This is the most hated V-shaped rally. Most of our Zooms with our institutional clients is people telling us why the stock market shouldn't be going up and why it's expensive. And every time we get off, it strengthens the case for stocks to go higher because it's a non-conensus view that we should be going up.You need skepticism for markets to go up. If everybody was bullish in the liquid world, that's the top. Just because digitalized treasuries have gone up and you don't own it doesn't mean it's a bubble. ...

I think the upside case for ETH is actually higher than let's say Bitcoin did 100x. You know, could Ethereum do 100x. I think that that could happen because there is a significant probability that Ethereum could flip Bitcoin as well in terms of network value.So then if someone thinks Bitcoin's at a million, then imagine what it means for Ethereum because it is not just Wall Street financializing onto blockchain, but it's AI, but it's also part of the US focus on AI dominance, right. Ethereum plays a strateg ...

Let's get to the main event. This is uh Tom Lee becoming the largest ETH holder in the world. At least publicly disclosed, probably the largest ETH holder in the world.This happened earlier this week on August 4th. Bit mine immersion, that is Tom Lee's Ethereum treasury buys another $28,000 ETH worth $757 million. >> That's a lot of ETH. >> That's a lot of ETH.You want to look at this on the >> Who the hell sold $750 million of ETH to Tom Lee. >> Not me. I would never do that.Look at these buys. From July 8 ...

Everyone was sort of dunking on Ethereum back then because it bled against Bitcoin for so long. But really the altcoin market doesn't really go up against Bitcoin itself until ETH Bitcoin bottoms, right. So I think that was what a lot of people missed that kept calling for all season.It's like you can't really have all season if ETH Bitcoin keeps going down because ETH is arguably the index for the altcoin market. It kind of exists somewhere between Bitcoin and altcoins. Again, if you look at the last coupl ...

Sometimes it just makes more sense to bet on the best in the asset class. And for me, that's just Bitcoin and Ethereum. Is it possible that you get an alt season.It is, but I don't think the conditions are aligned for it until altcoins go to the range lows. So, I think it makes sense to fade the alt season calls until alts are at the range lows against Bitcoin. But just because they hit the range lows does not necessarily mean you get all season. Cuz in the last cycle, the first time we hit the range lows, ...

Why is ETH having momentum. Well, because it's the ETH Treasury events. But you would have said, "Oh, yeah. After ETH goes home, then ETH is going to have momentum." And you said that, you know, 6 months ago, a year ago, before the word like treasury company was even uttered beyond just Michael Sailor.How do you square those two things. >> I guess I would argue that like narrative follows price. And it's always easy to sort of assign a narrative to a price movement because think about it.Let's say in mid 20 ...

To me, ETH season will continue for the foreseeable future while alts find their bottom and ETH can make as much progress versus the Bitcoin ratio as it can while Bitcoin holds on to strength without actually gaining net new strength versus Ether. I think you're right. I mean, if are down 44% against Ethereum since April, what else do you call it other than Ethereum season, right.Basically everything in crypto, including Bitcoin since April, has been bleeding to Ethereum. And except for maybe a few select a ...

Ethereum & Crypto Industry - Ethereum celebrated its 10th anniversary, with community members sharing stories of its impact and a community-led marketing campaign replacing "ETH" in "something" with the ETH logo [1] - The Roman Storm case, involving a Tornado Cash developer, casts a shadow over the industry due to its implications for the cypherpunk movement and privacy applications [1] - The SEC's "Project Crypto" aims to modernize securities rules and regulations to enable America's financial markets to move on-chain, potentially attracting crypto asset distributions back to the US [4] - SEC Chairman Paul Atkins emphasized the importance of maximum choice in custody and trading of crypto assets, supporting the right to self-custody and potentially easing restrictions like Operation Chokepoint 20 [5] - The SEC is considering an innovation exemption to allow both registrants and non-registrants to quickly enter the market with new business models, potentially reducing red tape for crypto startups [7] Market Trends & Dynamics - Wall Street is increasingly interested in Ethereum and crypto, with the 10-year anniversary of Ethereum having a better halo around it in traditional finance [2] - The SEC's speech is uniquely bullish for Ethereum due to the increasing TradFi adoption of Ethereum-based solutions like Circle, Coinbase, and Robinhood [8] - Zora, a token launchpad on the Base chain, has seen new all-time highs in various metrics, positioning it as a competitor to Pump Fun [13] - ETHZilla, an ETH treasury company with $425 million starting capital, aims to generate yield through on-chain DeFi activities, potentially impacting DeFi yields [9] Regulatory & Legal Issues - The DOJ's initial claim of potentially charging Dragonfly for investing in Tornado Cash caused a firestorm, highlighting concerns about the chilling effect on investments in innovative technologies [15] - The jury in the Roman Storm case questioned the venue, potentially indicating consideration of dismissing charges based on improper venue [16] - The SEC approved in-kind creation and redemptions for crypto ETPs, a procedural change expected to tighten spreads and reduce slippage [11]

Nick: If you want to go past 10 million, aka level five, you have to completely change your strategy. Nick: Let's say you have a million dollar portfolio. I'm just trying to make it very Nick: easy.It's earning 5% a year and you're saving $100,000 a year. Nick: Do you know how long it would take you to get to 10 million. The answer is 28 years.Nick: So once you start to do the math on this, you realize like, oh my gosh, Nick: like there's just like no way I'm going to get there by doing this standard, Nick: ...

Legal & Regulatory - Roman Storm's Tornado Cash verdict is being analyzed [1] - There is a movement to "Free Roman Storm" [1] Disclaimers - The content is not financial or tax advice [1] - Investment disclosures are available [1]