The Wolf Of All Streets — Crypto Town Hall
Episode: BTC Rallies Before FOMC! What’s Coming Tomorrow?
Host: Scott Melker
Date: October 28, 2025
Overview
This episode centers on Bitcoin’s sharp rally ahead of the Federal Reserve’s FOMC meeting, which is widely expected to produce a 25 basis point rate cut. Host Scott Melker and a rotating expert panel dig into what’s driving current market sentiment, the impact of new crypto ETFs, the maturing state of digital asset markets, and long-term catalysts for the crypto landscape. The discussion weaves together macroeconomic developments, institutional adoption, regulatory progress, and the evolving importance of utility projects within crypto.
Major Discussion Points & Insights
1. The Fed, Rate Cuts & Macro Backdrop
- Bitcoin and markets are surging: Bitcoin is trading near $116,000, Ethereum above $4,100, and Solana outperforming both.
- FOMC expectations: 98–100% chance of a Fed rate cut is "entirely priced in." Discussion revolves around whether the market rally is due to this, or to broader, more structural bullishness.
- (00:52) “It’s really easy. The demand has not abated … anything with a reasonable narrative is going to attract capital.” —B
- Upcoming week is packed with catalysts: Big Tech earnings, a possible US–China trade deal, and the Fed decision. If all break positively, equities and risk assets could "rip higher."
- (06:01) “Huge week from a fundamental standpoint … depending on how [catalysts] unfold, we could see a rip higher.” —C
2. ETF Launches: Impact & Public Perception
- Multiple new ETFs (Hedera, Solana, Litecoin) launching, but price reactions are muted compared to early Bitcoin and ETH launches.
- (07:47) “You really gotta put yourselves in the shoes of the average investor … only asset in the entire crypto space that has really breached into that consciousness is bitcoin.” —E
- Retail and institutional awareness matters: Bitcoin dominates in public awareness; ETH is a “distant number two.” Other digital assets remain in the "long tail," with relatively little mainstream recognition, dampening short-term ETF impacts.
- (13:29) “Surveys said 99% of Americans have heard of bitcoin. For Hedera, it’s probably in the low single digits.” —C
- ETFs as institutional on-ramps: Even if ETFs don’t pump token prices immediately, they "expand the conversation" for CIOs, investment councils, and large potential partners.
- (15:36) “The larger implication is where this ETF launch takes the conversation in the long term … you’re going to see some major partnership announcements.” —F
3. Tokenization, Institutionalization, and Market Maturity
- Wall Street embraces tokenization: IBM’s enterprise crypto platform launch and BlackRock’s pro-infrastructure stance highlight that tokenization is not a “crypto experiment” but the "modernization of markets."
- (22:00) “Tokenization is not a crypto experiment, it’s the modernization of markets.” —G citing BlackRock letter
- Strategic investments by corporates: ETFs make it easier for Fortune 500s and large institutions to participate in digital assets without direct token holding.
- (18:16) “ETFs open up ... If you’re the CIO building on Solana, why wouldn’t you ask your investment people to participate?” —B
- Market responds less to news: With the market maturing, even major news—like new ETFs or institutional platforms—doesn't always cause sharp price moves immediately.
- (17:51) “At this point all of these massive news stories ... it’s just plumbing at this point.” —A
4. The Evolution of Value in Crypto: Utility, Agents, and Stablecoins
- Shift to real utility: New projects focus more on real-world applications (e.g., agent-to-agent payments, prediction markets), signaling the end of the era when "any token goes up."
- (27:41) “We’re finally starting to build technology that could potentially circumvent bearish type elements … something is definitely shifting.” —D
- Stablecoins and platforms: The explosion of stablecoin usage poses questions about whether value accrues to tokens, networks, or companies.
- (30:11) “The gains will not necessarily go to tokens … do the benefits accrue to companies, networks, or consumers?” —E
- Pay attention to incentives: As crypto grows, most value will flow to direct consumer touchpoints—commoditized, deep infrastructure layers may see less value capture.
