WEBVTT 00:09.057 --> 00:12.440 [SPEAKER_02]: Everybody welcome back to the crypto 101 podcast. 00:12.500 --> 00:20.147 [SPEAKER_02]: It's another rundown and we have a special edition today as Ethereum seems to be on turmoil Not necessarily in the price action this week. 00:20.347 --> 00:31.798 [SPEAKER_02]: It is online on X the knives are out We covered a little bit of how bankless has sold the rest of their Ethereum and was not bullish very negative on Ethereum last week on the timeline 00:32.038 --> 00:39.782 [SPEAKER_02]: Brian and I kicked that around and then over the weekend, Vitalik, the creator of Ethereum responded with a very, very large threat. 00:39.802 --> 00:46.365 [SPEAKER_02]: So as Ethereum dead, people are wondering on the timeline that debate continues as some people say they're selling their east they're done. 00:46.765 --> 00:55.729 [SPEAKER_02]: Other people seem to be buying up the supply nonstop, a bit mine, a timely 5% sharpling aspect continue to buy. 00:55.809 --> 00:57.610 [SPEAKER_02]: A lot of other bulls on the timeline. 00:57.890 --> 00:59.751 [SPEAKER_02]: So the question is, is Ethereum dead? 01:00.031 --> 01:00.692 [SPEAKER_02]: Let's answer it. 01:00.772 --> 01:04.336 [SPEAKER_02]: Let's kick it around, but first, welcome back to my friend, Brendan Brennan. 01:04.456 --> 01:07.619 [SPEAKER_02]: It's been a couple weeks since we last had you excited to have you today. 01:07.639 --> 01:11.103 [SPEAKER_02]: We're going to kick around the Ethereum as dead conversation a little bit of other news. 01:11.383 --> 01:12.864 [SPEAKER_02]: And then Friday will be live. 01:12.924 --> 01:16.068 [SPEAKER_02]: Me doing some TA back on it on Friday. 01:16.108 --> 01:17.089 [SPEAKER_02]: So welcome back to the show. 01:18.030 --> 01:19.430 [SPEAKER_00]: Dude, it's good to be back. 01:19.490 --> 01:21.971 [SPEAKER_00]: I was supposed to have made an appearance here recently. 01:22.051 --> 01:24.492 [SPEAKER_00]: Got a little sick, still a little bit sick. 01:24.612 --> 01:30.914 [SPEAKER_00]: So now pardon and advance everyone if I have a little cough or a little stifler or something, but man, it's gonna be a good episode to you, though. 01:30.934 --> 01:33.375 [SPEAKER_00]: I have some very, 01:34.235 --> 01:37.217 [SPEAKER_00]: straight forward opinions about the Ethereum situation. 01:37.277 --> 01:38.578 [SPEAKER_00]: So we'll talk about that. 01:39.059 --> 01:40.540 [SPEAKER_00]: We'll dive into the fun. 01:40.580 --> 01:41.581 [SPEAKER_01]: Let's dive into that right now. 01:41.601 --> 01:42.141 [SPEAKER_01]: I know on the sheet. 01:42.161 --> 01:43.002 [SPEAKER_02]: We have coin market gap. 01:43.022 --> 01:44.103 [SPEAKER_02]: We'll go back to that later. 01:44.143 --> 01:45.624 [SPEAKER_02]: Let's just dive into this Ethereum. 01:45.764 --> 01:46.685 [SPEAKER_02]: Is Ethereum dead? 01:46.805 --> 01:49.407 [SPEAKER_02]: It's the talk of the timeline. 01:49.467 --> 01:51.528 [SPEAKER_02]: Last week there was the bankless self. 01:51.548 --> 01:52.529 [SPEAKER_02]: Did you cut see that? 01:52.669 --> 01:54.971 [SPEAKER_02]: Did you are you a bankless avid bankless listener? 01:55.572 --> 01:58.634 [SPEAKER_02]: Did you what are your thoughts around that before we dive into Vitalik's response? 01:59.248 --> 02:05.873 [SPEAKER_00]: You know, I saw that, I also saw that Harvard was unwinding some of their crypto as well. 02:06.333 --> 02:09.015 [SPEAKER_00]: There was another group that was doing this as well. 02:09.435 --> 02:21.343 [SPEAKER_00]: And in fact, we were bantering about it inside of our work chats where it's like all the analysts, you yourself, a lot of the different team members, and we were bantering back and forth like, oh, you know, is this the bottom signal? 02:21.363 --> 02:28.027 [SPEAKER_00]: Because it was like Harvard selling their crypto and bankless, and you know, there's someone else, and everyone's like, 02:28.868 --> 02:36.700 [SPEAKER_00]: throw up your hands at crypto and it reminds me of a typical capitulation like end to a bear market. 02:36.720 --> 02:38.643 [SPEAKER_00]: Now, are we at the end of this bear market? 02:38.663 --> 02:39.905 [SPEAKER_00]: Yeah, I'm not quite sure. 02:39.985 --> 02:41.207 [SPEAKER_00]: Maybe we've a little bit more to go. 02:41.708 --> 02:41.928 [SPEAKER_00]: But 02:43.165 --> 02:45.366 [SPEAKER_00]: I do think we're reaching into this capitulation zone. 02:45.386 --> 02:46.426 [SPEAKER_00]: It happens every time, right? 02:46.446 --> 02:47.826 [SPEAKER_00]: People throw up their hands, they give up. 02:47.866 --> 02:49.007 [SPEAKER_00]: They think the worst is going to happen. 02:49.027 --> 02:55.488 [SPEAKER_00]: You see everyone selling, you know, moving away, yada, yada, max pain is essentially what it translates to. 02:55.568 --> 02:58.929 [SPEAKER_00]: So, uh, is crypto dead, I don't think. 02:59.009 --> 03:00.650 [SPEAKER_00]: There are areas of the dreams that I don't think. 03:00.730 --> 03:01.930 [SPEAKER_00]: So, uh, 03:03.240 --> 03:04.521 [SPEAKER_00]: I really, really don't think so. 03:04.941 --> 03:06.983 [SPEAKER_00]: I think that this is definitely a speed bump. 03:07.083 --> 03:16.889 [SPEAKER_00]: And I think what you're seeing here is some frustration in some disagreement about how Ethereum should be ran, how it should be operating, what its focus is should be. 03:17.630 --> 03:25.075 [SPEAKER_00]: And I think the big frustration that people are having is that despite the tech market and all the traditional financial markets, 03:25.655 --> 03:42.627 [SPEAKER_00]: going through a pretty gnarly bearish pullback for about six-ish months from like end of October up to like March April area, you know, they had a pretty big double-digit pullback, but then they all rallied to new all-time highs afterwards. 03:43.027 --> 03:51.713 [SPEAKER_00]: I think the difference here is that you're seeing that crypto over the same period fell even more aggressively and it has not pulled back, you know, even halfway to it's all time highs. 