Market sentiment hits a five-month low: is the cycle over?

Transcript

GM good morning welcome to the milk Road show The Daily crypto show that's as smooth as a freshly paved Road even when the markets are full of speed bumps I'm your host Jay Hamilton and today we got back with us lar Davis tweet tour crypto investor educator we're going to talk about is the top in or is the bottom in it's kind of confusing out there right now guys which way are we going uh this cycle it's it's feeling different but but is it is it actually different we're going to dive into that and then also we're going to talk about some upcoming catalysts I'm talking FTX money coming in real soon what does that mean what do we think the impact of that could be hey

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mcro team a big favor with that Lark d Davis welcome to the show thanks for having me back lots to talk about today been an exciting uh few days in the market hasn't it exciting is a a good way to put it it's been exciting few weeks let me like the the chart that I I was just looking at before we record let me pull this up I was looking at fear and greed look at the fear and greed chart over the last month started off the month like SE mid 70s peaked up into 80 around the inauguration no surprise so like was hovering in this like very oh I'm not even sharing my screen hang on one second just about to say I'm not

seeing it yeah L come on you gotta help me out here I just move my scen is it me is it no okay so started off first half basically back half of January fear and greed 70 to 80 and then end of Jan just took a nose dive I mean we've obviously had deep seek and uh which tumbled markets and then tariffs tariffs tariffs tariffs Trump uncertainty lfed hawkishness uh and it's just pushed us to a level that I would not expect given the amount of positive news in the space right now Lark what's going on is is this the end is this the top or is this the bottom where the heck are we I find

it's interesting that we put on these Rose tinted glasses and our our recency bias just really messes us up everybody looks back on 2020 21 is some kind of grandiose Bull Run that was just like super easy and everybody made money and everybody forgets about the 30 40% crashes in Bitcoin the 90% draw downs and altcoins happened every few months they forget that in the summer of 2021 it was basically a complete crypto armor geddon when everybody completely thought it was over and everything went to zero essentially this is just another cycle at the end of the day and so far so good in spite of all the drama right so last week we had a giant liquidation Cascade and those are pretty scary when they

happen because they can move really really fast and we had billions potentially tens of billions liquidated and in that liquidation event I'm just reminded of a few things that I want to tell everybody out there that you guys have got to stop taking so much damn risk on because I got so many DMS after that liquidation event last week people tell me literally I just lost everything which is shocking to me because it means that people were using like cross margin so they put all their collateral on the line all their coins on the line for some kind of long position on you know fart coin or something we we all love fart coin right but like you know taking massive risks and then they got liquidated for everything which is crazy don't use

cross margin okay don't put all your collateral on the line don't use too much leverage you can use leverage fine keep it isolated keep it low 2 3x is enough and use stop losses For the Love of of God guys use stop losses if you are doing trades use stop losses if you're not trading okay you just think that I'm just going to directionally swing this whole big thing which is a trade in itself but you know we think more about day trading don't use cross margin don't put your whole stack on the line okay never risk the whole stack on anything okay because when you get completely washed out it is so hard to start from zero okay that's why if you're trading you know put 5% of your account into a trading account if you lose the 5% you're going to bounce back

but if you lose 100% man it's hard to start from zero guys so please be careful now okay so that public service announcement out of the waya from but but thank you thank you everybody listen up be careful now I want to answer the question about is the bottom or the top in now there was been a lot of top calls recently and you might say that the $19,000 of some kind of local topping moment before a bigger correction came into the market fine but I don't think that it is the top and there's a whole WI variety of reasons why that's the case you can look at M2 money supply which is likely to expand throughout 2025 you could look at Bitcoin dominance Market has never peaked on bitcoin dominance once before now okay maybe this time is different we got Wall

