I know my thumbnail made it look like i was going to be shooting outside, but a person was doing, yard, work and wow im sure you guys didnt want to listen to that. So lets begin talking about the bitcoin price. The past three days. Bitcoin has basically been testing 20k up and down up and down, but as of today, it has been hanging on to the support. We are just above 20k um when i last looked 20 05 to 20 700., so bitcoin is getting close to testing an important level. The whole 2017 all time high, so is it gon na huddle or will we break through well im sure you saw the title of this video a bitcoin bank run has begun. So what do i mean? Well, the bank run has been going on actually, since last month, large investors are running for the hills started with tara luna, as we know they had the bitcoin wallet stashed to defend their ust peg and it got to over 80 000 bitcoin. Well, that has all been sold um its all gone. That is part of the reason weve seen the collapse of the bitcoin price, but now their collapse, their domino falling is a contagion making others go under. As we know, celsius is in a pickle customers. Um are dont, have access to their funds and theres a lot of talk about their insolvency and liquidation levels for some of their leveraged positions.

They are in. So if they do open withdraws celsius, a bank run will happen. The company will most likely go under as people run for the freaking hills, but its not only celsius. Three ac has officially gone under um. They got liquidated for billions and billions of dollars and what they could sell. Bitcoin state east, whatever they had it, has been sold as of right now. So 3ac is officially the first big hedge fund to go under but 3ac um has you know: lynda borrowed some money from other entities. I talked about it yesterday, derebit genesis and a few others blockfi um, so theres. A lot of you know rumors swirling, that these other entities could be in trouble, but genesis actually tweeted today and said they are fine. Well, are they really ill get into that in a second, so another big crypto entity um a lending, mainly a chinese lending um entity named babel finance, just halted their withdrawals for today, and they are facing billions and billions of dollars in losses for using customers funds To go out and play in the world of defy to start leveraging their funds, so babel is actually a large tether customer during the march 2020 crash on the kovid panic babel would have went under, but tether saved them with a loan and, as we know, loans, You know on tethers balance sheet are a big part of their. You know reserves. So could this be a big punch to the gut for tether um, its very possible, but besides tether, guess who is a backer of babel finance, helping them out genesis? You know theyre.

Also three ac, so genesis is getting the one two punch as of right now, but we got ta talk about another type of bank run that could be coming because of babble. You guys so could we have a minor sell off? Slash bank run coming because babel is primarily a lender to miners um babel, not only you know, lends to them. Babel also has mining operations and pools, so whats crazy is babel, has been loaning out funds to customers and using their mining machines as collateral. So we could see a massive massive minor capitulation coming as this contagion from babel spreads throughout the industry um, but its not all bad in a bitcoin bank run since, because of all these centralized entities, funking up, we are actually having a bitcoin bank run in the Good sense, so what do i mean by that? Well, since june 1st, over 100k bitcoin has been withdrawn from exchanges. We are at one of the lowest levels of bitcoin on exchanges in history. Um, just 10 of the bitcoin supply is on exchanges, so everyone is basically running from the centralized exchanges and going to self custody which isnt a bad thing. Bitcoin was made to be. You know in your hands not centralized entities, hands um, but this is actually really really good for the world of crypto and defy dexes are the future. I know that for a fact i mean with centralized exchanges. The market makers really control what goes on while adex really gives opportunity for the retail to band together and become a market maker themselves thats.

Why im a big supporter of anything thats decentralized in the exchange world, uniswap im a big fan of um. You know arbitrum and their layer, two exchanges im a big fan of because thats, where the world needs to go. You know self custody indexes is the future, and this is just pushing us closer to that future. A lot faster, so um a derivatives exchange. So, im not a big fan of centralized derivative exchanges. I hate bibit, i hate binance, you know and their leverage um, because the centralized exchanges they arent regulated. So they basically can see customers, liquidation levels in their hands and they will push the price down or up to get the most people liquidated and earn their exchange or market makers the most money so im, okay, when an exchange is decentralized and they offer leverage because Its all on chain, that means there cant be any funky business going on, and actually i talked about this a few days ago, a couple days ago or actually last week, um arthur hayes his on chain wallets people have been tracking and he actually purchased a big Bag 1.5 million dollars of gmx, which is a decentralized perpetual exchange um it wasnt official. You know its just people tracking his wallets but arthur just put out a blog post yesterday, one of his popular blog posts and in it he officially supported gmx. He basically said gmx is the best out there for any decentralized perpetual exchange and im a big bull on gmx.

I found it in september of last year and what i really liked about it. I knew it would just be highly used, as you know, centralized entities funk up in crypto thats. Just a common theme. You know, so a lot of volume is going to move over to gmx. As people realize you know, centralized entities are going to pull funky business. They can lose your coins, so i have a feeling you know yeah in a bear market. You know not necessarily the volume is gon na go crazy, but once we find our bottom and even start up trending a little bit volume in gmx is going to go insane. So why is that big? Well, all the fees, every licking cent, a hundred percent of the fees from gmx – actually go to the token holders you guys thats, amazing, so gmx token holders get 30 of the fees and then glp, which is their liquidity, pool token for decentralized exchanges. You know its half gmx half ethereum actually get 70 of the fees. That is amazing and once you know its doing billions, maybe even like 20 billion per day, like binance, is doing woohoo. Gmx token holders are going to be very happy, um, so yeah. I appreciate it you guys tuning in and continuing to watch the channel im going to be probably taking the weekend off, but i have some great content coming next week. I have some stuff previously shot about this bear market.

You know how to earn in it, and you know why buying in this bitcoin bottom isnt a bad idea, but um im going to be in a be at nft nyc next week, so ill be posting some content while im there.