Weekly Crypto Check-In

Robert Swarthout: 00:10

Welcome to the weekly crypto check-in, your go to podcast for navigating the wild world of cryptocurrencies. Hosted by Robert Sporthout, Andres Sanate. Today, recorded on 01/07/2026, we're diving into the latest market shifts, blockchain breakthroughs, and expert insights to keep you ahead of the curve. How's it going, Andres?

Andres Sandate: 00:26

Hey, Robert. Happy, 2026. Happy New Year. Things are good. You know?

Andres Sandate: 00:31

It's a weekend already. It's as everybody always says, you know, time time just seems to speed up this time of the year with end of the year holidays for many and travel and then just kicking off the New Year. So I'm no different. We're, but we're good. We had a good a good couple of weeks busy, but, good to see a lot of family and friends and now, you know, dive in full speed back into, into work.

Robert Swarthout: 00:59

Yeah. You know, we had a good good break as well. It's it's fun to get back. I was kinda ready for q four to be over. It was a rough one for crypto.

Robert Swarthout: 01:07

But it's so far, this first week of twenty twenty six seems to be looking up. So that that makes the morale a little bit easier at least. So, yeah, we'll see.

Andres Sandate: 01:16

You know, the last couple of months of the year were not, really a whole lot to write home about, especially when you see what's going on in other asset classes for crypto. It's it was sort of a tale of two parts of the year. Right? We we saw momentum early through, you know, with the election in November, you know, I guess, '24. Right.

Andres Sandate: 01:35

And then that sort of carried into the '25, and then we got the first bill. We all thought, okay. By September, Labor Day, we're gonna get another bill. And then things just with the shutdown and then Tariffs. Tariffs and the impact of the economy and what the Fed would do, the Fed chair debate, it just yeah.

Andres Sandate: 01:57

It got it it got caught up, unfortunately. And then, obviously, there was just a lot of technical and profit taking and

Robert Swarthout: 02:04

Mhmm.

Andres Sandate: 02:04

Some squeezes and yeah. Yep. Fortunately, not a big scandal.

Robert Swarthout: 02:09

Yes. Correct. And the good news is we we can even start with topics that are positive news, which is which is always fun. So Yeah. Our first topic here is it is now technically fifty four consecutive days, but the XRP ETFs and the Solana ETFs have both had great runs.

Robert Swarthout: 02:28

Basically, since they launched is true true, I guess, standard ETFs back in October, but quite quite the streak. In this case, the XRP total inflows is 1,650,000,000.00, I believe. Yeah. And I don't have the SLANA number in front of me, but it you know, it's it's a slow methodical it's nothing like taking off, like, the, I guess, the pent up demand that we saw for Bitcoin, I guess, a year and a half ago or, goodness, two years ago at this point. But we will see how how this one plays out.

Robert Swarthout: 03:03

Again, we we're gonna kinda get to it in this next topic, but there's a lot of these waiting to come. So, like, funds will kinda get spread across many different things versus being so, you know, pigeonholed into at the time, only being able to buy seven different Bitcoin ETFs. So

Andres Sandate: 03:18

Yeah. Yeah. Hopefully, this is you know, bodes well for continued momentum. I mean, it's a it's a good sign for institutional adoption. And as we've talked about for several years now, just the the the the narrative that Bitcoin is crypto and crypto is Bitcoin is largely the view for, I would say, the masses and and and the the the majority, maybe even of advisers out there.

Andres Sandate: 03:45

Certainly, the ones I'm exposed to, if they're doing anything in crypto, they're largely doing just Bitcoin.

Robert Swarthout: 03:52

Mhmm. Probably

Andres Sandate: 03:53

because that's the asset or the token that their clients are familiar with. So why try to do anything beyond that? But I'm optimistic that the, you know, the the the 26 narrative, I think you've got some views on this. You shared with me offline around what the themes will be for this year, but I'm I'm I'm feeling excited and bullish around the notion that more and more folks, advisers, and investors are gonna start to recognize, and this is a good headline to support that, hopefully, that the crypto is much more than just Bitcoin, and there's a lot of interesting things and and exciting things happening.

