ROLLUP: Record ETF Flows, Up or Down? | Trump's New Crypto Policy | California Going Onchain?

Bankless Nation, happy Friday. It's the first week of August. And here we cover all the weekly news in crypto, which is always an ambitious endeavor. And to help me in that endeavor, we got Anthony Susano stepping in for Ryan Sean Adams as he takes a well-deserved break. How's it going, Anthony?

I'm good, I'm good. Thanks for having me back once again. I've lost count of how many of these I've done with you at this point.

Honestly, you might as well be an enshrined host of the Bankless Podcast, at least on the Friday weekly roll-ups.

Yeah, yeah, definitely. Yeah, no. Oh that's that thank you for that. That's uh that makes me feel special.

Oh. Well, we appreciate you coming on, and uh everyone enjoys it. All right, so let's go into the news. We'll recap the news real quick. Trump showed up at the Bitcoin conference in Nashville and said a lot of words about crypto that people enjoyed. What did he say that got the biggest cheer? Uh meanwhile, the entire industry is still waiting for Kamala to say crypto for the first time.

The ETH ETF flows keep on coming. ETH had its first day of net inflows. The same day that Bitcoin had its first day in a while of net outflows, coincidence or noise. Eclipse, layer two on Ethereum that runs the Solana virtual machine, just hit mainnet and opened up the doors for debts. And also, California is moving its car titles on chain. Usually I wouldn't get excited about this, but I think it's actually worth unpacking. So we're gonna get into all of this news and more. But first, we're gonna talk about some prices. Some prices. Thank you to the Kraken Charts for showing us the uh the Bitcoin price. Uh Bitcoin hitting a little bit of a low in the last like 10 days, two weeks of time. $64, uh $690 is where we are at right now, up about half a percent on the week, which I would call flat. Uh and that is similarly true for Ethereum. Uh starting the week at $3,170, ending the week at $3,190, up about half a percent on the week. So overall, flat times in the market. But of course, all the real news are the Bitcoin flows. The Bitcoin ETF flows and the Ether ETF flows. Uh, just to compare uh Bitcoin to Ethereum, Bitcoin has taken in 16 billion since launch. Uh and has actually lost $1.4 billion in TVL, in AUM, as they call it in Tradfile land over the last week. And also something that actually happened new in the world of the Bitcoin ETFs this week is that GBTC launch, which is the grayscale mini trust for Bitcoin. Uh so it's actually been a long time coming. Uh, it's interesting that the Ethereum ETFs got their grayscale minitrust before the Bitcoin ETF trust. But this is why uh the grayscale GPTC uh ETF on the New York Stock Exchange is actually down 10%, because 10% of that AUM went into the mini trust, uh, where you would get much lower fees than the grayscale uh bigger uh Bitcoin ETF. Uh Anthony, I know you're excited about this. Uh the ETH ETFs uh have been trading for six days now. Six days now, yeah. And we while we are losing AUM uh because of the outflows out of the Grayscale ETH eTrust, we did have our first day yesterday of $33.7 million inflows. That's uh on the 30th of July. Uh now that the ETFs are finally here, Anthony, especially the ETH ETFs, uh overall just vibe check sentiment. What are you watching for as you are watching the Ether ETF flows?

Yeah, I mean, I think I had been saying this for a little while on my own show. The two main things that I'd be watching for were pretty obvious, basically the inflows from the new ETFs and also the outflows from the existing ETHE product, which was converted into an ETF uh recently, as you were just talking about with regards to Grayscale having their GBTC product. Same thing happened with kind of ETH. And honestly, it's all playing out as expected. You know, everyone expected there to be to the for there to be these big outflows out of ETHE for whatever reason, right? Maybe people wanted to change which ETF they're with because ETHE is a 2.5% fee. You can go get a 0.15% fee on the Grayscale mini trust. So you can actually just get out of ETH and go straight to the Grayscale Mini Trust and you'll be able to take advantage of that. But then every other ETF is like 0.2, 0.25% fee. So you're actually like mad if you're paying 2.5% fees in ETH, just especially if you're paying attention. Obviously, Grayscale is banking on a lot of people not paying attention because there's still what 40 40% I think of the original AUM in GBTC, whereas with ETH, there's still a large chunk as well. But yeah, if you look at this table that you've got in front of you, it basically shows that most, I mean, all the outflows came from ETH. It's been pretty big. It was front loaded, like in the in the first week, there was a lot, but it's started to slow down, and we've got some big inflows too. I think total inflows is like $1.3 billion or something like that. So the inflows have offset a lot of it. But I think uh last time I checked, the total flows is like negative 400, 300 million, or something like that for the whole period.

