How deep into the Bitcoin bear market are we? Julio Moreno of CryptoQuant

Transcript

I mean, first the index is at zero, so which is extremely bearish territory and it has been between like 0 and 10 for the last maybe month and a half. What's up everybody? It's LG Ducet here and welcome to the Milk Road Show, the daily crypto show that's just going to pretend like the year is 2024 and we are ecstatic to be at 75K. Today is February 2nd, 2026 and really friends, all jokes aside, our worst fears and predictions are coming to pass in crypto this weekend. Bitcoin did hit 75K. I think it almost hit 73 or 74 as the entire market lost a support level late last week and fully imploded. Today, we've seen a small rebound, but our guest on the show is saying it's not over yet and that

2026 will bring more pain. We're going to dive deep into the bare market data with Julio Moreno, who has been saying this on our show for a few months now, and he's been right. Today's episode is brought to you by Sum. Turn crypto tax chaos into confidence and bridge. Send stable coin payments instantly. Simple, global, friction-f free. Julio, welcome back to Milk Road, man. >> Thank you. Thank you, LG. Thank you for having me back. >> How does it feel to be the person who's right about this type of stuff? Come on. Does it feel good or how do you reconcile that with it's nice that you're right, but at the same time, it's it's painful.

>> Yeah, it's a little bit of mixed feelings. Of course, as a Bitcoiner, I would like to, you know, for Bitcoin to be just going up, right? Um, all the time, but yeah, I mean, as as my job is to just tell the what data is is is um signaling. So, yeah, I mean, I had to say that that in the last few months that we were entering into a bare market, right? So, it is what it is. Is this this implosion around this time is this something you foresaw uh in terms of the timeliness like late January early February? Are you are you that specific with your research?

actually thought that Q1 was going to be not that bad like uh because we we closed the year, you know, uh really we took we touched 80, right? And so I thought that that was a a big correction uh from the hund u from the 100k. So I thought that Q1 was going to be like a positive quarter. I mean, we we don't know, but I I didn't expect it in January to have another like another leg down uh that took us for below 80.

>> And remind me, Julio, are you a um a strictly technical analysis person or do you also believe in uh geopolitical events like uh macroeconomic fears? Do you think that those also drive price? Well, mostly what I do is onchain data. Uh because cryptocoin is an onchain data and research provider. So my analysis starts there. Uh and and a lot of the metrics are onchain. Um but we also look at market data uh and and a little bit of technical data. macro I only follow just you know in the background but I mostly believe that everything you know on not everything but a lot of the macro

stuff is reflected in either an onchain data first and then also in the in the prices. So yeah but mostly onchain data. >> Well let's get right into it. Man I I again this is is a painful one for us today but we're going to open up this uh deck you've prepared for us. It's always excellent analysis. Um, and today is titled bare market assessment crypto quant milk road collab. Uh, let's get right into it, man. Um, okay. Here we go. Take us through this one. Bitcoin remains in a bare market with most data signaling weakness.

>> Yeah, this is our bull score index. So, it uh summarizes basically 10 of the most um of the metrics that I most uh follow um the most important that I think. So it's it's summarizing that and the index goes from zero to 100, right? Zero is the most bearish, 100 is the most bullish and and what I wanted to point out here is two things. I mean first the index is at zero. So which is extremely bearish territory and it has been between like zero and 10 for the last maybe month and a half or yeah like two months from now. Um and another thing so that's what it's telling us is is there's too much weakness in either

the data in the markets uh right like it's very bearishness all over and also to point out that you know and to and to be fair in Q4 last year I I thought that it was going to be a a good quarter right uh and and the first week of October if you see there in the chart number one the the index was at 80 so well well decide bullish territory, you know, everything pointed out to to be like a good quarter and then after, you know, after the October 10 big liquidation, everything really fast, like really fast turned bearish. You can see there how the index just dropped uh in a few days from 80 to like 30 uh 20.

