Should I Buy ETH Treasuries? Early Stage Greed Cycle? | Michael Nadeau’s DeFi Report #4
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Eagles Nation, welcome to our monthly fundamentals podcast. I'm joined by Mike Nadeau. How are you doing, Mike?
I'm doing great, Ryan. Good to see you.
Good to see you too. Even more energy in ETH since we last had this podcast. We've got some ETH treasury companies that have launched some big energy from Wall Street in the space. ETH's still 25% below all time high. You wrote a post we're gonna get into talking about ETH treasury companies, and it's sort of a a bull case for that. I wanna talk about that with you. I also wanna talk about where we are in the cycle, as of right now. So, it's starting to feel like maybe early greed stage, and I believe that was a title of your post, maybe the altcoin season rotation. So how do we position for t
Yeah. I think, you know, the fact that the top you know, something we're gonna get into here is East Treasury companies. It's kind of a sign of the times, I I would say, and sort of where we're at in this cycle. We've made you know, we're in year three. I think I think the way people should think about this, it's always helpful to sort of step back, zoom out. You know, we are in year three of a bull market cycle. These tend to be the the biggest years, and we're moving towards the end of that. So we've already seen, you know, pretty significant moves from Bitcoin and and other coins. We've see
It was so funny. There was some selling over the weekend, right? And some people were on crypto Twitter, of course, saying, oh, it's over, you know? But now we're back, and it's only been two days of a dip down, and it seems like we're back to where we were at the end of last week. So and how do on chain fundamentals look to you? Is, like, now a time to buy?
It could be. It could be. You know, we were I think the last time we recorded, we mentioned that we were buying ETH at, you know, between 2,200, 2,500 or so. For us, like, we follow a pretty, like, pretty systematic process to identifying when we think it's the right time to buy. And I think it depends on what what you're looking at. You know, there's a lot of sort of ETH beta plays, I think, that are sort of interesting, and that's kinda why we talked about this ETH treasury all these ETH treasury companies and and starting to analyze those. I think there could be opportunities in sort of the
Very interesting. So as a reminder, these monthly crypto fundamentals podcasts, we're gonna go for about forty five minutes. It's gonna be one or two themes, major ideas that are backed by on chain data. That's what Mike here specializes in. I'm gonna ask him at the end what calls he's made, what changes he's made to his portfolio as a result of this. And speaking of treasury companies, we should mention to our friends and sponsors over at Bit Digital. The ticker is BTBT. This is a public company. They just went all in on Ethereum, they sold their Bitcoin, used to be a Bitcoin mining company,
Yeah. It's a great great question. I think, you know, MicroStrategy has traded at a premium for most of its life. It did dip below, like, in the in the '22 bear market. And there are a lot of schools of thought out there with with these things. I think there's a lot of smart people that think, you know, MicroStrategy is is is kind of like a Ponzi scheme. Right? Like, why does it have this this this premium? And, you know, if you're gonna start to look at the ETH treasury companies, I think it's absolutely critical that you understand why, you know, MicroStrategy trades at a premium, and then w
That's interesting. So I guess you're saying attention. The Michael Sailor effect adds to
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