$ETH ETF Approval?

Transcript

[Music] in the middle of a of a meeting we're having a bank list we interrupt the meeting because Eric balunis who knows a thing or two about the ETFs is one of the two quote unquote ETF boys ETF guys at the uh at Bloomberg yeah the Bloomberg Bros the ETF Bros uh tweets out update James safer the other the other ETF bro and I are increasing our odds of spot ether ETF approval to 75% up from 25% hearing chattered this afternoon that the SEC could be doing a 180 on this increasingly Pol iCal issue so now everyone is scrambling like everyone else assumed they'd be denied

see Nate's tweet below for proper order of events uh and so uh this has got to be a reaction to Sab 121 the 60 to 38 vote with a meaningful amount of high-ranking Democrats defecting from Biden's stated uh policy of the fact that he's going to veto sab2 uh 121 many Democrats nonetheless disregarded that and voted to repeal Sab 21 indicating that not all of the democratic party are in alignment with being anti-crypto as a result of that it seems that that's speculation but it's pretty that's a pretty I think look he said he said increasingly political pressure this is what we've said and so something is going on behind the scenes Eric and

James would know about an the SEC and the eth ETF being approved to me like they are upping it to 75% which means of course there's a one in4 chance that is getting denied and my opinion the fact that this is happening at all at all it's pretty binary is very bullish so Thursday uh May 23rd is when the SEC has to either approve or deny it okay so to it's Monday right now so the fact that is happening now tells you something and uh both Eric and James they're sources for all of this B basically all all along they've been um saying the same message if it was going to get approved toward the end of May we would have seen it the

paperwork they monitor the Dos they monitor the filings they sort through like thefting of everything that's going in like the filings they keep track of it and their constant refrain has been there's no way it's getting approved like under 25% odds in fact David let's go to James uh James's Twitter right now because I recall like seeing earlier just today uh that like look at this this is from May 17th all right this is not today but he said it's just not happening guys talking about the ethereum ETF and which is an accurate take for the data that he had at the time probably exactly because they haven't seen anything come through but this is this was kind of the Hail Mary pass like the the if that we talked about on the rollup last week we said if and this is a big if if Biden and the

Democrats wake up at the 11th hour and realize anti- crypto gendler is about to lose them the White House they may pressure gendler to achieve basically politics trumps all in particularly in an election year and this is what Eric is saying basically it could be political pressure that is motivating gendler and the SEC to actually approve now again we don't have 100% certainty here but what we're taking from Eric and James is that they are seeing documents move they are seeing like good signs paper filing at this 11th hour and what else could that mean so they have increased the odds of approval by two over 200% right now yeah up from 25% which was very low uh probably even I

think people were counting for even lower than that up to 75% to me this is binary right if it is indeed political pressure then it is getting approved and it's getting approved in the final hour because the Biden Administration has realized that it's a close election and there is enough of a crypto vote out there to be meaningful and they they want to be reelected more than they care about denying the spot ether ETF can we can we pull up in the Kracken price chart so we can look at the price of e right now oh please yes when eth pumps it pumps in slow motion actually this is all we got well that's that's a one day candle let's shorten it down to the 15-minute candles on on the left side thanks to Kraken for the charts Beau beautiful there you go okay that's what we like whenever I

have seen ether pump ever it always pumps slowly over a long period of time has it has not gone gone down since like this this news got improved so this is like the market is currently digesting this we are currently on the fourth 15 minute candle what's that well that's on that's on the 15 minutes on the 15 minutes um to me like we are currently pricing in $3,430 on the eth on the eth chart to me we are if again if if it's getting approved we are so far away from actual meaningful price equilibrium this is so cheap this is so dumb like we are not done yet we got 12% pump 12% pump on an e ETF for approval this is like 1% if if

approved this is at like one to perc price in like not Financial advice not Financial advice David is saying by now but not Financial advice somebody might suggest that I mean okay so uh the the price is pumping let's go back to James safer's tweet because you read Eric balunis he says things are taking a turn for the better spot ethereum uh ETF approvals this week upping our odds to 75% he says this never going to hear the ending that they're not hacked both of them yeah he had to confirm he's not hacked never going to hear the end of this from the do e people in my replies if this turns out to be true but it's what we're hearing from multiple sources should see a bunch of filings of the coming days if we're correct I will not that um both David and I reached out to

