Bitcoin capitulation signals and what a bottom looks like: Jamie Coutts

Transcript

A lot of people look at Bitcoin and crypto as an ATM. They see it as a vehicle for them to basically deposit money and then withdraw later at a higher price. What's up everybody? It's LG Ducet here and welcome to the Milk Road Show, the daily crypto show that's so desperate to speedrun this bare market, it wants to move to Spain to run with the real life bulls. Today's February 12th, 2026. We are recording this on February 11th, 2026, a week ago, as Bitcoin imploded to the tune of an absurd 17% daily red candle. One of the top voices in the space, admitted that they had played the last few months a little bit wrong. Jamie Coots, one of our favorite guests and the chief crypto analyst at Real Vision, admitted his model had been partially right since back in September when he recommended

trimming positions, but that it had also missed the technicals that called for the bigger draw down we are now living through. his core lesson from his massive tweet, there can be a huge gap between being right on fundamentals and actually making money. And today he's on the show to break that down and give us a preview of the massive report that he's actually working on that he's going to post to real vision members. Today's episode is brought to you by some turn cryptot tax and chaos into confidence bridge send stable coin payments instantly simple global friction free and war bucks the easiest way to trade crypto. Jamie Coots, man, welcome back to the show in this new year, the the almost the man of the hour because you had such a viral tweet. Uh last week, I think that really something's up really hit a chord for everybody. How are you,

man? >> Yeah, I'm doing really well, LG. Nice to see you again, man. >> Nice to see you. Let's talk about this tweet, man, because this came across the timeline, a massively viral tweet basically just explaining like a little bit of everything that's been going on. Tell me about the thinking that went into that. Yeah, look, I mean the the origin of the tweet was really um I guess a bit of a vent of my frustration because you know we obviously had uh 3 to four months of um deteriorating price action in crypto and the tweet was really just my I guess my explanation of um I guess what had happened to the causes behind the um the capitulation in Bitcoin and then the wider crypto ecosystem but also uh frustration at the fact that guys was

highlighting things back in September which were pointing to something very significant on the horizon and that time in early September like September 2nd we're only like a week or so from the the alltime high at that time uh which was formed in August um we went on to make a new high I think later in September but at that time you know what I was seeing on a from a technical perspective and also on the liquidity fund was actually quite concerning but it was you know a post that sort of expressed my frustration at perhaps not de-risking a little bit more um but also just an explanation of around sort of people needing to maintain their own um frameworks and time horizons because you know I'm an investor in this space I

have most of my liquid wealth in crypto and that and my time frame is you know through multicycle so I'm accumulating in the core assets which I think are are building the the new digital economy um so a little bit of frustration on that front but also just an explanation around, you know, the culmination of events that happened in Q4 which really kind of rugged the crypto market. Some of it independent of crypto, some of it within the crypto ecosystem. So, you know, crypto is not um left unblamed I guess for for you know the deterioration in price action. You can't just blame it on Binance or blame it on liquidity.

There are other aspects but there were also extenduating circumstances. The end of every cycle has a reason. They're usually different in some way. We did not get the typical um tightening cycle which has usually cut uh a crypto cycle off, but there was tightening that played into the Q4 situation. So, all of that was sort of wrapped up in this tweet and um yeah, I think um you know, it uh it got a pretty big response. Do you think Jamie and while we're just really talking on the emotion as well of of of a draw down that or a top really that many people didn't see coming. Um do you think that the price action also plays into that? Do you think that there's this very simple idea of well if Bitcoin hit this top last time it has to

hit this X multiple top next time and that we never got there and that that is one of the reasons that people just couldn't accept that we had topped back in October. >> Yeah. So I think what you're really asking about is the psychology of the market or the psychology of participants and this is something that I was talking about like even at the start of this bull run was that the you know once you focus on something you change the outcomes um so bitcoin or crypto has had somewhat of a symmetrical cycle to it. Um now there's underlying reasons for that um justifiable reasons. Initially it was the bitcoin um having cycle which most certainly played a role in the way the cycles played out. that has become less important. Global liquidity or the refinancing cycle is still a major

