Podcast Summary: The Wolf Of All Streets

Host: Scott Melker
Guests: Mark Yusko, Christopher Inks
Episode: Bitcoin Whales Dump $45B While The Fed Pumps In $50B To Save Markets!
Date: November 5, 2025

Episode Overview

This episode dives deep into the recent Bitcoin turmoil, examining the implications of Bitcoin whales selling off $45 billion worth of BTC just as the Fed injects $50 billion into the markets. Host Scott Melker is joined by macro investor Mark Yusko and chartist Christopher Inks. They discuss the macro backdrop, behavioral finance, market structure, crypto cycles, the role of leverage, and governmental ambitions in digital currency, all while grounding their analysis in real data and personal stories.

Key Discussion Points & Insights

1. Bitcoin Selloff & Whale Activity

• [00:00–04:18]
  • 400,000 Bitcoin dumped last month, with whales offsetting ETF inflows.
  • Both Scott and Mark acknowledge the sheer scale of wealth among early adopters, many with cost basis near pennies.
  • Quote (Mark Yusko, 05:09): "This guy was single digit pennies... to him, the cost basis is zero. He can buy something he wants."
  • Motives for whale selling include simple profit-taking, lifestyle changes, or disillusionment with the institutional takeover.
  • Scott points out that whales can sell $10 billion and still have $90 billion left, showing the market’s unbalanced supply.

2. Market Structure & Manipulation

• [06:19–13:47]
  • Mark voices frustration that small quantities of Bitcoin can move the market due to low liquidity and skewed perceptions of market cap.
  • Futures and paper trading have amplified price swings and introduced external market control, notably around cycle highs.
  • Quote (Mark Yusko, 09:56): "We will tame bitcoin." – referencing CME's intent via futures.
  • Historic pattern: CME launches new products near price peaks, followed by sharp corrections.
  • Mark suggests the classification of Bitcoin as a commodity wasn’t by accident—it enables price manipulation through derivatives.
  • Quote (Mark Yusko, 16:41): "It was intentional to make it a commodity because commodities can be controlled."

3. Bitcoin Cycles & Fair Value

• [08:30–13:47]
  • Discussion of Metcalfe’s Law and network value as a way to estimate Bitcoin’s fair price (~$91-92K at the time).
  • Recognition of the “four-year cycle” model’s persistence, with peaks (and frothy speculative tops) continuing on schedule—each halving allegedly “adding a zero.”
  • Mark remains open that the current top may or may not be in, but structural changes (ETFs, more institutions) are altering historical patterns.
  • Quote (Mark Yusko, 13:51): "I'm not saying [the top] is, but what I'm saying is it's possible."

4. Leverage & Human Psychology

• [14:00–17:35]
  • The cyclical “cleansing” of leverage is a necessary market phase—leveraged traders often get wiped out.
  • Personal anecdote: Mark’s family member wiped out by overleveraging on Bitfinex.
  • Quote (Scott Melker, 14:21): "Million dollar idea: don't get liquidated, right?"
  • Retail pain: altcoins have entered deep drawdowns even as Bitcoin holds relatively strong.

5. Altcoins & Valuation Issues

• [17:35–22:00]
  • Massive de-leveraging in altcoins: $19B wiped out recently on Binance and competitors.
  • Market cap in altcoins often illusory; true value collapses if significant holders try to sell.
  • Quote (Mark Yusko, 21:10): "There are thousands and thousands of tokens. Creating a token is not that challenging... promoting it and getting people to believe is a whole other thing."
  • Memecoins and tokens reflect monetized attention more than intrinsic value.

6. CBDCs: Sovereign Ambitions and the Tally Stick Analogy

• [22:00–29:08]
  • Multiple governments are piloting or launching wholesale CBDCs.
  • Mark draws a historical parallel: the UK's "tally stick" debt jubilee/burn (1830s) as a playbook for global monetary reset.
  • CBDCs grant governments sweeping, programmable control over money.
  • Quote (Mark Yusko, 28:08): "It is a dystopian nightmare... let's talk about the digital gulags that are being built by Sam Altman and friends under the guise of AI."