03:52.193 --> 03:53.273 [SPEAKER_00]: And so I think that's what it is. 03:53.313 --> 04:06.198 [SPEAKER_00]: It's a mix between people disagreeing about how it should be run moving forward, disagreeing about where its priorities should be, and then the frustration that it hasn't seen the same recovery as maybe other assets have. 04:06.718 --> 04:12.580 [SPEAKER_00]: And I think that is where a lot of this like, buds started happening, a lot of the experience of sort of happening. 04:13.120 --> 04:17.502 [SPEAKER_00]: And then I think Vitalex's response was what followed in light of a lot of that. 04:19.223 --> 04:20.584 [SPEAKER_02]: Yeah, it's a great breakdown. 04:20.644 --> 04:29.809 [SPEAKER_02]: Again, if you're not on X and you want to be, it is, it is kind of the place to get a lot of the breaking news, but also if you're listening to the rundown, that's what we're here to do for you kind of break it down. 04:29.849 --> 04:35.672 [SPEAKER_02]: So as you could see here, if you're on YouTube, we're on the, I'm sharing it on the screen kind of a very, you know, 04:36.328 --> 04:41.534 [SPEAKER_02]: very long, long response kind of, you know, I think it was good to always hear from him respond. 04:42.495 --> 04:51.524 [SPEAKER_02]: My takeaway is I think any kind of talked about it here, you know, it's important because the Ethereum foundation is a limited organization with limited resources. 04:52.365 --> 05:08.417 [SPEAKER_02]: a limit capacity and only has zero Brendan zero point one six percent of all eeth less than many other individual eethode holders so it's again even though it's the central foundation I guess the theory was for it to be decentralized right a decentralized protocol 05:08.897 --> 05:35.183 [SPEAKER_02]: They're following in the footsteps of what they thought the road map would be and then you have all these other people the the Tom leaves of the world The aspects of the world and obviously a lot of Individuals and companies that are little flocking towards Ethereum building on Ethereum a lot of people are building on top of Ethereum So it kind of it's one of those things where he's just such an OG of crypto that when he types out You know, I mean this thing goes on here as I'm scrolling if you're seeing on YouTube 05:35.743 --> 06:02.715 [SPEAKER_02]: but at the same time it's like okay you can take away what he was saying you obviously can have your opinions especially when you're investing money your money or a fiduciary duty of a company's money but the Ethereum foundation at zero again zero point one six percent is they just don't they don't have that much skin in the game and hand up every time the Ethereum foundation sold some crypto I know they sold recently to bitmind they're selling off some crypto it's kind of like man that's not like a great look 06:03.315 --> 06:21.694 [SPEAKER_02]: for, you know, the stronghold of the Ethereum Foundation in sense of believing in the future of Ethereum, but at the same time, the flip side to that is it doesn't, I don't know, is it too strong to say it doesn't matter because they own such a few supply and then they're not, you know, again, they're tightening their ship and scaling in the Ethereum Foundation down. 06:21.734 --> 06:23.416 [SPEAKER_02]: It's not this bloated entity anymore. 06:23.996 --> 06:25.337 [SPEAKER_02]: So does it even kind of matter? 06:26.349 --> 06:32.311 [SPEAKER_00]: I think that their reputation holds more weight than their actions, if that makes sense. 06:32.852 --> 06:39.034 [SPEAKER_00]: I think that they are this household name, obviously, Vitalex, a part of it. 06:39.594 --> 06:41.095 [SPEAKER_00]: They've been around for a while. 06:41.135 --> 06:44.917 [SPEAKER_00]: They were pioneering a theorem for a long, long time. 06:44.977 --> 06:45.597 [SPEAKER_00]: They're a key. 06:47.210 --> 06:48.631 [SPEAKER_00]: influential factor. 06:49.391 --> 06:57.274 [SPEAKER_00]: But you're right, you know, he even said it most Ethereum like single holders are larger than the Ethereum foundation, right? 06:57.294 --> 07:00.655 [SPEAKER_00]: They have 0.16% of the supply. 07:01.075 --> 07:08.038 [SPEAKER_00]: You look at something like BitMine, which has almost 5% of the supply and there's many individual holders that have more than that. 07:08.818 --> 07:13.242 [SPEAKER_00]: I think people think that they have more impact than they actually do. 07:13.902 --> 07:20.687 [SPEAKER_00]: And I think there's still people who unfortunately believe that this is like a monarchy and it's like, Oh, well, Vitalik's a part of the Ethereum Foundation. 07:21.068 --> 07:24.810 [SPEAKER_00]: Whatever they choose to do is just the golden rule and that's what's going to happen. 07:25.271 --> 07:26.292 [SPEAKER_00]: But it doesn't work like that. 07:26.312 --> 07:27.372 [SPEAKER_00]: You know, they are just like one. 07:28.273 --> 07:32.777 [SPEAKER_00]: No, they're just one player within the Athenian ecosystem, which is decentralized. 07:32.877 --> 07:35.338 [SPEAKER_00]: And as he says, he wants to make it more decentralized. 07:35.819 --> 07:39.382 [SPEAKER_00]: So they're just a single player, not even the biggest player. 07:39.862 --> 07:45.686 [SPEAKER_00]: I think that they just have the longest and maybe largest reputation throughout Ethereum's history. 07:46.107 --> 07:52.351 [SPEAKER_00]: But because of that, people tend to think that they hold more weight and more decision-making power and more stuff like that than they actually do. 07:53.452 --> 08:09.517 [SPEAKER_00]: And what he basically says throughout this is just like guys, you know, we want to focus on like decentralization, we want to focus on privacy, we want to focus on other things, but he wants to get back to the core of like what Ethereum was originally supposed to be and I think a lot of people for 08:10.377 --> 08:22.682 [SPEAKER_00]: a long time, we're saying, hey, sacrifice decentralization for scalability, sacrifice this for that, make this thing, you know, the world's operating system, make it the next version of the internet. 