So that's outflows out of grayscale that we have not regained in the other Ethereum ETFs.

Yeah, yeah. And and honestly, I I think that this is all very short-term noise because we know that this is finite selling, finite outflows from ETE. And we know that with the ETFs, they're a passive flow long term vehicle. And we know that they're with from the BTC ETFs that they've just kept sucking in money over like the last six months. So we can expect a repeat in the ETH ETFs. So yeah, that doesn't concern me at all. But I think it's only been a week. You know, there's not enough data to look at, but it's playing out exactly as expected, I think.

Yeah, Bitwise still coming in in second place behind BlackRock for AUM. Bitwise got $284 million of AUM. BlackRock X has $623. So not too many days away before BlackRock's gonna punch through that $1 billion number. And Fidelity finally catching up to Bitwise with $279, but still in that third position spot. I do like looking at this chart, which is the uh comparing the grayscale GBTC outflows uh when the Bitcoin ETFs launched versus the grayscale ETHE outflows. And you can see that ETHE is outflowing at a faster rate than the grayscale ETFs uh when when the Bitcoin ETFs launched. Uh and there I feel like there's a number of different possible interpretations, and maybe it's the truth is a little bit of all of them. Uh A, we've seen the story before. So like we know, hey, like what happens when the ETFs launch? Like, well, if you're in grayscale, the answer is to get out of grayscale. Uh another answer is just like, well, maybe maybe there's just actually just less uh interest in holding the ETHE versus grayscale. Maybe there was more of a trade on ETHE than there was on GBTC. How how what would you account for the faster outflowing out of ETHE uh in the uh Ethereum ETFs versus the Bitcoin ETFs?

Yeah, I mean, I I definitely think that you're on the money with like people, you know, we already know this story, how it plays out. So people are just getting out, you know, faster this time. But we're also in different market conditions where essentially when the BTC ETFs launched, it was uh much more bullish period than it is for the ETH ETFs. So that might be um influencing things as well. But uh yeah, it has been interesting to see that the flows are coming out uh faster here. But it also might be that there are potentially bigger holders of ETH E than there were of GBTC. Maybe the big holders of GBTC had already sold off everything and their ETH ones were still in there and they were just waiting until it got converted in order to do this. But at the same time as well, uh the mini trust for the ETH um uh the ETH product was launched by Grayscale from day one, not like with GBTC with and and BTC that they've launched now with their mini trust.

Yeah, yeah, more so than the other ETF. So there is another place to outflow to. And as I said, it has got the cheapest fee right now at 0.15%, which is extremely tempting. Like if you've if you're paying 2.5% in ETH, you and you you've got the that option, you're not going to stay in ETH. And some people bring up that the fact that um long-term capital gains for these holders where they're just waiting until they hit long-term capital gains because maybe they bought when the discount was closing. Because it or sorry, when the discount was very steep. I think it was like 50% at some point or something like that. And then uh once it goes into long term capital gains, they'll rotate out of ETHE into another product. I mean, I feel I as you said, like the story seems the same. It seems like ETH will have some AUM retained, maybe like 40% of the original AUM, but most of it should outflow over time into these other ETFs. And the net flows is all that matters. As long as the net flows are positive, I don't think any of the other stuff matters.

And the uh the uh ETH minitrust with the uh point one five percent grayscale fee, the the mini trust for for the Ethereum ETFs, has taken in two hundred million dollars of inflows, two hundred million on the dot. Uh whereas the grayscale

Uh plus they have that automatic conversion of about one billion dollars of ETH into the mini trust like they just did with GBTC.

Oh interesting.

So but that doesn't count in this in this I mean it's at the top, but it doesn't it's like the seed capital, but it doesn't count as the inflows because it was an automatic thing. Um but that also yeah, I mean counts, right? That's one billion dollars that that's not coming out of ETH, it's it's in the mini trust now.