James and Eric and I don't think they can actually um we invited them to come on on the live stream and by the way James Eric if you guys are listening come on the live stream let's tell us what you know I I we got the sense that they actually can't reveal more than what they've already revealed on Twitter at this point they work for Bloomberg they have to push it through Bloom Bloomberg their media organization yes and also I think that there're probably this is happening so last minute they're still trying to figure out like what exactly is going on but um you like glad they got this uh this tweet out um David uh is this a little life on the ratio here a little bit God that's so low an eth ETF approval with E the eth Bitcoin ratio below 05 is insane you know that

the market is isn't even pricing this inappropriately when poly Market I think you have that tab ready poly poly Market is pricing it in at a 50% um uh hit refresh and then hit like the one day time this is the poly Market the prediction Market odds of approval of ethereum ETF approved by May 3 okay so so it is getting up to 75% yeah okay so like basically this information is informed by the Bloomberg ETF people people look dude it was it was 133% this morning 133% up to 75% approaching 75% currently 69% nice um uh also Elanor uh terret who is another like commentator on the markets and crypto news she says this is her her as a primary source now

saying an issuer one of the ETF issuer sources tell me that things are evolving in real time so like Black Rock um bitwise Fidelity they are reacting right now in real time anyone who works at one of those companies right now is currently in their slack Channel like asking freaking out what the f is going on like what do we need to change about our our uh ETF like application like what's going on are we going to get approved um the I'm sure the SEC office is also freaking out right now Shout Out Gary gendler who I'm sure is watching this channel I'm sure you're freaking out um yeah so like you mean freaking out I mean I think he's probably pretty calculated in this he probably got some phone calls over the weekend and late last week um I who knows how this works

behind the scenes but yeah there's political pre okay so the reason I'm in a collared shirt by the way is just like uh I know you guys think I usually dress like this David David switched I didn't get a chance to switch is because earlier today we had uh an episode recording with Representative Patrick McKenry so this is a former chair of the house um interim chair of the house I should say and a crypto advocate so and he um was talking to us about the political pressure that's happening in Washington basically DC has just woken up and they're realizing right before the 2024 elections a pres major presidential election probably one of the a historic election that the crypto populace has a chance of swaying

election outcomes uh at this point in time which is absolutely crazy because like 20% of people in swing States uh are potentially you know crypto voters and care what politicians think about crypto and so what's happening is last week and then also this week basically politicians are having to go on the record as to whether they're proc crypto or anti- crypto the Sab 121 repeal was them going on the record and you saw even Senate majority lead Chuck Schumer the mo the Democrat the most Democrat of Democrats forsook the white house uh and like and and and and um you know against against their policy and he actually

voted Pro crypto and so um there's another bill going from the house um this week that Patrick McKenry is talking about which is called fit fit 21 and this is more cry proc crypto legislation it's going to be yet another opportunity maybe even a bigger opportunity for politic to get on the record and say whether they're Pro crypto or anti- crypto and he was very clear that like this has become an actual election issue in DC and politicians are waking up to it and not just an election issue people have been saying crypto is now a partisan issue it's now like the right versus the left but what we saw with the Sab 121 bill is it's actually splitting the Democratic party where you have the establishment like uh older generation Democrats the

Biden the Warren the genders as the anti-crypto party but the younger Democrats and like many of those people not in those circles as like Pro crypto so it's basically the entire Republican party Pro crypto younger Democrats Pro crypto and the current Biden Administration as anti- crypto and so the Biden Administration realizes that they're on an island with not very many voters in an election year in a contested election so like it's a simple calculus can we just take it in for a minute of just like if this is how it happens this would be the most crypto thing ever this timeline is fantastic which is basically everyone expected the SEC to deny it it was just deny deny guys they have um lawsuits against five crypto companies Joe lubben just came on

the bankless podcast three weeks ago and is like they're out to get ethereum right they're looking at the this would be the most crypto thing ever if this happened David yeah the the timeline I think is like pretty perfect Mike bito was calling for like eth sentiment bottom calls just last week uh e sentiment just like in the absolute like dumpster like just Vibes just really bad uh what was that okay so I was barely paying attention to this on like crypto Twitter but it just like felt very much that um I mean people

