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The Bullish Path Ahead
169 Plays5 months ago
We talk through the state of the market, the upcoming ETH ETFs, the impact of Mt.Gox, FTX, and BLockFi redistributions, and the macro outlook for the rest of 2024.
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Transcript
Return from Hiatus and Market Overview
00:00:12
Speaker
Hello, and welcome to the Decrypting Crypto Podcast. It's July 18th, 2024, and this is Off Chain, your weekly recap of the biggest stories in the crypto space. I'm Matthew Housebarbie, and I'm here as always with Austin Knight. Well, I say as always, Austin, you are often here with me, but we have not published an episode for a couple of weeks. We've been having a little bit of travel, and thankfully nothing happened during our time out. yeah I know. it's It's been such a slow, you know, series of weeks from a news perspective. I mean, I don't know what we would have even talked about. It's yeah, and there's nothing really gone on at all.
Political Speculations and Market Impact
00:00:54
Speaker
The only my only takeaway um from the the the time that we're out is that
00:01:02
Speaker
apparently assassination attempts on presidential candidates are bullish? Is that what we're is that the takeaway? It's a weird world we live in. It's yeah, I mean, what a wild What a wild series of events. We're not but for everyone. I said, we're not going to be diving deep into the assassination term. I think it's, there's plenty of that yeah yeah you in existence, but man, what, um, what a crazy time. And I think today, just before we're recording now, uh, Biden has COVID, which it doesn't seem like it's particularly threatening, but it's, um,
00:01:50
Speaker
i'm I'm wondering, well, let's replace that word with I'm speculating as to whether that's his first step towards pulling out of the of the presidential race. But adding markets went up significantly on that this morning. I think it's
Democratic Strategies and Candidate Safety
00:02:08
Speaker
up to ah like mid 60s percentage wise that he uh steps aside which is bullish for me because i predicted last year in our prediction episode that that would happen but uh you did say that didn't you wow i completely forgot about that and i'm pretty sure i basically laughed at you yeah ah so more who's laughing now man
00:02:33
Speaker
yeah yeah That was a that was a ah very contrarian prediction as well um at the time. no that's ah and I know it still has to play out, but I ink i think I agree with you there that it is almost certainly going to happen now. um Yeah, I I'm very conflicted on it because I don't see how that works out well for them either. I mean, they've still got Kamala in the way. um Exactly. yeah You know, I don't know who would want to step up at this point, like to what feels like it's becoming a somewhat unwinnable election after Saturday. You know, I think obviously I mentioned in the prediction episode that I felt Gavin Newsom was ah gunning for the presidency. I have to imagine if I'm Gavin Newsom right now
00:03:22
Speaker
I'd be thinking, you know what, I'm going to sit this one out and I'm going to come in strong four years from now. And, you know, great ah ah he's he's a pretty smart political operative. So I I don't imagine that he's like, oh, yeah, let me go ahead and just like fall on the sword for the crap party right now. So, ah yeah, I agree with that. They're you know, they're they're in between a rock and a hard place here that they put themselves in. Yes. Yeah, they are. They're floating down shit creek without a paddle right now. It would it would seem. And I think that's that's kind of the biggest piece. I think what we've learned from the weekend is that. Pretty much a certainty that Biden can't be Trump now, but at least that's my perspective. I just do not say I see a path forward where Biden beats Trump.
00:04:16
Speaker
um And the real question is, at least from my perspective, like if you decide to switch Biden out, there's no obvious candidate. I don't know if anyone really is more likely to beat Trump than Biden. So there's a very reasonable argument to cut your losses on Biden and just, sorry, not cut your losses in terms of, uh, switch him out, but keep Biden and have him be the scapegoat basically.
Crypto as a Political Issue
00:04:56
Speaker
That's exactly my thought. Yeah. Well, you're kind of, there's a, there's a, there's a ah very wildcard play in there.
