Four bullish signals for crypto despite regulatory uncertainty

Transcript

This is a backdoor way of getting fiscal stimulus into the economy i.e. an injection of around $140 billion by going back to these importers which would then like uh again like probably be very beneficial to risk assets like crypto. What's up everybody? It's LG set here and welcome to the Milk Road Show. The daily crypto show that spends too much time arguing about candles and not enough time figuring out how to actually make a move. Today is January 16th, 2026. We're recording this January 15th. It was a historic week for crypto, which is what I wish we were saying. We finally got a draft on the Clarity Act and the the leaders of crypto were not very happy about it. One of our strongest voices on the show is back to tell us all about that and why the

market is kind of setting itself up perfectly regardless of what Congress wants to do with this muchbeloved and controversial bill. The debt storm is starting to clear and there may be a tariff tailwind waiting in the wings. David Dwong, head of institutional research at Coinbase, is back on the show to break it all down for us. Today's episode is brought to you by Bridge sends stablecoin payments instantly simple, global, and friction free. Chain link links web 3 to Wall Street. David, happy new year and welcome back to Milk Road. >> Yeah, happy new year. I don't know if we can still say that two weeks in, but yeah, great to see you again.

>> People that I have not seen in the new year, I will say it. Okay. And I think you have all of January to say it. I guess that's my that's my that's my feeling. Listen, you work from home. I don't see a lot of people, man. So, my my internet friends uh and colleagues are are are are who I'm going to say it to. But enough of that. Let's let's chat. Listen, this is Thursday afternoon. We were supposed to be celebrating by now. David, this was the big date. We were supposed to be partying. Uh the the draft came out on Tuesday. Yesterday, Brian Armstrong, CEO of Coinbase, came out with, you know, a massive tweet saying, "Listen, we can't support this thing." Basically, TLDDR, we can't support this thing. David, from your point of view, tell me how you're feeling about what's happened with the

Killerity Act because I think we're all hoping for it to to to have happened by now. >> Well, first of all, it wouldn't have quote unquote like happened because this was only going through the banking committee in the Senate. So, I mean, there's two different bills in the Senate, one in the Senate Bank Committee, one in the Senate Agricultural Committee, and it would have needed to be reconciled anyway. So, I mean, the bottom line is it would have been kind of uh, you know, insight into how much traction this could have gotten on the Senate floor by the time it actually passes. But certainly, you know, what seemed like it should have been a slam dunk and that we were going to get something in 2026 has turned into like a battle for survival uh, just to like retain the potential of of a market

structure bill. So, it feels like, you know, bank lobbies uh are definitely kind of putting up some guard rails here. I think that it's kind of putting the bill at risk uh and all in an effort to kind of undo something that already been kind of signed into law under the Genius Act. So, it feels like there's a lot of pressure and it's it's really it's kind of a shock to me that this has kind of all happened. >> What So, what what's holding this thing back? cuz when we we we've had a few shows this week that have already kind of broken it down. From what I understand, the big miss here was the yield on stable coins, but maybe I feel like from your perspective, you maybe understand it on a much deeper level than we do. So I think the rewards on

stable coins is definitely one factor, but I think you know the top line is basically let's just the bill has gotten overloaded and you know a lot of people compare it to like a Christmas tree bill meaning that you have all these various groups all these interested parties and they're all adding their kind of like policy items to it and it's just getting overloaded. Like this bill should have been basically how do we define what is a crypto commodity versus a crypto security? Who has oversight over this? Is it the CFDC? Is it the SEC? Like that it should be at its core. Like basically this should be about the market structure itself. And it's no longer about that. And I feel like this is