Robert Swarthout: 04:32

Yeah. And, you know, if there's any sort of, like, second positive to this of sorts is there was a couple really nasty down days in in the crypto market over this particular streak, and they continue to have inflows every single one of those at least market open days. So Yeah. Cool to see, and we'll see how long this lasts. I'm sure it'll the long the bigger this number becomes, the more news it will become.

Robert Swarthout: 04:56

But we'll see how that goes. So moving on to our next topic, kind of, like, middlely along the same lines. But so there's a lot of ETF applications out there. Over a 130 DB.

Andres Sandate: 05:10

Isn't that amazing? A 130 applications out there.

Robert Swarthout: 05:13

You know,

Andres Sandate: 05:14

it's some of them are for One got submitted and and and one approved.

Robert Swarthout: 05:19

Correct. Yeah. You know, so some of them are for spot products. So spots, you know, pick your token. There's a lot of them out there from different, obviously, sponsors as well.

Robert Swarthout: 05:30

But there's also index products. There's two x. There's positive two x negative or yeah. There's all sorts of things coming. It's gonna be interesting this year to watch it.

Robert Swarthout: 05:40

I I think one of the big ones that I'm most interested in is the different index products that we're launching. So, you know, there's already the Bitwise top 10 index as BITW.

Andres Sandate: 05:51

Yep.

Robert Swarthout: 05:52

But you're gonna see, you know, I every flavor index you can think of. And I start I think you'll start to see probably in the second half of this year ETFs that are index based but are sector specific. So you're gonna get your you know, pick your sector. It may be gaming sector. It may be commercial adoption.

Robert Swarthout: 06:09

Who knows? We'll see. But I think that that will be kind of the next evolution of that.

Andres Sandate: 06:14

Yeah. The the exchange traded space has just been absolutely on fire in recent years. I mean, I've had numerous conversations with wholesalers and folks on the distribution side of a lot of these asset management firms, not specifically to crypto, but, you know, just in ETFs in general where this, whole wave of direct indexing where you can create a custom index for your practice or for your client base and exclude or include very specific sectors or themes or areas. You know? And and you read any number of of of headlines around the the major financial, you know, news and press, and it's just like this rise of the retail trader.

Andres Sandate: 06:57

And we used to see that, right, like around COVID, post COVID, we saw that. There was movies made, and there was a lot of, you know, meme stocks and things. But I feel like we're kind of back in that same sort of euphoric area where there's a lot of interest. And as a result, there's never gonna be a shortage of products created to meet that demand or that interest. And it's just a matter of how many of these actually make it a year, three years, five years.

Andres Sandate: 07:26

Too too early to tell. Mhmm. But, yeah, it's amazing what's happened in terms of this exchange traded space with crypto in the last twelve months. Yeah.

Robert Swarthout: 07:35

It's

Andres Sandate: 07:36

Certainly a shift with the regime change at

Robert Swarthout: 07:38

the SEC. The SEC and, you know, we'll get to the SEC and CFTC later because there's been even more change there. Many say both positive. Some might say one positive, one negative. But Yeah.

Robert Swarthout: 07:50

We'll get to that in a few minutes. So our next topic caught me a little off guard. I didn't expect this one. So, apparently, the DOJ out of New York may have broken an executive order where they sold $6,300,000 of Bitcoin that was seized as part of or, excuse me, that was seized as part of a lawsuit they were in. You know, I didn't expect this.

Robert Swarthout: 08:17

You know, I I you know, at the same time, I'm kinda not surprised, you know, because it was the DOJ in New York. They tend to be a little more left leaning, and they may not want to follow this administration. It probably became a little political. The entertaining part of this was all the Bitcoin Maxis out there were, like, losing their mind over why we're why are we selling a strategic asset? I'm like, okay.

Robert Swarthout: 08:41

I get that we call it a strategic reserve. Just just slow down. Right. There's probably more to the story we don't know. Yeah.

