# Crypto Resilience Amid Macro Deleveraging

**Podcast:** The Milk Road Show
**Published:** 2026-10-19

## Transcript

Setting aside the AI CapEx boom, setting aside the unwind of leverage, setting aside the bullish fundamentals that are driving crypto, the third year of a presidential term is always the most bullish for markets.
And it doesn't matter if it's a Republican or a Democrat.
And that's been true going all the way back to World War II.
What's up, everybody?
It's LG Doucette here and welcome to the Milk Road Show, the daily crypto show that promised mom we would not use leverage again.
But I never said when I was actually going to start that promise.
Today is October 19th, 2026.
If Bitcoin hits.
83 500 hold on to your ass that's what john literally told me moments ago before we started recording and we're going to be watching the price very closely as we go today on the show and crypto holding this range has not only been encouraging to people like john and myself and the rest of the crypto community it's a little bit validating because equities are looking a little bit shaky right now and not nearly as bad as the rest of the macro and look at who's bucking the trend good old crypto.
We'll talk about all that and more and even make time at the end to talk our favorite alts and portfolio in our Milk Road Pro After Hours, an extra session you get access to for just a dollar at the link below.
Otherwise, just a little reminder to like and subscribe because we love your support.
We love our audience.
You guys have been everything to us and all those little likes and all those little subs always matter a lot.
Enough of me.
John, what's up, buddy?
I did not say hold on to your ass.
I would never say something so crass.
You said that to me.
I said hold on to your butts.
That's a Jurassic Park reference.
Oh, come on.
Ass is not that bad.
It's still a butt.
You can hold on to whatever you got if Bitcoin starts to break out to the upside.
That's what I'm excited about.
But hello, LG.
Good morning.
How are you?
Hello.
Yes.
Hello.
Yeah.
Anyways, let's get into it.
Why is 83, 500 such an important level to you?
Why does that matter?
Because the bulls have been defending 81K and the bears have not been able to break us down below 80K.
And it seems like we've seen a lot of leverage unwinding in the equities markets and risk assets in general.
And Bitcoin is just holding up and honey badgering here and chopping sideways and not giving an ass about what's going on.
But I think that if we see Bitcoin start to move to the upside and start to flip some of these levels that it had been testing before.
and holding them, that could be a sign that we're about to move higher and break out to the upside.
The Bollinger Bands on Bitcoin are compressing to levels that are really tight, really close.
And it seems like Bitcoin is going to pick a direction here.
If it chooses to go to the upside, we could see Bitcoin break 90, 92, 95, and really make a sizable move higher here.
So I think it's something to watch out for.
Right now, we're trading a little bit above 81K, below 82K, but it's not clear yet what's going to happen.
I've been expecting...
you know maybe we retest 78k you know that would be kind of like the support i'd be looking to on the downside the bears haven't been able to get us even close to that so now i think that the risk is maybe we get a recover here maybe we start to see some of these macro headwinds start to clear maybe bitcoin flips 83.5 holds that as support and then maybe we make a run up into the 90s so that's kind of what i've been watching for and that would be the thing i'd be looking for if we flip 83k um 835 ish hold that as support hold on to your butt because the mid 90s could be next wow i like that uh what are bollinger bands for people that maybe don't know that not everybody's a ta maxi like you uh the bollinger band so peter bollinger is a technical analyst who came up with these bollinger bands and it's basically like i can't remember right now off the top of my head what it is but it's like trailing price history of like the the like 90th percentile or 10th percentile or whatever it is of like where the price has been recently and basically what it's saying is that the volatility is coming down and those those trailing indicators are starting to compress around where um bitcoin's price action is And eventually when the Bollinger Bands get closer and closer together, eventually price picks a direction and volatility picks up and then that spread widens and the chart basically breaks out one way or the other.
It's usually like a good indicator that that is likely to happen when that compression starts to happen because it means that the historic volatility, like the normal behavior of the chart and the price action for that market is getting to a place where it's gotten lower than it is historically.
