Podcast Summary

The Wolf of All Streets — "Bitcoin’s 2026 Rally Has A MAJOR Problem & No One’s Talking About It!"

Host: Scott Melker
Guest: George Tung
Date: January 24, 2026

Main Theme

This episode explores how the traditional Bitcoin four-year cycle appears to be broken, with new forces—especially politics, macroeconomics, and alternative speculative markets—now driving crypto movements. Scott Melker and George Tung dive into why 2026 looks and feels so different from every prior crypto cycle, unpack how leverage, prediction markets, and shifting regulation are changing the landscape, and discuss strategies for thriving in this new environment. George also details his pivot to building projects in crypto, such as his meme-turned-community project, Clash Token.

Key Discussion Points and Insights

1. The End of the Traditional Four-Year Bitcoin Cycle

• Macro and Politics Replacing the “Crypto Cycle”:
  • George Tung asserts the classic Bitcoin four-year cycle “is probably gone” (00:26–04:00). The market is now more responsive to macroeconomic and geopolitical events, particularly US politics.
  • “Politics has officially hijacked the crypto cycle.” — Scott Melker (00:00)
• Halving Still Matters, But Not Like Before:
  • The Bitcoin halving remains a relevant event, but price movements no longer follow the previous playbook of long winter, slow recovery, then parabolic blow-offs.
• Business Cycle Dominates:
  • The crypto market correlates more with the broader business (liquidity) cycle than with any fixed crypto-native timeline.

2. A “Boring” and Choppy Market — Why Traders & OGs Checked Out

• Trader Disillusionment:
  • Many experienced participants are bored, confused, or simply sidelined due to unpredictability and the loss of familiar patterns. (02:56–03:25)
• Price Action Out of Sync:
  • Bitcoin hit new all-time highs early (due to ETFs), with no typical “alt season” and no dramatic 80% retrace, indicating historic signals are less useful.

3. Where Did the Liquidity Go?

• Gold & Silver as the New “Alt Season”:
  • Instead of altcoin rallies, gold and silver have surged since late 2025, with silver especially up over 200%, pulling liquidity from crypto.
  • “This is like what we wanted from the alts, but instead it went to silver.” — George (06:11)
• Speculation Shifts:
  • The dominant pump in non-crypto assets suggested speculation, not utility, was the main price driver—now redirected elsewhere.

4. Prediction Markets & The Gamification of Finance

• The Rise of Prediction Platforms:
  • Apps like PolyMarket and Kalshi are exploding, satisfying “primal needs” for betting and proving oneself right, sometimes at crypto’s expense.
  • “All these analysts are … just normal random people… This is a way for them to prove it.” — George (10:07)
• Liquidity Migration:
  • The speculative capital that once powered altcoin runs is now split with these new prediction venues.

5. Leverage: The Double-Edged Sword

• Leverage Destroys & Enriches:
  • High leverage is blamed for stopping an altcoin season dead, creating “scam wicks” and liquidating traders, to the benefit of exchanges and market makers (07:44–09:03).
  • “Who benefits from these liquidations? It's not the traders... it's the exchanges.” — George (07:44)
• Exchanges and OGs Participating:
  • Even legendary early adopters are taking leveraged bets and shorting, a new and surprising behavior (13:40–14:29).

6. The Regulatory Flip — Trump’s Pro-Crypto Policies

• “Everything Goes” Philosophy:
  • With Trump in office, the US has dropped lawsuits, declared almost nothing a security, and is embracing leverage and all other previously banned behaviors (15:15–16:53).
  • “Trump has now made it like 100% pro crypto... There’s just too much freedom and then there’s going to be some huge catastrophic failure and that’s going to bring down [the] entire thing.” — George (16:08)
• Fear of Another FTX:
  • Guests worry this deregulated period, while exciting, risks future catastrophes.

