“NO ONE Is Telling You THIS About Ethereum” – Mark Yusko WARNING

In this episode of Unscripted Crypto, we delve into the intricate world of cryptocurrency regulation and the complexities surrounding the approval of Ethereum ETFs. Through expert insights from Mark Yusko, we explore the regulatory landscape, the emotional and political factors influencing ETF approvals, and the market dynamics at play in the late crypto cycle. We discuss how strategic accumulations by major entities like BlackRock may impact market behavior and ETF prospects, and examine the evolving role of crypto custodianship in paving the way for future ETFs. Join us as we uncover the challenges and strategies that define the current state and future possibilities of cryptocurrency investments. Don’t forget to subscribe and hit the notification bell for more insightful crypto analyses.
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Mark Yusko
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Well there’s the logic and then there’s the emotion so the logic would say hey SEC you ruled multiple times that Bitcoin and eth were not Securities therefore if you approve the Bitcoin ETF ifof facto or you know C parabis you should you know approve the eth ETF that

Said I watched GG on the the the tube the other day and I would say logic has nothing to do with this he was all emotion and ain’t no way that guy and and and he basically kind of snapped at the interviewer and uh was pretty ugly

And he basically said that’s a decision for a five member committee and I think if you think back to the Bitcoin ETF it was only a 3-2 vote and he was the deciding vote but he was forced like literally forced by the courts in his mind and an act probably in actuality I

Think highly unlikely it gets approved would be my guess that emotion Trump’s Logic mark yuso sheds light on the often conflicting nature of logic and emotion in the decision-making process processes of regulatory bodies like the SEC particularly when it comes to cryptocurrency ETFs while logic might suggest a clear path to approval based on past rulings yuso points out that emotion and political Dynamics often

Play a significant role complicating these decisions this Insight is particularly relevant today as the crypto Community continues to navigate the regulatory landscape seeking Clarity and consistency the approval process for a Bitcoin ETF serves as a prime example of these complexities despite logical argu arents for its approval emotional

And political factors can lead to unexpected outcomes Yo’s observations highlight the importance of understanding not just the technical aspects of cryptocurrencies but also the Regulatory and human elements that influence the market to add more context as of our latest updates the crypto Market is still awaiting clear regulatory Frameworks from authorities

Worldwide one of the things that that always happens in this part of the cycle so we’re you know we’re in the the late stages of you know crypto summer so you know June we we swap over into crypto fall and get the parabolic part in that that late

Stages you you see this kind of price action where Bitcoin becomes the lead because people are anticipating the having and then the others particularly eth they tend to move in lock step like at a ratio you know at one point it was like 10:1 or 8 to1 and and and they just

They literally just move in lock step and then it it filters down into the other coins too and some of them actually then get on people’s radar and then they actually have their little little spiky moves um and you saw that with with Doge and Sheba in the last

Cycle not so much this cycle but at least people aren’t talking about them as much I don’t see that that silly little dog all the time but I think this time it’s it’s frogs and uh and and other things but I do I think in bitcoin’s case and I I haven’t proven

This in the sense of going to the to the wallets but I uh I I shouldn’t say I’ve seen the wallets that were accumulating Bitcoin in advance of the Bitcoin ETF approval I will argue those were related to Black Rock at all that they were basically accumulating some that they

Could then go buy from from um and make a little profit too and maybe it was Friends of the firm maybe it was hedge funds that they work with maybe it was you know I again I I haven’t done the forensics to find out who but my guess

Is that was pretty I mean you saw it every day and that was front running of a different kind like normally front running is hey I just want to get in because I know something’s going to happen like an earnings announcement like like coinbase which we’ll talk

About so there was a lot of front running going on because there were people who were pretty sure this was going to be blow up number and you saw it was going up every day into the earnings and then end up even more after the earnings but that’s a different kind

Of front running than this this I believe was getting Supply because when the demand for the ETFs came in I think people knew it was going to be hard to go find enough Bitcoin to buy and so that’s the and that could be what’s happening with e so if people were doing

The same kind of thing then you’d have upward pressure and you’ve seen eth actually outperforming modestly I mean it’s been pretty neck and neck but outperforming modestly in the last few weeks I probably lean that unlike the Bitcoin ETF where you had pretty clear signaling by the the

Sponsors that yeah we’re we’re good and you know the Relentless meetings back and forth I don’t hear about lots of meetings and lawyers you know billing doing lots of billable hours on on eth moving into the heart of today’s discussion yuso brings attention to the cyclical nature of the crypto Market

Emphasizing the anticipation of Market movements as we transition from crypto summer to fall this cycle marked by the upcoming Bitcoin having influences not just Bitcoin but the entire ecosystem including ethereum and other altcoins understanding these patterns is crucial for investors aiming to capitalize on potential Market shifts the concept of front running and

