Inflow Momentum Reaches Second Highest Level In History

Hey, good morning, everybody. Welcome back to the pleb underground. I'm your host, Phil.

Happy Wednesday. All right, so we get in this big momentum shift quite possibly. I've

got some solid hope in that indicates we're seeing a momentum shift. That's right.

In flows, we're going to take a look at that. There's also a very crazy chart,

possibly a chart that hasn't been seen in a decade. We are going to take a look at it here.

Find out if it's if it's really all it's cracked up to be more hopium, right? More

hopium 70k being the reference point 75k being the wall. Is there any truth to that?

But I will take a look at that. We've got Bernstein calling for 150k by the end of the year.

Take a look at that. Call C guys. It's all hopium. We're kicking it all off with the opium. And

finally, Bitcoin Treasury news. That's right. That's right. Another broke company is buying Bitcoin.

And we're going to take a look at that. What else are we taking a look at? Some really strange stuff

going on in Swiss banking, right? It looks like there's been a major split in a family office,

a very old, very powerful family office. And it looks like the kids want to go in the route

of Bitcoin. Whereas the parents don't really want to go and take a look at Bitcoin. Anyways,

we're going to see, we're going to take a look at how that story plays out.

Tether looks like tether is finally getting audited, right? But we're going to take a look at

tether's audit history because it's important to see who has been giving tether the green light

all these years. As well, more news on the stablecoin yields. That's right. Who would have thought

the banks could hamper stablecoin companies the way that they have? Oh my gosh, I am surprised.

We're going to take a look at seed signer. Seed signer's got an update. I'm going to take a look

at it. Looks really cool. And there's an update on system D. We are going to take a look at that

as well. Guys, get ready. It's going to be a lot of fun. Good morning, John. That's right. Okay,

let's do it. Here we go. Club Underground is sponsored by Archimedes Emporium. Discover the

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Archimedes Emporium. All right. Good morning, J.M. Don't worry, we're starting it off. We're

getting the hope you're going here. All right, but before we take a look at the hope you've got to

go through the numbers, right? So the current Bitcoin fiat exchange doing a little bit better than

yesterday, right? When I had to do this, we were at 69K. Now we're at 70.8. All right, I'll take a new

all-time high on the block height 942,174. Look at that. Four sats per V bite. Say it ain't so.

Coffee is still affordable. Total public lightning capacity, 5,700 in public channels. And I've

added a new metric for us to enjoy. How many cups of coffee can you get per Bitcoin? 15,744.

When I started, it was at 15,743. Oh, wow, it's dropping. Oh, that's not good. That means we're

going down in price. Anyways, those are the numbers, guys. Let's keep it going here. Let's do it.

The Bitcoin inflows. That's right. That's right. The whale inflow has reached the second

highest level in history. And essentially, it's these giant red wicks that you see here on the chart.

So if you go all the way to the right side over here, we're showing 67.8K. And you see that massive

wick up there. That's right, guys. We haven't seen this type of action since late 2014.

I'm pretty bullish. I'm pretty bullish. It's telling me that my stacks are in line with people

that have significantly more Bitcoin than I'll ever have. So like, yay, I'm buying at the same time

as the big guys. Lucky me. That's right. Bitcoin's good morning, Matthew. Let's continue. Let us

continue. Okay, guys, this is it. This is the charts. I was kind of underwhelmed by this one,

but still, still pretty bullish. So the craziest charts that this account, Mateo Pellegrini has

seen in 10 years of Bitcoin. And what is this? It's a Bitcoin gold chart. That's right, guys.

The Bitcoin gold, hopium chart. And I got to tell you, that's a pretty swift move right here

from 12 and a half ounces. 16 and a half. Pretty quick, pretty voracious.

Does this mean we bottomed? I know that Roman, I know that Roman believes that we bottom,

right, friend to the show. I've also had Roman on the show interviewed him about his Bitcoin

education stuff. He believes that we have bottomed. I, of course, I, of course, appreciate his

hopium because I don't want us to go any lower because then I'm going to have to do the copestack.

And that's never fun. I don't, I don't enjoy copestacking. And of course, I know that it just goes

back up. But still, while it's happening, I feel like I'm coping. You know, so it's just, yeah,

not enjoying that. But still, it happens. I'll do it begrudgingly.

Good morning, Phil. Gold is for your butt.

It's sit on a throne of gold. All right. My favorite hopium account, guys. This is always my

favorite hopium account. David engineering MBA. Let's do it. 70K is the reference point. 75K is

the nearby wall. 69,932 is the spot price. 70,505 is the gamma flip. 75,000 is the call wall.