And so usually that reverts to the mean.
price action moves the volatility picks up and the bollinger brands widen again um so yeah it doesn't necessarily mean it's going to go up or down it just means like bitcoin should be nearing a decision point on price in in the future here in the short term and did we see with something like bollinger brands have the same compression leading up to like through the summer before that big move to the upside before that i always call it just the trump hyper liquid day even though this is not really part of it it was part of it but it was it wasn't it but that is that because we saw Like basically what I understood from from mainly from Q2 podcast that we were doing is that you just had volatility just building up.
You just had this compression of price that was like, man, something has to happen one way or another aggressively soon.
Are you kind of seeing the same thing right now?
Is that what you're saying?
So, yeah, leading up to that market event in August, which was the largest short liquidation event in the history of Bitcoin's price action.
the volatility on Bitcoin had dropped to, I think it was like the 96th percentile.
In other words, for 96% of Bitcoin's trading history, it had been more volatile than it was at the time.
And what keeps happening is Bitcoin keeps up stair-stepping and then ranging.
And while it's ranging, its volatility is declining, right?
And so that volatility declines to a certain point to where...
like eventually it explodes one way or the other and that volatility comes back and then it kind of rebuilds a base rsi burns off and it's kind of doing again that's been the pattern of marketing behavior for bitcoin but again it doesn't necessarily give you an indicator if it's gonna if it's gonna break up or break down right so like that's the thing to say about this is that volatility spiking could be bullish could be bearish it doesn't really have a vector to it it just means that something's going to happen the market's going to change it will have a market event but that's kind of what i'm looking for here i don't think we'll get nearly as big or as violent a move i mean i could be wrong we could um But I don't think we'll get as violent a move as we got in August, but it just seems to me like because of the historic behavior of Bitcoin, because a lot of these indicators of volatility and Bollinger Bands compressing and so forth, and just because it's been ranging for so long and so much is changing in the markets here, it does seem like Bitcoin's likely to pick a direction in the near future here.
And I'm kind of like...
I'm suspiciously bullish.
I think that that's maybe puts me in a minority right now, but I think that there's there's the risk to the upside is is larger than I think most people are discounting for crypto right now.
This pullback on Bitcoin is scaring a lot of people and I am not one of them.
So if you want to see what I'm not selling and why, what's on my watch list and when I'm going to be deploying more capital into these markets, you can join Milkrow Pro today.
It's just a dollar.
The link is in the description.
I answer questions day and night in Discord.
I'll see you there.
market is trying to figure out right now, what would it be?
Because markets hate uncertainty.
We've seen in the last couple months these anticipated catalysts.
John, rate hikes, Clarity Act, we talk about this every week, but it's just like, okay, those are the things that were hanging.
Then when they passed, when they came to pass, the price went up or held pretty strong.
What is the next most obvious thing that the market is is kind of uncertain about i feel like you're going to say midterms besides midterms is there anything that isn't midterms because that's something that's obviously the big kahuna coming um but is there anything besides that that's more crypto specific let's say i think in a word i would just say macro but that's kind of a cop-out because macro takes into account everything basically um but it really does feel like a confluence of macroeconomic indicator like influences in the markets um that are presenting a backdrop for the markets that are let's say, risk off, to just put it directly.
Like I've been writing about this every Monday for several weeks now.
I've been like, hey, crypto is holding up really well here, but the macro backdrop is very risk off right now.
And that's been deteriorating.
And now you're starting to see that in the NASDAQ, in risk assets, in DRAM and memory specifically.
And a little bit of that pullback is now starting to get to the S&P.
But look, I think that's really what's causing the uncertainty here, right?
There are fears about...
credit default risk in, you know, Neo clouds.
There is uncertainty about the situation with the price of oil and the closure of the Strait of Hormuz and the Iran conflict.
There is, there's been a lot of market events.
This is not just US market specific either, by the way, there's been like the Chinese market has had 10 consecutive weeks of red, you know, selling off.
