Episode Overview

Podcast: The Wolf Of All Streets
Host: Scott Melker
Episode: Bitcoin Breaks $112K Resistance! Are All Time Highs Next?
Date: September 11, 2025

Scott Melker hosts a roundtable discussion with Yago and Josh Frank, focusing on the state of Bitcoin after breaking the critical $112K resistance level. The conversation quickly moves into the mechanics and motivations of treasury companies in crypto, the unique dynamics of token sales, regulatory developments, and market cycles. The hosts also reflect on the evolution of altcoins, crypto trading, and the broader international landscape. The episode is filled with candid insights, light banter, and moments of industry nostalgia.

Key Discussion Points & Insights

1. Bitcoin Price Action and Resistance

• Bitcoin above $112K: Scott opens with excitement about Bitcoin breaking the $112K resistance. The hosts discuss whether this means a new all-time high is imminent, noting bullish price action even after recent CPI data.
  • "Bitcoin is finally back above the key level of 112,000, leading many to wonder, does that mean an all time high is imminent?" (Scott, 00:00)

2. Treasury Companies and Token Sales (Avalanche Case Study)

• Avalanche's $1 Billion Raise: Avalanche plans to create two separate treasury vehicles (led by Hivemind and Dragonfly), offering discounted AVAX tokens to invest in these ventures (00:57–04:01).

• Mechanics of Locked Sales: Rather than dumping tokens on the market, funds are raised through locked treasury sales—typical discounts range from 30-70%, with longer lockups earning higher discounts.

• Investor Motivation: Investors buying at a premium (discount to NAV) can profit when shares trade above asset value, enabling "premium harvesting" and efficient capital recycling.

  • "It looks like there's going to be two separate treasury companies... launch by buying discounted Avalanche from the foundation..." (Josh, 01:42)
  • "Avalanche would like to have additional capital without seeing their tokens enter the market... by selling it into this corporate wrapper which effectively is expected never to sell..." (Yago, 04:01)

3. Comparisons and Market Dynamics

• Solana Example & Fund Dynamics: Most large positions (e.g., Solana with Multicoin, Jump, Galaxy) are illiquid—too big to sell outright without crushing prices (06:35–09:08).

• Dividends In-Kind: Large funds may distribute underlying tokens to LPs instead of selling, or take performance fees in tokens.

  Notable quote:

  • "The position that some of these firms have in these tokens is so large that they can't sell them... they end up getting the token dividended back to them in kind..." (Josh, 06:48)

4. Treasury Company Mania, Skepticism, and Disclosure

• Press Release Hype: Scott highlights that press releases often tout huge raises, but real buying is unclear and sometimes headline numbers aren't fully realized (09:08–10:21).

  • "Someone can say they're raising any amount of money. I can say I'm raising $100 billion for a Treasury company..." (Scott, 09:08)

• Humor Break: The hosts joke about launching a treasury company to revive failed 2017 ICOs like Denta coin and banana token (09:29–10:12).

5. Premium Harvesting & Tax Efficiency

• In-kind Contributions and Premiums: Contributing assets (e.g., BTC) to a treasury company and receiving shares can allow for capital gains with no taxable event, given proper structuring. Shares that trade at a premium to NAV can be sold to buy more crypto.

  • "If you, if you make a thousand BTC in kind contribution and it's trading at a... premium... then you can sell the shares and use it to buy more bitcoin. You’ve made, you know, 20x30... on your Bitcoin. That’s... true bitcoin yield." (Yago, 11:21)

6. Data Challenges and Industry Transparency

• Transparency Issues: Tracking the real holdings and activities of treasury companies is difficult due to lagging public filings, inconsistent dashboards, and global fragmentation (14:04–16:52).
  • "We're also starting to try to do a lot of work on calculating mnav... but it is very difficult and the data is largely inaccurate that's publicly available." (Josh, 14:15)

7. Regulatory Discrepancies and International Trends

• Global Expansion: Treasury companies and regulatory moves are happening worldwide, including in Kazakhstan, Kyrgyzstan, and Belarus, though panelists stress that US policy still has by far the largest impact (16:52–19:27).
  • "We remain singularly focused on what's happening in the United States. But it's not the only place on the planet..." (Scott, 17:26)

8. Market Psychology and Price Catalysts

• Narratives, Cycles, and Reality: Despite bullish narratives, Bitcoin remains consolidative, and the four-year cycle mentality persists. The panelists are skeptical of near-term catalysts and see more of a slow grind up (20:12–21:59).
  • "We probably will see a drop in interest rates... probably will mean the same for Bitcoin. But... in the near term, I see mostly a continual grind up." (Yago, 20:12)

9. Crypto Nostalgia & Evolution

• McAfee Era & 2017 Tokens: The group reminisces about John McAfee’s outlandish bitcoin predictions ("eat his own dick if Bitcoin didn’t hit $1M"), the mechanics of ICOs, and why 2017 felt so different—fewer tokens, more direct flows into BTC/ETH, and easier pump dynamics (22:07–26:23).

