Podcast Summary
The Wolf Of All Streets
Episode: "Bitcoin & Crypto Are Dead" But This ONE Thing Could Spark The Next Rally! | Ran Neuner
Date: January 10, 2026
Host: Scott Melker
Guest: Ran Neuner
Episode Overview
Scott Melker and Ran Neuner (“Rand Nooner”) have a candid, in-depth conversation about the current state of the crypto markets following the October 10th crash. They analyze why crypto has lagged behind other booming risk markets, discuss possible catalysts for the next rally, debate if something is fundamentally broken, and share personal strategies for surviving the current phase. The central question: What will it take to bring life and liquidity back to crypto?
Key Discussion Points & Insights
1. The Aftermath of October 10th ("An Unnatural Event")
- Key Moment: Both agree that the October 10th collapse was abnormal, marked by low liquidity and mass liquidations.
“October 10th wasn't a natural event. It happened late at night on a weekend. No liquidity. The market makers all collapsed...you need time to recover.”
— Ran Neuner [00:15] - Retail investors were wiped out and haven't returned, leading to a vacuum in deal flow and sentiment.
2. State of Sentiment: Beyond Fear into Indifference
- Crypto feels less “fearful” and more “indifferent”—a new kind of apathy.
“I see that sentiment is in fear, but it feels like that's incorrect. It feels like we're in utter indifference.”
— Scott Melker [01:12] - Even social media feeds are dry; the crypto conversation has all but disappeared.
“It was serving me non crypto content...and I was like, has someone been messing with my elgo, or is there just nobody here anymore?”
— Ran Neuner [01:48]
3. Technicals: Still Some Bullish Hints
- Bitcoin and major alts have broken above the 50-day moving average; there are signs of a technical recovery.
- Coinbase premium turned positive (suggesting more U.S. buyers than sellers).
“The breakout of the downtrend was on New Year’s Day...Coinbase premium turned positive...it kind of felt like the worst was behind us.”
— Ran Neuner [03:41] - However, momentum is insufficient to reignite retail FOMO.
4. Why is Crypto Lagging All Other Risk Assets?
- Traditional markets (stocks, commodities, gold, tech) are at all-time highs.
“Every market in the world is going up...there's one market that's not performing...and that market is crypto.”
— Ran Neuner [05:28] - This historic lack of correlation is bewildering for market veterans.
5. The Recovery Timeline and Historical Parallels
- Past major crypto collapses (like FTX in 2022) showed delayed but eventual recovery—by 72-90 days after the event.
“It took time for the casualties and the bodies to rise before the market actually recovered.”
— Ran Neuner [08:46] - The October 10th crash may require even longer to heal due to its magnitude.
6. Bear vs. Bull Market Debate: Are We Broken or Just Correcting?
- Several hypotheses explored:
- We're simply in a healthy correction within a longer-term bull run.
- The four-year cycle theory: Maybe the “cycle ended” on October 10th.
- Something’s fundamentally broken: Institutionalization and custodial dominance have changed the game.
- Speculation vs. Utility: Assets may have been priced for speculation, not real use.
“Maybe something is broken and we just can't see it to admit that something's broken...Maybe we're just indoctrinated…”
— Ran Neuner [12:53] - Scott raises: Mainstream (institutional) adoption is happening in ways that don’t benefit the coins retail holders invested in.
7. The AI Narrative & Crypto’s Next Big Use Case
- Ran posits that crypto/blockchain is the only realistic settlement layer for AI-driven transactional economies in the future.
“When AI becomes transactive, how is AI going to transact? [Blockchains:] there is really no other way...for trustless, immediate settlement.”
— Ran Neuner [12:53] - Scott is skeptical whether this new world will actually make the existing tokens appreciate or just fuel walled-garden corporate products.
8. Speculators vs. Utility: Pricing Reality Check
- If utility truly matters, many coins may need to drop to reflect real world usage and demand.
