 Great. Welcome to Digital asset news. My name is Rob and today just the thumbnail title suggests I had to tip my hat to black rock. They played things Perfectly at the right time. This really is a definition of smart money So we're gonna take a look at exactly what they're doing as they've come into contact with Coinbase as they form up a pretty big Partnership also also talk about Coinbase and a potential lawsuit dismissal before it goes to the Supreme Court Then we'll talk about a Voyager and Solana updates Which should be pretty interesting for a people especially for the ones that are in Voyager and lastly, I think this is the most important part We're gonna talk about macro environment Economy from the people who are actually in the thick of it Don't get confused with the numbers because you can cherry pick all those day long Now we're gonna take a look at people are actually in it to where we are potentially going last We'll do a little Q&A. So first things first. Thanks everybody for showing up. I do appreciate it Let's take a look at what's going on in our market today Not too bad We take a little bit of a pullback kind of choppy going sideways and it is was it it is what it is In the last 24 hours Bitcoin is down 3.7% look if you're in traditional finance, this is like the worst day ever For us we call this a Thursday. Not a big deal. We're down almost 4%. I could care I couldn't care less if there aims down 4% by an it's going to actually have things up down. I should say Salon is down only 5% after that alleged hack, which we'll get into again like we talked about yesterday It was an ecosystem hack not a Solana layer one solution hack, but people get a little bit twisted. That's just how it goes Poca-dada everything's down. Oh, wow a theorem classic is out 8.2% But they had a marvelous run. So congratulations all you a theorem classic holders. I do not hold it Which is why I don't talk about it that much because on this channel I'm super biased if you don't really know I usually talk about the things that I invest into That's pretty much about it. So that's what guys far as the market itself now. I want to share with you real quick A chart from look into bitcoin.com if you are searching For some pretty good indicators. I cannot recommend this site Enough look into bitcoin.com is linked in the description and oh, yeah, it's 100 free So today I just want to take a look at what they call the bitcoin rainbow price chart indicator I think this is kind of I mean, it's funny. This the name itself doesn't seem very serious But if you take a look at it's been reasonably accurate for for a little bit of time over the last Oh, I don't know eight ten years or so But there's other indicators on the website, but what I'd like to see about this one Let me blow this up real quick so you can actually see this part here As we take a look in the black is the price of bitcoin and you can just tell by the bands When would be like a good time to buy one to be a good time to sell And if we can see right here, uh, the blue band is a fire sale meaning it's like the cheapest It could potentially ever get does that not mean it could go lower? No It just uh, maybe this is a good price point and like I always talk about this channel You guys have to ask yourself is are the assets that I'm buying are they expensive? Or are they Inexpensive are they super pricey or are they cheap right now? I see bitcoin is being a little bit inexpensive. Who knows what will be in uh, three five or ten years. I just think right now Might not be a bad time for me to buy. I can't tell you what to do. I'm not your dad I'm not a financial advisor. So do what everyone want to do. This is just the things I'm doing Which is dollar cost averaging bitcoin and a theory So again the price chart indicator You can see that uh, this right now is roughly a fire sale as we actually build this up even better To right now today We are pretty darn low I've been low since around june 13th 18th somewhere around there And again, uh, if you're looking for an entry point, this might be a good time Now there is one thing about this rainbow chart indicator. I think it's pretty interesting That uh, it'll it'll go from fire sale all the way up to maximum bubble territory And it it did it a really good job Around here. Oops, that's not gonna be right Around 2017 it called it perfectly right right at the top not too bad 17 19 000 But you can see that as time has passed it's hit. It's missed a couple It missed in 2013 missed in 2011 and oh, yeah over here as you can take a look Uh, it totally missed the all-time high in 2021. So again, uh All indicators are wrong and some are useful. That's what ben always talks about I kind of think that's the same thing with people But uh, that's what we have if you're looking for more indicators go to look at a bitcoin.com. All right So that's what's going on in the market itself. Let's take a look at the big story black rock So if you don't know black rock pretty big institutional Institution itself. It's got a measly 10 trillion assets under management And I got to tell you they did this man. They did this so well And what they did is uh, they