"About 1% of that, 4 billion dollars has has rolled out of the Bitcoin ETFs over the past 14 days. You have a a portion of capital. Clearly, people aren't They're not financing the AI trade with all crypto assets, but 1 or 2% of the market is crypto. And there there is a reallocation to get ready for these massive IPOs. That has created a downward pressure on the price of Bitcoin, which has fallen from 82,000 to 62, 63,000 over those 15 days."

… $85 billion IPO in SpaceX, an $80 billion offering in by Google. No one ever dreamed that the company generating infinite cash, Google, is going to go to the market and ask for $80 billion more. Anthropic's doing an $80 billion raise. So, what you have right now is a massive capital rotation. $400 billion in just a matter of weeks rolling into AI. About 1% of that, 4 billion dollars has has rolled out of the Bitcoin ETFs over the past 14 days. You have a a portion of capital. Clearly, people aren't They're not financing the AI trade with all crypto assets, but 1 or 2% of the market is crypto. And there there is a reallocation to get ready for these massive IPOs. That has created a downward pressure on the price of Bitcoin, which has fallen from 82,000 to 62, 63,000 over those 15 days. You think everybody on X or on social media off times loses their minds when the price falls. But it's not a complicated reason why this is happening. It's a massive vacuum. Every single investment bank on Wall Street is out there and marketing the Anthropic deal, the OpenAI deal, the Google deal, the SpaceX deal, and everybody is got to come up w …