Well well, well how the tables have turned on. Mr Jamie Diamond Jamie Diamond at Davos Exactly 1 year ago, Bitcoin is a fraud and a pet rock that is going to zero since then, obviously it's up. In fact, it's up over 160% That was a year ago and this morning he doubled down saying personally I wouldn't touch the stuff which I find interesting cuz yes, over the past year it's up quite a bit. Over the past couple months, it's up even more 835 billion dollar market cap.

Crypto as a whole is worth just below 1.7 trillion. It's just always fun to see the awkwardness of hey, we don't like it at all and it's only how criminals pay for stuff. but oh, we can make money I totally want to be involved JP Morgan sees significant capital from existing crypto products pouring into new spot Bitcoin ETFs The newly created ETFs could attract inflows of up to 36 billion from other crypto products like Grace scale Bitcoin trust according to some internal reports. so JP Morgan As a business, love what's going on, but the leader of JP Morgan not so stoked about it I don't know I Kind of just enjoy the hypocrisy.

Now for those of you who care a little bit more about the technicals, the active trading of it a firsttime event just happened for old digital gold Bitcoin sees its first ever weekly Golden Cross Now for those of you who don't know what a Golden Cross is, it's this right here. It's when the 200 Simple moving average the average closing value of the most recent 200 bars. In this case, we're talking about the weekly bars Crossing above right here. This little cross above the 50 week simple moving average which is the blue line.

So this is a golden cross. As you can see, it has never before happened in Bitcoin's history. This is the first time it's ever happened historically. Back here, you might have seen the cross.

To the downside, this is actually referred to as a death cross. Typically that's thought to be bearish, but by the time it actually happened, it was almost more of a fake out cuz it crossed. and then a couple weeks later, a month and some change later and ended up popping up. And right now, even though it's been on the upside, this is the first time we're actually seeing a golden cross.

So this one back here. death cross typically bearish. This one right here. Golden Cross Typically bullish.

Now is that a guarantee that we're about to rip? No. I would like for it to rip I'm a Bitcoin investor myself, but I just want to let you know that we are right now technically living history in the world of crypto. Bitcoin Traders I support at $40,000 as ETF contrarium bets prove right. So once again, just to recap as I'm filming this: Bitcoin right now is trading at 42.6k If we drop to the 4H hour chart, you could kind of get a Vibe of like what's going on It ripped up.

We had a bit of consolidation, it popped again. Then there was the weird Matrix sport thing. Then there was a ton of excitement on the ETF approval and then right after it ended up being the classic bu the Rumor: Sell The News which you see so many times in the market and that's what it's talking about with the contrarian Traders Now little bit more info on the current situation now I know some of you are active Traders but a lot more people are just long-term investors in it, so I want to get into both of them. Sell The News is a well-known term in capital markets and describes how asset prices, leverage and sentiment run up in the leadup to a bullish event only for prices to Tumble Shortly afterward, buy the rumor, sell the news.

Why does it happen generally Because The actual event does not match the anticipation. So basically people get foming too hard and then the actual news from a financial standpoint isn't enough to justify that much bullish aggression. And then that's why we have Buy The rumors. That's the excitement.

Sell The News basically. cu the actual event doesn't match anticipation. The approval of spot Bitcoin ETFs in the US was much anticipated and well priced so the event was will likely be a short to midterm top of price. Bitcoin Could be vulnerable to profit take selling pressure in the short term but given lower US Treasury yield and the Market's optimistic outlook on the Fed's early rate Cuts Its downside: risk may be limited and that's what people are kind of focusing on this.

40K line Support Support Support: Looking for this to hold kind of obviously having a fake out breakout, but if it puts in some higher lows from a price action technical standpoint, If we see a higher low and a follow through that might finally lead us to a retest of the 50,000 key psychological level, Bitcoin ETFs will be transformative for the industry, allowing for vastly greater access from traditional wealth management. Their launching will bring new investment into Bitcoin from pensions, endowments, insurance companies Sovereign wealth, retirement Plans, trust, and many more. However, while the ETF launches are exciting, we think they offer no advantage over self- custody. Remember, when you buy crypto off something such as coinbase, you could put it into your own wallet and store it, not your keys, not your coin like it is literally yours.

While if you buy an ETF technically you own the ETF and then the ETF from a legal perspective owes you a fancy IOU and it's the ETF that's the owner of the Bitcoin. So if you buy a Bitcoin ETF you're not actually buying crypto, you're buying kind of a legal security that owns the crypto within it, so there's a bit of a bridge, but once again, not your keys, not your coin. For long-term holders, the fee emissions will bleed a position substantially. It may take many years, but we expect demand for ETFs to dwindle as Bitcoin adoption Rises and self- custody becomes more common among institutions now obviously.

