Ivan on Tech gives a Bitcoin market update and answers viewer questions on crypto strategy, wallets, and DeFi apps
Ivan on Tech hosts a solo livestream discussing Bitcoin's current price action, market sentiment, and broader crypto strategy.
Summary
Ivan on Tech presents a bullish case for Bitcoin despite it sitting around $81,000 and widespread anxiety in the market. He argues that nothing has fundamentally changed in the bull trend, that the time to be bearish has already passed, and that emotional decision-making — not market conditions — is what causes most people to lose money. He plays a clip of crypto commentator Anom expressing caution and concern, and contrasts that with his own systematic approach. Ivan also addresses broader macro themes including AI-driven bank hacks, the case for hard asset ownership in an AI economy, and the risks and limitations of various hardware wallets. The second half of the stream is a Q&A covering DeFi super apps, crypto wallet security, and the viability of building a Bloomberg Terminal-style product for crypto.
Key Takeaways
FULL TRANSCRIPT
Bitcoin Price Action and the Case for Staying Bullish
Bitcoin is still at around $81,000 and people are, as usual, freaking out. But I'm here to remind you of my view on the situation. I am still bullish on Bitcoin and crypto. I do see people flip-flopping. Even Anom is saying that he's more careful — we're going to play a video where he came out and said he's a bit more concerned. But at the end of the day, what we look at is our system. And there is literally no reason for us to change based on recent market events.
If you look at what actually happened during the last week, two weeks, three weeks — literally nothing has changed. We have been, just as a reminder, at $74,000 just a few weeks ago. That was of course a big panic for everyone back then. Now we are at $81,000. We are still in the bull trend. We haven't broken down from the May high. And even if we do, we would still be in the bull trend. We are above the 200-week moving average. We're still in a very nice formation timing-wise as well, because we've had a year since the peak, and normally it takes a year to find the bottom.
The time to be bearish was right back there. The time to be bearish is not right now. Very important. So based on everything we've been doing — de-risking in October 2025, getting into AI stocks earlier this year, getting away from AI stocks into crypto starting below the 200-week moving average — our track record is very good. We follow the system. We don't know the future. No one knows the future. I'm not a fortune teller. I'm just telling you what I'm doing, and what you do is up to you.
You could lose all of your money in crypto. Always. Embrace this disclaimer. Become one with the disclaimer. Be fully connected and united with the disclaimer, because that's how it is in crypto. You could lose all your money in stocks too. Most people lose money trading in any market. Why? Emotion. They read something, they become scared. They see something happening. Even if they have a good strategy, they cannot follow it because they listen to someone else who tells them something different. They change strategy mid-strategy. Imagine whatever you're doing — whether it's playing football, whether it's driving a car — and you just change the whole strategy in the middle.
Anom and Crypto Banter Turn Cautious
Based on the current market situation, there is no reason for us to change our bull or bear stance — but people are changing all the time. I think Ran from Crypto Banter, the latest is he's now bearish. And you have Anom now saying that he's bearish after pumping up his memecoin, by the way, for the next bull market — basically having this narrative of the next bull market. Now he's cautious. Listen to this.
Anom: Are you de-risking or are you shorting?
I'm doing both. I don't really recommend people shorting because this is not the beginning of a downtrend. For Bitcoin, ETH, and SOL, you're at a pretty key support level right now. So you're kind of shorting into support if you were to short right now, and you have to be very nimble getting in and out of it. The worst outcome is to be wrong on a short, lose money on the short, and then whatever you were trying to short goes down anyway and you don't have a position — that's doubly bad. So I don't really recommend most people to be shorting. I think you can de-risk and take profit if you're up on positions, or cut positions if you bought near the top and then re-enter wherever you want to.
432 banks look stressed. I am stressed, bro. I am stressed.
Yeah, it's tricky, bro. It is a really tricky spot. I'm not going to lie. It is tricky. And I was super bullish. I think last time we had an episode I was like, "Yeah, I think we're pulling back into a key level, good spot for support to hold."
Ivan on Tech: Yeah. For us it's quite simple actually. There is no reason to be bearish until you have a clear signal. I don't know what signal he has, but for example, should we go into a bear trend — okay, that's the reason to be bearish. We're bullish on everything in a bull trend. As soon as we go bear trend, then okay, the situation has changed.
