LRC token revamp, dYdX raises $10mil and more - The Daily Gwei Refuel #44 - Ethereum Updates

Transcript

hello everyone and welcome to another episode of the daily gray refuel where i recap the latest news in the ethereum ecosystem i'm your host anthony sosano and today is the 27th of january 2021 all right everyone into the news we go so before we dive in actually i just wanted to give you all a heads up that on january 28th on a you know day or so from now um uh for for the us in in i guess like tomorrow for me um at 7 p.m eastern time i'm going to be doing a kind of i guess like roundtable discussion in the git coin discord server so i'll leave this link for you in the youtube description and you can go join the discord server and kind of like get ready for it but basically just going to be talking about you know whatever comes to mind you know

whatever's trending right now on the ecosystem whatever you want to talk about i'll be there answering questions and stuff like that so definitely uh you know come come along to that it's going to be really fun i think so philippe put out this really cool thing that he made today called collectible lists which is which is basically a fork of uni swaps token list standard um and this is this is basically for collectibles instead of just you know erc 20 tokens it's for erc 721 and erc111155 contracts so for anyone who's been on uniswap you know you'll know that when you go to select the token list you have a bunch of different lists to choose from there's one's from coingecko i saw gemini has one on there

you know one inch has one there's a there's a ton of them out there at the moment and you know this was done to protect users from scam tokens and and accidentally kind of choosing scam tokens when going to uni swap or or in putting them now the wrong token address in and kind of getting scammed so yeah what philip has done here is he's done this for collectibles right so nfts and stuff like that which i actually think are more prone to kind of scams than uh than normal erc20 tokens are because there are a lot of different nfts right by nature nfts are non-fungible which means that they are unique right they are not uh basically like you know they're not fungible like eighth where every eighth is one eighth or

other erc20 tokens where every link is one link you know it's the same it's the same kind of thing every link is a link and all that sort of stuff whereas with nfts you know every single one is is unique right um well not every single one there are doubles and stuff like that but the whole point is that they that they are unique um so you know it might be it might be very easy to get get kind of scammed like that especially if you're a newer user so yeah philippe put together this this kind of collectibles list here which i guess is in a in a json format here so if you're a developer or someone familiar with that um you'll be able to go view it here kind of view what he's done i think this is just really really cool so yeah if

that's something you're interested you can go check it out i'll leave the link in the youtube description before you go check it out so uh krugman put uh this interesting tweet out today and i'll read the tweet out so uh open quote fact over 90 of stocks underperformed the s p 500 in the long term which is uh the stock index the main stock index in the us that tracks the top 500 companies by market cap d5 will not be any different many token pickers are finding out the hard way right now i'm becoming more and more convinced in just using eth and dpi and skipping gambling for 10 times micro cap trades end quote now before i dive into this i want to say that nothing i say ever on the delegates investment advice so don't take this as that

but i thought it would be an interesting discussion to kind of have around you know you might be out there trading different things right now like trading different tokens trying to chase different tokens you know stuff like that and your benchmark you know could be us dollars right now in a bull market everything tends to go up with you know the majors so like bitcoin and eth when they're going up in usd everything else tends to follow right um in usd but if you start measuring it against another asset right and trying to outperform that other asset things change so in the crypto space people like to measure their performance against btc and eth right that makes a lot of sense if you're not out performing btc or ethan why are you even holding these other things you should have just held you know btc

or eth right for example um now i mean that that's true right that definitely does make a lot of sense and it's the same kind of logic that we see in the traditional market where you know if you pick individual stocks you buy individual stocks uh most people do underperform just the the s p 500 index which as i said is an index of the top 500 companies by market cap in the us now this index on average um returns eight to 12 percent a year you know i guess like averaged out over many many years many decades uh because it's been around for quite a while uh now eight to twelve percent might might not seem like much to to to us in crypto you know we're spoiled right eth went from you know i guess at the start of the

