Why Bitcoin keeps imploding on small moves, with Scott Melker

Transcript

Markets hate uncertainty, right? And so a more generally volatile market, that's a smaller market cap, is going to hate uncertainty even more. And that fits the bill, I think, for crypto and Bitcoin. What's up everybody? It's LGD here and welcome to the Milk Road Show, the daily crypto show that stays bullish no matter how cold it gets in Greenland. Today is January 21st, 2026. Listen, a billion dollars in liquidations yesterday. $1.4 trillion lost across the stock market. And it doesn't look like we're done. When I was preparing for this episode earlier, I was like, "Oh, maybe we're bouncing back." But right now, as I'm recording it, it does not look that way.

To discuss what's going on right now, we have one of our favorite guests who's so generous with this time to come on and give us his thoughts and tell us, are we actually going to do this knife down to 58K like he discussed on his show yesterday, although it wasn't his idea. Scott Melker, the Wolf of All Streets, is back to join us. And before we start, I want to remind you to like and subscribe. It's very easy and it helps us a lot no matter the platform that you are listening to. Scott, welcome back, man. I I thought we would I I thought we'd be so happy at this point. We're not happy, but I thought we'd be on a more positive tone by the time we spoke.

And that was just an hour ago, but now I see where now we're dip we're knifing again. What's going on, man? What's happening? Are we actually going all the way down? >> Hard to make a recording on on crypto because the market will make you look like a fool an hour after you give an opinion. I don't think we're going down to 58,000 today, but stranger things have happened. Obviously, as you mentioned, that wasn't really my idea, but there's kind of a growing ground swell, I would say, among analysts, spec specifically on the technical side, saying that that looks like an area ripe for a retrace. It would be pretty aggressive, obviously, 58,000 to 60,000. The reasons are Peter Brandt showed it uh the legendary trader as sort of the target of a bare flag. So if you obviously see Bitcoin had the major drop from 126 sort

of consolidating upward with you know higher highs and higher lows since then. If you have a bullish take you say hey you know that's a bullish structure going up. If you have a bearish take you say bare flag and it's going to break down and resolve you know with a target 20 to $30,000 below. Then of course you have the bigger argument for that area I think which is the 200 MA on the weekly. So what we've seen in every single cycle with Bitcoin in the past is it breaks the 50 MA on the weekly. That is sort of the confirmation of the bare market, so to speak. But you have to remember we're dealing with a few data points here which are not statistically relevant.

When you take three or four cases of something, then you tend to see a retest of that as resistance from the bottom. That's at around 101K. We did just go to 98, so it's somewhat of a rounding error. And then the 200 MA always gets touched down below. That's right now probably 56 57 and rising. So you know if you give it a bit of time extrapolate forward maybe you end up at 5860 if it actually goes there. Important to remember that doesn't mean it have has to go there right and I don't think uh what's happened in the past is necessarily relevant but it is can be you know constructive to look at it to kind of give you an idea of what the worst case scenario might be if we're truly in a real bare market. Scott, I don't think I've ever gotten your take

on this question that we we tackle every day. Is are these moves driven simply by the flow of the coin, the TA, or are these world events directly correlated to it? Because obviously it looks that way, but there's a lot of TA people I talked to where they they kind of are able to predict these things sometimes a little bit before the headlines hit. >> I think it's a little bit of everything. So, your true technical analysts will tell you never look at fundamentals, never look at news. it's baked into the chart, right? And so, uh, I I can see a bit of that depending on the market that you're trading. And I think that Bitcoin was definitely like that in the past.

It's changed a bit, right? So, we know that it definitely reacts, at least in the short term, to macro events. Some would say it's a leading indicator of what markets are going to do. I think all of that is nonsense at this point. We get downside when bad news happens very quickly, but we're never leading to the upside these days, right? So, as nasty and horrible as that sounds, it also means that Bitcoin is what we hoped it would be, which is an uncorrelated asset, right? You have silver and gold making new all-time highs, so it's certainly not trading like digital gold. And I think a lot of people conflate it having the characteristics of gold uh as hard money and, you know, limited supply and all all the qualities that make money good. That doesn't mean it has to