what's you know really become a problem for the bill itself. And you know, like I think that you you you know, you rightly pointed out how much of the stable coin rewards uh are, you know, kind of pushing the issue into like areas that I personally think I thought were settled under the Genius Act. Um but I think that this has a lot to do with the fact that the big banks lobbies are, you know, they're putting money to work here because it hurts their bottom line. They don't like the competition and they're trying to eliminate it. Plain and simple. Are they trying to eliminate it or are they trying to also come up with their own products over time, right? Because I think I mean this is something I maybe you know a lot more about, but I feel like I see a lot of

institutional headlines all the time and and companies that are intertwined with the banks, right? Like JP Morgan and everybody wants to everybody wants to get into crypto now. Everybody wants to get into tokenizing their assets, all that kind of stuff. You guys write about it a lot. So you would you would think that banks would know that this is inevitable. So, are they delaying to build their own products or to kind of water down the crypto companies out there or are they just are they just the dinosaurs trying to resist uh you know what's coming? >> There are people who know this much better than myself, but I will say that over the course of years and I, you know, I used to work for banks. I I worked for three of them in my lifetime.

Uh, and you know, honestly, as a conspiracy theory, that's not a bad one. I'm going to put that out there. I will say that certainly like their willingness to kind of delay things until they're ready because they know that, you know, not doing crypto is a problem for them. I think when we saw in 2024 that Black Rockck was getting in the game with ETFs for example, I think I said it not on this show but probably some other show that listen the banks it's inevitable for them to kind of get into the space and sure enough this is what's happening right you see like Jamie Diamond making comments that like hey tokenization is like inevitable it's the future we need to embrace it etc. um he hasn't necessarily given up his

skepticism of Bitcoin, but you know like my point to that was like at the end of every year you have like a client like Black Rockck or like these large kind of like asset managers and they will go to those banks and say listen you know like asset class by asset class you did really well in fixed income you did okay in equities but you did nothing in crypto so you get an F and that's unacceptable if you're a bank so like they are trying to slowly integrate this stuff they do want to be part of crypto So, but they don't want to lose out on like on their lunch. You know, they don't want to lose their lunch.

>> So, actually like uh the if they, you know, lose out on stable coin rewards, for example, that's a huge hit to the balance sheet that they can't accept. So, yeah, you know, like I think that potentially they're trying to like slow this down, find a way so that they can kind of like, you know, get a piece of this or kind of like get themselves prepared for it. Um, but this is not something that's new coming from the bank lobbies. >> I'm going to pause there for a second. If you're listening to this and thinking, "Okay, but what is the move I should actually be making?" Then going Pro is for you. Every week, our research team drops a full deep dive on the biggest themes everyone else misses.

Plus, you get access to our full Milk Road Pro portfolio that has real-time buy and sell signals and access to our Discord where our analysts will answer any question you have. If you want to level up, honestly, that's where you got to do it. hit the link below. We can't really listen, we I I think one of the big questions that we've been asking you today is like, so what happens now? I know you guys probably can't really like speculate on that. Um, but is it safe to say like would you say the timeline is weeks or is it months for this to to resume? >> I mean, it's very ambiguous. Uh it was interesting because I was looking at uh prediction markets on this topic earlier and I was looking at Kouchy and you know we started the year with like 93% odds that we were going to get a crypto

market structure bill in 2026 that went down to like 60% odds like about two weeks ago and now we're down to like 50% odds. Um I think that it's going to be a very complicated situation. I mean, honestly, I did still feel like uh things were aligned and there was bipartisan support for this. And maybe that hasn't necessarily gone away. Maybe that, like I said, things had just kind of spiraled out because we've kind of moved away from what the core of the market structure bill should have been. But I think that people are going to start reckoning with, hey, there's going to be midterms in the second half of the year. How much of that is going to influence the process?

