Podcast
The DeFi Report
Hosted by Michael Nadeau · EN
Our weekly show is hosted by Michael Nadeau (The DeFi Report) and Ryan Sean Adams (Bankless). Each week, we discuss how we approach managing our own portfolio and the data, research, and analytical frameworks that inform those decisions — for educational and informational purposes.
23episodes
Episodes
Newest firstAll episodes
Bitcoin’s $60K Test Just Got More Serious
2d ago00:36:56Tap to summarizeBitcoin is testing a critical zone, but this bear market is starting to look different. Mike and David break down why $60K may be the next major level, how Strategy’s first BTC sale and STRC stress could shake market confidence, why ETF outflows are piling up, and why assets like Zcash, HYPE, Lighter, and NEAR are breaking out while Bitcoin weakens.----📣GALAXY | INSTITUTIONAL DIGITAL FINANCEhttps://bankless.cc/Galaxy ----🎯THE DEFI REPORT | FOLLOW & SUBSCRIBEhttps://thedefireport.cc/tdr-rss https://thedefireport.io/friendshttps://thedefireport.transistor.fm/https://x.com/the_defi_reporthttps://x.com/JustDeauIt----TIMESTAMPS0:00 Intro1:22 Crypto Cycle Turning4:42 Bitcoin Near Key Support9:16 STRC Signals Stress20:42 ETF Outflows Mount23:58 Robinhood & Portfolio Bets28:49 DeFi Builders Gain Ground31:54 Bullish on Crypto Alpha35:24 Meme Coins Still Stick35:46 Closing & Disclaimers----Not financial or tax advice. For educational purposes only.
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Bitcoin’s Unfinished Pain & Altcoin Hype or Head Fake?
1w ago00:43:29Tap to summarizeBitcoin is stuck in a quiet range, but the signals are getting louder. Mike and Ryan break down why the mini altcoin rally may be a head fake, what realized losses suggest about Bitcoin’s unfinished pain, why ETF outflows and Saylor’s bond move matter, and the macro risks that could force another leg lower.----📣GALAXY | INSTITUTIONAL DIGITAL FINANCEhttps://bankless.cc/Galaxy ----🎯THE DEFI REPORT | FOLLOW & SUBSCRIBEhttps://thedefireport.cc/tdr-rss https://thedefireport.transistor.fm/https://x.com/the_defi_reporthttps://x.com/JustDeauIt----TIMESTAMPS0:00 Intro3:46 Altcoin Hype or Head Fake?13:06 Measuring Bitcoin Bear Market Pain22:50 ETF Outflows & Whale Selling29:25 Iran, Inflation, & Macro Risks37:35 Bitcoin Levels and Summer Positioning42:55 Closing & Disclaimers----Not financial or tax advice. For educational purposes only.
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Signs of a Cycle Bottom?
2w ago00:37:49Tap to summarizeBitcoin may have already hit its cycle low, but the confirmation signal still hasn’t fired. Mike and Ryan break down the bull case for a $60K bottom, why realized cap and supply in profit matter, what top-buyer cohorts are still signaling, and how inflation, rising yields, and a potential Fed hike could force one more drop.----📣GALAXY | INSTITUTIONAL DIGITAL FINANCEhttps://bankless.cc/Galaxy ----🎯THE DEFI REPORT | FOLLOW & SUBSCRIBEhttps://thedefireport.cc/tdr-rsshttps://thedefireport.transistor.fm/https://x.com/the_defi_reporthttps://x.com/JustDeauItThe Watch List: Zcash (ZEC)https://thedefireport.io/research/the-watch-list-zcash-zec----TIMESTAMPS0:00 Intro4:16 Realized Cap Signals12:17 Supply Profit Check14:11 RSI & Cycle Lows18:01 Coins Still Need Rotation20:51 Inflation & Yields31:00 Key Levels & Scenarios34:17 Altcoin Rotation Watch36:52 Closing & Disclaimers----Not financial or tax advice. For educational purposes only.
