Podcast Summary: The Wolf Of All Streets

Episode: “Bitcoin Falls Below $100K! Has The Bear Market Begun?”
Host: Scott Melker
Date: November 7, 2025

Episode Overview

This episode of The Wolf Of All Streets finds Scott Melker riding solo during a notably slow news week in crypto—except for the headline-making drop in Bitcoin, which has dipped below $100,000. Melker analyzes this price action, explores whether a bear market is truly starting, comments on leaks involving CZ and Senator Warren, and recaps key institutional updates from figures like Jerome Powell, Charles Schwab, and Larry Fink. He also addresses the persistent US government shutdown’s effects on the crypto industry. While reflecting on market cycles and price performance, Melker uses his characteristic humor and directness to unpack both news and sentiment.

Key Discussion Points & Insights

1. Bitcoin Price Analysis and Market Sentiment

• Current State: Bitcoin has fallen below $100,000, provoking talk of a bear market.
• Technical Levels: The weekly 50 moving average (MA) is a pivotal line; breaking it has historically meant drops to the 200 MA (now ~$56,000), but Melker doubts such a sharp fall.
  • Quote: “Sentiment is horrendous. People are giving up...I think that we’re starting to see a tradable bottom here on bitcoin. But hey, what do I know? Anything can happen.” (02:12)
• RSI Divergence: Observes potential bullish divergence on various timeframes, but urges patience.
  • Quote: “Stop freaking out. $100,000 bitcoin—pretty good price. Not something that has me deeply concerned as people call for the depths of a new bear market.” (03:31)
• Altcoin Pain: Notes that almost all altcoins have been “absolutely destroyed.”

2. Cycle Reflection: Bull Market or Not?

• Year-to-Date Reality: Bitcoin is flat for 2025; altcoins are down. Melker questions whether there’s really been a bull market or merely “sideways chop.”
  • Quote: “If in the calendar year of 2025 Bitcoin is completely flat, not even outpacing inflation, and altcoins are down, have we been completely wrong about this being a bull market? Yes.” (23:05)
• Outlier Coins: Points out rare exceptions like Zcash, but maintains that most people are down across the space.

3. Institutional and Regulatory Updates

• CZ vs. Senator Warren (06:48):

  • Melker covers leaked legal letters showing CZ’s attorney demanding a retraction from Senator Elizabeth Warren for alleged defamation.
  • Elizabeth Warren’s team responds dismissively, citing the First Amendment.
    • Quote (letter excerpt): “Mr. Zhou will not remain silent while a United States Senator seemingly misuses the office to repeatedly publish defamatory statements that impugned his reputation and caused him further injury.” (07:57)
    • Melker’s reaction: “What would make us here on the Friday Five more satisfied in life than seeing Elizabeth Warren sued for defamation by a billionaire in the crypto industry? Amazing. I hope it happens.” (08:34)

• Fed Chair Jerome Powell on Crypto Banking (09:46):

  • Powell says banks can serve crypto customers so long as they manage risks appropriately.

    • Powell's quote: “Banks are perfectly able to serve crypto customers as long as they understand and can manage the risks. And it’s safe, safe and sound...” (09:46)

  • Melker is sarcastically unimpressed: “That reeks of Steve Buscemi with the skateboard. ‘Hey all you fellow kids...’” (10:42)

• Charles Schwab Plans Bitcoin Trading (11:59):

  • Schwab CEO confirms plans to launch Bitcoin trading in first half of 2026, citing high client engagement.
    • Quote: “For most people...the exchange traded product is a safe and comfortable way for them to invest. All that said, we will get crypto and we plan to do that in the first half next year.” (12:40)

• Larry Fink on Tokenization (13:46):

  • BlackRock’s CEO: “Tokenization is probably the most important component of how we are going to see the evolution of the financial plumbing of the world.” (13:46)
    • Melker notes BlackRock has long eyed tokenization far beyond ETFs.

4. Geopolitical and Regulatory Developments

• Kazakhstan’s Seized Crypto Fund (08:52):

  • Kazakhstan announces $1B crypto reserve fund using seized assets by 2026.
  • Melker laments that the global trend is for governments to seize crypto rather than buy it legitimately: “So instead of buying a billion dollars worth of crypto, Kazakhstan...is just going to go ahead and seize it from people. Seems bad.” (09:14)
  • Humor: “Borat’s home country of Kazakhstan, my wife, she nice, is going to launch a 1 billion crypto reserve.” (09:22)

• US Government Shutdown Effects (15:03):

  • Shutdown is blocking key regulatory action (SEC, ETFs, Clarity Act).
  • Human cost: “42 million people face interruption of SNAP...750,000 employees furloughed...Day 37 of the government shutdown has arrived. That just seems bad.” (16:17)

