Introduction hey everyone it's Friday and Friday means Friday
fire day it's it's the the Friday show over the last month or so is designed to rail us all in
and maybe depress us a little bit so it kind of shows you how things are on fire sometimes in
a good way sometimes sounds in a bad way too and August has sucked yes sleepy August we'll
get into that too we'll get into the sideways Purgatory look get into why we may have a red
candle for the month of August that would be the third month negative so far this year Bitcoin
rarely has four red negative months unless it's a bare market so let's dig into it um market cap
has fallen a bit down to about 2.05 trillion from 2.1 trillion Bitcoin just popped 700 bucks
in not too long a window it's up around 592 as we speak and dominance about 56.4% fear and
greed is back down to 34 we're going to get into a lot of stuff today we'll talk about how
the economy is in a shambles some great news about Tesla H we'll talk about other good news
about salana other good news or bad news about a chain where the fees are at almost alltime lows
but that's actually a bad thing not a good thing and we'll talk about the Bitcoin black hole and so
much more thank you as well QC coiner by the way I assume QC is from kibua let me know if I'm right
or wrong and Zeno and Sean Donley and everybody out there in the family thank you for coming
today now this is financial advice and shout out to patreon and the team behind me everybody
this is from music lover x21 says I'm proud to be in patreon and so happy I found you well I'm
very happy I found you and everybody out there here happy Friday let's get into the Bitcoin
black hole it's bit of a combo video I did a video earlier today about the personas that actually
like Bitcoin and the results will Astound you but anyway you probably would have seen that already
let's talk about the black hole and the month of BTC ETFs Still up $277M for AUG August even though the last couple of days have
sucked the Bitcoin ETF still took in 2777 million considering the average DCA amount for a retail
investor is like 20 to 50 bucks a week that's a lot for a month anyhow let's look at what happened
though there was a little bit of a nasty surprise IBIT second day of outflows Black Rock ibit had their second negative day
ever not good but it was a small amount and the day yesterday was a little bit negative nothing
too hectic again people are on vacation uh in the United States this week it I think on Monday
it's a thing called Labor Day I get my holidays confused because I work every day so I don't
know about holidays but uh happy labor day if I got that right to everybody in the us and we're
getting out of August I don't like sleepy Seasons so I'm happy and Mike good to see you buddy
long-term holder let's get into some Bitcoin charts a couple of interesting things to show
here first of all remember everybody everybody's Post Halving - Rem we are only 9% In. like oh my God it's the bare Market already no
no no no no no no no no we're only 9% into the next Epoch okay we have only completed 9%
of the having progress and some people are losing hope losing their minds remember there
is Good Times ahead especially in an election year especially in the latter half of the Year
especially in months like October November and December which are historically the best months
for Bitcoin and I do believe although I say this time is different I do believe we're still in
the bull market and the good stuff is yet to come but remember we're still 4X off the bottom so
does that too let's talk about dominance shout Dominance This Bull Run So Far! out to equinom metrics this short says it all
actually which supports my previous point if we look at Bitcoin eth and alts Bitcoin is the orange
and boy somebody just spiled a huge can of paint all over the place that is Bitcoin dominance
and it proves to you that the bull market has not kicked off yet because if it is a typical
crypto Market cycle it means the blue stuff at the bottom the old coins haven't kicked off yet
yes they're kind of stronger than they've ever been before because of the use cases and yes we've
seen ethereum diminish from over 30% alltime High dominance down to 14.87% right now as we speak
but it does show you that we are still in the early stages of where things are going to go this
sequence of Bitcoin Stead rising and then now it's 56.4% dominance of the crypto market cap suggests
either an atypical Market cycle or that the real Bull Run has not begun yet everybody thank you
Mike 39 again happy Friday everybody I'm so happy everybody's here on a Friday night and not down
the pub anyway remember the anticipated old season where old coins out perform Bitcoin has not even
started and again I mentioned that eth dominance at a four-year low yesterday at that 14.87%