00:05:04
Speaker
Um, which I won't go into detail on here, but for posterity, what I'm going to say is secret service detail should be increased on every political candidate right now. I think that we're talking a lot about improving secret service detail on Trump. And I saw that Biden finally granted ah RFK secret service detail way overdue. yeah But I want to see Secret Service detail improve on Biden, on Kamala, um obviously on JD Vance. all All of these people should be under high protection right now so as to not open the door for additional
00:05:46
Speaker
Uh, shit. Yes. You know, I mean, uh, because if, if you're, if you're backed into a corner and it's like, there's no way for us to win. Uh, we're going to have to like cut our losses and basically let Biden fall on the sword that can push people to really extreme measures. So keep everybody safe. That's all I have to say. If it can push people to extreme measures or, or, or be it I'm speculating on the motives of the, uh, the shooter, right? Like. it would seem that it that person was pushed to extreme measures um on on the side of trying to assassinate Trump. There is absolutely a very real possibility that that swings the other way, right? And yeah, yeah I mean, it's such a it's ah it's a really sorry state of affairs. Like this is not the kind of thing that we expect to be talking about in a
00:06:36
Speaker
in the US, let alone even, like this is shocking in third world nations, right? And i I think it brings the whole notion of democracy into into question when when this kind of stuff starts happening. I think my my biggest hope here is that nothing truly terrible happens like and and and ah in the run up and following the the election. um I am
00:07:11
Speaker
glad at least that I think when I saw what is, and just as a side note, probably the greatest photo ever taken of all time, yeah um regardless of whether you absolutely detest Trump or not, it is undeniable that there was there's never gonna be, I think the only thing that could have made that photo better is if an eagle had flown past in that crowd. It's like the most murica thing I think I've ever seen in my life. um But like,
00:07:45
Speaker
yeah it It was, it was, it was truly phenomenal. But I think when I, when I saw him kind of, uh, saying like fight, I was really worried that like the next day it'd be like a call to arms. so And I think actually one of the things that did surprise me in the aftermath of all this is that there was a call on both sides for calm. And I'm very glad that that happened.
SEC's ETH ETFs Approval
00:08:07
Speaker
Um, yep. Anyway, should we talk about crypto? Yeah, yeah. Well, you know, speaking of crypto, it is interesting because we've we've talked about how crypto is ah a real, you know, political topic. And I think that Trump and J.D. Vance seem to really be positioning themselves as the yeah the crypto candidates. So it's interesting. It'll be interesting to see how that plays out. um But we do have some really interesting stories to go into today about the ETH ETF, about ah BlockFi and Mt. Gox repayments.
00:08:37
Speaker
coming out, which is, I think, I don't know, Matt. I mean, could we have imagined years ago that this would actually happen? There's some really interesting details ah to talk through with this. So should we get into it? Let's do it. Let's jump right in.
00:08:57
Speaker
So we've been talking about the changes in, I guess, like market momentum. Obviously the the the odds and the likelihood of a Trump administration has dramatically increased, which has been seen as bullish for for crypto and for equities um overall. I think everyone's expecting for slightly of different reasons. I think a much more crypto-friendly administration and potentially SEC off the back of a ah Trump and now JD Vance um ah as a VP who is also very pro-crypto. I don't know if you also saw, Austin, that um Jamie Dimon seems to have changed his tune a little bit yeah around crypto all of a sudden. They're talking about maybe for Treasury Secretary or yeah something to that effect.
00:09:42
Speaker
yeahp yeahp yeah Treasury Secretary, and yeah, now all of a sudden he doesn't think that, I quote, Bitcoin is only used by criminals. So that's ah that's an interesting U-turn. Yeah, I would say, you know, fair play to him because he he also, he did a U-turn, he's been U-turning for probably, I'd say four to six months. I remember um he did an interview ah Yeah, but early this year where it was interesting because he was always a never Trumper and then he did an interview and he said something to the effect of like, okay, look, I don't particularly like Trump, but you have to admit that his policies worked and that the outcome was better than what we're getting right now. And once he started doing that, I was like, what's going on with this guy?
00:10:26
Speaker
ah ah Yeah. Yeah. That was something that and yeah, he has he's had a pretty pretty big turnaround um in yeah at least his publicly um kind of noted. I guess preferences. So in amongst all of this, though, it's. We've had probably the most bullish piece of news to drop since the BTC spot ETFs and that is that the ETH ETFs are apparently at least three of the eight ETFs have been
00:11:07
Speaker
um provisionally approved by the SEC, which was, this was reported by Reuters on Monday of this week, and that they will begin trading next Tuesday, the 23rd. That is very, very significant. And I think, you know, I've been talking a lot this year, the run up to this year about the ETH ETF potential, especially post BTC ETFs. And Bitcoin ETFs have been monumental. you know We're going to talk about and things like the Mt. Gox distribution and some of the different cell pressures coming, but the past seven days, um Bitcoin ETF bids have just been absorbing any and all selling that's been happening in the market and pushing it forward. so
00:11:59
Speaker
you know Bitcoin and ETH has obviously been rallying with the the likelihood of the Trump presidency that we talked about, but you ETH seems to be getting this additional push um with the imminent kind of S1 approvals that are coming. And we've talked a lot in the past about Grayscale's ETH E, e um their Ethereum out and investment trust. It's now trading at just under a 1% discount to net asset value. Remember that trade that I talked about, Austin, where I said, this is going to be one of those trades where I'm not going to partake in this trade, and I feel like I regret it when it's at a 14% discount to NAV, and now it's close to 0.44%.