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Momentum is slowing as macro risks are rising
3w ago00:33:51Tap to summarizeBitcoin just closed above a key bear market resistance level, but Mike still isn’t ready to call a regime shift. Ryan and Mike break down why this rally looks stretched, what $79K, $82.7K, and $85K are signaling, how weak spot volume and rising macro risk could slow momentum, and why June may be the real test for bulls.----📣GALAXY | INSTITUTIONAL DIGITAL FINANCEhttps://bankless.cc/Galaxy ----🎯THE DEFI REPORT | FOLLOW & SUBSCRIBEhttps://thedefireport.cc/tdr-rss https://thedefireport.transistor.fm/https://x.com/the_defi_reporthttps://x.com/JustDeauIt----TIMESTAMPS0:00 Intro1:45 Bear Market Symmetry6:00 Comparing Past Cycles14:05 Who’s Selling at 80K?19:23 Weak Market Conditions23:10 Momentum Starts Fading27:37 June’s Historical Weakness29:12 Key Bitcoin Price Levels32:40 Closing & Disclaimers----Not financial or tax advice. For educational purposes only.
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Are we still in a bear market rally?
May 600:35:12Tap to summarizeBitcoin just completed the longest bear market rally of the last two cycles, but under the hood, the data still looks eerily similar to 2022. Mike and Ryan break down the battle between shorts and spot buyers, why $85K may decide the market, what ETF flows and Saylor’s bid are really signaling, and the setup that could trap both bulls and bears.----📣GALAXY | INSTITUTIONAL DIGITAL FINANCEhttps://bankless.cc/Galaxy----🎯THE DEFI REPORT | FOLLOW & SUBSCRIBEhttps://thedefireport.cc/rss https://thedefireport.transistor.fm/https://thedefireport.io/https://x.com/the_defi_reporthttps://x.com/JustDeauIt----TIMESTAMPS0:00 Intro3:03 Market Dynamics and Institutional Influence5:53 Trader Sentiment & Market Positioning10:04 Spot Market Analysis15:10 ETF Flows & Institutional Demand19:06 Market Structure & Cycle Analysis21:09 Bitcoin's Correlation & NASDAQ26:05 Critical Price Zones for Bitcoin30:12 Mike's Investment Strategy & Market Outlook33:17 The Marshmallow Test 34:17 Closing & Disclaimers----Not financial or tax advice. For educational purposes only.
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Still Patient? Why This Bitcoin Rally May Be on Borrowed Time
Apr 2900:40:44Tap to summarizeBitcoin has the “perfect” bull setup, record shorts, aggressive squeezes, and billions in buying, yet it still can’t break $80K. Ryan and Mike unpack why that disconnect matters, from weak spot demand and short-term holder behavior to fading liquidity tailwinds, and what past cycles suggest comes next. They also break down the key level that decides the market, and how to position if this rally is on borrowed time.----📣GALAXYONE | SOLANA STAKINGhttps://bankless.cc/GalaxyOne ----🎯THE DEFI REPORT | FOLLOW & SUBSCRIBEhttps://thedefireport.io/friends https://thedefireport.transistor.fm/https://thedefireport.io/https://x.com/the_defi_reporthttps://x.com/JustDeauIt----TIMESTAMPS0:00 Intro3:57 Bitcoin Market Dynamics6:51 Short-Term Holder Insights15:22 Fed Policy Implications19:31 Liquidity and Economic Outlook27:44 Crypto Portfolio Strategy30:09 Navigating Altcoin Markets38:47 Closing & Disclaimers----Not financial or tax advice. For educational purposes only.
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Why This Rally May Be Too Early
Apr 2200:32:33Tap to summarizeBitcoin is pushing back toward $80K, but the underlying data still looks like a classic bear market setup. Mike and Ryan break down why “hot money” from the 2025 top hasn’t fully rotated yet, how past cycles suggest more downside or time is needed, and why dip buyers may be stepping in too early. They also explain what real bottom formation looks like onchain and why this rally could be more about positioning than a true shift in trend. ----📣GALAXYONE | SOLANA STAKINGhttps://bankless.cc/GalaxyOne ----🎯THE DEFI REPORT | FOLLOW & SUBSCRIBEhttps://thedefireport.io/friends https://thedefireport.transistor.fm/https://thedefireport.io/https://x.com/the_defi_reporthttps://x.com/JustDeauIt----TIMESTAMPS0:00 Intro1:44 Mike's Evolving Thinking on Altcoins5:12 Analyzing Bitcoin's Cost Basis Data8:11 Understanding Bitcoin's Cohorts10:08 Exploring New & Old Money Patterns14:20 Comparing Cohorts Across Cycles18:09 Key Takeaways from the Cohort Analysis26:33 Portfolio Moves & Strategy Discussion32:07 Closing & Disclaimers----Not financial or tax advice. For educational purposes only.