08:22.742 --> 08:24.062 [SPEAKER_00]: Do whatever it takes to get there, right? 08:24.122 --> 08:31.165 [SPEAKER_00]: Even if we stray from the core purpose, and what he's coming back to, and essentially this message is saying, I don't want to do that. 08:31.365 --> 08:34.426 [SPEAKER_00]: He's saying scaling matters, but it's not everything. 08:34.787 --> 08:35.387 [SPEAKER_00]: It's not 08:36.947 --> 08:40.110 [SPEAKER_00]: enough to to sacrifice some of these things for. 08:40.590 --> 08:45.354 [SPEAKER_00]: And so he's basically saying, you know, scaling needs to be done the right way. 08:46.114 --> 08:50.918 [SPEAKER_00]: And, you know, what you've seen in a lot of these modern blockchains and layer ones is that they are the opposite approach. 08:50.938 --> 08:52.139 [SPEAKER_00]: They say scaling is everything. 08:52.619 --> 08:57.203 [SPEAKER_00]: How can we get the cheapest gas fees, the fastest transaction times, you know, the, the, the, most, 08:57.903 --> 09:00.764 [SPEAKER_00]: cost efficient and fastest network possible. 09:01.444 --> 09:05.225 [SPEAKER_00]: And a lot of them sacrifice decentralization for that or other things. 09:05.245 --> 09:08.707 [SPEAKER_00]: And you're saying, no, no, no, no, it matters, but not that much. 09:08.827 --> 09:11.848 [SPEAKER_00]: We can't sacrifice some of the core things and he wants to get back to that. 09:12.668 --> 09:18.230 [SPEAKER_00]: And that's really what comes out to in this message, you're saying, hey, let's realign with 09:19.370 --> 09:25.174 [SPEAKER_00]: Our primary purpose of what Ethereum was here for and that's his stance and even says like hey guys We're just one player, right? 09:25.194 --> 09:27.535 [SPEAKER_00]: There's everyone else in the Ethereum ecosystem. 09:27.555 --> 09:28.295 [SPEAKER_00]: We're just one player. 09:28.315 --> 09:34.959 [SPEAKER_00]: We're not even the biggest one And so even if that's what we want, you know, everyone could disagree with us and guess what? 09:35.519 --> 09:44.244 [SPEAKER_00]: None of that happens, but he's just saying I'm just giving my opinion on this as obviously one of the the key players inside of Ethereum So 09:45.325 --> 10:00.730 [SPEAKER_00]: you know that needs to be understood as well you know he's not it's not a dictatorship where it's like whatever he wants and whatever the Ethereum foundation wants goes um that's just not the way that Ethereum works and that's actually you know far away from what he believes so that that kind of brings us to where we're at 10:01.870 --> 10:04.614 [SPEAKER_02]: Yeah, it's a great breakdown and I pulled up just coin market gap here. 10:04.634 --> 10:05.856 [SPEAKER_02]: Again, tune it on Friday. 10:06.196 --> 10:10.022 [SPEAKER_02]: We'll make sure to tee up Ethereum for some technical analysis breakdown. 10:10.783 --> 10:13.947 [SPEAKER_02]: But as you can see here, they did put a little note here on coin market cap. 10:13.967 --> 10:17.132 [SPEAKER_02]: This is where the bankless co-founder David Hoffman sold his eat. 10:17.592 --> 10:21.294 [SPEAKER_02]: is it's something that we are going to have a bottom signal. 10:21.314 --> 10:24.976 [SPEAKER_02]: Almost like the crypto bagel Brendan is something that we need to add to the chart. 10:25.436 --> 10:28.198 [SPEAKER_02]: It kind of feels like it all the bear sentiment, but it's not. 10:28.658 --> 10:31.240 [SPEAKER_02]: It's not all just bear sentiment here for Ethereum. 10:31.280 --> 10:33.501 [SPEAKER_02]: We want to make sure that we point out both sides. 10:34.181 --> 10:35.202 [SPEAKER_02]: Brendan is just sharing now. 10:35.222 --> 10:36.763 [SPEAKER_02]: I just want to make sure the bit of news. 10:37.543 --> 10:37.843 [SPEAKER_02]: Awesome. 10:37.883 --> 10:39.825 [SPEAKER_02]: So, BitMine and Shark Blink. 10:39.845 --> 10:47.371 [SPEAKER_02]: So BMNR and Sbet look with their mark caps to be getting into the area to be included into some of the Russell indexes. 10:47.752 --> 10:51.074 [SPEAKER_02]: I believe it's going to happen June 26. 10:51.315 --> 10:56.739 [SPEAKER_02]: It looks like BitMine will be added to the Russell 1000 sharp link added to the Russell 2000. 10:58.100 --> 11:19.439 [SPEAKER_02]: And this gets some flows, some just passive flows, obviously the Russell being the Russell 2000 index, and then they have the 1000, they also have the 3000, so it's just it's showing that these companies are growing, their market cap even though again technically there's their small caps, but growing nonetheless the market cap of these two companies that are 11:20.680 --> 11:24.622 [SPEAKER_02]: based companies and believe in holding a theorem on their balance sheet. 11:24.662 --> 11:27.244 [SPEAKER_02]: Again, bit mine is approaching the alchemy of 5%. 11:27.704 --> 11:31.206 [SPEAKER_02]: So it's just, I think it's just interesting timing nonetheless. 11:31.246 --> 11:40.072 [SPEAKER_02]: Literally, this news broke Friday as we were getting ready to leave for the weekend on two days or day before that was when Bankless was selling and then, you know, obviously, Vitalik over the weekend. 11:40.092 --> 11:47.997 [SPEAKER_02]: So it isn't interesting time to be seeing these dats get some momentum with passive flows and being included into these indexes wall, you know, 11:48.917 --> 12:01.326 [SPEAKER_02]: The Ethereum foundation and the OG, you know, believers and, you know, advocates that bankless was for the Ethereum seemed to be, you know, quote, unquote giving up on it, at least from an investment-wise. 12:01.346 --> 12:05.649 [SPEAKER_02]: And not to say that they did, you know, they were there for a long time, so they made plenty of money on it, right? 12:05.689 --> 12:07.711 [SPEAKER_02]: It was a very successful investment. 