# Crypto Market Inflection, Tokenomics Shift, and Macro Liquidity Risks

**Podcast:** The Milk Road Show
**Published:** 2026-07-24

## Transcript

There's been a siphoning of capital away for very good reasons, but that capital is going to flow back into blockchains and cryptos as soon as the block space starts to get filled up.
And how is it going to be filled up?
We've got tokenization that's going to increase a lot of activity and then the AI agents eventually will also start to arrive as well.
So that's how I see the interplay.
These two things are so interlinked.
and married to each other.
It hasn't shown up in the data, but it's clear that that's the direction.
Bitcoin is putting in a bear market pump that most analysts are fading, but is that itself the signal to start accumulating?
And if so, which tokens should you be watching?
Hello and welcome to The Milk Road Show, the podcast that knows that picking tops and bottoms is impossible, but it never stops anyone from trying.
I'm your host, John Gill, and today is Wednesday, July 22nd, and we will be releasing this episode on Friday the 24th.
Today, we are joined by Jamie Kutz.
Jamie is the chief crypto analyst at Real Vision and a longtime friend of Milk Road.
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Jamie, how are you, sir?
I'm doing well, John.
Nice to see you again.
yeah nice talk to you too man it's been a while i'm really excited to catch up bitcoin is trading at around 65k right now i thought a good place to start the conversation would be with your most recent research report which was titled counter trend not corner turned and i wonder if you could give us sort of an overview of your your outlook in this report and just how you're seeing the markets right now yeah thanks john so look i mean as analysts and you have you know daily guests on talking about tops and bottoms and picking tops and bottoms and that's kind of why we're in the game to try and get those calls right.
But I think the best way to sort of look at it, if you're a medium to long term investor is just look at sort of a probabilistic framework.
And the best way to do that still remains to be price driven.
So when I look at the price action of Bitcoin and the rest of the digital assets space today, there's evidence that the bottom is forming, but like there has to be a clear inflection point in terms of the momentum and the trend.
right so it comes back down to supply demand and so just at real vision we've got inflection points um that we've used for quite a while to sort of understand when that supply demand equation has flipped or the probabilities i should say because nothing's definite but the probabilities um are more in favor of a of a reversal of the current trend so bitcoin is 65 000 as you said uh it's been It's been in the 60s since February, right, since we had that sort of capitulation low.
Well, I call it a capitulation low because a lot of the indicators and the markers that are used to define bottoms come with sort of capitulation markers, and a lot of them fired in February.
I'll get into the reasons why I didn't feel that it was going to be the definitive bottom.
But since then, we've been sort of...
tracking sideways more or less within a very defined range we've had one counter trend rally of about 30 percent which is normal for bitcoin bear markets and so until we see a reversal in my levels are sort of now at around the highs the high 70s um that the trend that it has to inflect higher than that to show that the actual trend is reversed so what i'm just saying in this latest report is that There is plenty of evidence building.
And if you're a short term trader, you might want to actually take those signals.
But look, if you're thinking about it on a medium to long term basis and you're not trying to time the next couple of months, then there's still a little bit more evidence that needs to form that we've actually inflected higher and we're in a new bull market.
But certainly a lot of evidence is building and has been building.
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I want to talk about that evidence.
A line that stood out to me in this report was across the market from Bitcoin down to leading alts.
The bear market is losing momentum.
And I wonder if you could tell us a little bit about how you're measuring that and what you're seeing happening here.
What is some of that evidence that's building that case for you?
Well, to be honest, it's primarily price.
On-chain data remains pretty bearish.
And I look at a bunch of metrics to try and get the breadth of on-chain metrics.
to measure against the price itself and the breadth of on-chain metrics for smart contract platforms and for DeFi is still broadly negative, right?
So we haven't seen a major inflection across the board.
Now, there's definitely assets within each of those sectors that have seen reversals, but I'm just talking on aggregate here.
