The Wolf Of All Streets

Host: Scott Melker
Episode: Bitcoin PANIC At $80K Amid Mass Market Sell Off! Where's the Bottom?
Date: November 21, 2025

Episode Overview

In this episode, Scott Melker (“The Wolf”) is joined by Michael Saylor and NLW for a lively and candid Friday 5 roundtable. The trio dives into the historic Bitcoin plunge below $80,000, exploring what it means for Bitcoin, the crypto market, and institutional investors amid mounting macro and political turbulence. With the familiar banter and sharp wit the show is known for, they dissect price action, investor sentiment, ETF flows, institutional buys, meme-worthy Michael Saylor moments, token launches gone bust, and what the future might hold for both pain-hardened hodlers and newcomers alike.

Key Discussion Points & Insights

1. Bitcoin’s Crash: Panic or Pattern?

• Opening Sentiment (00:01-00:20):
  Bitcoin’s sudden drop below $81,000 triggers widespread fear and panic in the community, echoing historical corrections but in a new, more institutionalized environment.
  • “Bitcoin hit 80,000 American dollars in a major... sell off with a panicking community.” — Scott Melker & Michael Saylor (00:01-00:05)
• Is This the New Normal? (01:03–03:38):
  Comparing today’s drop with crashes from the FTX days, NLW and Saylor discuss how institutional involvement and ETFs have changed the market’s reaction and collective psyche.
  • “We are now experiencing... the first big sort of correction, bear market type event of the post institutional, post ETF cycle.” — NLW (02:11)
  • “We're flying without a rudder; there's no fundamental reason to point to for why it's happening.” — Michael Saylor (03:38)
• Market Mechanics & Data (01:20–05:18):
  Oversold technicals (RSI), growing leveraged liquidations, and heightened fear/guilt indices all highlight sentiment extremes. Saylor notes, “Another 1.5 billion worth of levered positions since yesterday... Now that's a daily occurrence.” (01:20–02:11)

2. Macro Uncertainty & Institutional Influence

• The AI Factor & Macro Spillover (05:18–09:16):
  NLW ties market unease to broader worries, including the post-OpenAI spate of mega-investments and uncontrollable expectations hingeing on AI.
  • “There is something fundamental has broken in and around the way that people are thinking about AI...” — NLW (05:18–08:33)
• Political Volatility (09:16–10:15):
  Talk shifts to the unpredictable U.S. political environment, notably the effect an incoming Trump administration would have on markets.
  • “Even if you love Trump, it is undeniable that any Trump administration is going to be wildly less predictable than any other type of administration. And markets don't like unpredictability.” — NLW (09:16)
• Seasonality and Market Cycles (09:42–10:15):
  “We’re coming up on the end of the year and there is real seasonality in traditional markets that has nothing to do with four year cycles.” — NLW

3. Conviction, Capitulation & The Buying Mentality

• Bear Market Psychology (10:15–12:16):
  Saylor and NLW stress the resilience of long-term hodlers and the inevitability of market reversals—even as fear dominates.
  • “I'm more of a panic buyer than a panic seller because none of this shakes my long term conviction.” — Michael Saylor (10:15)
  • “The freefall is way harder for the bitcoin community than honestly the landing is. The landing is when we all shake ourselves off and start buying like crazy.” — NLW (11:23)
• “Knowing Your Pain” for Long-Term Gain (29:01–29:41):
  • “At my old gym... Everybody knows the no pain, no gain, right? But it was spelled at the gym: ‘KNOW your pain. And then you can know your gain.’ ... We’ve known the pain before and we know what comes next.” — Michael Saylor (29:01)

4. Fed Rate Cut Drama & Macro Narratives

• Fed Watch (12:16–14:53):
  Market hopes for a December rate cut run wild on shifting probabilities, but the trio is skeptical about any real impact.
  • “I have never seen in any rate cutting cycle... the mass swings in expectation that there are around this one.” — NLW (12:59)
  • “A lot of people... have been screaming about it for a very long time that the Fed is largely neutered. That's not where the liquidity is going to come from.” — Michael Saylor (14:03)
• Market Clutching to Narratives (14:27):
  With Nvidia and AI no longer serving as a market fix, “the market needs psychologically to hang on to something because it no longer can hang on to Nvidia earnings.” — NLW

5. MicroStrategy, Memes, and FUD

• Delisting Fears & Saylor’s Resilience (15:10–18:11):
  • JP Morgan analyst floats risk of MicroStrategy being dropped from major indices due to recent poor stock performance.
  • “MicroStrategy’s Bitcoin position is almost red... Not that we haven't been here before. He was 50% underwater...” — Michael Saylor (15:32)
  • “Saylor finds ways to buy. That’s sort of the one thing you can set your clock by.” — NLW (16:06)
• Saylor Memes & Market Mood (17:14–18:42):
  • The team riffs on Saylor’s meme posts and public persona in times of turmoil: “We're sitting on top of the iceberg this time at least instead of sinking as a result of it.” — Michael Saylor (17:36)
  • “They're about to eat him and use his sweater to start a fire.” — NLW (18:11)

