Bitcoin Halves, The Market Cools, and Betting on Mining Stocks

Bitcoin Halves, The Market Cools, and Betting on Mining Stocks

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ah welcome welcome you have just entered
the trading pit your home for
sophisticate takes on the crypto markets
it’s April 23rd just a couple days since
the Bitcoin having and here in the
studio JJ bin ly of jlabs to discuss the
aftermath I am your host Mar conon wi
today we’re going to be unpacking the
price action talking Bitcoin mining
stock opportunities and unpacking the
ongoing challenges with each staking
yield but first my favorite section
rapid fire where I look for simple
answers to complex questions let’s turn
down the music and let’s turn up the
commentary oh yeah another what Boomer
joke maybe okay whatever anyways Ben ly
I’m gonna kick it off with you oh boy
the Bitcoin protocol ruins launched on
the having it’s a new way to trade
fungible tokens on bitcoin is it a fad
or the future oh it’s a progression so
it’s a momentarily fad that becomes a
glimpse into the future
wow wow wow wow he he pulled out the
Dork hat on that one okay all
right kind of sideways as way okay all
right we we’ll give that one to you
we’re gonna see where that evolves JJ
Bitcoin having is it priced in not
priced in not priced in oh bull bull
claim you’re going up against JP Morgan
I love it when you do Ben Lily the New
York Stock Exchange wants feedback on
its plan to run 247 like
cryptocurrencies is trafi prepared to go
full Dean no HR will have a field day oh
my gosh that is the most sane answer I
think I’ve heard on this proposal
imagine these guys sitting around with
uh you know Red Bull being injected
directly into their
veins scary thought JJ taking profits
means going to cash crypto or
Metals cash so you can buy more crypto
later oh that’s the answer I was looking
for that is the one I wanted to hear
makes my heart swell up with love
Ben Lily bitmax launches 250X leverage
Bitcoin should they go
bigger yeah why not what’s what’s the
max they need to go to 2000 yeah see
2024
X wow 202 you heard it here guys this is
the next product coming out for bitmax
the
2024 uh leverage product I’m not sure if
that’s big enough while I’m here I want
to say give a shout out to Ty J JV David
251 Legacy Trail Paul J KS Adrien Flur
welcome welcome love to have you guys
here all right let’s let’s get into the
Bitcoin having priced in JJ you just
said it wasn’t priced in JP Morgan says
it’s actually ready for a pullback 10x
research agrees and said the having has
never been a catalyst for Price
meanwhile Anthony Pano went on CNBC last
week argue that a supply shock is very
much on the table it’s going to drrive
price above 100,000k in the coming 12 to
18 months so JJ the question is how do
we know if it’s priced
in I don’t think it’s priced in I think
what happened is a lot of front running
and obviously this kind of reminds me a
lot of the discussions that we had
before the ETF right people are saying
the etf’s priced in it’s not priced in
it was just a whole lot of back and
forth But ultimately you don’t know the
Dynamics of new Supply demand until you
actually see it so it’s going to take
months to play out I think there was a
bit of front running the Market’s kind
of cooled off over the past couple
months but I think in the year to come
we’ll see more expansive price movement
because ultimately it’s impossible to
price in like you have a 50% drop in the
daily issuance and if as so long as
Supply meets that it’s not priced in I
think we’ve seen from Black Rock EFS and
uh whatnot that that demand isn’t going
away so you decrease the supply increase
the demand and you could see how price
is going to be moving quickly in the
coming months so no I don’t think it’s
priced in so JJ how much of this
discussion really is too fixed on the on
the you know what’s happening directly
the days after the having versus looking
at 12 to 18 months down the road because
I I feel like that is a very substantial
part of that discussion that needs to be
very specific like when you say you
don’t think it’s priced in is that
because you’re saying in the next 12 to
18 months we’ll see that Supply shock
versus what we’re going to see in April
and May yeah we’ve never seen it play
out the day of like it’s never been an
event to where all of a sudden you see
Bitcoin run up 1,000x that’s just not
the way it works is that you have miners
effectively with less Supply so there’s
less Bitcoin being sold per day and then
if you add into that equation as we’ve
seen so long as this cycle is like the
other ones where we have increased
demand increased media
attention naturally that drifts to
higher prices over time but it’s not
something that you know people don’t buy
billions of dollars in Bitcoin a day
they’re slowly buying it right so you
see that trickle effect and slowly price
escalates upwards as there isn’t enough
Supply to meet the demand so price has
to move until it can find sellers at
higher levels okay so I think it’s I
think it’s a very simple
elegant uh argument for why it’s not
priced in it can’t be priced in
especially at a time where we’re
starting to see ETF flows uh start to
settle down we’re seeing some
interesting people buying into Bitcoin
we’ll get to that in a moment uh as we
start to do the market update but I
think for all those out there who are
asking the question you just had an
answer from JJ if it’s priced in but Ben
I want to spend a little bit of time
talking about ethereum all are obviously
on bitcoin as we just had the having but
ethereum is having a really interesting
time right now talking about rates which
I know is your favorite topic we’ve
talked on this show about the fact that
eth researchers recently flowed the idea
of turning the yield for staking
negative once a certain amount of eth
was staked to avoid too much being
staked and of course we have a whole
ecosystem that’s being built around the
staking yield including the igen layer
which is looking at taking the security
from ethereum and expanding it out to
new apps and products paying out some of
that yield and then we saw an
interesting quote coming from I think
chudoff who wrote on X talking about
that exact yield saying Igan layer is
facing a major yield crisis and nobody’s
talking about it goes on to say Igan ler
has over 15 billion in tvl but avss
which is part of the security
infrastructure will actually need less
than 10% of that for security which
means yields may fall off a cliff so Ben
I’m I’m curious I know you’ve talked
about Pendle on the show uh We’ve we
we’re talked a little bit about igen lay
which is coming out there and adding the
security and then again this ecosystem
is building a round yield which of
course all investors are looking for at
some level where do you think the
evolution is for staking yield is it is
it is there too much dependence on the
native yield of eth as people are trying
to to reduce that from a security
perspective yeah it’s a great question
and when it comes to security and the
economics behind it uh it’s a tough
question to address cuz the last thing
you want is for that question you you
want to find out that threshold where
you know what turns out we didn’t pay
enough right you can’t really come back
from that so you do have to overpay for
security for a chain uh because the
consequences of just not paying enough
and falling
victim to essentially a reorganization
of the blockchain is you’re in trouble
right you’re not going to come back from
that most likely especially in the
current environment where you have a lot
of Alternatives uh so is it a problem
that overpaying for security I don’t
really think so I think you can kind of
let the market decide that with all the
yields that are available I know there’s
a lot of attention at the moment with
igen layer and and the
various avss built on top of it uh
providing all of these points is is
driving a lot of the activity that we’re
seeing right now the points are starting
to come back down if you look at some of
the
yields that exist on Pendle that can
kind of give you ah it’s too bad I do
have a chart actually that would
showcase the yields of fixed and while I
talk I’ll try to bring it up but you’re
starting to see those rates come on down
that’s because the points are starting
to come come down and be less attractive
and so a lot of these this attention
that we’ve seen over the last three four
months is dying down so I think at least