68K is the put wall. 43 million in net gamma. 55.1% realized volatility. 0.72 per funding APR.

This is not a strong pin. Net gamma is positive. Only modestly. So 70K is more of a gravity point

than a hard ceiling on this movement. Okay. Tell me more. 75K is still the main upside wall.

But ceiling strength looks moderate, not overwhelming. The real catalyst is March 26.

Always kicking the can down the road. Now we got to wait two more days. 44% of total gamma

expires. Okay. So I guess it's options expiry. Yeah, options expiry. Okay. So look,

even though I love this stuff, right? And it makes me feel like that's it. It's finally over.

You know, this cycle is going to be slightly different than the last like all that good stuff.

The reality is is that I've been following that account and posting the hopium now for probably

four months from that account, maybe even five months. Going back to November, December.

And in December, right? In December, there was going to be the gamma squeeze at it was supposed

to happen if I'm not mistaken December 27th. And if it wasn't December 27th, it was going to be

January 3rd. And if January 3rd didn't work out, then it was going to be January 12th. You guys

see where I'm going with this, right? Yeah. Now we're March. Now we're going to March 27th.

So look, I appreciate it, but I'm not holding my breath for it. But I appreciate it.

Hey, good morning, Randy.

Good morning.

Good morning, brother.

Like that stuff. All right. So let's continue.

Let's got more stuff. Who doesn't like more stuff? Okay. Here we go, guys.

Trag Fibros giving us the hopium. Let's take the hopium from the Trag Fibros and turn it

into number go up. Wall Street broker Bernstein calls BTC bottom and maintains its 150K

year end targets, citing resilient ETF flows and strategies expanding hold of three. Yeah,

I don't really care about strategies hold of the how much Bitcoin doesn't really matter to me.

And you know, just to help enforce that news, right? We also have this piece coming out of

tails from the crypt. Sorry, TFTC can't call them by the real name. Bitcoin ETFs just pulled

in 2.5 billion dollars in March, nearly wiping out all of the 2026 year-to-date outflows.

So hey, maybe this happens. Maybe we get this. I don't know.

We're going to see. All right. So let's take a look at some Bitcoin treasury hopium.

Canadian publicly traded fintech company.

Delph X capital markets ticker symbol DELX just announced plans to initiate a Bitcoin treasury

strategy and buy 50 million dollars worth of Bitcoin. And now there's only one problem with that.

They don't have 50 million dollars. Now you may say, Phil, that hasn't stopped any other

broke company from buying Bitcoin. And I would agree with you. But I think these guys are in a lot

worse shape than people think. So I mean, obviously I got to pull up the chart, right? This is

the monthly chart. And you can see all of their earnings are completely, completely flat.

I mean, these are garbage earnings. And of course, and the one thing you can say is that they didn't

reverse splits to kick their shareholders in the nuts. Yet, however, you could see where this

this particular chart is trending. Yeah. Ansel. Ansel does the Bitcoin Treasuries account.

Shout out to him. I know, right? ACP? The dads aren't dead. I know. I was so excited. There's actually

two pieces of news about the treasury companies. So anyways, the chart is not the reason why I'm

telling you guys like this is garbage. Their actual numbers are the reason this is garbage.

Anyways, negative shareholder equity, okay? Earnings have declined. I mean, that doesn't really matter.

0.3% per year over the past five years. I mean, that's obviously not a good thing, right? They

are bleeding. They make less than a million dollars in revenue. And I just want to point out,

guys, that is not minus 900 K Canadian. Okay? That's minus 9K. Okay? That's right. Minus $9,000.

Anyways, and the highly volatile share price, which again, share price volatility. Who

gives a shit? Now, let's just take a look here, right? This is what they have in cash. They've

got $76,000 in cash. Now, keep in mind, they're buying $50 million in Bitcoin supposedly, right?

$50 million. $76,000 in cash. Their equity is minus 2.3 million. Keep in mind, they're going to

buy $50 million. And their total liabilities are $2.45 million. And the kicker, their assets

are $156K. Now, what reality are these people going to buy $50 million worth of Bitcoin? Why would

shareholders who are already bleeding, already going broke? Why would they approve this?

Unless they are just as desperate as management to try to get a pump.

Anyways, not financial advice. Do whatever the hell you want. But that is all red flags for me.

I also started a BTC Treasury. I started a BTC Treasury. Actually, you know what I was doing.