So, I I think that this is kind of where like the rubber meets the road in terms of trying to get something done in 2026. Let's zoom out a little bit because I think, you know, this story is developing. Clearly, the week didn't work out the way we thought. Um, but I think personally, I think it's been nice to see the community, you know, crypto community rally and be like, "No, we're not just going to we're not just going to take this. We're going to we're going to push back. Uh, and you guys got to you got to come back with something better." So, and that's clearly what's going to happen. So, we'll cover it as it goes. But, David, you've been writing a lot uh sharing your articles on X on top of, you know, the Coinbase institutional website as well. Um, that we're still kind of in a perfect setup

for crypto, right? And we've talked about this so many times, especially in Q4 last year when we went through months of chop. Every time David, you and I have spoken, it's been chop. We've been in chop. We've been in downtrend. Did somebody get liquidated? What the hell's going on? But now, listen, MSCI is no longer excluding DATs, which is great. The Clarity Act didn't go through. That was going to be a big one, but it's still or at least get, you know, get to the next step. But that will that's still going to be topical. Um, and the market has been rallying since the start of the year despite geopolitical turmoil, which usually kind of scares it away, but crypto specifically, uh, has been doing well. Is this is this what we foraw coming, David? Is this is this are we going into like a golden setup, let's

say, for this year? >> Well, number one, I will say that I think the macro setup is very positive for crypto at the moment. But kind of let's let's roll it back because honestly last two times I think I came here show I was still constructive and it didn't necessarily pan out for me. I will put that out there in part because you know like the events of 1010 meant that we were kind of rebuilding the market structure in crypto and I think that that had kind of wiped out a lot of you know profits but a lot of liquidity kind of got taken out as well. I think the prospects look a lot better. uh things have improved as far as market makers are concerned as far as the setup uh from that side and to be fair a lot of December ended up uh at the door of

like tax loss harvesting and you know we saw that in ETF outflows for example things are slowly kind of coming back here um so I do remain constructive that we're going to see a good at least probably first quarter of 2026 I think we could extend into the second into the first half of the year i.e into Q2 as well. Uh, but what's been going on more recently because I think that these have been more technically driven than fundamentally driven. And what I mean by that is we saw Micro Strategy kind of stepping in here. They did this pretty big purchase of around like 13,000 14,000 Bitcoin. Um, and I think that that likely forced a lot of the shorts out there to cover. So, this is kind of why we've seen the market gap higher. At

the same time, you know, like those like support levels that we previously saw, like Bitcoin obviously cleared the 95,000 level, which I think was really holding back a lot of that price momentum. And so those support levels that, you know, were previously holding us in that range of like 85,000 and 94,000, I think that they're now resistance points. So I think that, you know, this is helping at the margin and altcoins and other things. You see like, you know, privacy tokens kind of catching a bid here. Uh but I think that you know we still have a lot of way to go to kind of catch up with US stocks.

Uh so ultimately I think that this is still going to be a fairly good place but then I'm going to see what's going to pan out in terms of the rest of the year with respect to like macro and you know fiscal stimulus and what's going to happen with midterm elections things like that. >> So what's the biggest factor then for you right? Like you mentioned everything right from TA all the way to midterm elections. um uh clearly act clearly now something that is uh has an ambiguous future and that was probably the biggest one going into the start of the year. So what what for you somebody who's looking at this stuff every day? What is the thing if you had to rank them like what is the number one thing that you're like that's the most important part right now for crypto is this factor

>> liquidity and we haven't necessarily completely recaptured it. You see that if you're looking at leverage ratios for example like I'm looking at you know total per options open interest relative to the crypto market cap and you know we ended the year we ended 2025 rather at 3% and that was far lower than even the average of like where we saw Q4 uh after the breakdown from like 1010 and you know we're kind of back there we're back up to around 4% which is like kind of just shy of the average that we hot at the end of the last quarter. Uh but I would say we still have room to kind of rebuild that. Now we are seeing that

