ROLLUP: Uptober Green Light? | Robinhood Goes All-In | $400M Bitget Hack | Prediction Markets to SCOTUS

David (0:04)

Bankless Station, it is the first week of October, and the bearish market structure broke the weekly Bitcoin candle. And in addition to that, the monthly Bitcoin candle both closed above the previous May high. I think the big question for the entire market to answer is that, is this a green light for October? Ryan, do you remember October last year?

Ryan (0:25)

Oh my God, you said it, you cursed us now. We're all doomed.

David (0:29)

You and I were very excited for October last year. And the first week of October last year was like a little bit green, and we were kind of excited.

Ryan (0:37)

Yeah, and then we said October too many times, and we cursed it, and the rest of the month sucked.

David (0:42)

It became down-tober. Yeah, it was bear market-tober. It was bear market-tober. But that was last October, that was last October, and we still have October possibly on the menu for this month.

Ryan (0:52)

Well, I think a question to be answered is, what's Macro doing, and could that disrupt our, I'm not going to say it, our October? Because there's a little bit of a paradox going on in markets. Inflation came in kind of cool, but the 10-year yields are going sky high, and they're not stopping. Ben Hunt said this week, something in the financial world is going to break when referring to these yields. We'll talk about that. Also, David, you went to the Hood Summit. That was in Houston, Texas.

I want to know why you went, what Robinhood is shipping. I'll find out all about that, because I saw a lot of announcements coming out, but you were on the ground, want to get your impressions on that as well.

David (1:30)

Also, there was a $400 million Bitget hack. We had an exchange hack on Friday of last week, and also that has turned into a conversation around near-intense and the permissionless nature of that system and whether crypto wants that or not. Also, New York has sued Polymarket. A federal court has ruled that states can regulate cash and it seems like we're all taking this to the Supreme Court is just looking more and more inevitable these days. So we're going to cover all of this and more. But first, we're starting with the market. Once again, the Bitcoin weekly candle closed above the May high of this year. So we, the weekly candle closed was the highest Bitcoin price that we've had since like early January of this year. That is also true for the October monthly candle as well. So in this is kind of-

Ryan (2:16)

What do you mean? It's September, don't get out of here.

David (2:18)

September, excuse me, September, we are now in October.

Ryan (2:22)

Thank you, thank you.

David (2:23)

If you are a trader, if you do TA, the importance of weekly and monthly candles closes, that's just what is going to be on the chart looking forward. And had we dipped below the May high, you would have seen a lower high, but instead we got a higher high for the year. And so the idea here is that the bearish market structure that we previously had has broken, giving us potentially a green light, a runway for more bullishness in the remaining three weeks of this month.

Ryan (2:54)

My, I don't know what your quant is saying David, but my quant, Michael Nadeau, has also signed off on what you just said. Yes, nice. He has said, we are in the early bull and we got the confirmation this week because we got a second weekly close, what you just said, above the 50 week moving average, which is 768K and we got a close above that 845K.

So the last objection people had, which was like, are you sure? Is this sustained? I mean, the chart is rejecting that. And if this chart doesn't hold, not to say we couldn't go down, we may still go down, but if this overall structure, the structure that you said has broken out in an upward direction, broken the back of the bear market. If that doesn't hold after these monthly averages are locked in, then it will be the first time ever it hasn't hold it. So that feels like a good foundation from a crypto market structure to just say, we are in the early bull phase.

David (3:58)

Speaking of good foundations, I do kind of enjoy, I don't really enjoy it because it's financially painful, but nonetheless, we are seeing some weakness in some alts for the first time. Lit is down 30% from the highs in ZDV.

Ryan (4:11)