>> So yeah, it was really really really wild to see that. And so that that's when we started to look at into like okay maybe this is like you know switching the trend uh in the market. Uh we didn't say like was going to be a bear right away but as you know time progresses early November everything was just more more clear that we were in in a bare market. So yeah, what I also want to point out here is that it so the index tends to become you know switch to bearish before there's like a big correction in prices. So it's it's really important to like to monitor those uh when it switches right from

bull to to bear uh and then and then take a look at at what what could happen with prices. So, so yeah, I mean, uh, if I had to, you know, summarize right now, it's just we're well in in bare market and and, you know, the data is just not not supportive of any, you know, meaningful reversal. Uh, um, so yeah, that's that's basically the summary here. >> This this is an interesting part here, I think, where your bull score, which is the purple, right? The big the purple kind of graph over top. Yeah. M that you have like through the summer it's still pretty high. It's still like above 50 60 but then I guess like even as September

starts it dropped to like around 25 >> and then spiked to 75 >> in the first week of October before then coming back. >> Exactly. Yeah. Yeah. So that was >> Yeah. >> Yeah. That's uh you know when that happens I you know it's just telling us you know that that last um rally that took us to the all-time high to the previous one uh it wasn't really you know I guess it hasn't hadn't had that the momentum right that we needed because the index also drops again really fast so that the momentum was really shortlived I will I will read it like that

>> everything you're listening to today is also covered in our daily crypto newsletter and on Sundays we even recap the best parts of the entire week's worth podcasts. So check it out at the link below. >> Wow. Okay, that I guess that's that's that's a that's a funny misleading. So what can you can you explain to me what drives this bull score? What what is that? Like what are the conditions that or the data that goes into it? Yeah. So mostly it's onchain uh metrics onchain indicators uh valuation indicators um like the you know the MBRB that is comparing you know prices against against the their cost basis. Couple of other indicators that we uh uh that we have built about valuation you know

about they tell you when price is really expensive or when it's really cheap basically. So, so a few of those indicators then some indicator about liquidity using stable coins like the growth in stable coins market cap that's uh also tells you about liquidity and we're going to see some charts about about those then some price metrics uh also like the technical is just one uh just to see you know to capture the trend either is an upward trend or a downward trend in price uh yeah so basically is that valuation metrics from onchain liquidity and and also like short-term short-term valuation of of prices also

looking at into you know the the cost basis of traders uh that we can estimate by using onchain data. So yeah, basically those >> could this Julio I'll just play devil's advocate here. The same way that this went from like 25 to 80 and then back down could this not now that it's at zero it's literally at zero could this not spike back up so quickly as well. I mean we have seen that if you look at into 2025, March, April that we were you know in bearish territory also and then it it it also that one is you know the Trump tariffs right so it spiked really

fast because then the tariffs were you know basically canled and so everything changed again really fast but you have it you have to have a catalyst for that. So in that at that period what took us into bearish territory was the tariffs and then as soon as the tariff were can like mostly cancelled or not not as bad as I initially thought we went up really fast but I mean you have had that like that catalyst. I mean for me what I'm wonder is which you know what's that catalyst right now and and there's there's really um not much that I can see uh but but yeah I mean it it can happen but it's it's more difficult now because at that point in 2025 we were

not in a you know like bare market right you could say that that was like a bull market correction I mean right now what with what has happened since November It's a bare market. So, it's different like it's it's more difficult to to see that. >> Julio, we've had a few guests on the show lately. Some of them quant similar to you and others um more on the macro side. Matt Hogan from Bitwise and also Matt Crosby from Bitcoin Magazine Pro. They've both told us at different times that Bitcoin has potentially been in a bare market for a year now. What I just want to get your thoughts on that uh that even I I would assume that kind of correlated back to December 2024, January 2025 inauguration, all that that that has been a bare market for Bitcoin.

What do you think about that? >> Uh yeah, I don't I mean I disagree with that. Uh 2025 as um you know if you see the whole year just the return right it was negative. So, I've seen I don't know if if they uh said this, but I've seen, you know, um online a lot of people just saying because 2025 was, you know, a negative year in terms of performance overall, then it was a better market. Uh I I don't think so. I don't think like that because we hit an all-time high, right?

We have a really good run uh to a new all-time high. the trend I mean the the if you see just the price trend since 2023 is is an upward trend uh which is has now switched to a downward trend since November uh so I mean it I I don't I don't see it like a a bare market 2025 was a bare market now we just started in November so yeah I I I I think that there's a lot of that thinking because the the year closed negative But in in reality, all throughout the year, Bitcoin was was uh you know, in in an upward trend.