It was pretty cool. I had a fantastic process every single day. And it's great. No employees,

no shared delusion, okay? Zero operating costs with the exception of what it costs for my phone,

you know, every month. It was just spinning the fold wheel. Fantastic. Resets. Number keeps going up.

And we're not kick and share holders in the nuts. I think it was a pretty good idea. I called it

clown world financial. Didn't seem to take off, though. I don't know why. The big money didn't show

up. They didn't want to support my Bitcoin Treasury company for some reason. I don't really

understand it. Okay, speaking of Bitcoin Treasury companies, having a little bit of drama,

some drama in Switzerland, Swiss banking dynasty splits as Marx sees leaves, bonks sees over a

crypto strategy clash. Make no mistake. This isn't a crypto strategy clash. This is just about Bitcoin.

And normally I'm the first person to tell you it's not about Bitcoin, but now this is actually

about Bitcoin. Oh, Randy, don't tell me this doesn't feel like Max Payne. Just just lie to me.

Lie to me like the Hopi and dealers do, man. Lie to me. This is Max Payne. Okay. Anyways,

moving to launch future holdings with 3,500. It's actually closer to 5,000 Bitcoin. They couldn't

seem to get exact on that number to become one of Europe's largest Bitcoin Treasury firms.

That's right, guys. Swiss wealth managers are staring down a relevance crisis. PWC data shows

28% plan to allocate 5% to 10% to crypto by 2027. Now look, I know it says crypto.

And normally I'm the first person to tell you this is not about Bitcoin, but again, this is all

about Bitcoin. Okay. What's going to happen with these drive-by companies that allocate to a lot

to these shitcoins, they're going to get to learn the lesson that shitcoiners learned in past

cycles. Anyways, execution is stalling because of exactly this kind of internal governance clash.

Mark's size is, or sees, I don't know, maybe it's size. Anyways, it's taking the corporate

treasury route. 5,000 Bitcoin in custody. Future holdings heading for a public listing. The thesis

is straightforward. Bitcoin is the only hedge against monetary debatement available to family

offices. And I got to tell you, this is one of the themes that I specifically remember from 2019.

And this was something that I heard, I'm trying to remember who it was. It really doesn't

make a difference, but it was just the talking hits at the time. And they were saying exactly

this. They were like, listen, family offices are going to be faced at some point with the

realization that they absolutely need to be holding Bitcoin. And we did see some family offices

in the US begin to do that. But it almost seemed like it fizzled out. And this, and I'm not saying

that it actually did. I'm just talking about the news cycle seemed to make it fizzle out. But look,

here it is, working away. Jam, if we start giving away our secrets of how we do these treasury

companies, other people will follow suit. Who knows, we may become the next sailors, but without

kicking shareholders in the nuts. Yeah. Hey, look, Randy, supposedly, supposedly, Germany

didn't really sell their stacks. Supposedly, there is no proof or there's very little proof,

but I think they sold their stack. I definitely think that they sold their stack.

All right. So continuing on this story, so Mark's size is not just making a bet. He is forcing

the market to price his vision against his father's. That's right. Like, look at that divide.

The prospectus is with finma. The split is official. The dynasty is no longer hedging. It is

dividing. Crazy stuff, guys. This is, you know, I do appreciate getting to see some of the Bitcoin

narratives actually playing out, you know, that's some good stuff. Now, another narrative that's

finally playing out, the tether truthers, they're definitely down bad. As you guys know, I am not a

tether fanboy or anything like that. I know there's some Bitcoiners been around a really long time.

They love tether because tether's good for Bitcoin and pump my bags yet. That's fantastic. Okay,

but to me, I get it. I appreciate the pump my bags tether at the same time. Tether is just an arm

of the state. It's just the right now, the, I guess you'd say the most widely accepted CBDC,

in my opinion. And tether is simply playing the state game the best. Now, let's talk about their

audits, right? Let's talk about their audits. Tether signs big for firm to complete first full audit,

setting a new quality standard for the digital asset economy. So you know that people have been

asking for tether to be audited now for probably close to 10 years. So to me, I know that, you know,

people are cheering about like, and tether, of course, is framing this like they're ahead of the

curb and they're setting the standard for the industry. Bros, if you wanted to set the standard for

the industry, you would have done it when it wasn't mandatory for you. Okay. So stop, stop with the

the tether larp. And 2019, we wanted corporate adoption and we got this crap bingo. That's exactly right.

Oh, boom, Mr. Dinkles remembers this. That is right. Spencer shift back in. It was COVID, right?