trade like it on a chart. It can have the qualities without trading like it. And then there's a lot of people who had always said it traded like the Mag 7, right? It's just a proxy for Nvidia or something. Those things have flown and Bitcoin's done basically nothing. So you want an uncorrelated asset in your portfolio. But unfortunately, if you cheer for an uncorrelated asset, be careful what you wish for because that can also mean it goes down or sideways when other things go up. But still, it massively improves the sharp ratio of your perform of your portfolio to have something that's not doing the same thing as everything else. So actually, Bitcoin is still performative in your portfolio right now if you have a small percentage allocation to it, even though it hasn't gone up as much as other things. And we all know that if that

lack of correlation continues, when everything retraces, Bitcoin could be going up. 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. We saw we saw some of the some relatively large crypto liquidations yesterday. Scott, you pointed this out uh on on X as well, over a billion dollars, right, when it was all said and done. Who knows what it's going to look like today cuz we're dipping again. And you also pointed out that that's the same size as the FTX liquidations, which were like the nuke of all nukes when that when that happened, right, for our industry was like, "Oh my god, how could like that was catastrophic." Whereas now a billion

dollars lost. Oh, just another just another bad headline Tuesday, right? How how does that how do you even you zoom out? How do how do you rate this volatility? You know what I mean? How do you rate this compared to other things? Here's what's crazy is it's happening without any volatility. The volatility of Bitcoin right now is the least it's ever been. The implied volatility, the actual volatility, it's been trading sideways. I mean, this is happening on moves between 94,000 and 88,000 where it's just been trading, right? And so, this is happening without a huge 10% candle to the upside or to the downside or one of those, as we call them, Darth Maul candles where you get both, right?

And it liquidates longs, it liquidates shorts, and ends up right back at the exact same price where it started. And so, FTX, obviously, you saw the bottom fall out of the market. So, of course, anyone who was still long, you know, in the 20, 21, 25, whatever areas it was, when price goes down to 15, 16, 17, you're going to see massive liquidation events, a 25, 30% move. Right now, you're seeing on 3% moves, 500 here, 700 there, a billion there. So, I guess there's a glass half empty and a glass half full way to view things like that. The glass half full is that there's a ton more money in maturity in the market and that people are still trading even with a lack of volatility. So, clearly, there's a lot more people here. the glass half empty is these people are

just idiots and they're going to lose all their money, right? And and uh that that's where I air. And to even put that in further context and something you and I have probably talked about the events of 1010 uh for people who missed it October 10th effectively the entire crypto market broke. Binance particularly had issues. They had automatic deleveraging of their market makers which means the guys who were keeping the spreads tight all of a sudden their positions got automatically closed. And obviously that meant they were on one side of the book and not the other. We saw millions of individual accounts liquidated meaning that the very few people who were still here aggressively trading crypto lost all their money and couldn't come back.

Right. But that was I think 19.2 billion. >> Yeah. >> So FDX was 1.2. That was 19.2. So now we get 1.08 on a random Tuesday. 180 something thousand more people gone. And it's a rounding error, but it's still a massive number. And I don't think that we should diminish that uh just by comparing it to other times in history. It just shows that this market is very big and there's still a ton a ton of leverage in the market. It just blows my mind. Like what are you people doing?

And by the way, >> when it says liquidated, that means those idiots were not using stop- losses. Like liquidated means like the effectively you got the margin call like you hit the liquidation point. Even using a stop-loss on one of these leverage exchanges can save you 20 25% on your liquidation even if it's a dollar above the liquidation because of the insurance fund and the mechanics. So this is just straight up gambling. People using my account going to zero as their stop loss. It's insanity. Lots of gamblers despite everything the last three months, man. Last 100 days.

Uh lots of people still willing to bet. But I do think Scott and we could talk, you know, a little bit more headline news right now. I think a lot of people were optimistic after last week, right? Despite everything that happened with the Clarity Act was going to come and then there was the draft and then it was still looking like it may pass and then Brian Armstrong came and said, "Okay, forget that." Like we're not going to support this and it's and it's now it's a little bit back in purgatory. I think a lot of people were still optimistic anyways after that, but they've that's been completely struck down or reversed, let's say, by geopolitical stuff. What's what's the largest factor at play then for you in in terms of this if we're looking at headlines strictly forget the TA for a second out of everything in the