Robert Swarthout: 08:49

But, yes, it was

Andres Sandate: 08:50

This was this was this was Bitcoin seized from the Silk Road.

Robert Swarthout: 08:56

This was big I don't remember it saying Silk Road. Let's see. From the it was from a lawsuit. I don't believe it was

Andres Sandate: 09:04

Silk Road.

Robert Swarthout: 09:04

I think it was Silk But

Andres Sandate: 09:06

yeah. But you're talking about, at current prices, I mean, in excess of $6,000,000,000 of supply. Correct?

Robert Swarthout: 09:13

$6,000,000. 6,300,000.0. Oh, million. Okay. Yeah.

Robert Swarthout: 09:18

So nothing not a big number. Like, there was far more tweets and emotion shared online than than $6,300,000 worth.

Andres Sandate: 09:30

Okay. Gotcha. Well, yeah, I mean, anything to to stir up the the Bitcoin Maxi crowd. I mean, whether it's a friendly, you know, a friendly move or anything that, I don't know, feels like it takes away from the the ongoing march. And we're like you mentioned, we're gonna get to some of the developments at the SEC and also, you know, talk about just where I'd I'd like to spend a little bit of time.

Andres Sandate: 09:59

It's not a headline specifically, but

Robert Swarthout: 10:01

Mhmm.

Andres Sandate: 10:01

But just digging in around kind of what what's transpired over the last ninety days, hundred and eighty days specifically with respect to, you know, Bitcoin, just such a bellwether for the space.

Robert Swarthout: 10:13

A 100%. Yep. So on the topic of bellwether, I think that this one this topic so the crypto market structure bill

Andres Sandate: 10:25

Mhmm.

Robert Swarthout: 10:26

Is being discussed behind closed doors in the senate banking committee and the ag committee. I read right before we came on today that January 15, so a week from today, we will I suppose we'll be getting a the markup version, and they will start to potentially vote on it. There was negotiations, a closed door meeting between Republicans and Democrats yesterday over, I believe, the five or six remaining things that they aren't on agreement on. And, again, this this bill was largely already passed by the house, so so it'll have to be reconciled. And then after that, assuming the senate passes, it will be on to the president's desk.

Robert Swarthout: 11:04

So all of sudden, felt so far away for so many months, then all of sudden, you know, again, a lot can happen in a week, and could get voted down. So Yeah. We'll see. But it feels starting to feel a little closer.

Andres Sandate: 11:19

Yeah. I mean, it's almost like somebody called David Sachs over the holidays and said, dude, come on, man. Let's go. Yeah.

Robert Swarthout: 11:26

That would be the that would be the lobbying group.

Andres Sandate: 11:28

That's Yeah. Yeah. For sure. Well, I mean, when you when you step back from it ten, you know, ten years or more in the making, really, this industry has moved, zigged, and zagged. It's it's, you know, taken a step forward.

Andres Sandate: 11:44

Sometimes people would argue two steps back. And I think now we collectively, whether it's, you know, what whatever your particular interest in in the, you know, stake is in this in this industry, in this growing asset class. I think that, you know, there's a lot of people that grouse about the government and regulation, but when it comes to the financial integrity of markets and structure and the institutional adoption and then therefore retail investor confidence, I mean, there's so many things that are at play, when it comes to our financial markets. At least in The US, you know, they're still looked at around the world as, you know, one of the safe havens that that's always up for debate. But, nevertheless, I mean, hopefully, we see this bill get passed here in the next few months, and, you know, it provides a lot of momentum for the remainder of of '26.

Andres Sandate: 12:38

I just remember talking about this several months back, you know, you and I hoping that it doesn't get bogged down and become a midterm election issue. Right? Because those are looming out there at the end of the year. So we'll see. We'll positive vibes, and, hopefully, this markup on the fifteenth leads to a bill that can get on the desk of the president.

Robert Swarthout: 13:02

Yeah. And I and I saw what people believe is the, you know, five to seven things that aren't in agreement yet between the Republican and Democrats. Some of them seem like bigger issues to me, and some of them seem smaller. So maybe the list isn't as long as it might seem. But, you know, this obviously would provide momentum to the market.