year last year at 120 30 or something like that and by the end of the year it was all it was pretty much at a thousand so we are definitely spoiled in in crypto but that's because we're still so early i think eventually you know those gains are definitely going to come down it's not going to be like that um for a lot of this stuff but if we kind of take the the um i guess the comparison here and say you know say you bought eight at the start of the year and then you bought some other tokens at the start of the year and then you know what outperformed right did the d5 tokens that you buy out performed did all of them outperform in aggregate if you bought five different tokens did those tokens all outperform eth right if you you can kind of measure this by

saying hey what if i put like a thousand dollars into eighth and a thousand dollars into these five defy tokens by the end of the year what uh would i have ended up with more right which one would have given me more usd uh for a lot of people the answer would have been eth because of the fact that it's just so hard to one um pick tokens that are going to outperform in the long run right two make sure you don't trade away those the the the gains that you get right you might see all these gains and you might be like okay well i made some gain on this i'll trade this and i'll go buy something else and maybe i'll make more money there and then end up losing money three taxes for a lot of us right in in the western world we have to pay

taxes and by incurring these taxes we also reset our cost basis so if we're waiting for like long-term capital gains to kick in uh this is especially prudent for the u.s and where i am in australia you basically have to reset the counter so long-term capital gains kicks in after a year so if i buy eth today and i wait a year i get a tax discount on that my capital gains tax discount but if i buy that eighth a month time trade that eighth for a d5 token for example i realize capital gains on the eighth gain right short-term capital gains which is a very hefty tax because it's the same it's taxes the same as your income tax um without the discount and then with that defy token i start from day zero again so my cost basis is

day zero so if i if i hold that for a year i'll get the discount but you know we know crypto moves so quickly so i'm not gonna hold that for a year most likely so then when i trade it back to eth right i owe tax on that and i owe short-term tax on that and then i reset my cost basis again so i start from day zero with the eth again so you can see how you know by the time you get into long-term capital gains on a lot of this stuff uh you know you would have just been better off holding eight from the beginning rather than paying the taxes going in and out so that's something i think a lot of people forget um especially you know where you have to pay these higher taxes is that that'll eat into your profits

you know and of course you don't have to pay taxes until a certain date right it depends on when the when you have to pay them in your country but you know you don't want to be gambling with your tax money right like if you make a gain and you say okay well i won't take it out to fiat just yet i'll put in my bank account and leave it there for taxes i'll use it within within crypto right but then what ends up happening is that you know you may lose that and then you've lost your tax dollars and you and you're like oh no i have to make this back now and then you you kind of like revenge trade so you try to trade your way back up to where you were and then you're trading emotionally and then it just gets it becomes a disaster

so this is why most people underperform it's not because you can't pick the better the the better kind of assets right you know i think a lot of the defy tokens outperformed eighth over you know uh maybe the one the last one to two years but the problem is is that buying and holding is so hard in this space uh for anything that moves so quickly like i'm comfortable buying and holding eth right for a long period of time i mean i've i've never sold any of my eight up until this point every single ether that i've bought from when i first bought in early 2017 i have not sold um and any any of like the d5 tokens that i buy has been with fresh capital or i've um oh i think i've traded some eighth for it at times but i've incurred tax there and i've kind of

not not done that because i didn't want to incur more tax but um i've never sold east to fiat for example so and and that's simply because like i'm very comfortable holding ether for the long term i want it all to be a long term gain so that when i do sell some eventually and yes spoiler alert i'm gonna sell some eighth eventually like you know i need fiat too right i can't pay my bills in eth unfortunately and even if i was to pay my bills in earth i'm technically selling it i guess like still disposing of it so it's the same thing anyway anyway i won't go into that but basically anything else really even some of the top defy projects i just don't feel comfortable holding those things for many many years i want to take profits i want to