driver of crypto prices. But the fact that you know liquidity in and of itself, the mechanisms which are driving liquidity higher have changed this time round. We're in a very different liquidity environment in my opinion. That has also um sort of changed the way crypto relates to liquidity. But just the notion that I think and this was expressed in the post is that a lot of people look at Bitcoin and crypto as an ATM. They see it as a vehicle for them to basically deposit money and then withdraw later at a higher price. And that's no different to anyone who sort of looks at at markets but it's especially acute in crypto. So that you know by focusing on the cycles and when

they top I think you blunt the actual response of the asset to you know the actual drivers of prices. So that needs to play out and I think that means that we're in a very different paradigm going forward uh in terms of like where we bottom and how we bottom from here relative to the past. Um so yeah it definitely plays a huge part in um you know in the psychology of the market. >> Everything you're listening to today is also covered in our daily crypto newsletter and on Sundays we even recap the best parts of the entire week's worth podcast. So check it out at the link below.

>> Absolutely. Let's talk about um the report that I think you're about to put out. We're getting a little sneak peek and right off the bat you kind of discuss how you had started to flag some of these warning signs um back in September. Tell me a little bit more about that because I've been very interested to talk to people who who were able to see that some of the stuff was coming weeks before we topped if not months. >> Yeah, so it's not like I'm Nostradamus. to just basically use uh you know the the technical indicators and some of the other factors in my toolkit to sort of look at where there could be potential elevated risk. Uh and we're starting to see I've got a you know a a framework which I published called the Bitcoin cycle risk framework. Um there were elevated levels in sort of December

January of 2025. There was the first real signal um back in March of 2024 when the ETFs launched. um that sort of washed out because liquidity uh wasn't rising at that time. Then liquidity started to rise and that justifies higher prices in Bitcoin uh and also in crypto. But December was a huge spike in um some of the elevated risk metrics that I use. Uh and then we saw another one sort of in middle of the year. But what I was pointing out in this particular um tweet was not necessarily those factors which are onchain and derivatives based but actually the technical indicators. And this you know I've been in the markets for a while. We go back to sort of like the the the tech

bubble in the late 1990s um early 2000s. Um and one thing that I've always used is longer time frame analysis on you know the asset class which I sort of grew up with and worked in which was equities. When you look at the longer time frame, the higher time frames like a weekly on equities, it doesn't give you topping signals or bottoming signals. It gives you warnings, warnings for reversals either to the upside or the downside. And so, you know, the same pattern I started to see in Bitcoin this cycle was uh that I've seen in previous instances for like the S&P and other equity markets, which is, you know, a very large momentum divergence on the weekly chart. So, you can measure it by

using like an RSI or I use RSI, but you could use other indicators as well. Each consecutive peak higher in the price is coincides with a lower peak in momentum. And that just tells you that the the momentum engine is stalling. Now, when you get it on very, you know, when you get on a weekly chart, these longer time frames, you know, that can that can take many weeks or months to resolve. But, um, it tends to it tends to resolve with things that you just can't see. You know, it was basically back in 1998 was like you you look at the S&P, there were three big instances in the last sort of 20 years. There was leading up to 1998 which was followed by LTCM like you can't have um you can't have predicted

that but it's a good warning. It happened lead up to 2008 financial crisis. In 2007 it flashed again and that was one of the things that actually helped me have a great year in 2008 as I was trading Asia because it was flagging on the Nicke and and the S&P and um so ironically that was a good year for me. Um and then it it appeared again in 2020. Um now you know some of these things are embedded into the financial mechanics of the market. So you can say that they're um that they're like it's financial plumbing and that you know it's somewhat predictable. Things like CO are unpredictable. I mean we live in a natural world so viruses appear. So you know things come out of the blue and

so it's just a warning signal. And we saw that in Bitcoin leading into September as we made the new alltime high. we had this bearish divergence on the weekly and so I didn't know October 10 was going to happen did and that was basically just created the market which was already on a weak footing just that there was less buyers being able to support the higher prices and there was um you know there was momentum fatigue >> so is that is that measure and when you're referencing back to 2008 and 2020 is that a measure of the broader economy in this case or are you specifically discussing crypto when you're looking at these metrics and and referring them for this time >> yeah so I was highlighting in add tweet the um the bearish divergence of the Bitcoin highs that we've seen in this cycle starting in 2024 and then the last

one in sort of September October being lower coinciding with lower momentum peaks but the other instances were referring to the S&P which was you know leading into a financial crisis in 98 another financial crisis in in 2007 then a then a you know a a virus in 2020. >> Yeah. Yeah. something something hard to call >> something out of the blue. >> That's right. >> It just you know the market needed had the kindling and it then it got the it got the spark and we saw you know big declines from there on. Have you have you what's your analysis now if you have any of the broader market of the S&P at this current point because I think that that's very you know and we can also discuss the events of last week um where a lot of people have been pointing to

