CRYPTO 101: Crypto Rundown — This Gold vs Bitcoin Stat Will Shock You & Coinbase’s New Products

Hosts: Bryce Paul (Thibaut) & Brendan Viehman (Brian)
Date: December 23, 2025

Episode Overview

In this holiday edition of Crypto 101’s Crypto Rundown, Bryce/Thibaut and Brian delve into recent crypto market turbulence, key psychological shifts in Bitcoin investing, eye-opening stats comparing gold and Bitcoin institutional flows, and Coinbase’s ambitious new product launches. They also touch on regulatory updates, prediction markets, meme coin trends, and answer listener questions, all wrapped up in their typically energetic, retail-investor-focused style.

Table of Contents

1. Market Overview & Sentiment
2. Bitcoin vs Gold: The Institutional Flow Shock
3. Coinbase’s Everything App Launch
4. Prediction Markets Super Cycle & DraftKings Entry
5. Regulatory & Macro Updates: Clarity Act & Fed Chair
6. Meme Coin Watch: The "6,7" Phenomenon
7. Listener Q&A and Closing Thoughts

Market Overview & Sentiment

Price Action and Trends

• Bitcoin trading just below $88,000, after recently testing $90,000 but facing strong rejections.
  • “It's been chopping, chopping a lot. And there's really not many reasons why. Even though we're getting tons of bullish news, there's not a lot of reasons why I think we're going to find those new all-time highs over the next week or two for that beloved Santa's rally.”
    — Brian, [04:33]
• Ethereum just below $3,000, Solana around $124—both down from recent highs.
• The market is in a “standard correction,” with Brian stating:
  • “Not a lot of major catalysts ... we're getting into the heart of the holiday season. A lot of people are going to probably be away from screens over the next couple weeks, just kind of taking a breather out there.” [05:15]

Sentiment Metrics

• Crypto Fear & Greed Index: Remains in “fear” (20–30 range), after an “extreme fear” 10 last month.
• Low liquidity during the holidays flagged as a potential risk, recalling 2022’s Thanksgiving "flash crash" as a cautionary tale.
  • “Always on edge going into the holidays with one eye on the screen.” — Thibaut, [06:12]

Macro Rotation

• Equities have seen rotation from high-flying “momentum” names (tech, AI, etc.) into sectors like healthcare and leisure, with liquidity staying in the market, unlike crypto which lacks similar rotation.
  • “The money hasn't come out of the stock market. It's actually rotated…In the crypto market like there’s, that doesn't really exist…It's either kind of bitcoin is your discretionary.” — Thibaut, [13:00]

Drawdowns Perspective

• Crypto corrections as high as 36% in 2025, normalizing 30–40% drawdowns in the context of Bitcoin’s post-FTX >500% bull run.
  • “If you've been with us, you know, for the last year, two years and whatnot, listening to the show, earning some stripes with these drawdowns, I'll tell you that much.” — Brian, [16:42]

Zooming Out

• Repeated advice to zoom out, emphasizing that “Nothing's broken. Fundamentally, bitcoin's actually looked as strong as it's looked in a long time… There's no shortage on news.” — Brian, [16:50]

Bitcoin vs Gold: The Institutional Flow Shock

Context:
A Twitter thread highlighted dramatic differences between gold’s and Bitcoin’s institutional behavior during recent drawdowns.

The Stat That Shocked

• In 2013, gold dropped 28% and saw $25 billion in redemptions.
• In 2025, Bitcoin dropped approx. 10%, but had $25 billion in inflows—a $50B behavioral swing.
  • “Gold won in 2025. It is what it is when it comes to price action. But…in 2013, gold crashed 28% ... $25 billion got redeemed…2025, Bitcoin drops 10% ... $25 billion of inflows has happened…even though the price has gone down, percentage wise, the inflows are up, which means the dip is being bought.” — Thibaut, [18:00]

Psychological Shift

• Key Trend: Gold’s drop led to redemptions/panic selling; Bitcoin’s drop sparked buying and ETF inflows (e.g., IBIT).
  • “This isn't about bitcoin beating gold's price. It's about behavior…Now in 2025, when Bitcoin faced real stress, institutions stepped in and they bought aggressively…It’s no longer being treated as a speculative trade…it's being treated like infrastructure…” — Brian, [20:38]

Fundamentals vs. Price

• "The price action hasn't been following the fundamentals. But traditionally... the fundamentals are going to lead the price. Eventually the price catches up." — Thibaut, [20:38]

Coinbase’s Everything App Launch

Announcement Recap:
Brian Armstrong (Coinbase CEO) live-streamed a slew of new features ([27:59]):

• Equities trading (“247 stocks and equity”)
• Prediction markets
• Trading “millions of crypto assets, token sales, simple derivatives”
• Direct deposit, instant unstaking, and Ethereum-backed loans
• AI-powered advisor for financial management
• Upgrades to Coinbase Business platform and developer APIs

Hosts’ Take

• “It's exactly what he said there. They want to become the Everything app…Coinbase is well on their way…they’re embracing this on chain data, the blockchain, the world we're moving into…It's super exciting for our entire industry.” — Brian, [28:55]
• Noted similarity to Robinhood’s strategy. Bryce questions if Coinbase can “grow up” with their users outside of just crypto:
  • “It felt like maybe Robinhood is like grown up with its users in a way and matured with them…Coinbase, it felt like it was always like, well, Coinbase is my crypto only account. And then to … get them now into stocks and stuff, it better be a great experience, a great UI…” — Thibaut, [29:58]

Impact

• Broad consensus that multiple "everything apps" will exist; bullish overall for crypto and blockchain mainstreaming.