Street money here it's all changed it's not going to be the same but the whole Wall Street argument really Falls to Pieces when you realize that we are on the cusp of getting probably a dozen different altcoin ETFs I mean what is the impact of a a a Litecoin ETF for a cryptocurrency that's got a market cap of 71 billion dollars whatever it's got hundreds of millions of dollars inflows is going to have dramatic impact on that asset and guess what money's going to swing back around altcoins and speculation what it's going to get an ETF next look what it did to Litecoin etc etc etc so huge implications coming for that so I don't think the top is in by a a wide variety of metrics that we can look at everything is expanding we

have positive crypto regulation we have the crypto president basically in the USA right now dxy has been starting to Trend down and yeah okay there's fears around trade Wars and stuff like that we can already see the Market's giving less and less crap about it because the first trade War trade tariff thing oh my God everyone's gonna freak out and we had the big liquidation event then the next tariff knews ah a bit of a selloff and there was the aluminum and steel tariff announcement yesterday I think and that just caused like a couple percent dip in the market and everybody kept moving on so we're starting to grow immune to that so you can see a a shift in sentiment slowly starting to happen where before it was good news was bad news okay oh my

gosh there good news quick sell your coins right like David saxs comes out and says we're gonna make you know this the new golden age for crypto in America sell your coins quick whereas now it's like tariffs more tariffs maybe I'll buy some coins right so the sentiment is starting to shift where bad news is becoming good news in a weird way so tops not in by a huge variety of metrics Tri every onchain indicator basically you can look at shows were approximately midcycle okay midcycle is dirty it's nasty okay it's like you know you're at the bar but you kind of wandered into the back alley and like weird things are happening back there but you're still at the party you know so like that's kind of like midcycle right now okay that's where going on back there I know it's weird you don't want to know what's going on

back there it's it's a dark place ma but you know you just stepped outside for a cigarette and all of a sudden you're like what the heck is going on back here anyway anyway you know life experiences so look we're about midcycle by all indicators now is the local bottom in I would argue most likely unless we get some kind of New Black Swan event in the market where everyone freaks out the reason I say that is that that liquidation event last Monday Sunday night Monday whatever last week that liquidation event those tend to mark bottoms because basically it flushes out everybody who can be flushed out and that's what happened again tens of

billions of dollars in liquidations happened everybody who could get flushed out got flushed out and when you see like eth Drop from 3K to 2100 bucks in and like an hour or two or whatever that happened in that essentially shows that a massive amount of liquidations happening because that's that's a liquidation Cascade right so when the guy at 3,000 bucks gets liquidated that market sells all his coins so the guy at at 2,950 he gets liquidated next because the price gets pushed down and so on so on so on until you basically run out of people to liquidate at a certain level which is where we got around 2000 bucks for Ethan variety of prices for other coins so those hardcore liquidation events tend to of course be great buying opportunities for anybody who has cash

on the side but also tend to mark bottoms locally anyway when they happen let me show you the best chart that I've seen that gets me hyped right now when everybody seems to be a bear all of a sudden this is a chart that shows compounding growth across all of crypto so you've got quarterly stable coin volume alltime high in Q4 2024 1.8 billion okay sorry 1.8 trillion okay alltime high and it's compounding like this isn't like a these aren't charts the charts I'm showing if you guys aren't watching the screen these aren't charts that look like typical trading charts where there's like big ups and big Downs they basically are going up over time quarterly defi Revenue all-time high in

Q4 2024 quarterly trading volume alltime high in Q4 and then assets dep positive in smart contracts not quite all-time high 2021 2022 actually beat this uh because nfts were so insane back in the day uh but we are getting very close there is a there is a convergence of activity on chain regulation institutions all these things happening all at once and everybody is panicking as if it's as if if it's over I I I don't know why I feel I feel like I'm taking crazy pills like does everybody knows something that I don't please tell me

what what am I what am I missing here and and I guess you know okay pain pain I get that I think there's a lot of pain and there's a lot of this is this is nothing to do with fundamentals because I just showed them this is all to do with psychology and pain and expectations around meme coins which have led everybody to get up I don't know like just really like be be in a bit of a state of uh Panic it's just like if you're in that state that's a that's a scary state to be in as an investor but it also just sort of shows that this is where as we as we bring in institutions into the crypto which is happening you know obviously at a rapid rate now and

it's only as you said with more tf's going to happen faster we're going to see I think a real and we're starting to see this this Divergence of almost two markets like the institutional market and the retail market right and it almost feels like you're talking to two different two different audiences and maybe because of social media the 2D audiences are getting completely different things and I guess I mean I I'll admit and lar you probably will be you'll probably admit the same definitely uh I in our communities and everyone we talk to I'm getting the question is the top in a lot right now right and it is it it does have on on the retail side but then on the professional side all the institutions I talk to everybody is like yeah like this

