Podcast Summary: The Wolf Of All Streets

Episode: Bitcoin Smashes $116K! Has 'Uptober' Begun?
Host: Scott Melker
Guests: Pete Rizzo (Bitcoin Historian, BitcoinTreasuries.net), Christopher Inks (Chartist/Trader)
Date: October 1, 2025

Episode Overview

This episode kicks off "Uptober”—a historically bullish month for Bitcoin—just as Bitcoin surges past $116,000. Scott Melker discusses the market’s momentum, institutional trends, and the evolving role of companies holding Bitcoin on their balance sheets with Pete Rizzo, before moving into a technical deep dive with chartist Christopher Inks. The conversation covers market cycles, the impact of Bitcoin treasury companies, metrics for evaluating such firms, and live TA (technical analysis) on Bitcoin, Ethereum, and select altcoins.

Key Discussion Points & Insights

1. The Uptober Narrative—Seasonality and Institutional Play ([00:01]–[05:34])

• October & Market Sentiment:

  • Scott highlights the bullish "Uptober" meme, questioning if this move is a signal of a massive rally or just another fake-out.
    “Is this just another huge October beginning, or are we about to get faked out and very disappointed again?” — Scott ([00:01])
  • Rizzo notes institutions may be "counter trading" retail expectations, possibly setting up for a surprise, quieter Q4 compared to consensus predictions.
    “The institutions are counter trading us...there's a lot of money here that wants to break our preconceived notions.” — Rizzo ([03:09])

• Cycle Differences:

  • Previous cycles featured “all-time highs after the halving,” but this cycle's peak came before.
  • The classic altcoin run and expected cycle behaviors have not materialized as usual, making this cycle different.

• Institutional Influence:

  • Corporate and institutional buying is now a defining market force, with consistent accumulation creating new market dynamics.

• Gold Correlations:

  • Gold hits ~$3900, prompting discussion on Bitcoin's lagging but correlated moves to gold and M2 money supply charts.

2. Bitcoin Treasuries & Corporate Accumulation ([06:38]–[15:41])

• BitcoinTreasuries.net—Purpose & Growth:

  • Rizzo discusses joining BitcoinTreasuries.net—originally created by NVK—which has become the benchmark for tracking corporate Bitcoin holdings (~200 public companies).
  • The platform provides due diligence tools, advanced metrics (e.g., Bitcoin per share), custom portfolio tracking, and monthly sector reports.

• Rise in Corporate BTC Buying:

  • Strong, ongoing demand observed despite perceptions of cooldown:
    “Even over the last month...50,000 Bitcoin bought, you know, 5.6 billion from these companies.” — Rizzo ([14:30])
  • The portfolio leaderboard tracks breaking news, reflecting active accumulation among leading firms like MetaPlanet (30,823 BTC).

• Investment Evaluation – Key Metrics:

  • "Bitcoin per share" is presented as a primary evaluation metric for such companies, with transparency in balance sheets and debt levels emphasized as crucial for investors.
    “If I give you $10 today...and then in a month it’s worth less bitcoin than I could have accrued—bad investment.” — Rizzo ([13:24])

3. Structuring Bitcoin Treasury Companies: Winners, Losers, and Consolidation ([15:41]–[22:38])

• Corporate Structures:

  • Two models are debated:
    • Operating Companies: Earn revenue in the real world, roll profits into Bitcoin (seen as more sustainable).
    • Financial Engineering/Funds: Leverage debt or equity issuance to buy Bitcoin; riskier and sometimes perceived as less substantive.

• Consolidation & Transparency:

  • Many treasury companies are experiments; not all will survive.
    “These are not all going to exist in a year or four years or 10 years.” — Scott ([11:01])
  • Mergers and creative means to climb the leaderboard (buying other funds or merging) are ongoing.

• Investor Advice:

  • Due diligence is critical; metrics and transparency matter as retail and institutional investors become more discerning.

• Historic Perspective:

  • Rizzo likens the current moment to the "tokenomics" hype of the past, urging listeners to focus on track records and clear value delivered to shareholders, especially denominated in Bitcoin terms.

4. Tokenization and Future of Bitcoin Finance ([20:50]–[22:38])

• Stock Tokenization:

  • Tokenized equities (e.g., MicroStrategy shares on blockchain rails) could increase market access, especially in underrepresented markets, benefiting both companies and global investors.
    “Tokenization is probably a net positive for the bitcoin treasury companies... you can buy a share of MicroStrategy in Africa.” — Rizzo ([21:06])

• Evolving Role:

  • The next phase may see treasury companies expanding into broader financial services—offering yield, bank-like products, or building out new financial rails.