The, the Kospi has been a lot of volatility to the downside.
There's been market events, historic market crashes in the Indonesian stock market, the Turkish stock market, all of Europe is in a little bit of chaos right now.
So, just the macro picture has gotten so bad, I think, that it can only really get better.
Like knock on wood, right?
But that's kind of what it feels like to me.
Once that picture starts to improve, once that certainty starts to come into focus, think things get a lot better here the other thing is like interest rates and inflation inflation prints on cpi ppi have been hotter than people wanted or expected um the jobs reports seem like jobless claims seem to be holding up reasonably well um like there's no like major concerns that i'm seeing on that front right now which is like maybe the one thing that's still solid here but yeah it's just like a lot of things on the macro picture have gone from solid or neutral to sort of like concerning And I think that that's kind of what we need to start see flipping positive for this to clear up and for the bull market to continue in risk assets and in crypto overall.
But as far as like specific crypto, I think that there's a lot of stuff that's really positive that just, you know, give it time to play out, right?
Like the SEC and the CFTC have pivoted to get very positive.
They're rolling out the red carpet from a regulatory perspective.
There's been a huge shift in the industry towards token value alignment, token accrual, buybacks, and making sure that the token that is issued also has value capture and, you know, an investment thesis to it.
just broadly across crypto that's been a focus and then there's a lot of things with tokenization and the migration of real world assets on chain businesses coming on chain um major financial institutions launching new products like charles swab i think last week um enabled buying of bitcoin and ethereum and crypto on their platform for 40 million people who use their platform So like the access is opening, the investment thesis is strengthening.
So all of these things for crypto are strong.
And once these macro headwinds sort of clear up, I do think that the bull market in crypto has permission to continue.
And that'll just be very constructive and a lot of momentum will come back to the asset class.
Yes.
I just want to circle back to the macro stuff.
I mean, I feel like you're pointing at things that we've known for a while.
Is there anything in particular that is driving the macro down so poorly now?
Because even every Monday for people that don't know, our Milk Road daily newsletter kicks off with John writing a macro report that's based on our MRMI, the Milk Road Macro Index, which takes into account basically like 40 different...
macro thing.
So it's like, you know, it's the macro compression into just one chart.
And you can, and in the platform, you can compare it to S&P.
And usually, usually I find, John, if you look historically that the MRMI, what's, what's actually been helpful with the tool is that it's, it's risk off or risk on indicator will, will proceed moves in the S&P a little bit, right?
So that basically it's been in the red for a couple of weeks.
And usually if you look historically, that means the S&P is about to go for a little bit of a, of a dip.
um even though it hasn't really it's still around this you know 75 7600 range but you you seemed even more bearish today than you have been in past weeks in your write-up what specifically is doing that because a lot of the factors you mentioned like those aren't new the war in iran has been going on since march what's been new is that the markets have finally uh puked is the word i used in the newsletter the market is finally catching up and can't can't hang out can't hang on anymore basically yeah Right.
So there's just been a big sell off, a big deleveraging.
Actually, there's a lot of rumors right now that some desks within some major trading firms, you know, I don't want to name any specific names because I don't have any like anything to back this up.
But there are rumors that some people have blown up and that some hedge funds, head funds or some desks within those funds might have been carried out with the unwind of leverage that we're seeing.
And the posture of hedge funds overall has shifted from long.
um back towards neutral and i think that this is like in in the five years of prior history this is the most like uh defensive let's call it stance that hedge funds have been in terms of their positioning um long and short so they've closed some longs scaled back some longs and opened some shorts and that that's been a rotation here so yeah i think that that's a big part of what's driving this i don't think that it's necessarily the ai bubble bursting or ai capex bursting i think that is still very much in the early innings but what seems to be changing here is um leverage and speculation and positioning in the markets and so that's what our milkword macro index um is reacted to is like that continuing pullback on the markets and and just you know taking that into account because it's it's the market is getting more risk off so our indicator is getting more risk off more risk off and you think that that and you're so you're saying that a lot of those hedge funds are opening shorts Right now.
