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Ethereum ETF in 10 Days?🔥Crypto Market Update · The Paul Barron Crypto Show

• 0:08
  A lot happening with ethereum today, and of course some people maybe have somehow
• 0:13
  figured out when this eth ETF is going to launch. We'll break it down
• 0:16
  for you along with a little bit more around the markets from a macro standpoint.
• 0:20
  You guys don't want to miss it. My name is Paul Baron,
• 0:22
  Welcome back in the tech path. Let's get started. I do want to
• 0:24
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• 1:19
  you a ten percent off. Well, you know, everybody's been asking about
• 1:23
  this, and it has occurred. The Republicans have now come in and the
• 1:27
  House GOP leaders are declaring Biden unfit and alleging a cover up of his mental
• 1:34
  state. This is a big statement from the Republicans in a way that could
• 1:41
  move the markets a little bit. We may see a little bit of this
• 1:45
  in terms of how this may affect markets in general, including the S and
• 1:48
  P five hundred. But I think a lot of people are probably saying,
• 1:49
  well, how does this affect probly market? And if you look right here,
• 1:55
  Joe Biden right now, this is looking at the six hour up lightly
• 2:00
  actually and then rose a little bit so, and this of course is whether
• 2:05
  or not he's going to make the nominee ballot in November. We'll see how
• 2:09
  this plays out, but political scenarios are definitely in play right now. I
• 2:15
  think both sides are definitely at bay. Right now, we're going to get
• 2:20
  into a few tweets right here. This is a summary of the Chair Palell's
• 2:23
  testimony. A couple of things. I think most of this is stuff you
• 2:28
  guys have probably seen, but I want to kind of make a few notes
• 2:30
  here. He didn't support the confidence around inflation, so the cuts are probably
• 2:37
  not going to happen for as we've been talking about, probably untill later in
• 2:39
  the year. Not appropriate. Needs greater confidence on inflation heading to two.
• 2:44
  I think at once they go sub three, then maybe we have a possibility
• 2:47
  of it rates too late could be unduly weakened the coomy. That's a big
• 2:52
  concern that I think even Chair Palala is kind of the riding the fence on
• 2:57
  the US economy is expanding at a solid pace. I'm still in disagreement with
• 3:01
  that one because I feel like we are seeing much more impact on the economic
• 3:07
  front than what even Chair Pala is talking about here. Labor market conditions have
• 3:12
  cooled but remain very strong. Again. I think jobs are still cooling much
• 3:16
  more than maybe some people have expected, and inflation Elevated inflation is not the
• 3:23
  only risk we face. They're looking at more of a economic meltdown. And
• 3:28
  I think this is the concern that many people have is with continued high rates,
• 3:32
  does it unduly put pressure on small business for growth? And that's the
• 3:37
  number one job creator in the United States is small business. So this is
• 3:42
  where I think we are right now. We're in a very precarious state where
• 3:46
  small business is now starting to get impacted. And how this plays out through
• 3:50
  summer because remember a lot of these small businesses, summer months are their bread
• 3:54
  and butter, So you're going to find out pretty quickly how well the economy
• 3:59
  is doing, especially around retail sales other things that are happening. German government
• 4:03
  has now left with twenty two eight hundred and bitcoins, so listen, they're
• 4:06
  running out, so pretty soon eventually that's going to be off the table.
• 4:12
  We might see some movement positively from bitcoin and start to see some inflows I
• 4:16
  think on bitcoin. We'll take a look at the chart as well. The
• 4:20
  eth etf applicants filed their updated s one. You've got everybody in here,
• 4:25
  all the you know, all the key players, Fidelity, van Agt,
• 4:29
  Franklin, twenty one, Grayscale, black Rock, you know, all the
• 4:32
  typical players. They understand what's up, and they understand what's going on,
• 4:36
  and that is ETH is going to explode when this ETF hits. I just
• 4:41
  feel it. There's just too much there. Now, Garassi gets into a
• 4:45
  couple of theories behind this. I might be in agreement with this, and
• 4:50
  he said that Gray Scale just announced as set a record July eighteenth for the
• 4:56
  initial creation and distribution of the Ethereum Mini Trust, and the E will contribute
• 5:01
  ten percent of its ETH to its Mini trust. Why do you do that?
