CRYPTO 101 Podcast: “Crypto Rundown: Why is Crypto Down & JP Morgan's Crypto Secret Revealed!”

Date: November 4, 2025
Hosts: Bryce Paul & Brendan Viehman
Guest Host: TiVo

Episode Overview

In this episode, Brendan Viehman and TiVo dive into the recent downturn in the crypto markets, dissecting the reasons behind crypto's volatility and addressing widespread investor anxiety. They blend macro-level market analysis with community sentiment and highlight major catalysts—both positive and negative—affecting Bitcoin and the altcoin market. The episode also covers institutional adoption, shifts in traditional finance attitudes toward crypto (with a spotlight on JP Morgan’s Jamie Dimon), and bullish signals from big tech and major exchanges.

Key Discussion Points & Insights

1. Why Is Crypto Down Right Now?

• Summary: The hosts address the pressing question: Why are crypto markets sliding despite positive macro and regulatory developments?
• Key Factors Identified:
  • Lingering Liquidation Effects: Brendan attributes much of the current weakness to the massive liquidation event a few weeks ago, which wiped out almost anyone leveraged on alts, causing a domino effect.
    • Quote: “Almost everyone who had a leveraged long position open on just about anything but Bitcoin…were wiped out.” — Brendan [04:17]
  • Exhaustion & Shifting Sentiment: The market is showing signs of fatigue, with buyers less eager to leverage up after being burned.
  • Weakening Institutional Flows: Recent data from Glassnode shows "weakening capital inflows, fading profitability, ETF outflows," and slowing institutional demand.
  • Macro Divergence: Other markets (gold, equities) are at all-time highs, yet Bitcoin is stalling—a psychological headwind.

2. Seasonality Check: Are We Breaking with History?

• Historic October vs. November: October is usually bullish for crypto but closed -3% this year. November is typically the highest average return month, but historical numbers are skewed by 2013's outlier (+450%).
• Quote: “Haven’t seen a red October since 2018. Now we get one this year…and November, while usually strong, does have more losing years than October.” — Brendan [09:30]
• Despite this, the bigger story remains the mass liquidations and lack of leveraged buyers.

3. Critical Support Levels & Possible Downside

• Bitcoin is at a “critical level of support”—previous all-time highs having turned support (~107K).
• Key Downside Target:
  • $88K cited as major lower support if current levels crack, based on past pullbacks after breaking the 200-day moving average.
  • Hosts stress this isn't a doomsday scenario: similar double-digit pullbacks have repeatedly led to new all-time highs.
  • Quote: “Even if we crack here and go to $88K, it isn’t the end of the world…We’ve seen this every single year since bitcoin has pivoted.” — Brendan [17:48]

4. Zoom Out: Perspective on Yearly Gains

• Election day (Nov 2024) to now: BTC rose from ~67K to 107K (peaked at 120K)—up 85–100% in a year, a reminder against short-term panic.
• Quote: “When in doubt, zoom out.” — TiVo [23:43]

5. Altcoin Pain & Leverage

• Altcoins are down 10–12%+ versus BTC’s 3% drop; concern is highest among heavily exposed or leveraged altcoin holders.
• Quote: “I think the big concern is altcoins…BTC’s down 3% today, the average alt is down 10%. That’s where the pain is.” — Brendan [26:33]

6. Institutional & Tech Giants: Long-Term Bullish Developments

• Government & Policy:
  • Scott Bessant recognized as a key pro-Bitcoin voice trusted by the Trump administration.
  • Political cycles may dictate when crypto gets legislative focus—strategic support from the administration is likely.
  • Quote: “Whatever Bessant says, he’s been amazing for the markets...He soothes the markets. Me, I disturb the markets.” — Trump, as recounted by Brendan [31:13]
• Tech & Corporate Moves:
  • Amazon is hiring a “bitcoin and crypto ecosystem lead.”
  • Coinbase reported $299M in BTC purchases in Q3; increasing institutional holdings.
  • Quote: “These companies...are making long-term plays. This is going to be a part of our company and we want to set up the infrastructure now.” — Brendan [32:49]

7. JP Morgan’s Crypto Turn: Jamie Dimon’s "Secret"

• Recent public comments from Dimon shift from skepticism to exuberant acknowledgement of crypto’s reality and utility.
  • Notable quote: “Crypto is real. If you mean blockchain, stablecoins… you have a JP Morgan deposit coin, you can move stuff. Smart contracts are real. All that stuff is real. It will be used by all of us to facilitate better transactions.” — Jamie Dimon [as played 34:25]
  • Hosts’ take: They’ve long warned listeners to “watch what he does, not what he says.” JPM’s embrace of crypto rails and stablecoin “deposit coin” backed up their suspicions.
  • The only remaining TradFi holdouts: perhaps Vanguard and “gold bugs” like Peter Schiff.
  • Quote: “He’s finally come around…even Schwab…Vanguard and Peter Schiff, those two, probably gonna die on their hill.” — Brendan [37:34]

8. Fun/Bullish Sidenotes and Stats

• Vitalik Buterin’s Point: Need for open-source, verifiable AI/self-driving cars—echoing TradFi’s Tom Lee on blockchain-based identity.
• Stat of the Day:
  • “Bitcoin dropped 6–8% after the last three FOMC meetings and made a new all-time high before the next one.”
  • Quote: “Are we going to make a new all-time high before the next [FOMC]? …It’s the last push to kind of make that.” — TiVo [40:28]

Notable Quotes & Memorable Moments

• Market Perspective:
  • “When in doubt, zoom out.” — TiVo [23:43]
  • “The trend is your friend. When in doubt, zoom out. All the good sayings.” — Brendan [43:59]
• Investor Mindset:
  • “If bitcoin drops to 90k, they [long-term investors] just shrug it off.” — Brendan [24:32]
  • “Every time bitcoin dominance is up, I trade less alts. It’s just not as easy…” — Brendan [43:59]

Timestamps for Key Segments

• Why is crypto down? [02:51] – [09:30]
• Seasonal/monthly returns and effects of big liquidations [09:30] – [16:13]
• Range-bound BTC, support at 107K, risk to 88K, historical context [17:48] – [24:32]
• Altcoin market panic, leverage, compared to BTC [26:33] – [28:31]
• Political/Institutional headlines: Scott Bessant, Amazon, Coinbase [28:31] – [34:25]
• JP Morgan & Jamie Dimon’s pro-crypto turn [34:25] – [38:18]
• Closing thoughts: Vitalik, FOMC stat, bitcoin dominance [40:11] – [43:59]

Language & Tone

The episode balances analytical rigor with humor, banter, and a calming, community-first approach. The hosts remain upbeat and pragmatic, especially when urging listeners to "zoom out" and "stick with the community" through the quiet, choppy, or anxious periods in crypto.

Summary Takeaways

• The current pullback in crypto is driven by a combination of aftershocks from record liquidations, exhausted sentiment, and a pause in new institutional buying.
• Historic patterns suggest further downside is possible—especially to $88–97K on BTC—but not catastrophic, and drawdowns of this size are normal in crypto cycle transitions.
• Altcoins are showing triple the downside volatility of BTC due to leverage and overexposure.
• Despite price stagnation, institutional adoption and big tech interest in crypto infrastructure (Amazon, Coinbase) point to a bullish long-term outlook.
• Establishment figures like Jamie Dimon are now openly acknowledging crypto's place in finance, revealing that the mainstreaming of blockchain is well underway.
• The hosts counsel listeners to avoid short-term panic, reassess exposure and leverage, and stay patient, as crypto volatility is integral to the journey—but long-term, the space remains strong.