum.

**David** (4:36)
I mean, I don't see any of the usual Ethereum suspects up here, but it is, when you see it, this is exceedingly rare. I mean, I'd be curious for those who are market watching. But, you know, Scott and I were talking about this morning on macro Monday. Normally, Bitcoin moves up first, then alts take off. This point, yeah, Bitcoin's been, look, it's, it, it, it, it gravitating up toward resistance, to me, is not remotely surprising, given what's been going on with STRC and just the, the supply demand dynamics. And, and we definitely could talk about that. It's probably worth talking about it. But when you look down and you see a day where alts are actually leading the way, that is surprising. And, and some of them like dramatically, I mean, Ethereum is 9.76%, right? You know, it was flirting with blowing, going below 2000 And now it's at almost 2300 You know, you're looking at Solana is up 7%.