Michael Nadeau went risk-off in October and has been targeting Bitcoin's fair value near $65K. In this episode, he joins Ryan to unpack what changed after BTC broke below $80K, why he does not think this is the macro low yet, and what a real bottom typically looks like (capitulation, then apathy).

They also dig into the new wild card: incoming Fed chair Kevin Warsh, and why “rates down” could still mean tighter liquidity if the balance sheet shrinks. Mike walks through the key cycle signals he is watching (MVRV/realized price, 200-week moving average, long-term holder behavior, miners), how Bitcoin tends to lead the Nasdaq Composite, and the price zones on his watch list for ETH and SOL as he prepares to scale back into risk.

Michael Nadeau & The DeFi Report:

https://x.com/JustDeauIt

https://thedefireport.io/

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TIMESTAMPS

0:00 Intro

3:03 New Fed Chair Announcement

8:54 Macro Analysis of Kevin Warsh

14:56 Labor Market Concerns

23:09 Wealth Destruction Phase

26:31 Long-Term Market Projections

31:21 Bitcoin vs. Stocks

39:51 Market Sentiment & Cycles

42:10 Tactical Investment Strategies

55:29 Long-Term Optimism for Crypto

58:06 Closing & Disclaimers

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