They're pivoting.
I mean, I'm not saying like everybody's going short the market.
I'm just saying that the positioning has shifted more in that direction.
Let's just put it that way.
The net positioning.
And would you, you compared this when we were chatting before kind of getting ready for the show that basically we're seeing an unwinding in leverage in the equities market, ironically or coincidentally, similar to the 1010 unwind of leverage that we saw in crypto a year ago.
I would assume in equities, it's a much larger scale as well than crypto.
But maybe tell me a little bit more about that.
Yeah.
So I think it's just like what comes to mind is a recent analog, even though the October 10th deleveraging event that we had was.
Less orderly and more, let's just say.
Very aggressive.
Yeah, it was aggressive.
There was a lot that happened.
Automatic deleveraging is a hell of a drug.
Anyway, basically what I was saying with that is that on October 10th, we had this huge liquidation event and auto deleveraging was kicked in for a lot of.
perps positions that were long the markets.
And a similar thing seems to be playing out here around a similar date on the calendar for the equities markets in AI stocks right now.
There's just been a lot of leverage and a lot of longs.
Some are getting liquidated, some are rotating out of those positions and leaning back towards short.
And so it's just kind of like a clearing of some of the leverage in the market here.
It's not...
caused by the same things.
It's not on the same size or scale, but it just happens to be around the same time in the calendar and, you know, similar sort of net effect.
And I don't know whatever it is, but like, but like, you know, this market crashes in October, it seems to be, I don't know, it's, it's a thing sometimes.
Maybe that's the new norm, right?
October is supposed to be like a bullish month typically, right?
But it sounds like.
Sounds like the new norm, or at least in the time that we've been at Milk Road, John, October is a bit more of a spooky month.
I think seasonality only works about 60, 70% of the time.
And I do think in an election or a midterm year, it's much different, right?
So who knows?
Octobers are not all created equal.
Let's just put it that way.
Are you still holding your, and I'll ask you about this every week for the next couple of weeks until we go through it.
Are you still holding your stance that Polymarket is wrong and that the, Dems will not sweep the midterms?
I do still think that the Democrats will win the House.
That seems likely to me.
But I don't think that they have such a clear path in the Senate.
And I think that that's like pretty consensus.
It's just that the betting odds are saying like 60% that they win the Senate.
And I think that that's a little bit rich, right?
I think it's much more of a coin flip.
It's basically 50-50.
They may win this.
It's a few seats.
It's a handful of seats, that 65%.
Or at least what they're projected to do.
It's only a handful of seats.
It's not versus the house is a lot more.
So just a couple seats is what flips that one for sure.
And if you look at all those, there's a lot of races that are just within the margin of error, like the pollsters themselves.
Like we can't tell who's ahead here.
And so most people are giving it to the Dems just because that's the conventional wisdom.
But I think that, you know, if you look at recent midterm elections, like they were expecting a big red wave during Biden's administration.
It was more like a red trickle.
And I think we'll see something similar here.
Like the Democrats will pick up some power, but it won't be like a huge, huge gain of seats for them.
Is it too late to try and end the war?
in some way before this.
And again, like, yes, I'm sorry, we're talking politics, but we're just looking for like, you know, to me, John, honestly, like of all the other things you mentioned, the macro and the adoption of crypto, all that kind of stuff.
It's like, I'm always just looking for the next big, big marker that all markets are anticipating and are uncertain about, and or just waiting for it to happen so that it can then move to the next flag of like, here's what we're going to work towards.
And to me, that's the one that I'm excited to just not talk about midterms anymore when we talk about stocks and crypto and all the other stuff.
So yeah, we're just doing a little pit stop on the political side here to discuss this.
So John, on that geopolitical side, is it even still worth it at this point?
Because midterms are what, like two, three weeks out and even ending the war may not.
I mean, would that really shift sentiment that much?