“You can make the argument that everything at its current price was purely based on speculation and not utility.”
— Scott Melker [21:02]
9. What Would It Take to Revive the Market?
- Legal clarity (the “Clarity Act”), interest rate cuts, or stimulus are all already priced in.
- History shows big narrative pivots often come from unforeseen catalysts (like the SVB collapse kickstarting a bull run).
- Key Quote:
“The only thing that can pump this market is something we don't know about.”
— Ran Neuner [26:43]
10. One Green Candle: The Age-Old Crypto Mentality
- Both agree that a single explosive move up (“one green candle”) in price would instantly ignite FOMO and bring back retail.
“One green candle. Bitcoin goes back to 100, 120, the altcoins start running...retail finds money to come back.”
— Ran Neuner [31:17] “There's no better marketing for bitcoin than higher prices.”
— Scott Melker [31:09] - Until then, even diehard investors are just reshuffling portfolios, not adding significant new capital.
11. Surviving the Bear (or Boredom)
- Both talk about the challenges of running crypto media and business in a market with minimal excitement or news.
“We got to try and be interesting every single day about a market where people are disinterested. Including us to some degree.”
— Scott Melker [27:43] - Investment approach: Most capital allocation is already maximized; any new investments are just shuffling between assets rather than adding new cash.
12. Broader Asset Allocation
- Both Scott and Ran suggest now is a good time to stay diversified; outside of crypto, assets like gold, silver, and some property are on their radars, though everything feels at a high.
Notable Quotes & Memorable Moments
- On Market Apathy
“No one’s here anymore...Crypto people have gone.”
— Ran Neuner [01:48] - On Needing Surprise Events
“When you don’t know what could pump a market, that's when the market will pump.”
— Ran Neuner [27:16] - On Institutionalization
“Careful what you wish for because now we have to show up every day and talk about JP Morgan. It was a lot more fun when we were not talking about JP Morgan every day.”
— Scott Melker [33:40] - On the Metaverse Hype Cycle
“Do you remember the news that Facebook changed its name to Meta?...and now they've abandoned their spend on Metaverse...but they rebranded the entire company to Meta and then pulled the plug.”
— Ran Neuner [37:11] - On Bear Market Psychology
“Stages where they’re apathetic is where everyone gets caught off guard. Then that one green candle comes and everybody just fomos back in.”
— Ran Neuner [38:32]
Timestamps: Key Segments
- [00:15] – October 10th as an “unnatural” collapse, retail wiped out
- [01:12] – Discussion of fear vs. true indifference in sentiment
- [03:29 – 04:40] – Bullish technical signals emerging in charts
- [05:28] – Bewilderment at crypto lagging all other markets
- [08:46] – Comparing recovery pace to FTX collapse
- [12:53] – Crypto assets as commodities and technology; AI as future catalyst
- [21:02] – Debate if coins are overpriced because of speculation, not use
- [26:43] – Only an unforeseen catalyst can pump the market
- [31:09/31:17] – “One green candle” as the inevitable spark for the next rally
- [37:11] – Looking back on the Metaverse hype
- [38:32] – Bear market apathy and eventual, explosive recoveries
Conclusion: Will Crypto Ever Come Back?
The mood is dull, but the conversation is rich. Both speakers are seasoned enough to know that boredom usually comes right before opportunity in crypto. They remain cautiously bullish, awaiting the fabled “one green candle” that could ignite the next rally. For now, they're staying invested and keeping an eye on the charts—echoing the sentiment that in crypto, things change when you least expect it.
“Let’s give it another couple of weeks into the year...if we break through those [key levels] back in the bull market we are.”
— Ran Neuner [36:35]
“I think we’re going to get some more definitive direction one way or another in the not so distant future. This sideways can’t go on forever.”
— Scott Melker [40:53]
Summary by [YourAssistant]
For listeners and readers: The mood in crypto is more dead than fearful, but history—and the inflation of hope—suggests one powerful move up could bring everything back to life.