>> Damn, I really I was really hoping you'd agree. It's okay. Uh let's keep going. All right. US spot ETF demand is lower than a year ago. Interesting. Tell me more. >> Yeah. So this next few slides will you know take a look into the demand size of of Bitcoin which is I think what drives prices is if if demand is growing or not and and how fast. So you know since Q4 u last year ETFs be became a net sellers net sellers of Bitcoin. Uh so that also you know um make um or uh yeah make the the prices you know uh go down in in in

the last quarter right was some but so far this year if you look at that so that chart is is is um we're looking at uh how how how many Bitcoin DTFS purchase uh but in the year right so the the cumulative on each year so the orange line is this year and and the blue dots or last year for the same period. So in the in this in this first month of the year the ETFs have sold uh more than 10,000 bitcoin and in the same period last year they have been they had purchased 46,000 right so it's so the demand from that side is actually contracting and and the gap between

those two is 56 uh,000 bitcoin. So it's it's it's so trying to explain price performance by looking at the demand. So and and of course if ETFs are net sellers then it's not supportive for for prices and that's what we should expect uh you know in order for prices to also you know to to recover to rally to maybe the bull market start again first we need to to look at the demand doing doing that recovering and and then growing and so it's not something that we're seeing right now >> the US investor has not been enticed by lower prices yet. Oh god. Yeah. So, here is um showing the Coinbase premium,

which is basically like the percentage difference between uh the price of Bitcoin on Coinbase and the price of Bitcoin outside the US in other in other exchanges like Binance for example. And so there's always like a a little bit of a gap there. Sometimes it's positive, sometimes it's negative, right? But typically when when the the premium on Coinbase when the price of Coinbase is trading at a premium uh when when that line is green so the price on Coinbase is higher than on Binance for example and that >> historically what is telling us is that the the demand in the US is like growing faster than in outside the US right and typically bull markets are are

drived by by that by that higher US demand. Uh that's what also drives prices and and the bull market. Well, since since November, what we see is the switch of of that uh of that premium into a discount, right? The the red line, the line turns red. And so that tells us that that the US demand is, you know, it's is it's weaker than in in other other in in in other countries or outside the US. So as as long as that's the case, well, it's not supported for higher prices. Uh we we need like the US demand come to come back uh to to help us and and and and support the price.

>> So yeah, and that's not the not it's not the case right now. >> And when you say US demand, are you and you're saying Coinbase, is that like institutions and retail that would be incorporated in that number? >> Yeah, this is this is both. Yes. Yes. Exactly. Yes. Uh >> so how low how low has this gone historically? Like have you guys tracked this >> over years, you know, cuz that's a pretty significant gap that we're looking at in terms of right now, right? >> Yeah, that's uh right now I don't I don't have it in on the top of my of my head. So but but typically it's not that uh you know starts going down and and lower and lower and lower. It's it's more like an oscillator. Right. Right.

But but if it if it's negative for most of that time then you can say okay the demand is not growing in the US or it's growing >> weaker is weaker generally right uh but yeah I I don't have that specific specific data right now >> is there what would cause like us to look at this chart differently like could would if we would we pack if we popped back up to a like positive premium would that indicate a more bullish terrain or does It would. Okay. Okay.

>> Yes. Exactly. I mean, that's what we're looking for uh for the >> premium to turn negative and stay there. I mean, there's there's there's spikes also because there's some even in bare markets there's rallies and there, you know, and and you see the premium uh go to the price going to premium, right? But >> we need to like be the premium stay positive most of the time like you what you see you know before October the premium was you know positive most of the time right and then >> since November early November we have been negative most of the time >> negative only okay yeah makes sense crypto taxes are a nightmare you've got trades across 15 exchanges DeFi

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Okay. Stable coin liquidity growth remains depressed. Oh boy. >> Yeah, exactly. So this is why uh one of the indicators that is actually in the uh bull score and here we're tracking you know the the the growth in the market cap of USDT is this is this area the purple area represents a 60-day change in in the market cap. So you know when when there's liquidity is increasing USDT is growing on in market cap typically coincides with the rallies right in prices because there's like more liquidity entering into into crypto generally and also a lot of I mean yeah a lot of USDT around a third maybe of the market cap is is in sits on

exchanges and so that provides also liquidity for exchanges but but again I mean we we it was growing at the I think it was like uh midocctober that grow was 50 billion almost 60 billion right and and since then it's just um that grow has uh basically you know going to zero right so so you know there's not like much fresh liquidity from that side entering the market >> why would sorry how how would this correlate to the price of bitcoin like it this This is USDT growth as in new USDT being created or the demand for it. I'm just

