The fast money is not loyal to anything — it just wants price to go up, and it will amplify any move.
Yurian traces the hot money rotation from Bitcoin to gold to semiconductors, noting that each move had a fundamental catalyst, but the fast money then amplifies it beyond what fundamentals justify. ✦ AI generated
Yurian Timmer · The Compound · 2026-07-20 · original ↗
starts at this moment · 22:42
“How do you think about this idea of fast money? Do you think this is a new phenomenon or is it just there's more of this going on?”
The fast money is not loyal to anything. They just want price to go up. When liquidity is ample, they'll jump on any train that's moving. Bitcoin peaked at 126,000 just at the time that gold had really been on the move. The fast money was not making any money on Bitcoin so they moved over to gold. Then the Iran conflict happened and gold was for sale, and at that same time the semis were moving, so the fast money just jump shifts.
verbatim transcript · starts at 22:42
22:23this going on? How do you think about these momentum plays and how to how do you try to have fundamental views on this stuff when a lot of it is driven by just flows as opposed to the the numbers? >> Yeah. No, it's it's a great question and I think one thing to remember is that the fast money is not loyal to anything or you know they fast money just wants
22:45price to go up. uh and when and when liquidity is ample. For instance, during the meme stock days of 2021, right, there was basically free money and stuff was moving and they'll jump on any train that that's moving. And so a few years ago when when when Bitcoin was mooning um and the ETF story was a big one for Bitcoin, there was a lot of fast money
23:09just playing along. And of course, the Bitcoin maxis will say, "Well, this is adoption, this and that." and and it was and it is, but part of it is just people people want stuff to move and they'll they'll jump on that train. And then Bitcoin peaked uh it had a four-year cycle peak at 126,000 just at the time that gold had really been on the move, right? So 2025,
23:32gold was the star player was up over 30% even though it's completely uncorrelated to both stocks and bonds. So that I mean that's what you want in a portfolio, right? You want uncorrelated assets with high sharp ratios. And so Bitcoin I mean Bitcoin gold was going up because central banks were buying. But then the the trend became visible and the fast money was not making any money on
23:56Bitcoin. So they moved over to gold and that was the time when you know silver was mooning to $150 and and so you had all those flows. Then we had the Iran conflict and gold had overshot its upside. Maybe if we can pull that chart back up, you can see that the global money supply which is the red line or this is the fitted version of it uh to
24:20explain gold's price. You know, gold went way above that because of the fast money and the yellow the yellow bars is is inflows into the gold ETFs. And so gold went too far up and then the Iran uh conflict happened and all of a sudden gold and treasuries were for sale because now all of a sudden there are reserve assets that are potentially a source of funding for Gulf states who