terms of the fomo and really a lot of
the concerns that this might get
heightened you know we can kind of call
Cal that down a little bit but I
wouldn’t I wouldn’t try to really alter
the current trajectory at the moment
because if you go back to the merge for
ethereum way back in the day like there
was a conscious effort to go ahead and
and move ethereum to a data availability
layer in the settlement layer and allow
l2s to really take the brunt of all this
transaction activity and in order to do
that you’re essentially needing to have
this solution like igen layer that
provides uh the ability to go ahead and
rent the security for an L2 so they
don’t have to go ahead and what we’re
talking about here overpay for security
early on for a chain um and so if this
solution allows these l2s to come on
board they start paying for that
security through essentially a token or
some compensate in terms of yield and I
think you can let the market go ahead
and decide what the worth is there what
the value is there allow l2s to spring
up and I I made a comment on a thread
and on the I believe the thread you were
talking about where they were oh I guess
qu coming into question the cost for
being paid for this
security which is how are you going to
solve this issue and and I think a lot
of people understand like there’s going
to be a ton of l2s that get deployed a
lot of VC capital is going to go into
that and it’s going to be ghost chains
for the most part but are we all going
to pretend like hey these are the next
greatest and biggest thing because gu
guess what this is going to pay me
tokens it’s going to pay me yield to a
degree yes like that is going to happen
and what I would caution is you don’t
want to be holding that back right and
that’s my comment on the thread was
really targeting that which was I’m
going to take the fixed side of that
sort of development and all those l2s
being deployed and I want to make sure
that I sit in eath I don’t want to sit
in some some token that’s going to have
minimal value and get driven down over
time
and that ghost chain kind of gets
exposed so I know that’s a long-winded
way to address this security concern I
think it’s valid but I think the
downside for not overpaying for security
on such a important chain as ethereum
like it’s not worth it so so the
argument here is listen we we want to
overpay it makes sense to overpay and I
I think there’s a lot of researchers
that are talking about this optimization
maybe it’s just easier to argue let’s
let’s overpay uh which which then would
ow you to have more more money going
into perhaps Solutions like igen layer
that are overpaying for security and
then I I I guess going back to the more
of the investor mindset I think what I’m
hearing from you is you can still be
playing the the rates the the Stak rates
coming off of eth but looking at
solutions that remain um that keep your
your collateral in
ethereum uh rather than trying to go put
that into other tokens is that I think
the conversation is addressing like 3
and a half% yield right now on eth and
that’s going to get compressed as igen
layer just continues to earn greater
mind share so we get down to 3% 2 and a
half% as Trad starts to come in they
want to stake tokens you’re going to
have even more staked eth which is going
to compress yields further and what I’m
kind of saying is like we need to expand
a little bit like your ecosystem isn’t
and the yield associated with it isn’t
just on eth in ethereum right it’s now
supporting the L2 environment and so you
have to think of yield outside of that
and I don’t think a lot of the
researchers that are making these
comments are really taking that into
consideration like I I see lending
protocols for example like to me this is
kind of how young this conversation is
um I think I forgot his name like maiden
defi or he’s on on Twitter I forget his
his um handle but point is he made a
great um mention that look I’m I’m
borrowing this ether eth like who’s
getting the points here on this when I’m
borrowing this capital from this lending
protocol I think the lending protocol
was um something with a V but the point
being that was almost like a pseudo you
know hat tip to what Pendle has set up
like if if you’re going to start to
structure these these rates on these
lending protocols around points and
potentially like where that eth is is
going to secure an L2 and and that L2 is
providing points or tokens like how are
you going to structure that rate because
now you’re getting close to like
creating this instrument that’s
comparable to what pendle’s doing and
that’s going to likely happen you’ll
probably see a and compound and others
kind of switch their mindset a little
bit to that and once we see that this is
only going to continue to escalate
further yeah a lot to unpack here I
think for kind of to summarize from an
investor standpoint uh we’re still early
there’s still opportunities here likely
the yield is going to continue to stay
there for a while but definitely keep in
mind that you want to be closer to your
collateral in the eth I know we had a
question here about from Toby please
discuss potential e price targets I
think the I’m want to cut that off
rather than giving specific targets and
just say I think the the consensus here
is that we expect eth to be much higher
uh in 12 to 18 months uh rather than a
specific number all right I want to
break in and go directly into the market
update and talk a little bit about the
price figures that we’re seeing because
we saw a selloff last week if you looked
at our thumbnails we were a little bit
bearish right as we saw this sell off
and saying okay we think we’re going to
be going lower we had the macro
environment which was looking very
non-constructive we’re going to get into
those outside forces but if as I went
through the numbers this morning JJ the
etf’s just had two days of positive
flows the gbtc bleeding has gone down
the flows are obviously lower but I saw
50 uh basically 60 million over the
first two days um or last couple of days
going into ETF low so those are positive
spot BTC was sitting at
66,000 ethereum close to 3200 and even
uh salana has bounced back it was
sitting above
150 and then when I looked at the
options Mark I saw some really
interesting activity going into May that
I’m going to want to unpack uh with a
strike price sitting with a lot of
interest around the 8100 or sorry 81,000
so I’m taking the whole card here things
look very different than they did last
week after the having break us break
down JJ what you’re seeing have we have
we somehow managed to pull ourselves
back from the precipice or are we still
looking at and maybe going down all the
way down to low 50k in the near term I
think it’s just a range like we outlaid
last week we’re kind of laid out those
three scenarios we have the Doomsday we
have the race back to alltime highs or
we just kind of chop in a confined rage
and seems like that that’s what’s
happening so we found the lower end of
that Binger band uh we had some Panic
selling below it on both Tuesday and
Thursday of last week and then price
rebounded but we see it kind of rejected
at this 50-day moving average which is
pretty critical for price and momentum
if it’s going to accelerate back to
all-time highs anytime soon but we
basically came right up retested it
again failed uh just prior to the Asia
session we kind of had like a low
liquidity pump above 67k that quickly
found its way back down and now we’re
probably just going to be continuing to
chop solidate in this range probably
through the end of month I would
estimate so basically until you see like
this 50-day break on volume which is
really what we’re looking for to say
okay you know the worst is behind us
it’s over it’s going back to alltime
highs you’d really want to see this
break it’s around 67 let’s see
675 so that’s kind of the Line in the
Sand that I see for upo momentum would
be a break of that uh preferably during
the New York session you would see some
spot volumes roll in and we would get a
nice push above here but until then I
think you just have to assume that we’re
in a Range price is probably going to be
chopping between say 63 and 66 or so and
we’re just probably going to keep
bouncing uh throughout here into the end
of the month and then we’ll see some
kind of real move either back below
those lows or a continuation all-time
highs so so you you’ve got more
conviction that we’re looking at the