• 5:05
  Well, you know, is there something coming in that could be possibly
• 5:11
  affecting that many trust? Well, this would be an ETHTF. You look
• 5:15
  at the Ethereum Trust right here, eth and continuing to fly up. So
• 5:21
  still in a good position overall. And I do want to get to a
• 5:26
  few clips because the clips will give us a little more insight onto not only
• 5:30
  where the potential is for this ETF, but what to expect once it does
• 5:36
  get here. Here's Garassie take a look. Yeah, it's really interesting because
• 5:41
  if you look at the spot price of ether, it's actually down over twenty
• 5:45
  percent since those nineteen by four's were proved. On these spotty three ETFs we're
• 5:48
  talking about I think that just shows some general weakness in the markets right now,
• 5:55
  and as I think about spot etheror ETF's coming to market and what the
• 5:59
  demand might look like and how that might impact the spot price of ether.
• 6:03
  If you look right now, the underlying spot ether market is about one third
• 6:08
  the size of the spot bitcoin market, and I think that's a decent proxy
• 6:13
  for what to expect from spot ether ETF. So about a third of the
• 6:16
  demand of bitcoin ETFs. If that happens, we would still be talking about
• 6:21
  one of the most successful ETF launches, Zephyr. Yeah. So even with
• 6:27
  that, and again one third would be significant, That is enough I think
• 6:30
  to move the market significantly. Now does it have the kind of impact that
• 6:34
  the Bitcoin ETF happened. I think that starts to play in when people start
• 6:40
  to understand and what I'm talking about there is asset managers start to understand what
• 6:44
  is going on with ethereum in general and the potential for it. Because the
• 6:47
  opportunity is what is the potential of it, people start researching a lot more.
• 6:51
  I think asset managers will start asking a lot more questions, and I
• 6:56
  think that's when things get a little bit more involved. And also very positive
• 7:00
  for this. Now, there was another clip here with Matt Hogan and Garassian
• 7:03
  and they were talking about, you know, how much in the way of
• 7:06
  changes did you have to make for the ETF when it would launch? So
• 7:11
  what kind of things would they have to do to be able to deal with
• 7:14
  the ETF launch in itself? Take a look, how much do you need?
• 7:16
  How much did you need to amend your application? And when do you
• 7:21
  think approval might be likely? Yeah, great questions, Bob. I can't
• 7:25
  speak beyond what's in the filing, but I think if you look, the
• 7:28
  amendments from the previous one were relatively limited, and that tells us that we're
• 7:32
  getting closer to the finish line. I think what you're hearing about this week
• 7:36
  or next that makes sense to me. This has been a very fast process.
• 7:41
  Remember, only two months ago, no one thought we were going to
• 7:44
  see these ETFs. Now it seems likely we will and we'll see what the
• 7:46
  response is. So, just for me, we're not familiar with this.
• 7:49
  The fact that you're the amendments, that you had the SEC filed comments in
• 7:55
  response to your S one and you now filed amended comments, the fact that
• 8:00
  the changes you had to make were minimal is a good sign, right for
• 8:03
  people to understand this process. That's right. It's like a fine tuning process.