said hey We're gonna team up with coinbase and offer our institutional investors crypto Which is where they were not doing before so black rock So offer crypto for institutional investors through coinbase prime. Here's what's going on asset manager giant black rock is partnered with Coinbase and I got to tell you i'm pretty sure kathy wood right now is going maybe I shouldn't have sold all that stock anyhow This is from joseph chelone global head of strategic ecosystem partnerships at black rock and he states Our institutional clients. We said one more time our institutional clients Are increasingly interested in gaining exposure to digital asset markets And are focused on how to efficiently manage the operational life cycle of these assets this Connectivity with Aladdin will allow clients to manage their bitcoin exposures I'm sure it's not just bitcoin as time goes on directly in there as they seem portfolio management And trading workflow for a whole portfolio view Of risk across asset classes, and I never understood why these big institutions wouldn't say hey You know, uh, there's this asset class more specifically bitcoin And it has outperformed Every stock every commodity not every commodity Every stock every asset in the history of trading And it's been doing this for years and years and years and maybe it's time that you take a look at this And maybe diversify your portfolio to a riskier asset now It is very volatile But uh, there is a massive asymmetrical return. I never understood what they did that now It kind of makes a lot of sense, especially with the timing so Uh, the integration comes four months after black rock ceo larry finck Said that the world's the largest asset manager would explore ways to offer digital assets those clients And I was like, did he really say that and uh, yeah Four months ago march 24th black rock looks to offer crypto services as client demand rises Which is amazing that And this is very odd. You might not understand this but outside of crypto A lot of these uh businesses institutions and platforms they actually set a timeline and hit it I know it's crazy to think Especially with crypto is it's a little bit erratic But uh, this is actually something they said that we're gonna do and they did so hats off to them But this is the most important part It's the timing and it comes down to just roughly about a year ago april 15 2021 That's larry finck. He's a ceo black rock And he says cryptos may become a great asset class. I don't know just maybe it will be but it's, you know Best performing asset class ever But his institutional clients aren't interested in it Of course, they're not interested in it because he probably tells him it's not that great I mean, maybe something great down the rock down the line. I don't know what he said But it is interesting that back then in april 15th 2021 Nah, it's not that great and then over here They just put this out to their investors in a newsletter and said, hey Uh, we are going to be putting this in through coinbase and maybe we should talk about crypto The funny thing is is if you take a look at april 15th 2021, you know what that was that was roughly the all-time high for cryptocurrency So why would they want to get into that time frame? That's a Recipe for disaster. They're just going to say that's not that great That's not a big deal. Just wait a little bit And that's the difference between smart money and unfortunately dumb money They wait, they know how potentially big it could be and they say to themselves, you know what? Let's just slow down Let's just wait a little bit. Let's talk to our institutional Our our clients say it's not too fantastic, but once it really goes down and let me tell you we are pretty down Maybe now's the time to get into it and that's what smart money does So let me just think about that in the comment section. I think this is the right time People complain about bear markets, but this is when everything gets built So let me just think about that in the comment section. Let's move on to coinbase More coinbase news. Wow, fried arm song is really really hot today Coinbase is asking the supreme court to stop lawsuits from account holders the supreme court. Here's what's happening And tell me if you think this is dumb or not. I find this Offensive coinbase wants the supreme court to halt two lawsuits from account holders The request comes after the firm unsuccessfully appealed the cases to the 9th circuit court So they went before the court said look, we should throw these out. These have no merit 9th circuit court says that's not true. It's gonna go forward Latest saga for coinbase. So the question was then is uh, what are these lawsuits that have such massive merit? This is these the two The company is facing a suit From an account holder asking to be compensated for 31 000 losses. Hey, that's that's a lot of money Let's be honest. It is after He gave a scammer access to his account And from another account holder who was accusing coinbase of holding 1.2 million sleep stakes and doge coin without Specifying that participants didn't have to purchase or sell doge beforehand. Let's get to the first part here Let me just