But in terms of price-based signals, you look at A technical analyst will use a bunch of momentum indicators and you've got RSI's and MACD's and things like that.
One of the things that you can look for to say if a trend, in this case a downtrend, is decelerating is whether you start to see bullish divergences, meaning the momentum indicators are not confirming the price.
And once you start sort of moving out onto a longer term timeframe, so using a weekly chart instead of a daily and certainly not a four hour because it's just too much noise in those charts.
If you start to see those divergences appearing on the weekly charts, which is sort of my go-to for the longer term sort of secular trend, then you've definitely got those technical signs that the downside, at least the pressure on the downside is starting to ease.
So divergences are not inflection points.
They are a warning of an inflection point.
And, you know, inversely, this is what I was saying in September of October of last year.
And at the time, not getting much positive feedback, as you'd imagine, when I was saying, look, Bitcoin has got this massive bearish divergence, right?
We saw, we've seen new highs into September.
Now we went and made a new high a couple of weeks later in October, which was the ultimate high for the cycle.
But at that time, if you looked at the weekly chart and just brought up a weekly RSI, you were seeing that in each consecutive high on the Bitcoin price from 2024 through to 2025, we had lower highs in the RSI.
And those patterns have always preceded a correction.
So, you know, I've said this on many podcasts and I think it was even on the podcast last time I was around.
It's like my biggest regret was that I had various indicators showing that Bitcoin was going to.
correct um i didn't expect it to be the end of the cycle so to speak but if you're a long-term investor i mean these things were sort of blurred out but like it did happen like we didn't get a 30 correction we got the end of the cycle we got 50 and 55 really from the to the lows so they are warning signals um and on the flip side we're now starting to see the same occur and if you look back on the previous secular sorry the previous cycle lows we've had these divergences but it needs to be confirmed by a higher high and higher lows and we're still not there yet so we're in this sort of we're in this wedge where the bottom seems to be forming but we haven't really broken out on an inflection level to say that the trend the downtrend is over and one of the things i'll just say here and i'm sure we're going to come to it later is just you know the the global liquidity picture being sort of that one thing that i think is hanging over at the head of I want to come back to this question about global liquidity, but first I want to get some more information about this inflection point.
Something that stood out to me in the report is you talk about the importance of ETF flows for Bitcoin and for the market direction, but you say that the rate of change for ETF flows is more important than just the levels.
And I wonder if you could elaborate a little bit more on that and what you're seeing there.
Why is this such an important metric?
It's become increasingly important.
If you just look at sort of the on-chain data alone, it really doesn't tell you the full picture anymore with Bitcoin.
And also there's the added issue or the nuanced sort of aspect to on-chain data with Bitcoin because of all the inscriptions and runes, which is now sort of using up the block space, but it isn't really a monetary use of the protocol.
So a lot of the signal in the old on-chain data.
I think is lost.
That doesn't mean on-chain data for Bitcoin doesn't matter.
There's a raft of different metrics like MVROV and profitability measures and what long-term holders are doing versus short-term holders that are really instructive, especially for understanding the cycle lows and the cycle tops or peaks.
But the ETF data is obviously where a lot of value or a lot of activity has migrated.
That has a much smaller on-chain footprint.
So looking at the ETF data, obviously, like everyone's been doing this from day one, is incredibly important.
But it's very hard to derive a signal from an ETF data.
It's coincident data.
Like it doesn't have predictive value.
That's what I found anyway.
And if there was, people would have been using it already and talking about it.
But what it is useful for is just to understand sort of inflection points.
So when that rate of change inflects lower or higher from an existing trend, that's actually quite instructive.
It's always coincided with the lows and the highs of Bitcoin price.
So what we've had is, you know, the biggest drawdown in ETF flows in the short period that ETFs have been in existence for Bitcoin.
But the rate of change of that selling of ETF holders has started to slow down.
And so that has always coincided with the pause in the price.
And that's exactly what we're seeing.