00:12:42
Speaker
um I think this is like the third or fourth time you've done this, Paul. A great trade and you say, but I'm not going to participate. And then like a few months later, it's like, I could have become, I could have made a multi-million dollar trade there. guys yeah what was that think Yeah. Thanks for the reminder there, Austin, and quantify it for me. That's good. But you know this ah that the grayscale Ethereum ah investment trust, that that's going to be watched very, very closely post ETFs going live. It has anywhere between $10 billion and $11 billion of AUM, assets under management, depending on the ETH price. It's currently just over $10 billion. And fees, just like the grayscale Bitcoin um investment trust that
00:13:30
Speaker
um prior to it converting into a spot ETF are sitting at 2.5% on nav. um They are, as they've shown previously, unlikely to bring those down. Whereas, you know, Van Eyck, BlackRock, et cetera, will probably be matching ah like ah the similar levels to what they have for the BTC and one, which is like under 20 bits. So significant difference. And what that will create is a load of outflows in the short term.
Crypto Market Dynamics and Predictions
00:14:03
Speaker
There's only 10 billion in AUM, which is still a significant amount in the the context of Ethereum. But um I anticipate that similar to Bitcoin's spot ETF debut, we will see some so very volatile, strange up and then down action while we see the rotation of ETH.
00:14:24
Speaker
ah sorry e e um Now, on a more positive note, all of the various analyst predictions on inflows are extremely bullish. So if we take a look at kind of ah one of the first ones, so Bitwise, now obviously Bitwise are listing an ETF, so they are going to be kind of mega bullish on this, but They are predicting that there will be $18 billion dollars in net inflows over the coming 18 months. And it will take ETH to push past 5K by the end of this year. Steno Research, which Steno Research, there's a really great podcast by the founder of Steno Research called Macro, I think it's Macro Sunday. um I listened to this podcast a lot. It's really, really good. And I respect a lot of the research they put out.
00:15:19
Speaker
They have taken an even more bullish stance. They've predicted net inflows of between $15 to $20 billion dollars in just the first 12 months and expecting ETH to top $6,500. Yeah, Galaxy estimating $5 billion of net inflows in the first five months. So it's it's very, very positive. And if we just for context, right, the spot Bitcoin ETFs have attracted over $16 billion dollars of net inflows just since launching in the the middle of January. So giving you a bit of context there, the supply dynamics of ETH are very different to Bitcoin.
00:16:01
Speaker
ETH is ah much more supply constrained. So inflows at this scale will have a much more dramatic impact on the price of ETH. And I really think that ETH could end up um in a very, very strong position going into Q4. i I have been very bullish ETH for you know the best part of 24 months probably now um and I think this is where the momentum trade begins. I think this is where we start to see albeit a little bit of volatility coming up but this is the
00:16:38
Speaker
I don't want to, I'm always hesitant to say, can I have the last chance to kind of get in before we start getting into up only mode? But I think we're getting close to that at least for 2024. Um, so feeling very positive. And I think it's going to bleed into the rest of the, uh, the, the crypto industry as well. Yeah. It's really interesting to see what's happening there. I mean, those inflow predictions are intense, man. eighteen Oh, yeah. And 18 months, 15 to 20 billion in 12 months. I guess it's possible. I mean, you know, if you compare it to 16 billion in net inflows over the course of the last seven ish months for Bitcoin ETFs, um which were record breaking, by the way. um Yeah.