Robert Swarthout: 13:24

I I I've long held the belief that this is what will allow this this cycle to to finish its cycle, if you wanna use that analogy. I just think it's the brakes have been held on it for this for that reason. So, hopefully, we get it soon. And, you know, market structure doesn't just last for a cycle. I mean, this is a long term thing.

Robert Swarthout: 13:42

So they at some level, they need to get it right even if it takes a little bit longer. So

Andres Sandate: 13:45

Yeah.

Robert Swarthout: 13:47

The the last thing I'll say in this, and I'm not a big fan of this, but I was reading today that some people are trying to get changes made to the to the Genius Act, which was for stablecoins as part of this. I'm like, this is already complicated enough. We do not need to be messing with it. And really, specifically, the change you're looking for is the ability for Stablecoin issuers to provide interest or rewards to holders of it, not just be able to keep it themselves. While I do think that should happen, I don't think we need to complicate this one.

Robert Swarthout: 14:19

We just need get this one across the line and figure out how to fix that later.

Andres Sandate: 14:22

So Yeah. Doing a minute. That should I agree. Yeah.

Robert Swarthout: 14:27

So next topic, Bank of America is recommending a four percent allocation, Andres. That that's, that's an aggressive one to start with.

Andres Sandate: 14:35

It sure is. And as we were talking about this, I remember when we used to put 1%, in the pipeline, and it was, you know, like, first of all, the fact that they are recommending a 1% allocation, and now it's almost like which which of the wirehouses can, you know, come up with a more aggressive target. I don't know. Everybody has a different point of view when it comes to advisers. You know, I I from the adviser perspective, I'm I'm curious who the what who the profile is from a client perspective that's going to hear their adviser pick up the phone and call and say, hey.

Andres Sandate: 15:09

We just got approval to, you know, up your allocation from one to 2% or two to four percent. Right. I I'd love to know what the profile of that client is. You know? Are they heavily invested in tech?

Andres Sandate: 15:21

Are they heavily invested in alternatives? Are they, you know, a $10,000,000 household? Are they a $100,000,000 household? Or are they the investor, you know, if you will, down the street that's just, you know, sucking away money in a brokerage account and has a Merrill Lynch adviser. You know?

Andres Sandate: 15:38

So there's a lot of people that do that. It's it's really curious. And I'm also wondering, and I'd love to get your take here, is is this a little bit of a play on the fact that you allocated to Bitcoin two, three years ago, that 1% allocation, while last year was rocky, it's overall been a pretty, you know, decent performing asset, and you're now sitting at a 3% allocation.

Robert Swarthout: 16:04

What do you do? Right. And and they don't wanna recommend taking gains there. Right? So they're like the the new allocation is forced.

Robert Swarthout: 16:12

So you need to buy more, actually. Don't sell any. Please buy more.

Andres Sandate: 16:15

Yeah. And and there's only well, depending on what reports you follow, there's reportedly only four approved Yes. Bitcoin ETFs. Right? So when we say Bank of America is recommending a 4% allocation, I don't know that we have found evidence out there that they're saying 4% to a specific index or a specific basket of Right.

Andres Sandate: 16:36

Tokens. It's more these particular Bitcoin ETFs. Yes. Correct.

Robert Swarthout: 16:41

Yeah. And I would imagine that list gets revived over time, specifically because there's two applications I saw that got submitted recently for ETFs, a Bitcoin and an Ethereum one by Morgan Stanley. So they'd be able to sell their own products back to the clients.

Andres Sandate: 16:56

Mhmm. So anyways. Well, it's it's another sign that there are major institutions that are, you know, stepping into you know, if you look back over the last five to ten years across different alternatives and nontraditional assets, I mean, this is an area that has done decent, right, overall. And so, yeah, last year wasn't maybe everybody's favorite year and certainly maybe doesn't go down in history as the the best performer, in, in the long run that will be Bitcoin or or crypto. But, the fact that these institutions are stepping out now with two, three, 4% allocations, and Bank of America is not alone, speaks to the market's acceptance that the space isn't going away.