I think that the Trump administration today said that there's renewed talks around a lasting breakthrough of some kind of peace agreement with Iran.
But they've been saying this now for seven months, and I don't know how much more the market is going to react to that.
So it's possible.
Look, I think that the Trump administration is going to try to make a last minute effort to sort of kitchen sink this with whatever they can do to help markets, to help sentiment, to help their positioning in the polls.
So I don't think.
Too late is how they're going to look at this.
I think they are going to make those efforts.
Marco Rubio, the secretary of state, is abroad right now.
Who knows what comes of that?
But look, I think in general, Trump wants to win.
Trump is going to try to win.
Trump is going to do whatever he can to give himself the best chance he can do in the midterms.
So I don't rule that out by any means, but I would question whether or not the market believes it or how much impact it can have on things right now.
I think most of the people have sort of made up their minds at this point.
You know, it's like, I'm sure he'll try.
I don't know how effective it'll be.
Yeah, exactly.
Yeah, I think it's just a little too late in the game.
Do you, how do you think, and I'm just thinking back to election night two years ago, John, we're going to bring this back to crypto now, that, you know, the poly market was clearly in Trump's favor.
Polls were 50-50.
As like the election, like the night before, I think it was like you started to see this move in Bitcoin and then it played out through the day.
And as the results came in on election day, what would you anticipate?
Let's go with your scenario.
Democrats do not take the Senate.
They take the House.
How does crypto react through this?
right and again it doesn't really have an effect long term but like what how do you how do you i'm always curious how do you think the market will react to this thing that like even clarity a couple weeks ago is a good example where it's like oh this is going to fail and you had this crater but it bottomed way before the official announcement and then you had this boom just just shot up right after right so is that how would you expect this to play out given your scenario i think that this is going to uh surprise a lot of people on both sides and i think that the volatility will pick up and that's about the only thing I can say with some degree of confidence.
I think what I think is happening right now is that some degree of capital is just staying cautious.
They're a little bit worried about the Fed hiking rates in December, or I think the market doesn't expect them to hike in October because it's before the election.
So they're kind of pricing in them not hiking at the next FOMC meeting here at the end of October, but they are.
like with conviction, like I think over 80% pricing in a rate hike in December.
So there's a lot of capital right now that I think is staying cautious to not fight the Fed.
There's a lot of capital that's staying cautious to just like wait for the midterms to kind of clear as an event.
So I think as you get to this event and kind of like get the certainty into the markets.
there'll be some volatility, but it'll probably be volatility up and down.
And I think that you might see buy the rumor, sell the news.
And then, you know, I think we could see a run up on the news and then we could see a sell off after the election.
And so like there's going to be a lot of volatility.
It's hard to map that out in the short term.
But I do think whatever the outcome is, it doesn't matter if the Republicans win both houses, if the Democrats win both houses, if they split the house, which is I think the most likely outcome here.
Once the market gets that certainty and that degree of like, you know, okay, this is what.
things are going to be like now.
They're going to get a little bit more clarity on what kind of government you're going to have, what kind of policy to expect.
They're going to price that in quickly.
And then I think that's bullish for the next one to two years.
This is an important thing, I think, not to get lost in all of this.
Setting aside the AI CapEx boom, setting aside the unwind of leverage, setting aside the bullish fundamentals that are driving crypto, the third year of a presidential term is always the most bullish for markets.
And it doesn't matter if it's a Republican or a Democrat.
And that's been true going all the way back to World War II.
And so it would be a huge deviation from historical norms for the third year of the Trump presidency to not be a bullish year for the markets.
The outlook for 2027, just on historical precedent, has to sort of be a default tilt towards some kind of bullishness here.
That doesn't mean that it'll go the whole year.
That doesn't mean that it'll be a straight line, et cetera, et cetera.
There's a lot of caveats to that.
But just historically speaking, I think there's strong reason to expect that 2027 should be a constructive year for the markets.
Why?
Why though?
