Podcast Summary

Podcast: The Wolf Of All Streets
Host: Scott Melker
Episode: Bitcoin Has Never Been This Bullish In September – How Long Will It Last?
Date: September 19, 2025

Episode Overview

In this episode, Scott Melker and co-host NLW (Nathaniel Whittemore) break down current market sentiment, major moves in the crypto industry, and the macro-financial landscape, focusing particularly on Bitcoin’s unprecedented bullish September. They critically examine the sustainability of this rally, the impacts of new ETF products, AI-driven payments, regulatory milestones, and the shifting culture around stablecoins and tokens. The hosts balance market analysis with candid banter, skepticism, and context for both crypto veterans and newcomers.

Bitcoin’s Bullish September: Reality Check

[00:02 – 02:37]

• Main Point: Bitcoin is up 8% in September—historically a terrible month—but the mood is more cautious than euphoric.
• Tone: Celebratory, but wary of celebrating too soon.
• Historical Context: Previous Septembers were “dog poo for all the markets.”
  • NLW (B, 01:32): “It’s just not awful right now is sort of the TLDR. I don’t think anyone…is feeling super jazzed…It is chaos out there. No one has any freaking idea what to make of markets.”
• Uncertainty: No clear signal; markets remain confused after the long-anticipated Fed rate cut.
• Notable Metaphor: Scott likens the situation to a football player celebrating too early—potential for reversal looms.
  • Scott (A, 02:37): “Leon Lett…ran it all the way down…and started celebrating before he got there and little guy Don Beebe slapped it out of his hand…we’re definitely going to be down by the end of September.”

Crypto Cycle and ETF Evolution

[02:57 – 07:32]

• Cycle Uncertainty: The classic four-year Bitcoin/crypto cycles are colliding with global financial forces—seasonality may be less predictable.
  • NLW (B, 02:57): “We are now totally woven in with the broader financial system…we’re not going to know until we know.”
• ETF Approval Changes:
  • SEC now enables faster crypto ETF approvals using generic listing standards—likely to benefit any asset listed as a Coinbase future for over 6 months.
  • Grayscale launches first multi-token ETF (first US crypto index fund).
  • Major Impact: Greater institutional tailwinds, but not likely to spark immediate parabolic moves.
    • NLW (B, 04:48): “They are massive tailwinds, but on a much longer time horizon than we think.”
    • Scott (A, 05:51): (Jokes) “Are you daring to imply…no immediate demand for a Polkadot, Shib, or Stellar ETF?”
    • NLW (B, 06:00): “Polkadot has some seriously big backers…But outside of that…unlikely that we see some massive run on asset number 27 in the immediate term.”
• Recent ETF Launches:
  • XRP and DOGE ETFs used alternative methods to launch, with high debut volumes.
  • Possibility for “degen” behavior to hit equities: “Degeneracy could just come to the stock market…might be our final triumph.” (B, 07:03)

Blockchain Plumbing & Institutional Momentum

[06:24 – 07:32]

• Core Narrative: Big tokens (Solana, XRP) with institutional or narrative momentum expected to benefit the most.
• Scott: “Plumbing” for mainstream adoption more valuable than speculative hype (A, 06:24).
• Notable Quote:
  • NLW (B, 07:32): “When Cathie Wood does something exciting with ARC...there’s now a place people who think that’s a signal can go that isn’t a crypto. That’s important.”

AI Payments: Google x Coinbase and The Rise of Agent Commerce

[07:50 – 11:54]

• Major News: Google and Coinbase launch an agent-to-agent (A2A) payments protocol.
  • AI agents can now transact on behalf of users—crypto, stablecoins, and credit cards are all integrated.
• Implications:
  • Focus: Not on sophisticated DeFi or trading, but practical e-commerce ("run of the mill").
    • NLW (B, 08:12): “This is specifically meant to solve some of the core problems of Internet commerce for agents…authenticity, intent…permission to spend…”
  • Crypto’s Role: Coinbase involved from launch, signaling USDC as likely standard for agent payments.
    • NLW (B, 08:12): “It's hugely telling that this is…mainstream first…and they chose to do it with Coinbase.”
  • Scott’s Quip: “I don’t know what that coin is…but I definitely own it.” (A, 10:40)
  • Security Concerns: Jokingly allude to dangers: “I can’t see any potential traps or pitfalls…It’s going to be perfect.” (A, 11:41)

New Token Announcements: Base and MetaMask

[11:55 – 14:23]

• Base (Coinbase’s L2) and MetaMask announce exploration of platform tokens.
  • Shift in Stance: Base previously insisted L2s don’t need tokens—now they see regulatory and business justification.
  • Market Impact: These are major, real projects expected to draw real demand.
  • NLW (B, 12:36): “They are 100…Unless the regulators show up…this thing is getting launched is my prediction.”
• Utility Remains Vague:
  • Scott: “Will the MetaMask token replace your Ethereum gas fees? I have no idea.”
  • NLW (B, 13:56): “It’s not exactly clear…tokens are a money-making thing…create opportunity to make money…and more cool stuff.”