12:08.131 --> 12:13.275 [SPEAKER_02]: But definitely, you know, it still is throwing in the towel when you sell it all. 12:14.431 --> 12:25.725 [SPEAKER_00]: Yeah, it is, and yeah, I saw a really good presentation from Tom Lee, you know, over a bit mine, about a week ago, and he was talking about it. 12:26.606 --> 12:28.448 [SPEAKER_00]: And there's two things I want to say. 12:28.468 --> 12:28.969 [SPEAKER_00]: Number one. 12:29.910 --> 12:36.454 [SPEAKER_00]: He makes a still pretty compelling argument about why BitMind's Ethereum accumulation strategy makes sense. 12:36.854 --> 12:40.756 [SPEAKER_00]: And he's basically saying, hey, here's all the reasons why I think Ethereum could get to this price. 12:40.816 --> 12:43.977 [SPEAKER_00]: And if Ethereum gets to this price, then BitMind could go to X, Y, and Z. 12:44.678 --> 12:46.239 [SPEAKER_00]: And here's really good presentation. 12:46.259 --> 12:50.321 [SPEAKER_00]: But then the other thing is that you have to remember that BitMind's not just Ethereum based, right? 12:50.341 --> 12:52.002 [SPEAKER_00]: They have like ownership and other... 12:52.722 --> 12:56.304 [SPEAKER_00]: private ventures and companies and other things and like Mr. 12:56.324 --> 12:58.865 [SPEAKER_00]: Beast is a one of those, right? 12:59.286 --> 13:04.328 [SPEAKER_00]: He's one of the, I think like one of the few major players that owns some ownership of Mr. 13:04.348 --> 13:10.312 [SPEAKER_00]: Beast Company and which is the largest YouTuber in the world for people who don't know, just huge. 13:10.612 --> 13:16.355 [SPEAKER_00]: Huge, I would say is the largest, probably, dare I say the largest social media personality in the world. 13:18.136 --> 13:25.082 [SPEAKER_00]: But they do other things besides just that, but they're huge for Ethereum and crypto, and so is sharp link. 13:25.583 --> 13:31.108 [SPEAKER_00]: Now, I think what we'll see here is probably a thinning of companies like them. 13:31.668 --> 13:35.912 [SPEAKER_00]: I think the one-of-be-grifters who are just doing it for the news and the headlines, 13:36.993 --> 13:55.086 [SPEAKER_00]: You'll probably see them fizzle away so I just want to prepare people for that You're probably gonna see people who aren't fully committed to this fade away and then you're gonna see the big players like them Gobble up the other ones Ownership and market share and I think that's what we're seeing right now I also think it makes sense for companies like them. 13:55.106 --> 14:00.730 [SPEAKER_00]: I think that in the in the Russell they deserve to have some sort of of 14:03.290 --> 14:04.390 [SPEAKER_00]: ownership inside of that. 14:04.770 --> 14:07.891 [SPEAKER_00]: I think that they deserve to be in there because people want some exposure. 14:07.931 --> 14:10.512 [SPEAKER_00]: I don't think it's fair to say all they should have no exposure to small caps. 14:11.172 --> 14:14.033 [SPEAKER_00]: So I think that it makes sense to have like bit mine and sharp link. 14:14.333 --> 14:18.814 [SPEAKER_00]: My issue would be as if all of a sudden you have 20 of these guys inside the Russell like one thousand. 14:18.854 --> 14:20.975 [SPEAKER_00]: I'd be like, that doesn't really make as much sense. 14:21.295 --> 14:25.496 [SPEAKER_00]: But I think the whole point of this is like, again, small cap diversified exposure. 14:26.176 --> 14:30.037 [SPEAKER_00]: And if there is nothing like this, then I, and they have the market cap and they have the 14:33.018 --> 14:39.902 [SPEAKER_00]: you know, meeting the criteria from an earnings perspective. 14:39.922 --> 14:40.863 [SPEAKER_00]: Then I think absolutely. 14:40.903 --> 14:42.584 [SPEAKER_00]: It makes sense that they would be added into here. 14:42.644 --> 15:01.215 [SPEAKER_00]: So I think it also, again, in that positive for them, because whenever people go and get exposure to these ETFs, if they are doing that, the Russell 1,000 or 3000, then that means that they're going to be kind of indirectly purchasing things like BitMine and S. But should they get this all finalized? 15:03.542 --> 15:07.184 [SPEAKER_02]: Great break them and I just wanted to clarify I have the the notes here. 15:07.204 --> 15:26.616 [SPEAKER_02]: So a bit mine addition to the Russell 3000 index and confirmed to the one valve I was in based on its market cap ranking aspect and addition to the Russell 3000 is confirmed to the Russell 2000 and according to the research it says that it will take effect June 26 one month from today Brendan June 26 26 after close. 15:29.538 --> 15:30.879 [SPEAKER_02]: So something we'll keep monitoring. 15:30.979 --> 15:32.440 [SPEAKER_02]: Obviously there will be some new news break. 15:32.460 --> 15:33.641 [SPEAKER_02]: I'm sure we'll get some sound bites. 15:33.941 --> 15:37.383 [SPEAKER_02]: We've had Espent on the podcast with love to have bitmind on the podcast as well. 15:38.164 --> 15:41.266 [SPEAKER_02]: We'll try and circle back maybe and get some of those guys back in rotation. 15:41.486 --> 15:42.626 [SPEAKER_02]: It would be great to hear from them. 15:43.707 --> 15:46.189 [SPEAKER_02]: Moving along to it's a bit coin. 15:46.889 --> 15:58.913 [SPEAKER_02]: So, I saw this news, and it's not necessarily directly related to Bitcoin, but, uh, Dram, which is the memory chip ETF, has finally beaten out BlackRock's Eyebit. 15:58.933 --> 16:02.635 [SPEAKER_02]: So, Eyebit had the throne for a 6.5 billion assets. 16:03.475 --> 16:05.676 [SPEAKER_02]: and in the shortest amount of time to get there, right? 16:06.156 --> 16:11.199 [SPEAKER_02]: And it grand passes it and becomes the fastest growing ETF in history. 16:11.279 --> 16:16.701 [SPEAKER_02]: This thing was an absolute rocket ship for ETFs. 16:16.841 --> 16:22.824 [SPEAKER_02]: And again, passes Bitcoin, which I bring this up, Brendan, because kind of a thesis that I've been saying is, 16:23.784 --> 16:31.050 [SPEAKER_02]: We, you know, wise crypto down or in the bear market, wise and not calling back is that, you know, there's a lot of flows that are going to this memory ETF trade. 