Prediction Markets Super Cycle & DraftKings Entry

DraftKings Enters Prediction Markets

• DraftKings, after much speculation, announced their own prediction market platform.
• “Everybody and their mother right now is coming out with a prediction market. There's going to be a few that succeed but again, prediction markets are not going anywhere.” — Brian, [35:02]

Competitive Analysis

• DraftKings' late entry and the requirement of a separate app seen as hurdles.
• The big advantage: their brand and network of sports content creators (e.g., Dave Portnoy/Barstool) to help drive adoption.
  • “I think DraftKings is a little late…and having it have to be a separate app…I think is going to be a huge hurdle for them. I think where they do have a leg up … [is] their huge reach with gambling content creators.” — Thibaut, [36:02]

Industry Context

• Compared to the race for dominance in gambling apps, the “prediction market super cycle” is seen as a new competitive frontier.

Regulatory & Macro Updates: Clarity Act & Fed Chair

Clarity Act

• Support for the upcoming Clarity Act, expected to define crypto securities vs. commodities and encourage institutional entry.
  • “When we get more clarity...it's going to make more institutions, more builders, more people attracted. So I think it's actually one of the bigger catalysts we're going to see in the year 2026, and it could help us get us out of these choppy waters.” — Brian, [39:36]

Senator Cynthia Lummis

• Announced retirement; credited as an early, staunch crypto ally.
  • “It's only a matter of time until she has a seat at the Coinbase table.” — Brian, [41:25]

Fed Chair Prediction Markets

• New Fed chair appointment looms; potential market impact analyzed with regards to expectations for rate cuts vs. historical “testing” of new chairs.

Meme Coin Watch: The "6,7" Phenomenon

Trend Overview

• The meme “6, 7” (popular among kids, viral in sports) spawned a meme coin, now trading at $25M market cap even in a subdued market.
  • “If this was January of last year, this is a multi billion dollar meme coin and we're all probably getting rich because it's going up only.” — Brian, [45:03]

Viral Currencies

• “6, 7” is the latest example of how cultural viral moments can translate into meme coin opportunities.
• Brian equates it to previous meme waves: “This is 6, 7. For some reason is it right now. So it's an interesting meme coin to keep our eyes on because if it continues to grind upwards it could, it could be bullish for the trenches.” — Brian, [47:37]

Listener Q&A and Closing Thoughts

Morgan Stanley Risk?
Listener asks about Morgan Stanley banning crypto-collecting companies from indices (e.g., MSTR).

• Brian: "Wall Street's not anti Bitcoin…structure currently favors ETFs over these crypto heavy operating companies right now. But I wouldn't be overly concerned. We'll see how that shakes out. But it would cause the price to go down if that ... was announced." [50:57]

General Investment Advice

• Reiterated importance of not putting all eggs in one basket, understanding what you own, and planning trades accordingly.

Holiday Sign-Off

• The hosts express gratitude for their community, encouraging listeners to “zoom out”, stay focused on long-term fundamentals, and avoid getting caught up in short-term volatility.
  • "Nothing fundamentally is broken here…I think 2026 is going to be an absolute ripper of a time for crypto." — Brian, [53:26]
  • “This is where you learn, this is where the volatility gives you the opportunity.” — Thibaut, [54:32]

Memorable Quotes & Moments

• On Bitcoin’s Drawdowns:
  “If you've been with us, you know, for the last year, two years … earning some stripes with these drawdowns, I'll tell you that much.” — Brian, [16:42]

• On Gold vs Bitcoin Flows:
  “This isn't about bitcoin beating gold's price. It's about behavior … It’s no longer being treated as a speculative trade or momentum asset. It's being treated like infrastructure.” — Brian, [20:38]

• On Coinbase’s Expansion:
  “They want to become the Everything app … It's super exciting for our entire industry.” — Brian, [28:55]

• On Volatility:
  “Volatility is opportunity. Those are words that I've learned … it takes a couple shots on the chin before you can learn and harness that volatility as opportunity.” — Thibaut, [25:06]

• On Meme Coins:
  “This is 6, 7. For some reason is it right now. So it's an interesting meme coin to keep our eyes on.” — Brian, [47:37]

• Holiday Note:
  “Merry Christmas. Happy Hanukkah, Happy Kwanzaa, and Happy New Year to you all … this is where the volatility gives you the opportunity.” — Thibaut, [54:32]

Timestamps for Key Segments

• [04:33] — Market conditions, price action, fear/greed indices
• [13:00] — Market rotation, macro perspectives, and drawdowns
• [18:00] — The gold vs Bitcoin flows stat and institutional shift
• [20:38] — Bitcoin as portfolio infrastructure, not momentum play
• [27:59] — Coinbase launches the Everything App (Brian Armstrong segment)
• [35:02] — DraftKings prediction markets launch and super cycle discussion
• [39:36] — Regulatory focus: Clarity Act and its bullish implications
• [45:03] — Meme coin spotlight: “6, 7” breaks out culturally and in crypto
• [50:57] — Listener Q&A: Morgan Stanley and crypto equities
• [53:26] — Holiday farewell and bullish 2026 outlook

Summary

This episode serves as a comprehensive snapshot of late 2025 in crypto, juxtaposing holiday market lethargy and sharp drawdowns with deep institutional shifts in Bitcoin investment psychology, rising regulatory clarity, and expanding industry platforms. As new “everything apps” and prediction market super-cycles begin, the hosts urge retail listeners to “zoom out,” stay fundamentally grounded, and embrace volatility as a source of long-term opportunity.

Endnote:
“This is where you learn, this is where the volatility gives you the opportunity … we’ll be celebrating with when we get back to the top and get back to those all time highs.” — Thibaut, [54:32]