last week? What's what's been the most tremendous event? >> Markets hate uncertainty, right? And so a more generally volatile market that's a smaller market cap is going to hate uncertainty even more. And that fits the bill I think for crypto and Bitcoin. So we had a move. We got all the way up to 98,000 but still a rounding error. And if you look at the chart, 3% here, 4% there, we got this wild optimism because the crypto fear and greed index had been in fear for the longest period in history, straight, even with prices sideways, which is crazy because you would think you would have the biggest fear after an 80 or 90% retrace, but that's not the case. It's actually this timebased capitulation sideways purgatory of insanity that people can't

seem to tolerate and get fearful in. But also speaks to the fact that you never know what Trump is going to truth. That's my word for tweeting. I don't know if you truth social. I think you truth. I don't know. But he's truthing over there. And you never know what's going to come out of the dude's mouth or fingers or whichever part of his body his thoughts come out of. It's certainly not a brain. It seems like half the time. And I'm not a political person. It's just I call it as I see it. And so I think that there's just a lot of uncertainty. So even when things are going up, it feels like everyone has their finger on the trigger for the next big disaster that's going to kind of send it down. But if we're talking about the specific things from a macro

perspective, I mean, you know, when you start talking about taking over sovereign countries just cuz uh that's probably bad. Then when you start threatening your partners with tariffs if they don't support your hostile takeover of said country right after you arguably took over another country, uh that obviously is bad. And then you have the Japanese bond market just blowing up, which I think under the surface may actually be what's driving a lot of this uh that nobody's talking about. You know, you have interest rates soaring uh in Japan, which means obviously there's an inverse correlation to the price of bonds. So bonds are crashing. Uh and Japan was sort of the uh steady eddi for decades. And you had this trade where you could just borrow

with no interest rate and go use that money to buy things that were going up. and the whole world was doing that and you can't do that in Japan anymore. So I would just say the mechanics of markets have changed. There's a lot of fear. There's a lot of uncertainty. Like you can literally ask anyone and if you said hey you know what comes next week that we're not expecting. And if someone was like Trump's taking France, you'd be like yeah I guess right. So go take France buddy. Like do your thing. But I don't think that uh you can price in anything that's coming right now. Uh, we'll be first up here in Canada before France. Second France. The French.

>> You guys, we already you're already ours. You just don't >> according according to that map. Um, I mean, I don't know if he'll share his text with Mark Carney, but maybe he'll do that next. >> Carney seems super pissed at the World Economic. >> He's mad. U, let's talk. You know, I I would love if you can just um tangent out for us, explain to me a little bit more about the Japanese bond market because something I don't fully understand and and the way you explained it makes a lot of sense that their interest rates have always been low and now they're raising them so everybody's just kind of freaking out. But how does that how does that work with their bond market and how does that affect the rest of the world? So at at a high level without going too deep in the weeds

beyond where I'm even, you know, competent to speak on it, Japan had yield cur curve controls forever. They always maintained a very specific interest rate, exceptionally low. It was effectively their policy to control their economy and make sure that the yen didn't explode. And so if you had, you know, if you could borrow the yen at sub 1% interest rate, you can borrow that money only be paying a 1% interest rate and go use the money to buy something even risk-free like United States Treasuries that's paying a higher rate.

So everyone in the world was use was borrowing the yen to buy things that actually had yield at a low interest rate. So last year that it actually was around tariff time when Japan sort of took the governor off after decades and said, "Hey, we're going to kind of let it inflation and the yen float within range as opposed to like controlling it as deeply." And now it's just flown the coupe, right? And now that Japan looks like the United States in that like, you know, a politician says something and interest rates go bouncing all over the place. You never saw that. But you cannot borrow yen now to buy things that are yielding higher. But what that's meant is that people actually have to close those trades. So closing those closing a trade where you're buying

something with borrowed money means selling that thing, right? So that selling pressure on markets all across the world that maybe you didn't see. And we're talking about like huge huge huge massive amounts of money. So I think a lot of that happened in the past, but the worse it gets, the last holdouts of the yen carry trade are are closing out. And that might that means selling other things. Why why are the why are the rates going up? I think you said that, but why >> can't control it anymore? I mean, they they really have to do it to to maintain, you know, a stable quote unquote economy and to survive.

