November 21, 2025 • 17 mins
The broad-based financial market sell-off pushed market sentiment into "extreme fear." Crypto liquidations soared to $829 million, dragging the sector's total market cap down toward the $3 trillion mark.
~This episode is sponsored by Tangem~
Tangem ➜ https://bit.ly/TangemPBN
Use Code: "PBN" for Additional Discounts!
00:00 Intro
00:10 Sponsor: Tangem
00:45 Overnight liquidation
01:30 Fear & Greed
02:10 TikTok Sentiment
03:50 Raoul Pal on sentiment
04:30 Buy fear & greed
05:00 Correction or bear market?
06:30 Scott Bessent struggles through economy questions
09:00 Tom Lee spreading Grade "A" FUD
12:10 BMNR rumors
13:50 MSTR on the edge
15:30 Interest in DATs completely dried up
17:10 One more leg down?
17:30 Outro
#Crypto #bitcoin #ethereum
~Crypto Sentiment Apocalypse!🔥Market Crash Update📉~
⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺
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~ The Best Self Custody Wallet ➜ https://tangem.com/en/ Use Code PBN for Additional Discounts!
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~ Looking for the best tax havens for Crypto? Free Month with iTrust Capital ➜ Use PROMO CODE - PAUL BARRON https://rebrand.ly/PAULBARRON
~This episode is sponsored by Tangem~
Tangem ➜ https://bit.ly/TangemPBN
Use Code: "PBN" for Additional Discounts!
00:00 Intro
00:10 Sponsor: Tangem
00:45 Overnight liquidation
01:30 Fear & Greed
02:10 TikTok Sentiment
03:50 Raoul Pal on sentiment
04:30 Buy fear & greed
05:00 Correction or bear market?
06:30 Scott Bessent struggles through economy questions
09:00 Tom Lee spreading Grade "A" FUD
12:10 BMNR rumors
13:50 MSTR on the edge
15:30 Interest in DATs completely dried up
17:10 One more leg down?
17:30 Outro
#Crypto #bitcoin #ethereum
~Crypto Sentiment Apocalypse!🔥Market Crash Update📉~
⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺⎺
Join our community!
Diamond Circle Email (FREE)➜ https://bit.ly/pbnmembership
Private Telegram Group (FREE) ➜ https://t.me/+nISqoMxrok40NTcx
Subscribe on YouTube ✅ https://bit.ly/PBNYoutubeSubscribe
X/Twitter 📱 http://bit.ly/PBNtwitter
Get official PBN merch! ➜ https://merch.paulbarronnetwork.com/
~ The Best Self Custody Wallet ➜ https://tangem.com/en/ Use Code PBN for Additional Discounts!
~ The Best Crypto Exchange ➜ Coinbase, get up to $200 in crypto - coinbase-consumer.sjv.io/BARRON
~ Looking for the best tax havens for Crypto? Free Month with iTrust Capital ➜ Use PROMO CODE - PAUL BARRON https://rebrand.ly/PAULBARRON
Mark as Played
Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:00):
Crypto centiment apocalypse is upon us today. We're going to
break it down for you what is happening in the markets.
You don't want to miss it. Let's just get right
into it. I do want to thank our sponsor, and
that's Tangum. This is actually the time to go into
self custody, guys, because if you're in a bear market,
you want to lock this up into self custody. And
the way you can do it is jump over to
tangent dot com. We have a pretty special deal for you,
(00:21):
and that is their Black Friday program has started today,
so you can get this through December of the ninth,
and it also stacks the discount, so you get our
discount plus the additional twenty percent off and a ten
dollars bitcoin reward.
Speaker 2 (00:34):
So check it out.
Speaker 1 (00:35):
Make sure and go take part of this Black Friday program.
Use the codes down below. It's going to get you
into the program. Let's get into a couple of points today,
crypto markets face a brutal retest overnight, especially as liquidations
now surpass two billion. When you look at this being
the second hit that we've seen so far, Bitcoin of
(00:57):
course plunge ten percent on the day falling as low
as eighty one five, and you look at coin glass
two point two billion in positions. We're also affecting more
than four hundred thousand traders, so a lot of people
out there in pain right now. As we go into
what many could think a bear market. Let me know
if you guys think that's the case. Are we in
(01:17):
a bear market? Drop a comment down below, Have we
entered it? And will it be a short one or
a long one? As we start to go into twenty
twenty six, if you look at the crypto Fear and
Greed index.
Speaker 2 (01:29):
This is the lowest it has ever been.
Speaker 1 (01:32):
This is no man's land, and it's really unknown as
to what it would take to come back out of this.