• 8:07
  Sometimes it takes one amendment for the Bitcoin ETFs, I think it took
• 8:09
  six amendments. We're on amendment two or three on ethereum. But it we're
• 8:15
  getting to the end of the road, is what it looks like based on
• 8:18
  the scale of the changes. You can't guarantee anything. You could get a
• 8:20
  curveball at any point, but it feels like we're getting to the sharp end
• 8:24
  of the point, all right, So that's good If they are in the
• 8:30
  alliance of saying okay, there changes are getting less or less critical. That
• 8:35
  usually will mean that you're going to see the trigger occur. The trigger meaning
• 8:39
  marketing. And when we start seeing that marketing start to flow out, you
• 8:43
  know that next step is an approval. I think again back to the point
• 8:48
  of where these asset managers will start to understand a lot more about ETH as
• 8:52
  a whole in terms of an investment class and really start to change some minds
• 8:56
  out there. Further thing into this is you look at whether or not eth
• 9:01
  versus bitcoin, because this is the scenario that I think a lot of this
• 9:03
  is what's happening out there. At least when asset manager I talked to is
• 9:07
  they always wait that you know, it's the eath versus Bitcoin, What mix
• 9:11
  do they put in for their clients? All that kind of stuff, because
• 9:13
  now they're playing this and you could also look at that from a Steake Deeth
• 9:18
  position as well. Now, Vanak mats Egel, we're going to have him
• 9:22
  on the show this week talking about the Salona ETF potential coming in from Vanak,
• 9:26
  but he had some interesting, you know, observations. Take a look.
• 9:31
  Also want to kind of double down here on the question between the Theoryum
• 9:35
  and Solana, because if you were one of the few issuers that maybe offering
• 9:39
  both ETFs, how do you talk to clients about it? They are direct
• 9:43
  competitors, well, I mean, fiduciaries want to pick the asset that they
• 9:48
  think is going to go up the most and then take a bet. So
• 9:50
  this is the largest capital markets in the world. We're in the business of
• 9:54
  designing intelligent investment products and letting our clients choose. We've put out a lot
• 9:58
  of research on why we think that Solana may end up as the blockchain with
• 10:03
  the largest market share. But let's let the clients decide. And I would
• 10:07
  note that the SEC, you know, all of these ethereum ETF applicants are
• 10:13
  you know, have filed now they have live filings, but it is not
• 10:16
  too late for the SEC to do the right thing and revert to its traditional
• 10:20
  first come, first serve process towards approving these ETFs. And under that framework,
• 10:26
  you know Vanak would go first. All right, So my mistake there,
• 10:31
  he's talking about the sole scenario. I've got one more clip on with
• 10:35
  Karrossi and Huggan about the ETHTF, and I want to play that out because
• 10:39
  then we'll kind of get into the alignment on Salona, because I think many
• 10:43
  people are asking that. So let's go to that clip real quick. Staking
• 10:46
  allows you to make money essentially off of your investment. The SEC specifically excluded
• 10:52
  that. Why did they exclude it? I think it's an added complication and
• 10:56
  the SEC itself may have some concerns around whether staked ETF qualifies as a security
• 11:01
  or not. But if you look at the ethereum market, more than two
• 11:05
  thirds of all eth out there is unstaked. Most people investing just want to
• 11:11
  get exposure to this asset. Which is up thousands of percent over the last
• 11:15
  five years. The staking would be icing on the cake, you know.
• 11:18
  And of course ethereum is essentially smart contracts too, and it's a different technology
• 11:24
  really than bitcoin that I find that personally. I know we haven't talked about
• 11:26
  that, but I find ethereum far more interesting than bitcoin as an intellectual concept.
• 11:31
  I think a lot of people do, and I think that's going to
• 11:33
  drive demand. When people say bitcoin, they think digital goal. When they
• 11:37
  say Ethereum, they think tokenization, they think stable coins, they think defive.
• 11:41
  If you want to invest in those things, if you want to invest
• 11:46
  in the growth of tokenization, Ethereum is like the picks and shovels play.
• 11:50
  It underpins all of it. You can't have tokenization today without ethereum, you
• 11:54
  can't have a robust stable coin market. And I think that is going to
• 11:58
  appease may excited me because DeFi is much more exciting to me than the idea
• 12:05
  of a new currency created x nilo out of nothing. Essentially, because with
• 12:11
  smart contracts now you have the possibility to do real estate transactions, you could
• 12:15
  do stock settlement, you send money to a friend in England, you can
• 12:18
  do almost anything with that that is exciting because that essentially utilizes the blockchain concept.