Robert Swarthout: 17:46

Yeah. Agreed. And it's, you know, we're still early innings. I I always have to remind myself, it feels like I've been in this forever, and at some level, by definition, it's been a long time. But it but it's also very early.

Robert Swarthout: 17:58

We don't even have literally laws around this stuff yet. So Yeah. I gotta, again, remind myself quite frequently about

Andres Sandate: 18:04

this. Yeah. You do have to step back out of it because yeah. I mean, we're we're going through this AI revolution right now, and people are still trying to make sense of that because it's changing so rapidly. And to some extent, there's some parallels when you look at the crypto space.

Andres Sandate: 18:18

I think it's harder to kinda grasp and get your arms around because there aren't these five, six, seven, eight mega traded publicly traded companies that are in the news on CNBC, on Bloomberg every day where we're talking about chips that, you know, kinda impact our daily lives. Right? And Right. And the the AI tools and models that more and more people are using in some respects.

Robert Swarthout: 18:40

Yep. Indeed. Our next topic is potentially a positive one for crypto. I wouldn't say it's a negative one, but it or it could be nothing. So we've had Carolyn Crenshaw.

Robert Swarthout: 18:56

She was a commissioner at the SEC. She left, which now leaves an all GOP led SEC for 2026. I'm guessing that Trump will try to fill these these seats with some nominations, and we'll see how that goes. But it's she was she was very anti crypto, even anti Bitcoin. So it's kinda nice.

Robert Swarthout: 19:21

In some moments, it's, shutting that the chapter on that of the anti That era. Era. Yeah.

Andres Sandate: 19:29

Interesting. So are there two open seats now on the commission?

Robert Swarthout: 19:33

Two open seats now. Yeah. So it's currently a three three people leading or chairing the with Adkins being the the top there. So Yeah. Yep.

Robert Swarthout: 19:44

Well, I would think

Andres Sandate: 19:44

that there's gonna be no shortage of candidates that wanna be in these in these roles. I can't pretend to know all the, you know, all the candidates and who who they are, but you'd think that at this pivotal time in terms of, you know, making, I guess, making an impact on a space that could be pretty consequential over the next, you know, five to ten years, there would be, you know, a number of folks that would raise their hand and say, I wanna be a part of it. Obviously, they're gonna need to be part of the GOP and, and probably in step with what the administration's, you know, whole view is on the space in terms of pro crypto, pro growth, less regulation. But it it would seem that there are a lot of those candidates out there that that would be interested.

Robert Swarthout: 20:28

Yep. I would agree. So our next one kinda staying on the regulator the regulator standpoint is Mike Selig was confirmed at the CFTC. This was this one took a while, not because it was Yeah. Mike took a while, but the guy that they tried to get in before him sat there.

Robert Swarthout: 20:47

I think it was Brian Quintas, if I'm not mistaken, and wasn't able to get through. So the Trump administration pulled it, changed names, and resubmitted. You know, and at the end of the day, the CFTC is likely to be or have a more prominent role in regulating cryptos. This is maybe what we care about more than control leaving the SEC, for instance. So

Andres Sandate: 21:07

Yeah. Yeah. I I completely agree. I mean, I think a lot more people are gonna start understanding who the CFTC is and following that. I think for so long, the whole regulatory conversation in crypto has been largely the SEC the SEC.

Andres Sandate: 21:22

Mhmm. And I feel like I'm you know, I don't know. It's probably how people feel about college football to some extent, although, you know, this year, it's changed a little bit. Yeah. Yeah.

Andres Sandate: 21:32

S SEC hasn't hasn't, hasn't fared as well in the college football playoff. But when you talk about, you know, it it was just SEC dominating the crypto regulation. And maybe to some extent, that was, you know, Gensler's felt like this was his mandate, he kinda wanted to dominate the conversation. But that's changed. And, you know, you see Atkins out there, the current SEC commissioner, but I think we're gonna hear and and understand a lot more about the CFTC and who the leadership are and their agenda.