7. OpenAI, AI & Information Control

• [29:08–31:02]
  • Mark’s concerns extend to AI—platforms increasingly restrict access to information and are becoming less open than advertised.
  • Host & guest agree: digital platforms now facilitate unprecedented potential for surveillance and censorship.

8. Market Psychology, Cycles, and “The Wall of Worry” (with Christopher Inks)

• [33:16–45:44]
  • Chris Inks discusses the “wall of worry” syndrome: investors mentally stuck in a bear market while price action remains bullish.
  • Despite repeated all-time highs in both crypto and equities, fear is rampant—evidenced by extreme readings in the “fear and greed” index.
  • Quote (Christopher Inks, 36:38): "Psychologically we're in a bear market, but financially we're in a bull market."
  • Equities and crypto both experiencing massive cash on the sidelines—investors afraid to enter.
  • Technical review: key support levels holding on Bitcoin (notably the 50-week MA), positive divergences, and structural setups for continued upside if levels hold.
  • Projections: Bitcoin to $180-200K if structure remains intact.

9. Short-Term Technicals and Trade Setups (Charts Segment)

• [48:06–55:10]
  • Inks reviews setups on Bitcoin, Ethereum, and various altcoins (including meme-coins) using Elliott Wave and support/resistance confluence.
  • Main message: If current levels by pivots hold and price breaks above resistance, new all-time highs are expected.
  • Solana: Potential targets of $400–$461 if current bottoming is confirmed.

Notable Quotes & Memorable Moments

• [05:49, Mark Yusko]: "They got 10, 15 years older, they had families, they want a yacht instead of driving a Corolla from 85."
• [13:47, Mark Yusko]: "I think the top is in… I'm not saying it is, but what I'm saying is it's possible."
• [14:21, Scott Melker]: "Million dollar idea: don't get liquidated, right?"
• [16:41, Mark Yusko]: "It was intentional to make it a commodity because commodities can be controlled."
• [21:07, Mark Yusko]: "These are rabid believers... if anyone tried to sell any amount of that asset, the market cap would vaporize."
• [28:08, Mark Yusko]: "It is a dystopian nightmare... let's talk about the digital gulags that are being built by Sam Altman and friends under the guise of AI."
• [36:38, Christopher Inks]: "Psychologically we're in a bear market, but financially we're in a bull market."
• [45:44, Christopher Inks]: "For a lot of people, the reality is most retail market participants don't know what they're doing... the only thing you're fighting in the markets is yourself."

Timestamps for Key Segments

• 00:00–04:18 — Whales selling, ETF inflows, why whales sell
• 06:19–13:47 — Market manipulation, fair value, four-year cycles, commodity vs. security
• 14:00–17:35 — Leverage flushes, retail wipeouts, altcoin pain
• 22:00–29:08 — CBDC rollout, historical parallels, “tally stick moment”
• 29:08–31:02 — AI/Information control, open vs. closed tech
• 33:16–45:44 — Wall of worry, market psychology, fear vs. price rallies
• 48:06–55:10 — Chart analysis: key levels for Bitcoin, Ethereum, altcoins, Solana

Final Thoughts & Tone

Scott, Mark, and Chris blend deep market knowledge with humor and a touch of sarcasm, balancing macro context (Fed liquidity, sovereign debt, CBDCs), technical cycles, and emotional underpinnings of retail trading. The tone is peppered with self-deprecation (“We are in the depths of hell,” “I joked like we could range between 125 and 100”), skepticism toward government and institutional motives, and a pragmatic focus on risk management and understanding one's own psychology as a trader.

Listeners are left with a sense that, despite the drama, the price moves are not catastrophic. The real risk isn't the chart—it's how market participants emotionally respond to it.