or something and it's down over 50% from its alltime high and uh that is kind of an interesting
situation so we'll be tracking this very carefully especially on OCTA and Tuesdays Gabrielle out
there in Czech Republic now shout out to all One Lucky Bitcoin Miner Nails 6.25BTC the independent miners there's a few out there
on the audience I know you got your little rigs running at home keeping the house warm noisy but
in Bitcoin we trust a lucky Miner just won the big Bitcoin mining Lottery indeed a solo Miner managed
to mine a block of transactions on the Bitcoin blockchain with very modest mining capacity he had
one or two machines I can't verify not as many as in this photo but uh the capacity was 128 126 or
128 terahash a second which is only about I think 0.72% of the total Bitcoin hash rate which is
about 175 5,000 terahash I may be off by one Zer it's either four zeros I think it's Zer 0.000000
72% of the total Bitcoin M rate and they nail 6.25 Bitcoin and that's nice little bag to pull out
anyway well done to him or her whoever did it Power Law Wars Wage On and there's some interesting stuff it's funny
normally Bitcoin people kind of fight against other people but uh this is from James Van
Stratton had to share but uh there's a lot of talk all year about this power law stuff and
the power Law wages on and just so you know my position and I am in touch with Giovani and Fred
and great great people okay James and Stratton great person brilliant content all great people
but there's been a lot of infighting lately I don't know why it is we should always love each
other and get along you know but uh James Van Stratton spoke with Giovani for an hour yesterday
I appreciate all his work but I have concluded that the power law cannot tell you what will
happen and it is a complete fallacy to think so the questions I asked Gio which is for giovan
I don't believe the response was good enough for me to change my mind so long detail stuff there
again shout out to James shout out to Gio shout out to Fred love all you guys but we'll see
I personally I am a believer in medcast La I've seen it work for decades in all sorts of
businesses all sorts of Investments it's a real thing and that is the most important thing to a
network is the number of users not necessarily the parallel and I have been working on a model
which takes elements of both and Compares them to each other but I'm not finished because I've
been so busy doing other stuff that's way more important than this but according to Gio though
good news for us who are going to be looking Power Law Target for Dec is $99,902 forward to Christmas by December of this year
Giani believes that Bitcoin will hit get this $999,900 again we he believes we enter the bull
market in Earnest in November and pass the linear regression line you see there on the chart so
we'll see what happens 100K is on the table and we'll be here every day I'll even be here on
Christmas Day and I'll do a note to self to remind myself to pull this chart up and see where we are
because it doesn't take a lot we're not that far from the all-time high we've seen Bitcoin do$
5,000 $6,000 candles in a day not a problem to get from say 738 to 100K not a big stretch and
a lot more special things have happened in the past so we still have a little ways to go for the
end of the year it's almost September four months left 16 weeks it's going to be fun I'm sure and
Bitcoin sideways Purgatory shout out to blockware Bitcoin in ‘Sideways Purgatory’ as well um with macroeconomics and all the other
stuff that's going on in the macro we'll get into that in a minute is nasty out there nasty but it's
been yet another week of extremely boring sideways price action Bitcoin is down 7% this week it's
down 8.3 8.4% so far for the month of August and this is what they call a dip for ants as it stands
we are just 9% of the way through the current current having Epoch and this is bitcoin's worst
performance price wise at this point of the cycle but we've yet to reach the point where significant
exponential growth is kicks in and blockware is belief by the way that we will continue to trade
sideways for another month maybe and then we go up into the election after the election Etc but this
time from this chart is different if you can zoom into the little black piece at the bottom that's
the current cycle we are beneath all the four previous epochs but all the other ones kicked off
definitely in the next month in the next three months and the next six months it's going to be
fun so stick around and uh don't lose hope don't lose hope I made a post yesterday on patreon I
talked about how it's a famous old saying but the markets are a weapon to take money from
the impatient and give it to the patient so everybody out there be patient that's an order
