We have to be careful about assumptions we might make and, as i recall, the uh, the q2 q1 q2 uh bull market was um. You know there was a the dogs had room to run in that market. Christine i dont. You know, i think if we first looked at the first enthusiasm for doge and said well thats the market top, then then you would have missed out on some gains uh in q1 and into q2. So uh, you know uh its unfair to generalize, but the market is consolidating downward. It seems so so whats the outlook on bitcoin here. Well, i think you know theres theres a a great deal of uh. I mean there was a great deal of enthusiasm last week about the uh, the bitcoin futures etf, the uh, the the etf didnt disappoint uh, but i think maybe that kind of got the market a little out ahead of its skis and the um. You know the the leverage ratio that um you know this isnt, the first time that that ratio has has uh has reached peaks, although it reached a real um, a real high last week, uh that ratio measures the the ratio of the bitcoin futures open interest to The actual bitcoin uh held by exchanges estimates all around, even the number of bitcoin held by exchanges itself. The denominator there thats a uh thats, an estimate um, but in any event, it does kind of estimate that the extent to which uh you know people are sort of uh borrowing and getting out ahead of what is actually put in place on exchange to trade uh.

So so, certainly a bit of froth in the market, maybe a little bit of a correction here um, you know, i think the the robin hood earnings yesterday were um were maybe disappointing to some people, although i find it hard to imagine how anybody didnt see that One coming yeah uh, just one more thing: i want to bring up with this tweet from charles edwards, the founder of caprio investments, hes tweeting, basically, bitcoin looks incredible here on those metrics, but leveraged traders have gone out of control. We dont get sustainable price rises until that changes, and i i would have to agree to some extent you know bitcoin has incredible metrics behind it. The hash power has sustained itself despite crackdown in asia and china, theres tons of investment and development happening right now i mean this morning. We spoke to uh three different companies each raising over. You know, in the case of ftx for 420 million uh republic 100. Over 100 mil 150 million and uh coinless, 100 million and layer, two development uh with the lightning network also growing exponentially so so bitcoin has some good numbers behind it. I would have to say i i certainly think the uh, the dollars flowing into bitcoin venture capital, uh, bitcoin, managed funds or cryptocurrency managed funds. Uh is positive not just for bitcoin, but for cryptocurrency in general and thats, a long term youre going to see that play out uh. Some of those funds will take base positions in ethereum, bitcoin and and other kind of blue chip assets uh.

You know the only the only downside of all that is how impossible its gotten to hire anybody in crypto these days, thats true, the developers are all in high demand and difficult to acquire. So you mentioned robin hood: now they did not have such a great last quarter. Did they? No, i think i mean if you look at what happened for for robin hood in q2. They had this. You know tremendous quarter, uh driven. You know on the back of of crypto volume uh, which has to i mean you know, has to sort of be layer upon layer of kind of um. You have to raise an eyebrow right. I mean youve got a business that that maybe in terms of its revenue model, might be illegal, uh and in the end, and then also also on top of that you have most of their their their uh volume and a lot of their revenue. Uh coming in the cri, you know a lot of the excitement about that product from users is evident in the crypto uh currencies that they offer for trading um. So you know all of that uh looking into q3 uh look, you know uh crypto volumes and q3 way down across the board. Uh. You can see it in the day to day numbers published by crypto exchanges, um half what they were uh in q2 and um. I think anybody you know realizing what a large percentage of uh of robin hoods business is coming from crypto trading, seeing that crypto volumes are down uh, it really sort of um the markets reaction to the robin hood earnings was kind of mystifying to me.

I cant believe anybody didnt see that coming yeah, i wonder, is so.