Andres Sandate: 22:04

You would think in order to get, you know, this this bill across the line. Yeah. You know, it's

Robert Swarthout: 22:13

you know, I like that these seats are getting filled. It's see, it still seems crazy to me that it's been effectively open for a year. Yeah. It took that long. So, anyways, our last topic is we're gonna talk a little bit about these Bitcoin digital asset treasury companies.

Robert Swarthout: 22:30

We've talked about it episode or two ago about how they had had a rough last couple months. Well, as of this data is towards the December. It's not exactly the December, but I think it'd be good for illustrative purposes. So MicroStrategy was down 70%, largely all this since July. So it wasn't even a full year that have to come down this far.

Robert Swarthout: 22:53

And then NACA, so n a k a, is another one, a s s t, and then a third one, m t l p f. So down 80%, 93%, and 99%.

Andres Sandate: 23:06

Wow. There you go. Have you some debt. Right. So,

Robert Swarthout: 23:12

you know, we speculated probably about a month ago, like, what was driving this? Right? Like Yeah. And it was the rumor or or the, I guess, the risk that digital asset treasury companies will be get removed from the require basically, meaning an index that required the automated buying by different types of institutional investors. Yep.

Robert Swarthout: 23:33

Well, as of I wanna say today, it might have been yesterday, they said for at least the 2026 review, they're staying in. So Bitcoin, which what you would have thought that, like, if those were truly tied together, like I had thought they were, that there would potentially be an immediate change in Bitcoin. Like because Bitcoin likes to trade on the second, not say on the day. Right? So it didn't.

Robert Swarthout: 23:59

MicroStrategy and MicroSailor, obviously, was the first one to kinda start tweeting about this because he got the most vested interest here. Yeah. Was gonna say,

Andres Sandate: 24:05

he's got a lot there on the line. Yeah.

Robert Swarthout: 24:08

But, you know, we'll see how this the next couple weeks go because being even being down just 70% and say just in air quotes there, it it's gotta not be fun. And Yeah. Trying to you know, like you had said earlier, how Bitcoin goes, largely how the space goes right now. So, you know, whether you like Bitcoin or not or whether you like MicroStrategy or not, you kind of and but you do want crypto to go up. You kinda have to care about these two

Andres Sandate: 24:34

right now. So Yeah. I mean, I like I've mentioned to you last year, in this to some extent, I feel like this whole MicroStrategy strategy, I guess, as they're now known, this whole thing just to me is the you know, almost like the SIFI too big to fail, you know, long term capital management all over again. I mean, these guys have almost put themselves I was telling somebody yesterday, I I don't know, my view and it just one adviser, one person's opinion. Like, I just feel like they've put themselves in a position almost where they can't fail.

Andres Sandate: 25:10

Mhmm. And, you know, they certainly could. Anything could happen. Right? But in in a way, so much is now tied to Bitcoin Mhmm.

Andres Sandate: 25:22

Because the industry has just grown up around this one this this one token. Right. That man, to to think that, okay. Whatever percentage they own of the outstanding, what do you know what it is off the top? Like, 6%?

Robert Swarthout: 25:37

I think MicroSharge is around 6%. 6%.

Andres Sandate: 25:41

Yeah. Mean, to to think that somehow that goes away, I mean, I I just I don't know. To me, it's Yeah. It doesn't seem possible at this point. So does that mean that they're gonna it's gonna ultimately all work out?

Andres Sandate: 25:54

All those, you know, investors are gonna do fine, do well. I don't know. It's obviously largely tied to sentiment and what happens to the price of Bitcoin, you know, over over time. But, yeah, you don't you just don't see this happen in other other asset classes. Right.

Robert Swarthout: 26:14

So this is not on here, but it it's the topic of Bitcoin. Let's talk about it real briefly is so US a little politics here. US, Venezuela issue. Right? All all the stuff going on there.

Robert Swarthout: 26:25

One of the things that I found fascinating about it is there is a seems like a relatively, substantiated rumor that Venezuela had amassed a holding of 500,000 Bitcoin. Okay. That puts them right at a I I do my math here. 500,000. That is a, a two and a half percent of all outstanding Bitcoin they'd be the holder of.