February 5 as another similar similar 1010 as like something clearly changed in the market structure not just for crypto but for the broader market. I don't know if you track that, Jamie. So, if you don't u for the purpose of this discussion, that's fine. But I'm wondering, are you seeing similar signs for the S&P or or or other equities, commodities right now? >> Uh, look, I haven't looked um specifically. I think back in September, I was trying to draw a comparison to the S&P and I wasn't seeing the same divergence uh on the S&P at the time. It seemed to be very Bitcoin or cryptoreated. Um, which in and of itself is a signal I think for the S&P. the cyclical indicators that you know that I look at but also you know as part of the real vision platform with Julian Patella

and and RA is clearly that um that the cyclical side of the economy is really starting to fire GDP growth is accelerating the ISM above 50 after the longest period of of draw down I think in in in its history. um we're starting to see a broadening out in terms of some performance in the Russell in Russell 2000. So small cap stocks, but there's definitely um cracks appearing because of I guess the um the way in which AI is killing a major component of the S&P which is software. That's a real thing. Uh there's going to be so much disruption on that front, but I think generally the outlook for equities uh is actually looking pretty positive for this year. um you know we're starting to see you know we'll see massive uh

liquidity increase in um US M2 with all the changes that are happening at the banks around capital requirements and buying bills essentially monetizing the debt that's just going to amplify credit but we'll get into the we'll get into the liquidity side of things if you want in a later bit cuz it deserves um special attention. >> Stable coins are reshaping the financial order but most companies don't have the opportunity to participate in the rewards they generate. Plus, launching a stablecoin means wrestling with complex regulations, building bespoke infrastructure, and burning endless developer hours. [music] Enter Bridge and its new product, Open Issuance.

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Um so a little bit later on here uh a few slides later you're telling us caution at the top and exhaustion. Now are we tell me a little bit more about this and and and how exhausted do you think the market really is [laughter] everything that's happened. >> I guess fast forward and the last three months and and sort of seeing some um signs and I mean admittedly like again in that post I was being very very clear and transparent. I derisked my portfolio slightly in September and October, but I didn't do enough on some of the peripheral positions that I had um from a risk management standpoint, but I was never going to basically sell my portfolio because I had positions in um assets which I think long-term are going

to outperform just about everything else. Um but that was sort of like my frustration in seeing some of the um topping signals but perhaps not derisking a little bit further. But, you know, in the last three or four months, there's been a ton of damage that's um come through to, you know, it's come through on um crypto prices to the point where we're actually seeing across many different metrics. Um all of the exhaustion capitulation um metrics you typically see at a very significant bottom or the or a first of a a bottoming process. But a lot of the wash out and capitulation is now built in such that we are closer to the bottom than we are um than we are to

the top obviously and this is uh this is the the big question in my mind. What does the bottom look like? Is it a Vshape from here or is it a more rounded bottoming process? I'm in the in the camp even though a lot of the capitulation signs are very clear to me. uh whether you're looking at funding rates or looking at onchain metrics like realized losses, long liquidations on the on the per market. Um you know RSIs, I think we've got a couple of these charts. Um there's certainly in the camp that um there is a bottom in place and I but I think that with the damage that's been done there still going to be um with a lot of people underwater if you know if it doesn't turn around

within the next sort of one or two months that it could just roll over and give us a new low. The point being is my view here LG is that we are deep into the value zone of Bitcoin and Ethereum and some of the other smart contract platforms which have real network adoption. And so a longerterm view from here is that you've you've been given an opportunity to start accumulating again in these assets at undervalued levels, but it's not to say that the bottom is definitively in. >> Got it. Okay. And so, you know, it's interesting to hear you say that because I do I do feel like that's what the narrative has shifted in the last two weeks, right? Is that for a while we still had this was that the top? Are we just in a short-term pullback? And then I think after that bottoming last week