Speaker 3 (01:39):
Now.
Speaker 1 (01:39):
There's a lot of catalysts that have failed over the
last really two to three weeks that we thought would
already be in place by the year end, and now
we're dealing with not only economic uncertainty, but uncertainty around
the FED, uncertainty around tariff's, uncertainty, around where the economy
is going, jobs, you name it. The perfect storm is
(01:59):
deaf only here. Even CNN Fear and Greed also holding
at ten, which is extremely bad. One year ago, we
were at a fifty six, right there, guys, fifty six,
So compare that to where we are today.
Speaker 2 (02:14):
I want to go to a clip.
Speaker 1 (02:15):
This first clip we're going to play is the sentiment
of the market.
Speaker 2 (02:19):
Take a look cryptos.
Speaker 4 (02:21):
I've finished title crypti moket cap is down eight point
one six percent.
Speaker 2 (02:27):
Many people are like, oh my gosh, it's yes, don't work.
Speaker 5 (02:29):
It all started because of a software bug on one
major crypto exchange. I think that we could see it
as low as sixty.
Speaker 2 (02:37):
Your favorite coins are going to die.
Speaker 3 (02:39):
You don't need to do much further than dult.
Speaker 6 (02:41):
The market is going to crash ninety percent after November
twenty second.
Speaker 5 (02:46):
Here's where the fuck I'm at today with XRP still
taking no.
Speaker 4 (02:50):
No, no, no no no no wait wait wait wait why.
Speaker 7 (02:54):
Is XRP not at ten dollars? Why is it not
at one thousand dollars?
Speaker 5 (02:59):
All manipulation XRP army listen up right now, scame time.
Speaker 8 (03:04):
Are bigcoiners really starting to buy XRP?
Speaker 2 (03:08):
Wall Street stamp of a buy ah bye before you
hit that sale button, send it to me. I cash
happy all right? As you can see a little bit
over the top there.
Speaker 1 (03:18):
But I think a lot of people in a position
right now where they're trying to figure out why they
didn't take profits, why they weren't taking profits on the
way up or even on the way down in some cases.
And this is where the market is today. Now you
might be saying this is really not a big issue.
I'm looking at long term holding here. This is something
If you're kind of in the short term game, then.
Speaker 2 (03:39):
Yeah, you're toast. But if you're in a long.
Speaker 1 (03:42):
Term game and you listen to Rabul Powell talk about this,
you might go with a.
Speaker 2 (03:47):
Little more comfort.
Speaker 3 (03:47):
Take a look, and it just staggers me. It staggers
me because you've all lost your shit. You're throwing poo
at each other. The fear and gred index is absolutely
shockingly low, almost unheard of, and all it's been doing
is doing the same old shit, and it always does this.
In twenty twenty four, same correction, And you guys were
(04:08):
losing your fucking shit back then as well. You're all
losing your fucking shit. I mean, it's unbelievable to see
what is going on out there. Take a step back
and buy the fucking dep if you can. You should
be begging anybody for money right now on the streets.
Maybe if you can play guitar and even do one
of these stupid bloody statue things. I put some in
week before last at higher prices, I buzz.
Speaker 2 (04:32):
Them at higher prices.
Speaker 1 (04:33):
With that, you also have to look at what Ryan
John Adams said, which if you had bought and continued
to buy Bitcoin and eighth at times of extreme fear,
and sold at times of extreme greed, then obviously you're up. Yes,
we understand those kinds of things. Twenty twenty is great
when you can look back. We put up this poll.
Was the latest crypto drop? Just a bull market correction
(04:57):
or buy the dip opportunity or the start of a
bear market? Guys, I think unfortunately, this is the beginning
of a bear market. Now the real question is how
long does it last? Is it a short term bear market?
There are a lot of catalysts that could compound and
completely reverse something like this, But right now, the amount
of problems that we're going into by the end of
(05:19):
twenty twenty six, in or early twenty twenty six, and
maybe even to Q two of twenty twenty six are
stacking up against the market in general. And I'm not
talking about just the crypto market. I'm talking about the
S and P five hundred what that's going to look like.
So right now I would consider either one looking at
long term holding, which is really the vision I look at.
(05:40):
This is a time horizon situation, as it is in
most investing markets. One thing you can count on for
sure is that FIAT will be the one to stay
out of whether you get into gold, whether you get
into bitcoin, other assets that can go in this direction,
even if you go into some of the stocks and
bonds out there to secure some of your positions. The
(06:03):
point is is that long term, and when I say
long term three to seven years, that's the range that
I always look at. Three five seven that's a typical
range of which I've done in VC investing and angel investing.
