BTC & ETH SOAR, S&P HITS ATH, MOG LEADS MEMES - DEGENZ LIVE

Bitcoin (BTC)

The hosts are extremely bullish on Bitcoin, celebrating a new "real all-time high" of $118,500.
They believe this is just the beginning of a larger move, referring to the current pump as a "pump for ants" and stating "we haven't seen anything yet."
The breakout above the $112k level is seen as a critical technical signal, marking the start of the "easy road" higher.
Key Drivers:
- ETF Inflows: Second highest day ever for Bitcoin ETF inflows, totaling $1.17 billion.
- Short Squeeze: Over $240 million in Bitcoin shorts were liquidated, contributing to the upward price pressure.
- Supply Scarcity: A host mentioned hearing there are "only 40 bitcoins left in the OTC desks."
- Macro Environment: Favorable conditions with the "big, beautiful bill printing" and the S&P 500 also hitting all-time highs.
A well-known trader, Kobe, is cited for his "easy road" chart, which suggests the move from $110k to $250k will be easier than the grind up to $110k.

The sentiment is that Bitcoin has entered a new phase of its bull run after decisively breaking its previous all-time high.
The hosts suggest that the best course of action for those already invested is to "do nothing" and hold their positions, as the time for accumulation has passed.
The combination of massive ETF demand, corporate buying, and a favorable macro backdrop creates a "gorgeous setup" for potentially much higher prices, with $250,000 mentioned as a potential target from a popular chart.

Ethereum is seen as a major outperformer, up 7.5% and hitting the $3,000 price level.
The hosts are very bullish, with one stating a price target of $6,250 by December 2025.
The ETH/BTC ratio chart is viewed as favorable for Ethereum, suggesting it has "a lot of catching up to do" relative to Bitcoin.
Key Drivers:
- ETF Inflows: Huge inflows of $383 million in a single day. On a relative market cap basis, inflows are considered stronger than Bitcoin's.
- Corporate Treasury Trade: The trend of companies buying ETH for their treasuries is gaining momentum. Sharplink Gaming (SBET) is a key example.
- Catch-up Narrative: ETH is seen as having more room to run to catch up to Bitcoin's performance, making it an attractive momentum trade.
- Ethereum Foundation Selling: It was noted that the Ethereum Foundation sold 10,000 ETH to Sharplink Gaming, which is seen as a funny but recurring event that doesn't seem to be stopping the price momentum.

Ethereum is considered a primary beneficiary of the current market rally and is expected to outperform Bitcoin in the near term.
The hosts believe the move to $3,000 is just the beginning, with one host making a specific call for $6,250 by the end of the year.
The "corporate treasury" narrative for ETH is a significant bullish catalyst to watch, with multiple companies now actively accumulating.
Strength in ETH is seen as the key ingredient needed for a broader "alt season."

This stock is highlighted as a key way to get exposure to the Ethereum corporate treasury narrative.
The stock price was noted to be popping, hitting $22. This represents a more than 100% increase from its recent bottom around $9.50.
Sharplink recently acquired 10,000 ETH directly from the Ethereum Foundation at a price of $2,570.
The company is on track to become the largest corporate holder of ETH very soon.
Risk Mentioned: The stock is trading at a "hefty premium" to its assets, with a $1.5 billion market cap versus around $650 million in ETH holdings.

SBET is presented as a high-beta play on the price of Ethereum. If you are bullish on ETH and its corporate treasury narrative, this stock is one to watch.
One of the hosts is actively dollar-cost averaging (DCA) into the stock, viewing it as a long-term investment.
Investors should be aware of the significant premium. The thesis for buying at these levels relies on the belief that Sharplink will continue to accumulate "billions and billions of dollars of ETH over time."

Solana was mentioned as "lagging a bit" compared to BTC and ETH but was still up 5.5% to $166.
The corporate treasury narrative is expanding to Solana.
- BitMining is looking to raise $200-$300 million to buy SOL.
- UPEXI is looking to raise another $200 million to buy SOL.

While currently underperforming the market leaders, Solana is attracting significant institutional and corporate interest.
The development of a "Sol corporate treasury trade" could provide significant buy pressure for the asset in the future, similar to what is being seen with Ethereum.

The general sentiment is that the meme coin sector is heating up, with the board being "washed and green" and everything up 10-15%. This is seen as a signal that a broader "alt season" is beginning.

Highlighted as a massive outperformer, up 36% on the day.
Described as "one of the best trades off the bottom" and in a "total breakout" on its chart.
It has rallied 575% from its bottom in April.

MOG is identified as a current leader in the meme coin space with very strong momentum.

The hosts note that Dogecoin has had a "shitty season so far" this cycle.
However, the chart is described as "looking like it wants to move."
It's highlighted for its historical ability to add tens of billions in market cap in a very short period, such as the 250% run it had in just two weeks in November 2024.

DOGE is presented as a potential sleeping giant. While it has underperformed, its history suggests it can experience explosive moves very quickly.

One host, who admits to "fudding Pepe a lot," stated that the chart looks "fantastic" and "pretty good."

Despite past criticism, even a skeptical host sees the current chart setup for PEPE as bullish.

The hosts strongly believe a broad "alt season" is imminent.
The key signal is that you need Ethereum to be performing well, which it is.
Other signals include the strong performance of various altcoins beyond the majors. Top movers mentioned include Say (SAY), Ina (INA), and IP (IP).

The current market environment is seen as highly favorable for a broad-based rally in altcoins, not just Bitcoin and Ethereum.
Investors may want to look at "leading alts and leading memes" as they are expected to have a strong season.

This is related to the upcoming Token Generation Event (TGE) for Pump.fun.
The token was trading on the pre-market perpetuals exchange Hyperliquid at a $5.5 billion valuation.
The hosts have extremely high conviction that the public sale will sell out almost instantly, with one predicting "under 10 minutes" and another "in five minutes."

The pre-market activity and host sentiment suggest immense hype and demand for the PUMP token sale.
Participating in the sale is viewed as "free money" by the hosts, though they acknowledge the difficulty in securing an allocation due to the expected speed of the sale.

The NFT market is also seen as heating up, with one host noting, "The market's so hot, the ordinals are catching a bit."

The floor price for a CryptoPunk has surged to $130,000.
The hosts believe Punks are a great asset to own, benefiting from both Bitcoin's rise (scarcity narrative) and Ethereum's rise (priced in ETH).
One host stated, "The best time [to buy] was last week. The second best time is right now."

High-end, "blue-chip" NFTs like CryptoPunks are showing significant strength.
The hosts view the recent price lull as a buying opportunity that is now closing, as these assets tend to move up violently and are hard to catch.