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What is Weekly Crypto Check-In?
Hosts Robert Swarthout and Andres Sandate cover the last week's worth of crypto news, providing insights and opinions on this quickly evolving space from a fund managers perspective.
Hello, everybody. I'm Robert Swarthout, and I'm joined here with Andres Sandate. We're the team behind Teton Crypto Capital. We thought before we start our first episode today, we might take a quick little few minutes here and introduce ourselves. I'm a software developer turned crypto fund manager.
Robert Swarthout:I've started sold a few different software companies and decided I wanna do something different about 3 years ago, and I've kinda made the transition into this world of running a fund. It's, I'm really passionate about crypto, blockchain, and all the things that the fund invest in, and I'm happy to have a partner like Andres along with me for this journey who has spent his career doing it. So I'll hand it off to Andres.
Andres Sandate:Hey. Thanks, Robert. Thanks for tuning in, everybody. This is our first, crypto weekly update. We decided to launch this, show as a way to provide info and and, you know, analysis really on on important crypto headlines.
Andres Sandate:As Robert mentioned, I've spent my, pretty much my entire professional career in the investment and asset management space, working at a number of different funds and, and and founded a company about 10 years ago, 15 years ago called Endurance Strategies, and I I run that to this day, and I provide, advice and and support around everything, alternative assets. Robert, and I started out working together, what, couple years ago probably. Right, Robert? And, and then I joined formally, recently. And so, you know, crypto and and everything digital assets is just such a fast moving space that we couldn't possibly cover everything in a 30 minute show, but we picked a few headlines.
Andres Sandate:And, I'm gonna turn it back over to Rob. We picked a few key headlines. Robert has a deep background in this in this space, and I'm gonna let him kinda tee up some topics that we're gonna try to hit on, and I'm gonna, hopefully, keep the show, moving forward. I did wear my Kansas, pull over Robert because, you know, today's Wednesday. Obviously, the big dance got underway last night.
Andres Sandate:Yep. And, my Jayhawks are not favored to win at all this year. I think that, you know, goes to Yukon and Houston. But who do you have before we jump into crypto? Who do you have winning it all in your bracket?
Robert Swarthout:I I don't do the brackets, so I may default back to colors or something silly to keep it running. You flip a coin. Basketball is not my sport. If it's college football, maybe I'm a little more involved in that one, but not
Andres Sandate:There you go. We'll pick an SCC school because you're you're an SCC
Robert Swarthout:a lot. Florida's in it, so I'll pick Florida thing. You know? There you go.
Andres Sandate:There you go. Alright. Well, what do you have teed up for this, for this inaugural show? Yeah.
Robert Swarthout:So we're gonna start with, the SEC and they're they've been in different, lawsuits. They've I would say the biggest one that they currently are in with, Ripple. They're in the later stages of that case. It's largely been decided, but we're not gonna talk about that case. We're gonna talk about a case, with Debtbox.
Robert Swarthout:And the SEC, got itself in trouble here. This case is, largely not been on my radar. I I've kind of just seen it off in the distance. But what I found fascinating about this is the the SEC got caught lying to the court. Mhmm.
Robert Swarthout:The court asked the SEC, if they were sure that their statement was true. They said yes. Yeah. The court came back and basically said no and smacked them. There's gonna be a fine to the SEC and the SEC and the the charges are being dismissed by the judge with, and the and the judge is not gonna allow the SEC to refile the case.
Robert Swarthout:Like, it's huge loss. Admittedly, I don't know the what the real case was about, what the debt box case was about, but at the end of the day, it just shows that the SEC, to me, is the overreach that they're doing within the crypto space. They they did it in a ripple case, and they're obviously doing it here. They did it in something, another case called is it the library case? Yeah.
Robert Swarthout:The library case. That was silly. They basically just put a company in their business because they had the resources to do it, which is sad. But, you know, hopefully with you know, if we have a new administration that has a new view on crypto, we have some positivity that comes, but this is more of the same from the SEC, and it's just terrible for the industry. And, you know, admittedly, in some ways, I'm I'm embarrassed to be an American these days with some of these actions.
Andres Sandate:Let me ask you a a question. You know, there's been so much talk here of late because of of ETFs and the massive inflows of capital largely from individual investors into the the 9 or 10 Bitcoin ETFs, which we're gonna talk about that here in a minute. But but but let's let's spend some time here on this case. You know, a lot of folks who may not watch crypto outside of just the tokens that they own on a daily basis. When when you look at the SEC's approach to the entire crypto space over the last 4 or 5 years, it's it's kinda been characterized by regulation through enforcement versus trying to get legislation passed in DC with the work of regulators and the crypto industry.