Robert Swarthout: 26:48

That that that's that's a lot of value sitting there. Not to say that's the reason why The US went and did the Venezuela thing, but it's just, you know, the crypto twist to it, I guess, is Mhmm. Yeah. I did not expect the crypto twist out of the Venezuela So

Andres Sandate: 27:02

And crypto just works its way into everything geopolitically these days. Yeah. I haven't I haven't done enough, you know, of of of the reading around, you know, what assets, I guess, are there or what they potentially they being authorities, the justice department, you know, I guess, you know, other US officials as this whole thing is being sorted out. You know, I've I've read the headlines around oil and the reaction to, you know, the posing of Maduro, with respect to oil. That's been the major headline I've I've read.

Andres Sandate: 27:38

So, yeah, pretty fascinating. I mean, obviously, more and more governments, more and more institutions we know this has been something we've covered, you know, have have built, treasury holdings of of Bitcoin. So it doesn't surprise me that some of these governments Mhmm. Particularly ones, you know, not don't know enough, but, you know, particularly ones that might be using Bitcoin around, you know, the margins for trading or, you know, arm sales or who knows what. Right?

Andres Sandate: 28:09

I mean, but it's just it it it it's the asset that kinda does lend itself to, you know, being able to transact and and it'd be a little bit, let's say, hidden.

Robert Swarthout: 28:21

Yeah. Absolutely. Cool. Well, that's

Andres Sandate: 28:24

We've got a lot to lots a lot to look forward to in '26. I can tell, man. We we we we started with fifty three days of XRP and ended with, you know, who which government owns how much Bitcoin.

Robert Swarthout: 28:35

Bitcoin. Right. It's crazy. I imagine that won't be the only time we talk about that. It'll be Yeah.

Robert Swarthout: 28:41

The other one shakes out.

Andres Sandate: 28:41

Let me let me ask you, not not a headline, but certainly always intrigued to hear your perspective overall when you think about, 26. What are your one or two key, I guess, themes that you're looking for or expecting to hear a lot of talk about? Yeah. I

Robert Swarthout: 29:00

you know, this is a bit of a continuing theme for me at least. So tokenization, if Paul, I can quote from a couple episodes ago where we talked about where he he made the comment within two years, all US markets will be on chain comes true. That that's gonna start happening sometime soon, and that's tokenization by definition. So I do believe that will happen. You're starting to see that happen rather rapidly.

Robert Swarthout: 29:26

And, again, it's gonna go from you don't see much of it, and then the next day you're gonna turn around, it's gonna be everywhere. Because all it takes is Nasdaq to turn on tokenization, and all a sudden, you're gonna really feel it. And then, obviously, other big markets will do it. So there's that. And then, you know, just to me, it's a catalyst.

Robert Swarthout: 29:47

Right? Like, this whole thing, the market structure bill will kinda unlock will be, in some sense, be the final unlock to allow innovators to really come in the space and try to figure out how to intertwine and use crypto in positive ways within the financial system and also not in the financial system. But we're getting closer to that. I, you know, I I look forward to the day where I have to figure out what else is the next thing after. But right now, that's the one that I'm focused on.

Andres Sandate: 30:14

So Yeah. So tokenization and when we see the market structure bill, you know, get marked up and on the desk of, president Trump.

Robert Swarthout: 30:23

Yeah. I mean, we're US economy is important. Right? 25 ish percent of global GDP, is currently in in all the tangential stuff that touch dollars right now really can't use crypto as much as it would like. So I think that's coming soon and maybe rather soon.

Robert Swarthout: 30:39

So well, that's a wrap for this episode of the weekly crypto check-in. Keep updated with the latest crypto insights by searching for TITAN crypto capital or the weekly crypto check-in on your podcast platform of choice. Leave us a review to share your thoughts or like Teton Crypto Capital LinkedIn page for more updates. Until next time. Take care.

Disclaimer: 30:58

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Disclaimer: 31:24

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