and short-term holder realize price is 63,000 STH RP at $63,000 we beneath that again and that sucks that is not
normal for us to be so long under this level in fact if we go back to July first of July or end
of July to now we spent the majority over 80% of the time under the short-term hold to realized
cost basis which is very unusual that's bull market action bare Market action I should say
anyway watch this place carefully remember we did have what I call the 5gs you know Germany
selling a ton we had grayscale selling a ton we had US Government threatening to sell we had
Mount gaau we had Genesis five kicks in the teeth it's amazing I still have some left um now
this is also interesting Switching gears where do Where Folks Get Crypto Info people get their crypto info most people the most
people 34.4% of all people in the cryptoverse get their information from X Twitter both the same
thing by the way number two is where you all are here right now with me 23.4% on YouTube and 16%
on telegram I'm very happy to report like I did yesterday that pavl is out of jail in France I
think yester end up in court or something but again this is where people get their information
I will talk a bit more about Telegram towards the very end so be careful it's a warning and August
ethereum sees record low usage and that is the August ETH Sees Record Low Usage usual summer slowdown uh over the past 5 years
e spot volumes have generally declined by about 177% in August this is what I call the summer
doldrums and last week the average transaction fee on ethereum reached an all-time low of 0.00 04
eth which is amazing because it was over 100 bucks a couple weeks ago and now it's almost pennies
and the decrease in transactions ethereum has led to a reduction in the amount of eth being
burned and therefore the inflation of eth has actually gone up so it's no longer ultrasound
money anyway that's the eth news but there's a SOL Helps USDC Hit $16Trillion in Vol little bit more too uh salana helps usdc which
is the circle stable coin cap capture a monster amount of stable coin Market already they're
nowhere near tether but they're growing very fast and as of recent data salana holds more
than 3/4 of the stable coin market share for transactions and usdc is up um making up 65% of
you of salana stable coin Supply but what's really critical is salana is the driving force behind
usdc transaction volume reaching $16 trillion and these are lots of little transactions lots
of them not people moving around 100 Grand or whatever on Tether on Tron or an ethereum these
are like some people just moving pennies but a lot of value has been acre too so that's super
interesting to watch and back to vitalic he has Vitalik Sells More $ETH been selling more eth it's the second time he
sold recently he transferred $800 eth worth New Tesla Models about $2 million to a multi- about 40 minutes ago
I think this is early this morning morning and on August 9th he also transferred 3,000 about
8 million so he's I don't know if you call it taken profits of selling out or it's rumored
that he has a girlfriend and maybe he's treating her to some stuff I'm not sure but he is selling
and that rattles people now we're going to switch gears and talk a bit about Tesla because Tesla
rallied hard into the close today and we know why first of all there is a Tesla Model y refresh
reported it's been seen right California here with kind of mappings and dresses on the back
DB F430 thank you so much for coming and Tesla is planning to release these in q1 of 2025 they're
already running around the roads uh also there is rumored to be a seven seater model wi production
a lot of people have been crying about when seven seater car mini SUV so that's apparently coming
too and I'm not sure where it's going to be built first but plans are for this to be in Shanghai
and of course the US perhaps too or Berlin I'm not sure and what else we have lots of cool things
but this is uh one of the the concept cars I saw this on Twitter might be somewhat what the robo
taxi would look like now why did the Tesla talk Robotaxi Reveal at Warner Bros it's a long week why did the Tesla stock bounce
into the close well just before the close Tesla plans to unveil a robot taxi at the Warner
Brothers lot in California that's a movie making studio in California near Hollywood in a place
called Burbank and this is the big 1010 event they're planning something big here and uh it has
people excited and that's why they needed more time also coincidentally electric vehicle interest
hits record high with 28% of people now planning to buy EV next you'll hear fuz stories on the
internet about oh people are trading in their EVS for gas cars no that's at traditional dealerships
that are dying no not at all and Tesla also set a global goal for robot taxi Supremacy in the market