6. Crypto Markets & ICOs: Hits and Misses

• Kraken IPO Buzz (18:42–20:23): Kraken confidentially files for a US IPO at a $20 billion valuation, seen as a signal that infrastructure players are prepping for better market conditions, not a desperate cash grab.
• Altcoin Launch Fizzles (20:25–22:53):
  • The highly anticipated Monad ICO on Coinbase flops amid weak retail interest and a cold market.
    “Retail is just... there is no retail. It's just us chickens who've been here the whole time.” — NLW (21:06)
  • “If Bitcoin’s down, nothing good’s happening. You can push as hard as you want... even Tupac and Biggie launching would fall flat right now.” — Michael Saylor (22:53)

7. Institutional Buying & the “Scam” Debate

• Abu Dhabi Fund & Harvard Buying (22:53–25:29): Major institutions, like Abu Dhabi Investment Council and Harvard, are increasing their Bitcoin allocations despite market carnage.
  • “There are tons of tailwinds... These players are playing a longer game, and... this is not gonna chase them off.” — NLW (23:46)
• Are Institutions Running Away? (24:10–25:29):
  • “I don't think that any of them are saying this is a scam and I'm out.” — NLW
  • “I think more likely they're going to be excited to buy at a much lower price...” — Michael Saylor

8. Failures, Public Lessons & Regulatory Moves

• Treasury Companies’ Plight (25:40–27:06): Discussion on companies that FOMO’d into Bitcoin at the top and now face tough decisions:
  “What we got was a bunch of treasury companies who felt like it was their mandate to have no cash on the balance sheet. So they just went all in and it was the worst time.” — Michael Saylor (26:00)

  • “Our startups fail in public because they're dealing with assets that everyone else can buy right away.” — NLW (26:17)

• US Policy & Bitcoin for America Act (27:06–28:23): Rep. Warren Davidson’s proposed bill would allow Americans to pay taxes in Bitcoin.
  “I don’t think it passes, but I think it's great press.” — Michael Saylor (28:10)
  Broader conversation on growing (if incremental) pro-Bitcoin policy trends, but also SEC indifference and regulatory churn.

Notable Quotes & Memorable Moments

• Macro Confusion:
  “We feel unmoored in addition to sad about the price... We're flying without a rudder.”
  — NLW (02:11–03:38)

• Institutional Cynicism:
  “You can't have it both ways that we're in this new paradigm where... we're tethered to... traditional markets in a different way and also we should expect these same massive drawdowns.”
  — NLW (05:18)

• Conviction in Chaos:
  “If we get to a price where my long term conviction starts to be shaken, that is the exact moment that I should sell the house to buy more bitcoin.”
  — Michael Saylor (10:15)

• On Saylor Memes:
  “They're about to eat him and use his sweater to start a fire.”
  — NLW (18:11)

• On Market Pain vs. Gain:
  “KNOW your pain. And then you can know your gain... We’ve known the pain before and we know what comes next.”
  — Michael Saylor (29:01)

• On Altcoin Launches in Bear Markets:
  “You can push as hard as you want. They could literally have Tupac and Biggie coming back from the dead to do a launch concert for Monad — and this thing would probably be falling flat right now in this market.”
  — Michael Saylor (22:53)

Segment Timestamps

• 00:01–03:38: Opening remarks, Bitcoin panic, setting the bear market context
• 03:38–05:18: Technicals, sentiment analysis, institutionalization of Bitcoin
• 05:18–09:16: Macro context, AI influence, “tip of the risk spear” debate
• 09:16–10:15: Politics and market unpredictability
• 10:15–12:16: Bear market mentality and conviction
• 12:16–14:53: Fed rate cut expectations and narrative dependency
• 15:10–18:42: MicroStrategy delisting scare, memes, Saylor’s buy-the-dip penchant
• 18:42–20:23: Kraken’s IPO strategy discussion
• 20:25–22:53: Monad altcoin ICO collapse, retail absence
• 22:53–25:29: Institutional buying, are institutions running scared
• 25:40–27:06: Startup failures in public, FOMO treasury companies
• 27:06–28:23: Bitcoin for America Act, US regulatory climate
• 29:01–29:41: Reflections on pain, patience, and next moves

Tone & Takeaways

• The episode maintains a conversational, often sardonic tone, blending hard data with self-deprecating humor.
• Both guests and host stress that nobody has all the answers right now; humility is warranted.
• Long-term conviction is celebrated, but there’s honest acknowledgment of pain and uncertainty.
• Meme culture (notably around Saylor) is used for comic relief.
• Market and regulatory cycles are contextualized within wider macro, political, and technological narratives.

For Listeners:

This episode is a must-listen if you’re navigating the emotional and financial turbulence of this Bitcoin drawdown. It offers not just analysis, but insight into how seasoned market participants rationalize, meme, and ultimately manage through periods of panic.