5. Fear of DeFi Credit Crisis

• Trump Crypto Advisor’s Warning (10:10):
  • David Bailey (Bitcoin Magazine) warns of an imminent DeFi credit crisis, but Melker is skeptical: “Under the surface in defi, which I have not seen much evidence of...a few stablecoin depegs...bodies rising to the surface from that $19 billion liquidation event in October.” (10:31)

6. Whale Movements & ETF Flows

• Bitcoin Whales Selling (18:42):
  • OG Bitcoin holders (7+ years) dumped roughly $45B recently.
  • “These dudes are dumping their faces off...Do they know something we don’t? Yeah, they know that they’re really fucking rich.” (19:53)
  • Melker is not alarmed by this long-term holder sell-off.
• ETF Flows:
  • Bitcoin ETFs snapped a 6-day outflow streak with $240M in inflows.
  • Solana ETF has had 8 consecutive days of inflows, surprising even Melker.

7. Stock Market Parallels & Risk Appetite

• Michael Burry’s Big Short—Again? (28:49):
  • Burry goes short Nvidia and Palantir; Melker muses on implications.
  • “There are people...putting massive money into the market believing that tech is topping. What that would do to bitcoin, I have no idea.” (29:13)

8. Melker on Narrative Bias and Honesty

• Melker emphasizes the need to re-examine bullish bias:
  • “There’s people...who have a thesis and then no information...can change that thesis. And so they end up emotionally tied, whether that be a token or a narrative...and they never give up until they’re poor.” (29:27)

Notable Quotes & Memorable Moments

• On market cycles:
  “If in the calendar year of 2025 Bitcoin is completely flat, not even outpacing inflation, and altcoins are down, have we been completely wrong about this being a bull market? Yes.” (23:05)

• On OG whales selling:
  “These dudes are dumping their faces off and they’re dumping on our faces.” (19:31)

• On regulatory inertia:
  “The government shutdown is obviously slowing all of the momentum that we had in this industry and they need to unshut it down.” (15:45)

• On institutional entry:
  “We know that every institution in the world is coming but it’s nice to get further reinforcement that that is actually happening. Chuck Schwab, pretty big deal.” (12:57)

• On longsuffering retail traders:
  “Some way eventually to capture that value for us lowly retail traders who until now basically just get liquidated. Worst bull market ever, as I’ve said.” (14:42)

• On objectivity:
  “I don’t think you can objectively scream about this amazing bull market that we have been a part of. But like I said, maybe that means the real opportunities to buy [are] before the next bull run.” (31:00)

Key Timestamps

• 00:01: Intro & Bitcoin below $100K, overview of sentiment
• 02:12: Technical analysis—50 MA as bull/bear line
• 06:48: Exclusive – Leaked CZ v. Elizabeth Warren legal letters
• 09:14: Kazakhstan’s $1B seized crypto reserve
• 09:46: Jerome Powell on crypto banking (clip)
• 11:59: Schwab CEO on launching Bitcoin trading (clip)
• 13:46: Larry Fink on tokenization (clip)
• 15:03: US government shutdown stats & effects on the industry
• 18:42: OG Bitcoin whales dumping billions
• 23:05: Reality check—2025’s flat/negative performance
• 28:49: Michael Burry’s tech shorts
• 29:27: Importance of objectivity and changing your thesis

Tone & Style

Scott Melker's tone is frank, irreverent, and punctuated with humor and self-deprecation. He’s direct about market realities, unafraid to call out irrational optimism, but remains enthusiastic about long-term crypto adoption. He delivers nuanced criticism of both the crypto industry and traditional financial/political players, and his commentary is interspersed with meme-culture references.

Summary Table

| Topic | Key Insight/Quote | Timestamp | |----------------------|-----------------------------------------------------------|------------| | Bitcoin dips below $100K | “Stop freaking out. $100,000 bitcoin—pretty good price.” | 03:31 | | Legal drama: CZ v. Warren | “Amazing. I hope it happens.” | 08:34 | | Powell on crypto banking | “Banks are perfectly able to serve crypto customers…” | 09:46 | | Schwab Bitcoin trading | “We will get crypto and we plan to do that in the first half next year.” | 12:40 | | Fink on tokenization | “Tokenization is probably the most important component…” | 13:46 | | Whale dumping | “These dudes are dumping their faces off…” | 19:31 | | Reality check | “...Have we been completely wrong about this being a bull market? Yes.” | 23:05 |

Bottom Line

Scott Melker wraps up the episode realistic yet optimistic: while 2025 felt bullish, the numbers say otherwise, and a genuine sustained bull run may still be ahead. Institutional momentum is real, government dysfunction is a drag, and much of the industry is reeling from whale sell-offs and flat performance—but opportunities remain for those willing to look past the FUD.