• 12:26
  All right, So let's just be clear, guys, the CNBC Matt
• 12:28
  Hogan, most likely this is a paid spot. Those are talking points of
• 12:35
  what I would think would be an ETF company, and you do have to
• 12:39
  consider those things. But to his point, he hits on all the right
• 12:43
  talking points for an investor, which is what these asset manager are going to
• 12:46
  be doing, and they're saying, hey, you know, the theory is
• 12:48
  a little bit more interesting. Here's the reasons why. Obviously people understand,
• 12:52
  especially now I think people in the emerging class of investors what I mean by
• 12:58
  that gen ZiLs to a certain extent, and that is what this might mean
• 13:01
  in terms of DeFi in terms of things like staking, but also just the
• 13:05
  ecosystem in general. A lot of strength there, which makes me still very
• 13:09
  bullish on how this plays out for the eth ETF. Now, going back
• 13:13
  over to van k and what they're doing with Solana, Salana ETF BO boosts
• 13:20
  again, and this of course was coming in right here after the CBO officially
• 13:24
  filed for a Slana ETF with the SEC. So we saw a little bit
• 13:28
  of movement here price went up a little bit. You can kind of see
• 13:31
  the crypto community expecting a possible major bullish breakout for Solana. I'd love to
• 13:35
  get you guys as feedback. Right now. Sala has been kind of,
• 13:39
  you know, wavering a little bit. Yes, we've seen slight growth.
• 13:41
  We'll look at the charts as well. But I'm kind of curious, so
• 13:43
  you bullish on Solana right now as eth with the current state of eth having
• 13:50
  the ETF right there literally at the cradle of happening, let me know in
• 13:56
  the comments, make sure and drop in some questions over on in the comments.
• 14:00
  I'll try to get some of those, and also smash the like button.
• 14:03
  If you like these live streams and you like keeping up this way,
• 14:05
  let us know, just hit that like button. It does help share the
• 14:09
  news. Twenty one shares van Ac first to launch Slona ETF products now seeking
• 14:13
  market approval after the CBOE has officially filed the nineteenth before. So this was
• 14:18
  all good. Rob Morocco, who's the global ahead of ETPED listening to or
• 14:24
  CBOE. Slana is one of the most traded cryptocurrencies after Bitcoin and ether,
• 14:28
  and the interest continues to grow. I think they may be surprised even more
• 14:31
  so when they start to really understand the Salana ecosystem is only going to get
• 14:37
  explored even more and more. And I think now you're going to get a
• 14:39
  lot of people in this that are trying to figure out this technology could really
• 14:45
  you know, revolutionize you know, what we know as the investment utilities that
• 14:50
  are out there. If a friendly cryptocurrency candidate is elected, everybody's looking at
• 14:54
  Trump of course, being in that position right now, the changes in the
• 14:58
  SEC commissioner might bring more beneficial conditions and I would have to agree. And
• 15:03
  you know, when you look at from the top of the show, where
• 15:07
  you've got the Republicans and the GOP really pushing hard to get Biden out of
• 15:11
  the position, this may be a bad thing for the Republicans because if Biden
• 15:16
  does not make it to the ballots, what does that look like now?
• 15:20
  It could it be Kamala Harris and a newly assigned vice president, Because that's
• 15:26
  what would happen if Biden were unfit for office. Kamala Harris would become a
• 15:31
  president and a newly assigned VP would go into position that could change things up
• 15:37
  pretty dramatically. So you just don't know. It's the unknown that I get
• 15:41
  a little bit concerned around, especially now because there's been so much work by
• 15:46
  us the crypto community. Coinbase, I know, has been doing a ton
• 15:50
  and I think in general the lawmakers have started to understand this and we could
• 15:54
  lose a little bit of steam going into this. Here's Eric bal Shutata talking
• 16:00
  about looks like Salona ETFs are going to have a final deadline of mid March
• 16:03
  twenty twenty five. Yeah, but between now and then, the most important
• 16:07
  date is November. Interesting date because that is when we'll know if Trump is
• 16:15
  in the White House, and if he is, anything's possible. According to
• 16:18
  Balshonas, I think there is some big key things going on for sure.