Those are typically the opportunities that start to get you in.
Speaker 2 (06:17):
A position to where you can sell.
Speaker 1 (06:19):
The problem is that a lot of people do not
take profits, and that's the biggest issue of all. Let's
go to another clip here, because this is where Scott
Besson starts to break down how the economy is doing.
Speaker 2 (06:30):
It doesn't look good. Take a look.
Speaker 9 (06:33):
So there was a lot of good economic news out
there today.
Speaker 4 (06:38):
So you know, I would believe that the FED should
be looking at the data and thinking things could.
Speaker 7 (06:53):
We don't know where things are. We've been cutting and
we should finish the cutting cycle or keep going with
the cutting cycle.
Speaker 9 (07:01):
When will young people who seem persistently pessimistic, when do
you think they will begin to see the benefits?
Speaker 7 (07:09):
I actually brought this to show you and your viewers today.
This is the first rare earth magnet made in the
United States in twenty five years, eight hundred construction jobs.
I am very optimistic about the first second and accelerating
into the third quarter. In terms of growth, we are
going back to Trump style growth.
Speaker 2 (07:33):
Ah Man, that was painful.
Speaker 1 (07:35):
First of all, I feel for Scott Bessen in the
sense that he can't get out a message to a
friendly interviewer around where the economy is that concerns me
when that is the Secretary of Treasury that isn't a
position that doesn't understand where the economic conditions are in
the US right now and why we are seeing these
unstable scenarios play out now. I think it boils down
(07:58):
to a real core element that is of course going
to be global liquidity. The sentiment that we've already started
to see brewing over months, if not over the last year,
and that is really around the core economy. All of
this eventually fades up into businesses, investment advisors, and then
obviously even into institutional capital. The S and P five
hundred is down five percent from its record high, and
(08:21):
a bubble callers are now in full swing. You look
at that, and I think the key here, even though
in Vidia ran away with earnings in terms of a
good thing, can you imagine where the market would be
head in Vidia not actually posted good earnings. That is
the kind of tightrope that we're walking, and really, in consideration,
(08:41):
a very very delicate scenario is right now in Vidia
running annualized revenue of two hundred billion with a forward
pe that's lower than Walmart. So imagine that guys lower
than Walmart. That's a big that's a big statement. I
want to go to another clip here because this is
where Tom Lee goes into and this is getting into
a thing. And though I am a fan of Tom Lee,
(09:04):
I'm not a fan of his bullishness at certain times,
but his statements here concerned me a little bit.
Speaker 2 (09:11):
Take a look, I think.
Speaker 6 (09:12):
It was October six or seventh, the twenty hit one
hundred and twenty five thousand. Yeah, a couple days later
it was still around one hundred and twenty thousand. Now,
obviously bitcoins at eighty six and change. So what specifically
occurred on or around October tenth that would lead us
to where we are now?
Speaker 3 (09:30):
On what November twentieth?
Speaker 5 (09:33):
Yeah, Well, Steve actually pointed this out. There's a lot
of what they call automated processes in crypto. One of
them is called adl okay, and that's an automatic liquidation
feature that would take place if someone's account or their
collateral drops in price. It's essentially like a margin column.
Speaker 6 (09:52):
So who is behind this? Like, who's the they? In
the market makers and they got hit? Who's the they?
Speaker 5 (10:01):
Well, you know, Brian, I am. I am aware of names,
but because you know, I'm not someone who wants to
name names.
Speaker 7 (10:10):
I hate talk to Tim.
Speaker 4 (10:11):
Let me, let me go.
Speaker 6 (10:12):
I want to go back to this point, Tom. I
hate the term glitch. It's a word that is used
to describe pretty serious automation issues, software problems, crashes for
some reason that they try to minimize. Is this some
kind of a software bug that's causing part of this.
I'm trying to follow exactly what you're hinting around about
(10:34):
in crypto.
Speaker 5 (10:35):
This code of ADL and the way they pull prices
never going to happen again. The good news is we're
not going to have overregulation in crypto. But now we
have to deal with that liquidation effect. Twenty twenty two
was a big liquidation and it took eight weeks. But
that is not kind of You're right. It is the
nature of DeFi where there is going to be code
(10:58):
and there's gonna be an error found, and you've said
it leverages what's dangerous and all.