16:31.470 --> 16:37.534 [SPEAKER_02]: This AI, you know, the the fobs and the memories and the chips, this trade has been insane this year. 16:37.694 --> 16:48.342 [SPEAKER_02]: Like literally record breaking for some of these companies up two, three, four, five hundred, six hundred percent in, you know, weeks and months, you know, what's that, sand disc comes to mind. 16:48.422 --> 16:49.223 [SPEAKER_02]: And then this ETF, 16:49.703 --> 17:13.826 [SPEAKER_02]: So I bring this up because the thesis that I've kind of been saying is somebody who's here every week and steering the conversation between all of our analysts is like, hey listen Rotation of capital is a thing and right now, you know Bitcoin and crypto is not the bell of the ball that it was you know last year With you know the new administration and the momentum and and that's not necessarily a bad thing because what can happen is there's money being made over there and again 17:14.486 --> 17:27.395 [SPEAKER_02]: You can't time it is it in the third inning the sixth inning the ninth inning we don't really know I think a market crash would be bad for all assets assets obviously, but there's rotation of capital again when the war came everybody Everybody went to staples 17:28.097 --> 17:29.378 [SPEAKER_02]: I don't know if you did a show with me. 17:29.398 --> 17:35.961 [SPEAKER_02]: I think it was Brian, but I said a joke, but I jokingly put my money where my mouth is and I shorted smuckers. 17:36.462 --> 17:40.964 [SPEAKER_02]: Because smuckers was 30, I think it was like 30% in a couple weeks. 17:41.104 --> 17:46.027 [SPEAKER_02]: And I was just in an all-time, I was just like, hey, it's, did these jelly and jam's cure cancer? 17:46.047 --> 17:46.827 [SPEAKER_02]: Did I miss something? 17:46.867 --> 17:51.430 [SPEAKER_02]: If I go to the supermarket and get a grape or strawberry smuckers jam with a little bit of jeffine powder. 17:51.930 --> 17:58.252 [SPEAKER_02]: do I spread that eat it and then I'll never get cancer because I don't understand why smockers is up 30% a couple of weeks. 17:58.292 --> 18:08.715 [SPEAKER_02]: It's because the money was flowing to the safety of staples and then there was this insane fertilizer trade because the, oh, the strainer who uses clothes, we're not going to be able to get any mulch and no fertilizer for the plant. 18:08.755 --> 18:19.518 [SPEAKER_02]: So again, the money and the narratives always seem to flow and change and if you're one of the best and one of the greats, you can kind of find those and you but even more in Buffett, you know, doesn't get them all the time, right? 18:19.598 --> 18:19.718 [SPEAKER_02]: So 18:20.178 --> 18:24.502 [SPEAKER_02]: My question to you is I te you up after that rant is, you know, what do you think of that? 18:24.522 --> 18:28.846 [SPEAKER_02]: I think it's a fun stat it beats out I bit and are you keeping track of this trade? 18:28.866 --> 18:34.371 [SPEAKER_02]: Do you think it could, again, when things change, a narrative change, a lot of this money could flow right back into crypto. 18:35.637 --> 18:41.042 [SPEAKER_00]: Well, to think about this, the whole DRAM space has, you're right, been parabolic. 18:41.803 --> 18:45.166 [SPEAKER_00]: The market goes through cycles where different things are popular. 18:45.446 --> 18:47.168 [SPEAKER_00]: Let's just look at just the last year. 18:47.608 --> 18:54.655 [SPEAKER_00]: You had crypto kind of exploding up into last summer into the fall, that had a crazy run. 18:55.636 --> 19:04.683 [SPEAKER_00]: then you had metals going crazy, then you had different, maybe AI related dooms, then you had quantum dooms. 19:05.624 --> 19:06.604 [SPEAKER_00]: Now you're having this. 19:06.624 --> 19:10.207 [SPEAKER_00]: I mean, it's, it changes so fast, right? 19:10.227 --> 19:15.711 [SPEAKER_00]: Everything seems somewhat similar where it's like, there's all these mini cycles happening in very different verticals. 19:16.652 --> 19:21.814 [SPEAKER_00]: If you look at Sandisk alone, I mean, Sandisk is up since April of 2025. 19:21.854 --> 19:22.754 [SPEAKER_00]: Are you ready for this TV? 19:22.774 --> 19:28.936 [SPEAKER_00]: Since April of last year is up $5,600 from around $28 to currently sitting just around $1600. 19:34.938 --> 19:36.259 [SPEAKER_00]: it is ridiculous. 19:36.299 --> 19:39.661 [SPEAKER_00]: So it's like you look at this and it's like, well, yeah, that'll, that'll, that'll probably do it. 19:41.102 --> 19:43.323 [SPEAKER_00]: That'll, that'll call the chart like this to happen. 19:44.123 --> 19:48.846 [SPEAKER_00]: And it will, but again, you know, things are somewhat secular, meaning that, you know, they happen in cycles. 19:48.906 --> 19:51.488 [SPEAKER_00]: Now, what happened after Bitcoin and crypto went up all of them. 19:52.308 --> 19:52.968 [SPEAKER_00]: as much as it did. 19:53.008 --> 19:53.909 [SPEAKER_00]: Well, it fell down. 19:54.309 --> 19:55.210 [SPEAKER_00]: What happened in the metals? 19:55.510 --> 19:57.551 [SPEAKER_00]: They fell pretty aggressively after that. 19:57.571 --> 20:01.032 [SPEAKER_00]: What happened to the quantum stocks after they had their big move up? 20:01.413 --> 20:03.173 [SPEAKER_00]: They also fell pretty aggressively. 20:03.554 --> 20:04.834 [SPEAKER_00]: What's going to happen after this? 20:04.894 --> 20:07.996 [SPEAKER_00]: You know, I would imagine at some point you probably get a gnarly correction. 20:08.236 --> 20:09.176 [SPEAKER_00]: Is that now as a later? 20:09.236 --> 20:09.757 [SPEAKER_00]: I'm not sure. 20:10.577 --> 20:16.222 [SPEAKER_00]: Um, I can't say I bottle of the deer in space too closely, but I know a decent amount about it. 20:16.282 --> 20:18.924 [SPEAKER_00]: Like I build my own computers and stuff and I enjoy doing it. 20:19.484 --> 20:21.866 [SPEAKER_00]: Um, so I do follow it and I find it fascinating. 20:22.427 --> 20:28.272 [SPEAKER_00]: Um, but what I will say is that you've seen this happen in a number of different spaces and just the last one year alone. 