7. Building in Crypto — Clash Token and Community-Led Projects

• George’s Pivot:
  • While personally holding Bitcoin and major altcoins (ETH, SOL), George shifted focus to building community projects, launching Clash Token on Pump Fun, inspired by the mobile game Clash Royale (17:15–18:40).
• A Uniquely Legitimate Meme Project:
  • Differentiates by transparency, no insider/founder games, fair launch, and ongoing community engagement via tournaments with real prizes and minimum holding requirements (18:40–22:18, 29:34).
  • Launch process, dealing with exchanges, and keeping community morale—demystified.
• Innovating on Prediction Markets:
  • Creating “Clash Picks,” a simple, free-to-play prediction market tied into the Clash Token ecosystem that expands into any topic (21:32–22:04).

8. Surviving the Lull: “Build During the Dark Times”

• Ignore the Price, Build Community:
  • George is not actively trading, instead focusing on building value, so that when the inevitable retail FOMO returns, they’re well-positioned to benefit (36:17).
  • Compares approach to Charles Hoskinson’s with Cardano: “Just build during the dark times and then in the good times... your project rises.”
• Barbell Approach:
  • Hold strong coins, ignore trades, and focus on creating real value.

9. Content Creation in the New Era:

• Macro Takes Over:
  • Crypto YouTubers and media are forced to cover macro, as those factors now outweigh on-chain or cycle-analysis content.
  • “You can’t have an opinion on Greenland now to run a bitcoin channel.” — Scott (37:39)
• Adaptation Required:
  • Covering rates, the Fed, tariffs, even world politics, is necessary to remain relevant and informed.

Notable Quotes & Memorable Moments

• On Cycles
  “This traditional cycle that we have followed for so many years… I think that cycle … is probably gone.” — George (00:26)
• On Leverage in Crypto
  “Who benefits from these liquidations? It's not the traders, it's the exchanges that offer leverage.” — George (07:44)
• On OG Traders Leaving
  “Some of the OGs are fed up with what’s going on. But also leverage is such a thing now in crypto that even billionaire OG bitcoiners are playing leverage. It's like that shouldn't be the case.” — George (14:05)
• On Regulation/Trump Era
  “Trump has now made it like 100% pro crypto in every facet that you could think of. … There’s just too much freedom and then there’s going to be some huge catastrophic failure … bring down entire thing.” — George (15:15–16:08)
• On The Shift to Building
  “You just build during the dark times and then in the good times, that’s how your project rises and continues forward.” — George (36:17)
• On Content Creation
  “You can’t have an opinion on Greenland now to run a bitcoin channel.” — Scott (37:39)
• On Focus
  “I just watched Trump.” — George (39:45)

Timestamps for Major Segments

• 00:00–01:23: Introduction: Politics, the Trump effect, macro chaos, end of the four-year cycle
• 02:06–03:25: How the market’s psychology and cycles have shifted
• 05:34–06:58: Gold, silver’s rise and shift of speculative capital
• 07:44–10:02: Leverage, its impact, and who profits
• 10:07–11:39: The rise of prediction markets; PolyMarket, Kalshi, and liquidity outflows
• 13:40–14:29: OGs shorting & leveraging, changing behaviors
• 15:15–16:53: Trump administration’s unprecedented pro-crypto policies, regulatory changes
• 17:15–22:04: George’s story: Launching Clash Token, tournaments, community building
• 22:04–25:11: Sustaining community, preventing pump-and-dump, transparency vs. typical meme launches
• 29:20–30:39: The secret to maintaining a strong community and the necessity for real utility
• 31:02–34:14: Listing on centralized exchanges; liquidity pool mechanics; profit-taking challenges
• 36:17–37:18: The “barbell approach,” building amid the lull, Cardano analogy
• 37:31–40:28: Macro takes over YouTube and the news cycle; adapting content to new reality

Final Thoughts

This episode captures the sense of dislocation felt by long-time crypto participants as traditional cycles break down and new, often unpredictable forces dominate. With liquidity splintered, speculation moving to new venues, and the regulatory environment swinging wildly, the podcast delivers frank reflection, cautious optimism, and clear-eyed advice: focus on building and community, pay close attention to macro events, and don’t expect the old playbook to work in 2026.

To learn more about George’s project, visit: georgeplaysclashroyale.com