• 16:22
  All right, guys, we've got a couple more clips here. I want
• 16:25
  to get to. This is Matt Siegel talking about eth and Saul and Soul
• 16:30
  whether or not they're direct competitors or would these kind of compliment each other as
• 16:33
  an ETF Take a look. I also want to kind of double down here
• 16:37
  on the question between the Theoryum and Solana, because if you were one of
• 16:40
  the few issuers that may be offering both ETFs, how do you talk to
• 16:44
  clients. All right, we'd already played that clip. The one I want
• 16:47
  to go to is the Yellen clip, which was her talking about the bill.
• 16:52
  Let's go to that one or the Fit twenty one bill. Let's go
• 16:55
  to that one. Real quick Fit twenty one. I want to thank you.
• 16:57
  I want to thank Undersecretary Lang for the work you did on looking at
• 17:03
  our digital assets regulatory framework, which we worked on mightily over the last year
• 17:07
  on a bipartisan basis. I particularly want to thank the White House for the
• 17:11
  Statement of Administration Policy which says that you're eager to work with Congress on developing
• 17:17
  legislation for digital assets to ensure a comprehensive and balanced regulatory framework. You continue
• 17:22
  to commit for the balance of this Congress to work with the Committee and in
• 17:27
  the Senate to achieve a regulatory framework for digital assets. Yes, very much
• 17:33
  so. I'm happy to make that commitment, and we have worked productively together.
• 17:38
  It would be nice to see this reach a good conclusion. The clip
• 17:47
  that we almost didn't put in the show today and then the research team kind
• 17:51
  of got it in and said, wait a minute, this is crazy.
• 17:53
  This is Yellen agreeing to aligning with what fit twenty one really means. And
• 18:00
  I think this is a huge step in the right direction. This could be
• 18:03
  a complete pivot, maybe even from the administration. I'm just wondering, because
• 18:07
  remember, we have a couple of other things happening. You've got the SAB
• 18:11
  one twenty one coming back through the House, whether that gets passed or not.
• 18:15
  You also have the roundtable happening this is tomorrow. And could we end
• 18:18
  up with something maybe on the other side of this that is a little different
• 18:22
  in terms of the Biden White House and their position on crypto. I don't
• 18:26
  know. There's just a lot happening here, and when you put that in,
• 18:30
  you know, in combination with some other things that are happening, like
• 18:34
  this right here, which is this is mister Chinceler. We're announcing today that
• 18:40
  policy Director Heather sklaven Corzo, she's going to be leaving the agency, and
• 18:45
  this is Corey Klamer is going to be appointed to the policy director. But
• 18:48
  she's leaving a couple of points here. She's going over to a new public
• 18:55
  policy firm called Mindset DC. So I just I don't know who Mindset represents,
• 19:00
  but likelihood is they have a number of clients in the financial services interests
• 19:04
  very interesting, including crypto focus. You got Paxo's paradigm in there. What's
• 19:11
  going on here? She changing teams here? Is that appear to be or
• 19:15
  are they looking for the exits right now as things start to heat up here
• 19:19
  for the market in terms of the sec and whether or not most of those
• 19:26
  I think administration are even going to be in play come November. Terred also
• 19:30
  came in with this element right here, which I think is interesting. I
• 19:34
  don't know. This is a Democratic staffer, so take it with a grain
• 19:38
  of salt. But mainly what they're saying is that the SAB one twenty one
• 19:44
  is going to get a new pathway through this House bill called fifty seven to
• 19:47
  forty one. This is a new thing around custodial assets. It's being offered
• 19:52
  up by French Hill and Mike Flood. So this would essentially include a writer.
