00:05The sentiment's been very low. The Fast Money has long since moved out toward AI names,
00:11and as we saw, even a fairly small move in price and in Bitcoin terms caused kind of record liquidations,
00:18which shows just how bearish the sentiment and positioning was.
00:22I think that, you know, while this could be another false breakout, I mean, May, we saw higher numbers
00:27and we rolled back over to slightly lower lows than we saw in February.
00:31So, I don't think Bitcoin's out of the woods yet.
00:33But I do think that by almost every metric,
00:35Bitcoin is near the low end of its valuation and sentiment range.
00:39Fast money's washed out.
00:41Strategy already kind of recapitalized its dollar position.
00:45So, it kind of took that overhang of potential kind of further selling off the market for a while.
00:50There's really not a lot of downside catalyst for Bitcoin left.
00:53And even relatively small upside gains at this point can attract new types of buyers.
00:59Once people see that the chart doesn't look bad anymore, you can get technical traders coming back in.
01:04If you get further momentum, say months from now, you can get more momentum traders back in.
01:09So, I think with a multi-year timeframe, Bitcoin is positioned here,
01:14both just fundamentally from where money has gone, but also from the dynamics we just talked about.
01:19basically that they're going to do some version of financial repression between the Treasury and the Fed,
01:23you know, potentially alternating.
01:25And the ultimate beneficiary of that is far to assets that are under-owned.
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