Speaker 1 (11:04):
Right, So from that statement that Tom was making, first
of all, I was a little bit taken back by
his analysis on it, and I think someone that does
understand you have to remember Tom was not necessarily early
to ethereum. He was early somewhat to bitcoin, at least
for Wall Street standards. But his understanding of where this
market is I think is completely off. Now Jan van
(11:25):
k I think is actually more in line. He actually
stated it here in this tweet. I'm mitching to join
Sully that was the interviewer there on that clip. There
three things mattered to bitcoin global liquidity number one. Really,
that's all that matters is global liquidity. Crypto ecosystem liquidity
and unchain activity not as much. It is global liquidity,
which all translates to that. And I think this is
(11:47):
the problem because really the question for Tom Lee is
how long can b M and R hold because his
position right now is serious, and how this plays out
over the next few weeks, into the end of the
year and possibly into the FED decision on December the
tenth is going to be critical.
Speaker 2 (12:08):
All right.
Speaker 1 (12:09):
So here's a tweet right here that kind of breaks
it down. This is Flood more of a bitcoin guy,
but he's talking about BM and R setting on three
point one billion dollars in unrealized loss on eth and
this is the fud that we're starting to see move
into the market. And this is the time when you're
going to see the kind of scenario that we are
seeing right now. The real question is do we see
(12:29):
another major leg down on bitcoin because we could see
a sub eighty k bitcoin quickly, and of course that
part starts to put a lot of pressure on micro
strategy others. If you look at back to ethereum, here's
the average price price right now for ETH treasury companies,
and that is of course Bit Digital. You can kind of
(12:49):
see sharpening gaming NASDACBTCS, the Zilla, the ETH machine, even
bitmindsetting it around thirty nine. We don't know for sure
if that number is accurate, because I've seen numbers also
around thirty six hundred. But this will start to get very,
very critical should we start to see things like activist
investors or any of those kind of things that play
(13:09):
around in this. A couple of points right here, he
bought ETH at a local near all time highs.
Speaker 2 (13:14):
Because the market gave him the facility to do that
at the time.
Speaker 1 (13:17):
At the bottom, he could likely have come close to
acquiring the same amount of easts. By the way dats work,
as they get to buy more when the prices underlying
asset is going up, Generally, second and third tier dats
probably get blown out in a bear market.
Speaker 2 (13:30):
And then if we do get.
Speaker 1 (13:32):
Activist investors that could try to force them to sell,
but you know, don't be surprised when most of those don't.
I think this is the thing where conviction will play
into this for Tom Lee and for the key investors
within BM and R. But Digital asset Treasury may be
on a very short rope going in. Other news that hit,
and this is on the bitcoin camp, is that Michael
(13:53):
Saylor's strategy now facing Nasdaq and MSCI delisting as MicroStrategy
stock drops fifty seven, So there's a possibility where we
could start to see some pressure on micro Strategy as well.
The real question is when and where and if Michael
Saylor would be put in the same kind of boat,
and if you kind of compare Sailor and Tom Lee,
(14:13):
because that's really the two competitors when you think about
these two tokens. Tom Lee should have been in a
better position to answer these questions and maybe give the
market a little bit of calmness of understanding where ethereum
could go, where are the opportunities. He didn't even mention
that there's a major upgrade coming, which is happening in
the next couple of weeks. Didn't mention that there are
(14:35):
so many catalysts that have been underperforming and we're still
in a position where reality is we're close to a
three K eath, So there was a lot of opportunity
there that they think he missed. Micro Strategy Bitcoin position
is almost red Bitcoin just extended. It's declined to around
eighty thoy five hundred, just six thousand dollars away from
(14:56):
an entry of seventy four to three or seventy four
to four. So it does put a little pressure on
micro strategy. Just forty six days ago, micro strategy also
the position was up seventy percent, so you look at
that in comparison to where.
Speaker 2 (15:10):
We are now.
Speaker 1 (15:11):
Big turnaround on the micro strategy position overall. One other
thing I want to hit on, of course, is whether
or not Michael Saylor was trolling or not on that
first Titanic.
Speaker 2 (15:22):
If you guys probably saw that video or that.
Speaker 1 (15:24):
Post, and he recorrected that and just simply said endure
even though these guys look like they're a little upset
at well, the whole situation. Let's go into one more
thing I want to hit on, and this, of course,
is whether there is a future in digital asset treasuries.
Speaker 8 (15:40):
Take a look, the interest in the dats just like
completely dried up, and now the dats are selling right,
and so we've seen a you know, since we had
that kind of de leveraging event, what it was three
weeks ago or so, there's been basically a constant cell pressure.