incrementally people are kind of stepping back in here but it's a challenge because you know once upon a time I would say I have friends in crypto and people who invested and they would have said no I only invest in tokens I wouldn't invest in stons for the rest of my life. That's not the case anymore, you know, like because of like various reasons like circle IPO, whatever, like people are happy to invest in equities because if they're not getting paid in crypto, then they're got to find it somewhere else. Uh so I would say that that's kind of an added wrinkle. Whereas like I I still get the question from a lot of people of like, hey, when will new money kind of come back in? I'm like new money, I'm happy if just the old money kind of steps back in. I'm happy for like that kind of to

come back towards the space. >> Happy for them to stop selling. Yeah, you got the OGs to stop selling. If anything, just we should want to stop the bleed. >> Exactly. I think like >> but I think that that did happen, you know like >> OGs are a great example because, you know, I I tend to look at long-term holders uh and I try to figure out like are these guys really selling? Like is this stuff hitting exchanges? The reality is over the last month it really didn't. we saw like outflows kind of coming out of like long-term holders of Bitcoin, but like that money like we didn't see a comparable increase on exchanges. Now, that could be various reasons, right? Maybe they're doing it over the counter or other things, so maybe it's not being visible on exchanges, but generally when you see those conditions not being met, it means

that they aren't necessarily like outright selling uh their position here. So, I do think that some of the bleed that we got earlier in Q4 probably isn't happening anymore. Got it. Okay. So, yeah, a little less of a harsh bleed, but a lot of other factors. So, that's, you know, that's an interesting take. And I mean, you zoom out, that's such an obvious component, right? Is that is the stock play is the part where there are so many other vehicles through which to invest in crypto now other than just buying the actual token, right? And that's that's you've got DATs, you've got ETFs, you have so many so many institutional grade vehicles that aren't just, you know, hold your bitcoins on a ledger and and

hope you don't put in a landfill by accident, right? Um and and and these companies that have a lot of other stuff going for them. Will do you think in this rally are we going to see DAT start to trade at a premium again? And what's it going to take for us to get there for that to be like a positive picture? It's tough because as you mentioned at least we kind of removed the overhang from that Msei decision. Uh and you know a lot of that what that negativity was priced in. I I don't people realized it but that initial proposal came out right around the time of 1010. I think it was like hours before like even the uh you know Trump announcement about 100% tariffs on China. So it was really kind of hard to kind of determine. And I mean

a lot of people attribute it to that one macro kind of announcement, but I think that this was in the background as well. Now we're seeing that the forcellar kind of pressure on DATs has kind of been removed. But at the same time, it doesn't restore any of the old assumptions around passive index demand because it's not going to automatically scale with, you know, additional issuance coming out of these vehicles. I think that, you know, they're definitely probably, you know, still a question mark in terms of is MCI still going to take this up because they're just kind of postponing the decision. Maybe that's also part of the reason why DATs, even though they've kind of recovered some of their uh, you know, performance, like

they haven't necessarily seen that MNAV like discount, I mean, to some extent, it's kind of like just flat uh kind of recover. But I think that a big part of it too is that MCI, you know, like they've paused exclusion, but simultaneously they're limiting certain index implementation changes during the review. Uh so I think that this kind of preserve some of the uncertainty around what's going to really happen with these DATs. So, you know, the bottom line is I think these, you know, the discount, uh, at least the MNAV discount on a lot of these dats, it can continue to persist even though at least the risk of those potential, you know, two to three

billion dollars of outflows has receded. Uh so I think that still you know investors can rationally refuse to pay a premium if they believe that the future equity issuance from these DATs is going to face weaker absorption because it's not going to you know find a place inside these indices. So I think that this is kind of what makes the dilution just very punitive at this point. >> Stable coins are the biggest use case in crypto right now. But let's be real using them on chain is still way too complex. That's exactly the problem Bridge is solving. Recently acquired by Stripe. Yep, that's Stripe. Bridge helps businesses send, store, accept, and launch stable coins instantly. Explore the future of global financial

infrastructure at milkroad.com/bridge. Sure, tokenized financial products are the future, but there is a big sticking point. They all need to speak to each other. This is a tough problem to solve, but chain link does exactly that. It's the universal language for financial markets, linking Wall Street to web3, banks to blockchain, and so much more. See how Chainlink is linking the world by going to milkroad.com/chainlink. David, how is inflation playing into this? Because today, I think it was today or was yesterday, um CPI basically came in like clean, I guess, right?