bear crawl I wouldn’t necessarily say
it’s a bear crawl it’s just you have a
large move as we saw a couple weeks ago
a lot of panic selling long WIP out
Panic what’s the creature that that sits
between the bull and the bear that’s
just doing the crawling we’re doing the
crab call okay we got the crab that’s
come on the show I think this is the
first time that uh he that creature’s
been mentioned yeah it’s a crab market
until proven otherwise so we start to
see that that said you see this momentum
break above 67k especially during New
York session you don’t want to fade it
because that’s probably a good
indication that we’re heading back back
to the highs at least above 70k or so or
at least heading for a retest of that
level but you need to see that momentum
come in you need to see some spot B Spot
buying volumes drive it and we haven’t
really seen that so even yesterday we
kind of hit this 66k Mark which is
basically the upper end of this
resistance and it’s kind of fading so
we’ll see what today’s session has in
store but for now I think base case is
just that we’ll be chopping between 63
and 66k until the monthly close so that
gives you an indicator of kind of what
that range is in terms of moving forward
right to try and get a better sense of
of what this might look like as we head
into summer I mentioned before when I
was looking at the options data on darab
bit the May 31 strike uh price or um May
31 expiry was kind of interesting not
sure if you’re able to bring that up but
I thought there was about 2.3 billion in
notional interest and there was a lot of
interest around the call volume uh for
the strike price of
81,000 and I I guess I want to hear your
take are you see anything from the
options market and same question I have
almost every single day or every time we
meet that’s starting to say how how some
of these Traders are starting to
position and prepare as we start to move
into the summertime so this may
expiration has been very interesting
we’ve seen a lot of flow into that
especially in recent weeks we started
covering about two weeks ago and this
call buying just went ballistic um I
have it pulled up here so currently
there’s 23,000 of open BTC notional call
interest in this just two weeks ago it
was around 5,000 or so so that’s
basically 5x in a short amount of time
showing that a lot of people are buying
these calls or opening new positions in
this expiry uh betting on some kind of
volatility move to happen before the end
of May uh most popular among those have
been people buying up the 69k call
option I think these 8ks are a lot of
selling so basically you buy the 69k you
sell the 80k lowers your C spases
capture upside but it seems like a call
spread that’s being open there where
they’re long these short this one and
that way you don’t lose too much money
if price just continues to chop you can
roll it Forward uh in terms of flow that
we’ve seen from the options market so
there’s been a lot of selling of June
and then buying of later data calls so
if you see here on this scanner uh
people were buying up December 80k call
options and selling June 75k which it’s
a bullish bet on the long term so that’s
just kind of an expression a way to
express that we’re going to be in this
chop range maybe we up to 70k and back
down but we’re not really breaking past
alltime highs or going parabolic anytime
in quarter two but then later in the
year that’s kind of a bedon continuation
to the upside later on and it would just
be uh basically in this never ending
range for another two three months they
collect the premium on that June call
and nothing really happens and then
they’re kind of betting that we see that
explosive move later in the year so
quarter three quarter four
Etc the explosive move coming later uh
Ben I want to ask you I’m not sure how
how much you’ve been able to see some of
the ETF flows uh we’re starting to see
some of the the the uh I think it’s 13f
filings which is actually saying who’s
buying these flows and there was an
interesting post I believe it was today
from Eric balonus he mentioned that two
of the buyers of ibit I believe uh or no
sorry this was Fidelity uh was Legacy
wealth asset management and United
Capital Management of Kansas he was
noting that these were some of the most
Boomer organizations imaginable buying
into these
ETFs uh really trying to silence all the
the negative press that’s been going out
there saying these are just the same
Deens that have been buying these
products forever any any sense are you
seeing anything from an ETF perspective
that’s giving you perhaps confidence
this is going to continue to go or are
we going to see some some slowdown in
momentum obviously we’ve seen a little
bit of slowdown from the actual inflows
although positive right
now yeah I mean they’re definitely
starting to not be as headline worthy as
they were originally and I think they
are cooling down they’re tapering off a
little bit and we’re kind of just
Meandering you know positive and
negative it feels like but just less eye
popping numbers and I think that’s okay
and right now
especially I guess uh April so yesterday
we had positive flows uh looks like how
did ibit do and looks like fbdc did
really well um yesterday this is a good
thing right we’re going into the having
we’ve had a price correction we’re
probably going to see this crab for a
little bit at least into may I would
have to imagine and if you continue to
see good flows I think that’s a really
good indication for how strong of a
second half of the year we could have
because we don’t have you know these
these good
headline um stats of new all-time highs
were this percentage higher than we were
the start of the year or you know
everything that’s negative is behind us
and we have great regulatory measures
coming through uh Congress for the US um
individuals you don’t have all that
positive momentum right now and the fact
that you do see positive flows right now
we
should that’s just really good
indication of what’s to come so all the
positives are still ahead of us and yet
we have good flows so this is just a
good setup for when price does start to
heat up once again I think we’re going
to see some some major numbers come back
and the fact that you’re seeing some of
the entities that were mentioned also
start kind of Dipping their toes in the
water like that’s a another good sign
you know it’s it’s okay to go ahead and
advertise that you have exposure to this
asset for those organiz ations and
that’s only going to continue I have to
imagine you know anybody else that’s
seen them do that is also starting to
you know get the paperwor in order to
start changing the perspectives to start
making sure that their investors are
okay with this exposure and if they’re
not you know sending them the material
uh that has you know great high gloss
paper and
Alles all the marketing yes exactly and
so you know this is just the machine
warming up we’re still early you’re
seeing all the signs that we were
expecting to take place and and they’re
happening so as far as like everybody’s
expectation once an ETF does get approv
I think we’re meeting it and the fact
that we really don’t like all the
positives especially on a legislation
front like they still ahead of us again
once those things really start to to
turn positive it’s it’s just a ton of
upside yeah it’s like you were saying
last week like basically last week was
kind of a crescendo moment of
everything that could go wrong in the
market was going wrong we had
geopolitical fears hot dollar because of
the inflation reports Etc like there was
all these things Weighing on it and we
didn’t even break this range that we
established in March right so that’s
that’s pretty positive that we were able
to absorb all that we had tons of
Leverage W wiped out a lot of shorts
piling in range didn’t break so that’s
kind of a real show of strength and once
those things alleviate you know which
they will like things just kind of move
in pendulum Cycles whatever you want to
call it the Snapback effect and the
upside I think it’s going to be pretty
massive in the second half of this year
and it’s a great cool down right we’re
having memes starting to cool down we’re
having funding rates fully reset we’re
having borrowing rates across the
ecosystem reset like everything is just
getting a great reset probably for
multiple months now and just queuing
itself up for another like higher so
this is I really like seeing this right