Andres Sandate:What has that done? I wanna ask you as somebody who spends, you know, virtually all your time doing research, looking at crypto assets, looking for projects that have promise and commercial utility. But what what is that regulation by enforcement done if you step back and look at the industry in terms of where builders and crypto, projects are are starting?
Robert Swarthout:In some ways, it's made it easier to do research because you don't have to pay attention within the US because it's literally dried up. Everyone's left. Does it? I mean, that's a bit of an overstatement, but that's pretty much correct. You know, the the teams are being advised to not do it in the US if if at all possible.
Robert Swarthout:You see a lot of times you see Americans moving outside the US. Yeah. Going to a jurisdiction like Singapore, UK, maybe in Japan, and doing something where the rules are laid out, and it's, it's a fair road. Because it's, you know, to the SEC, they've got their hammer and they're looking for all the nails they can find. Mhmm.
Robert Swarthout:And at the end of the day, it's, to me, it's it's trying to protect the old guard. That's all it's about. It's, not about innovation. It's not about protecting the investor, which they're doing the opposite of at this point because they're putting, you know, retail investors at risk more than they should because it's causing them to want to go offshore to buy things, in jurisdictions where they don't have as much protection a lot of times.
Andres Sandate:And and potentially going you would to take that one step further, you know, going to exchanges to buy tokens that those exchanges may, you know I don't wanna say they're like an FDX, but but because so much of this has had to go offshore. Right? But there's just people are gonna transact in crypto, and I think there's Mhmm. Potentially camps of people who say this is just not real. It's it's a scam.
Andres Sandate:It's all a fraud. And then there's there's folks that are like, no. I mean, I know somebody close to me is, like, you know, owning Bitcoin's like owning real estate in Manhattan, you know, digitally. And and we could debate that, but the the point is it's not going away. There's a lot of folks that that believe it's not going away, and the question is, is America could America be the place where all this innovation is taking place, or are we gonna lose, you know, lose out to other jurisdictions?
Robert Swarthout:Yeah. You know, America certainly had a, coulda had a first mover advantage. It's likely not a first mover advantage now, but we have such an advantage because this is the capital center of the world. Right. Yeah.
Robert Swarthout:So you would think that we would want to have some kind of influence, over it. But right now, it's currently just stick our head in the sand and pretend it doesn't exist approach. The cat's not going back in the bag, and at the end of the day, it's, you know, the world is borderless in the sense of the Internet, and it it's here to stay. So
Andres Sandate:Well, wrapping up this first topic. So for those on the on the, on on the live show, you know, look up Debtbox. You can go out on various platforms and news outlets, and and if you search for Debtbox in the SEC, you can actually pull down the rulings. And to Robert's point, like, it it's pretty stark, language that the judge used, in in their rulings. So let's talk about, BTC, and inflows in in terms of these ETFs.
Andres Sandate:So maybe you could give some context around how long have these, you know, exchange traded funds or ETFs, how long have they been around? How long has the, you know, the BTC, taken to get to certain key milestones in terms of assets, and where is it going?
Robert Swarthout:Yeah. It's, it was highly anticipated. These ETFs launched January 11th, to good amount of fanfare. It, you know, it was years in the making for some of the applicants and months for others. But at the end of the day, it's, was a important moment for the industry because it's the first time you could buy crypto within a brokerage account and not be a accredited investor because you would normally would had to have done, like, the grace grayscale, GBT trust.
Robert Swarthout:So there's 10 of these now. Grayscale did convert their trust into an ETF. And the, the first, I think it was the first 5 weeks, it was the fastest a single ETF had ever gotten to 10,000,000,000 and,
Andres Sandate:10,000,000,000. Yeah.
Robert Swarthout:And we're talking about BlackRocks. BlackVMs. Yes. The I shared BlackRock.
Andres Sandate:Which is which is IBIT, I believe. Correct. Yeah. So so BlackRock being the, you know, one of the largest, if not the largest after Vanguard, you know, it's probably depends on the product. And then you you also have PowerShares, Invesco.
Andres Sandate:Like, these are 3 gigantic asset management firms, global asset management firms that kinda lead the ETF race. So so I'm curious to to to ask you, why did why did these get approved so quickly for some and and take forever for other sponsors for issue?