go into something less risky so timing all of that is just so hard and that's why most people underperform the benchmark being btc or eth and that's just the reality of it so i mean me and you i mean me particularly i think i i i'm confident enough that i can you know invest in some of these d fight tokens and outperform eve but at the same time i'm still mostly eth because i don't i don't know the future right i'm not an expert trader i'm just like an investor who who likes to invest in things that i find valuable um and you might you know you might be the same right but at the same time for every one winner there's like nine losers that's just that's just the statistics from the stock market from from crypto especially in crypto because it's so

volatile but anyway as i said none of that's investment advice and maybe i've ranted on for a bit too long there but i have so many people talking to me and they ask me what should i buy you know when should i sell blah blah blah and i just i never really tell them you know i i never tell someone what to buy for for example like i don't say go up and say you know for your situation you know i think you should buy eighth and i think you should hold it for a year um to get the the capital gains discount and then sell it i never say that i never will say that because i'm not a financial advisor um and even financial advisors can't tell the future either so i i yeah that's that's a whole other thing but basically what i do say

is that obviously the meme of do your own research applies here but at the same time if you just want diversified exposure to d5 then buy the dpi like the d5 pulse index that's going to give you diversified exposure to the all the all the large cap defy assets and it's relatively safe automated rebalancing you know passive exposure you don't have to worry about it you can just keep it in your wallet and you're good to go or by eth because you want exposure to the ethereum kind of network and all the growth that's happening happening there and then if you want to go venture into these smaller cap things or all these kind of more risky bets you need to be prepared to lose all your money right um you need to be prepared for the for the emotional hardship that comes with that like no one likes to lose

money and then you've got to be careful not to over trade and start eating into your other positions so it just it's it's a mess so that's why i normally i mean most of the time i only talk about really eat like i don't like i don't want to talk about the d5 tokens that i that i hold because i i do realize that i have a large audience and i don't want to be kind of influencing kind of decisions that people make um so i rarely talk about the default tokens that i hold unless i give a disclosure because i'm talking about a project that i hold a token for um but that's that's also because like i'm no guru i'm not a genius right just because i've been around for a while doesn't mean i know the market's better than better than you do or better

than someone else does what i do know is that i like investing in projects that i believe in like actually believe in i'm not just trying to do a quick flip um and i like i like feeling comfortable holding them for the long term so i always i really just invest in people at the end of the day if i really like the team if i think they're doing amazing work if i think their product is good and the team has the ability to ship that product and to keep growing it then i will you know probably make an investment there if i lose that confidence i'll probably sell and i think that's how you should kind of approach these things if you're not confident in something that you're holding then you probably shouldn't be holding it um again i know i say this a lot but again not

investment advice and i'm probably gonna stop there but obviously i have a lot of thoughts about this and i just wanted to share them with you all because some of you might be new to the ecosystem and it's very overwhelming right choosing where to where to park your money and you know during a bull market you might feel fomo if you're only holding ethan you know eighth goes up five times but then you see all these other things that go up like 20 times and you're like oh you know i should have just bought that instead that kind of thinking is just going to get you wrecked because you're going to over trade i've seen it so many times i've seen so many people do it you just need to come to peace with the fact that you are looking back at the future sorry back in the

past you're you're applying hindsight um to to something that's happened and you're thinking that you could have picked that and no one could have picked it right there are very few people that can pick that even a lot of funds right don't get a lot of it right you know everyone's a genius in a bull market because everything's going up but the real test is during bear markets when you can invest in something and make money there and there's very very few people who can do that um especially within crypto so just something to keep in mind uh when when kind of investing in this space but do make your own decisions don't listen to anyone else definitely don't listen to crypto twitter thought leaders including me um we're not anymore kind of like uh any more of an expert than you than you are uh we just you know we've done our

research we've made our investments based on what we think you know is gonna go up and it's gonna make us money but at the end of the day the only thing that kind of like i will shill and chill a lot is eighth because i i really really believe in eth right and and and it goes hand in hand with the ethereum network and i really do think that you know obviously i think that it's gonna keep going up but i i i talk about it a lot because i think that um you know the asset itself has been kind of brutalized over over the last few years and it's it's good to finally feel like you know you've i've been vindicated right and a lot of the ethereums have been vindicated by the price move up as well so yeah anyway i'm going to stop there on