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The Bottom Is Not In! Why We Get 4-Year Cycles
Apr 1500:46:16Tap to summarizeBitcoin is up 19% from the February lows, but Mike argues this still looks more like a bear market bounce than a true bottom. He and Ryan break down why weak ETF flows, soft onchain activity, fading risk appetite, and rolling liquidity still do not look like the kind of setup that usually marks a durable low. They also map out the key BTC levels that would force a change in view, and what real capitulation tends to look like when the cycle finally turns.----📣GALAXYONE | SOLANA STAKINGhttps://bankless.cc/GalaxyOne ----🎯THE DEFI REPORT | FOLLOW & SUBSCRIBEhttps://thedefireport.io/friends https://thedefireport.transistor.fm/https://thedefireport.io/https://x.com/the_defi_reporthttps://x.com/JustDeauIt----TIMESTAMPS0:00 Intro1:50 Polling Investor Sentiment4:22 The Four-Year Cycle Explained13:02 Market Dynamics and Investor Psychology17:17 Examining Current Liquidity Conditions27:31 Fiscal Policy and Its Impact29:07 On-Chain Analysis of Bitcoin39:10 Understanding Market Trends and Patterns44:04 Closing & Disclaimers----Not financial or tax advice. For educational purposes only.
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Ceasefire Trap? Bulls vs. Bears—Who Wins?
Apr 800:36:34Tap to summarizeMarkets ripped on the Iran ceasefire headlines, but Mike says the bigger bearish process may still be unfolding.Mike and David break down why Bitcoin, oil, global liquidity, and the S&P’s 200-day moving average are all flashing mixed signals, and why the real bottom may still require more pain, patience, and weak-hand capitulation.----📣GALAXYONE | SOLANA STAKINGhttps://bankless.cc/GalaxyOne ----🎯THE DEFI REPORT | FOLLOW & SUBSCRIBEhttps://thedefireport.io/friends https://thedefireport.transistor.fm/https://thedefireport.io/https://x.com/the_defi_reporthttps://x.com/JustDeauIt----TIMESTAMPS0:00 Intro2:56 Market Reactions to Ceasefire6:28 Analyzing the Bull & Bear Cases11:02 The Pessimist's Perspective15:34 Iran's Strategic Position22:37 Understanding the Liquidity Cycle26:58 The Long-Term View on Bitcoin31:34 Short-Term Market Signals36:08 Closing & Disclaimers----Not financial or tax advice. For educational purposes only.
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BTC Cycle Low? & Views on macro, altcoins, & crypto equities
Apr 100:35:59Tap to summarizeBitcoin is down 47% from the highs, but Mike says the real “fat pitch” still hasn’t arrived.Mike and Ryan break down where BTC could actually bottom using realized price, the 200-week moving average, and deep value onchain signals, plus why oil, Iran, rates, and recession risk still matter more than most crypto investors think.----📣GALAXYONE | SOLANA STAKINGhttps://bankless.cc/GalaxyOne ----🎯THE DEFI REPORT | FOLLOW & SUBSCRIBEhttps://thedefireport.io/friends https://thedefireport.transistor.fm/https://thedefireport.io/https://x.com/the_defi_reporthttps://x.com/JustDeauIt----TIMESTAMPS0:00 Intro2:16 Buffett's Market Perspective4:45 Galaxy One Staking Launch6:31 War's Impact on Markets11:07 Energy Crisis Analysis14:03 Fed Rate Predictions18:11 Speculating on Trump's Announcement24:50 Bitcoin Price Analysis28:14 Deep Value & Market Strategy32:53 Altcoins & Crypto Equities35:04 Closing & Disclaimers----Not financial or tax advice. For educational purposes only.
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