now in this stage of the cycle and for
for anybody saying that like we’re you
know that the top is in and I’m just
just ignore it sorry like I just you
know one plus one is five great good job
keep going
bull that’s people playing on 100
leverage if it doesn’t go with your
position right away it’s
over well again again that goes into
people just focusing on the day after
the having versus thinking a little bit
longer term all right well this this is
the most bullish you’re going to get
from Ben and from JJ uh in the in the
reserve sort of Reserve way so so enjoy
this soak it in um but I do want to take
this opportunity then to move in to talk
about outside forces because obviously
those can throw a curveball we’ve talked
about the fact we saw that just a week
or so ago because of the tensions in the
Middle East the geopolitical didn’t
feeding into the dollar oil as well as
rates uh and the FED now starting to
talk about raising rates or at least
pausing on even lowering them so I want
to talk about outside forces before we
do I want to say welcome welcome to
everybody who’s out there thank thanks
for joining us today we’re here every
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definitely share it everywhere you can
all right I want to go into the outside
forces when I was looking this morning
Dixie still looks very very strong JJ I
think it was at 106 when I was looking
at that oil was still kind of hovering
around $80 and then we could get into
rates what’s your what’s your
perspective here that this is going to
actually resolve higher at this point
and really give us knock the wind out of
the sales we just talked about a crab
walk feel like the crab could get
crushed
yeah it looks like dxy is crapping as
well right like it got really overheated
in the past week and now it’s kind of
consolidating higher we’d ultimately
want to see is a breakdown here over the
coming weeks we have some major data
coming out this week alone I think PMI
today GDP on Thursday so that should
provide some kind of insight into what
the Dollar’s next move is going to be
apparently there was like an IMF meeting
over the weekend who knows what they
discussed but we know that FX markets
have been falling into turmoil due to
the Dixie strength right so when Dixie
is super strong it obviously means that
currencies in places like Japan and
South Korea Etc are weakened and that
causes them a lot of issues because of
the hyper connectedness of the system so
maybe there was some kind of backdoor
handshake agreement that’s going to
weaken this thing but we’ll see it in
the chart if so if any kind of emergency
measures have been taken in private we
we’ll see this flush in the coming weeks
and we don’t really have that
confirmation yet so still just waiting
to see um if I saw this break down below
like say 105 uh into the end of the
month I think that would be a pretty
bullish signal below 104 even better but
right now it’s still just wait and see
like I think this is leading itself to
create more crab for Bitcoin ultimately
as well like we see Dixie rally in the
coming days we’ll probably see Bitcoin
go back down to that 63k range but
they’re still like we’re we’re just
waiting there’s not really much Insight
here it looks a little bit heavy looks
like it wants to fall but I mean this
thing’s been on its te so you don’t want
to top call it just yet but it’s looking
better than it did last week it doesn’t
look as big of a threat as of now that
could change with the a macro data point
that comes out in an hour or so a few
minutes well JJ I want to ask you you’ve
talked several times you can’t imagine
Bitcoin remaining strong with a dollar
that’s just ripping higher has that at
all changed are you seeing any data um
or any relationships in the data that
would make you say okay maybe there’s a
period in which it could continue to run
hot or at least it would stabilize here
no basically we sold Dixie top out and
Bitcoin bottomed at the same time so I
think it’s just that
continued in inverse relationship here
like we see Dixie topped Bitcoin
bottomed and we see the bounce back
right so Dixie were to flush lower I
think that would be very bullish for
Bitcoin that could provide the momentum
we need to get back above that 60 67.5
Mark or so the 50-day moving average
regain that Trend momentum and run back
to the highs but I think we would see
that flush come from Dixie and that
would be the green light for Bitcoin and
we’re still waiting on that so just wait
and see how this week plays out uh the
potential is there like we said there’s
there is the potential to run higher and
we could just do this vshape recovery
run back to the highs I’m not really a
believer in that until we get back above
this point and Fitz per well there you
go Dixie’s falling right now so I guess
that PMI number was favorable for
markets maybe this is it maybe we’re
watching it in real time right tixie is
kind of flushing now we’ll have to see
how this the rest of the day goes if it
rebounds but looks good looks like it’s
heavy had this ma massive run up it’s
going to do some back testing and then
we’ll we’ll see from there Ben I want to
turn to you and ask you a little bit
about rates and
liquidity looking at the relationship
that we’re starting to see with the 10e
uh 10 year the 30-year and looking to
sort of normalize those the yield curve
do you have any expectation for let’s
say the next quarter or so that that
could that could really take the the air
out of the room for a Bitcoin run is
that going to be some resistance and
maybe that’s okay you talked about the
cool off just a couple of minutes ago
saying this is actually good just allows
us to reset prepare for a longer run
later just trying to make sure people
are prepared for that again thinking on
the right time frame if they see those
rates come up and we see some some
headwinds for for bitcoin’s Price
related to yields yeah yeah it’s it’s an
interesting conversation I’m starting to
see you know this I think we’ve
mentioned it over a month a month and a
half ago almost now that the
conversation around just the possibility
that we could raise rates needs to
happen
and I even just I think I heard it
earlier this was it yesterday or last
week the all-in podcast they actually
started discussing it as well to me
that’s like it’s starting it closer to
mainstream
discussions um and so probably over the
next couple weeks we could hear that
continue and eventually hit like the
Wall Street Journal or Bloomberg and
then that’s kind of like your indication
like the market has started to price all
this in and now we need to think about
what’s next and before I I kind of get
into that I want to mention that the um
the CME fed watch site that I frequently
use uh for the probability that rates
might be whatever at some time in the
future they removed the new column it
was only up there for a day so the fact
that like the rates could be higher like
the probability that was tagged and they
now moved it they removed it off the uh
oh and now this morning here we are
we’re back this is this is weird it
keeps going back and forth I think the
needs to be fired that’s that’s what I’m
gonna I’m going with that they need they
need a new intern they need a new intern
interesting on this move right now from
Dixie that we’re watching is the rates
Market isn’t really reacting so if we
look at like December
futures um if the market was indicating
more Cuts would be coming this number
would be moving up it’s just kind of
stagnating here but Dixie is
falling so this will be interesting to
watch maybe this is just kind of a
technical back test from Dixie let’s see
how the rest of the day goes but not
much movement from the rates Market um
due to whatever data was just released
that’s causing Dixie to fall and and
keep in mind like we have the the
conflict going on now uh over in Iran
and you also have this super tight
correlation happening with the dollar in
oil and even 30-year yields I was going
back in time like let me pull up the
chart and I couldn’t find
a time when the correlation was kind of
as tight as it is right now like this
red line here on my my screen those are
30-year yields the green is uh dxy index
and the black here is oil and I also put
federal funds rate um you can kind of
ignore that I was trying to see if there
was a time when rates were elevated and
correlation was high and I couldn’t
really find it and so down here is the
correlation reading between the 30-year