to the next thing for today so uh nick from maker dao put out an announcement here that uni swap lp tokens are now available to be used as collateral within the make it out system so if you're a liquidity provider for the wbtc eth pair or the usdc 8th pair on uniswop you can now use your liquidity provider token so that token you have in your wallet that's an erc20 token that is basically an iou for your liquidity you can use that as collateral on make a dow to draw die against now this is awesome this is something that's uniquely enabled by defy and something that gets a lot of people excited about d5 is this concept of and dan alexa coined this term a while ago called superfluid collateral what this means is

reusing assets within d5 essentially so what you're doing here is you're earning fees on uni swap by providing liquidity right you're using your lp token which represents those those fees and that liquidity as collateral in make a dao because if you do get liquidated that lp token can actually be used to withdraw your liquidity in uni swap to kind of pay down that loan right but it but even still you can draw die against it and you can go do whatever you want with that die a lot of people use it as a leverage tool they'll go buy a token or whatever they'll go buy some more eath or whatever you want to do i just think that's amazing right that is literally you know prior to all to any of this kind of stuff happening the lp token in your

wallet just usually sits there right it is accruing fees as the pool accrues fees and you get paid out from that but it's doing nothing else so why not unlock this this capital right why leave this dead capital there why not reuse it um and that's exactly what you can do now with with make a dao um by using your uni lp tokens here which i think is just absolutely incredible this isn't the first example of this but i think this is one of the biggest because make a dial is obviously the biggest default project still and unisop is one of the biggest two you know you have been able to put your you know why usd into cream for example why usd is basically yield bearing usd from from yearn um and that's been there you've been able to put your

staked eath from lido so st eth um into a curved finance st eth pool and earn trading fees there and earn crv tokens and an ldo token so people like to look at this actually and think well this is all house of cards it's all coming down it's all a ponzi right where is this money coming from but if you actually track back the trail of where this money is coming from you will understand so let's take this uni swap maker dow example so let's start from when you've drawn die and you've bought eighth with it so your the make it out system is making money from this because it charges a stability fee right the stability fee is basically an interest rate so where is that stability fee coming from well it's coming from the person who borrowed

die now where are they getting the money for that well maybe they bought eth eth went up a little bit right and then they sell it they make a profit and then using the proceeds from that profit they basically repay their loan right uh with with the principal and then the profit a little bit of the profit it goes towards the fees right okay so where did those fees come from well someone else bought it from them you know with their own money a at a higher price than the original person paid for it right okay so where did that person get the money from well that person got the money from the you know the real world right from their job or or from another asset that they sold or whatever you know it say it's from their job so they got fiat okay so where did that

money come from well okay the fear came from the central bank they've printed it right so you see that's the that's kind of like coming into paying down the stability fee and you can track that trail all the way back there is no money that's been made up except at the central bank level right where it's already being printed at and that's already how how a lot of this stuff works right in the real world uh in the traditional world okay so let's go to uh the uni swap tokens now so while the uni swap lp tokens are being used as collateral they are still generating fees on uniswap so every time someone trades in the usdc 8th pool a 0.3 fee is taken by uni swap and that 0.3 fee is equally split among all liquidity

providers so okay well where um so that that fee is coming from people doing trades on there okay so where do people get that money to do trades on uni swap well it's the same thing on make a down right they got money from uh you know getting paid right on the in their job and they went to uni swap and they stopped the usdc for ethan and that's it right so you can track the money on every single trail here there is no money being created out of thin air except at the central bank level right so when i see a lot of bitcoin is kind of attacking um define ethereum and saying oh it's all money out of thin air right the the absolute irony of that is that you're attacking the thing that you attack um to pump bitcoin up or to to kind of