Bitcoin at sort of 65,000 off the lows.
What's really interesting is if you look at Ethereum, then same pattern except for it's had a divergence in the ETF flows, meaning the each consecutive low in the price has seen a smaller or a less negative movement in ETF low.
So there is still ETF selling, but there is a divergence between the ETF lows, the ETF rate of change and the Bitcoin price.
And that's interesting.
Also in terms of just net supply of the ETF selling, it's a lot less in Ethereum than it is in Bitcoin.
So that is, again, an instructed data point.
It doesn't mean anything until we sort of see a price, but it is starting to shape up that actually there is relative strength in ETF flows for Ethereum than there is in Bitcoin.
Yeah, and I'm glad you brought Ethereum into this because that was my next question was going to be about this.
You spend a lot of time in the report talking about this.
You see Bitcoin and Ethereum make up somewhere around 65, 70 percent of the top 100 index by market cap.
And both of them, not one, but both of them have flipped bullish on the daily candle charts but are still in a bearish channel trend, I guess, on the monthly candle charts.
So it seems to me like, again, what you're saying is that.
We're starting to see this bend in a bullish direction.
Walk me through what you're seeing there.
What's the signal that that's sending you?
What is that telling you about the market here?
Yeah, so, I mean, you said monthly, but I think you meant weekly.
The weekly charts are still bearish, at least the way I track it.
So there's a momentum indicator that all the Real Vision community has access to and dashboards now on the Real Vision site.
We sort of track this, not only at the individual.
asset level but also as a breadth measure so how many what's the percentage of assets in the top 100 that are um you know on a bullish on a bullish signal which is um a quite a valuable data point um but the we we had this similar signal on the daily the dailies flip bullish back in april maybe even sort of March and April, and that carried through until June.
And then we had the drawdown.
So the point is really that the daily charts are quite noisy.
You get these counter trend rallies and a counter trend rally of 20 to 30%.
Everyone gets really, really excited about and then it rolls over.
That's a normal counter trend rally.
So the daily charts are both bullish.
Ethereum flip bullish, I think before Bitcoin as well, which is just an interesting data point.
But again, until they move through the like the major weekly inflection points, at least from my sort of technical framework, we're still in a bear trend.
Okay.
So some bullish momentum in the short term, the bearish trend is not totally broken yet.
Another thing I saw in this report, you called the DeFi sector a, quote, sneaky outperformer.
And I wanted to get your thoughts on what that means.
And is there anything in particular in the DeFi sector that has been carrying that bulk of that outperformance?
Or is it just the whole sector has been strong?
What's going on there?
Yeah, so there's been some outperformance from the DEXs, but you have to sort of put this into context.
Like DeFi is a higher beta sector within the crypto, you know, the top 100 market cap, which is an index that I've created and track.
But the snapback has been sharper in the last 30 days in DeFi names.
So we've seen some, you know, pretty good performance like Uniswap, which has been a chronic underperformer.
um it started to do reasonably well are they started to break the back of its um downtrend but these are all still again on the daily on the daily um patterns but they did reach pretty extreme lows in terms of the pullbacks and we started to see bullish diver divergences with those momentum indicators um but they have outperformed as a group so i track the sectors so smart contract platforms versus you know web3 infrastructure versus smart contract platforms l1s all twos all that sort of stuff when you look at their last 30 days d5 has been clearly the standout performer.
And I mean, my thoughts on that, like again, like just from a purely technical basis, they look like a good short-term trade, but you've got to realize that again, we're sitting within this sort of overarching bearish framework on the longer timeframes.
But what I think is a catalyst here is we are starting to see, and I've written about this as well, John, like we're starting to see some really important structural tailwinds start to coalesce.
And it's not the usual tailwinds in terms of demand.
I shouldn't say usual.
The demand is coming from new things, like it's coming from tokenization and eventually it'll be AI agents.
These are new things, but that's the demand side.