Stablecoin Shakeup: Tether, USAT, and Competition

[14:23 – 16:21]

• Tether launches USAT stablecoin; Bo Hines (ex-White House advisor) to lead US business.
  • Scott (A, 14:23): “Has there ever been a more astronomical ascent of a human being than Bo Hines this year?”
• Implications for Ecosystem:
  • NLW (B, 15:10): “It is a huge sign that things are working…Tether can do this and actually launch it.”
  • Stablecoin Choice is Becoming Background: In future, users won’t choose stablecoins—app plumbing will select for them.
    • Scott (A, 15:36): “There’s going to be a day when…the plumbing in the back decides which stablecoin…you’ll effectively use it as a dollar.”
    • NLW (B, 16:04): “When a consumer is using a coin, they’re not using a Tether, they’re using a US dollar.”

Regulatory Shifts: UK x US Crypto Relations

[16:21 – 18:24]

• UK strengthens ties with the US on crypto and launches a Bitcoin staking ETP.
• Potential Impact: Increases real-world asset tokenization and cross-border collaboration.
  • NLW (B, 16:56): “Mostly…this White House is just trying to shore up the innovation corridor…crypto is a very big part of it.”
• Cultural Commentary: Scott and NLW, as Americans, joke about not caring about UK politics.
  • Audience Correction: Listener Benjamin notes UK’s political system is more stable than their jokes suggest (A, 18:24).

Macro Backdrop: The Fed’s “Risk Management” Rate Cut

[18:24 – 21:06]

• Fed Decision: Markets are underwhelmed; Powell’s communication is vague—“word salad.”
  • Scott (A, 19:04): “That’s word salad to try to make something out of nothing.”
• Uncertainty Dominates:
  • NLW (B, 20:09): “It did not solve whatever anxiety people were hoping it was going to solve…It’s a very strange time.”
  • Scott (A, 21:06): “150 bips or shut up. Don’t hit me with this 25 bips crap.”

Honorable Mentions & Offbeat Moves

[21:06 – 21:43]

• Treasury Companies: Forward raises $1.65B, buys $1.5B of Solana in a weekend, issues $4B ATM—topic postponed to next week.
• BNB’s Surge: Hits $1,000, noted as a side story.

Memorable Quotes & Banter

• NLW on markets: “No one has any freaking idea what to make of markets.” (01:32)
• Scott on ETFs: “Are you daring to imply that there’s not going to be tremendous immediate demand for a polka dot shib or stellar ETF?” (05:51)
• NLW on token launches: “Unless the regulators show up with pitchforks…this thing is getting launched.” (12:36)
• Scott on token ‘value’: “So the value proposition is—trust me, bro. And speculation.” (14:23)
• On stablecoins: “You as the consumer are not even thinking about hey, do I need USAT or USDT or usdc. It’s just going to be in the background and…effectively use it as a dollar.” (A, 15:36)
• NLW on the Fed: “That’s word salad to try to make something out of nothing.” (19:04)

Timestamps for Key Segments

• 00:02 – 02:37: Bitcoin’s Historic September & Market Sentiment
• 02:57 – 07:32: Crypto Cycles, ETFs, and Institutionalization
• 07:50 – 11:54: AI Payments & Mainstream Crypto Integration
• 11:55 – 14:23: Base & MetaMask Token Announcements
• 14:23 – 16:21: Tether, USAT, and Stablecoin Ecosystem
• 16:21 – 18:24: UK/US Regulatory Moves & Jokes on UK Politics
• 18:24 – 21:06: The Fed, Macro Confusion, and Rate Cuts
• 21:06 – 21:43: Treasury Moves, BNB, and Next Week’s Teasers

Conclusion

This episode spotlights the strange, “not awful” optimism of September 2025 for Bitcoin amid macro and regulatory confusion. Melker and NLW surface key stories shaping the next market phase: structural ETF innovations, agent commerce through AI, new token launches by major platforms, stablecoin competition, and strengthening international regulatory ties. Their back-and-forth blends analytical rigor with crypto-native realism, solidifying the idea that, while this time might not be “different,” it’s never boring.