00:17:21
Speaker
but also were you know ah pretty significantly hindered by outflows at the same time, right? yeah um and And so that 16 billion of net inflows um is, you know if if you if you look at the total the total amount of inflows without subtracting the outflows, like not the net number, um you know Yeah, the volume, yeah. And the fact that ETH isn't going to be burdened by that quite as much, um then it starts to feel possible. 100, but absolutely. um And and even if it's even if it doesn't hit those heights,
00:18:00
Speaker
The impact on Ethereum's price will be much more pronounced than that on Bitcoin. Bear in mind, like Bitcoin has a lot... Well, first of all, Bitcoin and the the supply of Bitcoin is much more inflationary. In many cases, ETH is a deflationary asset, especially during times where eth fees start going up we see it's deflationary it's in and around like either very very small amounts of inflation or can be a deflationary asset and what we will almost certainly start to see I don't know if you remember we took I talked a little bit about this and I think this is one of the most underrated aspects of
00:18:46
Speaker
what's going to happen with ETFs that I didn't mention here, right? So you've got the supply dynamic, right, where with Bitcoin, you've got miners, the cell pressure of miners that especially post halving, miners were struggling to make a profit, they have to sell off in in larger amounts to keep things afloat. huge amounts of sell pressure that you've got to fight up against. Then you have these like one-off events that are like the German government selling, you know, like 50,000 Bitcoin recently. And ah you've got Mt. Gox, which we'll talk about shortly. And otherwise, ETH doesn't have a lot of that. And ETH's emissions are largely centered around um payouts to validators. Now, here's something that's interesting when we think about the supply of ETH.
00:19:36
Speaker
One thing that is not has not been approved by the SEC is for the assets that are held in custody from ah the spot ETF to be staked. So all of a sudden, let's say we have $15 billion dollars of net inflows of of ETH into these ETFs. they have to be held unstaked in custody. which means the total but First of all, there is a huge amount of the ETH supply that is no longer going to be accruing any staking rewards, which means that those staking rewards, the emissions that are fixed,
00:20:19
Speaker
are going to be distributed to um a smaller set of stakers, which means that the actual effective staking yield for staking ETH is likely to increase as a result of this because you have kind of ah a new supply dynamic that's happening where a greater distribution across a smaller number of staked assets. This is This isn't being talked about a whole lot. This is going to happen, which means that, from my perspective, ETH becomes even more attractive to buy also outside of the ETFs because then you have this, is is it's got a greater kind of coupon, if you like, attached to it, right? The yield is even better for gaining exposure and holding ETH long-term, which again, if you're then staking ETH,
00:21:07
Speaker
yeah you're less likely to be selling and holding longer. Again, all of this constraining supply. And I think this is just going to be an enormous catalyst for driving price upwards in ETH. Not to mention all of the surrounding kind of like meta that's happening with restaking and otherwise that this is going to drive more um interest. And then we've got rate reductions probably coming for the first one in September. If we end up getting a double rate cut this year, which is obviously not the base case, you know that's going to be kind of party time yield curve inversion if if kind of the the Trump trade continues. So there's a lot here, um but I really think that the killer piece and the ETH ETF versus the BTC ETF is the supply dynamics that's going to be completely different.
Resolution of Past Crypto Issues
00:21:57
Speaker
Yeah, no doubt about it. ah It'll be interesting to see where that goes.
00:22:01
Speaker
Yeah, well well ah well, we'll get a first glimpse hopefully next week. um we'll be able to We'll be able to cover that and see where things play out. All right, why don't we dive into the next story of the day?