Why does that happen?
You were just talking about seasonality is bullshit.
So it's like, why is this third year of a present?
It's not seasonality, but it's like, why?
I'm sure, but like, what are the economic factors that make that happen?
Because clearly that's part of...
the presidential termed cycle.
Yeah.
So there's a lot of things you could say.
What is the ultimate driver or is it just line up that way?
Is it the business cycle?
Is it the election cycle?
Are they just moving in sync?
Is it the debt refinancing cycle?
The four-year cycle is not unique to Bitcoin.
You can see that in the US stock markets going back for a whole century as well.
So like, I don't know, you've asked a big question that you could spend months talking about and still only be scratching the surface.
But it's just the historical pattern.
Now, again, this could change.
It could be a lengthening cycle here where maybe it continues, but then we get a crash.
I'm not going to try to get into specifics of that.
But the reason why is for a lot of reasons, debt refinancing, business cycle acceleration, and then also as far as it relates to politics and government, you have some degree of legislative and regulatory certainty.
and lower risk of change.
In other words, in the early years of a presidential administration, that administration will have a political, regulatory, and legislative agenda that they will implement.
And then the uncertainty that comes from those changes, who benefits, who loses, what that actually changes in the markets, that can create some hesitation, some uncertainty, some volatility in the markets.
But by the third year, the presidential term, he's had a couple years to implement those policies.
The market has had a chance to adjust and digest.
And there's not really like a major thing that a lame duck president is going to be like, oh, I'm going to suddenly completely change everything I'm doing about this administration or with the markets here.
So there's some reasons for that, that there's just some clarity, some certainty, some things are priced in and the markets can kind of play out.
But as far as what drives it economically, you ask big question, we have little time.
That makes sense though.
I mean, in terms of markets hating uncertainty, if you think of all four years of a presidential term, that makes the first year.
sure will promises be kept things will change you don't know second year you're kind of leading up to midterms maybe some policies aren't working whatever um but there's things like midterms and maybe other um laws you know pushed forward initiatives are playing out or not playing out but then in the third term it's like okay you're kind of clear sailing it's like you know what this administration does midterms are done You're not yet in the, you've started the election cycle, but it hasn't heated up.
You don't know what's going to happen in that election at the end of the fourth year either.
So you're kind of, you know, you have this kind of area of like, you know, the administration, you know, what has worked and what hasn't worked for them.
You're not in this volatility of the final year before the election.
And hence, that's kind of like the calmest time in a sense for market participants to know.
how things are going to go so that makes a lot you know i think that that's that's very interesting and then i mean ironically it kind of that lines up with the crypto cycle as well right and that and that is the happening is it happening in 2027 or 2028 when what year is that oh man now you know you put me on the spot here i haven't looked actually when's that happening the happening for for bitcoin i have to look at i gotta look at drawing a blank i used to know this by heart now i'm trying yeah we don't care anyway well i went out anybody on the show before i pull it up can you guess in your mind when the next halving is i i do want to say about this too though i do think that it's important to say the happening the bitcoin happening now is such a small change to supply issuance that it's i think now going to be a much less important impact on the markets but i do think that the things that drive the four-year cycle outside of the happening which just happens to align with that are going to continue to play out.
Those are macroeconomic and economic factors.
That is going to drive the business cycle.
That's going to drive debt refinancing.
It's going to drive risk asset appetite in the markets and a lot of other market behavior.
So that is still going to play out.
You're still going to see Bitcoin react to those pressures, but the halving itself is now such a minute change to the supply issuance.
But I don't think that that's going to be such a big impact anymore.
For the curious.
That's a good take.
For The Curious, it is anticipated for April 2028.
Great.
Lovely.
Great.
Great.
Yeah, we'll do a show then.
We'll watch it live to the minimal amount of supply.
Okay.
John, let's jump to anything else catching your eye this week, actually, because I do want to get to after hours and talk about portfolio management as we're kind of going into a hopeful like we've been holding these levels really well.