I think too. Shar from multi coin tweet, Oh, it
(16:00):
looks like, you know, for selling, and somebody else responded
to it that was basically I've never seen like orderly
for selling for weeks at a time. It usually happens
much quicker at jams in the market. People are trying
to meet margin calls. And I agree with that point,
is that what it doesn't look like right now to
me is that we're having you know, call it for selling.
(16:22):
What it looks like to me is we're just having
people go risk off broadly, and crypto is still just
a risk asset, and the and the dats are selling
because they're buying back shares because they're trending defend their
share price, and they don't have any liquidity because people
don't see any reason to buy the fifteenth you know dat,
and they also want to go to risk off. And
I think we're probably in for a pullback broadly on
(16:44):
the equity markets and all risk assets because there's just
too much happening that's you know, very unclear. There's just
too much uncertainty from macroeconomic perspective.
Speaker 1 (16:55):
Well, I would agree with that statement. Just too much
uncertainty on the macroc and position, and he is right.
I mean, most of the time they are trying to
defend their share price. That is an issue overall. But
one thing that is not something you should maybe consider
is this statement right here Jim Kramer. Lots of good
elements are lining up for a rally. I don't know
(17:16):
if I believe that. Guys, do you trust that guy?
Speaker 2 (17:18):
Yes?
Speaker 3 (17:19):
No?
Speaker 1 (17:20):
Put it in the comments down below. All right, you
guys know what to do. Make sure and jump into
our own diamond circle. It's where you guys can join.
Of course, it's free. Cut the link down below, and
of course follow me out there on X at Paul Baron.
We'll catch you next time right here on The Paul
Baron Show.
Crypto centiment apocalypse is upon us today. We're going to
break it down for you what is happening in the markets.
You don't want to miss it. Let's just get right
into it. I do want to thank our sponsor, and
that's Tangum. This is actually the time to go into
self custody, guys, because if you're in a bear market,
you want to lock this up into self custody. And
the way you can do it is jump over to
tangent dot com. We have a pretty special deal for you,
(00:21):
and that is their Black Friday program has started today,
so you can get this through December of the ninth,
and it also stacks the discount, so you get our
discount plus the additional twenty percent off and a ten
dollars bitcoin reward.
Speaker 2 (00:34):
So check it out.
Speaker 1 (00:35):
Make sure and go take part of this Black Friday program.
Use the codes down below. It's going to get you
into the program. Let's get into a couple of points today,
crypto markets face a brutal retest overnight, especially as liquidations
now surpass two billion. When you look at this being
the second hit that we've seen so far, Bitcoin of
(00:57):
course plunge ten percent on the day falling as low
as eighty one five, and you look at coin glass
two point two billion in positions. We're also affecting more
than four hundred thousand traders, so a lot of people
out there in pain right now. As we go into
what many could think a bear market. Let me know
if you guys think that's the case. Are we in
(01:17):
a bear market? Drop a comment down below, Have we
entered it? And will it be a short one or
a long one? As we start to go into twenty
twenty six, if you look at the crypto Fear and
Greed index.
Speaker 2 (01:29):
This is the lowest it has ever been.
Speaker 1 (01:32):
This is no man's land, and it's really unknown as
to what it would take to come back out of this.
Speaker 3 (01:39):
Now.
Speaker 1 (01:39):
There's a lot of catalysts that have failed over the
last really two to three weeks that we thought would
already be in place by the year end, and now
we're dealing with not only economic uncertainty, but uncertainty around
the FED, uncertainty around tariff's, uncertainty, around where the economy
is going, jobs, you name it. The perfect storm is
(01:59):
deaf only here. Even CNN Fear and Greed also holding
at ten, which is extremely bad. One year ago, we
were at a fifty six, right there, guys, fifty six,
So compare that to where we are today.
Speaker 2 (02:14):
I want to go to a clip.
Speaker 1 (02:15):
This first clip we're going to play is the sentiment
of the market.
Speaker 2 (02:19):
Take a look cryptos.
Speaker 4 (02:21):
I've finished title crypti moket cap is down eight point
one six percent.
Speaker 2 (02:27):
Many people are like, oh my gosh, it's yes, don't work.
Speaker 5 (02:29):
It all started because of a software bug on one
major crypto exchange. I think that we could see it
as low as sixty.
Speaker 2 (02:37):
Your favorite coins are going to die.
Speaker 3 (02:39):
You don't need to do much further than dult.
Speaker 6 (02:41):
The market is going to crash ninety percent after November
twenty second.
Speaker 5 (02:46):
Here's where the fuck I'm at today with XRP still
taking no.
Speaker 4 (02:50):
No, no, no no no no wait wait wait wait why.