were blaming foraster that yeah like the ethereum leadership ethereum thought leaders just have like abandoned Twitter they're all on farcaster now no one is left on Twitter defending eth sentiment The Narrative narrative is like dog [ __ ] yeah like meme coins r on salana E not getting its ETF like all this kind of stuff we actually have a bunch of these tweets talking about this like lined up we got some tweets from Eric Conor we got some tweets from Jake shinsky uh we got James safer talking about how the do easts were wishcasting then we also got some some technical analysis not from me but from other people who I trust that I want to pull up on the screen uh and then we got some gifts about Anthony Zano so we're going to pull up all these treats and more but first I want to talk

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the team right now at team.com that's team ku. the New Meme is that uh godamn do eths are about to become insufferable again if you don't know what a do e is somebody that's somebody on Twitter that's the ethereum tribe on Twitter people who have do eth in their name as you can see that's one of it's what I have as a crypt punk. eth I would call myself an archetype of a. eth on Twitter uh and this is just like the sentiment is going to shift with it with the spot eth ETF I know you know this Ryan if the spot eth ETF gets approved the market is so underweight eth it's been underweight eth this entire bull market the market became overweight eth in the bare Market because it was like the flight to safety

eth and Bitcoin performed shoulder-to-shoulder in the 2022 decline of crypto prices but since the bull market has resumed like just people have people are already Overexposed because of the safe haven that eth was and in the bull market people were dispersed away from eth now like the market is completely underexposed to eth people have priced in an ETF uh disapproval meme coins are on salana bitcoin has to spot ETF approval so people and like eth has all the regulatory pressure like eth has all the lawsuits like the the Department of Justice is going after applications on ethereum and so like I I think the the sentiment pendulum uh uh Shi is going to swing so strongly just because it's so underexposed the market is so underexposed oh it's going to be

it's going to feel like Whiplash right it's I think I think there's going to be a lot of uh eth bulls that are very excited because this has been a very lackluster bull market for ethereum up to this point right and it's just so so let's talk about this for a second if this happens again it's an if so if you missed the first part of the show we're were talking about you know the approval odds of an ethereum ETF going up this is according to Bloomberg they're they're seeing stuff happen in the background right they're seeing papers being filed they're seeing um issuers uh giving positive SE sentiments and this is kind of breaking as of the afternoon of May 20th but if this happens David I want to ask you do we just like re do something similar to uh Bitcoin pricing in its ETF

approval and I feel like that started happening would you say around October 2023 October 2023 is a good time I was going to say September October 2023 because that was when the grayscale case was was pretty one definitively in uh bitcoin's favor but like that time I think October 2023 excuse me October 2022 was when it was announced that grayscale had filed and then it took the market like six months to really absorb what that meant and then it was November of 2023 about a year later when that actually got approved right it was like the six months leading up to that approval with a slow Crescendo of price action they started getting priced in around this this area right here and like we saw just like this steady March

upwards of uh Bitcoin price um I think that this will ethereum will do this and more because like more because it'll be an amplifier effect because smaller market cap of course but also uh ethereum had like higher regulatory risk right you know that Gensler was always K the SEC was always KY about whether eth is a security or not and so it had this perceived regulatory risk and so institutional investors who wanted access to crypto right they had no ability to buy a crypto aside from Bitcoin and if all of this is is uh wiped away I think ethereum has um like a bigger Runway it's going to be an amplifier of what happened to bitcoin yeah I think you have Jake shiny's tweet somewhere towards the end there and he

just Echoes this same sentiment he says uh if the spot eth ETF is approved it will be a true shock to everyone I know in DC who's close to this process it means approval could shift a major shift in US crypto policy after the Sab 121 vote more important perhaps more important than the ETF itself and so likeor in the Capitol Hill about ethereum e asset about like Securities versus Commodities about like is there there's less political like foundation for everything is a security uh because like now we have like the top two assets not a security yeah I wonder if this puts an end to sort of the uh extreme regulatory headwinds that we've been facing for the last basically 18 months