And hopefully that should make people very bullish.
Anything on the institutional side that you're seeing this week, anything on the Ethereum side?
I think there's some big news that we just saw this morning with a guest that's coming this week on the show.
Maybe worth mentioning because a big shout out to him, a big fan of his and always very generous to the show.
But I'll throw it over to you.
Yeah, well, so what you're referring to there is a friend of the show, David Duong, who was former head of institutional research at Coinbase, is now joining Ethereum Institutional.
And I don't know off the top of my head what the role is going to be, but he's moving over there to help them.
That's very bullish for Ethereum.
And Ethereum has been campaigning very hard for institutional adoption in the past year or so.
devoted a lot of resources and effort towards this.
For those who don't know, Ethereum Institutional is a new nonprofit that has been spun up just in the last few months here.
We did an interview with them on this channel a couple months ago.
So if you missed that, go check it out.
It's one of the first and most comprehensive interviews anybody's ever done with them.
I think we had three of the original.
co-founders of Ethereum Institutional on the program to talk to them about the nonprofit and their goals and what they're working on there.
So very bullish on what they've been doing.
They've had a number of huge wins.
It seems like Ethereum just keeps coming out with wins over and over again.
And this is something else I've said is that there are going to be so many of these that the market is going to start to go blind to them and they're going to get announced and nobody's going to care.
Like JP Morgan announced today that JPM coin is coming to Ethereum.
Nobody cares.
Nobody noticed.
Charles Schwab rolled out crypto trading to 40 million people.
Nobody cares.
Nobody noticed.
Right.
So like all these things are happening and the market is going blind because it's like, yeah, yeah, yeah.
Another huge institutional win for Ethereum and for crypto.
But these things do matter.
They do start to add up.
And over time, the amount of access, the amount of capital, the amount of talent, resources, energy, products, services that are coming into digital assets that are coming into Ethereum and crypto overall are going to continue to accelerate and expand.
And that's not ETH specific.
It's just across the board and crypto is very bullish.
So I think that's just one example of, you know, Ethereum Institutional is, it was spun up from elements that came out of the Ethereum Foundation and other places, other resources and funding.
Bitmine and Sharplink collaborated on helping to stand that up as well.
And their goal is to just go out and do...
you know, business development effectively for Ethereum and to go to these institutions and be a name and a face and a front door and a point of contact for the Ethereum ecosystem that relates directly to institutions and help them get onboarded to crypto, leverage the Ethereum as financial infrastructure and to understand the value proposition of Ethereum as an asset and as a tool for their businesses that is more scalable, more secure.
and more cost efficient and effective.
So yeah, there's a lot of bullish things happening in crypto overall.
That's one of them that's fun because I'm interviewing David this week and I'm going to ask him about what his new role is going to be like.
So yeah, it's just a lot of fun things happening in crypto.
It's all very bullish.
Nobody's paying attention.
I am though.
And I think this is a big reason why you should pivot to crypto and get more focused on a classic.
You're talking to people that listen to you every single day, man.
Why aren't you guys paying attention?
Dude, they've been listening to you.
and for to me for like a freaking year man okay listen this is they are paying attention they've been paying attention but waiting okay everyone's been waiting that maybe everybody else but definitely not people listening to the show uh john i will comment on two things that you said jp two takes jp m morgan token or whatever i don't i don't care i don't think the market should be excited about that i don't i honestly i know nothing about it so no no no shade to them uh but we don't need more tokens or chains or any of that shit just just buy the stuff that is there uh which is why i'm excited who's Who's rolling this out to their 40 million accounts?
Schwab or Fidelity?
Who's doing that?
Charles Schwab.
Yeah.
Great.
Yeah.
That's way more bullish because then they will buy the things that already exist.
They're not making their own new token that they want people to buy.
Yeah.
I agree with your take in general.
I don't want to say anything more about JPM coin right now, but you know- Get them on here.
Get JPM coin on here, man.
Come on.
Come on, JP Morgan.
