CRYPTO 101 — "Crypto Rundown: Who Bought Bitcoin Dip & BlackRock's Next Big Move for Ethereum"

Hosts: Bryce Paul & Brendan Viehman
Date: December 10, 2025

Episode Overview

This episode brings a comprehensive end-of-year market rundown, focusing on:

• Bitcoin's volatile price action, who has been buying the latest dip, and why
• Institutional curiosity—highlighting sovereign wealth funds and recognized names like Michael Saylor and Tom Lee
• BlackRock's filing for a staked Ethereum ETF and what it means for institutional adoption
• The broader movement toward tokenization in financial markets
• Regulatory wins for tokenization projects and the fast-blurring line between legacy TradFi and crypto
• Anticipation around the next Fed rate cut, its impact, and reflections on market macro trends

Energetic and data-filled, the episode balances technical charting with big-picture industry developments and macro context.

Key Discussion Points & Insights

1. 2025 in Review: A Market Rollercoaster

[00:10–02:59]

• Market volatility dominated the year: new all-time highs, multiple sharp sell-offs (labelled Black Swan events), followed by surprising recoveries.
• Despite rollercoaster prices, technical fundamentals, on-chain data, and adoption metrics improved steadily.
• Purpose of the rundown: Curate and distill complex market data for retail investors.

2. Shifting Technicals: Signs of Bear Exhaustion or False Hope?

[02:59–09:46]

• Chart Analysis: Bitcoin has ended its streak of lower lows and lower highs. Repeated tests of resistance (~$93k) and higher local lows signify possible structural change.
• Moving Average Action: For the first time in months:
  • Bitcoin is closing above its 20-day moving average, not just briefly piercing it.
  • This is a “crack in the bearish structure,” not yet a confirmed reversal.
• Other Market Metrics:
  • RSI (one day & one week): Now at historic lows—not seen since key market bottoms (ex: August 2023, December 2022).
  • Fear & Greed Index: At “10 or lower,” territory only reached during major capitulation events.
• Altcoins’ Tale:
  • Altcoins have underperformed, with consistent 6-month downtrends.
  • Some (e.g., Chainlink, Aerodrome, SUI) topped out as early as July/August, highlighting bear exhaustion.
  • A key signal will be formation of a higher swing low in bitcoin's daily RSI and a golden cross (20-day crossing above 50-day MA).

Quote:

“We are seeing cracks in a lot of the bearish structure… it's enough for me to say: hey, like I'm okay kind of DCA-ing on bitcoin, especially a lot of these altcoins that have already been getting suppressed.”
—Brendan [14:24]

3. Who Bought the Bitcoin Dip? Smart Money & Sovereigns Step In

[15:00–18:19]

• Classic headline: Michael Saylor and MicroStrategy added 10,624 BTC.
• Surprise: Larry Fink (BlackRock CEO) on sovereign funds quietly buying the dip via BlackRock’s iBit ETF:
  • Not naming names, but hints at UAE's strategic bitcoin accumulation at $80k levels.
  • Suggests serious long-term strategic plays, not short-term trading.

Quote:

“There are a number of sovereign funds… adding incrementally at 120[000], 100[000]. I know they bought more in the 80s.”
—Larry Fink [16:19]

4. Altcoin Action: Ethereum and the Rise of Institutional Dip-Buyers

[18:19–22:43]

• Whale buyers like Tom Lee (Bit Mine) continue accumulating ETH on the dip: 138,452 ETH (~$435 million value).
• Outflows from retail are being bought by hands with conviction—“smart money.”
• TradFi Perspective:
  • Panelist highlights Ethereum as her preferred dip buy, avoiding the complications of the MicroStrategy (MSTR) play.
  • Increasing institutional comfort with ETH, especially versus complex, leveraged corporate vehicles.

Quote:

“Most people feel comfortable buying crypto at the all time highs, not when there's actually an event occurring… I've decided to play it with Ethereum.”
—Guest Analyst [20:01]

• Ethereum is outperforming Bitcoin off recent lows:
  • ETH +21% from 11/21
  • BTC +14% from 11/21

5. BlackRock's Big Ethereum Move: Filing for a Staked ETH ETF

[25:29–30:55]

• BlackRock has filed for a staked Ethereum ETF—following the success of Solana’s ETF products.
  • The focus: Allow TradFi to access yield-bearing ETH products via regulated vehicles.
  • Potential for “dividend aristocrat” status as institutional clients seek both capital appreciation and yield.
• Implications:
  • Entry of staking as a mainstream ETF feature could open the doors for billions in new capital inflow to ETH.