Robert Swarthout:In hindsight, the crypto industry probably needed cleaned up. I don't think I'm kinda of the belief had these big power players in finance not wanted, Bitcoin ETFs, we would still not have them even though we had other applicants that had already wanted them. They came along and they they accelerated the process, in my opinion, of cleaning up the industry. The FX stuff happened in late 22. That that was gonna happen no matter what.
Robert Swarthout:Right.
Andres Sandate:But the
Robert Swarthout:cleaning up of Binance, I think, is definitely something that happened because these applicants, whether they had, they they certainly didn't publicly say it, but, it just seems way coincidental.
Andres Sandate:And that happened so fast. Right? Like, it went from being settlement, everything. Yeah.
Robert Swarthout:It went from being Loom, the settlement November, and then all of a sudden, super hype, and rapid iteration of the, s ones in December, even into the week of Christmas. They were working on these things, and then early January on the
Andres Sandate:on the So so so back to the ETF inflows or the capital coming into these products. So when you say that individual investors don't have to be accredited and they can buy them in a brokerage account, can you, like, explain what that is and, you know, kind of basic layman's terms? Yeah. So the,
Robert Swarthout:the Grayscale Trust has existed, I think, since 2017, 2018 time frame, and it had 60,000,000,000 of AUM. Like, well, it weren't the right thing. Yeah. Huge. 60,000,000,000.
Robert Swarthout:Yeah. Huge number. They had over 600,000 bitcoin that they owned, which was, I think, the single largest holder outside of the founder of Bitcoin, Satoshi's wallet. So at the end of the day it was, I wouldn't say it moved the market, but then there was this there was a lock up when you're in the trust. So there was this whole narrative along with it, like, what kind of discount can you have because you have no liquidity effectively, and that went on for years.
Robert Swarthout:And that finally closed, obviously, when it they got to convert. The the flip side is is when all these other the other 9 came along, also you could, you know, it's another ticker in your brokerage account. You could go buy it if the platform you're on supports it. Not all platforms currently support it. Vanguard is 1.
Robert Swarthout:They decided that they're gonna have the stance of it's I don't know. It's not safe or whatever. They're I don't think they publicly say why they don't support it. They're just kinda, like, acting like it doesn't exist. Exist.
Andres Sandate:There's a lot of there's a lot of wire houses. These wire houses are the the 4 big, you know, wealth management brokers. Mhmm. These would be firms like Bank of America Merrill Lynch, Wells Fargo, Citi. They they are in, quote, unquote, I would say, due diligence.
Andres Sandate:They're reviewing it. They're they're monitoring it because, you know, the potential is once that's approved, you know
Robert Swarthout:Yeah.
Andres Sandate:You could have advisors, you know, that could then call a client and say, hey, you know, maybe we should do a half a percent, 1%, 2% allocation. What but isn't it true though that if the client's calling the adviser, potentially, they may be able to sell them the the Bitcoin at certain platforms? It's certain platform.
Robert Swarthout:Yes. Correct. Certain platforms. That that is the case. Yeah.
Robert Swarthout:Well, not Vanguard, but yeah.
Andres Sandate:Yeah. I'm not here to pick up from there. I I wanna ask you to speculate maybe who is investing? I mean, how did these products get to 10,000,000,000? What what do you think the profile or avatar is of the of the investor that's, you know, putting dollars into these, ETFs?
Robert Swarthout:I think it is people that were already, I guess, on maybe on the edge of crypto news, kind of watching from the outside, didn't really have the ability, or didn't have the interest to go open a Coinbase account. Or maybe they did and they just it's easier. It's certainly less fees to go buy an ETF versus going to point based and buying, Bitcoin. But, you know, I I kinda think the percenter right now is a, a boomer that has money in the brokerage account and wants to take a bet on crypto. This is currently the only bet they can take within a brokerage account, outside of some other, you know, credited products.
Robert Swarthout:If the, They
Andres Sandate:can kind of buy a proxy, though. I mean, they could they could invest in MicroStrategy or they could invest in some of these other sort of stocks that that give them exposure to blockchain technology or, you know, projects that are happening, but but direct Bitcoin exposure, this is the, you know, more functional way.
Robert Swarthout:And ironically, MicroStrategy, in my opinion, has turned into a leveraged, a hedge fund with with regards to the only whole Bitcoin, and you're paying, like, 2 x in basically no business behind. I mean, there is, but nothing at the scale that they're currently selling their shares at the the PE ratio. Yeah. So I don't know. It's a it's a bit fascinating to watch because the flows in have all been inbound.
