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Unchained

Bits + Bips: Why Bitcoin Will Keep Going Down - Ep. 956

Unchained

Laura Shin

News, Tech News, Business News

4.61.3K Ratings

🗓️ 22 November 2025

⏱️ 39 minutes

🧾️ Download transcript

Summary

Check out our sponsor Uniswap! Bitcoin keeps drifting lower — and traders are asking the same question: where’s the floor? Host Steve Ehrlich brings on Markus Thielen, CEO of 10x Research, to walk through Bitcoin’s technical setup, ETF flows, institutional positioning, and why the recent selloff looks different from past dips. Markus lays out the metrics he’s watching, the levels that matter, and why the path downward may still be the path of least resistance. He also shares his views on Ethereum, altcoins, digital asset treasuries, and why some investors are stepping away from risk entirely. Host: Steve Ehrlich, Executive Editor at Unchained Guest: Markus Thielen, CEO of 10x Research Timestamps: 🎬 0:00 Introduction 📉 1:39 Why Markus is not optimistic about the current market 🐻 3:23 How he defines a bear market — and why we may already be in one 📊 8:02 The key metric institutions are watching and Bitcoin’s next support level 🔁 13:14 How to spot when a real rebound might be forming 🪙 17:29 Markus’ views on ETH and what catalysts could matter ⚠️ 19:57 Why Markus warns that “you don’t want to be exposed to anything” 🏦 22:10 Digital asset treasuries and what ETF flows are signaling 🧱 28:54How staking inside ETFs threatens DATs 🔮 34:35 What Markus expects to happen by year-end Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0

Hey all, before we begin, I've got some exciting news to share. We've been working on something

0:05.9

a little wild behind the scenes. It's called Unchained On Air, a revamped live stream series and podcast

0:12.7

feed that takes you way beyond the headlines. It features sharp, maybe even controversial,

0:18.6

takes on major events, and the kind of on-chain intel that never makes it to your feed. Way more shows, way more often, each one laser-focused on a different slice of crypto and finance. First up is decks in the city, where the wallets are cold and the takes are hot, with Jesse Brooks, Catherineatherine kirkpatrick baws and v lee three powerhouse lawyers

0:40.8

gathering to dish about the latest from defy enforcement to token regulation and everything in between

0:46.5

it live streams every t t t t uneas uneasy money because what happens on chain never stays on chain with

0:57.0

Lucan Nets, Kane Warwick, and Taylor Monaghan. Three OG-DFI builders unpacking everything

1:03.2

happening on chain, from tokenomics to dows, from hacks to yields. It airs Wednesdays at 3pm

1:10.5

ET. And finally, Bits and Bips the interview,

1:14.7

an addition to our group chat show, in which our executive editor, Stephen Erlich, takes you

1:20.2

deeper with one-on-one conversations. This streams on Thursdays at 12 p.m. ET. To catch the live

1:27.1

streams, follow Unchained on X,

1:29.6

subscribe on YouTube, or find us on your favorite streaming platform now.

1:33.9

And don't forget to hit the bell icon so you never miss a show.

1:37.6

And if you can't make the live stream,

1:39.7

these episodes will show up in your podcast feed the very next day.

1:43.6

Thanks, as always always for your support.

1:46.1

I think the key difference is also that, you know, a year ago, when Trump was elected, Bitcoin

1:51.9

was trading around $67,000 and we very quickly rallied up 20,000 points or a little bit more.

1:58.9

It was in basically a two-week frame. So there was not a lot

2:02.9

of trading between 67,000 to 93,000. So there's like a window here where there's not a lot of

2:10.4

support. It's almost like a, you know, like a void really. Hi, everyone. Welcome back. Once again,

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