Why Prices Are Crashing & What's Next—How Mike Nadeau Called the Cycle
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Bankless Nation. This is Ryan Sean Adams. I have Michael Nadeau here from the DeFi report on the podcast today. Michael, we are fresh back from holidays, man. How are your holidays? How was Thanksgiving? Do you get any weird crypto questions from your family?
A fantastic Thanksgiving. I appreciate you asking. I'm, I'm actually on the road right now down at down in Florida. But now I had a nice little break, talked a little bit about crypto with the family. My dad's flying high. He's actually more of a a gold bug, so he's pretty excited about gold right now.
Yeah. He should be.
Yeah. Enjoying the break. Hopefully, you have as well.
Yeah. I have. Definitely. And, hopefully, your family members were following the DeFi report because you made some calls that actually held up very well, and they should be pretty happy for for receiving them. There's a few things I wanna talk about today on the agenda. There's definitely no sugarcoating it. Crypto prices are down bad at the time of recording. We are well below 3,000 on ETH price, and I don't know. Are we 85 k, something like this on on Bitcoin? We're recording
this on. Think so.
Monday, December 1. We gotta talk about that. It feels like investors are moving towards the acceptance phase that this is more than a pullback, that maybe the cycle is over. So, Mike, I wanna get your perspective on what happens next. And one of the things you've done is really called this cycle better than pretty much anyone else I'm following closely. So I gotta ask you how you saw this in advance, what data you used, and if some of that data can be used to help us predict the way out, the next leg up. Hopefully, there's some hope here. And most importantly, I wanna find out what you are do
You know, there there's been a lot of negativity, you know, on crypto Twitter, and I think people are are a little soured by this price action out there. I do feel energized. And, you know, I think my sort of long term bullish outlook for crypto, like, hasn't changed at all. And I think the reason that I kind of enjoy the the bear markets is just you get a little bit more clarity, especially for folks like me that are really focused on on on data and fundamentals. It's sort of easier to sort of see what's real once some of the froth gets gets kinda taken out of the markets. And so that's where
You also get the benefit, Mike, of some cheap prices, and and certainly we're seeing those cheap prices. Before we get in to this episode, there's a message from our friends over at the RHEA protocol. They are a crypto perps trading application. Crypto perps trading has a problem right now. Either get the speed of a centralized exchange or the security of a DEX, which is often way too slow if you're trading in serious size. So Raiya is closing the gap. They've got a first of its kind base roll up with ZK proofs. This is sub one millisecond trading, zero trading fees. Also, because it's a base
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