SIGN OF ACCUMULATION

What was interesting about blockfi bankruptcy is that, we saw a pullback and went down beforehand. I think an inside seller was knowing that the announcement will happen. It went down about $500 and then it got quickly absorbed and now will are breaking to the upside. I think we have got a lot of buyers at this price. When you see a lot of coins moving and the price is going sideways, that is a sign of accumulation. That's happening and that's the reason why it's going sideways. That max pain is like those are contours of when the price has to hit. How much of the coin supply is underwater from the buy price.

---

I believe 60% to 65% of the coins being underwater and that's we that band within the 2% band is being where it hit and all that bottom that we had in the last few circles. If FTX was on chain evidence that this thing will collapse. I got to hand it to SBF that he stole all the money that wasn't his own but he build a good product. If he had stayed in a long run and didn't do the shady stuff, he would have the best exchange out there to use. This is run on the bank here, this is where everybody getting screwed up. You will also notice this train down which make people wonder if this is an era and FTX labeling glass node. It just doesn't make sense, they have been building out this stockpile of Bitcoin and they want more trust. This is about customers' funds on their exchange and then suddenly as Three Arrow collapses, 55,000 of the 130,000 get withdrawn.

---

Non-Stablecoin and Non-Bitcoin market cap is around 230 billion dollars. This is the sector a lot of people focus on because you have some sort of potential for a new Bitcoin or a new Ethereum and there is a couple of contender for that. We still don't know who will emerge from this but this is to me like a stock market. You have hundreds if not thousands of these difference tokens, they all do different things and in aggregate they are worth 200 billion dollars. We don't know which one is going to go up or down but the crypto I do like is crypto with real-world utility and value. That is a very small fraction of the crypto.