This thing that over here called the supply side, right, that no one in crypto has really tried to address or we've tried to ignore to our detriment as investors because The supply side of tokens in the ecosystem has been the biggest drag on performance.
And there's different ways you can measure that.
You can measure that with the way that new issuance was conducted through the VCs and the listings, these high FDV, low float, highly inflated valuations that were brought to market, which just crated as soon as they came out.
The massive investing schedules that these tokens incurred.
the high inflation rates that were paid to validators to secure the networks or the protocols, and also the lack of value accrual in the tokenomics policies.
All these things were sort of like nice-to-haves if you're investing in the space.
I mean, Ethereum kind of pioneered the way with EIP-1559 back in the last cycle, but really it's been an afterthought.
And now we're starting to see a lot of tokens start to shift, start to talk about revenue, start to talk about value accrual.
In the case of something like NIA, it said, why are we paying 5% validators?
I think we can keep our network secure at 2.5%.
In fact, we're going to actually maybe even lower that even further over time.
So suddenly you've got the supply discipline plus, sorry, might I just also add, if clarity ever gets passed, John, that will also have clarity around tokenomics.
and structures and reporting and disclosures and transparency that's desperately needed.
You put all that together and protocols start to implement supply discipline, better tokenomics.
And then you've got really the tailwinds all coalescing.
You've got the demand from tokenization, AI agents eventually, and then you've got the supply side.
Because really the last, let's call it the last eight years in crypto and blockchains.
what's been the primary focus for let's say the l1s it's about scaling they needed to scale at in the last site in that last cycle in 2020 2021 congestion on ethereum killed the cycle gas at 100 like no one was ever going to use a blockchain when they were paying 100 bucks in gas so it's all been about scaling ethereum went on this whole roadmap of scaling through l2s and all the other chains have have continued to improve to the point now that transaction costs have essentially moving to zero or very, very nominal, but they never address the supply side.
And that's starting to change.
And I think for the protocols and the L1s that continue to issue at high inflation rates that have these large overhangs of vesting supply, they will underperform because hyperliquid has really shown the way of what to do.
And I think for the rest of the space, they're going to start looking at their own policies.
And I can't.
you know this is just a thesis i think the longer this goes on and you don't have a proper tokenomics or a stronger value accrual policy in place you will underperform those tokens that do real world assets like funds treasuries and private credit are still running on rails built decades ago gated paperwork heavy slow to settle everyone's talking about tokenizing them but far fewer can actually do it and do it without cutting regulatory corners securitize can It's the SEC regulated infrastructure bringing real world assets on chain.
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Yeah, I strongly agree.
And I think that it's been interesting to see the industry solve these problems one at a time.
Like the scaling problem was a big focus.
We seem to have gotten there.
Now there's a supply side problem.
But we're seeing, like you said, NIR is redressing that.
Solana has several proposals to deal with that.
Ethereum, I think, is working through this in their own way.
I interviewed Sid Powell from Maple Finance about how the Syrup token on Maple Finance, they've passed some changes to their tokenomics too.
So I have seen a lot of response to that.
And I do hope that the industry figures that out.
Jamie, I got to move us to macro, to liquidity, to that whole picture here, because I think that a lot of people want to hear your thoughts on this.
Let's start with Bitcoin here.
You wrote about this in your most recent report.
You said that Bitcoin is fighting a two-front war for capital.
One war is with gold and silver on one side.
The other war is with the NASDAQ 100 and tech and AI on the other side.
Talk me through this framework for thinking about this liquidity war that Bitcoin's fighting.
And when do you think Bitcoin's going to start winning this battle?
Yeah.
There's the debasement trade where the world sort of bifurcates between Bitcoin and say gold essentially.
And then you've got the sort of the technology trade.
And at the moment, AI is dominating that space and with good reason.
I mean, it's the most transformative technology we've ever seen.