- (30:42) “The farther you get away from the consumer … the more likely you are to become a commoditized asset.” —B
- Skepticism on ‘Alt-Season’ repeating: Panel is unanimous—blindly buying any token and expecting 1000x returns is a thing of the past.
- (32:41) “All season where you just throw a dart … I don’t think we see that again.” —B
5. Notable Quotes & Memorable Moments
On ETF Hype & Maturation
- (09:55) “Alex from Galaxy came out with a report saying it [BTC ETF] would get $15B in six months … he got vilified. It outperformed by 4x.” —B
- (11:11) “Literally not penetrated. We’re not even in the first inning. The pitchers are warming up.” —B
On Institutional Awareness
- (15:36) “News on Hedera gives license to CIOs and CFOs … expands the conversation … a great harbinger for the larger ecosystem.” —F
On BlackRock’s Narrative
- (22:00) “The tokenization is not a crypto experiment, it’s the modernization of markets.” —G quoting BlackRock
- (23:44) “Investors hold these assets not out of greed but out of fear of losing their savings—that’s really important.” —G
On Michael Saylor’s Surprise Shift
- (29:02) “Even Michael Saylor made the comment that he’s more constructive on the rest of crypto—which is a huge change.” —B
- (29:18) “He told me privately, he was like, I think you’d find if we had a conversation about altcoins it would be much more constructive than in the past.” —A
On Changing Value Capture
- (32:41) “This broad notion that just because you have a token it’s going to go higher … those days are behind us.” —B
6. Emerging Tech and Utility Projects
- Agent-to-agent payments (x402 standard): Uptick in usage tying crypto to cutting-edge areas like AI and Web3.
- DEX growth: Decentralized exchanges surpass $2 trillion in volume.
- Scaling and user acquisition: Real world, utility-based crypto projects are earning institutional conversations and attention.
Key Timestamps
| Timestamp | Segment | |-----------|------------------------------------------------------------------| | 00:00 | Opening, market recap, upcoming FOMC/ETF launches | | 02:52 | Theories behind Bitcoin’s rally; S&P all-time highs; gold trend | | 06:01 | Macro week: FOMC, US-China, tech earnings | | 07:47 | Disappointment with ETF response & why only Bitcoin “moves” | | 13:29 | Public awareness, impacts on ETF flows for long-tail assets | | 15:36 | Hedera ETF gives institutional “cover,” future implications | | 18:16 | How ETFs allow Fortune 500s to safely gain exposure | | 22:00 | BlackRock views: tokenization modernizes markets | | 25:08 | Agent-to-agent payment standard and AI | | 27:41 | Utility projects take the lead, shifting builder/investor focus | | 29:02 | Michael Saylor’s unexpected openness to altcoins | | 32:41 | Future of value capture; doubts on old “alt-season” repeats | | 34:48 | Stablecoins, new blockchain strategies, challenges with ETH | | 36:23 | Solana ETF: muted reaction and what drives flows | | 40:24 | Interview with T5 (sponsor); their vision for a defi super app | | 54:06 | Closing |
Tone & Style
The tone is candid, debate-driven, and reflective of diverse vantage points, combining technical analysis with big-picture market observations. There’s a strong grounding in macro trends and institutional behavior, repeated reminders of how much the industry is evolving, along with a healthy skepticism around “old-school” crypto trading wisdom. Speakers use industry jargon but keep explanations accessible and practical.
Summary for New Listeners
This episode is essential for anyone wanting a current snapshot of where crypto is headed in late 2025—beyond price action and toward regulatory acceptance, mass adoption, and real-world integration of digital assets. The panel’s nuanced analysis clarifies why the news that used to “move the market” increasingly amounts to infrastructure and plumbing, not hype cycles. The episode features lively debate, industry war stories, and pointed reminders that institutional adoption, market maturity, and technological utility—not quick speculation—are defining the next era of crypto.
Notable Quote to Remember:
“Tokenization is not a crypto experiment—it’s the modernization of markets.” —G quoting BlackRock (22:00)