normal cycle no different no no worries it's it's very true I mean think about who the institutions are listening to they turn on their you know Bloomberg TV or whatever and Larry thinks there going oh yeah bitcoin's going to $700,000 they go H guess I should buy another billion dollars and spot Bitcoin ETFs great I'll I'll 7x my money that's fine right whereas retail lugs in like oh [ __ ] you know dog with sunglasses went to zero oh no this is a scam Market it must be the top in you know so it's a very much different sentiment but also people are investing in different things and the desire to get rich overnight is intensely high with retail and look

there are ways where you can try to get in early to meme coins and stuff the vast majority people are playing the game completely wrong right they're risking way too much money you know we had a we had a big mecoin win the other day and you know it's one of those things like I put in like 0.01% of my portfolio but a lot of retail guys would come in and they well that's GNA go so I'm gonna put in 50% of my money and then they lose it and then well I guess crypto is a scam and this is at the top of the market you have to manage risk when it comes to this riskier stuff and I know Bitcoin at nearly $100,000 is not that sexy right now I get it okay you don't want to just get a 2X you didn't come here for 2x

you're not going to risk life and limb for a 2X or a 5x or a 10x over 10 years you're going to beat the S&P 500 by the way you know I know I'm going to invest in the S&P 500 why not just buy some Bitcoin instead because they're gonna beat the S&P 500 if Bitcoin goes to million dollars by the 2030s by a long shot but people want the quick money and that's fine you can chase the quick money but you have to understand what that quick money comes massive risk and that's kind of where we see the Divergence is that the people who have portfolios heavily weighted in Bitcoin or some of the top coins I mean I know eth has been super lame recently but hey at least you're not losing all your money with eth right it's kind of just been the same price for a year and a

half or whatever so it's got that going for it but somebody make that a short ah but it's true though it's true true it is true it is true yeah at least you're not losing your money on it right and you can be using that that the one thing about ethereum at least there's the things you can do with that collateral right you could be putting it in all kinds of staking protocols like ether fire whatever and making money and you can be using it to farm you can do something with it at least right you can't do anything with you know dogin car number 99 coin right it just so there's a big Divergence about what retail is buying and chasing versus what institutional money is buying and chasing and I would say if

you've been taking too much risk and you got really hit bad last week in that liquidation you need to sit down and actually have a serious conversation with yourself and say what am I doing wrong here how can I be better moving forward you can still take some of those risk but maybe you should have like I didn't mind the selloff at all last week because well I've got you know a portfolio which is weighted heavily towards the majors right Bitcoin ethereum salana stuff like that so it's fine right and I don't mind if some of my risk stuff sells off a bit more because I know that the majority of my crypto wealth is in safer place and you can like this is where a having a balanced portfolio is the key right

because you can hit these 20 50 maybe a 100 maybe even a th000 X's although they're very rare So set your expectations wisely but you can hit them but in order to do well you you don't need to hit them with your whole portfolio you only need to hit them with a as you said you did great with a meme coin recently with 00 1% of your portfolio that type of trade can make a big difference and so you stack trades like that and that needs to be the mindset I think one of the it's the it's the immediate return the fast win that is making people because they expect the only to do one trade and then to make it it's like no no like there's a reason

that like every VC and private Equity Firm and hedge fund is out there making a lot of Trades because they make a lot of mistakes and they know that not every trade is going to work out so you need that diversification uh lar I want to I want I want to just shift though because I don't want to be all doom and gloom here today like uh you know I know a lot of people are you have had a tough time but we're saying we're saying we don't we think you know local bottom okay feeling good so here here's the question I think is on everybody's mind is and at least at least here on this show is we get lots of people saying 2025 all good but then at the same time it's a lot of people saying oh but we're going to chop

for a while and nobody seems to know like when the chop is going to end are we going to see a pump soon can you I guess what's shortterm next where do you see us end of the month end of the next month and I think main question is like what's going to get us there like what I know maybe where do you see us is wrong question because you don't know where we're going to be necessarily what do you see coming that could take take us back up and maybe break out of the Bitcoin 108 and take us up to that next level sure and obviously no one's got a crystal ball but there's a lot of things we can look at that might give us an indication about where we could be going there's a wide variety of theories about when the Market's going