• Exchange Participation:

  • Major exchanges like Coinbase, Gemini, and Circle have begun accumulating Bitcoin, possibly expanding the pool of institutional holders.

5. Market and Technical Analysis: Bitcoin, Ethereum, and Alts ([27:54]–[38:45])

With Chartist Christopher Inks:

• Bitcoin (BTC) Price Structure ([28:53]–[30:38]):

  • BTC shows bullish structure, with higher lows and potential for new all-time highs if the range bottom holds as support.
  • Short-term: Watching for a rejection near $118K or a pullback to the $113K range before a continued rally. “I think we’re doing a new all-time high, just kind of getting ourselves in progress here.” — Christopher Inks ([29:32])

• Ethereum (ETH) ([30:46]–[32:40]):

  • ETH is mirroring BTC's structure, having bounced from a previous range. Next key breakout at ~$4,768; target set at ~$5,809.
  • Pullback scenario to ~$4,246 is eyed for potential entry before a breakout. “Everybody was like, ‘Oh, it’s dead…’ and then we had the big move up... I’m liking Ethereum so far pretty well as well.” — Christopher ([31:25])

• Alts Focus ([32:40]–[38:45]):

  • Astar: Potential flat correction, awaiting a pullback for a high-reward entry.
  • Trump (TRUMP/TrumpJr tokens): Chart range-watching; a breakout above descending resistance signals a rally.
  • Band Protocol (BAND): Five-wave up, three-wave down structure. Watching for a breakout above $0.68 or a final dip to $0.56 before bullish continuation. “When it comes to trading, that’s—the important things...You give a little patience for it to play out.” — Christopher ([38:14])

• General Advice:

  • Wait for structure confirmation before making a trade.
  • Volatility and unusual global events (e.g., US government shutdown) may play less of a direct role than narratives imply.

Notable Quotes & Memorable Moments

• “Bitcoin, when you think it's going to zig, it zags. And so I don't know, part of me thinks, you know, we might, we might be getting set up here by the big money.” — Pete Rizzo ([03:09])

• “If people have been following me on Twitter, know that I’ve been pushing those updates on of all the products, the updates that are coming out. But look, I mean, I think it was pretty clear earlier this year that, you know, this category was taking off and that this site had a lot of people's attention.” — Rizzo ([07:49])

• “Just hodling. You gotta embrace it.” — Scott Melker ([06:21])

• “We're going to see consolidation. And right now, Scott, I mean, you're seeing that, you know, up only kind of mode wear off and the market's getting more discerning.” — Rizzo ([11:01])

• “As we move towards a world where bitcoin is money, there's going to be companies ... you should aspire to return value to shareholders ... in bitcoin, otherwise there isn’t a compelling reason for bitcoiners to invest in you because they should be buying bitcoin.” — Rizzo ([19:37])

• “Everything is for sale except for Michael Saylor's bitcoin.” — Scott Melker ([25:49])

• “It's amazing how quick people change....I've brought this up before, you know, we had the range originally right here and all we've done really is pull back into the top of this range, finding support as we should expect to do, you know, before it kind of heads up higher.” — Christopher Inks ([30:46])

Important Segments & Timestamps

| Segment | Time (MM:SS) | |--------------------------------------|---------------| | Opening Uptober narrative | 00:01–04:47 | | Institutions + cycle theory | 03:09–04:47 | | Gold/Bitcoin chart correlations | 05:34–06:21 | | BitcoinTreasuries.net & importance | 07:19–10:13 | | Corporate BTC buying, transparency | 11:01–15:41 | | Corporate structures, consolidation | 15:41–22:38 | | Tokenization impact, future finance | 20:50–22:38 | | Technical analysis (BTC, ETH, Alts) | 27:54–38:45 |

Tone & Style

• The tone is conversational, lively, and occasionally humorous (banter about memes, government shutdowns, “everything is for sale except Saylor’s bitcoin”).
• Both Scott and the guests blend sharp analytical insight with a critical, yet optimistic, outlook on the crypto space.
• Dialogue is candid about risks and uncertainties, emphasizing transparency and due diligence.

For listeners seeking depth on institutional involvement, metrics for evaluating Bitcoin treasury companies, and direct trading and analysis tips for this new uptober rally, this episode is packed with actionable insights and up-to-the-minute data.