In terms of NASDAQ, for example, NASDAQ is very close to a bear trend. Still bullish — we don't become bearish if it doesn't go to bear trend. Here, for example, it went below and then bounced back up. So if you want to become bearish on something, then look at the stock market. If the stock market goes bear, that's going to be a big signal. If S&P goes bear, that's going to be a big signal for the stock market.
For Bitcoin though, it's bullish. It's quite far from the bear flip. We have such a big safety margin for the bear flip that it basically has to fall all the way to the 200-week moving average for the bear flip to happen. Can it happen? Nothing is impossible. But I'm just telling you what I'm doing — what you do is up to you.
Why Most People Can't Follow a Strategy
It's not easy even when you have a nice strategy. Most people are not made for it. Too emotional. Look here — you look at this bull trend from 2023 all the way until late 2025. It looks so clean. How could you lose money in such a nice green bull trend? But unfortunately, most people are absolutely not made for it, because within the bull trend you do have some volatility. We didn't even have that much — we were down like 5–7% here. In early 2023, we had volatility of 22% within a bull trend. Here we went down 18% within a bull trend.
So yeah, I think for many people they really need to ask themselves what the hell they are doing here. For crypto to have 20% volatility within a bull run is normal. So if you've been here many cycles and you still haven't made money, and you're worried — you either need to take it seriously and start working with a system, or honestly, some people should really consider what the hell they are doing here.
The amount of emotion over this 6% drop is quite insane. And I think this industry has become a bit soft overall. I remember back in 2017 we had craziness. Back in 2015, 2014 — we had such volatility that today people don't even imagine. Today people cry and panic over 6% volatility within a bull run. Something to think about, especially as the emotions run high.
AI Hacks on Banks and the Broader Tech Risk Landscape
Banks have a big problem. Morgan Stanley, Bank of America, JP Morgan, and Wells Fargo have detected unauthorized AI agents accessing customer accounts and attempting to act without user interaction. There you go. It's going to be very interesting how the banks are going to react to all of this AI, because a lot of the banking infrastructure is written in COBOL and there's like one guy who knows it because it was done so long ago. They run such legacy systems from such a long time ago. If something happens, there's like one guy — maybe one and a half guys — because it's like two guys and they have to be in different banks. Only they know how it's all set up.
So based on the recent AI hack announcements, bankers are in a very bad spot. Bankers really need to pay attention here, because all of their legacy systems — not only are they old and no one really understands them, but if something happens, the guy who created it is already dead. You have another guy who kind of understands it, and how they're going to manage it is going to be very interesting.
So yeah, crypto has a quantum risk, it has all kinds of risks — but banks also have it. Traditional finance also has it. It's not just crypto that has technical risks. We also discussed gold yesterday — potentially they can make new gold now. Alchemy seems to be solved. It's probably going to take some decades for that to really heat up, but it is true that within the coming years you could do synthetic gold.
So Bitcoin, if you look at the comparisons, actually looks quite okay. I say that Bitcoin's position has improved during the last few weeks due to the AI hacks, because Bitcoin is now not alone in a world where tech is a potential risk. Banking has the same. Gold has the same — they have the tech risk that they can make new gold. So Bitcoin is now not alone in this situation.
Charts: S&P, NASDAQ, Oil, and Middle East Concerns
Because we have a bit of volatility here, many people start flip-flopping — including Anom. But you need a system. We're going to be bearish too if we go bear — we have a clear system, a clear strategy, clear rules. And it's exactly the same as 2023, where we had an initial pump and then quite a lot of volatility. That one right there was 20–22%. Very common in the beginning of bull markets.
In terms of other news — let me check the earnings. Meta we covered yesterday. Meta was bullish for the AI space because their Muse AI is a big thing they are succeeding with. Tesla we just covered. Lam Research had a record quarter. So far so good with earnings season.
There are concerns in the Middle East. People are saying embassies are evacuating — that could be a factor. At the same time, we check the charts. What do the charts say? The same as last week and the same as the week before. S&P looks quite good. S&P is going to open a bit higher today based on the futures. So S&P doesn't really care about the recent Middle East announcements.