to top out from sort of the April May Theory to the October Theory which hits in with the four-year cycle to it's going to be a super cycle we're not going to top out till sometime in 2026 because the M2 money Supply is likely to pump into q1 2026 according to analysts so if that happens then we could expect that crypto market prices might pump longer than people expect which would really catch a lot of people off in terms of the October top that lines up with a whole lot of things from the fouryear cycle to a potential uh strategic Bitcoin Reserve Bill hitting Congress which is a very likely topping moment much like El Salvador Bitcoin legal tender was a topping moment back

in 2021 but in terms of next few months you're looking at a few different factors that are coming into play here one is that economically everything's pretty groovy right now rates are fine uh long-term interest rates are slowing down the dxy is slowing down us jobs markets fine I guess we'll get an inflation report this week it's expected to have not changed which should be fine if it comes in hot obviously then people are going to start worrying and that changed Dynamics slightly but let's see how it plays out the Fed starting to be more and more of a narrative right now around quantitative tightening slowing down potentially ending uh a lot of big banking analysts from Wall Street are

saying that QT should be ending by June which if that starts to be factored into like the ties That Jerome pal wears to his meetings then we might see people talk about this stuff man oh what tie is he wearing today is he G to be yeah really really it's crazy we guys think way too much about this stuff but anyway if it starts being factored in that QT is going to be ending in the next few months which there's no definitive word from the fed you know the FED likes to keep things super vague all the time so they can have all wiggle room to move one thing or the other but if we see QT starting to slow down or it looks like it's coming to an end the Market's going to start pricing that in and pumping we have the FTX money coming very

specifically for crypto which is going to bring you know 10 billion bucks in cash basically back into the market and a lot of that's probably going to flood into altcoins because a lot of the people who had money in FTX missed out on the majority of the run and now they're going to want to Revenge trade their way back up and they're not going to buy Bitcoin they're probably going to go out and buy you know dog in spaceship number 97 you know so like we're going to see money flow into the altcoin markets here as well plus if we get any altcoin ETFs between now and let's say may that's going to bring huge liquidity into the altcoin markets I mean imagine if imagine if by the end of February the the SEC comes out and says we're going to approve a Litecoin xrp and Salon ETF

the amount of money and hype that that's going to bring back to crypto overnight is going to be absolutely insane because suddenly Wall Street can buy a billion dollars of Litecoin guess what that's like 15% of the supply or something like that that's going to affect the prices of the market when these coins start pumping like crazy people start paying attention again people want to win again people are making money again so it becomes a self-fulfilling prophecy people start chasing etc etc you can also look at some things like usually by the time the Bitcoin conference happens at the end of May the price of Bitcoin tends to be topping out and then go into the summer LS so you probably want to think about getting out of markets if we do get a nice Market bump between now and then uh by the Bitcoin conference

because it tends to Mark at least uh some kind of terminal phase for the uh first half of the year and then Summers tend to be a bit lame for Marcus for a variety of reasons but there's a lot of catalysts coming that can see prices pump in q1 and into Q2 and I know it's been rough recently but this happens every damn time okay think back to 2021 again take the rose tinted glasses off remember that before Elon Musk came out and said they were buying Bitcoin Bitcoin went from 42k back down to the mid 20s altcoins went to an Armageddon again right and then they all pumped like crazy okay going into January February March April so the markets can shift real fast just in the same way all the sentiment got really negative in the

last couple weeks everybody's saying it's over give it a few days of positive price action Suddenly It's Worth so back new paradigm of money and remember this time remember this time when the greed starts setting in the Euphoria starts setting in everybody acts like a genius take some damn money off the table okay because you see how volatile these markets are if you never take any money off the table you're never winning quick break from the show everybody because I want to tell you about a product that I really like in the crypto space that's the crypto.com credit card and I like it because I like to spend some of my onchain dollars I want to keep them on chain I don't want to offramp and the crypto.com credit card is a great way to do that also I love it because there's no annual fees I like the perks a lot