Speaker 7 (02:54):
Is XRP not at ten dollars? Why is it not
at one thousand dollars?
Speaker 5 (02:59):
All manipulation XRP army listen up right now, scame time.
Speaker 8 (03:04):
Are bigcoiners really starting to buy XRP?
Speaker 2 (03:08):
Wall Street stamp of a buy ah bye before you
hit that sale button, send it to me. I cash
happy all right? As you can see a little bit
over the top there.
Speaker 1 (03:18):
But I think a lot of people in a position
right now where they're trying to figure out why they
didn't take profits, why they weren't taking profits on the
way up or even on the way down in some cases.
And this is where the market is today. Now you
might be saying this is really not a big issue.
I'm looking at long term holding here. This is something
If you're kind of in the short term game, then.
Speaker 2 (03:39):
Yeah, you're toast. But if you're in a long.
Speaker 1 (03:42):
Term game and you listen to Rabul Powell talk about this,
you might go with a.
Speaker 2 (03:47):
Little more comfort.
Speaker 3 (03:47):
Take a look, and it just staggers me. It staggers
me because you've all lost your shit. You're throwing poo
at each other. The fear and gred index is absolutely
shockingly low, almost unheard of, and all it's been doing
is doing the same old shit, and it always does this.
In twenty twenty four, same correction, And you guys were
(04:08):
losing your fucking shit back then as well. You're all
losing your fucking shit. I mean, it's unbelievable to see
what is going on out there. Take a step back
and buy the fucking dep if you can. You should
be begging anybody for money right now on the streets.
Maybe if you can play guitar and even do one
of these stupid bloody statue things. I put some in
week before last at higher prices, I buzz.
Speaker 2 (04:32):
Them at higher prices.
Speaker 1 (04:33):
With that, you also have to look at what Ryan
John Adams said, which if you had bought and continued
to buy Bitcoin and eighth at times of extreme fear,
and sold at times of extreme greed, then obviously you're up. Yes,
we understand those kinds of things. Twenty twenty is great
when you can look back. We put up this poll.
Was the latest crypto drop? Just a bull market correction
(04:57):
or buy the dip opportunity or the start of a
bear market? Guys, I think unfortunately, this is the beginning
of a bear market. Now the real question is how
long does it last? Is it a short term bear market?
There are a lot of catalysts that could compound and
completely reverse something like this, But right now, the amount
of problems that we're going into by the end of
(05:19):
twenty twenty six, in or early twenty twenty six, and
maybe even to Q two of twenty twenty six are
stacking up against the market in general. And I'm not
talking about just the crypto market. I'm talking about the
S and P five hundred what that's going to look like.
So right now I would consider either one looking at
long term holding, which is really the vision I look at.
(05:40):
This is a time horizon situation, as it is in
most investing markets. One thing you can count on for
sure is that FIAT will be the one to stay
out of whether you get into gold, whether you get
into bitcoin, other assets that can go in this direction,
even if you go into some of the stocks and
bonds out there to secure some of your positions. The
(06:03):
point is is that long term, and when I say
long term three to seven years, that's the range that
I always look at. Three five seven that's a typical
range of which I've done in VC investing and angel investing.
Those are typically the opportunities that start to get you in.
Speaker 2 (06:17):
A position to where you can sell.
Speaker 1 (06:19):
The problem is that a lot of people do not
take profits, and that's the biggest issue of all. Let's
go to another clip here, because this is where Scott
Besson starts to break down how the economy is doing.
Speaker 2 (06:30):
It doesn't look good. Take a look.
Speaker 9 (06:33):
So there was a lot of good economic news out
there today.
Speaker 4 (06:38):
So you know, I would believe that the FED should
be looking at the data and thinking things could.
Speaker 7 (06:53):
We don't know where things are. We've been cutting and
we should finish the cutting cycle or keep going with
the cutting cycle.
Speaker 9 (07:01):
When will young people who seem persistently pessimistic, when do
you think they will begin to see the benefits?
Speaker 7 (07:09):
I actually brought this to show you and your viewers today.
This is the first rare earth magnet made in the
United States in twenty five years, eight hundred construction jobs.
I am very optimistic about the first second and accelerating
into the third quarter. In terms of growth, we are
going back to Trump style growth.
Speaker 2 (07:33):
Ah Man, that was painful.
