About this episode
Michael Nadeau went risk-off in October and has been targeting Bitcoin's fair value near $65K. In this episode, he joins Ryan to unpack what changed after BTC broke below $80K, why he does not think this is the macro low yet, and what a real bottom typically looks like (capitulation, then apathy).They also dig into the new wild card: incoming Fed chair Kevin Warsh, and why “rates down” could still mean tighter liquidity if the balance sheet shrinks. Mike walks through the key cycle signals he is watching (MVRV/realized price, 200-week moving average, long-term holder behavior, miners), how Bitcoin tends to lead the Nasdaq Composite, and the price zones on his watch list for ETH and SOL as he prepares to scale back into risk.Michael Nadeau & The DeFi Report:https://x.com/JustDeauIthttps://thedefireport.io/---?KRAKEN | DEFI EARNhttps://bankless.cc/Kraken---BANKLESS SPONSOR TOOLS:?POLYMARKET | #1 PREDICTION MARKEThttps://bankless.cc/polymarket-podcast?EUPHORIA | REAL-TIME ONE-TAP TRADINGhttps://bankless.cc/euphoria?BITGET TRADFI | TRADE GOLD WITH USDThttps://bankless.cc/bitget?BANKLESS PREMIUM | AD-FREE & BONUS EPISODEShttps://bankless.cc/spotify-premium?THE DEFI REPORT | ONCHAIN INSIGHTShttps://bankless.cc/TDR-pro?ICO WATCH | UPCOMING PUBLIC TOKEN SALEShttps://bankless.cc/ico-watch---TIMESTAMPS0:00 Intro3:03 New Fed Chair Announcement8:54 Macro Analysis of Kevin Warsh14:56 Labor Market Concerns23:09 Wealth Destruction Phase26:31 Long-Term Market Projections31:21 Bitcoin vs. Stocks39:51 Market Sentiment & Cycles42:10 Tactical Investment Strategies55:29 Long-Term Optimism for Crypto58:06