Anticipation of significant events like ETF approvals reveals the Strategic Maneuvers by institutional players illustrating the depth of strategy that goes into crypto trading and investment yuso anecdotal evidence suggests that entities associated with major Financial firms were accumulating Bitcoin ahead of the ETF decision showcasing the sophisticated tactics employed by institutional investors to

Navigate the crypto Market in light of recent developments it’s worth noting the growing institutional interest in cryptocurrencies underscored by firms like Black Rock exploring the crypto space this trend not only validates the Market’s potential but also introduces new Dynamics as these institutions bring their considerable resources and expertise to Bear for the average

Investor understanding these movements and the motivations behind them can provide valuable insights into Market directions and opportunities Wells Fargo many many years ago separated from the other Banks and you know all the you know banking is a is a net interest margin business right you you pay your

Depositors X you lend it why and you you earn a spread and Wells Fargo kind of changed it up and said well but we’re gonna we’re going to tack on some fees and we’re going to charge some and that’s when Buffett bought in and that

Was his whole thing is he wanted them to pay him you know nice dividends so that that he could lever up that that’s that’s his plan he takes low volatility assets and levers them up and never pays taxes it’s it’s genius and so I think that’s kind

Of what’s Happening Here in that when they started it was all about activity and volume and and getting as many things listed and getting a lot of trading and and making your commissions well now they they have things like you know massive custody books and huge institutional business of you know uh

Cold Storage I thought about wearing the uh the cold storage Socks today because you know that’s one of the challenges for the ETFs is so much a Bitcoin is sitting in Cold Storage not actively available on Exchange there is going to be tough for for them to to to find

Enough to buy and you know we own a lot of Bitcoin across our funds but we don’t keep it on alleged even though we love Ledger and that’s a portfolio company it’s in you know coinbase institutional kind of what was um their zapo business that they bought

Yeah the how much of a revenue driver do you see this was a a topic of interest in the analyst questions but how much of a revenue driver do you see the custodial business for ETFs being moving forward and there are other there are other ways that you can like there’s a

Way that Prime monetizes the ETFs and uh yeah what do you think how much of a driver a revenue driver of the ETFs I I I think it’s going to be a very meaningful driver you know it it was just getting started now um but but over

Time I look Investment Banking which I always thought was a interesting term because really it was the trading components of people like Goldman Sachs and and others and and their Prime brokerage units that that made incredible amounts of money doing things like stock loan and and uh extending

Margin so there’s there’s lots of related businesses that if if you are essentially the financial institution for the digital age which is kind of what coinbase has established themselves as there are many ways they can augment just the the commissions and and fees uh from from Trading and and activity and I

Think custody will continue to be an increase now custy itself is not a a high it’s not really high margin business and they do compete on price but you make it up on volume right and it’s scale there there benefits to scale in these businesses and scale comes from trust and from

Reputation um and I think they they they are the dominant brand in the business part of the challenge of of the investment industry you know analysts they’re only right about 40% of the time which is a crazy stat right Wall Street analysts are right about 40% of the time

And yet they still you know seven figure Gig if you can get a job and and the game of of catchup is extraordinary I mean you know you always see the the bank after the stock price goes up adjusting their you know earning or their their price forecast or you know

But but to have a like you said here a price target of $66 for a stock that’s trading at$ 190 I mean that’s a total head scratcher and I think it’s because they don’t understand the business maybe they don’t want to understand that’s part of it they there’s pressure I’m

Sure some people remember the story of of the kid that wrote the negative article on Trump’s casinos and he got him fired and he got reinstated and paid and you know because turns out you know truth is supposed to be an absolute defense and um you know they eventually went bankrupt but it’s

It’s a hard world you know Wall Street is a a tough world in the sense of it’s not always just hey let’s put the truth out there and let let the people decide it’s who pays what fees and and you know what which which deals are hot and which

People know kind of the the path to to navigate to to get you know kind of the front row or the the first you know the best people on their uh Tombstone so it’s it’s complicated yuso points to Wells Fargo’s Innovative approach to Banking and how similar strategies are

Now being applied in the crypto domain particularly through services like custody and institutional business offerings this Evolution signifies a maturation of the crypto Market moving beyond mere trading to Encompass a broader range of financial services the rise of custodianship solutions especially for institutional investors is a testament to the growing demand for

Secure and reliable crypto Storage Solutions this need is further Amplified by the logistical challenges associated with ETFs given the significant amount of Bitcoin and other cryptocurrencies Locked In Cold Storage as these Services become more sophisticated and widely adopted they pave the way for greater institutional participation in the

Crypto Market moreover the discussion on Revenue drivers for companies like coinbase highlights the diverse ways in which the crypto economy is expanding Beyond trading fees businesses are exploring Revenue through custody Services Prime brokerage and more indicating a shift towards a more integrated Financial ecosystem within the crypto space thank you for joining

Us on this deep dive into the world of cryptocurrency don’t forget to subscribe to unscripted crypto for more insights analysis and updates on the ever evolving crypto Market see you in the next video