Speaker 1 (07:35):
First of all, I feel for Scott Bessen in the
sense that he can't get out a message to a
friendly interviewer around where the economy is that concerns me
when that is the Secretary of Treasury that isn't a
position that doesn't understand where the economic conditions are in
the US right now and why we are seeing these
unstable scenarios play out now. I think it boils down
(07:58):
to a real core element that is of course going
to be global liquidity. The sentiment that we've already started
to see brewing over months, if not over the last year,
and that is really around the core economy. All of
this eventually fades up into businesses, investment advisors, and then
obviously even into institutional capital. The S and P five
hundred is down five percent from its record high, and
(08:21):
a bubble callers are now in full swing. You look
at that, and I think the key here, even though
in Vidia ran away with earnings in terms of a
good thing, can you imagine where the market would be
head in Vidia not actually posted good earnings. That is
the kind of tightrope that we're walking, and really, in consideration,
(08:41):
a very very delicate scenario is right now in Vidia
running annualized revenue of two hundred billion with a forward
pe that's lower than Walmart. So imagine that guys lower
than Walmart. That's a big that's a big statement. I
want to go to another clip here because this is
where Tom Lee goes into and this is getting into
a thing. And though I am a fan of Tom Lee,
(09:04):
I'm not a fan of his bullishness at certain times,
but his statements here concerned me a little bit.
Speaker 2 (09:11):
Take a look, I think.
Speaker 6 (09:12):
It was October six or seventh, the twenty hit one
hundred and twenty five thousand. Yeah, a couple days later
it was still around one hundred and twenty thousand. Now,
obviously bitcoins at eighty six and change. So what specifically
occurred on or around October tenth that would lead us
to where we are now?
Speaker 3 (09:30):
On what November twentieth?
Speaker 5 (09:33):
Yeah, Well, Steve actually pointed this out. There's a lot
of what they call automated processes in crypto. One of
them is called adl okay, and that's an automatic liquidation
feature that would take place if someone's account or their
collateral drops in price. It's essentially like a margin column.
Speaker 6 (09:52):
So who is behind this? Like, who's the they? In
the market makers and they got hit? Who's the they?
Speaker 5 (10:01):
Well, you know, Brian, I am. I am aware of names,
but because you know, I'm not someone who wants to
name names.
Speaker 7 (10:10):
I hate talk to Tim.
Speaker 4 (10:11):
Let me, let me go.
Speaker 6 (10:12):
I want to go back to this point, Tom. I
hate the term glitch. It's a word that is used
to describe pretty serious automation issues, software problems, crashes for
some reason that they try to minimize. Is this some
kind of a software bug that's causing part of this.
I'm trying to follow exactly what you're hinting around about
(10:34):
in crypto.
Speaker 5 (10:35):
This code of ADL and the way they pull prices
never going to happen again. The good news is we're
not going to have overregulation in crypto. But now we
have to deal with that liquidation effect. Twenty twenty two
was a big liquidation and it took eight weeks. But
that is not kind of You're right. It is the
nature of DeFi where there is going to be code
(10:58):
and there's gonna be an error found, and you've said
it leverages what's dangerous and all.
Speaker 1 (11:04):
Right, So from that statement that Tom was making, first
of all, I was a little bit taken back by
his analysis on it, and I think someone that does
understand you have to remember Tom was not necessarily early
to ethereum. He was early somewhat to bitcoin, at least
for Wall Street standards. But his understanding of where this
market is I think is completely off. Now Jan van
(11:25):
k I think is actually more in line. He actually
stated it here in this tweet. I'm mitching to join
Sully that was the interviewer there on that clip. There
three things mattered to bitcoin global liquidity number one. Really,
that's all that matters is global liquidity. Crypto ecosystem liquidity
and unchain activity not as much. It is global liquidity,
which all translates to that. And I think this is
(11:47):
the problem because really the question for Tom Lee is
how long can b M and R hold because his
position right now is serious, and how this plays out
over the next few weeks, into the end of the
year and possibly into the FED decision on December the
tenth is going to be critical.
Speaker 2 (12:08):
All right.
Speaker 1 (12:09):
So here's a tweet right here that kind of breaks
it down. This is Flood more of a bitcoin guy,
but he's talking about BM and R setting on three
point one billion dollars in unrealized loss on eth and
this is the fud that we're starting to see move
into the market. And this is the time when you're
going to see the kind of scenario that we are
seeing right now. The real question is do we see
(12:29):
another major leg down on bitcoin because we could see
a sub eighty k bitcoin quickly, and of course that
part starts to put a lot of pressure on micro
strategy others. If you look at back to ethereum, here's
the average price price right now for ETH treasury companies,
and that is of course Bit Digital. You can kind of
(12:49):
see sharpening gaming NASDACBTCS, the Zilla, the ETH machine, even
bitmindsetting it around thirty nine. We don't know for sure
if that number is accurate, because I've seen numbers also
around thirty six hundred. But this will start to get very,
very critical should we start to see things like activist
investors or any of those kind of things that play
(13:09):
around in this. A couple of points right here, he
bought ETH at a local near all time highs.