after that, especially that single day draw down, everybody has now shifted gears to will this be a V-shaped recovery or are we in for more pain longer term? Jamie, if you had to gander a guess, what would it be? Are we are we following the you know Ben Conn who gave you great feedback on your tweet. Are we following what he's been saying for a while that you're going to see a bottom in Q3 probably lower than this at the 200E EMA or is this um or are is it open to something else at this point? >> I'm I'm in the camp that we actually uh are going to go through a bottoming process that's going to take months. I I don't think it's going to be as long as what Ben is saying because I think the [clears throat] I think the the velocity

of the move down is actually sharper this time round than in other cycle tops. It also you have to factor in the volatility of the asset. So a 50% draw down in Bitcoin today is actually significantly higher given the reduction in overall volatility since the last major cycle and the cycles before that cuz volatility has been compressing partly due to the maturation of the asset but also the amount of derivatives activity that are taking place uh which is suppressing and amplifying volatility as we've just seen. suppressing volatility and then bam amplifying it as the as the positioning got far too skewed in one direction. But I think you know my working thesis right now is that

it's probably more like a Q2 scenario. But like you know I don't think there is you know another 30 or 40% from here but you know we could be but I think in terms of like the volatility of this asset longterm and the adoption cycle these are areas which will be interesting. I'm just not I just don't see an urgency to be um you know accumulating large here or taking the definitive position. I think it'll be a multi-month process. >> How do you spot the bottom if you had to try? What what do you use?

>> You spot the bottom by waiting several months and then looking back and saying that was the bottom [laughter] >> cuz like the indicators are there that we've got extreme capitulation but obviously there's no certainty until after the fact. The bottom is always known when you've got a a trend reversal right in the in the price action. But do you have the conditions for a bottom to for form? When you look at all the capitulation metrics that have really served me well over the years, including in 2022, again in September of 2024, and then again in March and April of 2025, a lot of them were fired. Um, so the the the issue here is I think that the swing

factor is what's your view on liquidity? Um, because that's such an important aspect. Um and it's a very murky topic because it's you know liquidity analysis is not as simple as it used to be because the mechanism um the mechanisms which are driving liquidity into the financial system into the economy have actually changed right through treasury policy and also through central bank policy uh and I think they have a nuanced and different impact on asset prices especially crypto. >> Is that what we're seeing? Can you tell you've got a great section here about liquidity and I've just pulled up your your your slide liquidity debt near record record lows. Walk me through that. Is that kind of what you're

telling me here? >> Yeah. So the you know the issue with liquidity is that yes it's inflecting higher and it's been sort of rising now for several years right off the sort of 2022 2023 lows. But when you actually compare it to the debt to the US government debt actually debt has been rising faster than liquidity and that long-term is a huge problem. That is why we started to see um you know the collateral lending markets in Q4 repos right the repo market and the rates in repos and the interbank market start to spike um because there just wasn't enough reserves in the system the set so the Fed had to basically reverse QT and then

move towards what it calls reverse um reserve management program R&P because the Q word can never be mentioned but you know It's essentially monetizing the debt. Now, it's great because it looks, you know, it's actually a start and it gives them scope to widen it over time, which I think they're definitely going to do, but when you compare it to the rate of growth of the US government debt, it's only going to just basically stop the bleed or or plug the hole. Now the other liquidity mechanism um which is really the the at the forefront of the Trump administration's policy is just allowing the banks to lend more and getting it into the sort of productive end of the the productive into productive use

cases. So I sort of define this as um you know we're in a post excess liquidity world where central banks were just you know ad asset purchasing asset purchases to basically um support the banks. The banks didn't really use that to didn't use that to fund the economy. there wasn't a lot of credit creation um during that period. So from sort of 2009 to sort of 2020 or 2022 um and a lot of that excess liquidity just basically went into financial markets and into speculative um asset classes and crypto was a main

beneficiary of that. I think now um you know quite rightly from my opinion the Trump administration is focused on economic growth. there is a war or a race with um AI to be the dominant player that is they need the banks to start opening up the spigots. Those um those banks are going to start lending or already starting to lend to businesses to actually onshore industry and um re-industrialize the US and I think that money essentially flows into the businesses that are going to be direct beneficiaries of that. Um, so in the in the report that's coming out is like uh a big piece on sort of is crypto a productive asset class and it was always designed to be but it's you know