and oil you can see how high it is is
right now and this is like on a 30-day
basis for anybody trying to replicate it
um but if we go and look at kind of the
dayto day happening right now you can
see how tight it is like this is really
moving in unison and oil this black line
is sort of acting as like this kind of
the trend Setter and so if it does
decide to continue to come down like for
from a US standpoint you know that’s
great for inflation figures right
they’re combating inflation they’re
reducing the cost of the pump you know
manufacturing costs are getting reduced
so now your supply chain costs are
coming down like all positive things
that they really need to start to hone
in on if they’re going to avoid a
recession down the road and so this is a
priority in my mind for the government
to try to reduce these costs and if
you’re going to go ahead and do that you
know that’s going to bring the dxy down
and the red one is where I find
interesting is because we’re just
talking about the probability the
possibility of raising rates well if
you’re going to start bringing the the
yields down on the 30-year then you’re
basically signaling to the market that
we’re going to have to go ahead and
start cutting rates sometime in the
future uh so it just having all those
things being juggled at the same time
and kind of seeing the geopolitic
politics start to work out the way that
they’re working out we have to keep that
in mind because if if the dxy does give
to the downside now you just used
everything in crypto to the
upside if dxy breaks down this year it’s
going to be nuts like if if you see this
go back below 100 that it’s it’s going
to be Off to the Races I think that’s
coming it’s just the like we’re just
waiting like we all kind of know it’s
inevitability but how long it takes
requires some patience here probably
diplomacy right some sort of diplomatic
agreement is going to take place and
then you’re going to start to see the
chart start shifting yeah and that’s
like your Quee like let’s let’s get
ready the engine starting to rev it’s
time to go
yep exciting times for sure 20 24 is
definitely going to be an interesting
time okay so the outside forces we we
cover them really I would say I mean we
cover them every show but obviously we
have always greater Insight bin when
you’re on here talk rates um they’re the
boogeyman that everyone needs to be
looking out for especially if you’re
crypto native and you don’t want to
spend any time looking at them they they
are there and they could be both the the
wind your sales and also the uh the
trend recer um so more to come from
there all right we can now transition
into what I think a lot of people are
asking for which is you know how do you
position in these moments I mentioned at
the top of the show we can talk mining
stocks um we had a question here from uh
let me see Adrian or may sorry David C
do you expect alts to run while BTC
consolidates which could be an
interesting time to be getting into
those uh and then of course we’re going
to be talking options because it’s
always something you want to understand
are there their potential plays that can
looking at and with that I want to give
a shout out to coin call the sponsor for
this episode coin call is the interfa is
the exchange you want to look at if
you’re interested in doing spot per and
of course options they have a very
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of course it is the exchange that JJ is
highlighting in all of his options
training videos as well as on this show
when we’re going over the option chain
and looking at actual plays you can look
at definitely check out the link in the
descript deson if this is something
you’re looking at and as I say every
single time if you’re on the fence of
whether or not you actually want to be
trading options I do suggest you go open
an account be able to do some paper
trades get to get to know how the
interface Works how options work and
study the price movements JJ and I talk
about offline all the time if you’re not
going to be in this and looking at the
prices on a on a recurring basis you’re
not going to have the feel for what
exactly is happening in the market and
be able to play those massive
opportunities he talks about I’ve asked
him on the show is he looking for alt
returns or options returns he’s
definitely in the camp options so it’s
definitely something if you’re
interested in making that investment
time it’s definitely worth worth the
investment all right let’s come back to
it JJ I want to bring up miners because
we were talking about it before the show
about the opportunity to invest in
miners are they mispriced I do want to
bring up the fact that they just had a
gang Buster moment with the having with
the amount of with the ruins being
etched and you know I’m not an expert on
there I’ve been dabbling being in those
spaces but I do know that it pumped the
fees for for the minors they saw a huge
windfall in terms of cash coming through
on transaction fees I think it was the
greatest they had seen since 2017 they
of course have been beaten down I think
for for months and everyone all the the
Wall Street investors are basically
saying listen post having which of these
are going to survive what are you
looking at in terms of minor stocks is
this a good time to be playing them I
think obviously they’ve had a strong
bounceback U they got extremely oversold
especially last week I was pretty
bullish on them uh for the past month or
so just kind of been marting galing my
position knowing that kind of a bounce
back like this is inevitable due to the
short interest is that this was driven
by basically since Bitcoin broke that
70k range this was just a lot of shorts
driving it down you know you didn’t see
a whole lot of cell volume there and it
was just anticipation that the having is
bearish for miners which I think is a
misunderstanding from wall Street’s
perspective on how the Dynamics actually
work because if Bitcoin ultimately ends
the year much higher miners are going to
have a lot more revenue and especially
if we see things like runes and all
these different things that create value
for Miners and value capture their
profits are going to go up and if we
kind of look at the like here’s a good
chart this is the mara to BTC ratio and
you see how really beaten down it is
compared to BTC it’s at basically like
FTX lows levels it’s off it now so maybe
you get like another chance to buy
closer to the bottom if we see like a
63k
retest in the coming days um but I think
overall this is probably a good level to
have some exposure and the thing to
remember with miners is like you always
want to be in an out I don’t really view
these as Investments I just kind of look
at as like okay this chart looks like
it’s going to bounce and then when it
bounces I’ll get out but they’re moves
right like you can get 20 50 100% moves
in a day for miners so you kind of have
that altcoin type effect because they’re
so low cap High short interest Etc you
have a lot of crazy things that happen
in these markets like if you look at
this
just the amount of volatility that’s
here it’s it’s a great product to trade
and and I think there’s opportunities
when it gets as beaten down as it did
last week it’s probably not going to
just continue up in a straight line I
would like it if it did but I don’t
think that’s the way you’re gonna go so
you probably another chance to buy um
I’m just looking at Mara you could look
at any of these I think wolf is good
clsk these are my three
favorite what so so in terms of a trade
perspective as you just mentioned these
aren’t buying holds these are really and
trade all would you be looking at just
buying the equity holding it looking for
a breakout are you looking at uh
potentially putting on a trade uh that
would be more from an options
perspective how would you structure that
I’ve been playing options in and out on
these um but I I think yeah like that
that can be more complicated because
they’re so volatile but I think if you
look at this and you kind of see like
say I’m just looking at Mara but you
could pull up all their charts look
basically very similar um so you kind of
find like some kind of support lines
here wolf probably around 250 220 you
could probably get in that that range in
the coming weeks Mara maybe you get in
around 15 somewhere around there where
your risk reward is a lot lower than if
you were kind of buying here after it’s
had a 20% run up in days and then you
