Crypto Markets Forever Stuck? Onchain Data Explained | Michael Nadeau’s Defi Report #2

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4.7 • 1.2K Ratings

🗓️ 2 July 2025

⏱️ 65 minutes

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Summary

Crypto prices seem stuck. Is that about to change? Michael Nadeau of the DeFi Report returns to unpack what onchain data says about Bitcoin, ETH, and altcoins. We dive into why the market may be coiling beneath the surface, whether altcoins are due for a “hate rally,” and how valuation metrics reveal surprising accumulation trends. Michael also shares his current portfolio moves, including high-beta bets like Pepe and ENA, and lays out the macro triggers that could spark the next leg up. Michael Nadeau & The DeFi Report: https://x.com/JustDeauIt https://thedefireport.io --- 📣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 🟠 BINANCE | THE WORLDS #1 CRYPTO EXCHANGE https://bankless.cc/binance --- TIMESTAMPS 0:00 Intro 2:19 The HODLer's Fallacy: Rethinking Conviction in a Naturally Extractive Market https://mirror.xyz/sreevanth.eth/6unQ_oX9sQFkvjPi3yehVi6M7Ak2t1V5hzyWYs9yUi4 7:03 BTC Onchain Data & Price Explanation 15:23 Altcoin Season Index 23:24 ETH & Solana Onchain Data 32:30 Beta Assets Bull Case 38:46 Ethena Memo https://thedefireport.io/research/ethena-memo 51:14 Crypto Equities 55:45 Liquity & The Macro Setup 1:00:53 Michael’s Portfolio Today 1:02:31 How to Value an L1 https://thedefireport.io/research/how-do-you-value-an-l1 1:02:53 Quarterly Reports 1:04:40 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, welcome to our monthly crypto fundamentals podcast.
0:07.0	We've got a few topics to discuss today.
0:09.3	Are we forever stuck at like 107K Bitcoin, 2,500 eth and 150 Solana?
0:16.5	Feels like we've been in this zone forever.
0:18.3	We're going to talk about that.
0:19.3	Also, are ALTS the most hated asset right now? And if that's the case, are we actually going to get
0:24.9	an alt rally? Maybe a hate rally? And where approximately are we in the cycle? Feels like some
0:30.7	summertime blues maybe. And when the bull market comes, we'll actually come to our crypto-native
0:35.5	assets, or is it all going to stocks that none of us own?
0:38.8	We've got Michael Nato here.
0:40.5	Mike, how you doing?
0:41.7	Are you feeling bullish or you feeling bearish?
0:44.0	Hey, Ryan, great to be here.
0:45.8	I am feeling bullish.
0:47.7	I think we're in an interesting spot in the markets right now.
0:50.8	You know, Bitcoin, it sort of feels to me like Bitcoin is like a beach ball
0:55.3	that's trying to be held under the water right now. And I think, you know, we've been trading in
1:00.4	this range now for going on seven months, you know, seven, eight months. So that is like a very
1:07.3	interesting setup in terms of just like we've chopped up the markets a little bit.
1:11.9	Feels like Bitcoin is somewhat of a coiled spring, but it's still not breaking out at the same
1:18.1	time. We are in this sort of summer months where there's, there tends to be a little bit less
1:21.9	volume, a little bit less interest. People are taking vacations. We have holidays next or this week.
	...

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