Because that would have otherwise have totally come out. Okay, just some numbers for the listeners. At Genesis, when we launched the Ethereum ETFs, the Grayscale ETH E trust, which got converted into the ETF, had $9.2 billion worth of ETH in it. And then $1 billion, $1.02 billion, got automatically rolled into the ETH mini trust with a much lower fee. And so that would is presumed to what would have been outflows, is now just going to stay as the lowest fee on the market, which is the Grayscale Minitrust with 0.15. And then in addition to that,

Uh the grayscale minitrust has also absorbed $200 million. So we are now at $1.2 billion of ETH in the Grayscale Minitrust, which we could have only assumed would have been outflows. Nonetheless, Grayscale, the ETH E has still lost basically $2 billion worth of outflows, which has mostly been absorbed by the rest of the market, except for a net loss of about $483 million of ETH since the launch.

And I think that uh uh just one thing on that, like the fact that maybe there are people that came out of ETH E and they're expecting the price of ETH to drop because of this kind of continued outflow and they don't want to buy back in yet. Maybe they do plan to buy back in, but they're just waiting uh because maybe they can get a better entry. Like there is definitely an element of that, especially if there was a bunch of people playing this as uh as a way to trade ETH, as a way to kind of stack more ETH here. Um, so I think that that that's happening there because there's so much, I don't know, I wouldn't call it FUD, but there's so much attention on this where people are like, look at all these outflows, you know, the ETH price is gonna go back to the 2000s, then we can buy back in. Obviously, playing that game is risky, but I'm sure there is a a chunk of that capital playing that game that will eventually come back in. And that's why I said that the net flows over time, as long as they're positive, that's that's all that really matters, I think.

Yeah. And I think we saw the same exact dynamic with the the Bitcoin ETFs once they launched. Everyone was surprised surprised by both the amount of inflows, but then also the amount of outflows from grayscale. And everyone realized like the Bitcoin price is not going up until uh the grayscale outflows cease. Uh and that's more or less what happened. And I expect that's kind of like the same, uh, the same dynamic that's outplay here. Like, why wouldn't it be? So, like the fact that we're seeing faster ETH outflows, it's like, well, that's the thing present preventing the ETH price from going up, but it's happening faster. So at least we're getting it out of the way. So it's kind of kind of like a watch. I don't really have any like strong opinions as to whether it's bearish or bullish.

It it's noise, and it's the same as the rest of what summer has been for the price. It's just that summer lull into summer.

Yeah.

Yeah, it's it's noisy. Like if you go back and look at the historical summers of crypto, most of them have just been flat because people are outside doing things, except COVID, where we had lockdowns, and that was Africa, right? Where we had DeFi summer instead.

Yeah, yeah, exactly. So um that's just the classic thing in crypto. Uh and and I know people get antsy because they're like, oh, look at the stock market going up. It's like, well, the the stock market's a different beast. It's not the stock market isn't viewed as this hyper risky asset class, like

People are paid to stay home and pay attention to the stock market. Yeah. Crypto are general of our vacation policies are a little bit more lenient than StockSt.

Yeah. For now.

Oh yeah. Nate Jararsi tweeted out in one week of trading, the iShares Ethereum ETF, that's the BlackRock, already is in the top 15 inflows of all ETFs launched this year. Top 15 out of approximately 330 new ETFs. Top four inflows all spot Bitcoin ETFs, by the way. So in one week, uh Ethereum, the Ethereum ETF from BlackRock has taken in more total AUM than all the other ETFs launched this year, or excuse me, top 15 of the Ethereum uh of the ETFs launched this year. So you can't really

Right. Like I

One week. One week versus uh seven months.

Yeah. Yeah. I can't wait to see what that's like in a in a few months. Uh I think it's gonna be much, much higher than that, which is pretty cool.

It is pretty interesting to note that on July 30th, so two days ago at the time of recording, uh Bitcoin had a day of outflows, which is rare for Bitcoin, uh lost $18 million in AUM. But that was also uh the one day that Ether, the Ethereum ETFs, had net inflows of $33 million. And so it it it could be noise, but also we do know that there is going to be some amount of rebalancing between uh people with a Bitcoin only ETF portfolio looking to have both of the major crypto assets in their in their balance sheet. I don't know if you have any comments or insights on that, uh Anthony.