NASDAQ is the one looking the weakest. It has the biggest AI exposure. Should NASDAQ go into bear trend, that's going to be a very important signal — for example, to move to S&P if you want to stay in stocks, just being in the bullish thing. NASDAQ could potentially revisit the 200-week moving average at some point. We don't know when, but the 200-week moving average is a very important long-term bullish support for NASDAQ. It will come back, get a bounce, and continue up. But we don't want to ride a bear trend all the way down to the 200-week moving average. It's better to be in other bullish things.
The only real signal for Middle East escalation is oil. Oil is elevated, but it's lower than it was before — lower than it was here, lower than it was here. And it's a very political chart. They can change this chart at any point. They could open up Russia for oil trade. They could do all kinds of stuff. Trump already did open up a bit of diesel, but it's a very small opening. So we don't trade oil too much because it's a very politically controlled chart. But based on the charts, the only thing showing any potential escalation is oil — and even then, it's not more elevated than it was in August, September, or earlier this year.
Gold Dumping and the Case for Hard Assets
Even gold is dumping. Where are you going to hide? Fiat is hyperinflating, gold is dumping, stocks — S&P is okay, NASDAQ is a bit shaky — and Bitcoin probably is the one that looks the best from a risk-reward perspective to me. Why? Because everything else is around the all-time high. Whether it's S&P, whether it's NASDAQ, it's a trade which is quite exhausted, because both NASDAQ and S&P are driven by AI. So when you look at the AI trade, it is extremely uninteresting compared to crypto at this moment.
If the AI trade is over, if the bubble is really collapsing, where are you going to go? Go to fiat? That thing is kind of hyperinflating — that's why bond yields are so high. People are worried about hyperinflation. You could go to cyber security. Cyber security looks quite good overall. CrowdStrike got a nice support. That could be another opportunity. But it's not a new thing — in Bulmania we've been discussing it for six-plus months and CrowdStrike has been in a fantastic trend, and that trend is likely to continue the more you have AI hacking and AI chaos in the tech world.
But you will not be exposing yourself to something new. Bitcoin and many altcoins are new charts. Based on risk-reward, where you want to be in new trends for the best risk-reward — crypto is the best. And again, we're not mega maxis. We become bearish when it's time to become bearish — for example, last October and the beginning of the year we were in AI stocks, then cyber security. But from a risk perspective, in my view, Bitcoin is amazing. Could it go to zero? Who the hell knows. But I don't know, guys. What you do is up to you.
Lyn Alden on Doomerism and Hard Asset Ownership
You don't want to be a doomer. Are you a doomer? Look here — Lyn Alden on doomerism.
Lyn Alden: "I say yes, which is basically to say that one can be bullish on gold and stocks. And that's why I keep fading the equity bears — which is to say, when we're running 7% of GDP deficits as far as the eye can see, being bearish on stocks basically means you're bullish on fiat, because you're saying stocks are going to go down versus the dollar. And certainly in a year they can — stocks are volatile, they went down in 2022 for example. They can absolutely get over their skis for a period of time. Gold can go down versus the dollar — when it goes from $2,000 to $5,000 as quickly as it did, as big a market as it is, that needs time to take a breather. So I do generally fade the doomer narratives of 'sell all your stocks, just own gold, the reckoning is just around the corner.' It's more like we're identifying that we're in a hot environment which has winners and losers, and generally speaking hard assets have been the winners. So owning gold, owning Bitcoin, owning high-quality equities, owning the best real estate."
Ivan on Tech: Hard assets, guys. And actually, the more I think about AI, the more the conclusion is: you want to be an owner. When you own fiat, you're not an owner — you're holding something that can be created. You want to own stuff that is hard to create. What she's saying here — high-quality stocks that do AI, Bitcoin, gold — you want to be an owner. If you're not an owner, you're going to struggle a lot. It's all about ownership. In the AI world, it's all about ownership. Everything else can be created by AI. You've got to own ownership. Very important.
Engagement Farming, FUD, and the "Scheduled Crash" Posts
There's a lot of FUD in the market. Look here — "It's going to be a bloodbath tomorrow. US military assets this and that." And what happens tomorrow? S&P wants to open higher. That's what we saw with the futures. You really need to distinguish between engagement farming and real analysis.
Here, for example, look at S&P. This is what it closed at, and this is the futures — you see, it's higher. And this guy was like, "Oh, it's going to be a bloodbath tomorrow."
