Podcast Summary — The Wolf Of All Streets

Episode: Bitcoin Adoption ERUPTS As Banks Prepare For The Next Wave!
Host: Scott Melker
Date: October 22, 2025
Guests: Christopher Inks (Market Analyst)

Overview

In this episode, Scott Melker dives deep into the accelerating adoption of Bitcoin and crypto, especially as traditional institutions and central banks engage with blockchain technology at unprecedented levels. The first half covers Scott’s analysis of the markets, institutional developments (notably the Federal Reserve’s new payments proposal), and the legislative landscape in the US. In the second half, trading expert Christopher Inks joins to break down technicals on Bitcoin, gold, and select altcoins, alongside broader market psychology and structural trends.

Key Discussion Points and Insights

1. Market Update and Macro Backdrop

[01:00-06:45]

• Current Market Status:
  • Bitcoin trading at $108,000; Ethereum at $3,845 (down 6% on the week but steady in 24h).
  • “Yesterday was absolutely stupid. Some of the lamest price action we’ve seen in forever.” — Scott [02:10]
  • Noted algorithmic trading swings: big six-hour up candle followed by a complete retracement.
• Gold and Silver Volatility:
  • Gold had its worst daily move in over a decade: from $34,376 to $4,089—about an 8-9% drop.
  • “Gold, which is like a $30 trillion asset, that much in a day is absolutely astounding.” — Scott [03:50]
  • Narratives emerged about rotation from gold into Bitcoin, but proved fleeting.
• Observational Warning:
  • Scott cautioned listeners against chasing narratives based on brief market moves.

2. The Federal Reserve and Institutional Adoption

[06:45-13:05]

• Fed’s New Approach:
  • The Federal Reserve is introducing a “Skinny Account”/Payment Account framework, granting fintechs and crypto firms access to core payment systems—though not full “Fed Master Accounts.”
  • Reference to Caitlin Long and Custodia Bank’s struggle to gain Fed access, and positive response from Long as the Fed reconsiders its stance.
• Significance for Crypto:
  • "It represents a major institutional shift recognizing DeFi and blockchain as core components of the evolving financial system." — Scott (paraphrasing Fed FAQ) [07:23]
• Fed’s Tone Shift:
  • Audio quote from Fed Governor Christopher Waller:
    “This is an acknowledgment that distributed ledgers and crypto assets are no longer on the fringes, but are increasingly woven into the fabric of the payment and financial system.” [08:18]
  • Waller mentions active Fed research into tokenization, smart contracts, and AI for payments.
• Scott’s Cynicism:
  • Despite excitement, Scott stays skeptical of the Fed’s motives:
    “I can’t cheer for the Fed... It’s a corrupt organization that controls our money supply and creates inflation.” [09:15]
  • Warns about potential risks of Central Bank Digital Currencies (CBDCs):
    “Very scary if it gets into the hands of the Fed.” [13:05]

3. Regulatory Scramble and Legislative Uncertainty

[13:05-18:50]

• Ongoing “Operation Choke Point 2.0”:
  • Highlighting continued banking resistance to crypto; Caitlin Long (Custodia) called the recent Fed move an admission of past policy errors.
  • Senator Cynthia Lummis is pushing for a finalized “Open Banking Rule” to prevent banks from “weaponizing” access and to solidify consumer data rights.
• US CPI Data and Market Psychology:
  • Scott questions the integrity and relevance of official inflation data, hinting at doubts and lagging government metrics.
  • “I don’t think anyone believes or cares about CPI data so deeply anymore. Do you?” [18:05]
  • Audience candidly express zero trust in official stats.
• Desire for Clear Legislation:
  • Crypto leaders convene in DC to push for market structure reform (including Brian from Coinbase, Sergey from Chainlink, Hayden from Uniswap).
  • “We literally need something or else we could be fully back in the Gensler era after the midterms and all of this progress could be erased."