Where it's it's moderating, it's stren strengthening, and I guess that points to a better risk-on environment, correct? Like maybe give us a little macro macro picture there. So the CPI print for December came in at 2.7%. It was pretty much bang in line with expectations. Uh I think core was just a little bit under uh forecast. So I mean overall it was a good print but I didn't think it like kind of reset market expectations for what's going to happen with January's FOMC. Probably not much for like people's expectations about you know Fed decision-m in 2026 to be honest with you. That was really the labor data that we got last week. And this is kind of the challenge because if you look at

where different like investment banks have put their forecast for rate cuts in 2026, they're all over the place. Like you talk Oldman, they think they're still going to be two cuts, although they they pushed that back in the second half of the year. JP Morgan just put out a new report, I think earlier this week where they said no cuts for 2026. Barlay's UBS, I think they're they're at one cut. So I mean like normally you don't see such a spectrum of like weird kind of like outlooks on where monetary policy could be but a lot of it has to do with like how do we interpret the data because for the most part I think that we are still in a disinflationary trend. I know I take a lot of heat for that. Uh but I've been right on it so I

keep going with it because a lot of people are like oh no but like tariffs and this I'm like dude no like tariffs are not going to prices. I'm not the only one saying that by the way. the San Francisco Fed actually wrote a paper on that. So, I'm not crazy. Uh or maybe I am, but at least I'm not crazy about this. Um and by the way, like I think that also like in terms of employment, I do think that the employment labor market is going to remain weak. And so for both of the Fed's mandates, uh they would need to respond to that by cutting rates. Here's the caveat.

The economy is doing well. like you get a weak labor market like but >> you know like normally like the issue with a weak labor market is consumption is constrained so you know that affects prices and other things but I think these things are true in part because productivity has made such huge strides so the economy is doing better and that's ultimately what you're trying to do as the Fed right you you basically want a strong economy that's the undercurrent behind the dual mandate but you're getting this weird dynamic where like the economy could do okay but people's jobs are still at risk and you're getting disinflation. So what do you do as a Fed? I think this is the big

challenge right now. >> So what will what would what what should they do? How do you solve that puzzle? >> Oh, I don't think it's something that you can square immediately. But >> given what I know of the Fed and like you know I'm a strategist so I think in terms of like what I think they will do, not necessarily what they should do because I don't care what they should do. I care what they will do. Uh what they I think they will do is that they will cut rates and I think that they will deliver on those two 225 basis point cuts this year. I think that there's a potential for even deeper cuts in 2026. So I take the other side of it.

I actually think that 50 should be baked in and if not a little bit more. Uh the Fed fund futures are only pricing in a little bit less than 50 at this point. So I I'm out of consensus with that view. Uh but I think that you know a lot of that comes down to the fact that they need to kind of respond to what's happening in the housing market, what's happening in the labor market, and I think that's going to take precedence over uh the other parts of their mandate. >> Got it. Okay. another you did mention tariffs uh and you wrote about this the other day um as something I guess I guess I'd love for you to clarify your stance because there's what like $140 billion or so potentially at play that um if the Supreme Court rules against the tariffs then that money has to be

returned and that that could be bullish but maybe David you can kind of clarify what you think is going to happen there or or kind of like what could happen. >> Yeah. So, the Supreme Court's now kicked the can uh twice uh over the course of the year, and they we still haven't heard it from them about whether they're going to rule on tariffs. I think the odds uh again on prediction markets is fairly high that they're going to come in and actually reject tariffs on the basis of the emergency powers act. Um now if they do so like we've seen that uh a lot of the importers had have had to pay in uh so like you know the government the treasury has collected around 135 billion $140 billion um and they would be potentially rather