Then there's another one. Look here — the kind of stuff people share. "Over the weekend I spoke to my uncle who is very senior at a major US exchange. He says they're quietly preparing for an AI-driven crash scheduled to take place tomorrow." So imagine this — there is a crash scheduled according to this lady. 500,000 people have seen this post. Her uncle has scheduled a crash that will likely dwarf Black Monday. Then what happens? S&P opens higher.
But the funniest thing is — apparently clearing houses have been ordered to pre-margin trades that haven't happened yet, and emergency circuit breakers are already being priced in. And this guy replies: "You have a lot of uncles." Because a year ago she was like, "My uncle, a member of the executive board at BlackRock." A year ago: "Just spoke to my uncle, an executive at Jane Street." "My uncle works on the floor of the New York Stock Exchange."
To be fair, it says somewhere it's a shitposting account. But many people take it seriously. And there are many real accounts that post stuff like that all the time.
Hedge Funds Short at Record Levels — Actually Bullish
Hedge funds are betting against stocks at near-record levels, per Goldman Sachs. Short sales outpace purchases by five to one across global stocks. Short positions on Goldman's books are at the 99th percentile of the past five years.
Guys, normally a crash doesn't happen when everyone is short, when all of the hedge funds are positioned. Sometimes people read this and get worried. I actually want to discuss it because you remember what happened when hedge funds were short stuff like GameStop. When you are short, you take a risk. You may get wrecked. And normally — let's say Black Monday — people say it's going to be Black Monday or some kind of collapse. It comes out of nowhere. It doesn't come announced. It doesn't come with a heads-up. COVID — minus 30% in the stock market, out of nowhere. There's never a situation where everyone is positioned correctly and then they press the button and go down together. That doesn't work like that. So this is actually a bit of a reverse signal for me. How you see it is up to you.
AI, White-Collar Jobs, and the Importance of Ownership
Nassim Taleb: every profession deemed white-collar, the middle-class dream, is about to be decimated by AI at a much faster pace than anticipated, with monstrous social consequences. Yeah, this one I'm very curious about. There's not too much need to hire someone who's going to be clicking buttons at a computer. So what are the social consequences of that? What is the social unrest? You've got to be an owner. You've got to be owning stuff. Being in the owner class is the number one most important urgent thing to do.
Oh yeah, this is a good tweet I saw. Look here: "Cannot own stocks with capex slowing. Can't own crypto with quantum and AI risk. Can't browse the internet because everything is hacked. Can't own software because everything is hacked. Can't own gold because alchemy is solved. Can't own bonds as inflation and crowding out are hurting." Whatever asset you have, there's always going to be a bear narrative. Always. So you need a system. Otherwise you're going to be scared. There's always something to be scared about.
Richard Heart Clip — He Told You What He Was Going to Do
Someone posted this yesterday — this is my old entry with Richard Heart where he basically explained his plan. Listen to this.
Richard Heart: "They got a bunch of volunteers making their shitcoin worth more when they raised multiple billions of dollars. Like, why does a company that's raised billions of dollars need volunteers for anything? Because people are so stupid. They're like, 'Yo, we'll trade you real money for fake money.' And so what's the ideal profitable behavior from a game theory perspective for these entities, these ICOs that have raised shitloads of real money and dumped it? Is it to actually do the work and fulfill on their project, or is it to just launch a new project?"
Ivan on Tech: He told you what he was going to do. Someone just posted this yesterday. We don't have to go too much into Hex — it's kind of a closed story for now — but I thought it was funny. Someone literally told you what he was planning to do years before the launch of Hex. Exactly.
ICP vs. Near Protocol Drama
There is big drama with Near Protocol and ICP. Near has confidential intents, and ICP is saying that they stole their tech. Dom from ICP is claiming they infringed on some patent. Near's response is basically that it hasn't been a secret that the tech for Near intents is built on similar tech available online. So you can read through that thread if you're interested.
A16Z Drops "Crypto" from Name
A16Z crypto has changed their name from A16Z Crypto to A16Z Frontier Tech. Okay — they want to invest in more stuff. There's more to invest in for them beyond just crypto.
Q&A: Hardware Wallets
Q&A — Questions, Answers, Debates
Which hardware wallet do you recommend? There's no good answer. There is zero good answer. Trezor is the only one that's left that is without drama. Is it 100% safe? Who knows. With AI, no one knows. So just spread out. Have a bit of ETF. Have a bit of self-custody. Diversify the risk in different ways. I would not touch Ledger at this point.
