The Bitcoin ETF Impact | 1000x
Episode publishedPodcast: 1000X1000X
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Welcome back to the first 1000x podcast recorded with Bitcoin above $50,000. Yeah. Hey. Because the last time we recorded, Bitcoin was hovering I think it was hovering right below. Like, right below. Like, 49979, and that it broke. And that as we talked about, it broke. You actually had a little bit of time, you know, solid amount of time once it broke, realizing it broke, sat there, and then you go buy it, which I advocated for because I think that's generally the best worst and justed way to to play these things if you're a trader. Now Jonah, on the other hand, is just an absolute gigachad w
not as always.
So, no. You know, like, I I had to I had to give you something general. Thank you. Listen. I
am This is this is
this is this is the big this is a big win. We're sitting at 63 k right now. Bitcoin is obviously leading the charge. ETH is ETH is catching up. I think this has been an amazing, amazing, amazing run. I think for the first time, exercising a bit of caution just because it's been so insane. And you have all time high Bitcoin futures, open interest. You have a tremendous amount of froth in the market. You have a long money flowing into alts. I think if there were any point to at least if you're a 100% long, get to 90, is a good point to start taking off some length in my humble opinion, especiall
I don't wanna be cash heavy. I've been still all in on this, but I trade less actively than you. So I think if we're gonna try and if we're gonna try and monetize, like, some of the chop around here because, you know, as markets, it doesn't matter whether you're talking about crude oil, crypto or fucking the price of bananas. Right? When markets start to melt up, they get really volatile and the pullbacks get severe. Now I'm not watching crypto tick for tick every day anymore like I used to. I think you're right. Like, if you are watching it tick for tick, might pay to lighten up and then buy
And do do you think that it's it's going to a 100 k promptly? I mean, what what's your what what's your view here? I mean, how do you think Yes. These ETF inflows are sustainable? They're mega. We've had some crazy, crazy, crazy, crazy inflows. They're
mega. You you go to the far side investors ETF tracker page. It's like 500 mil a day, and it just isn't stopping. And, you know, it's like it's just like your dentist, your, you know, your grandpa, your your doctor. They're all just buying it, because now they can. And we talked about this on the podcast, you know, 6 months ago. We talked about how the ETF launch was not a front runnable event because there wasn't enough capital in this niche, weird, you know, self custody little token space to front run what would get debottlenecked by ETFs and institutional asset flows and and, you know, bro
I mean, Jonah Jonah, 3 month futures are now paying out 20% on BTC. I think 17% on ETH. Yep. That is massive. And, generally, historically, even if you've had a tremendous amount of interest in this in this asset class, that has been the start of the end. Because when there's that much leverage and that much euphoria, what you tend to get is you tend to get reflexivity towards the downside. So no matter how many inflows are coming in, no matter how much is unlocked, when you have that amount of leverage in the system, you get these nasty pullbacks, and it scares people off from buying. And I t
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