think about this in the comments If I come to you and I say, hey, here's my bank account. Here's a right number. Here's my passwords You're asked for it. I'm gonna give it to you They steal it from you and then you go to the bank go. Why'd you do that? Well, you gave it to them. Well, do I don't want to be held responsible. I'm not responsible. You're responsible. No, no, you gave the information to them. Why why are you talking to us? Do you think that's fair if that's or should people actually take responsibility for some of their actions? Just a quick question. I don't know. Maybe maybe I'm a little too harsh on somebody But just seems like that's how it kind of should go and it's amazing that they have to go through Maybe there are some idiosyncrasies in the case. I find it quite odd Anyhow, I'm interested in about that and let's finish up with a couple of things a Voyager and Solana update as we all know Voyager is now in chapter 11 as they did one of the Most boneheaded things I can think of which is they did a loan for over half a billion dollars to an Unsecured creditor with no collateral called three arrows capital and it sank the whole business So right now they're in chapter 11 and they're not a liquidation because it's chapter 11 not chapter 7 And there's things that are moving. I think there's over 40 different offers to buy Voyager So maybe we could get some some Relief, but this is from uh shingle levain.eath. This is from their twitter account founder of ethos former director cio of invest voyager. So if you don't know ethos The blockchain was bought out by voyager to for the vgx token as I understand it And that's what the vgx token was now It's just just desserts that uh, this group comes back in and says hey We'll bail you out after you guys bought our bought our crypto And they state this we're reaching an agreement with voyager to be a qualified bidder on certain assets given a sense of nature We can't really say too much but things are going forward So that's one positive thing and then also for the Solana hack from yesterday We covered this yesterday Solana layer one solution Sandbakeman fritz favorite also james from vest answers. Yes, it is his favorite. I think And I talked about this yesterday. Go look don't Shoot the messenger, but this is what's going on We know that there is some type of hack, but i'm not going to blame Solana What it looks like as an ecosystem hack and the reason why I said this is because the same thing was said about cardano and sunday swap When people people came and came and said oh well sunday swap sucks. So cardano sucks. It's not the case Cardano built a decent foundation concrete, right? Solana looks like it's doing the same thing. I know there's other problems out there But with this ecosystem hack that that had happened. It wasn't a Solana issue. It was a part of this slope And uh, that was the ecosystem problem. It was a hot wallet and now we're kind of figuring all those things out So it's just a it's just a reminder Just to keep things in perspective Don't go all in on one philosophy because you may not like that crypto and digital asset I'm gonna guilty of that myself. It happens But just kind of sit back Take your time let the information come to you so you can make the best decision and that's for investment and that is Well, that really is investment advice. Unfortunately. I have to tell you that just take your time I think the only game is going to sue me for that one So this was from sam bakeman freed. He said this is a good example of how something could be underrated A random dap slope gets compromised and is blamed for the underlying blockchain to be clear No core internal infra had any issues single third party complication and then This was a nomad hack and the Solana wallet things that happened yesterday. So Anyhow, I just want to bring that to everybody's attention that's uh, just because These things happen doesn't don't don't blame the underlying Foundation sometimes it is the things that are built upon it anyhow. That's what's going on in the crypto world. Let's switch over real quick to macro and On this channel, we try to figure things out and try to Look at the big picture we can zoom out when in doubt zoom out try to zoom in when it's when it's not appropriate and We know this problem is brewing And we can look at data points all day long now the problem is with data points Sometimes they are cherry picked and that is exactly what did what the US government is doing with inflation I personally believe I could be wrong So what I like to do is like to get information from people Who are in there and it can give me some insights. So there's two people I'm going to talk to talk about today. One is a This is a recording from farmer rancher cow's horses goats and those types of things and the price That is being plagued upon by these people because of inflation how it's going to affect not now It's like it's like going through to the mouth of a snake It doesn't affect you right now, but as it passes through everything in six nine twelve 18 months That's when you're going to feel it and that's why it's always to be a little bit cautious So just