• 19:57
  There's some things there that would Mainly, what they're talking about is kind
• 20:00
  of encompassing what SAB one twenty one was trying to do and rewriting it in
• 20:03
  a way to address the accounting treatment of digital assets, which is what the
• 20:07
  banks were trying to get to. So a lot of changes happening. As
• 20:11
  I said, very interesting political plays that are coming about. So you guys
• 20:17
  need to pay attention out there right now, especially with who you're voting for,
• 20:22
  understand what their position is. If you're a single issue voter like me,
• 20:26
  and that is, innovation equals crypto equals profit for most people, and
• 20:30
  or if you're in the SMP and you're looking at Nvidia and any of the
• 20:34
  AI moves or meta, you're looking for innovation. That's the whole point,
• 20:40
  and technology typically is leading that. So that's the way I vote. It's
• 20:44
  that simple. History has been made. Crypto is in the official GOP platform.
• 20:48
  This was another big breaking element. Republicans will end a Democrat's unlawful of
• 20:53
  an American crypto crackdown, opposed the creation of central bank digital currencies, and
• 20:59
  we'll defend the right so mind bitcoin and ensure every American has the right to
• 21:02
  self custody their digital assets. All of these are amazing statements. I just
• 21:08
  don't know if I can trust a government to do this, but if they
• 21:14
  do, this is coming in on the PDF right now, such a well
• 21:18
  designed pdf right here of the GOP platform. I'll go down to page nine,
• 21:25
  and in page nine it's hidden down here a little bit, but there
• 21:29
  it is right there, Crypto. Let me kind of zoom on a little
• 21:30
  bit right there, it's right there. Champion innovation, and I agree with
• 21:36
  that is if we're going to win in any of these emerging markets, if
• 21:41
  we're going to win in the evolution of a I blockchain, what we'll see
• 21:45
  in the way of Web three and really the next generation of payment systems and
• 21:48
  financial markets, these are the markets and the technologies that are going to do
• 21:52
  it. So I agree that they are on the right track. Let's hope
• 21:56
  that that is going to be the case. Other things coming in You've got
• 22:00
  Paul Greywall coming in here. Major American political party has declared its official platform
• 22:07
  is commit to self custody, and I think we need to get that from
• 22:11
  both parties, and all the Democratic Party would have to do is just the
• 22:15
  same thing. It would just be so easy for this to be a bipartisan
• 22:19
  potential that would possibly sway millions of voters, millions of voters. That's what
• 22:26
  I don't understand for sure. So lots happening out there. For sure,
• 22:30
  We're going to get into some of the charts and we are going to get
• 22:33
  into some questions and also the poll. Let's take a look at the poll
• 22:38
  real quick. All right, what do we have here when ethereum ETF less
• 22:44
  than ten days? Fifty two percent voice a tied heat here because the eighteenth
• 22:48
  seems to be that magical according to Garossi, it seems to be a magical
• 22:52
  time for the ETF. If I look at ethereum right now, and we're
• 23:00
  going to go over to the chart a little bit, and we'll let our
• 23:03
  sentiment our MSI is now available on Trading View, which you guys, if
• 23:07
  you're a part of the diamond circle in the MSI group or in our mastermind
• 23:11
  group you have, we'll be having access to these indicators right there. So
• 23:17
  right now, trading Semi seven sentiment right now still holding positive on overall four
• 23:22
  ethereum and it's still holding on the upside overall, which is right at about
• 23:27
  third three. And I'm on the AM. I on the daily here,
• 23:30
  let me see if I let me pop out real quick, I'm on the
• 23:33
  hourly. Let me go to the daily because on the daily, I think
• 23:36
  it's a little bit more negative. We'll jump down on that. Take a
• 23:38
  look at it. Don't forget to drop some questions in. Yeah, still
• 23:42
  on the negative. So we're watching this closely. I'm watching eighth closely.