>> Got it. Okay. Okay. Okay. And what's do you know off the top of your head like how how big that is in relation to I guess like how do you measure how do you measure this in terms of like bond market in the world? like how many pe what how many trillions of dollars are people borrowing of yen or have they been historically >> it's not happening but it was trillions I I I don't have the exact numbers and I don't want to you know speak I I just understand the mechanics of it that's why I usually ask guest questions >> no but but it is >> massive massive massive like a really huge trade and like I said most of that has likely unwound already but uh there's still some of it but also you just have to consider that people viewed

the yen is like the stable thing. And when that becomes unstable and when their debt and interest rates go all over the map, it's yet another thing that causes massive uncertainty around the world. >> Got it. Okay, that makes sense. Let's bring this back to to to American politics. Uh, another thing, despite all the stuff that's going on um with the president, another thing that he did say this morning is that he hopes that clarity will pass soon. He hopes to sign it soon. What uh despite everything that's kind of taken over the headlines uh the last couple days, Scott, what's the current status on that? Do we know?

Like I'm actually unaware of of where that is. It feels like it's back in purgatory after last week. >> Hope is not a strategy even if you're the president of the United States of America. I learned that a long time ago trading. So I would say that I was one of the clarity homers for years who just defaulted to of course it's going to pass. We have a, you know, we have a pro-c crypto president who is putting pressure, willing to sign it. We have a great crypto at AISAR who's pushing this through. We generally have a majority of the party that wants this to happen even though it requires some Democrats to get it passed. I was wrong, right? I really defaulted to, of course, it's going to get done. Genius got done. It's on the docket, but we better get it done soon

before midterm season when they stop caring about crypto anymore. Right? And so last week I started to kind of shake my head when it looked like things were less certain than I believed. And then Brian Armstrong and Coinbase obviously stepped in and pointed out some major flaws and people reported that, you know, Coinbase had killed the Clarity Act. But I think that that's wildly disingenuous. I think he just pointed out the obvious and gave some smoke cover for something that wasn't going to happen. I think I I put it at less than a 5% chance that clarity passes anytime soon.

>> Wow. Okay. So, >> why? >> Yeah, pleased. Yeah. So, anytime soon as in this year >> or the next six months? >> I don't think it passes this year. I I think that everybody's going to be running for office and worrying about uh their pocketbooks and not about clarity in in the future. Uh later this year maybe. I would just be very surprised if we saw now. I could be totally wrong by the way, but this is what I've, you know, my my guest today. He said he doesn't think it gets done and he's talking he's literally friends with Paul Atkins and Celig the the CFTC and SEC commissioners. He's talking to Washington every day. I had Jake Travinsky on who is arguably the, you know, biggest lawyer lobbying on behalf of crypto. He behind the scenes privately was like, "Oh, this was never

happening." you know, like and so like I'm getting it from pretty close sources that uh this is probably not I don't know if I'm gonna get in trouble saying that, but uh that this is not a thing. But here's the real >> situation. So Brian Armstrong, I think Coinbase laid out seven or eight things at WF. I haven't read read it yet, but he laid out in a tweet last week why they were backing out. So the cynical view is it's just because they don't want to lose their stable coin yields and that's a huge part of their business. So if Coinbase blocks this, they continue the rewards under the Genius Act and they don't have to worry about their business. But I I don't think that's what's going on here. I think that they're pushing back because the banking lobby is trying to reverse

things that happened in the Genius Act, which is absurd because they freaked out and now they want to use the Clarity Act to reverse the provisions of Genius that they don't like. That's one attack on DeFi is very clear if you read the language of the Clarity Act. Decentralization could likely be dead. We're back to talking about wallets and decentralized protocols having to KYC their customers, things that are literally impossible. Nonsense we thought that we had worked our way through before. There's language that was added apparently according to Jake Travinsky in the last one or two weeks about banning the tokenization of securities which the DTCC and SEC are saying all markets will be on crypto rails by the end of 2026 and then quietly in the Clarity Act they've added language that makes that illegal. Right?

And all of those are the parts that you can work through as policy. Here's the part that's not getting resolved in my not so humble opinion. You have two non-starters from each side. Trump says, "I will not sign any Clarity act that has an ethics clause in it." An ethics clause being an implicit or perceived ban on the Trump family participating in crypto. Right? And the Democrats, the seven at least in the Senate that are needed to pass this have said it is a non-starter that we will we are not going to allow politicians or the Trump family implicitly to participate in the crypto industry under market structure. It should be banned.