00:22:16
Speaker
BlockFi is going to begin processing crypto distributions via Coinbase this month, apparently. Now, if you remember a BlockFi, we covered it a couple of years ago when it went defunct. It's a centralized or was a centralized crypto lender. They have recently confirmed that they will commence initial crypto distributions via Coinbase in July. These distributions will be processed in batches over the coming months. So if you are waiting on a distribution, ah it's it's possible that it could take longer than July. ah Eligible clients will receive a notification to their registered email address ah with BlockFi. The one problem is if you're not a U.S. client,
00:23:03
Speaker
Currently, you're not eligible to receive a payout. So this is just focused on the US market right now. ah They have previously agreed to a one-year distribution window. So I think the safe assumption is if you are owed money from the BlockFi collapse and you are in the US, sometime this year, starting in July, ah you will be put into a batch and notified via your BlockFi registered email address ah when you will receive the crypto distribution. So it's nice to see that ah payouts are actually happening with BlockFi. We'll have to see what happens with the rest of the world. ah But there's a much bigger
00:23:48
Speaker
case that we've been talking about now, Matt, for I mean, literally the entirety of this podcast. yeah yes Going back years and years, Mt. Gox was the largest crypto exchange in the world. back in 2014 and it was attacked and it collapsed. They lost 850,000 Bitcoin due to an exploit and at least 90% of that belonged to individual customers. Well now, after
00:24:28
Speaker
Nearly I think a decade. I think it's literally been a decade. Mt. Gox repayments will arrive via Kraken before August is what they're saying. You know, there is this is ah this is has been confirmed. It was noted over the course of the past couple days that over $6 billion dollars worth of Bitcoin from Mt. Gox had been transferred to cold storage and to new wallets as part of this effort to repay creditors affected by the 2014 attack and Kraken
00:25:02
Speaker
is one of five crypto exchanges working with the Mt. Gox trustee to facilitate the distribution of Bitcoin to the creditors. Some Mt. Gox creditors are expected to receive their repayments in the next seven to 14 days, according to an email that Kraken sent to its users, which is just, I mean, it's an amazing outcome. So, I mean, everyone, I can, I can obviously speak from, from obviously the inside of of crack. And it's been like a Herculean effort from so many people for such a long time to make this happen. And, you know, when, when we first kind of got some of the news internally around this, it was like euphoria inside the crack and slack. It's like, everyone's just really just happy for.
00:25:48
Speaker
for For so many people that ultimately had written this off as never getting back in this incredibly meaningful, meaningful amounts of money here that are getting back into the hands of of people that went through probably what was a very traumatic experience back then, and even more so as time has gone on, right? um I think there's something like, I wanna say a number I saw that the estate had recovered was something like 104,000 of the 850 Bitcoin, which is still a meaningful amount. And honestly, I'm just incredibly impressed that anything was was able to be recovered, which is just great. yeah
00:26:29
Speaker
Yeah, it's it's amazing. um Yeah, fun fact, the transfers and creditor email that you all at Kraken sent out, it was sent exactly 14 years to the day after Mt. Gox completed its first ever trade. So amazing it's it's a yeah it's it's an amazing timeline. And you just imagine that, like, you know, you're an early adopter of Bitcoin. You have a bunch of Bitcoin in Mt. Gox. It's the largest crypto exchange in the world. It was on the up and up. And then you lose everything. And then proceed to over the course of the next decade, watch Bitcoin absolutely rip.
00:27:10
Speaker
um And it's you're thinking I'm never going to get any of that back. I was smart enough to be an early adopter and I lost it. It was taken away from me through an exploit. And then you get the news that actually you might get a fairly meaningful portion of that back. I don't think that the full eight hundred fifty thousand is going to be returned, which is a huge bummer. But man, the fact that six billion dollars worth of Bitcoin is being distributed throughout this process is it's amazing. It's it's so much better
00:27:40
Speaker
of an outcome than I think we could have ever anticipated. And certainly at the time the thought was like, I mean, this was unprecedented, right? Like yeah the the this type of attack, but also any form of recovery of, ah you know, crypto through an exploit. the The assumption was it's gone forever. And certainly I think and most people would have come to terms with the fact that we're never getting this back. So what a What a nice STEMI this is going to be for for any of them. um But yeah, that's that's amazing news. I think we should also potentially, ah might be slightly off on the timings here, but I think later this year we have the FTX estate distributions as well. So there's a lot but going on. I think that's scheduled the first batches of that for Q4 potentially. So, you know, this what ah what a turnaround from
00:28:32
Speaker
ah kind of the this time a couple of years ago and what what we were about to walk into the hot mess that that was created near the end of 2022 to you know a little bit of redemption, a little bit of maturity in the industry, something that we've been asking for, calling for, like needing. And um I think really 2024, we'll look back at this as a is the year where crypto for the first time became legitimize and was taken seriously and has a true seat of the financial kind of services at the world table. I think
Crypto's Future as a Financial Asset
00:29:08
Speaker
it's really now it's it's it's it's not going to be the same moving forward. I think it's going to be step changes in in growth adoption and being able to get closer to fulfilling
00:29:23
Speaker
some of the original mission behind what what crypto was was was born out of. So I'm really excited for for what the future holds. I'm inspired to hear that from you. You know, it's it's one thing to to hope for that. And it's another thing to hear it from somebody that's so close to it. I mean, and if you think about it, I know that this has been quite a, you know, tumultuous, what, decade and a half, couple decades almost um of of Bitcoin. But in the grand scheme of things, It's not really that long no you know of a time to establish a currency and a store of value. So if ah if this if this is a you know ah turning for Bitcoin and it's it's a move to a new phase, a new era for crypto, which is further legitimizing it, further securing it, further further building it into not only our economy, but our our form of exchange.