be forced to return that back to the importers and what I mean by you know like why I think that could be a good thing for the economy because I think that even if you get this outcome like even if it's not about the Supreme Court's announcement so much for me as what are the potential outcomes because there's a myriad of ways this can go. Now, if they return that money, then for me, this is a backdoor way of getting fiscal stimulus into the economy, i.e. an injection of around $140 billion by going back to these importers, which would then like uh again like probably be very beneficial to risk assets like crypto. The only issue is would the Treasury do so? because unless they're explicitly forced by the Supreme Court

to say like guys you got to return that money like they may not do so or and that will then create a whole legal process trade lawyers have to get involved etc etc um and then the Trump administration could also say like okay using the emergency powers act is a no-go but we could use other things we use section 122 of the trade act we could use like section 301 uh and actually try to like do this in other ways we can open an investigation certain countries that we think have disingenuous like I think that I this will be important to for me to think about the macro picture but it's very very hard to

trade around the outcomes of a Supreme Court decision. >> Got it. Okay. Well, let's just let's open up the odds because you you mentioned cali. I think we're okay to look at some prediction markets right now. You have a 30 as of right now you have a 32% chance that they would rule in favor of the Trump S. So you have basically the opposite of that is you have 68% chance that they would rule against it and there's also a market although with way less volume that they would will make a decision by January 31st which and it's currently at 73%. So, it does seem like something that is that is coming like it it does seem like something or at least on Poly Market and again this one this one this January 31st one only has $120,000 of volume versus the other one has uh 3 million so

that maybe a little less um depth there but >> right >> it does seem like it's something that's imminent next couple weeks. >> Yeah. But like all things I mean this boils it down to a single question and it's not just about the single question right it's about like not just will they will they rule against like emergency power acts tariffs but also like what are the conditions that are going to be attached to that decision and we don't know what that is >> right okay that's so one one thing that you mentioned too um David is that you know okay let's say that the best case you know the best case scenario for crypto here is that okay this money comes back and people are going to plow it into risk assets right it's going to go into risk assets at this point in

time. What's what is the case for crypto assets to be a favorable risk asset? And I mean that as in like yes, they are risky absolutely and crypto can go up violently just the same way it can go down violently. And that's very good, but I feel like we're at a point where it's like well there's a lot of other stuff happening in the world. there's a you know AI there's uh there's so many geopolitical things happening where it's like it feels like there's a lot of other risk assets available and others that have performed better than crypto in the last like year right so is that what's the case for for for that to go into crypto maybe more so than the other assets if not just alongside it >> so I think that Bitcoin in particular maybe crypto more broadly and I think

that if Bitcoin does well then it will start to see a lot of altcoins kind of track higher as well. I think that Bitcoin's role as store value was damaged by the events of 1010 and we saw this with like gold prices, silver prices, precious metals, i.e. like kind of going up and bitcoin didn't really catch the same bid despite the fact that it plays that same role as store value uh during periods of geo geopolitical stress. I think that as a result, you know, like there's a lot of catch-up room for Bitcoin in particular. And you see that when you look at, you know, uh, stocks, when you look at, you know, gold on a risk adjusted basis relative to Bitcoin, like it has lagged sharply.