I mean, I fully expect that that's happening. You know, there's this kind of thing with portfolio theories where you wait things on market cap, right? It's a very standard thing. So if you're weighting like 70% BTC, 30% ETH, because that's the rough market cap ratio right now, then I would expect there to be a lot of people uh doing that. Because especially if if maybe they were like more bullish on ETH than BTC, but they bought BTC because that was the only thing they could buy with the ETFs for six months. And now they're like, well, I don't want to hold the BTC ETF anymore. I actually want it to hold ETH, and they're converting into ETH instead of being in BTC. So there is definitely conversion going on. I think that's pretty clear from the numbers, but I do think it'll settle at that like market cap weighted thing and then rebalance every so and so months, like what happens in the the trad fi world.

I thought this was pretty cool. Uh on the 25th of July, Bitwise and Bitwise's uh friends and and family got to go to the stock market to ring the bell. Ring the bell. Uh, and they raised the ETH W, the Bitwise ETH ETF flag in front of the stock market, which I think is just like

it's the juxtaposition there, I think, is is pretty cool. Nate Jarcy tweets out, what a moment, the word Ethereum hanging from a 120-year-old stock market building in New York. Picture might end up in the history books someday. To me, it's kind of like

advertising an internet service provider uh on a phone company or in like a white paper in a in a you know, like the white pages. Uh

Wikipedia on a library.

Yeah, right. Yeah. Something is as funny about this. Like, we're having some sort of like technology inversion where like we have we have the deeper stock, uh the deeper tech stack being advertised on just like some anarchic technology. I thought it was pretty cool.

I I saw a tweet about it where someone said, you know, today Ethereum's on the stock market, but tomorrow the stock market will be on Ethereum. I thought that was a pretty good way to put it.

Exactly. Yeah, the stock market gets to raise an Ethereum flag, and then Ethereum gets to put the entire stock market on itself.

Yeah, yeah.

Yeah, and that's why it's there. Uh one thing of note as we are watching the maturation of the ETFs, um, the state of Michigan. Uh, I'm pretty sure Anthony Susano's favorite state. Uh

Do you know where Michigan is do you know where Michigan is here?

I've got no idea where it is. If you paid me money to point to it on the map, I would lose that. I would lose that money. Like I wouldn't get that money at all. I'd I'd point to like New York or something.

Anyways, the state of Michigan retirement system has reported owning $6.6 million of the ARC Bitcoin ETF. And so congratulations to all the soon-to-be retirees in the state of Michigan because you now have a Bitcoin in your pension portfolio. And this is where it starts. The first date out of the 50 to get Bitcoin in their pension. This is what happens when you have an ETF. The world of ETFs and retirement and diversification funds and all these things, their disposition is like, well, they actually have to have a reason not to invest. It's not like, hey, should we add Bitcoin to our balance sheet? Should we add ETH to our balance sheet? It's actually, why would we not do this? Why would we not diversify into this new asset that has been legitimized by BlackRock? That's just the order of operations of how people try to preserve wealth think. I think in crypto, we are all trying to grow wealth, which generally means concentrated assets, concentrated bets. But in the world of wealth preservation, you diversify. And so your disposition is to include more things into your portfolio. And so this is Bitcoin just getting into the world of the state of Michigan, the great state of Michigan. And I'm sure this is just going to be a trend that Michigan is just like leading the this like trend here.

Yeah, definitely. I mean, yeah, I I I agree with you. Now that the ETF's alive, like these things can happen. Before they couldn't, and that's simple as that.

Totally. Total crypto market cap 2.4 trillion on the week. Still struggling to get out of the two range. We've been in here for a really long time. Getting into the world of layer twos. This uh layer two update brought to you by Mantle of Layer Two, of which I enjoy very deeply. $41.7 billion locked in layer twos, which is a number that's been like flat for quite a long time now, since March of this year. March of this year, we hit 43 billion for the first time and we've been ranging around there ever since. But if you go to activity, that activity number uh is really, really good. We've been holding 22, 23x scaling factor, and a scaling factor is you take the number of transactions per second that you can do on the Ethereum layer one. How many transactions per second are doing are all the layer twos doing in aggregate? And the answer is 23 Ethereums. And we've been holding 23 Ethereums uh since for two months now, two months in a row. Uh Anthony, what are your thoughts on just like the growth of the layer two ecosystem?

