David Hoffman

Regime shift?

You're just saying this is mean reversion.

It's both Bitcoin mean reversion and also gold mean reversion.

Yeah.

I mean, some people maybe think that, but a lot are saying that, look, Bitcoin, this is Frank Shapiro, Bitcoin has weathered the war with Iran better than many traditional assets.

And he's giving more stats.

And he's also pointing to the institutional money coming back online.

So net inflows in 12 US listed spot Bitcoin ETFs topped

763 million last week.

And indeed, that's what you see when you go to the inflows chart.

You could see a lot of black, a lot of positive days for inflows into Bitcoin, which is, we haven't seen that this year.

That's large.

Yeah, it is large.

It is large.

And if you want to believe, I think you can see, you could say maybe this is the start of a regime change.

As I said to you before, like last week, I think, I'm just outsourcing my cycle mentals kind of brain to Michael Nadeau.

And he had a good take on the week, which was this also played out in 2022.

So the last bear market, 2022, we had a two-month relief rally where we went up about 30% to 40%.

And people at the time were saying, this was at the beginning of the Russia-Ukraine war.

And people were saying, oh, there it is.