20:29.052 --> 20:39.056 [SPEAKER_00]: And they move up and you have these thousand percent moves up or hunt multiple hundreds of percent moves to the upside and then, you know, you have slow down and retracement period. 20:39.096 --> 20:55.822 [SPEAKER_00]: So I just say, if you're going to momentum trade do it, but you know, if you're a long term investor, I don't really think that it makes sense to be chasing this, especially like sand disc, which is up as I said, over 56 hundred percent in the last just barely over a year. 20:55.842 --> 20:55.902 [SPEAKER_00]: So. 20:58.638 --> 20:59.961 [SPEAKER_00]: Um, yeah. 21:00.322 --> 21:00.863 [SPEAKER_00]: Yeah. 21:00.883 --> 21:02.587 [SPEAKER_00]: So I mean, it is what it is, right? 21:03.028 --> 21:03.670 [SPEAKER_00]: It is what it is. 21:04.745 --> 21:07.046 [SPEAKER_02]: But that's not to say that Bitcoin's not holding strong. 21:07.086 --> 21:16.711 [SPEAKER_02]: So I pulled this from friend of the show, Eric over at Bloomberg, citing that the Netflix for the spot Bitcoin ETF were close to a new high watermark. 21:17.592 --> 21:27.657 [SPEAKER_02]: Just amazing resilience, considering a 50% draw down in Bitcoin, it's just, you know, that the ETF flows stage strong. 21:27.677 --> 21:30.739 [SPEAKER_02]: There was not a mass exodus, which is interesting. 21:30.799 --> 21:32.960 [SPEAKER_02]: It shows, you know, obviously a lot of people, 21:33.440 --> 21:55.340 [SPEAKER_02]: maybe moved over from holding a traditional Bitcoin or they split maybe they have some in their wallet, some in the ETF and then anybody that's new has been properly educated by you know whatever you know advisors there are especially you know black rock or bitwise is you know this is something that's been a part of a portfolio a long-term vision of it so it's been good to see not a ton of panic. 21:55.880 --> 22:12.173 [SPEAKER_02]: out of the Bitcoin ETFs and kind of like what we just covered is like hey flows calm they go the there's a new hot you know hot commodity on the street that everybody wants um and you know it's it's uh obviously the the chip trade right now is the time to shine but it's not to say that 22:12.653 --> 22:29.965 [SPEAKER_02]: It can't circle back around it, right, and you turn, and I think there's some interesting things in the pipeline, something that we've kind of been talking on the show coming out of consensus was this talk of the Bitcoin, I think it was Bitcoin Vegas first, and then consensus was the Bitcoin reserve. 22:30.785 --> 22:43.335 [SPEAKER_02]: So the reserve, the U.S. strategic reserve, there's a little bit of noise, is there going to be some new news on it and we covered it on the show, but we kept saying, well, we'll wait until we see it, we'll wait until we see it, still haven't seen it yet to be quite honest. 22:43.635 --> 22:49.520 [SPEAKER_02]: But there wasn't interesting sound bite I saw on Fox News, so I'm going to pull this up, Brandon, I'm going to play this really quick. 22:49.540 --> 22:50.341 [SPEAKER_02]: Can you hear this? 22:50.741 --> 22:51.802 [SPEAKER_02]: If not, just say no. 22:55.316 --> 22:55.877 [SPEAKER_02]: Can you hear that? 22:55.937 --> 22:56.437 [SPEAKER_00]: No. 22:56.738 --> 22:56.938 [SPEAKER_00]: No. 22:57.378 --> 22:57.999 [SPEAKER_02]: All right. 22:58.019 --> 22:59.161 [SPEAKER_02]: So let's see this up. 22:59.201 --> 23:00.362 [SPEAKER_02]: I saw it on Fox news. 23:00.382 --> 23:04.447 [SPEAKER_02]: Let me see if I can share sound and then go back to this. 23:04.527 --> 23:05.668 [SPEAKER_02]: I think we should be good. 23:05.688 --> 23:07.590 [SPEAKER_02]: I have to enter in my password. 23:07.610 --> 23:08.512 [SPEAKER_02]: This is live produced. 23:12.516 --> 23:13.878 [SPEAKER_02]: And then you'll hear it. 23:14.787 --> 23:19.129 [SPEAKER_01]: Bitcoin, which is equivalent to how much of the world's goal the U.S. stores and reserves. 23:19.149 --> 23:22.030 [SPEAKER_01]: And he already found a way to fund it without taxpayers. 23:22.070 --> 23:27.251 [SPEAKER_01]: The Treasury is currently sucking up crypto assets tied to Iran through Operation Economic Fury. 23:27.691 --> 23:28.472 [SPEAKER_01]: Baguages plan. 23:28.872 --> 23:32.453 [SPEAKER_01]: Seize the IITOLIS crypto and drop it straight into the U.S. balance sheet. 23:32.953 --> 23:36.475 [SPEAKER_01]: But he warns the GOP cannot afford to drag its feet. 23:36.495 --> 23:40.696 [SPEAKER_01]: Conservatives have a tight six month window to pass this bill and lock the end of law. 23:43.857 --> 23:47.986 [SPEAKER_01]: So of course, as we know, the clock is ticking with the midterms coming up in November. 23:49.549 --> 23:59.775 [SPEAKER_02]: So I thought that was something new with the conflict, obviously, uh, beating over in Iran, and I told, uh, you know, we've covered how they were doing transactions in Bitcoin. 23:59.795 --> 24:09.920 [SPEAKER_02]: They were taking fees to, you know, by boats if they wanted to be escorted across the straight in Bitcoin, and now there's a support of, you know, is the government trying to seize Bitcoin? 24:09.980 --> 24:10.801 [SPEAKER_02]: Are they doing it? 24:11.241 --> 24:12.822 [SPEAKER_02]: Are they building something like that? 24:12.842 --> 24:15.964 [SPEAKER_02]: That's kind of what I was saying over the last couple of months about this news was, 24:16.744 --> 24:18.765 [SPEAKER_02]: maybe they're just talking about it not doing anything. 24:18.845 --> 24:25.768 [SPEAKER_02]: Maybe they're trying to build a plan and then release it or maybe they're doing something behind the scenes not telling us and then when it's done, they'll let us know what it was. 24:26.629 --> 24:27.269 [SPEAKER_02]: No, we don't know. 24:27.309 --> 24:32.311 [SPEAKER_02]: We're not in the administration and a couple of those things have no action that I just mentioned. 24:32.331 --> 24:33.132 [SPEAKER_02]: They're not doing anything. 