trying to understand how that relates to something like how is how the stable coin demand relates to something that's more on the speculative side. >> Yeah. So for example, so yeah, that's the total USDT that is in circulation, right? >> But we we are tracking that growth, right? and and so most of when when when new USDT is created, some of that will go into exchanges and also you know we we've seen actually this uh there's a an important growth in in stable coins um reserves on exchanges. So it goes to exchanges and provides like more let's say dry powder for then then traders you know buying crypto with those stable

coins that they deposit. So that's the let's say that's the loop from creation to invest you know in buying crypto in an exchange. Um and so yeah that's important USDT because USDT I mean it's the biggest one of course and but also a lot of USD is on exchanges and is used you know as as liquidity in trading. So, so yeah, that's that that's why it concise that you see the market cap, you know, spiking for in USDT that we saw actually in November, December 2024 and then again, you know, basically 2025 it was growing and then a little bit of acceleration in October. But then since

since mid-occtober just we we dived in in in yeah the the growth uh just took a a really big hit and it's not growing anymore. >> It's amazing how many how many metrics you have today that are almost at zero. >> You know like your Bitcoin bull score is zero uh stable coin growth zero 0.4 billion which is still a lot but you know nothing compared to the peak of almost 16 right. It's amazing how many things are almost at at zero right now. So just to summarize this, are you telling me basically that it this just means a lot of people are in cash positions?

>> I mean I see it more like a there's no new flows coming into the market, crypto market. That's how how I see it more. >> Overall long-term demand growth is at low levels for Bitcoin specifically. >> Yeah, this is for Bitcoin. Exactly. This is a an a calculation that we make uh to estimate demand growth for for Bitcoin. again and I think that I discussed this one uh in previous previous podcast here. So what drives bull markets is this like demand waves the growth in demand the demand waves that I call it.

Uh and so as since uh as long as the demand is growing, so the price obviously but again since since since um October uh the growth has slowed down uh like uh a lot and and that of course uh is not supportive of higher prices in this is in year-over-year terms. We're still not in contraction. Like if you see the chart in 2022, basically the bare market, we were the demand was contracting heavily. We're still not not there, but basically we are at like zero again again at zero. So that's why uh what explains a lot of the price action, right? So uh what will happen is

difficult to to say, but you know the trend is not supportive. That's what what it tells. >> Bitcoin demand for long positions in the perpetual f futures market keeps trending downwards. >> Yeah. Here um to to estimate the demand uh or the willingness of traders to open long positions, we look at the funding rates, right? Of course, like uh if if you see higher funding rates or positive funding rates, then traders are willing, you know, to take long positions or more long positions, >> right? And uh of course if funding rate are negative then it's because there's more traders willing to go short or expecting lower prices right and so the

chart to the left is the daily funding rate and you know in the in the this uh last uh dive this last sell off in the price it they turn negative negative funding rates right uh because there was a you know more willingness to go short >> to short but And >> yeah, >> this is more like a short-term analysis. And then if if we want to look at the more long-term analysis, we look at, you know, the the one-year average of that funding rate uh in all exchanges. And and again, it's is a trend uh for me there. Um which is there's a downward trend in funding rates uh which also tells you that like uh there's less

appetite to go long basically. uh and and and then you know we we would need like more traders open long positions right but it's not the case right now >> and that's a sharp reversal too because that chart on the left that's a lot of positive funding rate until recently until like the last week basically right that people were willing to long is that not >> because I'm just looking at it and this is your chart only goes back to July 2025 anytime it's negative. It's very short-lived. So would you expect that to be a negative funding rate for a longer period of time now?

>> Um I mean not in the short term because it also funding rates uh change uh a lot uh on the short term you switch uh even you know at um what was it like November you see a little bit of a negative funding rate right as prices >> uh went to 80k for the first time. Um but then you know some traders say okay I mean we had a long correction then it's an opportunity to take some you know long positions speculate on a on a on a bounce in the price and and that's why you see like funding rates again going going uh positive and also you know it's important to look at funding

rates this way it depends on the market regime I would say how do you analyze it typically in bull markets you see you know, generally they're positive, right? But then when price rallies a lot, they they turn like, you know, they spike and really high levels, positive levels, right? And and that's when everyone starts to say, oh, maybe this is like a local top, right? Because it's there's too much, you know, too much long positions, too much leverage. And typically that's the case. And then also if you're in a bull market, still in a bull market and they turn negative, that's typically an indication of a local bottom, right? uh but but because we are in a bull market in a in a bull

market regime but if we are now in a bare market regime then it's the opposite and you see that in in November you know January December January we funding rates becoming again positive but now that's your indication of you know like a top and and and so that's that's that's how I you know depending on market regime you have to read it differently um in the short term right and the long term is just the the trend. But yeah, I mean that that switches your analysis switches depending on the market regime for >> and this data and this data Julio is from where is this largely from from onchain positions? So is this mainly hyperlquid?