like show the merits of bitcoin if the only money being printed out of thin air is from the central bank is fiat right because it's fiat all the way down um and that's kind of like the capital in the system but everything within the d5 bubble is paid and accounted for there is no accounting errors here right there is no money being printed out of thin air everyone's paying what they should be paying based on the fees associated with everything and um the uniform lp token uh has value because it is backed up by the the the tokens in the liquidity pool so all of this is accounted for and that's why make it down and other platforms feel safe using these things as collateral because you can see on chain that it's all backed up there's been no rug pull right

it's not like it's like a central bank that can actually take the money away or even a bank in general or a centralized institution can take the money out because uni swap is decentralized no one can take the money out of this liquidity pool except the lp token holders right or unless there's a bug in uni swap which is highly unlikely but basically if everything's working correctly it's decentralized so no one can can take that money out and there's no money printed out of thin air so that's what's really amazing about this i think and i think i've rambled on a bit enough about that but i just wanted to kind of give an example here because i see a lot of people just fighting this and it really annoys me because they just they have such surface level knowledge of this stuff that they think that we're all just

playing with monopoly money that we've printed out of thin air when in reality the monopoly money is fiat and the reason why a lot of this stuff is going up actually lately especially crypto um is because the fiat money print is just going bur right that meme it's just it's going crazy no matter which country you're in especially in the us right it's going nuts and and you know that's pushing a lot of the prices up but within the crypto ecosystem there is no money being printed there is it is basically just um all the fees being paid all the fees being accounted for so just wanted to run you all through that so loop ring presented their new lrc token model today so they've revamped the whole thing and i'll talk about loopering a lot on on the show here but that's because they're doing so many amazing things

from the from the layer 2 exchange that they're doing and now their token economics being revamped and the funny thing is i don't actually hold lrc at this point in time i did once upon a time a few months ago but i don't hold it right now so this isn't just me shielding my bags or anything like that but basically the trdr here is that the lrc token is being revamped and it's basically going to be a token that accrues fees right we've all seen this before within d5 it's going to be accruing fees from their layer 2 amm and order book exchange and these protocol fees are going to be paid to the liquidity providers the insurers and the loop ring dow so uh and and the the protocol fees that are accrued are going to be accrued in lrc and eth and if they're

recruiting other tokens they'll be sold for lrc or eth uh and then the protocol fees will be distributed in lrc or eighth um and that will be paid on a monthly basis and changes to parameters in the future will go through they'll bring down so it's a governance token as well so i like this i like you know shoring up the token making sure that you you know what it's going to do you know what function it has within your protocol everyone out everyone else knows it right and you know fee sharing and governance is is just like is standard practice so the success of the protocol the more volume running through the more fees generated goes to token holders that's how it should be and i think that's uh that's what loot brings down here but this is a lengthy blog post about 11 minute read from from

matt feinstein here so i suggest going to give it a read to see kind of all the detailed information here and i'll leave a link in the youtube description for all of you so as i suspected uh devcon in bogata has not been cancelled but it has been delayed there is no date yet so for those who don't know uh uh i think pagoda bogota i think that's how you say it anyway the next devcon was was scheduled to be hosted in bogota colombia in august and i saw that and i'm like i don't think that's happening um obvious obvious reason being the the covert 19 right and the vaccine's still not being rolled out in any kind of real capacity yet uh and you know for me i can't even leave

my country right now and i don't know when i'm gonna be able to leave the country i think i can go to new zealand that's it um i don't think i can go to colombia that's for sure um but they basically put out this tweet and then a blog post describing that they you know made this tough decision which obviously is pretty tough to make but it makes sense right there's no way they're going to be able to do it in august i don't know when they're going to be able to do it maybe it won't even be this year um i just don't know because we don't know how fast the covert 19 vaccines are going to go out we don't know how quickly you know travel will return back to normal i mean i personally hope it happens much faster than than slower because