to two years right the wind those sales yeah crypto Army like this feels to me like it's it's more than just uh ethereum ETF being approved as Jake is saying this is like um a shift uh in DC and it's basically Democratic establishment saying hey you know being anti fight we don't want to fight that fight it's not going to win you know like Biden uh the presidential election and so like we maybe they lean into start leaning into being pro crypto I think there a marker of that too and which which means we might get the headwinds in our favor yeah for some brief period of time right we've never had that what we learned from the consensus interview with Joe luin and Matt the the lawyer is is that there is

a an like a a back back room like smoke smoke fi room of people who do not want the EF approved because they were trying to suppress ethereum they're not no concerned with Bitcoin because Bitcoin doesn't have Smart contracts it doesn't have a banking layer it's not it doesn't offend the banks it doesn't offend the the the like the Clinton types that want that want the control these were George these were like Joe lubin's words and so like they the the political establishment the Democrats have shifted the weight away from like okay we understand that our like the these people don't want the power of ethereum to be Unleashed but we also want to get reelected and so this is the re-electing uh emphasis taking precedent over whatever powers that may be that are pushing behind the scenes for the Gary for the Gary gendler sec to disapprove

the spot ETF this is why Gary gendler was always resistant to saying is eth a security or is it not he would he would very clearly said that bitcoin's not a security he very clearly was extremely ambiguous around eth as a security or commodity because he could not claim that eth was a security because he wasn't ready for it but he couldn't claim it was a commodity because they didn't want that now all of that precedent is like being wiped away from them which is what he which was the foundation that he was standing on to claim that all tokens are securities so like so much of the entire argument foundation of the SEC is now gone again if the ET ETF gets approved David are you looking at this uh tweet here this is Bill Hughes Elizabeth Warren making phone calls right now I don't care that

he's in a meeting I want him on the phone now uh anti- crypto Army in shambles I want to go back to a mikelo take uh he says this feels like the bottom sentiment in eth sentiment he posted this on May 18th I just the backdrop to this because we didn't we didn't talk about it enough I don't think um eth sentiment to me was at sort of like a cycle low uh in the last months months it's had it's had it's it's had poultry performance in the bull market Bitcoin has overperformed other alternative layer ones have like overperformed so Salon has been crushing it eth really just like hasn't kept up and so the market the market sentiment is basically like why buy eth right like

salana and these alternative layer ones are lower market cap and like um appreciating faster they have the mem coins and then you have Bitcoin which has institutional demand so is like stuck in this middle and so this caused not only like the antie uh like sentiment on Twitter but like even even the the Bulls are starting to get shaky right and so there's talk in the ethereum community about changing the narrative and like what do we do and who's defending the narrative and so this is Mike ealo on the 18th saying this feels like the cycle bottom in eth sentiment first time in a long time eth isn't consensus yeah it lost consensus didn't it none of the arguments on uh my timeline feel that meaningful it's mostly bickering or airing old

grievances eth will send in a few months when everyone remembers the ETF I think the market is about to start remembering the ETF yeah that's current currently priced in or getting priced in but also really like I said really slowly the okay eth is up 11.7% in on the one day sana's up 9% so like eth is actually only up two and a half per versus salana but also like all the longtail of crypto assets should definitely get a boon from this because of the regulatory green light that this is giving the the collective industry so like even Bitcoin is up 5% on on the one day just because like this is just bull this is not just bullish for eth this is bullish for the crypto industry like any anyone with any sort of crypto asset

exposure should be very happy about this yeah and so uh do you recall some of the numbers we went through with the the I feel like some of these numbers slowed with like how big the pipe the capital pipe is from um Bitcoin institutional like U purchasing of of Bitcoin from I mean we're talking about trillions of dollars how big is the Bitcoin um ETF market right now it's like I'm actually looking it up right now yeah look that look that up because I think we're in the what are we in the like the 30 to 50 billion dollar market cap something like that and like to catch gold if I recall oh I figure it out okay well these are just numbers off the top of my head but it feels like we're in the 30 to 50

billion range in ter terms of Bitcoin ETF and it's been the um like the most bullish performing ETF in history I feel like to catch gold it was something like 90 billion uh to catch Gold's numbers and so you sort of wonder what ethereum will do after this um it's got some narrative headwinds I think for institutions wa what did you say how many billions I said 30 to 50 how wrong was I uh 12 billion oh really okay myself interestingly in the last two weeks you know we've been at at some sort of like Market millu Market like quiet period some doldrum some crabbing in the last one two 3 four five months or so uh we are entering second week in a row this week

