The agentic economy doesn't work without crypto. Steno: AI agents need to pay each other in tiny amounts, constantly. Card rails and banks were never built for that. Stablecoins were. That's why the two run together.

Noob traders running to their laptops the moment market dips a bit.

Jeffrey Gundlach learned what investing was in the Yellow Pages. He didn't know what a bond was at his first interview. Three decades later they call him the Bond King, and he puts his macro hit rate at 70%. This is the fourth unlock from the Library of Legends: every Saturday, we open up one of the best interviews in Real Vision history.

"The burden of proof has shifted from the bulls to the bears." - Benjamin Cowen on Bitcoin. Every past bear market has ended the same way: the low gets set, price rallies, reclaims the 20-week and 50-week, then extends above them. This setup has failed a few times in past, but almost never for Bitcoin.

Alt season is a catch-22, and Benjamin Cowen just spelled it out. For alts to run, policy has to loosen. and for that, the AI bubble has to pop. AI stocks may fall 20 to 50%, but crypto sells off alongside them. The thing that unlocks alt season is the same thing that can bury it.

Bitcoin just did what Benjamin Cowen said it wouldn't this year, and he's owning it. Above the 50-week moving average and still going. His read: that's how bear markets end, and the burden of proof has shifted from the bulls to the bears. Alt season, however, is a different story. Palvatar covers it, plus what Raoul's Mentor AI makes of the call, in this week's theme of the week.

Altcoin open interest has hit 3.53% of market cap, excluding bitcoin and ether. That's the 98th percentile of the last four years. Jamie Coutts built a dashboard that splits crypto leverage five ways. Total perp OI sits at $71.2B, up 22% in 30 days. Alts account for $23.8B of it, up 30% in a month. His read: past readings this extreme either triggered a slowdown or a top. This one ground higher instead. That either a huge signal this cycle still has room or a warning the market hasn’t respected yet.

An alien writes one of the most read reports inside Real Vision. This week Zorp is moving out the risk curve: Fed peak hawkish, geopolitics priced in, oil in retreat. He called the tech strength in his last report and thinks the setup for NDX 33,000 is happening now. Palvatar walks through it.