4. US Crypto Adoption & International Moves

[18:50-24:30]

• US Crypto Usage:
  • Crypto transaction volume in the US up 50% YoY to over $1 trillion.
  • US maintains global leadership in crypto market size, though India leads in grassroots adoption.
  • “Tell me why it doesn’t matter if we have major crypto adoption in the United States. That is the absolute reality of things.” [20:22]
• Institutions Deepen Involvement:
  • Fidelity, an early institutional advocate, says crypto is central in client conversations.
• Broader Global Moves:
  • Russian Ministry of Finance and Central Bank agreed to legalize some crypto for foreign trade—a major milestone in global banking disruption.
• Major Deals:
  • Falcon X to buy 21 Shares in a move that consolidates ETF and trading services.

5. Technical Analysis and Trading Psychology

Christopher Inks joins [25:58+]

A. Gold’s Topping and Market Flows

• Gold appears to have peaked (“monthly RSI at 91.1 – highest since 1970s, during stagflation”). [27:06]
• Tweezer tops forming—a potential sign of local or major tops, money may rotate out of gold towards risk assets (stocks, Bitcoin).
• “Historically, it seems that bitcoin follows gold… money will flow from gold into other risk assets like stocks and then into bitcoin.” — Chris [28:24]

B. Bitcoin Price Structure

• Current price action is “noise” within a range, with key levels to watch:
  • Break above $116,000 (Coinbase) would signal a move to new ATHs ($130,000+).
  • Conversely, breaking below $100,000 risks further downside.
  • Trading advice: “In chop you want to trade the extremes.” — Chris [31:45]
• Discussion of algorithmic strategies outperforming discretionary hands in such volatile moves.

C. Altcoins and Structural Setups

• Most alts (KAS, NEAR, FET) are at or near pivotal support levels; Chris walks through strategies for range trading and tracking pivot points.
• Notes the extreme volatility from recent liquidations (19 billion, “12 times more than on FTX”).
• Scott’s caution on timing altcoin positions until Bitcoin is leading higher:
  • "For alts to get really excited, we probably need bitcoin back up at the top of the range or breaking out of it." [39:42]
• Emphasis on structure-forming before getting aggressively long.

D. Market Sentiment and Recovery

• Many retail traders are shell-shocked by recent wild moves—lots are sidelined, waiting for new structure before re-engaging.

Notable Quotes

• “Crypto is woven into the fabric of the payment and financial system.”
  — Christopher Waller, Fed Governor [09:00]*

• “It represents a major institutional shift recognizing DeFi and blockchain as core components...”
  — Scott (reading Fed FAQ) [07:23]

• “It’s a wet dream of adoption when you zoom out and look at all the people that are talking about this industry... None of that was happening a year ago because crypto was absolutely freaking dead in the United States of America.” — Scott [23:20]

• “In chop you want to trade the extremes.” — Chris Inks [31:45]

• “I think we’re all getting up in arms about some pretty meaningless price action and something nice is going to develop soon.”
  — Scott [42:30]

Timestamps of Key Segments

• [01:00] — Market overview (prices, narratives, volatility)
• [06:45] — Fed’s payment account proposal, Caitlin Long’s feedback
• [08:18] — Christopher Waller (Fed) roundtable quote
• [13:05] — Open Banking Rule, operation “Choke Point 2.0”
• [18:50] — DC market structure talks, need for legislative clarity
• [20:22] — US crypto adoption data
• [25:58] — Chris Inks joins for technical analysis
• [27:06] — Gold’s parabolic move and likely topping
• [29:55] — Bitcoin range and trading strategies
• [33:43] — Bitcoin breakout targets ($123k/$127k)
• [36:23] — Altcoin structure and mean reversion setups
• [41:00] — Sidelined market sentiment after mass liquidations
• [42:30] — Outlook and upcoming events

Memorable Moments

• The darkly humorous take on cheering for the Fed and BlackRock, even while recognizing the necessity for mainstream adoption.
• Repeated warnings about overreacting to fleeting, intraday narratives—reminder to “zoom out.”
• Technical charting walkthroughs, with Chris Inks calmly deconstructing the post-liquidation trading environment.

Conclusion

This episode captures a pivotal moment in crypto: Bitcoin is not just being noticed but structurally adopted by the very institutions that once opposed it. While Scott and Chris urge vigilance regarding centralization risks, they celebrate the enormous tailwind behind crypto’s global adoption. Technical analysis remains key, but so does patience and skepticism of transient drama. The overall tone is cautiously optimistic, with repeated reminders to keep the bigger picture in focus.