Spotify Netflix uh also I have the icy white card that gets you lounge access if you travel which is really great and so many more things so if you guys have want an onchain credit card check out the crypto.com card link is in the show notes check it out today you won't be upset now back to the show with Lark yeah the the comment around is this cycle different is often uh not just about the like timing of the cycle and the length of the cycle it's also about the Assets in this cycle and is it going to be are we going to see a typical altcoin season are all assets going to do well or do we have too many tokens now what what are

your thoughts because I think a lot of people are we're talking a lot about portfolio ation today is really what we're talking a lot about like I think you you and I feel really good and I completely agree with every you're saying I think q1 finishes strong I think we I think we break all-time highs on bitcoin and I think I I could see a real good and maybe I'm slightly wrong maybe it's not the end of March maybe it's the beginning of April but like you know in the next few months like I feel pretty good right but what assets what assets and I'm not talking like like the I'm not saying the trading 100x 000 X assets I mean unless you got any of those you want to talk about go ahead I think it was um Sir John Templeton who said that um the four most

dangerous words in investing is this time is different and people usually like to apply that to the downside logic but I it also applies equally to upside logic because we think that oh well this Market cycle is so much different than the last one this time is truly different and yes this time is always different but there's so many things that are not different that it's not worth saying that at this time is different because look we look back everyone say oh meme coins have destroyed the cryptocurrency market and sucked all the liquidity out were you here for defi summer in 2020 because it was the same people were investing Millions tens of millions of dollars more in some cases into like million percent apy yams yams yams yams guys come on how stupid was it back then

people will play stupid money games every single time nothing has changed okay so that's something we need to understand a lot of coins will never reach their previous all-time highs much like happened in 2021 a lot of the 2017 coins never even got close okay now some like xrp xrp should have hit new highs in 2021 the SEC made sure that it didn't so that's an anomalous case but a lot of coins like EOS never went on to a new alltime high icon never went on to a new alltime high and a variety of other coins just are not going to so if you're holding some of those bags you have to understand that in 2025 quite a few of those will not go on to new all-time highs new shiny coins have already replaced them they've obsoleted those

old coins that you had okay so you have to understand this this is part of the game but I think that you will still see a lot of money be made more consistently and with higher certainty in the things that have always made money top defi protocols top um layer one blockchains because people love speculating what could be the next layer what big one ler one layer one blockchain look at suie right suie a crazy run what about the other move blockchains right you've got uh aptose you've got movement Labs you even have Iota which has rebranded and launched a evm compatible move blockchain right so then that's a great example of an old coin that you know

probably had it not started innovating wouldn't have done very well this cycle but because they are innovating and hopping on the new trends has a chance to do well so these are the kind of things that have the potential to do really well in the cycle you know so you risk money on the high-risk stuff and people have done that every single cycle it was icos in 2017 Defi and nfts in 2020 and 2021 it's meme coins and AI agents this cycle most of which is going to go to zero in a very dramatic fashion very quickly some of which will do well throughout the cycle but if you want to make those more certain bets and make money more reliably cream Rises to the top guys so try to find the cream in the market the thing that I don't get is like why why why isn't everyone just

buying the tokens that have the most Revenue maybe they're not the sexiest tokens but like that feels like a very easy if I was you know out of crypto and I knew nothing and I just came into this space especially when I think about who is coming into this space over the next few years like just look at those tokens and there's a lot of tokens making millions of dollars doing very well with great tokenomics they're burning tokens they're they're very they have they have all the ingredients to be successful shortterm and longterm but it's like nobody cares about those tokens like they're I don't know why do everyone dislike them it's it's pretty crazy there's some really

good tokens out there with some incredible models you look at like the salon ecosystem right radiums talks no one talks about R radi radiums put in huge gains they have this Perpetual buyback System Jupiter pay attention to Jupiter I've got a big bag of Jupiter just you know disclosures there but look at these guys they just recently announced that they're doing 50% BuyBacks from revenue which is massive that's you know millions and millions of dollars a week of coins that are being bought back that's huge by pressure so real economics do matter and the vast majority of tokens have absolutely no economic models whatsoever to rely on that has is ever going to move the price you can look at all these