of uh inbound ETF uh Bitcoin flows uh and so Bitcoin the actual flows are going into Bitcoin once again after being kind of like at equilibrium on pause for like the past two or three months okay so we we've got some uh you know like positive strength there and so C can we talk about the institutional narrative for ethereum David so I I think it's a little bit different than Bitcoin so very much we've got productive asset these these ETFs to the extent they get approved they will not be Stak ETFs they'll just be plain vanilla eth right but you still have the narrative of this is a positive yield bearing asset right once eth is is staked um I think that's important I think you know um institutions have

talked about tokenization ethereum is really the ecosystem that that pioneered tokens tokenization so you got the Black Rock all those tokens that you know about all those nfts that you know about those are on ethereum right even the Black Rock bidle fund which is pretty major which is like I don't know up to like 400 uhal million something like this H close to half a billion in in t bills that is on ethereum as well so that is kind of like complimentary uh so I think you've got the internet Bond narrative you've got the productive yield bearing asset narrative actually you know what I'm gonna pull this up coinbase put I think those are all great narratives I think the biggest narrative is the one that um Sandy Cool from Franklin Templeton was talking to us about about how ethereum

is a tech platform so if you want to own real estate in the same way that like you're kind of familiar with by owning Facebook shares or owning Twitter shares ethereum is that it is a platform for people to build on and the value of ether grows as this open platform gets built uh and so like Bitcoin is like the digital gold play and digital sore of value but ethereum is a tech platform and um like mapping ether the asset into a financial in institution's like Tech category makes a lot of sense and definitely resonates that's what she was saying yeah I think I think that's right and I think that's a different um like valuation although we would also argue um ethereum ether has similar monetary properties as uh as Bitcoin of course and you should be and could be viewed as

a store value as as well so I think that's going to be exciting to watch institutions kind of price that in I guess there is maybe the the bare case here that um like the institutions don't care about ethereum at all right it's kind of like the the opening act this is what Eric balunis has said in the past like and this to be fair this is the ethereum Futures markets um there there's an ethereum like kind of like Futures based ETF out there and its performance has been pretty poultry compared to bitcoin yeah but oh compared to bitcoin's Futures yes yeah like I don't expect the E ETFs to be bigger than Bitcoin certainly but the thing is is like $1 of capital into an eth ETF mean something like 3x more than $1 into

to a Bitcoin ETF because eth is onethird the size of the market cap of Bitcoin and so like it just simply moves the market cap more and that's also just not even controlling for the amount of Bitcoin on bitcoin liquidity on centralized exchanges of which ether has much less liquidity on centralized exchanges because there's a lot of demand to pull in ether into Defi and pull it away from centralized exchanges so ether price Discovery happens on coinbase the eth ETF price all whenever there's a buyer of the eth ETF that pressure will go through coinbase because they're the custodian and that will actually move way more than it mve the Bitcoin ETF uh because there's just simply much less liquid uh liquidity of ether on on

coinbase uh and so the like $1 of capital into eth ETF means a lot more you know what's crazy is um the eth E still has a 20% uh discount every single every single crypto fund right now is like looking out how to buy e e e and I know that because we are thinking about that at bankless ventures uh we should have already done that we should have already done that we should get off this live stream and go buy um so eth of course is the the grayscale ethereum trust which will become an EF which would Bas that Gap will just smush yeah it would automatically become a Bitcoin ETF and like I think the yeah so the it's a 20% discount you could still buy eth at like