Quote:

“Especially the way Larry Fink was talking about tokenization and kind of really leaning towards Ethereum… bam, here we go. It’s filed. And the fact that it’s filed as a staking ETF… I think this is big. I really do.”
—TiVo [27:13]

6. Real-world Tokenization: Regulatory Progress for Ondo & The Wider Push On-chain

[30:55–33:23]

• Ondo—major tokenization infrastructure project—has cleared its SEC probe with no wrongdoing found.
  • Seen as a huge win for tokenization, DeFi, and market legitimacy.
• Larger theme: Attacks on tokenization/stablecoins are being replaced by regulatory clarity and signals of support.
• PNC Bank partners with Coinbase for direct Bitcoin trading, marking a major TradFi-to-crypto bridge for retail.

7. Regulatory & Market Structure: SEC’s New Direction and Tokenized Markets

[36:31–41:30]

• Highlight: Clip from new SEC Chair Paul Atkins:
  • Announces the goal to put all U.S. securities markets on-chain within two years.
  • Envisions benefits: instant (T0) settlement, reduction of risk, greater transparency.
  • The archaic banking/wire/payment system is ripe for disruption.
• Hosts relate these changes to their own real estate and investing experiences, underlining inefficiencies of legacy systems.

Quote:

“Tokenization has the benefit of potentially having instead of t +1 now… the prospect of maybe t0.’’
—SEC Chair Paul Atkins [37:32]

8. Macro Winds: Fed Rate Cuts and Potential Pitfalls

[42:45–46:40]

• Eyes on the imminent Fed rate cut decision (94% odds, per PolyMarket), with historical context of market “surprises” moving the crypto markets violently.
• Discussion of the Fed’s politicization and its impact on risk assets like crypto.
• Trump’s comments: Immediate rate cuts will be required under the next Fed chair—crucial macro backdrop.
• Main message: Last year’s “surprise” rate decisions hurt, so remain cautious and avoid over-leveraging around macro events.

9. Market Sentiment: Bullish Momentum Returns

[49:11–50:52]

• Prices surging at time of recording: BTC $93k, Ethereum, Solana, and even Zcash all showing robust rebounds.
• Cohost banter on “cracks in the bearish armor” and the ongoing shift toward optimism:
  • Noted community meme: “Inverted Investing,” a regular bear, absent during this bullish reversal.
• Emphasis on joining the right side of the long-term trend.

Quote:

“We're seeing cracks in the bearish structure… The long term trend is your friend.”
—Brendan [49:30]

Notable Quotes & Moments

• On Smart Money Buying the Dip:

  “These are some of the most wealthy and powerful investors in the entire crypto market and they tend to find massive opportunities before everyday investors typically do.”
  —Brendan [06:01]

• On Institutional Product Evolution:

  “I think that the staking part is really something that is needed… there’s been some staking ETFs that have gone live… I just thought BlackRock might have jumped on it earlier with Bitwise launching its Solana one…”
  —TiVo [29:57]

• On the Tokenization Revolution:

  “Tokenization has the benefit of… maybe t0… on chain, delivery versus payment… is a prospect of de-risking the markets, making them much more transparent.”
  —SEC Chair Paul Atkins [37:32]

• On Macro & Fed Decisions:

  “I'm getting a little bit of PTSD from last December when we were in a very similar situation TiVo. And we got, I mean, it was like a brick hitting you in the face.”
  —Brendan [44:09]

Important Timestamps

| Timestamp | Segment/Topic | | ----------- | ----------------------------------------------------------- | | 00:10–02:59 | Year recap, rundown mission | | 02:59–09:46 | Technical analysis: Bitcoin, altcoin, moving averages | | 15:00–18:19 | Who’s buying the dip: Saylor, Larry Fink, sovereigns | | 18:19–22:43 | ETH, bit mine, TradFi dip-buying, Ethereum outperforming BTC| | 25:29–30:55 | BlackRock’s staked Ethereum ETF, staking ETFs in TradFi | | 30:55–33:23 | Ondo’s regulatory win, PNC partners with Coinbase | | 36:31–41:30 | SEC tokenization talk (Atkins), on-chain settlement vision | | 42:45–46:40 | Fed rate cut expectations, macro volatility | | 49:11–50:52 | Live price surge, bullish sentiment |

Conclusion: Key Takeaways for Listeners

• Market Structure: Evidence grows for a shift from bearish to potentially bullish market structure.
• Smart Money: Major institutional players, from sovereign funds to well-known “whales,” are buying big in the dips—especially through regulated ETFs.
• Ethereum's Case: BlackRock's staked ETH ETF filing is a milestone, signifying further institutional adoption and opening up yield opportunities for traditional investors.
• Tokenization: Regulatory momentum is accelerating; the SEC’s new leadership is openly bullish on on-chain markets and tokenized securities.
• Macro Vigilance: Rate cuts are nearly certain, but macro volatility remains. Proceed with caution around policy time.
• Retail Edge: Much of this institutional activity (especially around tokenization and crypto integration by major banks) is not yet known to the mainstream—engaged crypto followers are ahead of the curve.

Final Message:
Stay bullish, stay informed, and don’t overthink the long-term narrative—smart money and institutional moves increasingly point to a crypto-integrated future.