Layer Two governance tokens as a great example nobody wants to buy that crap well you're you're going to go I'm going to go govern arbitrum man yeah with my thousand do arbitrum going govern it man you know the people who actually run arbitrum the team in the VCS you your vote will never matter anyway if you really are so passionate about Layer Two governance nobody gives a [ __ ] no one's gonna do that there's no there's no it's a great example of a coin that has zero reason to buy you now if you want to make money on arbitra when you have some kind of insight go go go whaty H you want to buy but realistically there's absolutely no use case for it Beyond governance it's not used in defi it's not used for Trans oh my gosh my light litecoin's up to

$130 Lin Wasing on the side here man ah come on come on Litecoin anyway real money does make real real money revenues for coins does make sense okay yeah and so definitely the market the smart money in the market has been valuing that kind of stuff you can see like hyper liquid it's a new coin that's come out but people are paying attention to it because they have a buyback mechanism and what's one of the biggest most popular use cases of crypto trading Perpetual markets make gar Yuan sums of money and these guys have a Perpetual buyback system based on the fees so it's got great token velocity potential yeah and here here's the thing like you talk about like radium and Jupiter right uh if you want to take advantage of both

sides of the crypto ecosystem one being the crypto casino and also the fundamentals in the infrastructure and the long-term bigger picture where we all believe we're going going then that's who you invest in right all you have to do is be long volumes we did we did an incredible show last Friday I gotta say because it didn't get enough views we did a show with Ryan Watkins from syncrasy guys go check out that show because he really lays out the case for exactly this right that like this isn't hard you you just need to stay out of the crypto Casino I mean I know Aerodrome I know you love Aerodrome Lark like there's another one right like very very well set up maker if you like

stable coins which the whole world loves stable coins stable coins are an all-time high and they're not slowing down Unis swap I mean like the the list goes on uh it's just yeah I just I shake my head sometimes um I got I gotta I gotta bring up Litecoin quickly because you brought it up okay just just let's not steer people astray here give us your thoughts on Litecoin so I I brought up the price of lightcoin just because there's somebody who just heard you freak out about the price like oh my God I got to go like all my bag in Litecoin yeah it it just it just went up to my uh sell Target but I got stopped out on the trade last night by like two cents so G but anyway you know made money out so it's fine but you can see Litecoin and

actually this very much what we were just talking about a few minutes ago we can see that Litecoin uh is actually pumping right now why why is this coin which I've criticized heavily for a variety of reasons there's no reason to have Litecoin it's a useless coin in 2025 oh I need cheaper transactions of Bitcoin go use salana and stable coins you don't need Litecoin now got its own little things it's a master of its own algorithm it's got a big mining Community it's got a big community of people who like the coin for its sort of narrative fine but realistically it's not Beyond trading and Mining and stuff like that you don't really need Litecoin in 2025 back in 2017 sure Litecoin was cool man 2025 yeah feels a bit stale but guess what it's a non-controversial

commodity coin and it probably is going to get an ETF and I think you see right now the market at least front running some of that narrative potential so very interesting to see that Litecoin has been doing this and it has huge potential for Price gains when an ETF gets approved and then now extrapolate what's happening with Litecoin to what's going to happen to salana what's going to happen to xrp what's going to happen to Dogecoin when they get ETFs and they will yeah Doge doge is okay wait actually quickly back to Litecoin so let's be clear here though you hit your sell Target right now you're yeah but well I'm out because I got stopped out earlier but um on that particular trade yes it hit hit the area that I was

looking for but it's not to say that it can't keep going especially if we get a if you get news tomorrow that a Litecoin ETF has been approved it's probably gonna pop off pretty pretty extreme that being said this was a a a a very specific trade scenario right in terms of you know long-term spot bags for Litecoin I'm not a buyer of that but I can definitely see the trade right now around a Litecoin ETF hype move yeah yeah the the ETF effect is is just I think there's a lot of people who uh they so Bitcoin ETF did so well EF to to us did not do well but the

thing that you you need to remember EF actually did do well it did it finished the year with up2 and5 billion and it did that in a matter of six weeks because it was at a at a time when the markets were pumping so I think there's just this belief that that only the Bitcoin ETF can do well and no other ETFs can do well which I think is inaccurate so there's going and and we know there's going to be more ETFs coming timing very difficult to predict definitely I think will be this year as you said it could be like in the next few weeks I think that's unlikely but it could be with all of the changes that are happening over the SEC could be or it could be more likely you know could