Speaker 2 (13:14):
Because the market gave him the facility to do that
at the time.
Speaker 1 (13:17):
At the bottom, he could likely have come close to
acquiring the same amount of easts. By the way dats work,
as they get to buy more when the prices underlying
asset is going up, Generally, second and third tier dats
probably get blown out in a bear market.
Speaker 2 (13:30):
And then if we do get.
Speaker 1 (13:32):
Activist investors that could try to force them to sell,
but you know, don't be surprised when most of those don't.
I think this is the thing where conviction will play
into this for Tom Lee and for the key investors
within BM and R. But Digital asset Treasury may be
on a very short rope going in. Other news that hit,
and this is on the bitcoin camp, is that Michael
(13:53):
Saylor's strategy now facing Nasdaq and MSCI delisting as MicroStrategy
stock drops fifty seven, So there's a possibility where we
could start to see some pressure on micro Strategy as well.
The real question is when and where and if Michael
Saylor would be put in the same kind of boat,
and if you kind of compare Sailor and Tom Lee,
(14:13):
because that's really the two competitors when you think about
these two tokens. Tom Lee should have been in a
better position to answer these questions and maybe give the
market a little bit of calmness of understanding where ethereum
could go, where are the opportunities. He didn't even mention
that there's a major upgrade coming, which is happening in
the next couple of weeks. Didn't mention that there are
(14:35):
so many catalysts that have been underperforming and we're still
in a position where reality is we're close to a
three K eath, So there was a lot of opportunity
there that they think he missed. Micro Strategy Bitcoin position
is almost red Bitcoin just extended. It's declined to around
eighty thoy five hundred, just six thousand dollars away from
(14:56):
an entry of seventy four to three or seventy four
to four. So it does put a little pressure on
micro strategy. Just forty six days ago, micro strategy also
the position was up seventy percent, so you look at
that in comparison to where.
Speaker 2 (15:10):
We are now.
Speaker 1 (15:11):
Big turnaround on the micro strategy position overall. One other
thing I want to hit on, of course, is whether
or not Michael Saylor was trolling or not on that
first Titanic.
Speaker 2 (15:22):
If you guys probably saw that video or that.
Speaker 1 (15:24):
Post, and he recorrected that and just simply said endure
even though these guys look like they're a little upset
at well, the whole situation. Let's go into one more
thing I want to hit on, and this, of course,
is whether there is a future in digital asset treasuries.
Speaker 8 (15:40):
Take a look, the interest in the dats just like
completely dried up, and now the dats are selling right,
and so we've seen a you know, since we had
that kind of de leveraging event, what it was three
weeks ago or so, there's been basically a constant cell pressure.
I think too. Shar from multi coin tweet, Oh, it
(16:00):
looks like, you know, for selling, and somebody else responded
to it that was basically I've never seen like orderly
for selling for weeks at a time. It usually happens
much quicker at jams in the market. People are trying
to meet margin calls. And I agree with that point,
is that what it doesn't look like right now to
me is that we're having you know, call it for selling.
(16:22):
What it looks like to me is we're just having
people go risk off broadly, and crypto is still just
a risk asset, and the and the dats are selling
because they're buying back shares because they're trending defend their
share price, and they don't have any liquidity because people
don't see any reason to buy the fifteenth you know dat,
and they also want to go to risk off. And
I think we're probably in for a pullback broadly on
(16:44):
the equity markets and all risk assets because there's just
too much happening that's you know, very unclear. There's just
too much uncertainty from macroeconomic perspective.
Speaker 1 (16:55):
Well, I would agree with that statement. Just too much
uncertainty on the macroc and position, and he is right.
I mean, most of the time they are trying to
defend their share price. That is an issue overall. But
one thing that is not something you should maybe consider
is this statement right here Jim Kramer. Lots of good
elements are lining up for a rally. I don't know
(17:16):
if I believe that. Guys, do you trust that guy?
Speaker 2 (17:18):
Yes?
Speaker 3 (17:19):
No?
Speaker 1 (17:20):
Put it in the comments down below. All right, you
guys know what to do. Make sure and jump into
our own diamond circle. It's where you guys can join.
Of course, it's free. Cut the link down below, and
of course follow me out there on X at Paul Baron.
We'll catch you next time right here on The Paul
Baron Show.
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