20% discount so it's crazy that that exists as well it's also to watch um the coinbase stock price also pump on this news as well again this is probably the well a coinbase will be the custodian for the eth ETF but mainly it's just like the regulatory risk of the industry is like pumping everything coinbase is up like 12% eight% on the day today um there's a new tweet from James okay cool you've got it pulled up so James tweeted this out a few minutes ago 20 minutes ago quick note Eric balunis and I increased the odds to 75% for the EF approvals but that's for the 19 May 23rd deadline van X we also need S1 approvals it could be weeks to months before we see S1 approvals and therefore a live e ETF and so get it approved but the

actual launch will be later do I care about do I care about that time discrepancy no because this is like the coin Telegraph intern like accidentally false flagging false starting ETF like it doesn't matter like once once the market has assurances that it will get approved people will bid like we saw Trad hedge funds front running the actual Bitcoin ETF launch who don't care about Bitcoin they just like well this is bullish so they're going to buy Bitcoin a lot a lot of the Bitcoin price appreciation came from outside Capital who are just front running the actual approvals so this is different than how it happened with the Bitcoin ETF though right because Bitcoin ETF was approved and then basically days later we had open like Bitcoin ETFs that you could purchase so this would be a little bit of a delay and I guess that's just

because of the you know scheduling so the the May 23rd was just van X deadline oh oh okay I'm sending you another tweet you need to open up this tweet I'm sending it to you in the dock I'm highlighting it tier 10K this is bullish this is bullish I love all the bullish stuff okay this iser tier 10K SEC ask asks exchanges to update on accelerated basis ether ETFs yes Eric you got to pump those numbers up baby 75% too low 75% too L let's look at the price here there we go oh my God that is a confer 3500 that is a confirmation thanks to Kraken for the

charts thanks Kraken for the charts I knew you guys can make them go green oh man that is huge so the SEC ask exchanges to update 19 B filings before filings on accelerated basis for spot ether ETFs do you do you fully know what this means why they I Gary gendler got a phone call from daddy Biden why did they call Sooner dude that is 1,000 2 200 likes on a four minute old tweet that's great oh let me let me send that one did you send it do your part do your part David I'll retweet that I think being noisy on Twitter actually helps um I take from uh you know political lobbyist who I've been talking to over the weekend to just like

see what's going on in uh in in DC they were basically like look political DC they live on Twitter they're just you know you're addicted you think you're a crypto native and you're addicted to like Twitter or whatever the social they're like so are they because that's where media is like kind of boring so they actually hear us on uh on Twitter it's a way of influencing the platform and so I think they are very much paying attention to and I guess I would say you know how it feels that um we have been so powerless the last two three years in in political like crypto like the politicians aren't listening to us I this is the first time I've really felt like our voice has actually carried weight in uh DC and we are like maxing that so you're retweeting like the stuff

that you're doing uh going to inperson political events and asking politicians on stage just being like what what's your crypto policy did you support Sab 121 repeal like if not why like and all the while knowing whether this is supported or not right and like record that post on Twitter that's how we amplify make our voice voice heard and I think it's working can you open up the the other tweet that I posted in our doc uh this is is uh the eth E uh price eth e price is up is it closing it's closing yeah it's up 24% in the last day today wow it's it's closing but it's still like uh I don't know is this is like pay pay Walling me but it still looks like maybe

20% premium DAV although whether this is uh yeah that's a good question I don't know what the discount is I don't know what the discount is man okay somebody in the bank Discord or daily way Discord knows where the discount is uh let me know this is crazy this is awesome H this is awesome uh I don't that's a great William pter meme I don't get it but sure it does look like him you you want to do some ta want to open up the TA charts yeah of course on days like this I do only days like this though this is this is not my ta nor is it Ryan's ta this is a person who does ta that Ry and I both right here what is this what are these lines so this is uh this is the these lines are monthly and yearly uh

resistances uh and then this is the eth uh Giga candle that we're currently watching ALS this is dollar Ethan dollars which is this is missing $100 off of the candle because the screenshot is like 15 minutes old because we were still pumping uh so we're break we've broken through two monthly resistances there's this big descending triangle which like everyone who I know who does ta on eth was like this looks like [ __ ] this looks like [ __ ] this looks like [ __ ] oh no sell sell sell oh it's going s sentiment is like so dog [ __ ] like descending wedge like it's bad like all these terms like this the chart looks like dog [ __ ] and then we get this news and we just like blast through it uh and so we are somewhere between the last

monthly resistance the second of the two monthly resistances that's uh been like highlighted here we're somewhere between that and the yearly resistance uh like What's it gonna take to get to yearly 3600 or 3700 [ __ ] yearly dude like the if thef gets a approved like the E price should be multiples of its all-time high because the price is going to be so sensitive to outside Capital like yeah like look look Beyond 5K in the first half of this year well uh well no the E actually has to get approved once once eth ETF gets approved and then it's live and like there's bids coming in like we're looking at Beyond 5K yeah I think people don't realize like um yeah I people people don't realize how um yaa