Come show us your coin.
They have trillions of dollars of deposits and moving them on chain is a bullish thing, I guess.
Why do they need a token?
What's the token going to do for that?
What are you talking for?
You have to talk to them about that.
Give you some yield.
Give you some JPM Torgan, move your stuff on chain.
I think that the thing that's interesting to me about this is that.
Public blockchain infrastructure is better.
And a lot of these institutions want their private permission blockchain infrastructure to win.
And they're sort of resistant to that.
And they're trying to like, you know, kind of come up with some like halfway system where they're using the public blockchains, but still retain some of their power control.
And I don't know, it's a process, right?
This is an evolutionary thing.
It is not going to be a simple jump from where we've been to where we're going, but we're moving in stages.
And this is, I think, just part of that progression.
And, you know, I think it's bullish.
it'll keep keep going from here absolutely uh john i do want to jump into avar after hours and talk about uh your dear tokens and what you're holding your portfolio and also look at if anybody else is buying crypto in milk road i doubt it but we'll go check that out in the milk road pro portfolio any last points anything anything else people should watch this week i know there's there's it's we're entering earnings seasons on the equity side there's spacex stuff and and i just did a great interview with ryan zur on uh on our stock show this morning to talk about SpaceX and the potential merger with Tesla and all that, if you guys want to check that out.
Anything that you're watching, though, John?
I've just been watching Bitcoin.
I think that that is the most important thing to watch right now for crypto, because while it's shopping, while it's ranging, you're going to see a lot of alts showing some weakness, and that's going to be presenting an opportunity, in my view.
And I think that there are a lot of things that have run up huge amounts since August that have pulled back.
30 40 50 percent um and nothing has changed about the fundamental value there it's just that people have gotten a little bit nervous and uh taken some chips off the table some speculation is unwound um aerodrome is going ahead i think in two days with their merger of aerodrome and velodrome and relaunching their token as aero i think there's going to be a lot of important announcements about changes to that ecosystem and to that asset that i'm going to be paying close attention to aerodrome has been uh you know a very very strong performer um throughout this this year but particularly in the last few months and i think that a lot of that has to do with their uh ownership of a lot of the liquidity provision on tokenized stocks for for the base ecosystem and for coinbase which i'm very bullish on it's very much growing quickly and it's still early days on all of that So I'm bullish there.
I'm watching that.
Uniswap, same thing.
They've been doing huge amounts of volume.
Their tokenomics have been fixed.
The buyback and burn there is really strong.
They have been doing a lot of volume on tokenized stock trading on Robinhood.
That's cooled a bit recently, which is why I think Uniswap is cooled as well.
But again, the long-term thesis is still very strong for me.
And so I'm very bullish on that.
We can talk about more of this in After Hours too and go into more depth on a lot of the other tokens that I'm looking at.
But I just think that there's a lot of stuff that has moved very strongly that is cooling and that's an opportunity.
And so I'm not...
saying that it's going to revert to all-time highs immediately um but there are a lot of assets that i'm watching closely that i think will do very well here and so i just think it's a good time to keep your eye on all this but bitcoin is the most important thing as long as bitcoin stays above 78k i think that you have reasons to say buy the dips and and and stay stay long on crypto we'll dive into it here's a little preview we're looking at the analyst portfolios john you were briefly in first place last week overtaking melvin uh the the alts have dip but maybe a good opportunity for those still sideline right now uh let's jump right into it thank you guys for listening and if you want to if you want to check out this session we're going to do we're going to i'm going to double click on john's portfolio here and see what kind of stuff he's hiding in there and what he's bullish on uh make sure you check out milkboard pro After hours will come out.
It's a 15 minute session that we record at the end of our shows together where John just talks through the strategy of his portfolio.
We're going to record that right now.
If you want to take a sneak peek, it's just a dollar of Milk Row Pro.
Otherwise, thank you, John.
Thank you for another great show.
Thank you, Elchies.
Pleasure as always.
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