take a listen to this let me stop my screen Let me share The tab so you can actually hear this Go from there. It's about it's under a minute again from a rancher farmer And what this is going to mean just for just for food supplies just for food listen to this People being concerned about gas prices But what you really need to be concerned about is what your food pricing is about to jump to okay Cavs and babies are just now being born Keep that in mind So the cost to raise them hasn't hit yet This bale of hay last year was four bucks bag of grain last year was six bucks This trunk full in here last year would have cost me 14 dollars today 20 dollars for a bale of hay 18 dollars For a bag of grain. I got two bales in here. It's 58 dollars worth food last just my chick Just my goats and my horses two days That's it Wait until the the prices catch up with your slaughter market when we start rendering animals in the fall Prepare for 17 dollar a pound chicken 25 dollar a pound bacon 30 40 dollar a pound beef It is coming. It's not a joke. Please be cautious. Please prepare people being concerned about gas Can't say how much better than that So these are the things that we're looking off in the future right now things look all peachy peachy keen a little bit of a Of a of a change for some parts, but I think there's some bigger issues coming and then that will leave me to my next point If we talk about the data points and this is the thing that like that Astounds me sometimes with data. This was Twitter accounts silver watch you this this this same account over here, which was uh Wall Street silver great accounting fall on twitter. Well, you got a lot of great macro events but if you take a look here, they said hey the The new home average price. This is from the fed in st. Louis And when I was looking at this chart, I'm like, this doesn't make any sense Because it's looking like that the average house price was 570 k and then dropped all the way on a 450 k And I was like, I don't know. So I took a look at uh The actual from the horse's mouth pun intended from the fred economic data and you can see that. Yes the I mean look at these prices crazy It just went up and up and up and up and up, but it wasn't 575 It was like 450 roughly where we owe someone and then it's it's gone down to like the average median house Price has gone down pretty let me blow this up pretty quickly about 50 grand from uh What a couple months over month So that's what we have for the macro event. So I'm like, I still don't Have enough information. So what I did What I reached out It's a katelyn mckig she is uh realtor in uh phoenix arizona from desert dreamers real estate and she had a great video Which talks about our buyers gone phoenix real estate market update and again, there's no greater intelligence you can get Other than the people that are actually in the thick of it and really know what's going on So I linked this video Uh in the description below and also for to our youtube channel. You should check it out great macro information as far as what's going on Industry, but on top of that I had her come on and we did a quick nine minute interview about what she sees Uh in phoenix what's going on the macro event zooming out zooming in What our colleagues are saying and what where she thinks things are going you can't get better than This information from somebody who's actually doing it. So let me Play this on and I'll see you back in about nine minutes or so and also if you have a question For katelyn. She's in the chats right now. So listen to this and ask her any questions you want afterwards. Let's take a listen To as promised what I will try to do is bring people who are like boots in the ground Who know exactly what's going on and uh, I reached out and thankfully katelyn mcki came on the show Uh phoenix real estate uh to talk to us about exactly what's going on. So katelyn, uh, welcome to the show for the first time Thank you so much for having me. It's a pleasure being here Yeah, so yeah, we really appreciate it because I don't trust some of these data points Uh, you can pick and choose what the data points are But there's no better intel that you can get from somebody who's actually in there and actually doing it So I've got four questions for you today katelyn. The first one is let's zoom out Let's take a look at what's going on as far as the national scale and what the data is that you've been Reporting then we'll actually zoom in what does your local market tell us because you are in Phoenix arizona in the surrounding areas not in all of arizona But what do you see in your area? What also number three is what have you personally seen and what are your colleagues saying to you? I think there's a lot of great information there from the people who've been around for quite some time Now lastly, what's the long-term outlook for housing? So katelyn, let's zoom out Uh, what do you see right now for? The macro for the nationwide and you that you had a great video which I linked in the description Uh, we should check that out. But what have you seen so far? Yeah, so the whole country is starting to see a slowdown some markets more than others It