>> No, no, no. This is uh centralized exchanges. This data is from exchanges. Yeah. >> Okay. >> This is market data. >> Okay. Okay. >> Okay. And the next one, from a technical standpoint, prices remain in a downward trend. >> Yeah, this is the technical indicator that I told you about that also goes into the bull score >> and and it's really simple actually. I mean, I have found that >> uh a good way to to see the trend in the price is just looking at the one-year moving average of the price. And that really you know it has uh really uh worked as a as a good indicator of that trend switch right we saw that in the 2022 bare market when when actually when

price actually goes below that crosses to the downside then that level becomes uh a resistance now uh and then it goes down you know the bare market uh and and we've seen this you know this bull market and also This is why I I say that, you know, 2025 wasn't a it was a bare year. It was a bull year because we were up, you know, to uh above that level, that one year moving average. And so you see the trend, the trend was still there still for most of that year uh to the upside. And during the bull markets, it's it's a it it acts as a as a support for prices. And you can see

that in in those green green arrows. But now what switched what changed since um yeah November was early November when prices were were definitely you know uh crossing below that and and actually and I think this is one something that you asked me in the in the previous podcast that we had like uh what's what's the highest price that you think that you know we could go up recovering and I said the the one-year moving average maybe and we went to 98K and the moving average one year moving average was like uh like 100 and some 100 >> right below it. Yeah.

>> Yeah. Exactly. And so after that we also uh we we continue the correction. So yes really like a simple way to to estimate or assess the trend right so as long as we are below that it's a it's a downward trend and it's a it's a bare market from the you know technical technical point of view. Julio, is this when it crossed the 365day moving average, was that what people refer to as a death cross? >> I think death crosses when two moving average crosses.

>> Oh, >> like one moving average crosses the other. Uh, that's like a death cross. Yeah. >> Okay. >> Here I'm just looking at price crossing the moving average. >> Yes. >> Okay. >> Okay. >> Wow. Okay. So do you think I'm also looking at this like just in terms of correlation because in the last cross below it which was right around the start of 2022 >> January 2022. Yeah. >> Right. And then we dipped below and then came back up to it. >> Yeah. >> In like April 2022. Is that is that what you think happened here where we crossed below it in October, Novemberish and then have we come back up to it similar to how we came back up to it last time?

I mean, yeah, it was really similar. I mean, only this time we actually did not touch it. Uh, the previous time it was even some days was a slightly above the one-year moving average, but not this time. But but it looks really really similar. Actually in the next uh slide we will see that one. That one is calculating the price performance once the price goes below the one-year moving average you know so every time that that has happened it show there the price performance like the path the price followed right

>> and what you were saying is that orange line there which is was January 2022 right uh when the first when we first uh crossed below that and then we went up so that is that is that price performance, right? And so this in this time we have had you know uh it was it has been worse than in than in Q1 of 2022 like the performance is is has been worse than that and and and from there you can see you know what would you expect or should expect once that happens right when when we cross below that one-year moving average. So right now we are around 20% below that moving

average as a as a as a performance. It's it's worse than in Q1 2022. Uh it's a similar levels and in 2014 I would say it has last longer actually this time that for example in the COVID crash we also went down uh below the one-year mage but it it recovered really fast. So it's not it's not this time it's not like that. So uh that's you know the difference this time is that we are actually in a bare market. So but yeah I mean it's it's it's a it's really similar to past past performances one once we cross below that.

>> Okay. And then our last okay our key price levels to watch. Maybe this will give us a little bit of hope in some way even if it's long-term hope. Julio. >> Yeah. So first you know the the resistance is at the um the trader on chain realized price. So this is the price at which traders have purchased bitcoin uh their bitcoin uh is their cost cost basis. So that is around 89. So that will be resistance right now. Uh and you can see that actually during January we touched that level. This is the purple line. Um we touched that and it was resistance. So that's uh you know if there's a rally that will be like the first resistance I will look at 8 89

