Crypto Markets Forever Stuck? Onchain Data Explained | Michael Nadeau’s Defi Report #2
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Bankless Station, welcome to our monthly crypto fundamentals podcast. We got a few topics to discuss today. Are we forever stuck at, like, a 107 k Bitcoin, 2,500 ETH, and a 150 Solana? Feels like we've been in this zone forever. We're gonna talk about that. Also, are alts the most hated asset right now? And if that's the case, are we actually going to get an alt rally, maybe a hate rally? And, where approximately are we in the cycle? Feels like some summertime blues maybe. And when the bull market comes, will it actually come to our crypto native assets, or is it all going to stocks that none
Hey, Ryan. Great to be here. I am feeling bullish. I think we are in an interesting spot in the markets right now. You know, Bitcoin, it sort of feels to me like Bitcoin is like a beach ball, that's trying to be held under the water, right now. And I think, you know, we've been trading in this range now for, going on seven months, you know, seven, eight months. So that is, like, a very interesting setup in terms of just, like, we've chopped up the markets a little bit. Feels like Bitcoin is somewhat of a coiled spring, but it's still not breaking out at the same time. We are in this sort of su
So, guys, these episodes, Mike and I get into the on chain data, so the analytics. This is a crypto fundamentals, podcast, and we're doing this monthly, Usually, the first Tuesday of every month. This is coming out on Wednesday because we had some special Robinhood things to cover that's in your podcast feed. The idea is we're trying to figure all of these things out in about forty five minutes. We're gonna get you a few major investment ideas backed by this on chain data. And at the end of the episode, Mike is gonna make some calls on some assets. Okay? So we're gonna peek into Mike's portfol
reaction to this kind of sentiment is that, we still are in a period in crypto where these markets are still, you know, largely unregulated. And I think, you know, as we sort of move through regulation, what what I expect to happen is sort of this bottoms up sort of movement amongst people like like the DeFi report, others that are in the market that are trying to deeply understand how value accrues to tokens, how it accrues through the through the tech stack. And through that process, like, we are going to, I believe, force these projects to return value to tokens. And then that's where this
you you feel like some of this commentary is is, captures where we are in the market. But this is the process this is how we figure it out. We're in this purgatory period now, and we've gotta figure out what the actual claim of these assets are on productive cash flows and other other fundamentals. Right? That's the work we're doing here essentially on this episode. That's
why we're here.
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Alright. Well, let's talk about the the main question that's in my mind at least, which is, like, are we stuck, Mike? Is Bitcoin stuck? It it feels like it's been ranging, I don't know, for for how long, but it
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