HARVEST TAX LOSSES

“If you speak to a lot of the hedge funds like some of our clients, you know, they're increasingly combining the basis trade with the momentum. The two are inherently linked. So as soon as the price falls, the basis trade just evaporates and exacerbates the the price falls and the price rises too because people exit out of the basis trade with negative price momentum as we've seen.”

“This is Kash Patel and Todd Blanch, the deputy, the FBI director and the deputy, attorney general who should have been, like, rock star treatment on state. There's, like, 12 people in that room. But, I mean, if you wanna see the state of affairs is to your point, like, I just happened to have that video. It's like the feds are on stage talking about Bitcoin, and nobody's watching.”

“I've gotten a lot of things wrong over the past few years. One that I think I got right very early was that there was gonna be an old season, and it was gonna happen. It was just not gonna involve tokens. It was gonna involve crypto adjacent equities. Right? That that was when the circle launched, and we saw the price action. EToro did well and bullish and all these. But I really think that that's where the money wants their big money wants their crypto exposure.”

“And hyperliquid is fascinating in this. If you look now, it's trading at times 4 and a half, $5,000,000,000 a day in trading volumes. That's the same as the London Stock Exchange. That's huge. And, it is trading it in things. Like, earlier on in the year, it said your basement trades are gold and silver, and now it's oil.”

“Andrew, I Jim, I'm dying because on your screen behind you, I think it was Kramer. I think it is that Kramer right now? It looks like he's in the ear. He's literally whispering directly into your ear. I wanna know what Jim Kramer told you so I can do the opposite. Well, he he he he told me that, Bitcoin is going down. So so buy more.”

“We did a calculation, just so that this is a bit of sideshow, but I like it. 2.2% of GDP, Bitcoin volumes and trading volumes in Iran represent 2.2% of GDP in Iran, so there's clearly becoming quite popular there. But also just the relative price action. Gold's down 9%. Bitcoin's up 22%, and equities are down 3% since the start of the war. And, that is really, to me, showing its its, crisis resilience.”

“I have been saying for probably two months that that clarity is not gonna happen. It it just it it can't it almost can't rise to a level of priority that that sees it gets fast. There's just there's too much else going on. Then you have the backdrop of the recess and then elections. And, you know, again, we're we're in a position where the folks that would push this and pass it, the narrative associated with it, you know, freedom, opportunity, all those things, those aren't going to be the narratives associated with the midterms.”

“The Clarity Act has ten weeks left to get passed before recess goes into August, and we likely don't see any clarity until 2030. So this next ten weeks could really determine what Bitcoin looks like and certainly what all coins look like for the rest of this cycle.”

“We did a calculation, just so that this is a bit of a sideshow, but, 2.2% of GDP Bitcoin volumes and trading volumes in Iran represent 2.2% of GDP in Iran. So there's clearly becoming quite popular there. But also just the relative price action. Gold's down 9%. Bitcoin's up 22%. And equities are down 3% since the start of the war. And, that is really, to me, showing its crisis resilience.”

“Hyperliquid is fascinating in this. If you look now, it's trading at times 4 and a half, $5,000,000,000 a day in in in trading volumes. That's the same as the London Stock Exchange. That's huge. And, it is trading it in things like earlier on in the year, it should be based with trades of gold and silver, and now it's oil.”

“It's good to be it's good to be BlackRock. Right? I mean, the the the that's the headline there. BlackRock decided, well, I bet options makes sense. So we're gonna be first in line and also, we're gonna dominate. We're gonna get the first unlock and and all the unlocks, and nobody else matters.”

“Some of them were trading at 40% discount to and that should recover at some point when sentiment improves, but I don't think we'll that there's heavy days of three, four times and never done it. We won't ever see that again. So and it does it makes sense that they trade it around the the one times end of mark anyway.”

“I mean, it just feels at the moment like an iShares show and nothing else. All the other US participants, you know, year to date are just nothing like the scale. I mean, Grayscale and Fidelity year to date and our 21 shares are are all in a net output position year to date.”

“This is Kash Patel and Todd Blanch, the deputy, the FBI director and the deputy attorney general who should have been, like, rock star treatment on state. There's, like, 12 people in that room. Yeah. And maybe a 100. But, I mean, if you wanna see the state of affairs is to your point, like, I just happen to have that video. It's like the feds are on stage talking about Bitcoin, and nobody's watching.”

“We run a blockchain equities fund, and we've seen it's 1,400,000,000 inside, 1.5 now, actually. We saw a $155,000,000 of inflows last week last week on our fund. And if you take that kind of sector of crypto, you can call it that, it's seen $670,000,000 of inflows over the last three weeks. Suddenly, there's a huge interest in, things that aren't necessarily a token, but express the growth potential in stable coins, the Clarity Act, and the Genius Acts. And people are looking towards equities to do that.”

“The themes have done well in crypto over the years. It was Bitcoin mining. That's that did really well. And then it was token investments. You know, you look at the MNAV premiums, they were huge. Now they settle around one. So you could argue the hype's gone from that sector now. Some of them were trading at 40% discount to and that that that should recover at some point when sentiment improves, but I don't think we'll that there's heavy days of three, four times and now we're done. We won't ever see that again.”