so they're going after this Market hard that's the whole plan and yes they're taking their time like
they did with the Cyber truck now the Cyber truck is the most dominant vehicle they've made over
30,000 already they're kicking out about somewhere between, 1550 and 1700 week and people are still
spending over $100,000 in these cars the number Market Likes It one selling six-digit car on the planet too and of
course number one selling electric truck as well also the market likes it this is the spike shot
up $8 going into the close and uh again reminder everybody it's a long holiday weekend in the US
but there is some aftermarket action on Robin Hood which I sometimes dabble into also another bit
of good news for Tesla Tesla wins to dismiss of Tesla Win Dismissal of DOGE Suit Doge suit apparently a small group of investors
alleged Elon Musk and his company had mated a price of Dogecoin using their ex then Twitter
accounts Steven Weston long time no see buddy thank you for coming back um that was interesting
that's another headache gone out of the way and it's good to see the legal system working properly
for once but Elon did come out and say something Elon: USA in Fast Lane to Bankruptcy spicy Farzad made a post uh which we've spoken
about many times here about the government budget and the US government plans on adding another 16
trillion to our national deficit to through 2035 you know what they're adding a trillion every 100
days so 16 trillion will be a very low ball number in my opinion it's going to be a lot higher
than that ladies and gentlemen the deficit by my calculations is running 2.4 trillion a year
all right okay so we take 10 years 2.4 trillion there at least 24 trillion right there and that's
assuming no escalation in interest and debt and deficits which of course will grow uh it's just a
big snowball Runing down the hell growing bigger and bigger and bigger and then it smashes into
a car that's basically where we are so ignore 16 trillion it's going to be at least 24 trillion
by my math but Elon says at the current rates of government spending America is in the fast Lan
to bankruptcy and government overspending is what causes inflation so don't listen to potic Ians
when they talk about it's the large corporations jacking prices and stuff no it's money printing
it's a monetary phenomenon that's it end of story SPX Longest Run of Gains Since March and a little bit of stock market usage is kind of
interesting because when you compare the monthly returns for Bitcoin to the S&P 500 it's not as
good S&P is in the longest run of gain since March another positive day today big run into the
close too but so far uh the S&P 500 has only had one down month this year as compared to four or
five last year and Bitcoin has had three down months unless of course Bitcoin is going to Rally
into how many days are in this month I don't even know I think I think we is 31 days yeah 31 days
in August so we have tomorrow to get up about 8% I don't think Bitcoin can run 8% on a Saturday
but we'll see I doubt it for much so it's going to be another red candle but historically as well
September people are worried that September is Historically Sept in Election Years - Not That Bad normally a very bad year Well August is normally
a pretty cruddy month as well but it's been very good for the S&P 500 and historically September
in election years is not that bad okay here you see the actual results you got your September of
election years in blue you got the red the average September performance in in election years it's
minus. 58% nothingburger and average September performance in non-election years minus 1.37% so
again sometimes people overly sweat stuff like if you're in crypto if you lose 4% 6% a day is like
nothing these guys are freaking out about losing 0.5 Z whatever percent in a month we're going
to get through this Mr key frames good to see you so don't sweat it too much and also you know
what we got in September Ray cuts that will also boost boost the market and again a lot of people
have the theory that when rates are cut everybody gets freaked out and the markets crash but no not
with liquidity growing the way it is right now as well I'm here hookie thank you so much for coming
now speaking of dollar Index dollar Index was in DXY in Free Fall free fall but it's bounced and it where's that my
little key you see the where it bounced off the range I shared this chart on Tuesday here and did
an analysis right at the bottom and it did bounce clean off that 100.5 level now it's about 101 not
a big move but what's interesting is to see how the dollar Index compares to Global liquidity and
check this out I always try and find patterns in DXY Bounces Off Bottom Of Range & Global Liquidity Up, DXY Down data and you can see here for some strange reason