those two things are not being resolved. Like whatever version of clarity could be negotiated, Trump isn't signing, I think, is the best way to say that. And listen, like we should be banning politicians of both parties from participating in markets at all. It's been on the table. Nancy Pelosi is a god tier trader apparently should be running every hedge fund on Wall Street, right? The most profitable human being on the planet. We know that politicians take advantage of their position to make money privately, right? You don't go from having a $500,000 net worth to a $50 million net worth as a public servant, right? I don't even think that's a cynical view. I think it's honest. And so, it's just not going to happen. Like, it's just not going to happen. And maybe that's fine. There's

the there's the, you know, no bill is better than a bad bill camp. That's the Brian Armstrong camp is that we'd rather have nothing than have something that locks in a hundred years of bad policy. I totally get that. Then you have the White House uh I think his name is Wit, but the white one of the White House crypto adviserss came out and said, "Oh, how lucky we are to live in a world where we can say no bill is better than a bad bill thanks to, you know, President Trump being pro crypto and being in a world where you can even talk about these things." And he did make a relatively salient point, although I'm not sure I fully agree, but he said a bad bill is definitely better than no bill because this is a huge industry. it will be legislated on. And you want the

bad bill that comes from a pro SEC commission, proc crypto SEC commissioner, a pro crypto CFTC, pro- crypto senators, pro crypto president because wait until you see what you get if we get regime change and they're the ones who do the legislation. So I think that is a fair point because if the pendulum swings and they decide to legislate, all those things will be banned. >> Why are the Democrats suddenly complaining about the SEC? H the Democrats are suddenly so apparently >> is it sudden? Maybe I just haven't been following but I feel like in the last couple days you've been talking about this too.

>> Yeah, I I feel I don't think that it's sudden. I think that they are once again empowered to say the quiet parts out loud that were uncomfortable for a very long time. So you had this massive pendulum swing from anti-crypto everything to pro crypto everything. So if you were pro- crypto in the past under the last administration, you risked being voted out or losing your job or whatever. And then it became that Trump came in and if you were anti-crypto, watch out. Right? So even the politicians that were anti-crypto, they slowed down the rhetoric. They saw the fundraising that the crypto lobby did. They didn't want to be on the other side of that. Right? And so now there's a little ground swell of maybe it's cool to be anti-crypto again, right? And so there's a part of that in of that side

of the aisle that is that way. But if you're asking for the specific reason, it's because the SEC Gendler was gone. He had all these enforcement actions against literally anyone in the crypto industry. You remember there wasn't an exchange. Didn't have at least a Wells notice. MetaMask Ethereum, you know, literally everybody consensus >> representing Ethereum, but literally everybody. And immediately when he was out and Atkins was in, even before Atkins was in actually as Hester Pur came in, we basically saw those start to be dropped and every single one has been dropped. So the Democrats new position is that those were dropped because of bribes or fundraising or all those companies giving money that is so disingenuous. Like >> they gave money because the industry was

under attack. There never was a heavily politicized movement in the crypto industry to give millions of dollars until they were fighting for their lives, right? So, of course, they donated to the politician that wasn't going to kill their business. That's what happened. I don't even think it was necessarily politics. It was to save themselves. And the SEC is just reversing clearly bad policy. It's not like Coinbase gave money, so they're dropping the case against Coinbase. They're dropping the case against Coinbase because it was stupid. it made no sense and there's no legal basis for it. So, I I see how they're trying to skin that argument and that's going to work for average Joe who

happens to read the Wall Street Journal today, but that's not going to work for anybody who's been here and understands it at all. But there's a real problem coming down the the pike because hey, you know, he thought Elizabeth Warren was neutered, but you know, if the Senate somehow goes blue and I'm this is once again, I am a non-affiliated voter. I whatever. I don't do politics. That's why I like Bitcoin in the first place. But, you know, she becomes the head of the Senate Finance Committee, right? Like by by default. And then you have like the general of the anti-crypto army back in charge. So, you know, I I think we're in a Goldilocks moment here where they do need to get things done.

>> H you know, everything you just said is probably to me sounds like the best the most well explained potential case for like this year-long bare market that hopefully we're not in, but days weeks like this kind of point to that and the, you know, 50k, 58k, 200 week EMA, all that kind of stuff. is that that's kind of interesting is that you know potentially crypto is starting to price some of that that sentiment in and um you know getting ahead of this potential midterm shift even though it's 10 months down the line like that's crypto does react pretty far in advance of things that may happen right um so that's an interesting perspective that that what you said that it maybe it's not cool to be bullish on crypto anymore some paraphrasing you but something like that

>> yeah that I think that's somewhat true but I think that in a certain audience it's becoming okay again to be anti-crypto >> more specifically. >> So, you know, like maybe they're not afraid anymore to say what they think or to get in line with the party or you know, whatever the uh motivation may be. >> Scott, one of the things that you uh pledged to say to do apparently this year was to say the quiet parts out loud. I want to ask you as somebody who does this every day, you have incredible guests on your show all the time. What are there? Is there anything you've been dying to say the last couple years that now you're kind of unhinged and saying?