i really miss traveling i really miss these conferences i remember i hadn't gone to an ethereum conference um that wasn't in australia so i went to edcon in sydney in early 2019 but besides that i hadn't gone to an ethereum conference until i joined set and then i went as part of like business trips and i i ended up going to so many conferences between i guess like the second half of 2019 and like early 2020 8th denver was the last conference in february of 2020 and then covert hit and and that was just like so disappointing because i waited so long to and i really wanted to go to all the ethereum conferences i absolutely loved them and then this thing here and then people said oh we'll do virtual conferences and it's just not the same thing for anyone who's been to one of these conferences

you know how awesome they are so i'm hoping that we get this this under control for international travel um sooner rather than later i um i love traveling absolutely love traveling more than anything and it's been really difficult not just for me but i'm sure a lot of you to be stuck in place i don't know where in the world you know you guys are but for me in australia last year i had a three month lockdown where we couldn't leave our house except for essential services down in melbourne and that was very difficult we still had like an interstate lockdown um where we couldn't travel between states and now we can travel between states and i think we can travel to new zealand but you know we still can't go anywhere else and you know i i mean i've been to new zealand i love it there but i kind

of want to go to these ethereum conferences so i hope that we get there sooner rather than later because it's been a tough i guess like yeah and a bit for everyone at this point and it'd be nice to see them see and see everyone at a conference right but we'll have to see how that goes and see how that plays out so an update from yam and yuma uma protocol today so they've continued their collaboration and launched launched a u-vol btc token which is basically a synthetic asset that trades based on the volatility of bitcoin so this is an exotic financial product this is something that you will not ex but get exposed to if you're just a retail investor in the traditional world um so basically what this measures is the realized volatility of

bitcoin this one in particular and what the volatility kind of measures is like sorry what what the volatility index kind of measures is the volatility of the underlying assets so we all know that crypto's extremely volatile but sometimes or at least most of the time actually if you look at the chart it just trends sideways right so the volatility might be low but then you know when there's a big move up or a big move down that's when the volatility you know get goes higher or or whatever so you know when the volatility is high people like to trade this they like to trade the volatility on top of trading the actual underlying tokens and you do this with a synthetic asset and this is exactly what uma and yam have teamed up to do so really interesting to see these more exotic financial products coming to d5

because d5 is all about democratizing finance right as i said these products are usually reserved for non-retail investors i mean they say it's to protect people but i don't think so i think a lot of it's got to do with kind of crappy regulations and and kind of like gating of of financial products so really great to see this and yeah you can check out the post in the youtube description so dydx announced a 10 million dollar series b round led by three arrows capital and defiance capital uh yesterday so i mean dydx is one of the og d5 projects right they've been around for a while for those who don't know what they are their derivatives exchange on ethereum they are working on a bunch of different things right now they had an explosive year in 2020 in terms of growth

and they're working on a layer two solution with starkwear right now which should be going live very very soon i think um but yeah so it's funny because a 10 million dollar series b is a is quite a small round and i don't think this is because no one wanted to invest in dydx right i i think this is because they're going to be doing a token soon because when you do a valuation that's this low so a 10 million dollar series b around wouldn't lend itself to a very high valuation right you want to keep the valuation low if you're launching a token soon and you know i don't know who wanted to keep the valuation low whether it was the funds the investors the team whatever but in general like when you see a series b that's only 10 million dollars

it means that they want to keep the valuation low um and and i think that's because there's a token coming so the token will probably come if i had to guess very very soon probably in the next few months uh and then i think you know they'll probably do an air drop of people who have used the oitx and things like that which is going to be another big kind of thing there and then the valuation is obviously going to skyrocket from there because this is crypto and we'd love to speculate but outside of that it's really good to see them getting the the money in the bank here because i think that the ydx is one of the best teams in ethereum they don't make as much noise as other d5 teams but they they do you know have a platform that's growing rapidly has been limited

by the scalability on ethereum but with their layer two uh version going live i think you know this year with starkware i think they're gonna grow like very massively here so really excited to see them to get this funding uh and you know from the three hours capital obviously a big fund in the space and defiance capital which is another big crypto native fund that it was uh founded by arthur 0x which has been a d5 native crypto investor i guess one of the best dfi investors in the space and this is this is what i was talking about before how i thought there were very few d5 investors that were actually kind of um good and actually outperformed the market arthur is one of them he is uh early snx early ah there very early and i'm talking like