look for a rebound like say to that
50-day moving average or something where
you can get this kind of Snapback effect
and the market levels and if you look at
it against the BTC pair might be
targeting something uh close to like 04
0 five more BTC but I think they’re just
beating down in dollar terms and against
BTC terms especially if BTC regains that
momentum BTC makes new all-time highs
these things are going to go absolutely
ballistic because it means that miners
are making a whole lot of money and the
trade that everybody hated prehab will
become you know people will be talking
about how it’s the greatest investment
of all time in short order as markets do
they hate it when it’s low and they like
it when it’s high so yeah you look for
those opportunities where it’s as beaten
down as it got over the past couple
weeks and you just see the way this
price tends to rubber band over time
like these these movements are in very
short periods of time I think last year
like BTC broke out above
30k in October and we saw the miners
like this is Mara but they all tend to
follow the same correlation so miners
kind of stagnated and then it wasn’t
really until late November December that
we saw this massive Rune up run up and
it basically like four or 5x in a matter
of a few weeks so you can really get
insane returns in a short amount of time
so long as you’re in and out on a shot
clock with these well so JJ thinking
about that shot clock when I when I hear
that it can sound like almost like on a
weekly basis but if you look at some of
the trend lines you you’ve just shared
that’s on your screen right now it could
argue that if we’ve got a crab walk that
goes for a couple of weeks this could be
a good opportunity to DCA into the
equity and look for that pop I’m not
sure if it’s going to happen in the next
quarter or two quarters how how do you
think about Horizon there so I look at
it is a proxy of BTC right so if Bitcoin
starts to make new all-time highs I
think the ability for miners to outpace
those returns are much greater and if we
look at 2020 uh the having was in April
of 2020 and then we saw this big break
out in July August like the summer
months right so you’re probably
targeting somewhere around later in
Quarter Two quarter three for a big
breakout here for miners so if you kind
of know that’s on the horizon you’re not
overleveraging yourself or playing Super
short dated options I think you can make
some pretty lucrative returns in the
coming year if Bitcoin does ultimately
break out and go above say 80k I think
the Returns on miners will be pretty
juicy okay I like that juicy sounds
sounds good to me um I do want to get
into options for both uh Bitcoin and
ethereum but before we do that Ben I
want to get your perspective we had a
question here about uh I think from
David do you expect alts to run while
BTC consolidates we have a crabwalk
you’ve talked many times on this show uh
you’re not an eth maxi but you
definitely see substantial upside part
of that being The Narrative of just all
all the infrastructure being built
around ethereum and the security model
do you see the the the potential of
being a good opportunity to you know
continue to build a position into
ethereum if someone believes in that
thesis um or is it mostly holding on to
BTC for the time being how how do you
think about that that question and
answering that from a investment
perspective
yeah it’s a good one um so if we think
about it from risk curve perspective if
Bitcoin is kind of the least risky
crypto asset to own and ethereum is the
next step down you know where do you
want to be at this moment I I understand
a lot of uh I see on the timeline a lot
of folks are trying to go ahead and get
back into memes but it just always
reminds me of just you know you’re
you’re trying to average down on a meme
coin that isn’t going to run hot it’s
kind of had its moment in the Sun and
you’re going to eventually have a
telegram Channel just full of an echo
chamber of people hoping that price is
going to go up and I always ask like do
you want to be a part of
that probably not right future you have
Envision for yourself yeah pretty much
and you know it’s do you want that or do
you want to go ahead and understand that
you’re you are positioning yourself on a
risk curve where you will be in a good
position moving forward and I think
that’s the way you have to look at it
like we’re having a
reset capital is going to flow back into
Bitcoin then it’s going to go down into
ethereum and in l1s I understand that
ethereum and most of the large cap l1s
did not have a good run outside of
salana which was completely beaten down
because of FTX so that was an
anomaly um but the l1’s had haven’t
really the alternative l1s haven’t had
their big move in my mind but that
doesn’t typically happen until after the
having so this next kind of cycle of
capital flowing through
crypto when you want to have that kind
of l1’s in mind outside of Bitcoin
ethereum That Should Be On Your Horizon
so start looking at those tokens I know
Cody he’s coming back on the show soon
uh he’s been hard at work uh working on
um
what we call token ratings a bunch of
models that go in and evaluate
fundamentals of tokens and their
strengths you know he’s a big fan of
suie for example he’s been looking at
their ecosystem he was also a big fan of
salana uh back in the day and
understands some of its shortcomings now
and like that should be on your radar
looking at those ecosystems seeing the
protocols they’re building how have how
is their native asset being used
throughout the ecosystem these are the
questions you need to be asking yourself
and finding those answers to better
position yourself when when the time
comes is is it now during this crab
walking I don’t think the sentiment is
positive enough to where you know if
Bitcoin is going sideways like you want
to position yourself further out in the
risk curve to get those those altcoins I
think that moment happens when the
general sentiment is that bitcoin’s
moving higher and this is just a
consolidation aspect this is a cool down
the market went really hot so it’s it’s
a bit different than what we’ve seen
over the last nine months or so um when
Bitcoin kind of goes sideways and then
you have alt starting to run hot like
that those are consolidation time frames
and this is a cool down so kind of have
that understanding and when the market
does start to light up again I do
believe that L1 large cap l1s is going
to be where you want to be okay so just
to kind of hit on the the answer to the
question will we see an outrun right now
in the crab phase likely not I I
anything’s possible Right but the
likelihood sounds pretty low so this
could be a good opportunity if you’re in
BTC you let that run uh and then be
looking for some of these l1’s higher
quality projects that are really going
to see an uplift later in the year as as
we start to see the market expand yeah
yeah I think that’s fair like yeah you
might get 25% return in the next couple
weeks on a token on an alt and Bitcoin
maybe goes up 5 to 10% you know is that
worth it from a risk perspective I say
no right you’re you’re making that trip
down the risk curve because you’re going
to you know outpace the move that
Bitcoin makes by you know 4X or 5x so at
the moment I I don’t think that ratio is
is right yeah okay well hopefully I
gives people some perspective if they’re
looking at getting into alts uh and
definitely I guess you know if you’re
thinking about those l1s that could be
powerful perhaps this is a good time to
be looking at DCA and again timing all
this stuff no one has a crystal ball
right so we’re just trying to give the
probabilities to help people understand
and put into their own framework how do
I think about deploying some of this
Capital so okay JJ we we’ve talked now
about mining stocks which could be a
good opportunity again over the next
quarter or so Ben just talked about l1’s
being powerful and again we’re going to
be bringing Cody back soon to talk about
some of these high uh higher value
projects uh which I’m very excited to do
let’s let’s end this with a discussion
on options are there trades both on the
BTC and ethereum perspective from an
option standpoint that you are looking
at that that seemed juicy enough uh to
make the
trade yeah this is a pretty interesting
area so I’m just kind of digesting the
price action as we’re speaking here so
we see dxy moving lower BTC creeping up