• 23:47
  If it does go, you know, right now our numbers are in that
• 23:51
  thirty eight to thirty nine in terms of a pop on eth once the ETF
• 23:56
  starts to move. Let's go to a couple of questions. XRP have earned
• 23:59
  the to become an ETF, Yeah, that's for sure. And here's a
• 24:04
  scorpus thing. Ada was his biggest mistaken crypto. You know, as bad
• 24:08
  as it is for Cardinal, there was a lot of times when Cardono was
• 24:14
  a very high perform I won't say high performing, but well, yeah it
• 24:18
  was. It was a high performing investment. You know. Sure there's been
• 24:22
  challenges with with the ecosystem all those I get it, but you know,
• 24:26
  maybe just it's not it's play this time around. In terms of a bull
• 24:30
  market, what do we have here? Giovanni says, my account twenty five
• 24:34
  k went up to sixty K, didn't sell. Now it's a twenty thoughts,
• 24:37
  maybe I should give it up. I don't know. I'm still in
• 24:41
  a very bullish theme right now with where the markets are, whether it's bitcoin
• 24:47
  ethereum, all the blue chips in general. If you're looking at Solana,
• 24:52
  you know, I mean this is still a very bullish trend right now,
• 24:56
  money flow right now on bitcoin still exiting the market for sure. Do you
• 25:00
  truly think Trump will be good for crypto? As bad as I hate to
• 25:06
  say it, I think it will be. Now. He's going to be
• 25:08
  bad for a lot of other things, but for innovation. This is a
• 25:12
  business guy. I know, business guys are maybe not the best to run
• 25:18
  governments because many people believe that there's a lot more things beside that. But
• 25:22
  when it comes to business, and if you have a business guy, then
• 25:26
  innovation is always going to be the forefront. You want to be number one,
• 25:30
  you want to have the Silicon Valley of whatever it is. And I
• 25:33
  think that's his you know, that's his framework. That's the way he thinks.
• 25:37
  Change hard for I love you, but you will eat your words.
• 25:41
  Okay, thank you, Rob. We'll see Jeff Wolf, says Solana etf.
• 25:47
  Timeline thoughts, well, right now, it's March twenty twenty five,
• 25:49
  was the date. So if we get something earlier than that, all bets
• 25:53
  are off. I look to November and we could see a lot of action,
• 25:57
  definitely. De Godfather says, so, so that's why they're dumping all
• 26:02
  before the launch of the ETFs. So it could be. You know,
• 26:04
  there's there is some theory on that of why we're seeing some of the dump
• 26:08
  is they're repositioning against something else that's happening meeting. Guess what, there's an
• 26:12
  ETHTF looming here. For sure, the age of utility coins is coming.
• 26:18
  I might agree with that Web Republic because we've talked about this before of seeing
• 26:22
  some potentials there around. You know, more and more things we're going to
• 26:26
  see going on blockchain for sure. You know, utilities could be a big
• 26:30
  one. What we got here. Lovely Dream says, Wow, fifty to
• 26:33
  fifty split on today's survey. Yeah, I know, right for a fifty
• 26:37
  to fifty what is it still holding a fifty to fifty guys, let's see
• 26:41
  fifty nine? Yeah? Wow, huh, Well there you go. Big
• 26:45
  surprise will be the greyscale cuts its feet of thirty basis points instead of keeping
• 26:51
  the high fee. That would be a big surprise. New CEO incoming,
• 26:55
  you know, that could be it. But remember that it's difficult to change
• 26:59
  your ways. You've had the whole apple pie, you know, and I
• 27:03
  think that's grayscale. They've had access to such revenue and profits that it's tough
• 27:08
  to change your rates if you still have a marketplace for that, because you
• 27:12
  know, sometimes it's all about you know, not quantity, but the quality
• 27:17
  of that investor. So a lot of that playing out. If you guys
• 27:18
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• 27:52
  Baron. I'll catch you next time right here on Techpath four