Robert Swarthout:There's, you know, we were you know, it's in our notes here to talk about it. Kind of this next topic is, like, there's functionally no one calling on their clients right now. Like, oh, would you like to add Bitcoins here? I mean, I'm sure you're right, but nothing of scale. It's all this pure like, I want it, please put it in my portfolio.
Robert Swarthout:And, you know, and we think the prices run so far. In Grain, we're in a bit of a pullback here. Not too surprising, but at the end of the day when the spigot really gets turned on, this thing could get really interesting quickly.
Andres Sandate:Yeah. I'm I'm curious to ask you before we move on to to kinda the projections that the industry and we've seen some news come out that we wanna react to about inflows into these products. It's safe to say that the current inflows so far into these ETFs have far exceeded even the most aggressive expectations Mhmm. From a lot of these even from the issuers.
Robert Swarthout:Is that fair to say? Yes. Because BlackRock had even mentioned, that their goal for 2024 was to have 5,000,000,000 AUM. They they did that within the first probably 3 weeks. Yeah.
Robert Swarthout:It's definitely accelerated for them. And, you know, now, you know, the kind of the consensus among issuers is it's gonna be a basket. You know, all of them combined will be about 50,000,000,000 is what the current, projections are.
Andres Sandate:I'm gonna ask you I'm gonna ask you from a, like, a professional investor's perspective. You know, you you you like I said, you are in this space day in, day out. Like, what are the ramifications or implications that you're paying attention to with respect to all this capital flowing into Bitcoin? We have a halving coming up next month.
Robert Swarthout:Right.
Andres Sandate:A Bitcoin having, and a lot of people own Bitcoin that didn't own Bitcoin the last time there was a having. Mhmm. You have all this money flowing in that's not even institutional capital yet. So I'm I'm curious what are the ramifications around mining and prices and you know, we're not a financial adviser. We're not a show to give advice.
Andres Sandate:Right? To be clear, I just would love to hear your your thoughts on on what you see kind of down the road.
Robert Swarthout:Yeah. The the idea that, well, kind one thing that I'm watching is just generally, like, how many Bitcoin are on exchanges slash some representation of what what the volume is that's sitting at OTC desk. That is, I think, at around a 5 year high the last time I looked. Assuming not high, low. And functioning approach I wouldn't say approaching 0, but pretty much.
Robert Swarthout:That's, you know, this is gonna be pure, you know, supply and demand at some point, and it's kind of already showed itself. But as the price increases and certainly gets through a true all time high, we have eclipsed the number that happened in 2021, but non inflation adjusted. That is a much, I think, like 78,000 or something like that. So we have a little bit ways to go. I mean, we're set at 64,000 today in a pullback that we're about, in my opinion, about halfway through.
Robert Swarthout:We're about 12% in. We probably should see around a 30% pullback before we kinda get to run again if it follows last week.
Andres Sandate:Yeah. Because last week, it touched 72, 73. I mean, the worst levels. Yeah. Yeah.
Andres Sandate:So you know I think one day.
Robert Swarthout:Yeah. So you're talking, like, low fifties. 52 to 54 is kinda where we might if we're following the last, the pattern of last cycles you might kinda bounce off of. And then you start going up.
Andres Sandate:That might be the new that could be a new floor. Right?
Robert Swarthout:It's it's some level. Yes. Yeah. At some level. You know, again, this whole ETF, the capital coming in from the ETFs, does it blow up all the models from the past?
Robert Swarthout:It I believe so. I see very few people that are talking about that.
Andres Sandate:Right.
Robert Swarthout:And, you know, people just purely speculating on price, which I guess is fun to do, but, you know, it's not grounded all that well.
Andres Sandate:That's one thing that I I wanted to throw out there because, you know, we wanna be a a a live weekly show about reacting to crypto news. And one thing you you do not see in the news is you don't see any models or any, like, evidence based kind of research, right, from anybody with a following that can justify why Bitcoin should go to x or y. It's purely more it feels more like a FOMO driven
Robert Swarthout:Right.
Andres Sandate:Kind of, rally.
Robert Swarthout:This whole market's FOMO driven. There's, you know Yeah. Fun focuses on commercial utility. There's very little utility right now, admittedly. Maybe the sprouting of some, but it's it's still fun.
Andres Sandate:But that doesn't sell newspapers. Correct.