and this is interesting because we’re
kind of in the short gamma pool area now
so if you look at this this is are short
data calls that dealers are
currently uh short right so 66k
67k 68k so if price moves Beyond these
levels to the upside we could see some
kind of rushed hedging here this was
kind of a scenario we outlaid last week
so is similar to what we saw um at 54 to
60k back in February where dealers were
short a lot of calls and then we got
that explosive move to the upside don’t
know if the Market’s ready for that yet
that’s what I’m kind of trying to piece
together here so like that’s going to
work as resistance at least through
Thursday in that the dealers want to
keep price below basically 67k or so
they don’t really want to see that
breakout come to soon here um whether or
not this weakening Dixie is kind of
providing a spark here and we’re seeing
increased V buy volumes um seems like
coinbase is buying some let’s see yeah
so we see like pretty good morning
action here but it’s dependent on this
continuation to the upside if we’re
actually going to see 70k this week uh
if we look at the April 26 expiries
which are this Friday there’s obviously
a lot of call interest around 70k and if
these were to get in the money it’s kind
of an outlier scenario like these larger
call walls work as resistance because
you ultimately have dealers short that
and they’re going to protect that
position so don’t know if for ready for
that move but it does seem like and also
what we see here too is implied
volatility isn’t Rising so price is
rising but this is telling you that
dealers aren’t really rushing to cover
those positions yet it’s not really
signaling that we’re going to have that
squeeze effect cuz if we were they would
be buying calls to hedge that position
and you would see this kind of shoot up
so there’s not really that rush to hedge
here yet if we look at some calls I
wouldn’t go with anything short data
well yeah so well let me let me break in
here I mean given that setup knowing
that we could have something explosive
but also not really seeing those signs I
mean is this a pretty low conviction
play if you’re going to put something on
would you instead wait to see how this
resolves itself so the beauty with
options is you can buy yourself time
right so ultimately Mark like especially
we see this falling Dixie if this is
going to continue into May and maybe we
do just continue to chop you can
structure this intelligently so that’s
not to say you go out and buy a call
that’s expiring fire Friday expecting us
to go back to all bu but like these May
69k calls they’re not too expensive
right now and these aren’t going to lose
a whole lot of value if we just chop
between 65 and 67k for the next week or
so so you could do something like buy
this may 69k call and kind of wait
through the day if we see kind of some
downside action you could sell uh some
April upside here you could sell the
April 69k call for 600 that’s going to
lower your cost basis on the maze I
think there’s some ways to structure
this but I do think you want to
ultimately have long call um positions
to out further so you could go anywhere
May through March for now or uh May
through December and like I said we’ve
seen a lot of um call call spread buying
which is where they’re selling June
expiries and buying later in the year
here so that’s telling you that the
Market’s finding some kind of value in
this volatility level right like it’s
the implied volatility is falling a lot
since we reached that alltime high it’s
kind of been this chop channel here and
maybe it is going to explode to the
upside in the coming days we’ll have to
wait and see the setup’s there but it’s
dependent on everything else playing
along and this move being followed
through above 67k so the setup is there
and I do think you want some long
exposure by way of options the the call
premiums are down massively from what
you would have been paying on that first
70k break back in March so we’ve gotten
a a nice period of chop here which took
out some Euphoria from the market so if
you’re looking at these like I think
these make H calls these are very
popular a lot of smart money is
evidently flowing into them you could
take a play on these and just be
prepared to uh head your position one
way or the other if we don’t see follow
through above 67k probably by today I
think you would if that explosive move
was going to come it should probably
happen within the next uh 24 to 48 hours
here okay so looking at more of the May
expiration U May 31 appears and uh
looking at something that’s a little bit
out of the money slightly what what
about uh ethereum do you see a a
different play there based on the the
price action I think etherium will
follow I think the Market’s still
obviously waiting on that release point
of when they finally come out and say
hey uh we’re not approving the ETF and
then you see algorithm sell it and
whatever but ultimately Bitcoin breaks
up higher ethereum’s gonna trail with it
probably uh I don’t think it’ll outpace
it until later in the year but I think
at these levels like if you’re
anticipating 5K eth and beyond the call
premiums same as Bitcoin they’ve had a
lot of euphoria sucked out of them you
could buy these 3500 calls for 800 and I
think that’s a very good risk reward
ratio through the end of this year and I
think these will print massively by the
time the end of the year ultimately
comes like that’s not a whole lot of
risk and I think you’re looking at
thousands of dollars of up side for $850
of risk that’s very there’s a lot of
time baked into this and again you could
sell um like say you think that ETF news
is going to be bearish cause the market
sell off a bit you could buy some put
protections or sell 3,500 calls for May
for 185 lower year cost basis on those
December call options but I I do think
you want I think you want to be long
upside volatility in both assets and
just look for ways to hedge them in the
coming months whether that’s buying
short it puts selling some calls um
expiring in May or June and just going
further out or if you want to be a bit
more risky and bed on that explosive
move coming here in the coming days I
think you would go to May and that gives
you some more it’s like a chess piece
right and that if price does expand in
the coming say we get a move above 70k
by Friday you can sell shorter data
calls against that uh end of May call
and collect premiums if we just end up
going to 70k and then chopping back down
so it gives you a lot of flexibility for
not a whole lot more risk capital up
front Myriad options no pun intended it
looks like the ethereum play is an
interesting one especially for those who
are uh looking at the really the bright
side of ethereum being further down the
road for all those who just listened to
this and were intrigued but perhaps
still have a lot of questions definitely
take check out JJ’s options educational
video he’s Jo he’s so excited inside
he’s stuck on Joker just thinking about
the amazing things you’re going to learn
through that he’s got another video
coming out very soon so definitely check
out this channel like And subscribe so
that you’re aware when it comes out and
as I said before if you’re interested in
starting the options Journey definitely
check out the coin call Link in the
description open that account do some
paper trades follow along what JJ’s
doing it will make a lot of sense to you
and you can find some new opportunities
for your account and with that we’re GNA
wrap up today’s
show it’s going to be an interesting
time folks we just had an amazing having
now we’re going to be moving into a
crabwalk period perhaps maybe some
explosive moves upside and uh and then
of course we have the ETF action which
continues to surprise to the upside so
exciting times JJ Ben appreciate you
guys coming back dropping the alpha I
want to thank everyone for joining us
every Tuesday and Thursday to hear what
these guys have to say learn how to add
to your portfolio how to structure and
make the most of your Investments and I
will as I always do leave you with the
same PSA which is have some dry powder
those opportunities are down the road
this is Marone white signing off
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On the April 23 episode of Trading Pit: Bitcoin continues the great cool down, we discover why the Halving isn’t priced in, and unpack the case for betting on Bitcoin Mining Stocks in Q2. Plus ETH yields.