00:30:21
Speaker
um It didn't really take that long to pull that off if this actually is that moment. I agree with you and I think it's easy to lose sight of that. I think it's somewhat of a fallacy to compare cryptocurrency just to the proliferation of just tech. I think there's a big difference between, you know, and financial assets, digital assets in this respect to something like even you know the dawn of the internet. And even then, you know you're talking multi-decades before it even began to establish itself. So yeah, this is this is still the beginning. um As as the the classic saying in crypto goes, we're we're still early.
00:31:04
Speaker
And I really believe, I really do believe that that is the case. So yeah, super exciting. I think there's a lot of really like, we're we're out of this, like, you know, just sideways, chop, slog that we've been in for at least the past quarter. And I think we're about to turn a new page and, and I wouldn't be surprised, you know, in in a couple of months time we really start getting that bull market mania feel back, which I know we're all very much looking forward to. Yeah. One question for you, with this Mt. Gox stuff and with all of these repayments that are happening, you know not just Mt. Gox, but also you mentioned FTX, there's just there's there's a lot of crypto, a lot of Bitcoin that's being transferred around. And I know that yeah there's some speculation that this would create sell-off events that could put downward pressure you know in the short term on Bitcoin's price. ah Do you have any thoughts on that?
00:31:59
Speaker
I do. Yeah. So I think there's a couple of things. We had the German government who seized 50,000 Bitcoin um from a now defunct, I think like film piracy website and ah they They proceeded to to immediately dump that on the market for a number of reasons, most notably um that um if they actually dispose of any seized assets within 10 days under German law, um they they are actually able to do that prior to any criminal trial being ah carried out, which is an interesting little wrinkle there that most people don't know.
00:32:34
Speaker
um So that was a huge amount of cell pressure. That is one of the primary reasons why we actually saw a big tank in BTC price that drove us all the way down to the mid 50s a couple of weeks ago. Mt. Gox anticipation um and now we're starting to see some cell pressure come in that is being just gobbled up, as I said, by ETF bids. So I think it's really bullish that this is happening, and it's happening all at once ahead of kind of like, you know, the real big market momentum moments, because once this is done, it's done. The German government, all their Bitcoins are gone now. There's no more cell pressure than that, right? You have Mt. Gox. The good news there is there's a theory here that a lot of them are
00:33:19
Speaker
OGs, they're people that are more likely to hold, right? And this is just a bit of a bonus that they've even got this back. So I don't think there's going to be as much actual cell pressure from this. There's still going to be a sizable amount, but I think that's going to get absorbed ah relatively easily in the grand scheme of things. FTX on the other hand could be interesting because it depends how these assets are distributed. They're still the decision of, are they going to be distributing the assets, the digital assets, or are they going to be distributing them fiat?
00:33:53
Speaker
If Fiat is distributed, hey, you've just sent a load of crypto natives, a giant stimmy check to go and buy a load of assets, right? I think that's really bullish for buy pressure, um even more so than like the potential for sell pressure because it's going to be spread across a load of different assets. I'm less worried about that piece, but I do think that the stimmy that could come if there's fiat distributions could be really meaningful. So I feel really good. i'm glad It's it's a good timing more than anything. I'm glad that we get this, that Mt. Gox has been hanging over our head for a long time actually on Bitcoin. And um to get that kind of out of the way, path forward, there's no more big friction events. So yeah, feel really bullish if you didn't tell already.
00:34:44
Speaker
I love it. All right. Well, listen, we've got the ETTFs next week. um I'm really excited to see how that plays out. I expect a ah lot of like strange movement in the first couple of weeks. We'll see how the first few days play out. But yeah, we'll be we'll be covering this in detail definitely next week. We'll have an ETTF like recap in amongst everything else. But looking forward to chatting to you then, Austin. Yeah. Talk to you then, Matt.
00:35:31
Speaker
The contents of the Decrypting Crypto podcast should not be used and are not intended as investment advice. Please do your own due diligence before making any investment, cryptocurrency or otherwise.