So Bitcoin needs to start showing our performance versus both of those sectors.
but also needs to start showing out performance on an absolute basis.
Because you don't want to be, if you're thinking about in terms of absolute returns, you want to be buying the asset that is outperforming other assets, but also going up.
Otherwise you're just going down, right?
Like you're still getting negative returns.
So, you know, that's the combination that we need.
And ETF flows are a good way to track that switch between gold and silver because For Bitcoin, ETFs are now becoming the primary channel for access.
For gold and silver, or for gold I should just talk about, ETFs are important, but not the only part of the equation, but you do get signal between that.
With tech, ETF flows don't really matter that much.
People just buy stocks, right?
So you do track the demand through the large cap names.
So I think that...
This AI trade is going through spits and spurts because of like everyone's concerned now about the open source models and CapEx investment.
I think it's still going to take some time like for a lot of that capital to rotate back into Bitcoin.
We're starting to see on the daily charts again, go back to the sort of like the technical framework, we're starting to see the outperformance of Bitcoin on the relative charts to the NASDAQ on the daily timeframe, which is I think the first time in like six or seven months.
But again, like on the higher timeframe, it's still very clear that NASDAQ is in the ascendancy.
So that's what we really need to see.
Yeah.
Gotcha.
And I think that that framing is something that is helpful because we've seen the effects of this for a long time.
But just like having it spelled out like that is, I think, a good way to think about it.
How do you think about this relationship between AI and crypto?
Because it's obviously pulled a lot of capital and attention away from the digital asset industry.
But at some point, you know, it seems like as AI agents start to come online and the agentic economy rises, there's going to be a huge amount of demand for digital assets that come from from the agentic economy.
How do you think about that, like the interplay between these two?
What are you seeing there that's got your attention, if anything?
I believe it's one of the biggest structural tailwinds for the asset class and why investors who are not looking at this space need to start taking notice of what's happening.
Now, there's a gap between the narrative and reality right now, because if you look at X402, which is the agentic payment protocol.
um there's certainly transactions going through um but in terms of like total value it's still quite small in fact it's actually been declining over the last couple of months um there was a big run up in activity at the end of last year which i suspect was really just a lot of testing on base because that's where a lot of the activity is taking place but also solana but really this year it hasn't inflicted higher it's um sort of it dropped and then it's been going pretty much sideways sideways down um that's a good way to sort of just track the activity as to whether then the the the reality is catching up to the narrative um but i do believe ultimately next 12 to 18 months that is going to well i think it's going to inflect a lot um sooner than that but like in terms of it becoming noticeable mainstream everyone's talking about it, probably 12 to 18 months, which is a little bit longer than what I originally thought.
I thought really by the end of this year, we'd start to see that pick up and it may still do.
There may just be an inflection point with a new product release, a new model, a new consumer integration.
that just makes everything far more easy for a lot more people.
But I think it's definitely it's definitely coming and it's a reason why you want to start looking and thinking about crypto as like the the infrastructure, but also the application layer for the models themselves, the you know, the infrastructure.
Okay, so structurally bullish but still looking for the inflection point there.
It's on the horizon for the moment.
Another thing that I got to ask you about is that you said in this report Bitcoin has been widely out of step with global liquidity.
And I'd really like to hear your updated analysis on this and if you see Bitcoin rejoining that trend or just like what are your thoughts around this decoupling that we've seen and how long do you think this will continue?
Yeah, so the mechanism of liquidity and the transmission mechanism of global liquidity into asset prices is very different this cycle or this current sort of epoch relative to the past and i sort of delineate between the quantitative easing like the central bank liquidity era which was 2009 all the way up to you know 2022 and the recent cycle now most of liquidity is now being funneled through the us government through the treasury and now through the banks the banks weren't a major player because They were constrained in terms of their credit activities after Frank Dodd and a lot of the rules that were put in place after the GFC.
