Has crypto already bottomed, or is more pain still ahead? Mike and Ryan break down the bull and bear case in full, from Bitcoin fair value and market structure to global liquidity, AI demand, and the macro risks still hanging over markets. Mike explains why he thinks the setup still looks more like a bear market than a new uptrend, even if the odds are close. It’s a sharp episode on how to navigate a market that could break either way.

Michael Nadeau & The DeFi Report:

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https://thedefireport.io/bankless 

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TIMESTAMPS

0:00 Intro

1:18 Understanding the crypto cycle

3:23 The wealth destruction phase

5:30 Defining the current market conditions

8:14 Reflecting on past market battles

11:15 The four-year cycle explained

13:19 The impact of liquidity cycles

17:12 Analyzing the S&P and market health

20:34 The bullish case for crypto

24:07 Exploring on-chain metrics

27:16 The bear case outlined

32:14 The difficulty of market navigation

44:26 Summarizing the bearish perspective

48:12 Market uncertainty

59:54 Closing & disclaimers

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