be lit spring Q2 maybe it takes a little bit longer because they're they're moving a little bit slower it's tough to these are difficult things to predict there's there is a lot of um chatter starting to go on in the background which makes me think that they could come sooner than we think obviously until we get actual approvals who knows but we're starting to see you know little things going on in the background reilings of certain things which means that they're probably talking to the SEC because the SEC would have asked them to do refiling we're seeing um applications to list on certain exchanges and stuff like that the kind of movements that would only happen if there's a relatively high level of confidence that these things are going to be approved essentially so how soon it happens who

knows but I think we get these things coming through and what's interesting too is that you can't discount the fact that when the ethereum ETF came out it was a bad time in the market and Gary Gary gendler delayed the actual listing about a month from approval etc etc but maybe the Market's just not as excited about eth if we get a salana ETF or a Dogecoin ETF or a Litecoin ETF maybe the Market's much more excited about that and people on Robin Hood or wherever else when they're buying these ETFs are much more excited about those assets versus ethereum there's a simple reality we have to have to confront as well maybe they're gonna be more into altcoin ETFs yeah I want to go back to you brought Doge before and I wanted to to ask you about your thoughts on Doge because the the thing that I just can't

stop thinking about is like I feel like I like I I wake up at night and I'm like oh yeah right it you can't stop thinking about Elon is running this Doge this department of government efficiency and there's this website that has been created for this department that literally has the Doge dog on the website like you can't make this stuff up like it feels like Elon is literally screaming at all of us being like yeah I'm going to going to do something with that chain like whether it's on or who knows I what are your thoughts on Doge I don't know if elon's necessarily going to do something with it uh Elon just is a bit of a troll he likes the meme he likes having fun so maybe there's not

that much more to it but Dogecoin is kind of like lightcoin in my opinion you know it's one of those coins I mean it's a 50 billion 40 billion whatever dollar meme I mean how much upside potential is really there that has no actual real world use case not that a lot of crypto does but you know just what what's the purpose of using Doge versus using something else so the one thing it's got going for it probably which is going to pump the price up like absolute mad is an ETF there has been an ETF filing for Dogecoin it'll probably come because love or haate Dogecoin the simple reality is it's a non-controversial commodity coin it's the master of its own algorithm it's merg minded with Litecoin by the way in case you didn't

know that so it's one of those coins that's probably going to get an ETF and a billion dollars of inflows into a Dogecoin ETF is going to have an extremely outsized reaction price-wise so that's probably what gets Dogecoin moving in uh 2025 not Elon I think the Elon effect for Dogecoin was over in 2021 and nobody really cares when Elon tweets something about Dogecoin anymore I think people have just become accustom like he just tweets all kinds of [ __ ] all the time so don't really need to pump the price around that interesting okay it's it's it's it's nice to to to hear my opinion my thoughts challenge because I I feel I don't know why just feel like he's gonna do something with it

eventually but it's definitely it's not necessarily a good that's not a reason to make a trade on something especially especially one that's so high can I just say this it's still in the Tesla website apparently they still have the code in there to accept Dogecoin payments on the Tesla website it's never been activated but the code still exists on the website so maybe they do do something with it at some point when there's sort of more regulatory Clarity but you know I I I think it's a much more reliable bet to say well we're going to see ETF hype around Dogecoin versus waiting for uh Elon to uh bring some kind of uh eyes and attention back to it for sure yeah Lark thanks as always for your thoughts

and your laughs today there was some good ones I hope to uh maybe meet you outside of the bar having a cigarette someday I don't know what goes on there but hey if you guys if you guys want to join me and Lark outside of the bar with a cigarette let us know in the comments thanks so much for listening everybody we'll see you again tomorrow have a wicked awesome day as always if you liked today's episode please hit subscribe and make sure you follow us you don't miss out on the next one there's also a link in the description to our free 5 minute daily newsletter where we simplify crypto for you while making you laugh and if you're willing to step up your crypto investing game we're going to also leave a link for milk Road Pro you get access to our

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