  • "John McAfee... once said that he would eat his own dick if Bitcoin didn't make it to $1 million..." (Scott, 22:35)

• Market Structure Shift: Nowadays, altcoin buyers often bypass BTC, entering the "casino" directly, and viral crypto influencers proliferate independently of foundational coins. The dynamic has shifted from blanket bitcoin/eth buying to niche speculation (26:30–27:25).

10. Retail Mindset & Market Sophistication

• Token Price Psychology: Retail’s preference for lower-priced tokens (under $0.10) leads to greater speculative bets, regardless of fundamentals—a pattern mirrored in Wall Street meme stocks (27:25–28:34).

  • "We found that the lower price the token, the better it performed... Because somebody's like, okay, if the token's 4 cents and it goes to a dollar I 25x my money..." (Josh, 27:25)

11. Final Thoughts and Trading Psychology

• Boredom as a Buy Signal: Yago jokes that boring news is often a buy signal—real capitulation happens not just with falling prices but also when market participants give up out of boredom (29:25–29:42).

  • "If the news is a bit boring, what better buy signal is there than boring?" (Yago, 29:25)

• Macro Risks: Josh points to potential bullish catalysts if interest rate cuts are larger than expected (29:52–30:05).

Memorable Quotes & Moments

• "Avalanche would like to have additional capital without seeing their tokens enter the market... Push those into [treasury companies] and hopefully be a catalyst for price." (Yago, 04:01)
• "A firm's ability to raise or a fund's ability to raise additional capital is directly correlated with their ability to return on their last tranche." (Josh, 08:03)
• "If, if you make a thousand BTC in kind contribution and it's trading at... 24x... you can sell the shares and use it to buy more bitcoin. You've made, you know, 20x30 on your bitcoin." (Yago, 11:21)
• "There are hundreds of these things now... If you want to accurately track all of them, they're all just doing different things." (Josh, 15:55)
• "I think that it didn't even move when [Bukele] did it." (Scott, 19:27)
• "The only way you could buy altcoins when I started was you had to buy bitcoin first. Now you can buy it on your credit card." (Scott, 26:23)
• "There’s an endless supply of, of not so sophisticated activity forever." (Yago, 29:01)

Timeline of Notable Segments

| Timestamp | Segment Summary | |-----------|----------------| | 00:00 | Bitcoin breaks $112K, episode intro | | 00:57 | Avalanche’s $1B treasury move and token sale mechanics | | 04:01 | Why treasury sales benefit all parties; discussing historical discounts | | 06:35 | Discussion of Solana treasury vehicles and illiquidity of large bags | | 09:08 | Skepticism about headline fundraising numbers; humor about 2017 tokens | | 11:21 | Premium harvesting, in-kind investments, and tax implications | | 14:04 | Data transparency challenges around treasury companies | | 16:52 | Global adoption, Belarus and Kazakhstan moves, regulatory overview | | 20:12 | Lack of near-term catalysts; cyclical market expectations | | 22:07 | Reminiscing about McAfee’s prediction; 2017 ICO nostalgia | | 26:23 | How crypto market structure shifted away from BTC/ETH as gateways | | 27:25 | Token price psychology and retail behavior | | 29:25 | Boredom as a buy signal; macro policy implications | | 30:05 | Closing thoughts, guest farewells |

Tone and Style

The conversation is lively, warm, and at times irreverently funny. Scott’s facilitation keeps the dialogue both informative and engaging, with blunt industry insight mixed with casual banter among experienced crypto insiders. The guests reference both high-level finance and inside jokes from crypto’s past, making the episode accessible for seasoned listeners but still insightful for those seeking to learn the real mechanics beneath the headlines.

Conclusion

This episode of "The Wolf Of All Streets" provides a deep dive into the evolving landscape of Bitcoin, the nuanced mechanics of treasury companies, and the shifting psychology of crypto investors. With on-the-ground insights into why large-scale moves may not always play out as advertised—and how market participation and retail behavior keep evolving—the discussion paints a multifaceted picture of current crypto markets. The blend of technical discussion, regulatory context, nostalgia, and humor makes this a rich and timely conversation for anyone interested in the current state and future of digital assets.