centered the institutional world has been on crypto it's just basically just Bitcoin everything else has some regulatory like Haze over it and once the ethereum ETF approval happens then you got a second asset in there um I think it'll be a while before there's a third crypto ETF or a fourth crypto ETF or a fifth crypto ET each one has to be evaluated on its on its merits uh and so like just because the big the big brother and yeah the two big brother coins get uh get approved doesn't mean like all the longtail gets approved open appetite for them but like each one has to go through its own hurdle starting with a Futures ETF right so and ethereum got that what back in was it SE like sometime in Fall

of last year I believe something like this right yeah over a year ago over here right so it takes it takes about a year you have to get um like a Futures uh ETF and then it has to go through the gauntlet so chances are it's going to be Bitcoin and ethereum as sort of the ETS for this cycle now I will say that doesn't mean down Market doesn't benefit I I totally and we're seeing it already today down Market crypto assets that don't have ETFs are going to benefit as well like salana will pump all of these other like uh chains and crypto assets will pump as well because it's not that hard to go find your way to the Kraken exchange and go purchase a d down Market you can't do it in your 401k but you certainly can in a us-based you know

crypto exchange uh so everything will benefit from this but disproportionately Bitcoin and ethereum will have the institutional flows yeah man being able to buy the Bitcoin ta too because like this is just like concerning the entire market like the McDonald's ads is so funny dude uh the so the you don't need McDonald's anymore man we get we get the guac on our trotle back uh okay the descending Channel which is what we're looking at which apparently is what this called uh we're breaking through that too and so like this could be the start of a new new phase in the market well actually I'm it probably is uh unless like May 23rd happens and this is all a fluke and we

get denied which I'm not 25% chance I'm not entertaining that idea let's go look let's go look I mean that was last week's idea let's let's go see what uh paully Market says now 66% chance with with that new news because like okay so the Bloomberg boys updated it to 75% with the words that they've been hearing but then that new tier 10K tweet came out saying the SEC has asked changes on an accelerated timeline so to me that's like 75% is now low because that that's new information unless that is the information but I think that's new um let me just entertain this for a second this is a this is an ethereum ETF bull episode okay what happens if after all of this it gets denied it not only gets denied

but gendler comes out and says theorems of security and we just resume the previous course that we were on I don't know that would also be C somebody get sued also yeah I know but like that that would also be something that could happen in this crazy universe that we're in yeah I mean all possibilities are are are possible I guess yeah I I I don't want to entertain that though right now like uh I feel like things are moving in uh in our favor for sure um okay so yeah like I I think that this this this does unlock again aside from the very bearish scenario that Ryan for some reason just decided to articulate uh this is a new phase of the of the market like we were all like the last two three months of like flat like grinding like everyone

being unhappy for some reason like that's over like we are we are entering a new phase with the market of of positive sentiment yeah and I think we'll have that until the the election basically I think that politicians are now in a mood to do us favors until uh until the votes are counted in November oh it turns out the crypto Bros are actually like a force to to reckon with and we want they kind of want they want money they want votes there's no benefit to them being uh anti- crypto I think the the we've broken the back of the anti- crypto Army at least until after November okay this is not we have not defeated the final boss they're G to come back once the votes and money don't matter so much in their in the camp in their campaigns they're going to be back

but until then I think we have momentum on our side and if the ethereum ETF passes it's because of political pressure PR and Gary Gensler that's why which came from us that was us like the reason why there's political pressure it didn't start with Biden it started with the crypto Community pressuring the Biden Administration who pressured Gary gendler that was us we did that as a community so like that's right take note that like this is what we can do when we have Collective action towards a shared goal yes so like don't be nihilist about your ability to influence politics I hope this shakes people our bags that's right I hope this shakes people out of

this help lessness like feeling that you feel with respect to politics you know I was listening to a podcast this morning that it was basically like um percentage of US population that are millennials is like 25% Boomer baby boomers are 20% like we outnumber them yeah in she like voting block bigger than them it's stupid like why like why don't we let our voice be heard let the issues we care about as you mentioned earlier this um skewes very much like old versus young in in terms of Congress like uh Congressional Representatives who were you know Gen X and younger voted overwhelmingly regardless Republican or Democrat they voted overwhelmingly in favor of the Sab 121