👉 Start Trading Options Today at Coincall: https://partner.coincall.com/jarvislabs

But first, Rapid Fire.

– Bitcoin Protocol Runes launched on the halving – a new way to trade fungible tokens on Bitcoin – A Fad or the Future?
– Bitcoin Halving – Priced in?
– The New York Stock Exchange wants feedback on its plan to run 24/7, like cryptocurrencies – is TradFi prepared to go full Degen?
– Taking Profits means going to – Cash, Crypto, or Metals?
– Bitmex launches 250x leveraged bitcoin – should they go bigger?

The Bitcoin Halving occurred on April 19 (depending on your geography) and cut the block reward to 3.125 – a 50% reduction in emissions. While JP Morgan and 10x Research argued the cut wouldn’t lead to price increases, Anthony Pompliano said on CNBC that the cuts aren’t priced in.

And in fact the supply reduction likely isn’t priced in as the market adjusts to the growing demand from ETF’s and an eventual wave of consumer sentiment comes forward. Zoom out by 12 months and the likelihood of it being priced in goes down.

While the Bitcoin Halving grabs attention, Ethereum is the place for yield discussions.

Eigen Layer promises to extend Ethereum’s security model to apps and other chains, paying for the security through yield offered from, you guessed it, staking. But it’s possible that the protocol has too many deposits and not enough demand. And with ETH researchers suggesting incentives to lower staking rewards past a certain point, is the ETH yield craze over done.

Maybe.

But it’s also possible that these are growing pains of an emerging ecosystem trying to understand how best to use this newfound yield mechanism. For now, it makes sense to be cautious with yields that pay out tokens rather than ETH (not investment advice).

Bitcoin continues to confuse analysts as the deep sell offs aren’t that deep and the climbs higher aren’t that high. Seems we’ve entered crab season – moving in range – as the market enjoys the massive cool off.

Enjoy this period. As ETF flows continue and the market adjusts to lower issuance, the fireworks are primed for the end of the year.

And outside forces remain just as confusing.

The DXY remains elevated but, somehow, looks weaker than expected. And the talks about rates climbing (not lowering, not staying put) means we might actually begin to see a macro turn (first the market accepts higher rates, then assets are re-priced, then the rates turn lower). That could make the crab walk a bit shorter.

But don’t ignore the possible liquidity event. While Outside Forces look weaker, they are still the tail wagging the dog. And can change on a dime.

But with all that said, opportunities remain in the market for strong positioning. Bitcoin Miners look set for a bounce, high value L1’s are still cheap, and even BTC and ETH options are worth a glance (not financial advice).

All worth a listen!

Chapters
00:00:00 Waiting Room
00:04:53 Rapid Fire
00:07:45 Is Bitcoin Halving Priced In?
00:10:31 ETH Rate Market
00:19:05 Bitcoin Crab Walk After the Halving
00:25:39 Bitcoin ETF: Slower but Steady
00:31:09 Outside Forces Weakening
00:41:35 Positioning: Bitcoin Miners
00:49:21 Positioning: L1’s
00:54:43 Positioning: BTC + ETH Options

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Contact Marconi for Sponsorships: marconiwightsocial@proton.me
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Disclosure Statement
This content is for entertainment purposes only. Nothing shared during this broadcast is or should be considered financial advice. The views and thoughts shared here are simply opinions. Do your own research and consult a registered financial advisor before making any investments.