It was COVID right before he, right before he got flooded. He flooded himself out of Bitcoin and

started shilling AI. I totally remember this. Oh, you think there's going to be a feud? Maybe,

right? But Spencer left Bitcoin for AI. So I don't, I don't know. I don't know. Maybe he's just,

maybe he's just an attention grifter like, uh, because that is, you know, it could be that. It could

be that. I don't know. Anyways, let's dive into these audits, these tether audits, right? The full

audit by the big four firm is among the most rigorous and globally recognized forms of financial

assessment for tether. The engagement of a big four underscores its commitment to providing

deep assurance that USDT is fully backed, highly liquid and operated with world class risk management.

Tell me more, I mean, tell me more by formally engaging a big four audit firm tether is taking one

of the most important steps. Strengthening position as the global leader in transparency,

assurance and regulatory readiness. Ten years without an audit. Yes, tell me more about this

transparency thing. Now, back in time here, right? Who's been auditing tether up until now, right?

Well, you've got Deloitte and Tush, right? But it's not exactly an audit. They're not auditing tether's

USDT reserves. Deloitte has audited the reserves for you, Sat, right? Which is the US regulated

stablecoin. Okay, fine. I'm also blocked by Spencer Schiff, by the way, yeah, that didn't take

long. He's very weak. Unlike his father, his father blocks nobody. Anyways, BDO Italia continues

to provide periodic quarterly attestations for tether's reserves. That's interesting. It is

important to note that these attestations are snapshots of assets at a specific point in time and

do not constitute a full financial statement audit. Okay, so the first two that have been looking

at tether's books this whole time, they can't really confirm anything. And my favorite is the last

player who has actually been looking at tether's numbers. Hunter Fitzgerald. And if you don't know

who that is, right, that's Howard Lutnik, right? The guy right next to the president.

This is fine, guys. This is great. He wasn't lying. No. Anyways, manages the majority of tether's

treasury holdings. Get a look out of here. No way. With CEO Howard Lutnik previously confirming

he's reviewed tether's assets to verify backing. I'm good. I don't think we ever need to look at

this ever again, right? Should be good. Okay, and again, I'm not sitting there telling you,

oh, tether's going to collapse and blah, blah, blah, all that stuff. Nope, that's not what I'm

saying. I am simply saying, hey, look, guys, this is what's actually happening, right? You're watching

a show. And this is just simply what's happening in the show. It's a big club. And you're not in it.

You are not in it. And either am I. Yeah, exactly be. It's exactly it, man. It's just it's just a

bunch of trust me, bro, technology. Nailed it. Weak men create hard times. And yet we're just

going to write down that path. Okay, the stable coin yields, guys. Let's talk about the stable coin

yields. So here we go. This is a post from Eleanor, Torette, or Tarrat. New details are emerging

about the latest legislative text outlining a compromise on stable coin yields and rewards,

along with early reactions from the crapto industry leaders who reviewed it today. So

according to an internal stakeholder email shared with Eleanor, the proposal would prohibit

platforms from offering yield directly or indirectly for holding a stable coin or in the matter

that resembles a bank deposit. The restrictions would apply broadly to digital asset service

providers, it changes brokers and their affiliates to limit workarounds would be would bar anything

economically or functionally equivalent to interest. The banks are still in charge, bros.

The proposal would also permit activity based rewards tied to user activity including loyalty

promotion or subscription programs kind of like a credit card provided they are not deemed

economically or functionally equivalent to interest. It would also direct the SEC, CFC and US

Treasury to jointly define permissible rewards and establish anti-evasion rules within one year.

So you look back, the stalling of the Clarity Act, all of this stuff. What did I already say a few

weeks ago? All of this is just simply being done so that the banks can ensure they protect their

vote. There is nothing new under the sun. And when the banks figure out a way that they're

going to be able to offer stable coin yields and all of that stuff, then they're going to open the

market up to help, right? Because at that point, they will ensure their control and their

vote. It's that simple. You know that this whole idea that shitcoins are somehow going to

supplant the banking system. Sorry. Not what's happening. If you take a look, the banks are simply

building their own rails. That's all they're building their own infrastructure. They're not inviting

everybody to the new shitcoin circus. They're simply rebranding their circus and adding the pieces

that are missing. That's it. It's all there is to it. All right. Some of the comments from the

people that reviewed this. Overall, this is a more narrow and restrictive approach towards crypto.

Up next, the bank representatives are set to view the text tomorrow, which is today. So we're

probably going to get an update later today on this. Okay. And in the wake of that news, right?