The Trump administration has come in in like 2024, 2025 and started to change the changes to the SLR so that banks can basically now buy more treasuries and use that for fractional reserve lending and that is definitely funneled.
a lot of capital into the AI CapEx build out, which has been reflected in the prices of AI stocks.
And that capital has siphoned a lot of attention away from Bitcoin and crypto.
Now, also, we can't just blame AI for siphoning capital away.
Did crypto live up to expectations in the last cycle in terms of use cases and users?
Well, certainly in 2023 and 2024, all the activity on the metrics was moving in the right direction.
By the middle of last year, it started to fade.
And that's partially because a lot of the activity in blockchains up to this point is speculative, right?
It's the using of decks, it's using of leverage.
And as soon as another trade came along, a lot of that value sort of flowed out.
So that's a problem for blockchains because you can't just rely on the speculative economy to drive prices.
Although it's a critical part of our lives.
That's not going away as long as they are debasing currency and stealing our time and value.
But there needs to be more structural drivers.
And just in time, there is structural drivers.
There's the stablecoin payment layer.
And then there's the agentic economy.
And so that's, I think, the structural reasons that crypto hasn't had as an investment case.
So that's how I, you know, there's been a siphoning of capital away for very good reasons, but that capital is going to flow back into blockchains and crypto as the block space starts to get filled up.
And how's it going to be filled up?
We've got tokenization that's going to increase a lot of activity.
And then the AI agents eventually will also start to arrive as well.
So that's how I sort of see the interplay.
These two things are so interlinked.
and married to each other.
It hasn't shown up in the data, but it's clear that that's the direction.
And so obviously a portfolio should have exposure to both of these asset classes.
I want to hear what you've got your eye on to get into your portfolio or what's in it now if you've already started this accumulation process.
But the first question I want to get here is what are you looking for as a signal that we have turned the corner?
Your report was called counter trend, not corner turned.
Is there a specific corner you're looking for for us to turn?
Is it something on chain?
Is ETF flows?
Is it something else?
What are you watching for there?
Or is it sort of like you'll know it when you see it sort of thing?
So I think Bitcoin over sort of in the high 70s.
would be the inflection point on the weekly charts.
And then as long as we're starting to see that on the cross charts with the NASDAQ and gold, I think then you've got the technical reasons.
ETF flows should turn positive by that stage.
I don't think Bitcoin gets to high 70s without ETF flows being positive again.
So net buyers from sort of a net deficit right now.
Unchain data is very interlinked with prices, but there should be a And what I mean by that is prices go up, generally it brings more activity into the space, which makes on-chain data a harder sort of, it's a It's a data set which is very intertwined.
It's like this correlation between price.
But there is ways to sort of think about whether the on-chain data is having some signal.
And that's the breadth of measures in the space.
So if you look at stablecoin transactions or transfers inflecting higher, as well as the number of applications growing again, the number of daily active users growing again, and all these things coalescing and moving ahead of price.
Then you've got a very strong confluence of like real fundamental activity happening, prices also breaking through important resistance levels where people are looking to sell.
And then you've got the combination of everything that would definitely say that a new bull cycle has started.
Okay, so a technical breakout and then a confluence of indicators to show that there's strength supporting it.
I think that makes a lot of sense there.
What are the tokens?
What are the projects you're watching for to accumulate?
And have you started accumulating?
Are you still waiting and holding off for this confirmation?
How are you thinking through this in your portfolio?
Because I know you must be getting tons of questions from your community, just like I am.
You know, where are you looking?
And are you already deploying capital?
Or are you still waiting for confirmation?
No, I've started to wait back in and add.
I mean, I've been running the biggest cash position that I've had for many years throughout 2026.
So I've started deploying that cash.
I mean, in crypto, there's really smart contract platforms and DeFi protocols.
And there's a few tokens in between, like what's happening in the AI space of Venice and a couple of others.
It's interesting.
But I sort of tend to focus on the main ones.