when there were 5 million 10 million caps he wrote thesis back then he's been spot on about a lot of things so really great to see him backing the ui dx here so a quick update from zappa you can now hide your small balances on the zapper portfolio screen so you know when you log on to zapper and then you see your portfolio on there and you see all these tokens that are worth like 10 and it's not even worth the gas to trade them and it's just annoying well now you can filter those out so you can actually set the amount that you want to filter so if you want to hide everything that's below 100 you can do that and it will do that on the interface which i think is a pretty cool feature full disclosure i'm an investor in zappa so just want to get that out there

but i think i mean i'm an investor because i use zappa it's a really great portfolio tracking tool um you know it's a really great way to zap in and out of things um or like enter and exit positions and stuff like that so yeah if you haven't checked it out yet i suggest you do so but you know not enough shilling i'm not going to show you too much on it i just thought this was a cool little feature that they added here all right last thing to talk about since i think we're going over time here so i spoke about i think the last couple of refuels are the on-chain metrics that i've been watching lately now i was said i was going to cover this in the daily grade data pump that's coming out next week and i still will but this is a bit of a spoiler for you

guys before i put that video out so i had been watching this metric too and what this shows and what coimetrics is showing here on this chart is the number of addresses that are holding more than 10 000 eth now what this symbolizes or i mean coinmetrics is saying what this could signal is that institutional investors are starting to buy eth it could signal that but it could all just also just signal that big money is is going into eth right we've seen btc coming down lately from its highs we've seen the eighth btc ratio increase so that money i don't think is going back to you know the traditional world i don't think anyone expects another crypto bear market to happen anytime soon so they're rotating into something that hasn't kind of gone up as much which is obviously eth

now you can see that the growth here has just been huge right especially in in the later parts of 2020 early 2021 the number of uh addresses holding ten thousand eighth has has gone up significantly now it's not at all time highs yet it was higher in uh i guess late 2017 which makes sense right it definitely makes sense but we're almost back to that level and i think you know eyeing the chart here it's about 1 250 unique addresses that hold more than 10 000 each so it's not just 10 000 eighth it's anything over that so some of these addresses could hold a hundred thousand eighth or whatever if they're like mega whales um there might be some exchanges in there as well i think they do filter out exchanges but it doesn't matter anyway because there's only a handful of them but yeah the fact that this is going up

uh is one metric that i look at and i look at closely because if the whales who basically have a lot of capital they that some of them can move markets if they're accumulating something after this downtrend right if we break out of this downtrend then to me that just signals that a price rise is going to come or continue to go up uh or it's going to continue to go up because the the the big money and the quote-unquote smart money is betting on that happening so i think it's obvious that this is what's going to happen i mean i'm positioned for that obviously as i said i i've still got my my ether i never sold any eighth um uh but at the same time not investment advice but just something that i one of the one of the key metrics that i

track when when trying to you know find out when it's going to go up and i think we saw that happen right end of 2020 eth kind of i think he started pumping before before these people started getting exposure to it so you know not every whale is a genius they just have a lot of capital and then when they see that a kind of market shift right a shift in the markets from btc only to okay well it's now in favor let's buy some eth and they rapidly do that as you can see from this growth and it's actually gone up so much that i think a lot of um a lot of whales were underexposed to eat here i think a lot of them you know were overexposed to btc and then when btc kind of came down cooled off they were like okay well i

need to get some more exposure to eat and that's why we see this this shot up in growth here so yeah that's one metric i'll be covering in more detail next week on the daily grade data pump video so look forward to that and that's it for today's episode so give the video a thumbs up if you haven't yet subscribe to the youtube channel so you don't miss future videos uh join the discord channel subscribe to the daily wear newsletter and i will catch you all tomorrow thanks everyone