Robert Swarthout:And that
Andres Sandate:doesn't get clicks. I mean, and people wanna hear about what MicroStrategy is doing, and they wanna hear about how much BlackRock has raised today, and that's what's generating a lot of news. And you're now seeing, you know, these Bitcoin tickers that are showing up on, you know, the the major, you know, financial news networks. It's it's just changed quickly, but there's really not a lot of depth to a lot of the analysis and reporting.
Robert Swarthout:Right. So FOMO and then kinda tying it back to one of your other questions about the halving that's coming up. You know? So every roughly every 4 years, the number of Bitcoin that's produced on a daily basis gets cut in half. It's called the halving.
Robert Swarthout:It's part of the code of Bitcoin. It's it's functionally written in stone, and it's gonna go from currently 900 a day to 450. Bitcoin will be mined all the way to the year 2140 assuming the network's still around. And at that point, it'll no more new Bitcoin be created. But at this point, something like, I think 85% of all Bitcoin has been created or some some very high number
Andres Sandate:Mhmm.
Robert Swarthout:Of the 21,000,000. But, you know, I think at some level this having is more of a psychological event than it is a real pricing event because, you know, these ETFs are consuming 10,000 plus Bitcoin a day on any given day at this point. And then you're you're changing the supply from 900 to 450. That doesn't materially change. It's it's the sellers to for those ETFs to be able to buy are coming from the current float.
Robert Swarthout:It's not coming from the miners. If we were doing this 8 years ago, it probably would be material, not not so much now.
Andres Sandate:Right. So what you're saying there I wanna break that down. You're saying that the that the seller that is willing to to, transact and sell their Bitcoin to, ultimately, to these ETF issuers who need to buy because they've got capital to put to work Mhmm. Is not the miner. It is float that's out in the marketplace.
Andres Sandate:It's it's people that have Bitcoin in their wallet already.
Robert Swarthout:Right. And then and, you know, I guess to be clear, the miners could be, I guess, also speculators. They could have been holding some Bitcoins for some period of time, but they have cost. No cost involved. So I think there is a mixture, but to to, to satisfy the demand that's happening from the buying of the ETFs, there has to be other sellers outside of the miners.
Robert Swarthout:Yeah. And, you know, long time holders and, you know, the all time high is interesting. It's been kind of bumping its head against that and then we've pulled back a little bit. So maybe there's, other stuff going on. Also, you can kind of watch the, Bitcoin futures are being absolutely manipulated every single day when it comes to it's almost like the futures drives down the price.
Robert Swarthout:So the, the the ETFs can come in and buy at a slight discount. And you've kind of seen this, I wanna say tug of war, but definitely this nudging of the price that happens. Yeah. So it's fascinating.
Andres Sandate:Well, we could yeah. It is. And we could spend the entire half hour talking just about Bitcoin and ETFs, but there's other news. There's, there's other things that are happening. What else, what else caught your attention this year?
Andres Sandate:Or pardon, this week? Feels like it's been a year.
Robert Swarthout:Yeah. You know, actually just today, you know, it's it's early, So trying to be not super speculative on this, but the the Ethereum Foundation is got some kind of investigation going on by some state entity. It's not clear to me whether that's US based or some foreign based. I've, privately, I've said to many people that I think that the Ethereum Foundation or some entity that, consensus or Ethereum Foundation. So one of those 2 seems to be, next for the SEC to sue.
Robert Swarthout:There there's a lot of smoke there. More smoke smoke than any other case that I've seen come up. And that's I don't know. Some bad folks seem to be involved with it. Not necessarily cheering for the blowing up of Ethereum because that would be not a good event that
Andres Sandate:for crypto as a whole. Right. Right.
Robert Swarthout:But maybe Especially when
Andres Sandate:a lot of people that are watching these, you know, ETFs, Bitcoin ETFs, when when they're on these shows and when they're in the news, they're always asked what's next. Everybody wants to know what's next, and everybody's talking about, okay, there's gonna be, you know, an Ethereum token or I mean, pardon, an Ethereum ETF Mhmm. Next. So it is important.
Robert Swarthout:I think people should focus and listen to Larry Fink a little bit more on this one. When he says tokenization is what's coming next, I think that's what the North Star should be. I think people should be less focused on an Ethereum ETF. It it would it will happen at some point, but tokenization is a much bigger topic that is more broadly reaching that has real use case in the world rather than just another way to speculate on some crypto.