I am a big fan, a big proponent of self- custody as in you legitimately owning it and there are various places you could get your own cold wallets. you put it into the wet it looks like a USB drive and you store that. you store that somewhere safe. If you're a little bit nervous, maybe an ETF is better option for you if like, you still want exposure.

but you're worried about the other things, it it's kind of up to you on a personal basis. I Just wanted to cover that if you own the ETF it's not directly owning crypto. You'll get the same direct exposure, but it's not the real thing. and you might be wondering why am I so incredibly hardcore on self- custody myself? Well, the answer is because I've be been seriously burned in the past by some people by the name of Sam Bakman Freed or just the whole crypto winter at least the recent one Sam Bakman Freed's parents asked Court to dismiss Ftxs lawsuit seeking to recover funds.

What a headline! Bankman and Freed Both professors at Stanford Law school argued that Bankman did not have a fiduciary relationship with FTX Joseph Bankman and Barbara Freed. The parents of SPF have asked a court to dismiss a lawsuit by the bankrupt cryptocurrency exchange FTX seeking to recover funds it alleges were fraudulently transferred bankman and freed. The parents argue that Bankman, the son did not have a fiduciary relationship with FTX and did not serve as a quote unquote, a director, officer or manager and even if a fiduciary relationship existed with FTX to plausibly allege a breach Significantly, the court following argued that it's not enough for FTX to plead that the parents knew or should have known this part right here of what we're talking about of like the position of a director, officer or manager that's talking about Dad a Bankman not SP SPF Just for a little bit of clarity, I Know that could be a little bit confusing. Instead, the filing argued that FTX should have uh produced specific facts showing quote unquote actual knowledge that the parents uh, quote unquote knew certain actions would result in a breach of fiduciary responsibility.

Do I know if the dad or the mom knew anything? No, obviously the Sun didn't That's pretty clear by multiple admissions, multiple pieces of information from the court filings of just like literal public rhetoric sentiment at this point, did the dad and the mom know I have no idea I don't know so I can't really make any commentary on it I know weird things were happening of when he would email his son and be like hey I thought I was getting paid a million dollars your mom's not going to be happy about this. There was obviously a very, very weird strange relationship. They should have known better. they were law professors at Stanford and they were obviously very politically motivated I believe his mom was running various Democrat leaning packs.

So yeah, strange stuff happened. Does that mean they were in on the scam? in on literally the largest financial crime ever known to him I have no idea I cannot make any statements or opinions because I just wasn't there I don't know what they did or didn't know. but I just do find it absolutely crazy. And it wasn't just Sam Bigman free.

Check this one out. Alex Mashinsky of Celsius seeks dismissal of two charges as courts not to mention Celsius bankruptcy the former Celsius CEO will likely face seven felony counts on his trial scheduled for September 20124 lawyers representing former Celsius CEO Alex Mashinsky filed a motion in federal court requesting a judge drop charges related to Commodities fraud and Market manipulation. According to the filing, the second count of Commodities fraud was quote unquote repugnant and quote unquote inconsistent with the first count of Securities fraud based on the government's treatment of crypto. It is inconsistent and illogical to view the earn program as a security for purposes of count one and a commodity for purposes of count two.

It is not clear if the government intends to argue Celus is earn program uh, constituted the purchase of security and the sale of a commodity at the same time. The government cannot have it both ways, and the appropriate REM is dismissal of one of these counts. We basically have people who were clearly caught up in some sort of I mean I can't I'm not a lawyer I don't speak legally I can't say was a crime, but it was something highly suspect that courts will most likely agree is a crime. But obviously we have to wait for their day in court just to be fair here.

But this is just crazy. It's absolutely crazy. So I for one will always tell you not your keys, not your coin. protect your money.

You don't need to leave your crypto on an exchange. leave it somewhere far more safe so you don't get caught up in situations like Celsius like FTX So please remember that and also I Just want to end it on a little bit more of a positive note. Look at what crypto's been doing lately. look at Bitcoin Ethereum salana.

like the list just goes on and on and on. Crypto's alive again. After kind of getting out these cancerous people and companies from the industry, it survived some really really bad developments. Peoples actions, crime, scam, whatever you want to call it, it survived that and I would argue it's now better for it cuz those entities, those people are now kicked out, they're not in it anymore.

So just to end it on a bit more of a positive note, obviously I would argue that things are looking up in the time being, but obviously let's see how it all really plays out when the dust finally Settles.