People mention other stuff like Ngrave and others. I don't like the small ones because — do they have funding? Do they have good management? It's hard to know. It's a very complex thing to do a hardware wallet. I don't want some small startup doing it. Ideally I would like a big one. So it's like Trezor left. But I don't recommend it. I cannot recommend anything. You come here for entertainment, not recommendation.
What about Tangem? Tangem had a problem where they leaked the private key to their support staff. Imagine — many companies have support staff in various locations, and your private key, if it gets shared there — I don't know where they have their support staff, but it was true that the generated seed phrase, the actual private key, was leaked to the support team. They said no one got affected because the support team never read any of this data. But with Tangem, it is this problem where — and maybe it's a bit unfair that if you make one mistake people lose trust — but this is a high-stakes thing. When you have an app that leaked the key, it means that the engineers were a bit sloppy where the actual private key got leaked into the logs and the support team could access it.
Everyone makes mistakes. I want to be fair. But when it comes to private keys, come on. What kind of engineers do you have where they leak the private key to the log and the support team can access it? And now imagine someone lets an AI loose on the system trying to find even more bugs. This was pre-AI that this happened. So yeah, that's a problem.
As far as I understand with Tangem, the concept is good — you have the card where your private key is — but the key is still generated on the phone and then gets put onto the card. If that key gets leaked before it's on the card, that's a big problem.
To the commenter saying Tangem has no private key — you misunderstand. You as a user don't have to write down a private key because it's on the card, but the card has a private key. To use crypto you need a private key. So yeah, there's always a private key.
It's up to you whether you forgive them or not. It's your money. I'm just telling you something happened. If you're fine with it, congrats. I'm even disclosing that maybe we're too harsh — when someone makes one mistake we are super negative — but the stakes are high. I would rather be too harsh so you know than to smooth it over.
And the team already smooths it over in their disclosure. That's true for any team with any kind of security issue — what are they saying? It's a small, small number of users. I haven't seen any kind of incident where it's not described as a small, small minority. The team already gives you the best polished version. I'm here to tell you that if they make a mistake, it's a problem. It's a big problem. We need to be very brutal here about what has happened.
There's no good solution. Trezor is the only one that is kind of, you know, still standing. But even with the best team, things happen anyway. With PHP this week, with SSL — things get wrecked today in ways no one can anticipate. That's why I'm telling you to have a bit of different ones. Maybe Trezor, maybe some of the others, a bit of ETF, a bit of traditional — mix it. So if something gets wrecked, not everything is lost. You cannot recover if everything is lost, because then you multiply yourself by zero. Even if you have a 100x, if you multiply it by zero, it's still zero because you have no money to put in.
Q&A: DeFi Super Apps and the Bloomberg Terminal Pitch
The trend of DeFi super apps is interesting and competitive. What do you think the winning DeFi super app interface will look like? Will it be an aggregator with a Bloomberg Terminal-style UX?
The super app by definition needs to be a normie app. It cannot be a Bloomberg Terminal if it's a super app. If it's a super app it needs to be very easy for normies. So likely it's going to be something like your banking app — very easy to onboard, easy to create a debit card connected to your crypto, easy to reset account. Probably you're not going to write down your private key. It's going to be login with email. Athena is trying to do it, for example. But with more and more regulation, having a global super app is going to be tough. Athena is not even available everywhere.
The super app, at least in my mind, means there is a bank account connected, your fiat and your traditional finance is all in one, because everyone has some kind of traditional finance still and for the foreseeable future it's not going to go away.
It's interesting how the hardware wallet landscape has changed. With all of the hacks with Ledger and others, people who have mobile phone wallets seem to be more safe lately. I haven't seen too many people complain that their Phantom wallet got hacked. Before, the consensus was that mobile wallets are crap and only hardware wallets are good — but now hardware has been hacked so much. I don't see too many Zerion and Phantom users getting hacked. Of course you have bigger responsibility for how you store the seed, but you also have the upside that you don't give out your mailing address or residential address. So there are some upsides there as well.
Do we even need the super app? That's maybe the biggest question. In DeFi you have a few different things. You have lending and that's one type of user, and then you have memecoins and trading and that seems to be another type of user entirely. What you need to trade memecoins — you need terminals like GMGN to have everything super real-time, to see the chart and who is getting in and out — it's such a different feature set versus lending and just getting some yield. I'm not even sure you need the same app for that.
