Is the, are the good times over?

Hi Dan, thanks for me, having me back again.

Uh, yeah, I mean, I wouldn't necessarily say the good times are over, but it is surprising given how, uh, s- the results last w- last week in terms of revenue, hit 54 billion.

It was up 379% year on year, and the guidance was also stronger than expected.

Uh, but despite that, you know, it fell 1% in the pre-market trading, and failed to rally in w- when the markets opened.

Uh, so I think that Wall Street kinda still remains skeptical as to how durable the growth is going to be.

Um, and the earnings beat, uh, is basically was only 5% versus, you know, 20 to 40%, what we've seen in terms of upside surprises in the past from some of these tech giants.

Um, is there still opportunity or, or, or, you know, where are you seeing selectivity?

So what do you think is happening at the moment? Like what do you think is going to drive the next move for Bitcoin from a macro outlook?

From a macro outlook, I think it's just this broader question of the debasement of the US dollar and financial repression, what's going on right now.

I think that it's finally come to a head in terms of the broader concerns around the US debt levels and the sustainability of that.

And the machinations that are going on behind the scenes to try and alleviate that.

I think that, as you'll recall, the Bitcoin rally was started back in August when Scott Besant announced these buybacks, these treasury buybacks.

And the reason he did that was because he wanted to try and suppress the yields.

And suppressing yields when you've got high inflation, that's textbook 101 financial repression, right? So the market saw through that and you saw a rally in assets that are risk-off, that are a hedge against debasement and financial repression.

But I've asked before around, you know, what happens if we do get this anti-crypto president that comes in? So do you still think that that is a possibility following Trump's administration? We do see like there is a chance that someone comes in anti-crypto And the fact that we haven't, you know, got the clarity act in place, there is a chance for, you know, the years of progression, maybe within this pro crypto administration to go backwards.

How much is what's happening in the turbulence in crypto markets tied to the macro environment?

There is part of it to the extent that, as I mentioned, the liquidity in the markets and Bitcoin being a high beta asset and very sensitive to liquidity and may have sold off prior to that.

But there are a few specific crypto native factors that have led to the softness we've seen in the crypto market.

uh the biggest one is what is referred to in the crypto community as the 10 10 deleveraging which happened on the 10th of october we had a massive deleveraging in the futures markets massive liquidations in fact the biggest liquidations ever and that seems to have weighed on the market for quite some time since then There's also been a mass distribution and sale by what are termed OGs or the original Gs, which are the old long-term Bitcoin whales, which have hold a lot of supply since the early days of Bitcoin.

They have been selling over the past few months.

And there's also been the slowing purchase of the digital asset treasury companies or the DAT firms, which have been buying Bitcoin.

And indeed, some have actually been selling.

What's the sign in terms of managing risk or re-entry points when you think about crypto assets right now and looking for stabilization?