repeal they'll continue to vote with us speaking of the Sab 121 uh repeal I think Biden had seven days to to veto that well he had 10 days when it was approved so I I guess like uh was on Thursday of last week yeah so so it's going to be like up up up to Monday of this week of next week yeah but like if this is indeed the calculus of the Biden Administration saying we need the Army he has to he why wouldn't he just veto it well I don't know he could still V he could still so he might be horse trading here I'm gonna I'm gonna veto your Sab thing but I'm gon give you the theorem ETF right it's a possibility or he could go full send and be like I'm not letting Trump sorry I was wrong I'm

vetoing it like yeah if he's actually doing it for to make sure that I'm not vetoing it we want him not I'm not vetoing it yeah yeah yeah yeah yeah yeah like if if that is indeed the calculus wouldn't we see him not veto this AB 121 I mean a full Democratic party like all in White House and everything like uh anti- crypto armies just kind of eliminated would mean we get no veto on the sab1 which would be but it would be a loud no veto like the Biden Administration would say hey I'm not going to veto this I'm sorry he won't say I'm sorry but something like that you have to you have to interpret that piece of if you want and it will also be etherum ETF approval full send so that would happen right and

you'd be like yeah our appointe Gary Gensler is approving the etherum ETF right and Gary Gensler would be like I always want I was always G to improve this this is a part of the process this is just register and now you checked all my boxes of course I was going to approve this the whole time that's what he'll say and then which will be great and then it would also there would also be some strong approval maybe it won't pass like Congress and get um like you know approved through Biden's desk but this fit act that Patrick McKenry was talking about right um we would see some strong support on that whether or not it's approved and the fit act like you can find more about that in the episode that

we're like we're putting out tomorrow but is basically um you puts the defines the difference between a security and commodity and basically you know C has Securities uh cftc has Commodities and by the way in this bill ethereum is is very much eumed yeah to be a a commodity in this bill so it would also take care of this so you you'd see thumbs up on that as well totally okay so we we recorded that episode uh with uh Patrick McKenry this morning that'll probably come out today or tomorrow so stay tuned for that uh we're going to get the ETF boys on the show as soon as can are they responding to our DMS yet no not yet like they they need to go do their jobs at Bloomberg

once they're done doing their jobs at Bloomberg we're going to get them on the show so also stay tuned for that so if you're watching the this live stream right now make sure you're actually subscribe to bank list so you can uh see those interviews when they come out one will be coming out in the next 24 hours we're going to get the ETF Boys on this show as soon as possible so just he he like the live stream because we're bullish and we're feeling good subscribe to bankl so you guys can get those videos uh and like just like stay tuned for all the eth ETF news because uh this is now an eth ETF Media Company wow yeah at least until May 23rd when Gary gendler eats crow and approves thees the not 100% 75% chances for that but um yeah very exciting one one last three I

do want to shout out uh Anthony suano who relentlessly never blinked and has always said that the EF will get approved on May 23rd uh and so he's currently on a Twitter break just because you know everyone needs to take a take a step back uh but like I can't wait for him to come back and just like take a Victory lap around all of crypto Twitter and everyone like I'm usually kind of resistant to Anthony ver suano Victory laps but this one is like the most deserved Victory lap that I will have ever seen Anthony take so yeah espe taking a mental health break mental health break yeah so like not trying to jinx anything here like it still has to get approved like we still don't know what's going on we only have limited information here uh but uh you know things there The Tide is turning there

you the tide is turned guys we'll keep you updated you will know what we know as soon as we know it I hope you enjoyed this uh bankless live stream Edition oh man I'm gonna it's been a while since we've done a live stream an emergency live stream we G party hard on Thursday if this happens all right guys see you later odds of David hoffen beating his fight with Nick Carter also up last thing let's just check the poly market for that where's for some reason that poly Market is not looking good David is very very undervalued by the market oh down bad David down bad yeah man this is uh some Market manipulation I think this can't be true all right guys we'll see you later bye new projects are coming online to the mantle layer 2 every single week why is this happening maybe it's because

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