look at 2025 and some of those numbers. Um there might be a slide there LG but it was really a two-speed economy in the crypto in the crypto ecosystem. put Bitcoin aside, look at smart contract platforms, the speculative end of the market, the fees, um, application revenues and all that were down, but stable coins um, and stable coins and application um, counts were actually up. So, this is just looking at some of the returns. So, interesting from there is that 2025 masked a little bit of the performance of some of the smart contract platforms which kind of outperformed Bitcoin because it was seen as a year that, you know, everything underperformed, but that's not necessarily the case. [clears throat] So the question is from here is like what is is crypto going to catch a bit from the liquidity that's going to flow into the productive economy and I think

we're definitely starting to dovetail into that scenario may just be more evident as in the second half of the year stable coin growth clarity act will um harden institutions and bring them into the space financialization and tokenization is going to drive more productive use cases of of of of crypto. Of course, speculation is part of that. If you get tokenization and then you get um, you know, stocks being used as collateral, that's going to feed speculation. It's all kind of part of the same thing, but I think it's a it's a less cyclical, more structural change to blockchain or block space usage. And so, I would argue that they are definitely part of the productive economy. um it's just that there's been blockages with regulations, what not

that have prevented the use cases for block space or blockchains to um proliferate. Once that unlocks though, Jamie, um, you know, because that kind of what I'm hearing from you is that we're talking about the broader economy, the re-industrialization of the US, and, you know, we're seeing the Russell move and the massive the record amounts of capex that these AI companies are now announcing and planning for and hopefully getting that from the banks, I'm assuming, right? And those those are the bank where the banks are going to go spend. >> Yeah. >> That's it. And and you're losing a lot of that bid for crypto potentially as a result. We don't know. But the bull case is that like a lot of those same banks, a lot of those institutions, they want to tokenize a lot of their assets. And

we talk about that a lot about that on Milk Road. My question for you, Jamie, then is let's say that that happens, why or how would the value acrue to the cryptos that we know right now, right? Because that's also that's a question I've been wondering. I'm like, okay, yeah, Clarity Act passes. All these banks can can do all this fun stuff with DeFi and all the other things that's in there, stable coin. Why why would that benefit Bitcoin? Like would that benefit Bitcoin and and and Ethereum? There's a bit more of a case, but I'm just trying to understand if there is a correlation there because it seems like that's what we're all waiting for.

>> Well, I mean, let's talk about smart contract platforms first and then we can talk about Bitcoin. So, there's just a natural value acrruel mechanism from blockspace usage which drives the prices of the tokens of L1's. The key is does it have does the L1 actually have any activity? Um, so when you start sort of looking at the space and looking at how activity is concentrating into just a few L1s after years and years of L1 entries, right? Then you start to understand that really you have to be exposed to the to the the blockchains that have actually got and will it continue or attract liquidity. That liquidity drives activity. Activity drives fees. fees drives in most cases a

positive value acrruel mechanism in ETH it becomes deflationary in Salana it becomes less inflationary so there's nuances between the between the tokens but essentially more activity um number go up the change in um structural activity uh I think is very important as well so stable coins initially uh until tokenization really takes off is just a lower velocity if it's just pure payments um that seeing tapped we're seeing stable coins tapped into the general economy that doesn't seem to have the same sort of impact as just a hyper speculative cycle with tons of DGEN activity and uh DEX activity. Um so you need sort of all these you need

these combination of things to take place but once financialization of of tokens of sort of financial real world assets comes onto these um ass onto these blockchains then um I think that's the the quantum of activity is just going to magnify be less cyclical and that's going to support valuations for Bitcoin. I mean, as soon as you've got, you know, once we're in a world where banks are telling you that they have a wallet, right? Essentially, a wallet with stable coins or tokenized deposits, then the funggeability or the transferability of Bitcoin with other tokens just becomes so much more real um for the average user. And so, Bitcoin will benefit. Bitcoin is the collateral.

It's the pristine collateral of the ecosystem. it will be used to underwrite you know um staking protocols already is today um but just used as collateral as it already has if you look at sort of um Bitcoin backed loans >> Warbucks is the easiest way to start trading crypto no deposits no wallets no complicated setup choose your path one step instant target or instant funding starting as low as $40 trade stack profits [music] and withdraw on demand in crypto or USDC blow the account you only lose the test fee reload and go again with Warbucks You can profit from crypto moves in any direction, up or down. Get funded today at milkroad.com/warbuts.

