Bitcoin’s Weirdest Cycle Yet: Why Nothing Looks Normal Anymore
The Bad Crypto Podcast
Joel Comm and Travis Wright
4.7 • 1.2K Ratings
🗓️ 20 November 2025
⏱️ 24 minutes
🧾️ Download transcript
Summary
Bitcoin is stuck. The market feels heavy. Sentiment is terrible. And yet, none of the traditional bull-market top signals have fired. Not a single one.
In Episode 796, Joel and Travis dig into one of the strangest phases Bitcoin has ever entered. A trillion dollars has fallen off the crypto market cap since early October, ETF flows have flipped negative, liquidity is thinning out, and institutions are repositioning. But at the same time, the larger macro picture, historical drawdowns, and long-term adoption trends point to something very different.
Is this the end of the bull run? Or is this exactly what a mid-cycle flush looks like—painful, confusing, and full of mixed signals?
In this episode we cover:
• Why liquidity is disappearing and how it affects every chart
• ETF outflows, BlackRock’s massive selling week, and what it really means
• Why none of the historical bull-run peak indicators have triggered
• How macro forces, Japan’s rate shifts, and global pressure ripple into crypto
• What Apple, Nvidia, and on-device AI reveal about where the tech cycle is headed
• Why Bitcoin repeat patterns matter—and why they don’t
• The psychological trap of watching the market every day
This is a grounded, straight-talk conversation about the state of the market — the kind of conversation Joel and Travis used to have before the podcast even existed.
Crypto goes up. Crypto goes down. The chart keeps moving. And your favorite blockheads are still here, from Dubai to Puerto Rico.
Listen, comment, debate, and tell us what you think the market is about to do next.
Stay bad.
Support the show: https://badcryptopodcast.com
See omnystudio.com/listener for privacy information.
Transcript
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| 0:00.0 | It's late November. |
| 0:01.5 | We're supposed to be running like bowls right now, but the market is sideways, and it's an episode. |
| 0:06.8 | What episode? |
| 0:07.6 | Episode number 796 of the Bad Crypto Podcast. |
| 0:12.3 | Five, four, three, two, one, zero, all engine running. |
| 0:20.5 | Lift-off. Who's bad? Yeah. One, zero, all engine running. Lips off. |
| 0:21.8 | Who's bad? |
| 0:35.0 | Hey, Trev. |
| 0:36.9 | Before we ever did this podcast, you and I, we would chat all the time. |
| 0:43.5 | We just chat like girls about what do you think about this Ethereum thing? |
| 0:48.6 | What do you think of this Ant Chairs thing? |
| 0:50.4 | Remember what it was all new and exciting? |
| 0:53.2 | Kind of like that first date. |
| 0:56.0 | Yeah. Only without hoping you were going to score, because I wasn't hoping. |
| 1:00.7 | You're always hoping you're going to score. I don't know what kind of date you go all without |
| 1:04.5 | hoping to score. That's not one where I'm talking to you. |
| 1:09.5 | Oh, right, right. Yeah, if you're talking to me, clearly you don't know that. |
| 1:12.3 | But yeah, you know, looking at those and you're like Bitcoin sub 2000, right? |
| 1:17.2 | And we were having conversations in the early in 2016 when it was like, you know, way |
| 1:22.4 | less than that. |
| 1:23.2 | I remember, you know, in 2015 getting when it was was, $400, $400 a Bitcoin, and I got 10 of them for |
| 1:31.7 | $4,000. |
... |
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