Global liquidity and the Dixie run counter to each other and this is a new phenomenon I was not aware
of personally I know Bitcoin and Dixie run counter to each other but I know Bitcoin and liquidity run
together so this kind of makes sense but what is interesting so if you look at July ever since the
beginning of July and the yellow is liquidity we rallied hard and we took a bit of a dip back and
that's exactly where the Dixie bounced can't make this up ladies and gentlemen these two run counter
I actually overlaid a Bitcoin chart part two but it got too busy and I'm big on Simplicity so I
didn't want to busy it up too much if you want to see it tomorrow I can throw it back together
let me know in the comments below but it's super interesting because the yellow and Bitcoin go
together and the yellow liquidity and Dixie go counter so fun little pattern there rato thank
you for coming now because of the I didn't mean New Fed Focus: Jobs this to be such a macro story but this is so
so so important to understand how bad things are out there this is from again Nick um you
can see here the Federal Reserve is focusing on the labor market we are moving into the post INF
inflation scare and this is now the focus of the FED is do not let the economy crash I reckon that
tells you everything you need to know about where the monetary policy of the us is going focus is
labor market focus is unemployment rate focus is econom IC activity forget the rest they're not
interested in anything else and sad to say the economy is not not doing well another news that
just broke literally minutes before I streamed was Goldman Sachs Whacks 1,300 Staff Goldman Sachs Goldman Sachs Hax 1300 staff sorry
for the the rhyming there again but uh that is not nice going into the long Labor Day weekend
for the employees to be notified that they are losing their job golden sack's the top top money
bank and for them to have hard times means we're in a real world to hurt other views of it too
the US housing market has collapsed shout out US Housing Market Collapsed to cagues at the Matrix of bringing this to
my attention on Discord but here you can see the buying conditions in the US housing market
have completely collapsed we are now at levels we've only seen twice that was let me get these
years right if I can read them off the chart 1975 and 1982 83 the other two times have been
this low we're in the toilet people it's not that people don't feel like buying homes people don't
have money and again politicians will tell you I'm going to give you 25,000 towards a new house or
whatever that just increases the price by 25,000 it doesn't solve the problems like price control
it doesn't solve the problem problem is people don't have money they don't have down payments and
they can't afford the very high interest rates in mortgages right now that's the problem okay so I
wish somebody could explain that to our friends Empower and finally quick warning guys said I
get back to Telegram and again thank you all for coming too yeah I just see living like aanda
says here in the comments HSBC is also cutting when when the big Banks cut that means we have
literally economic problems okay they they they sit on your money and land it out for 20% and
they're still not making money that's that's a BEWARE: LINKTREE SCAM worry anyway beware as well there's a thing called
link tree somebody tweeted me with it today and uh this guy Paul thanks for the tips sir link tree
is supposed to be me it's not me I have nothing to do with it if you click on it it'll take you to
telegram I'm not on Telegram telegram is a scamers Mecca all right and just remember everybody I will
never reach out oneon-one there are apparently 38 invest answers on telegram 38 of me and they're
all reaching out to you want to be friends and you know can you do you want to be part of my
special program I don't know we know what they say just remember I'm too busy to ever reach
out to anybody one-onone I'll never do it as long as I live I promise you that thank you all
for coming have a great weekend I'll see you all tomorrow thank you the mods in the chat and I am
Huckleberry and the whole gang out there who did I miss anybody doc intern is here rato is here
I'm your huckleberry is here Steph Weston is back Sean Donley thanks you so much have a good night
out there in the UK and everybody all over the world stay safe bitcoin's at just above 59,000
let's see if we get a week head pump be funny though if it didn't pump on Saturday but pumped
on Sunday being the 1st of September and got us back to that 63k level I did mention 2 weeks ago
in Octa if we don't break 63 we're not going to get ahead we're going to fall back down that's
exactly what happened 63 remember the number we got to get above 63,000 before we get to the
next stage thanks everybody have a good night bye