>> Well, I called Gary Gendler a heaping douche canoe the other day, so I don't know if that's in line with taking the uh taking the taking the uh you know, filter off. No, I I but I said that for years. I actually got fire Gary Gensor trending on Twitter back in the day. So, uh you know, I I don't think I ever held back punches. Actually, it's more I think of just calling it as I see it, uh, in real time. And like, for example, I could have just continued to believe that the Clarity Act was going to get passed because emotionally that's where I was or it was a changing of my view.

No, I was wrong. Change my view. I don't think it's going to pass. Right. Uh, and I think that there's just a lot of BS to call out still. And so and and the and just politics, man. Like what mo most of it is just like, you know, like when something happens that's indefensible. I I don't think you should be afraid to just call it as stupid as it is, regardless of uh you know, your uh claims of I, you know, I get called now that I have TDS a lot. And then uh I point to how anti-Biden I was at the time and I was like, I guess I had TDS and BDS, Kamla DS, and I just have politics. Yes.

>> TDS is that Trump arrangement syndrome. Is that what that is? >> You are definitely >> Oh, you guys have just acronymed it to TDS and it's just common common vernacular at this point for you. >> Trump arrangement syndrome, but I take a pill every morning. It's fine. >> It's all right. We we mainly deal with Trudeau bumper stickers that people still have. Uh >> now that you said Trudeau, I know that it's okay for me to say he being douch douche canoe this show. >> He's somehow he's still in this. He's at Davos with Katy Perry. Like, why are we seeing him? Like, our our main guy is saying all this other interesting stuff.

We don't I don't care about Trudeau anymore man. >> Trudeau wasn't your prime minister anymore. >> What's that? >> I said I forgot that Trudeau is like not really in a position of power anymore. >> I don't know what he is. Yeah. Um, okay. One more thing. I still on the political side, but something that we were waiting to see if it would affect crypto and seems like similar to clarity, it may not be happening for a while. Scott, what's going on with the tariff ruling now? No, there's new tariffs, potentially new tariffs, but the prior tariff ruling has been pushed back like three times. Is it ever going to happen? >> It it has to happen, I think. Um at least if we're still a democracy. Uh that that has to happen. But it is

curious that uh we get, you know, three rulings here and there from the Supreme Court and the one that we're anticipating and expecting and it doesn't seem that hard for them to decide on never happens. Um it's very sad to even kind of accept the notion that the Supreme Court is politicized because it's obviously not supposed to be structurally, but but we all know the reality of that. I do think that we will get a decision on it eventually. Do I think that anything would change even if the decision goes the other way? I'm not sure.

>> It's the threat of the tariffs more than the tariffs that seems to be the effective policy anyways. Um, but I do think we will get a decision on it eventually, but it seems they're pretty content to kick that can as far down the road as humanly possible. >> What will the decision be? >> I have no idea. I've no but and and that's one of those things where I've actually >> you know like if you're cynical and believe that the Supreme Court is entirely taken by politics then you have to believe that tariffs will be constitutional. If you I guess dive deeper into the constitution you can make either argument and I've spoken to you know friends who are lawyers about that. So, I really I don't even know how to handicap that, but I would lean towards uh they say that the tariffs are

constitutional because that's what the politics of the day would dictate is necessary. >> I'm going to pause there for a second. If you're listening to this and thinking, "Okay, but what is the move I should actually be making?" Then going Pro is for you. Every week, our research team drops a full deep dive on the biggest themes everyone else misses. Plus, you get access to our full Milkroad Pro portfolio that has real-time buy and sell signals and access to our Discord where our analysts will answer any question you have. If you want to level up, honestly, that's where you got to do it. Hit the link below. One last question for you, Scott, and it's and it's way outside of crypto, but you know, and we talked about this last time you talked about on your show, especially when there's days like yesterday and today, gold and silver,

