Ethereum (ETH)

• The hosts are extremely bullish on Ethereum, with one co-host ("Mando") raising his price target to a new all-time high, suggesting the current price movement is just the beginning.
• The price was noted at $3,415, up 7%, after breaking out of what was described as "the most important ascending wedge in crypto."
• Massive Institutional Inflows:
  • ETH ETFs saw a record-breaking $727 million in a single day, which is a huge indicator of institutional demand.
  • Corporate treasuries are aggressively buying ETH. Bitminer now holds over $1 billion worth of ETH and has approval to buy another $1 billion.
  • Sharpling (SBET) holds a similar amount and is expected to approve more purchases soon.
• Shifting Narrative: The market is starting to realize that ETH's supply has been inflating less than Bitcoin's, a powerful narrative that previously drove Bitcoin's price. The idea that institutions are buying more ETH than is being created daily is gaining traction.

Takeaways

• The sentiment around Ethereum is overwhelmingly bullish, driven by strong technical chart patterns, record-breaking ETF inflows, and aggressive buying from corporate treasuries.
• The discussion suggests that ETH could be a primary asset to hold for the next leg of the market rally, with some hosts believing it will outperform other major cryptocurrencies like Solana.
• Investors should watch for news from Bitminer and Sharpling (SBET), as their continued buying could act as a major catalyst for the price.

Coinbase (COIN)

• The stock hit a new all-time high, continuing a massive run (up over 1,100% from its 2022 lows). One host noted a personal anecdote of a friend achieving a 4x return after buying at $99.
• New "Base" App: Coinbase launched a new "everything app" called Base, which will merge its wallet with social media features, AI tools, and monetization options.
• Mixed Analyst Opinions:
  • Bull case: The stock's performance is driven by an "insatiable appetite from Wall Street for crypto stocks," with Coinbase being the go-to name for traditional investors.
  • Bear case: One host expressed skepticism about the new Base app strategy, calling it a "disappointment" and a risky pivot away from their core business. He noted a preference for Robinhood's strategy of tokenizing real-world assets.
  • Risks mentioned: Increasing competition from major banks like JP Morgan and Bank of America entering the crypto space, and its derivatives platform losing market share to competitors like Hyperliquid.

Takeaways

• Coinbase stock is a primary beneficiary of Wall Street's growing interest in crypto, acting as a proxy for the entire market.
• While the stock price momentum is strong, the company's new strategic direction into a social "everything app" is viewed with some skepticism by the hosts.
• Investors should weigh the strong market momentum and Coinbase's brand recognition against potential long-term risks from competition and strategic pivots that may not succeed. A host stated he is not a buyer at current levels but would not short the stock due to its strong upward momentum.

Corporate Treasury & Crypto-Related Stocks

• This was identified as a major investment theme. Several public companies are adding Bitcoin and especially Ethereum to their balance sheets, driving demand.
• MicroStrategy (MSTR): Hit a new all-time high alongside Coinbase.
• Bitminer: Stock was up 12%. The company has been aggressively buying ETH and has approval for another $1 billion in purchases.
• Sharpling (SBET): Stock was up 30%. They are a major ETH holder and are expected to seek approval to buy more.
• BTCS (BTCS): The company is being added to the NASDAQ and announced a $100 million plan to buy more ETH.

Takeaways

• Investing in publicly traded companies that hold crypto on their balance sheets is presented as a powerful way to gain exposure to the asset class through traditional brokerage accounts.
• The trend of corporate adoption is seen as being in its early stages, with one host noting, "there is so much money on Wall Street" yet to enter the space.
• These stocks, particularly SBET and Bitminer, can be seen as leveraged plays on the price of Ethereum due to their aggressive accumulation strategies.

Pump (PUMP)

• The token was down 15% on the day.
• Context: The price drop was attributed to two large, early-investor funds selling a significant amount of their holdings (worth $86 million). No new token buybacks from the project were announced, adding to the selling pressure.
• Diverging Strategies:
  • One host, who is in a leveraged perpetual futures long, described the position as "painful" due to high funding rates.
  • Another host, who holds the token in his spot wallet, is "not sweating it" and views it as a "patient trade," believing the token needs to wash out short-term traders before it can move higher.
• One host believes the token is "over owned" by traders looking for a quick profit, making it a potentially dangerous trade in the short term.

Takeaways

• Pump is experiencing significant selling pressure from early investors taking profits. This is a common risk with newly launched tokens.
• The hosts suggest that this may be a trade that requires patience. Short-term, leveraged trades are considered risky due to high costs and volatility.
• Holding the token on spot (without leverage) is presented as a less stressful strategy for those who believe in the project long-term.

Solana (SOL) & Radium (RAY)

• Solana (SOL): The price was noted at $174 (up 4%) and its chart showed a "clean breakout." The return of a well-known trader, "GCR," who is publicly bullish on Solana, was seen as a positive sign.
• Radium (RAY): The hosts were particularly bullish on Radium, a project on the Solana ecosystem.
  • It has conducted over $190 million in token buybacks, a very large number that supports the price.
  • Its chart was described as looking "the most interesting" and "good."
  • One host stated a preference for Radium over its competitor, Jupiter.
• Risk mentioned: The popularity of the Bonk (BONK) memecoin, which also has a launchpad, might be "stealing a bit of the shine" from Radium as a trading narrative.

Takeaways

• The Solana ecosystem is showing signs of strength, with both SOL itself and key ecosystem projects like Radium looking bullish.
• Radium (RAY) was highlighted as a particularly strong opportunity due to its massive buyback program and positive chart setup.
• Investors looking for "Solana beta" (assets that could outperform SOL itself) might consider looking into Radium.

Bitcoin (BTC)

• The price was noted at $118,500.
• Defensive Positioning: As the market gets more heated and "euphoric," one host advised that traders should consider rotating some profits into more "defensive" assets like Bitcoin or even cash (USDC).
• US Government Selling Rumor: A significant rumor was discussed that the US government may have sold the majority of its large Bitcoin holdings through an off-the-books OTC (over-the-counter) deal.
  • This is unconfirmed, but if true, it would mean a massive potential seller is now out of the market, which would be bullish for the price long-term.

Takeaways

• While not the primary focus of the episode, Bitcoin is seen as a relative safe haven within crypto. It's a place to secure gains after making profits on more volatile assets.
• The potential exit of the US government as a seller is a significant bullish narrative to watch, even if it remains a rumor for now.

General Market & Trading Advice

• Market Sentiment: The hosts feel the market is heating up but is not yet at full "mania." One host warned, "this is the time where I see people make the most money and then lose the most money often within hours of each other."
• Take Profits: The higher the market goes, the more defensive investors should be. It is okay to hold cash (USDC) and not be fully invested.
• Avoid "CT" Influence: One host strongly advised spending less time on Crypto Twitter (CT) during bull runs. He argued that seeing other people's massive wins can lead to emotional, impulsive trading decisions (FOMO) and cause you to abandon your own strategy.
• US Legislation: Three major crypto bills are expected to pass in the U.S. House. While generally seen as positive for bringing regulatory clarity, the Clarity Act could be a negative for DeFi protocols like Uniswap by forcing them to implement restrictive token listing processes. This could be bullish for centralized exchanges like Coinbase but bearish for the DeFi sector.