Absolutely. So Jamie, let me ask you this then. If we if you you're painting a nice picture for us and you're kind of giving us we're zooming out talking about a few other things. I want to come back to our talk of the bottom, right? And and spotting the spotting the bottom in retrospect is very sage. Um, you did say though that you wish you had trimmed more when we were at this top and you saw some of those signs. I feel like somewhere in your research here, you're kind of also telling us that we are in we are getting some kind of bottom signals, right? Um, so so tell me this. You circled it on on it already.

[snorts] What should we look for if we're looking for recovery? And we're going to be patient. We know it's not going to happen in the next couple days or a couple weeks or maybe a couple months, but what are the signs that we know we're in a recovery? And once we know that, what what is what kind of assets is Jamie Coots looking at? >> Yeah, so I think it's going to be a multi-month process. Um, so you're going to get opportunities maybe back at the 60 or below. The realized price for Bitcoin, which has been um one of these sort of magnets for Bitcoin bare markets, is currently sitting around 55,000. Um, we've tended to trade below that in previous instances. Um but regardless, you're in deep value zone for Bitcoin at 60,000 or below. Um and I

would even argue at these levels as well. Um so that's sort of like my key thesis I think for Ethereum 1,800 to well sort of between 1500 and 2,000 is just deep value um for long-term accumulation. So I'm interested in I'm interested in the assets that have got network adoption, right, which have already proven themselves. They're not going anywhere. So Ethereum, Salana clearly too you know there are other smart contract platforms which just continue to do well despite everyone dunking on them. They have a whole lot bunch of issue issues from a centralization standpoint, key person risk, but fees and deflationary protocols kind of underwrite their

performance and as long as they continue to grow the number of users and I'm talking about here is like BNB and Tron. I wouldn't put them in my top ones, but they are, you know, retros they are basically, you know, continue to do well. they were the best performing smart contract platforms of last year smart contract platforms of last year and have even like matched Bitcoin's and have even like matched Bitcoin's returns over the full cycle and people returns over the full cycle and people don't sort of people don't recognize don't sort of people don't recognize that. they were the best performing that. So they're the but I I mean Salana and ETH I mean as boring as it is if you look at some of the um analysis that I do on looking at the top 200 market and breadth indicators it is down and to the

right of forum breadth indicators in the top 200 right it just means that as market caps have risen the number of uh tokens participating in the rally is is declining and declining. Now this is a this is a one of my capitulation signals actually but like another there's another um chart in there which looks at the advanced decline lines for those that are equity who trade equity markets the advanced decline line is a breadth indicator usually you want to see the advanced decline line go up when the market's going up because it tells you that hey the number of assets in the S&P or the Russell are joining in the rally when that diverges it just means it's becoming narrow and a few stocks are are actually pulling the index higher and

That's certainly been the case ever since 2021. So, this whole bull cycle has seen crypto um alt market deterioration, but yet you've got those um smart contract platforms which have pretty much held ground against Bitcoin which is seen as the best performing asset. So, it tells you that you know value is concentrating into the top um smart contract platforms and that's where I'd be looking. >> Excellent. Okay. Well, thank you for sharing that. Yeah, that's uh we will continue to to follow you as you look there. Jamie, where can people find this report if people want to read it? >> Uh the report will be on the Realvision platform uh probably on Friday. So if you're a Real Vision Pro member, you'll see it there and you can find me on Twitter uh or on the Real Vision

platform. We have a um a new platform which has launched was basically a let's a much nicer version of crypto Twitter because I don't know what's happened to crypto [laughter] Twitter. It's in the toilet or the algorithm sucks. I can't get the content I want. Revision platform is now just basically crypto Twitter on steroids but without the um the cat photos. [laughter] >> You don't like all the the infoi and life advice stuff we're seeing on crypto Twitter these days. >> Well, I I mean I'm just about to set up my open cord, but if I see another open cord uh post about and you know I'm gonna it's going to do my head in.

[laughter] >> All right. Well, thank you JB. Uh I'm sure we'll see you again soon, man. And uh thank you as usual for the excellent uh analysis. >> Appreciate it, LG. Take care, man. >> Want insights on what's moving crypto markets and how we're [music] trading each event? Subscribe to our channel and join the Milk Road Daily and Pro Newsletters and start [music] investing like the top 1%. This show is for educational purposes only. Nothing we say is financial advice. Investing is risky. Never invest more than you can afford to lose.