So I've been adding to the...
you know, the top L1s and I've been taking positions in some of the blue chip DeFi protocols that are down 70, 80% and are showing some relative outperformance, but I've still kept cash for a potentially another, you know, another stab at this at the end of the year based on what I still see is a problematic global liquidity situation.
Bitcoin sort of, I think, front running.
this a little bit so it's got a bit more padding in the price in terms of like you know would it do another sort of 60 to 70 percent decline if global liquidity um becomes really problematic um i don't think so so but i have got a little bit because i'm hedging my bets a little bit um but if we get those technical and fundamental factors then i'll deploy all that cash because i think that's enough signal for me um but just on the global liquidity front you know my view is like different from everyone else has got their sort of interpretations of this the one thing that concerns me um is that debt is rising faster than and then liquidity so liquidity can continue to go higher but if debt is outpacing the growth in liquidity there is a mismatch there which ultimately resolves itself in much higher interest rates or a something happening in financial markets that requires the authorities to step in and add more liquidity And so that is still on the horizon.
You've got massive CapEx build out, which is being debt funded now.
The hyperscalers are pulling back on their buybacks.
So that's a removal of an equity bid.
That's there.
That has always been there because they use their free cash flow to buy back stock.
So that's a major issue.
The CapEx through debt issuance needs to be funded.
That's a capital drain.
And then the US government has one of its...
biggest issuance years next year that needs to be funded as well without interest rates climbing too high when they're already at record highs as a percentage of GDP.
So these are things that I'm just highlighting that you've got to be aware of the next sort of 6 to 12 months.
And maybe it turns out to be a big furphy and nothing happens.
But these are things that have always been important.
I think they continue to be important.
ultimately we we get more liquidity but it could be a few more bumps in the road okay so there are some high level macro concerns you're still watching that are very real for later this year but overall what i'm hearing you saying is that you've got a ton of cash you are deploying back into crypto but you're sticking to blue chips in l1's d5 you're not getting degenerate yet but is that about the the case for you right now also another question to tack on to that one Are you still bullish on Solana?
Because I've been accused of becoming Ethereum centric and I'm still very bullish on Solana and a lot of other projects, but a lot of people are funding Solana right now.
Is Solana one of the ones you're watching for this next bull market?
And what's the thesis for you on that?
Well, John, you've been around the space for long enough.
I mean, as soon as you say something, you're going to be attacked on one side from one community or many communities.
So it sort of goes with the it goes with the territory.
But no, I'm bullish on Solana.
I mean, the technical roadmap is I think is.
excellent and the upgrades that they're putting through will position them really well for the tokenization wave because you've got to be able to handle huge amounts of volume on chain um and i think i mean like you just need to look at where the capital is concentrating and there's very few chains which legitimately uh can be called like you know you know tier one blockchains ethereum and solana are the two um and that is sufficiently decentralized um So, no, I'm bullish on Solana.
I think I've been adding to that.
Okay, well, good.
I'm glad we have made some enemies here at the end of the podcast and at least pissed off one community somewhere.
Jamie, I'm not going to make you go through your whole portfolio, but I really do appreciate you coming on, giving us an updated outlook on what you're seeing in the markets and just sharing this analysis with us because I know everybody at Milk Road is a big fan of your work and in the broader industry as well.
So thanks for being on the Milk Road Show.
Where can we send people to find more of you and your work online?
Realvision.com and just on Twitter at Jamie1Coutts.
Awesome.
Well, yeah, I spent last night reading, I think, about half a dozen of your most recent reports.
So I can vouch for this.
They're full of alpha.
They're wonderful reads.
So, Jamie, thanks again for being here.
I'm looking forward to catching up with you on our next show.
Thanks, John.
Always a pleasure, mate.
Take care.
And thank you all for joining us.
I hope you all learned something today.
So until next time, stay safe, stay educated, stay bullish, and we will see you all on the next episode of The Mill Crow Show.
Thanks for being here, everyone.
Bye.
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