makes perfect sense that most of the places that saw huge gains in appreciation And a lot of the craziness over the last two years are also the ones that are having the biggest slowdown So in my research, I've seen, you know, boise being one of those austin Um park city, utah Few different places phoenix as well. We were making the lists for quite a while And so, you know with everything going on With interest rate hikes that's really been the main catalyst to change the market slowed down buyer demand quite a bit and You know, everyone wanted to sell their house at the peak And so we got an influx of listings across the nation and a lot of buyers who said this is too expensive And uh, I kind of slammed on the brakes for us on a national scale. So everyone's feeling it It's just some markets a little bit more than others Yeah, because I mean there's some cities right here which are still booming like you got the miami has got the austin's And those will probably go up for quite some time because everybody wants to move there But there's always going to be those cities which are nationwide slunning on the brakes that you talked about Okay, so that will leave me my next question then let's zoom in What is your local market tell us especially in phoenix and queen creek and chandler and awatuki those types of cities What do you see what's going on for housing? Yeah, so um sales have slowed down quite a bit May late april may is really when we started to see some things changing and As we look back over the last two to three months. You can see a pretty big difference in In where we've landed so sales activity. It's down 25 percent year over year here in the phoenix metro area Our new listings coming to market like I said we got most areas got a big influx of new listings Phoenix being one of those and we were seeing new listings coming on the market like a thousand per week Which was an insane amount compared to what we've seen. Yeah I mean, we couldn't even have more than like 5 000 on the market at any time in the last two years roughly So to see a thousand new per week And then at the same time buyers saying like wait a second. This is getting really expensive with these interest rates I'm gonna hold off. So then we started to just gain a big a bunch of inventory because The sales were slowing down or transaction volume was slowing down. So Yeah The new listings coming to market that's up about five to six percent year over year Which doesn't sound huge But that's mainly because in the last like two weeks it just started to slow down So we'll see hasn't been coming as fast as they were back in june Um, and then our demand is down about 28 percent here in phoenix year over year So that's kind of been the big killer for us Yeah, and that would so you've got You've got the demand is decreasing you have the volume of the actual houses that are still coming in But not to a greater degree like they were before Is that what's going on? Yeah, and when I say before I mean like last month Ah, got you. Well, you know what that would so that would leave me my my my next question Which is what have you personally seen? I've got a couple of friends who are in real estate here and then also in portorico They're telling me that you know, I've got a lot of people who are backing out A lot of people who they put an offer and they withdraw the offer But what are you seeing around town for you and your area? Yeah, uh, so there's a lot of that going on too When this all first started it was it got very quiet So I was kind of the first one to say like something's definitely going on here. They're I remember in april I did an interview with yahoo finance and their whole You know question for me was like how crazy the phoenix market is and I'm like I'm starting to see some things that are changing You know, I'm here to talk about the craziness But I was like we're just seeing some indications now that things are going to slow down So that was kind of the turning point Um, but right now I'm starting to feel like people are Uh capitulating, you know finally realizing like okay interest rates aren't the end of the world I still maybe need to buy a house Things are starting to to just kind of not even out yet But I think things are starting to shake out a bit where people are beginning A few people are beginning to feel comfortable So I've been noticing a lot more outreach from buyers who want to start the buying process than I had in the last two months So I'm hoping that kind of the shock is over in some ways. Um also, uh, you know listing activity in terms of showings offers It is it feels dead compared to what it was three months ago Um, you know median days on market is 20 or so here in phoenix And it used to be like an hour, right? So many days feels like an eternity Um, but with that that's creating a lot of listing cancellations because sellers went on the market hoping to sell You know cash out catch the peak whatever it was and they're not getting a lot of activity They're not even getting offers or if they are they're not offers that they like and so they've decided to just cancel their listings So that big influx of listings is kind