00:00What is it that is driving the selling and the sentiment lower?
00:04Because we all thought the administration's adoption of crypto in many ways would just continue the asset class's rise.
00:13Yeah, exactly. I think what we're seeing today in the crypto market is that it's still recovering from what happened in October
00:19where we saw this large liquidation event happen in the crypto.
00:23So if you look at like both institutional and retail investors, we haven't seen any large firms coming out saying they had any blow up and stuff like that.
00:32But it does feel like some trading shops, smaller ones, might have some issues.
00:36You can see that from the open interest of perpetual futures market in crypto.
00:41The open interest hasn't really recovered since the market crashed in October.
00:45That tells me something about some trading shops may have had issues.
00:49I mean, remind us what happened. It was October the 19th, I think.
00:53It was over the course of a weekend, just an awful lot of leverage got pulled out of the system because a sudden jarring move in crypto
00:58meant everyone then had to sort of, well, they were margin called, it would feel like.
01:02Yes.
01:02Why would we not have heard of certain blow ups?
01:05So what could have therefore been more broadly making everyone more nervous about trading this going forward?
01:11I think we saw the number, obviously, is one of the larger liquidation numbers ever in history.
01:17I think there are a couple of reasons played into that.
01:19Obviously, retails are looking more leveraged in the space.
01:22That's why we're seeing more sort of liquidations events.
01:25The other thing, I think previously, most of futures tradings are happening on centralized exchanges like Binance and Coinbase.
01:33So you can't really tell.
01:34Sometimes these numbers are more like murky.
01:37You don't know exactly what happens when large liquidation events happen.
01:40But today, a lot of these tradings happens on the blockchain directly.
01:44So there's more transparency, so the numbers tend to look much bigger than previous cycles.
01:49I think we're looking at certain ETF flows.
01:51They've been more than 50 billion since their creation, but we've seen about 2 billion pulled out in the last couple of months.
01:56Where are we seeing the most pain?
01:58Is it in Bitcoin?
02:00Is it the larger areas?
02:02Or is it some of the more, well, certainly riskier altcoins that have been traded and whipsawed a little harder?
02:07I think for sure from an auto coin's perspective, because you can see that from the prices section, right?
02:13Like you mentioned about Dogecoin.
02:15Not just Dogecoin, other cryptocurrencies during the market crash in October.
02:19Some tokens went down to almost zero, which is crazy to think about, right?
02:23I think that hurts especially retail investors, because retail investors are those who tend to buy a lot of auto coins.
02:29And they got wiped out from that market crash.
02:32And right now, you just don't see a lot of demand from these auto coins.
02:35But people are still buying.
02:37Look, we just had Jay Jacobs and BlackRock saying, for many, a pullback in a certain of their ETFs means people actually buy into it.
02:43I'm seeing Michael Saylor, I mean, obviously, OG crypto buyer and treasury stocker-upper.
02:49He's doubled down on his digital asset treasury, it feels like.
02:53So is he making the most of lower Bitcoin prices?
02:55I think it's two different stories, right?
02:58We're talking about the micro strategy.
03:00Michael Saylor is like Bitcoin, sort of like buyers.
03:03And then we have the auto coin buyers.
03:05I think that we need to separate this two as two driving forces.
03:09I think on the Bitcoin side, because fundamentally speaking, nothing really changed on Bitcoin specifically.
03:14So there are still buyers.
03:15But I think what's happening in the market has been sort of like got into the Bitcoin market as well.
03:21That's where we're seeing what's happening with Bitcoin.
03:23I think that's sort of the aftermath of what happened with auto coin crashes and October market crash.
03:29I think it's prettyinstall.
03:30So I think that's pretty Merry Bitcoin奇
03:35there.
03:35Oh, there you are.
03:37It's pretty game.
03:38I think everybody takes it from the Bitcoin.
03:39You are making money baj烈, I respect thatай charts thatнь around Bitcoin,
03:40so I'm getting out of the Bitcoin sometimes.
03:41So that's where we're getting risked going.
03:43And I think we're getting pouvoir of my, like,
03:45as we're more on theCómo.
03:45So when you're keeping me looking over,
03:48going out on the Internet or something else,
03:49we're waiting to know more specifics.
03:50And, I think that,
03:52I think that when you're putting business on Bitcoin,
03:54you're seeing the metrics Merci,
03:55I think that your business based on Bitcoin now,
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