Now, it's caught up a lot over the course of just this week alone. Um, and we're pretty much back to neutral. Like so what I do is I tend to look at this from a you know historical basis kind of like a 90-day rolling average like to to those prices and sees where it's kind of belonged the zcore and uh it has kind of you know gotten back to neutral territory so to speak >> but we're still far behind what the the stocks are doing what tech stocks are doing that said tech stocks kind of suffered a lot over the course of this week um so I do think that there's the opportunity in the first quarter and liquidity also has been doing fairly well. I mean like I think about the

lagged liquidity kind of index i.e. like uh like what's going on with global M2 like money supply and you know I customize it relative to like the the pocket of liquidity that matter for crypto and we are so far behind uh where we should be as far as like what historically we've shown. So I think once we at least close that gap, we're going to be in a much better place. But certainly from a technical perspective, you know, like the, you know, the gap between 95,000 to like 100,000 is pretty wide. Even in this like last week, we saw a lot of accumulation kind of happening in the 98,000 kind of like well probably around like 96 98,000 kind of levels. So we really need to kind of

get through that threshold of like 100,000 before I think people will feel comfortable about this again. But we are at least at a place where momentum plays are possible. Again, >> as you guys are listening to the show, you know that there's something hanging over the entire economy, and that's AI. And the problem with AI content is that almost no one explains what the news actually means for investors. Our new AI newsletter fixes that. Twice a week, we break down the moves, the winners, the risks, and where the puck might be going. If you invest in tech at all, the link is in the description below. Check it out. I think it's it's amazing if you zoom out how quickly things change, right? Because I remember we we did a podcast with John, our our other podcast host, a couple days before 10:10 and where Bitcoin is starting to dip and and

he was like, "If Bitcoin goes all the way down to 100 grand, like I'm going to, you know, I don't He's like, I'll going to have to disappear for a year or something like that." He was like, "That's my apocalypse." And then it happened in like a day. >> That's why I haven't eaten for a year. I mean, >> I don't know. I don't know. He was just He was like He said something like he's like, "I'll eat my hat or something." Like it was something kind of berserk, you know? He was like, "That's it." Like he's like, "That'll be crazy." like I I'll streak down uh Manhattan Avenue or something like it was something he was just kind of a nutty thing that he was saying is it's it's kind of like a that's impossible is what he was telling me. >> Um and then it happened and then it just

happened. So, I feel like it's funny when we talk about 100k as this like a psychological thing too as well where now it's like god if we got to 100k we'd be so thrilled and yet and yet and yet it seemed it seemed like an apocalyptic event just a few months ago, right? So, um I think you're kind of reminding us that if Bitcoin does have a great setup, crypto has a great setup. It can catch up very quickly here and that this is, you know, if there is liquidity coming back into the market as tariffs or or just favorable conditions or whatever that this is one of the places that that is going to move. >> Absolutely. And you know like I hate to be kind of like you know naively optimistic about these things. I try to like kind of anchor these things and

like what I'm seeing with technical indicators and positioning and other things but you know like everything that I look at is flashing green at the moment. I take that as a good sign. I also take as a good sign that in December for example like I felt exhausted by everything that happened. And I don't think I was the only one about like who was thinking of that. I was just like crap. You know, I put my money where my mouth is. I was accumulating at the time. I was like, these are good levels where I thought that it it was attractive. But, you know, like every time you do so with your heart in your hand, you're just like, "Oh my god, am I am I making the right decision?" Like, but I think it's a good sign that I felt the same way back in like 2022 where I was also like

bullish. I was saying like, "Listen, it seems bad right now. I get what happened. This is post FDX. Uh but you know like if you want to be in the space then these are the levels you want to be buying it at. Like you don't want to be buying it when it's at you know like back to 100,000. You want to be buying it when it's at 20,000 you know. >> Um and you know I felt scared then too. So maybe it's a good sign. >> Wait, are you scared now? >> I was scared in December. I feel better now. >> You feel better now? Okay. Okay. Okay. So you're feeling good. All right.

David, thank you so much for coming back, man. I'm sure we'll see you again soon. And uh who knows who knows what's going to happen between now and then. >> Yeah. No, I appreciate it. Always good to be on. >> Want insights on what's moving crypto markets and how we're trading each event? Subscribe to our channel and join the Milkro Daily and Pro newsletters and start investing like the top 1%. This show is for educational purposes only. Nothing we say is financial advice. Investing is risky. Never invest more than you can afford to lose.