of starting to shake out and we're not seeing as many more come to market. So You know, it's all very very fluid and I'm hopeful that in the next one to two months We start to see which direction things are going to head You know, it brings up a good point. Maybe we have a time bias Maybe it's because we take a look at the market of what it was recently and say well, it's crazy There's going to be all these houses and people are going to get cash offers people are going to step in and they're going to just It's going to be Really a seller's market But now that we don't have that and we come in this other part Maybe people are like well, this doesn't feel right But maybe that's just the actual norm like can you compare this time? When what are you just talking about is like people cancelling listings people kind of getting out with drawing offers to maybe another time When you're a real estate agent Yeah, um, you know, I don't know the numbers off the top of my head, but for instance Like price declines. Um, we've had like 5,000, uh listings Decline their price this week alone and um, you know, I think a normal number for that is, um, you know in the low thousands But in the last two years that was like non-existent. No one's right my prices So that's a huge increase. Um, as far as cancelled listings, I mean that's always existed, but Um, it's definitely when you look at the data, it's just a huge spike Lately in the last month of cancelled listings Gotcha, maybe everything's going just going to even out just going to take a little bit of time Which I guess would lead me to my next and last question, which is What's your long-term outlook for housing? I know that some people that are calling for this is the uh end of the world Destruction mad max thunder dome and it's going to go crazy other people like it'll just it'll be a bump And we'll just take off like a rocket. What do you see as far as long-term outlook? And what do you how would you define a long term as far as a time period? Yeah, um, you know, I do think it'll be a little bumpy for a few more months Maybe through the end of the year um till we kind of figure out where we're going Um, but in you know, we had just an unsustainable market So we're due for a correction and that's really what I think is going to happen So, you know prices are going to come down But it's not going to be anything catastrophic in my opinion I think we got to get our footing over the next few months and figure out what this new market looks like And then we'll probably stabilize a little bit. So I would say through the end of the year Maybe into q1 of next year things might be a bit Rocky and again, I'm talking mainly for phoenix just because I know that so well On a national scale. It's hard to say and I think every market performs a bit differently You know, but for phoenix we have a lot going for us in demand and desirability and You know, we still have a shortage of housing here We still have low inventory even though we've had all these new listings. We're still really low compared to the population So, you know, I think those factors will come back into play once we figure out Where we want to be so I think prices will turn down a bit a correction and then You know, maybe we'll just be Finally at the point where we should have been in terms of appreciation had we had a normal market the last two years, you know Makes sense. Everything gets overheated. Then there's a correction and then we just go through another cycle Okay, gotcha. Caitlyn. I want to say again Thanks for stopping by the show and giving us some of that great information For what's going on in the area everybody if you're taking a look and want to see more of katelyn mckeeg She's got her youtube channel There's a link in the description and also the one where we just talked about the one from two days ago With the data it is a must watch for what's going on. So katelyn. Thanks again for stopping by Thank you so much. All right. Let's jump back That's it. So again, katelyn, thanks For stopping by because there's no better data I feel than actually getting it from somebody who's actually in the thick of it and really knows exactly what's going on Then also as a reminder if you are looking for Caitlyn's Sorry, if you're looking for katelyn's channel, uh, this Is the one katelyn mckeeg. Also, there's a link in the description looks just like this az real estate katelyn mckeeg And her youtube channel and then the video that I was referencing which has got some great alpha information Is right there. So go ahead and check that out and we can go from there. So look everybody That is it for today for the news. What we're going to do Is this concludes the news part you got to take off get out of here. You've been here for 30 minutes But I want to say thanks for stopping by hit the like button on the way out if you could And I'll see you tomorrow if you want to stick around We're going to go over the q&a. So I'll answer all your burning questions the best of my abilities I think katelyn is still in the chat. So she'll be able to answer those questions for you as well So let's jump right into the q and a so let's get into it