right now although this coming you know it's declining but right now it's at it's at that level and some support there is the 79 I think we are right now around 78 right or maybe 79. Uh >> yeah we were high 78s I think right before we started recording. Okay. So that's uh you know that's a right now that's a support uh so to look at you know okay that's support if we if the price goes above that significantly then okay you can expect like a rally to 80 you know 89 right but not not right away but you know it's it's just some price reference but if we go down that uh

below that level uh the 79 uh significantly if we cross below that then this you There's there's intermediate levels at 70, but in terms of this indicator, uh it's it's the 56. Uh not right away again. I mean, this these things take time, but right, I would I would I would say 70. >> Oh, great. >> Yeah. >> Sorry, man. >> No, it's okay. This is we need we need we need both sides of the coin here. >> Okay. So, >> reference, right? Just just so let me let me say it's not prediction. It's it's a so it's price references.

>> Got it. >> Because sometimes you know I get you know quoted on Twitter on X uh as a prediction and it's not a prediction. Uh but okay. Yeah. So in the last slide just some you know some comments for this bare market. First of all you have to accept accept this. We are in a bare market. So you know plan accordingly. Uh you know a lot of people are you know I don't know they they want to deny it. I don't know but we are in a bare market. So that's one and then two is the the the thing that I already discussed is you know there's really good indicators to yeah that let's say when when we are in a bull market you know to to spot

clock out bottoms right uh those are really good indicators a lot of people use it but they don't work as that when we are in bare markets they actually turn into uh resistance to prices so just keep an you know that idea a bare market there will be price rallies uh so um yeah we could rally as I said like to 89 uh and that will be an expected resistance right but don't confuse that with you know the start of a bull market right because for that I would um just wait for also the fundamental data to be supportive of that right it's not just about price levels uh so yeah don't

don't confuse that and then uh the last one. The last one is just uh don't catch the fing knife. Just uh you know, you see a leg down, but you know, it's not the it's not the bottom. It's not the bottom right away. You know, the market's bottom form in >> in months. That's a Yeah, that's the final one. >> Well, is this a a year-long bare market? That's what we've been seeing since the people have started to accept this reality that, you know, the bottom will come Q3 2026. Yeah, I could I could see Q3 as a the first Yeah. Yes. It's not a I mean, typically Bitcoin hasn't has bottom after the, you know, in in the Q4

of of of uh of the NE, you know, the bare market year, you know, 2022 was that, you know, and and that's that's just based on what historically has happened. This bare market started actually before uh previous ones, you know, like a like a two months before or maybe one month. Uh so maybe we should expect like something like that for the bare market to to bottom earlier. So yeah, if you ask me maybe yeah, it could be like Q3. Uh we of course always monitor the data.

Uh but but yeah, we could expect like like something like that. Well, I'm sure we'll have you on a few more times before then. Uh maybe maybe we'll try and have you on on like better days and you could maybe we get back if we have some of these bare market rallies as you're referencing. Uh we can try and have you on then and you can maybe share positive data with us. Uh but Julia, we appreciate it, man. You know, this this kind of stuff I think is really important and it's really good for you to bring the onchain data. Um it it provides a really good kind of rounded view uh to some of the the more optimistic takes that we have on the show. Mhm. No, thank you. Thank you for, you know, having me. Even if I don't bring, you know, positive news,

>> we want you to be honest with us, man. We want, we want the honest takes. We wouldn't want you to sugar coat it for us. And you definitely did not. >> Thank you. And for for everyone that wants to just uh, you know, monitor the data, take a look at these metrics. They're there in in crypto.com, there's our live uh platform. You can uh send certainly go look at it. >> We'll do. Okay, thank you, Julio. We'll see you again uh maybe on a green day. Maybe maybe when we're happy to be back at 78 or 79. >> Yeah. Yeah. Thank you. Thank you, LG. >> If y'all are making swaps or trades right now, highly recommend you check out Milk Road Swap. This is a DEX that we built in partnership with Cow Protocol. Why do we build it? Not to make money, just honestly so we could

have a place to do our swaps for the lowest fees that we could find. This is the fees on Ethereum, Arbitum, and Bass are only.15% fees. Uh this is a huge difference from uh other centralized exchanges that charge half a percent or even up to 1.2% fees on their swaps. Also, you can swap on Salana all at swap.milgro.com. Check it out today. You won't be upset. And you can join me in my favorite place to make swaps on chain. Want insights on what's moving crypto markets and how we're trading each event? Subscribe to our channel and join the Milk Road Daily and Pro Newsletters and start investing like the top 1%. This show is for educational purposes only. Nothing we

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