Are We Headed for an Altseason Melt-up? | Michael Nadeau’s Defi Report #1

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4.7 • 1.2K Ratings

🗓️ 27 May 2025

⏱️ 66 minutes

🔗️ Recording | iTunes | RSS

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Summary

Is altseason finally here or just getting started? Michael Nadeau of the DeFi Report joins Ryan to break down the data behind a potential crypto rotation. We cover why ETH and select alts may be poised to outperform, how macro conditions are fueling risk-on sentiment, and why fundamentals—like protocol cash flows and MEV—matter more than ever. Michael also shares his current portfolio and reveals what he’s buying right now. If you’re positioning for what’s next, this is your rotation signal. Michael Nadeau & The DeFi Report: https://x.com/JustDeauIt https://thedefireport.io/research/altseason-melt-up https://docs.google.com/presentation/d/1g2H1VaAKHWB5trl1tRHRYc68lIqZ8tWnzcLnkasAVYk/edit?usp=sharing --- 📣SPOTIFY PREMIUM RSS FEED | USE CODE: SPOTIFY24 https://bankless.cc/spotify-premium --- BANKLESS SPONSOR TOOLS: 🪙FRAX | SELF SUFFICIENT DeFi https://bankless.cc/Frax 🦄UNISWAP | SWAP ON UNICHAIN https://bankless.cc/unichain 🛞MANTLE | MODULAR LAYER 2 NETWORK https://bankless.cc/Mantle 🌐SELF | PROVE YOUR SELF https://bankless.cc/Self 🟠HEMI | BTC & ETH, ONE NETWORK https://bankless.cc/hemi --- TIMESTAMPS 0:00 Intro 0:23 Vince McMahon Meme https://x.com/QuintenFrancois/status/1925543793371054122 1:10 DeFi Report #1 & Crypto Fundamentals 7:07 Mike’s Trading Time Horizon 9:13 Alt-Season Melt-up? 15:43 Macro Catalysts 25:57 2021-2022 Cycle vs. Today 29:03 Bitcoin & ETH Moving Average Chart 32:46 Different Types of Trading/TA Fundamentals 36:36 Long-Term Holder Supply Chart 43:09 MVRV Z-Score 48:39 ETH/BTC Ratio & Altcoin Season? 53:02 Mike’s Portfolio 1:00:40 When to Sell 1:02:33 How Durable is Solana’s MEV Infra 1:04:59 Closing & Disclaimers --- Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures

Transcript

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0:00.0	Bankless Nation, the question today. Are we headed for an alt season? Meltup. Man, I sure hope we are.
0:10.5	We've got Michael Nato on the podcast. Mike, how you doing? I'm doing great, Ryan. How are you?
0:15.5	Ah, I'm doing pretty well. You know what? I'm wondering if a lot of people listening to this episode on Bank lists are kind of like, have you seen this Vince McMahon meme? So for those who can't see, this is a tweet. Wow, Bitcoin is all time high. You must be so rich. Me with 99% of my net worth in alts and it's Vince McMahon and he's just crying because he's not getting that upside.
0:38.1	I'm wondering how many people are feeling like this meme right now, Mike?
0:41.7	I think a lot of people are. I think a lot of people are.
0:43.9	You know, ETH made a pretty big move a few weeks ago, and it looked like BTC dominance may have
0:50.0	been peaking. We've seen Bitcoin dominance actually sort of come back a little bit since it fell
0:55.9	after the ether rise. But yeah, a lot of people out there are ready for alt season. I think
1:00.4	there's a lot of animal spirits kind of ready to come roaring back. So excited to talk about it today.
1:05.3	Yeah, we'll get into it. Mike's got a lot of data points around this. I know it's something that
1:09.4	you've been studied. You know, what we should do is we should just tee up this episode before we get into the alt-season
1:14.5	conversation. So Mike's been on the episode before, on bankless before a number of times. And
1:20.5	Michael is the founder of the DeFi report, which is my number one destination when I want to read reports about
1:28.5	like crypto fundamentals, what's really going on. And we've actually partnered with Mike to bring
1:34.4	these episodes to you every single month. So if you want to think about this episode, this is an
1:39.9	episode about crypto fundamentals. And Mike and I are going to be recording this and we're going to
1:45.5	be providing this episode on the bankless podcast feed on the last Tuesday of every month.
1:52.9	We're going to bring these episodes to you with kind of a fundamentals analysis.
1:56.9	Mike, I'm wondering if you could give folks a taste for how you think about crypto as an asset class.
2:03.3	And when I say the word fundamentals, what that actually means for you?
2:06.8	I've been at this since 21, trying to understand how value accrues through these networks.
2:12.8	And I think the only way to do that is to be really, really deep in the data and to be thinking uniquely
	...

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