To do the trading stuff for memes is very complex. To make GMGN or something like it in real time where you can trade on Solana — or like FOMO app, for example — to make that great across different chains is such a hard thing because of the data you need to process. And then, would the people trading memes even put money into a yield product to get a few percent? It's so different. So yeah, I don't know if it's even the same kind of people who would be using the same app. If it's totally different audiences, then just make two apps that are perfect for that audience.
Super app is a honeypot for hackers. Yeah, that's also true. But I think there is a place to have something like Revolut — a kind of neobank app where it's crypto, where you have your stablecoins, your lending, your card. That makes sense — kind of like what Athena is trying to do, or kind of like Phantom Wallet and Zerion with self-custody. Maybe that's a good middle ground where you can still trade, you can still swap. But swapping on Phantom and swapping on GMGN is totally different.
Maybe X will become the super app — that was Elon's plan all along, just like WeChat in China. Blending social with finance is very smart.
Now, the Bloomberg Terminal pitch. When someone pitches "hey, we're going to do Bloomberg Terminal for crypto" — I can tell you they have never used Bloomberg Terminal. I can tell you it's like a noob wannabe startup founder. I'm also guilty of this. I've said the same thing in my entrepreneur journey — "Yeah, let's do Bloomberg Terminal." Have you used Bloomberg Terminal? Do you know what it is?
Bloomberg Terminal is for institutions. It's not for retail. Have you seen any retail use Bloomberg Terminal? No. Why? It's expensive, and the feature set is built for institutions. If you know what institutions need, then you can build Bloomberg Terminal for crypto. But if you don't work at an institution — at a fund or a bank — you don't understand what it is. You as a retail person have heard that Bloomberg Terminal is a big thing, but you haven't paid attention to the fact that no retail uses it. You don't even know the product requirements.
There is a retail need for something that is a chart with info — kind of like TradingView. TradingView is more like Bloomberg Terminal for retail. And DexScreener, GMGN — they've already kind of filled that gap for serious retail.
Is there more room for data UI? There is. Yeah, there is more room for it. It's not cheap to do — the data infrastructure to run this, you need quite some engineering team. It's real-time data, a lot of data in real time. If you look at the throughput on Solana and then you want to have it cross-chain, it's a lot of throughput.
But listen — if you have some ideas, I don't want to be negative on your idea. You should build something. Now with vibe coding, build something, see if someone cares. Don't worry too much. You could have already built it in the time you've been asking. Build it. See if someone cares. Go from there.
Also, you need to flesh out what you even mean. Do you want landing? Do you want trading? What do you mean? Just showing on-chain data — there's a million ways to do it and you need an audience. If you do something that's not needed for the gaming guys, not needed for the boomer guys, you do something in between and no one needs it. You need to find the sweet spot audience.
Pump.fun is the most profitable app in crypto. Probably one of the fastest-growing companies in the world. The same thing with FOMO app — they worry about monetization more than market share. You need to remove noise from your brain. When you ask a question, be very direct: what do you want? "Hey Ivan, I want to become rich by building something in crypto — how do I do it?" Okay, then we can discuss. But asking which super app is going to get the most market share — why worry about that? Focus on what's closest to the revenue.
You're not going to invest in the yield stuff because yield is going to be super regulated and TradFi is going to take care of it. TradFi pushes regulation. If it's far away from TradFi, it's just less likely to get regulated.
If someone were to build Bloomberg for crypto — have you used Bloomberg Terminal? Do you know what it is? Because most people who pitch that have never used it. It's for institutions. Retail uses TradingView and DexScreener. If you know what institutions need, build it. If you don't, build a prototype first. With AI you can do it in like a day — a clickable prototype. Make it clickable. Show it. Would be better if you had a prototype. Now with AI you can do it in a day.
You need to find the sweet spot audience. If you do something that's not needed for the gaming guys, not needed for the boomer guys, you do something in between and no one needs it. So find exactly who the user is.
Thank you very much for being here. My point is not to shut down the vibe coder idea — really, just that when I see "Bloomberg Terminal" it got my warning light going about the clueless dude wanting to do a crypto startup. But yeah, hope you appreciate that. Do the prototype. Have a good day.