Bankless
ROLLUP: Bitcoinâs Confidence Game | Bitmineâs ETH Bet | Token Rotation | U.S. Perps
And the signal clearly has accelerated this, but only since Tuesday, right?
Bankless
ROLLUP: Bitcoinâs Confidence Game | Bitmineâs ETH Bet | Token Rotation | U.S. Perps
And the market was coming down before Tuesday.
Bankless
ROLLUP: Bitcoinâs Confidence Game | Bitmineâs ETH Bet | Token Rotation | U.S. Perps
So I think it's quickened the pace of the sentiment turning sour, but it doesn't explain the full drawdown that we've seen since Bitcoin kind of recovering to near 80K.
Bankless
ROLLUP: Bitcoinâs Confidence Game | Bitmineâs ETH Bet | Token Rotation | U.S. Perps
Well, look, I'm not a TA kind of guy, so I don't know what's a normal or not normal price chart.
Bankless
ROLLUP: Bitcoinâs Confidence Game | Bitmineâs ETH Bet | Token Rotation | U.S. Perps
I'm like, I think it was true that there was a sentiment reversal.
Bankless
ROLLUP: Bitcoinâs Confidence Game | Bitmineâs ETH Bet | Token Rotation | U.S. Perps
People felt like the weekends had been shaken out.
Bankless
ROLLUP: Bitcoinâs Confidence Game | Bitmineâs ETH Bet | Token Rotation | U.S. Perps
A lot of retail had already exited the market.
Bankless
ROLLUP: Bitcoinâs Confidence Game | Bitmineâs ETH Bet | Token Rotation | U.S. Perps
And so it's like, okay, now we've, you know, we've...
Bankless
ROLLUP: Bitcoinâs Confidence Game | Bitmineâs ETH Bet | Token Rotation | U.S. Perps
Taking our lumps and now it's time to reconsolidate and kind of reestablish, okay, how do we feel about the fair value of Bitcoin?
Bankless
ROLLUP: Bitcoinâs Confidence Game | Bitmineâs ETH Bet | Token Rotation | U.S. Perps
I think it's pretty clear this market is very flows-driven right now and very sentiment-driven.
Bankless
ROLLUP: Bitcoinâs Confidence Game | Bitmineâs ETH Bet | Token Rotation | U.S. Perps
And sentiment, I think, you know, Saylor was probably testing the market, as you mentioned, and I think he got...
Bankless
ROLLUP: Bitcoinâs Confidence Game | Bitmineâs ETH Bet | Token Rotation | U.S. Perps
The answer he was not looking for, which is that absolutely not.
Bankless
ROLLUP: Bitcoinâs Confidence Game | Bitmineâs ETH Bet | Token Rotation | U.S. Perps
You are not allowed to sell like you are a big part of the story of why Bitcoin gets to keep going up.
Bankless
ROLLUP: Bitcoinâs Confidence Game | Bitmineâs ETH Bet | Token Rotation | U.S. Perps
And so I think Saylor likely has internalized this lesson of never press that button ever again for as long as really you think that he is not.
Bankless
ROLLUP: Bitcoinâs Confidence Game | Bitmineâs ETH Bet | Token Rotation | U.S. Perps
You you think this response has told him, OK, yeah, it's fine.
Bankless
ROLLUP: Bitcoinâs Confidence Game | Bitmineâs ETH Bet | Token Rotation | U.S. Perps
Go sell some more.
Bankless
ROLLUP: Bitcoinâs Confidence Game | Bitmineâs ETH Bet | Token Rotation | U.S. Perps
I don't think they get for multiple years.
Bankless
ROLLUP: Bitcoinâs Confidence Game | Bitmineâs ETH Bet | Token Rotation | U.S. Perps
I believe the Stretch dividends are like over a billion a year.
Bankless
ROLLUP: Bitcoinâs Confidence Game | Bitmineâs ETH Bet | Token Rotation | U.S. Perps
And he has $700 million on hand, if I'm not mistaken.
Bankless
ROLLUP: Bitcoinâs Confidence Game | Bitmineâs ETH Bet | Token Rotation | U.S. Perps
So I would take the opposite view.