If you care about the equities involved, some of the equities so circle, which issues USDC,

their stock tanked over 20% on Tuesday, going to like right near like a hundred bucks or something

per share. Biggest intraday drop on record over reports that proposed legislation in Congress

could restrict rewards. Yeah, no, they will. They will. And trading platform coinbase, a circle

partner that receives revenue from the stablecoin issuer also sank 8%. So yeah, this is

this is what's happening. They are not just going to be given free entrance to become the banking

bros. Yeah, Randy, the XRP stuff. It's a little bit complicated. It's a little bit complicated.

You know, it's it's disrupting Swift, just not in the not in the way that they thought.

It's strange, right? Who would have thought that that Swift would partner with the Bank of New York

Mellon, simply just apply the technology that these craptos are using and just get their own devs

in house to build it out and use the pieces that they want. Who would have thought?

It the night, the naivete from from from shitcoiners, like I remember this from like 2019, 2018,

even before that, that all of a sudden these institutions are going to have to bend the knee

and they are going to have to use their tech because we were here first not realizing that this

is all open source and all of these banks and institutions, they have programmers, they have IT

guys, they have people that can work on this stuff in house. They don't need to give your

shitcoin ecosystem a penny, a penny, okay? Anyways, too bad. Ed's too bad. Anyways,

onto some fun stuff. Here we go, seed signers successfully modified to be controlled using a

blackberry trackpad. Now look, to me, the blackberry was probably one of the ugliest phones that ever

came out. It just did not look cool. You just used to see a bunch of, you know, business

bros wearing it on their belt and it just kind of reminded me of like, it was like the tech

banny pack. Just didn't like the shape of it. However, when it comes to the hardware wall, it's,

this is a pretty cool development.

I just like the clicks.

Looking very nice. Yeah, I love what seed signers doing. Totally open and what's great

is you can probably go buy this keyboard membrane all on your own and set this up and not be

susceptible to a supply chain attack. It is, it is that easy. I have one. Yeah, I've got one

Randy. Even though I hate the blackberry, I still want it to get it because of the the fact

that I had the bigger keyboard and everything. Yeah, tactile clicking is so underrated. I have one

of those mechanical keyboards, right, with the removable keys and everything like that that has the

the feedback. I, when I was working in IT like that, I loved that keyboard. But now I pretty much

work on a laptop the the whole entire time. But yeah, I mean, look, you know, it's a, it is

definitely for it. Look, for a signing device, it doesn't bother me. But for a phone, I don't know,

I just don't think it's stylish. I just don't think it's stylish. I do like the five though. I see

a lot of people having the five. Oh, you're a Mark 4 Maxi. Yeah, I got one of those two. But the five,

I see a lot of people fellow Bitcoiner and friend to the show and or at 2140 data. He just got it

and he posted a bunch of pictures of it. The the Mark five and it's got the bigger screen. It's got

the better buttons. I'm like, I really don't need it. You know, I don't, I don't, but I'm a giant

sucker. So I might just get it anyways. I don't know. It's now I just got to do a whole bunch of

rationalization. You know, that that's what's happening. I'm doing the mental gymnastics to essentially

prove to myself that I need to buy this thing. We scam ourselves guys. We just scam ourselves.

All right, stop trying to sell this to me. I also think the colors are sexy. Okay.

Okay. Anyways, Linux stuff, right? The list keeps growing of open source operating systems,

taking a no age verification stance is growing day by day. Just added Slackware void and

Garuda Linux to the list. Let's frickin go. Take a look at that guys. So these are the these are the

operating systems that have now officially confirmed. Sorry, the Linux operating systems that

have officially confirmed. They are not going to implement this age verification. And I'm happy to

see this. Does anybody know if Red Hat has taken a stance yet? I haven't seen I haven't seen

anything from Red Hat, but I am very curious. Happy to see Slackware on this. Happy to see Graphene

on this. Devlin as well. Good stuff. That's so funny for redoss. Okay. Now, let us shame the ones

that are doing it. Operating systems planning to implement the age verification. Ubuntu popOS.

Come on. It's a scam. I can't believe it. Elementary OS midnight BSD and Fedora. Come on.

Come on, guys. That's just terrible. Really is terrible. Yep. You did you did make me laugh. It's truth.

It is truth. Yeah, guys. That's going to do it for today's show. Please, please. If you haven't

signed the petition yet, I know I'm annoying. Sign the petition. If you feel so inclined to donate,

please donate. Guys, I hope you have a great rest of the day. Thank you so much for stopping by,

spending some time with me. If you feel so inclined, please smash the like, consider subscribing,

and I am going to catch you all tomorrow. Have a good one. Peace.