Not surprised at all considering that we kind of injected a massive stimulus package into the layer two ecosystem when we put blobs live in March and Blobs are still free or basically free at this point in time because they haven't reached the saturation point yet. Well they have at like some periods of time, but like not sustained. So yeah, it it it makes a total sense here that we're seeing this. And also I think that uh now that there's just all this extra space, builders are building new and novel things. I think gaming is definitely kind of taking off on these L3s, like I think proof of play and Xy, I think those two are gaming L3s. So there are yeah, there's a lot happening that wasn't happening before because of the extra capacity. Uh, but it just shows that the Ethereum ecosystem is is growing and and the roll-up centric roadmap is definitely playing out as we expected. But I I do wonder what this looks like kind of uh long term, because as we know, blobs are a finite resource. Once they start reaching saturation, the the costs go up. So will we need to I we will definitely need to like scale blobs again. We are already doing that. Like there's already a lot of work on that. But I'm curious to see when we reach that point where it re where it becomes saturated. Just like our one block space is saturated, when will blob space be saturated? And I think it's coming sooner than than people think. Because if this is like this during like a summer lull kind of crab period in the market, imagine what it's gonna be like when the market heats up again and all that activity follows with that. And we bring all these new people on with base pushing really hard, especially, you know, Coinbase pushing um their users to base, pushing payments on there. So I fully expect this activity to just skyrocket. It's it's gonna be very, very cool to see.

Yeah, and and you're totally right. A lot of this uh new transaction demand, uh Zye and Proof of Play, these are both layer threes. I think proof of play is also

You can click roll-ups only on the on the thing there and it'll filter out just the L t the roll-ups, like just the things using blobs. And it's still like if you click that, yeah, it'll still be up at all time highs. Like it's still take

Layer threes, and you have just layer twos that are consuming layer one blob space. You have a scaling factor of 10. You add on the layer threes, though. Uh like Xy, proof of play, your uh Xy is a gaming specific uh layer three. I think this is correct, where it's actually just one game. This is one game consuming a lot of this transactional demand. Uh, and we're getting 105 transactions per second over the past like 24 hours. And so, like, this is like a frontier of rollups that we are just beginning to breach. Uh, you can only imagine once like this world becomes saturated and we have like hundreds of games all individually having their own rollup space, settling down to layer twos. Uh, like the whole entire like Ethereum roll-up centric roadmap is it really just we are just scratching the surface of what we can do. Uh, and it makes sense to start with chains that are very proximate to what Ethereum is. This is Arbitrum, this is Optimism, generalized block space uh on layer two that just use generalized block space on layer one. Uh but as we get more specific, uh, we're also going to get more scale. Uh, and so I'm expecting this kind of scaling factor, which it already is, to just hockey stick even further. Like we jumped from it, like we were hanging around um like 60 transactions per second, and then we had Denkun, and then we got up to like 160, 180, uh, and now we're at 280. Uh, this number of transactions per second secured by Ethereum, secured in the network of chains that Ethereum secures, uh, isn't I just expect to just you know blow through thousands and thousands and thousands.

Yep, yeah. And the L2s are doing their own scalability too. I mean, base has uh been talking about these. I mean, well, not base, Jesse Polak from BASE has been talking about this a lot on Twitter where they're raising the gas limit. It's at like 10 mega gas per second right now. I think they want to get to like one gigagas, if that's the North Star. But that's up from I think it started at like two or two point five or something. So they've done an extra like four or five X scalability increase just themselves, which will keep pushing their TPS up, keep pushing their activity up while fees remain low. But as I said before, once we saturate blob space and blobs start getting uh you know expensive, then we'll see probably see fees start going up a little bit. But that's just by design. And then we we give more blob space for the L2s and and away we go. It's like that cat and mouse game uh that that I've spoken about before, I think.

100%. Uh last thing in the market section, uh, Fed, we had there was a FOMC meeting that kind of went under the radar. People weren't really talking about it. People weren't really bullish or bearish on it. Uh, and that's because the Fed decided to hold rates uh steady. While also noting progress on inflation, so slowly, incrementally approaching that 2% target. Uh but the Fed not really ready to make any decision uh about raising or lowering interest rates. I think everyone is kind of gearing up for the lowering the rate cut cycle, um, and the lowering of interest rates, but we all kind of know it's like not here yet. It's on the horizon, but we're not here yet. I don't know if you have any comments in the macro world, Anthony.