24:33.152 --> 24:34.993 [SPEAKER_02]: And then a couple of those things are, there's a lot of action going on. 24:35.013 --> 24:35.913 [SPEAKER_02]: We just don't know about it yet. 24:36.013 --> 24:36.713 [SPEAKER_02]: All interesting. 24:36.994 --> 24:38.374 [SPEAKER_02]: I thought that was an interesting segment. 24:38.954 --> 24:40.235 [SPEAKER_02]: Obviously, we want to know 24:46.538 --> 24:50.080 [SPEAKER_02]: if you want to keep them on board, need some action, along with that. 24:50.100 --> 24:53.441 [SPEAKER_00]: Yeah, and obviously, yeah, I mean, they said it right there. 24:53.461 --> 24:56.963 [SPEAKER_00]: They said, hey, the clock is ticking, and I think that they're right. 24:57.443 --> 25:00.444 [SPEAKER_00]: Now, for us, I think that's probably a little bit of a good thing, right? 25:00.464 --> 25:05.587 [SPEAKER_00]: There's a little bit of pressure, there's incentive to kind of get this thing done. 25:07.248 --> 25:11.790 [SPEAKER_00]: If they go through with this, and they acquire Bitcoin and increase the US's balance sheet 25:14.831 --> 25:20.114 [SPEAKER_00]: buy this, you have to understand that it's not them going and buying Bitcoin, so it will move the needle on price. 25:20.634 --> 25:28.718 [SPEAKER_00]: It could, but that would be because of the news being announced, not because of order book changes necessarily happening, right? 25:29.199 --> 25:35.102 [SPEAKER_00]: And they are not going, so say if the US increases their balance sheet of Bitcoin by like, I don't know, five, 25:35.942 --> 25:37.843 [SPEAKER_00]: million or five billion dollars or something. 25:38.403 --> 25:44.086 [SPEAKER_00]: Then it's not like they're going and buying five billion dollars worth of Bitcoin and they're running through the order books and they're liquidating shorts. 25:44.426 --> 25:45.546 [SPEAKER_00]: That's not what would happen here. 25:45.566 --> 25:53.450 [SPEAKER_00]: They would just grab and seize it and then send it over to their own custody and their own storage and their own wallet or exchange or whatever. 25:53.530 --> 25:54.270 [SPEAKER_00]: Something like that. 25:55.090 --> 26:02.434 [SPEAKER_00]: Now that news of them doing it could cause people to go and say, hey, I actually want to go buy, but it's not like the US government's actually going and buying here. 26:05.635 --> 26:12.537 [SPEAKER_00]: You know, I can probably a decent thing is to see, hey, the reserve is building, would that be as good as them buying it? 26:12.597 --> 26:31.301 [SPEAKER_00]: No, but I think buying it's hard, man, buying it's hard because then you're using taxpayer money to potentially accumulate more of it, which I could see there being some backlash on, even though I were obviously super, super pro Bitcoin and I would be fine with that, but you know, I again, 26:33.482 --> 26:37.883 [SPEAKER_00]: It's hard, so I think that this would be one way to expand it. 26:38.223 --> 26:40.124 [SPEAKER_00]: You just have to understand the effect that it has, right? 26:40.144 --> 26:46.305 [SPEAKER_00]: It's not that I'm going out and if all of a sudden you see, oh, the U.S. is exposed to Bitcoin has been increased by 5 billion. 26:46.365 --> 26:50.867 [SPEAKER_00]: It is not if they go this route, it is not them buying it. 26:50.967 --> 26:56.628 [SPEAKER_00]: So it has a different way of affecting the markets because it's not going to be directly through the order book. 26:58.465 --> 27:20.663 [SPEAKER_02]: break down and again it's something that we're just we're watching we're waiting for info and you know to be honest it hasn't come but it's something that we will continue to do two more things one's a quick hit or just some sad news that again we could cover just because that's what we do we cover the news some sad news that are on the on the on the team they announced that their founder Nathan Olman passed away over the weekend 27:21.243 --> 27:27.788 [SPEAKER_02]: So obviously we've talked about Ando on the show, a lot of tokenization, a lot of bullish people around that project. 27:28.188 --> 27:34.512 [SPEAKER_02]: And obviously super sad news from a human level, you know, obviously a very smart, successful guy. 27:35.253 --> 27:39.736 [SPEAKER_02]: So thoughts and prayers to his family and obviously the team that works at Ando because I'm sure, you know. 27:40.036 --> 27:42.418 [SPEAKER_02]: like us, Brendan, you know, we work together, but we're friends. 27:42.899 --> 27:50.245 [SPEAKER_02]: So it's super sad, but as financial journalists and crypto journalists, you know, I think it's worth noting just in general. 27:50.986 --> 27:58.833 [SPEAKER_02]: So anybody out there that follows the onto project or invests in it, there's going to be a little bit of an org shake up, it looks like Ian DeBode. 27:59.393 --> 28:08.099 [SPEAKER_02]: a long time president will jump into the CEO role immediately has been a long-term leader of strategy product and day by day operations for over two years. 28:09.140 --> 28:11.402 [SPEAKER_02]: That's their official statement from moving forward. 28:11.462 --> 28:18.827 [SPEAKER_02]: But just something to note, nothing we're going to harp on too much, but thoughts and president Nathan is family and the whole onto team. 28:19.588 --> 28:26.333 [SPEAKER_02]: To wrap us up, we'll jump over to, we'll jump over, we'll jump over, we'll get that on the screen there, Brendan, a little coin market cap. 28:27.088 --> 28:28.349 [SPEAKER_02]: Yep, popping up the fear greed. 28:28.369 --> 28:29.549 [SPEAKER_02]: We don't talk about it too much. 28:29.690 --> 28:36.013 [SPEAKER_02]: I mentioned it, uh, you know, I think we're in neutral last time, uh, right in the middle was the last time I brought it up right now. 28:36.033 --> 28:39.815 [SPEAKER_02]: We're just leaning, leaning, leaning back towards, uh, the fear. 28:39.835 --> 28:41.016 [SPEAKER_02]: We're actually in it last week. 28:41.036 --> 28:43.698 [SPEAKER_02]: We gave it a kiss last week, a little kiss of the fear. 28:43.718 --> 28:46.199 [SPEAKER_02]: Uh, what, what's your, what's your thoughts? 