Andres Sandate:Let's talk about yeah. Let's let's talk about what some news there's a lot of news around RWA, real world asset tokenization as it's called in in the industry. And and we could go down a bunch of different lanes here from, the standpoint of what gets tokenized to different, projects and companies around the world, not even ones in the US that are actually tokenizing infrastructure. Like Right. The types of assets that BlackRock just acquired through their major Mhmm.
Andres Sandate:Asset management purchase of one of the leading infrastructure firms. So maybe talk a little bit about the news and the headlines there to help folks listening or that will watch understand why should, you know, we be paying attention to RWA.
Robert Swarthout:Yeah. I I I guess it's super high level. I'm a big, believer that you're gonna end up being well, you end up using a a crypto platform behind the scenes of something that's tokenized before you realize you're actually using it. It is a back office, mechanism that at first, a cost saving mechanism, whether it's tokenizing of a fund, a tokenizing of a real estate project, a tokenizing of, you know, this equities. I mean, there's all sorts of, places that it can this can show up.
Robert Swarthout:I think it's certainly gonna show up in places offshore for the US first, and then due to lack of regulation, we'll come onshore later. And may and maybe that's good. I don't know. Time will tell because maybe the first iteration of the technology needs to kinda be worked through. The bugs get worked out or kinda figure out what the right fit is and then kinda use it for something that's a little more, external.
Andres Sandate:Right. I mean, because when you look at our securities laws, they go back to 3334. Right? And and things have changed, obviously, to say the very least over the last 80, 90 years. So and and when you talk about tokenization, it just it raises a significant number of issues from not just regulation, compliance, but legal, ownership.
Andres Sandate:Right? We've talked about some of those things practically. And, again, you just often you hear in the news cycle a lot about, oh, we're gonna tokenize this multifamily asset, or we're gonna tokenize this industrial building, but there's really less, me around how's this gonna work, who's doing it, when's it gonna happen.
Robert Swarthout:Yeah. You know, it's it's early days. Right? I mean, like, in some ways, people don't even know how the technology is gonna get used. They're trying to find ways to, you know some ways, I wouldn't say technology looking to solve a problem, but that's kinda what it is.
Robert Swarthout:So it's, you know, know, just like the early days of the Internet. Like, how would the Internet be used? And we used it in a 1,000,000 different ways we didn't realize, then. So
Andres Sandate:Well, let me ask you as we wrap up, because we wanna be respectful of our our goal to to jam pack the show in 30 minutes. When when somebody that is wanting to learn and get educated and and follow what's breaking in in terms of news around digital assets and crypto Mhmm. What are some of the sources, you know, because there's so much hype out there. There's so much trash. Yes.
Andres Sandate:What are some of the things that somebody like yourself, like a professional investor is looking at? Whether that's people you follow or or just outlets that tend to have a more, you know, sober, realistic, kinda measured approach
Robert Swarthout:to it. Yeah. There's probably 2 I'll mention. 1, the Wall Street Journal has a, I believe, a weekly email newsletter that they send out that's crypto focused. You can find that.
Robert Swarthout:It's, you know, relatively well done. They've they've gotten a lot better admittedly. And I guess the second one is gonna come from the, group consensus that I talked about and Ethereum thing, but they do a newsletter that I believe that you get that is maybe a little bit more, investor professional focused and kind of tries to cut out all the crap that happens in crypto and or people crypto.
Andres Sandate:And Yeah. I I think what you're referring to is the is the weekly newsletter that I get that's targeted at financial advisers. Correct. Correct. Yeah.
Andres Sandate:So as a as a as an adviser, I read that because I think it breaks down a lot of, the projects and terminology and things that an adviser would likely be, asked by a client and and trying to convey it in a way not to sell something, but just to explain these are things that are happening in in this growing asset class to be mindful of. Because there are advisors that have written off crypto and written off, you know, owning Bitcoin. And yet, last data point, BlackRock reports that there is $10,000,000,000 in held away assets, which means assets not being managed by advisers.
Robert Swarthout:Mhmm.
Andres Sandate:You can find this on their website. $10,000,000,000 in held away assets by high net worth investors. So that's a lot of assets, like, to your earlier point in the show that are being, you know, self managed. And so, I I think, yeah, I think that newsletter is really good. Okay.
Andres Sandate:You get the final word.
Robert Swarthout:Well, I just wanna thank everyone for joining us on this inaugural, session, and look forward to catching up with everybody on a weekly basis.
Andres Sandate:Sounds great. Thank you, everybody. See you. Take care.