I mean, I think people are just bored of it at this point. You remember when everyone was watching like every inflation day and like the CPI numbers and it's like glued to their screen and the market would react violently to it. Now it's like, yeah, as you said, it's a nothing burger. Like no one really cares anymore because it's just been such a long time of this same story. And I think at this point people are just bored of it. You know, that's just the way it goes, I think, with the news cycles. Um, and yeah, I mean, I expect the Fed to cut rather than raise uh in in in the next kind of like few months. Um, but I think the market already front ran that. Like I I brought this up before, but ETH bottomed when inflation was at its peak in June 2022. Like, so the market doesn't wait around for pet for JPOW to say, oh, it's you know, tick, you can go uh gigalong now on the market. No, no, no. It does that in anticipation of him g saying that.

Powell did say that while there's no decision being made now, a cut could come as soon as September if the economic data showed inflation easing, which is that is the trend. And so we just need that trend to continue. I don't really think we're gonna have like the rate cut bull market, like the price appreciation of all these like risk on assets because of rate cutting until we get like our third rate cut. We're currently at um five and a quarter to five and a half of short term interest rates. Once we get into the low fours,

With the trend can like pointing down to the threes, then all of a sudden everyone's like, yo, like the that money is coming out of those money markets because there's all time highs in money in money markets, dollars and T bills in money markets, earning that like high four, low five percent interest rates. Uh, and that's because like the stock market, it's been told to offer you somewhere between a seven to eight percent yearly return on average.

But that's on risk. So why would you why would you r take risk when you could just get an assured 5% in money market? As soon as that number, people starting to realize that number is going to hit three, all of a sudden people are going to look go seek risk elsewhere, which is exactly what we saw during the 2021 market mania. And then people are going to pile on down the risk curve. That's kind of the thing that everyone's waiting in anticipation for. But since we know it's not happening right now,

it's still on the horizon. So we haven't made that move yet. That's kind of my analysis.

Yeah, yeah. Yeah. Classic liquidity cycle things, as you mentioned, like there's just money right now, just locked in in one place. And then once that place not doesn't become cozy little home anymore and they want to go somewhere else, they'll leave. And yeah, that's when we get the craziness, I think, in especially in crypto, because crypto is so risk-on and it really requires those, I guess, like for the for the long tail of assets, maybe not for Ethan BTC, but for like the long tail that really aren't really uh are kind of worthless to begin with. But the reason they go up is because there's just so much money coming into the market at once, and everyone's like, Oh, I've got so much money, I'm rich, I'm gonna go gamble it on these things. And yeah, I and they get rewarded for a while doing that. But I think, yeah, that that that'll definitely happen at at some point in the near future.

I do, I've said this before on weekly roll-ups, and I'll say it again. The like $16 trillion that was printed in 2021 and in response to COVID of M2 money supply, we tried we printed like $4 trillion, and then as a result of that, $16 trillion was created because that's how the banking system works. That money's still out there. Like just because we've had high interest rates, we've rec recalled maybe like 3% of that money in interest rates. Uh, but like $16 trillion is still out there, ready to buy risk-on bags as soon as we can get that money out of that, uh, out of the money market funds. Like, it's not that that money's disappeared. Like, we still have COVID levels of money. It's just like locked up in T-bills. Uh, and so as soon as the rate cuts uh come, you're gonna see like assets just soar. That's that's my that's my hot take. Uh it's not happening soon. Uh maybe it'll happen in 2025. Hopefully, it happens in 2025. That would be enjoyable. All right, coming up next, what was everything that Donald Trump said at the Bitcoin conference? But also not just Trump. RFK Jr. made an appearance. Edward Snowden was there virtually. Uh Cynthia Lumis proposed a bill. So we're gonna get to all of that, everything that would happen at the Bitcoin conference and more. But first, a moment to talk about some of these fantastic sponsors. And we're back. Donald Trump made an appearance at a crypto conference at the Bitcoin Nashville Conference 2024. Uh, this is the Bitcoin conference that happens every single year. Uh started off in Miami, so or even before COVID was in San Francisco, moved to Miami post-COVID. Uh, now has moved to Nashville uh because I think the Bitcoin conference just keeps on growing bigger and bigger and bigger. Uh and Donald Trump was there. Donald Trump was there for day three. He gave a 40 minute speech. So that's too long for us to play, but we'll play some of the clips. Actually, we're gonna play a bunch of clips uh from various speakers of the Bitcoin conference. So let's go ahead and start with some of the words that Donald Trump said uh going into Bitcoin or ending Bitcoin 2024.

Hello, Bitcoiners. Thank you very much. Hello. It's good to be with you.