28:46.239 --> 28:47.200 [SPEAKER_02]: You feeling fearful? 28:47.220 --> 28:48.661 [SPEAKER_02]: You feeling like you're in a good spot? 28:48.681 --> 28:49.201 [SPEAKER_02]: What do you think? 28:50.579 --> 28:52.940 [SPEAKER_00]: You know, I think we're heading back into the fear territory. 28:52.980 --> 28:59.583 [SPEAKER_00]: We'll talk about this in Friday's session, because we're going to have a lot more technicals on that one. 29:00.024 --> 29:00.904 [SPEAKER_00]: But I think there's fear. 29:00.984 --> 29:04.586 [SPEAKER_00]: There's fear that we really were unable to have the breakout that we wanted. 29:05.006 --> 29:07.567 [SPEAKER_00]: There's fear that we rejected the 200-day moving average. 29:07.988 --> 29:14.631 [SPEAKER_00]: There's fear that we were rejecting our prior consolidation zone, rejecting the anchored view up from the old time of high. 29:15.071 --> 29:23.275 [SPEAKER_00]: There's fear that we were unable to essentially break out of the technicals on the charts, the way that I think a lot of us wanted to see. 29:23.835 --> 29:31.538 [SPEAKER_00]: And so what that means is that even though a lot of indicators and other things were saying, hey, there's evidence that this is the bottom and there's evidence of a reversal. 29:32.019 --> 29:33.639 [SPEAKER_00]: And there's statistics pointing us towards that. 29:33.659 --> 29:35.220 [SPEAKER_00]: And there's data that's pointing us towards that. 29:35.600 --> 29:39.302 [SPEAKER_00]: The chart itself is saying, the bear market has not 29:40.062 --> 29:50.670 [SPEAKER_00]: ended from a technical standpoint because you're rejecting another bear flag, you're rejecting another lower high, you're failing to break above the key levels that need to be broken for a market reversal. 29:51.110 --> 29:57.776 [SPEAKER_00]: And so I think that that is causing more fear is the rejection of a lot of those key and critical levels bringing us back down. 29:57.796 --> 30:00.758 [SPEAKER_00]: You know, as of right now, we're beneath the 200-day moving average, the 30:01.038 --> 30:10.401 [SPEAKER_00]: the 50 day, the 20 day moving average, we're back underneath all of these and we're kind of pushing back to the 70s where we are holding above the 80s for at least a little bit. 30:11.781 --> 30:18.303 [SPEAKER_00]: And so I think that that naturally causes us to get a little bit more fear now, you know, if this continues, then. 30:19.618 --> 30:21.899 [SPEAKER_00]: I think, you know, you could probably see an acceleration. 30:22.499 --> 30:25.281 [SPEAKER_00]: You really, really want to see Bitcoin hold on to the mid 70,000. 30:25.521 --> 30:32.364 [SPEAKER_00]: So I think if you crack there, there can be a little bit of, uh, uh, not even a little bit. 30:32.524 --> 30:34.505 [SPEAKER_00]: You could get some spicy price action, right? 30:34.525 --> 30:38.087 [SPEAKER_00]: If you start breaking below the mid 70s, I think you can get some spicy price action. 30:38.768 --> 30:40.648 [SPEAKER_00]: Uh, so I'd watch out here, buckle up. 30:40.669 --> 30:41.669 [SPEAKER_00]: We're going to cover this here. 30:41.729 --> 30:45.811 [SPEAKER_00]: And just a few days on Friday when we open up the charts and that run down. 30:45.851 --> 30:47.212 [SPEAKER_00]: So make sure you stick around for it. 30:47.712 --> 30:53.994 [SPEAKER_00]: But I think that's what's causing this fear to you that you were just talking about is that, hey, we rejected some critical levels. 30:54.114 --> 30:55.214 [SPEAKER_00]: We're coming back down. 30:56.575 --> 31:00.436 [SPEAKER_00]: The bear market is still in question, despite other areas doing quite well. 31:00.876 --> 31:03.177 [SPEAKER_00]: And I think that's what has people fearful. 31:03.197 --> 31:05.817 [SPEAKER_00]: I think the fear really stems from right here. 31:06.357 --> 31:07.438 [SPEAKER_00]: The fear stems from, 31:08.238 --> 31:13.200 [SPEAKER_00]: you know, why is the traditional market doing so well and hitting all time highs? 31:13.220 --> 31:16.502 [SPEAKER_00]: Well, crypto is not, you know, why are other risk on assets doing good? 31:16.902 --> 31:19.003 [SPEAKER_00]: Well, this isn't necessarily doing quite as well. 31:19.363 --> 31:21.845 [SPEAKER_00]: I think that is where the fear comes from here. 31:21.905 --> 31:27.367 [SPEAKER_00]: But, you know, what we have to walk back to remind ourselves is that crypto is pretty secular. 31:27.767 --> 31:32.710 [SPEAKER_00]: Where we're at right now is historically not a great year for Bitcoin. 31:33.090 --> 31:33.330 [SPEAKER_00]: Right? 31:33.610 --> 31:45.339 [SPEAKER_00]: We are two years after the having, the having is also two years away, in that great area where you're like, in the in between stages, it's typically not a great performance in for Bitcoin. 31:45.359 --> 31:54.206 [SPEAKER_00]: You get the best performance kind of going into the having after the having when you're in just middle ground, you don't get great historical performance. 31:54.666 --> 31:58.589 [SPEAKER_00]: So I think that's another thing they're kind of just remind yourself of and don't forget too much about. 32:01.012 --> 32:09.144 [SPEAKER_02]: It's a great breakdown, and it tees us up perfectly for Friday, so whether you're watching on YouTube or listening on audio, we really appreciate it. 32:09.364 --> 32:15.493 [SPEAKER_02]: As always, tune in Friday afternoon, I'll post in the community tab there, or exact time. 32:16.114 --> 32:23.219 [SPEAKER_02]: when we know but definitely tune into the live if you can't Friday afternoon and if not, tune in on audio or watch the replay on YouTube as well. 32:23.259 --> 32:24.300 [SPEAKER_02]: Brandon, thanks for joining me. 32:24.620 --> 32:30.524 [SPEAKER_02]: Everybody else, we always appreciate you watching, listening, give us a like, subscribe if you're new, and that's all for now. 32:30.564 --> 32:31.384 [SPEAKER_02]: We'll talk to you Friday.