just unstoppable at this point. When does that rally end? because I I'm actually starting to see a lot of people wanting to FOMO into these all-time highs, right? And that's usually >> here. >> Yeah. Okay. I was going to say that's usually a top as a trader like I, you know, as if you're saying I'm a seller. Some people are trying to sell the top. Some people are just like, "Dude, I'm out. Like this ridiculous. I made money. I'm done. So go up another double." Fine. Right. I I think by the way like if you're a trader or an investor, if you're trying to time bottoms and tops, it's a fool's errand and just be happy you made money, right? So I think the silver chart looks parabolic and impossible to short, but

very toppy. But like when you call an asset toppy, that can mean it goes up another 20% before it flies back down the other way, right? So I think it's very hard to time that. But man, I would be very hardressed to hear a convincing argument to just go all in on silver buying right now. >> It's just at the point where I'm starting to get those texts. >> But I do think that's where a lot of our >> Yeah. Oh my god. Yeah. Oh god. Especially silver. Like even since like I remember the week before Christmas looking at silver and being blown away. It was at 65. Now we're it's going to hit 100 >> of alt season. Like when you look at the sentiment people I was saying this I think I was talking to Mike Alfred last week on my show I said I think I tweeted

something you know with a chart and maybe silver was at 85. I wasn't saying it was the dead top. I was like silver's starting to look cooked or something or overheated or silver's cooked. I don't know, something flipping. And there's like these silver people out there and they're so angry. Like, you know, they remind me of the XRP army or any of these ones. You remember like XRP? It's nothing against XRP, but like you remember how XRP was just like down so bad for so long, >> right? And other things were going up and the XRP, you just wait. You just wait till our thing has its day. And then when it went up, like even if you complimented them, they were just mad.

Like, see, I told you you should have believed the whole time. We told you at the bottom. Well, these silver people are worse than any like passionate crypto community if you say something negative about silver. To me, that starts to wreak of, as you said, sort of FOMO and uh that your average person maybe has a little too much in silver. They're slightly overallocated. they're passionate about it, which is interesting because like literally nobody ever owned silver of a younger generation, right? So maybe I'm maybe I'm now arguing with 75year-old dudes on Twitter. I I don't know if they're there, >> but that's who I imagine the silver bugs to be.

>> Um I think it looks mildly overheated. But that said, if you know, we there's a lot of things you can't handicap that would be very good for silver and gold, right? you know, if we like end up in a massive war with Iran or something, we know central banks are buying gold, silver kind of has that altcoin to Bitcoin vibe, uh, you know, so I nothing would surprise me, but like every part of my like gut instinct says, uh, sell. >> Listen, Scott, you've been here long enough that you know this as well as I do that all those accounts, those are just bots from like the silver lobby or whoever stands to benefit the most from this. Those those must be those can't be real people.

>> Are you saying that everyone on Twitter is not real? >> How dare you, sir. >> Nobody No, >> there's not a single real There's not a re single real comment under any of my tweets. Like, it's got to be 90% AI bots. The the platform is unusable. >> Oh boy. Okay, we'll we'll end there. Scott, thanks for your thoughts on the on these precious metals. Um and thanks for everything as usual. Um hopefully we we talk to you again soon under under better circumstance, but it feels like in the short term uh that's doubtful. >> You know, we'll know we've made it when you're hosting NFT shows again.

>> Oh god, no. Please. I never want to do that again. I I'll do anything to not be known. >> Can you imagine how back we are if we can have an NFT show again >> specifically? Yeah. I've I I've been working for years to get away from being the NFT guy. >> Are you a board? I was a long time ago. A long time ago. I I denied it at first even though most of my community shifted over to that. And then as soon as I got one, all the my other rest of my community, the top shot people were like, "How dare you betray us by doing this?"

>> So the top guys were the silver guys. >> So what are the ape guys? The gold people, Peter Schiff, is that is that the ape? >> I think those are the >> gold is the new board apes. Yeah, gold is the new board apes and silver is the top shot people. I like that. That's a great analogy for for everything that's going on. Uh Scott Melker, thank you again, man. Uh we'll see you again soon. >> All right, man. Thank you. If y'all are making swaps or trades right now, highly recommend you check out Milkroad Swap. This is a DEX that we built in partnership with Cow Protocol. Why do we build it? Not to make money, just honestly so we could have a place to do our swaps for the lowest fees that we could find. This is the fees on

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