Should I Buy ETH Treasuries? Early Stage Greed Cycle? | Michael Nadeau’s DeFi Report #4

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Tech News, News, Technology

4.8 • 1.1K Ratings

🗓️ 5 August 2025

⏱️ 52 minutes

🔗️ Recording | iTunes | RSS

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Summary

Public companies are racing to lock ETH onto their balance sheets, but is this the spark for a late-cycle greed run or a setup for a painful reversal? Mike Nadeau from The DeFi Report joins Ryan to unpack the ETH treasury boom, explain how staking yield and convertible debt amplify reflexivity, and show why onchain signals place us around 9 p.m. on the market clock. We examine surging DEX volumes, record stablecoin supply, and the alt-season gauges that could send ETH to new highs. Finally, we outline the risks of leverage, premium flips, and the exit strategy smart investors are already planning. Michael Nadeau & The DeFi Report: https://x.com/JustDeauIt https://thedefireport.io ------ 📣BIT DIGITAL ($BTBT) | ETH-FIRST PUBLIC COMPANY http://bit-digital.com ------ 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 ------ TIMESTAMPS 0:00 Intro 0:48 Bullish on ETH Treasury Companies 4:47 The Tom Lee Effect 11:48 Why ETH Outperforms Bitcoin 17:50 The Impact of ETH on DeFi 19:15 DeFi Summer 2.0? 24:53 Evaluating ETH Treasury Companies 28:25 Picking the Right Treasury Company 32:30 Navigating Risks in the Market 35:07 Signs of Market Overheating 38:03 Indicators of Market Sentiment 42:07 Analyzing Active Loans in DeFi 45:56 Assessing the Current Market Cycle 48:43 The Launch of TDR Pro 51:48 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	Bagless Nation, welcome to our monthly fundamentals podcast. I'm joined by Mike Nato. How are you doing, Mike?
0:09.1	I'm doing great, Ryan. Good to see you. Good to see you, too. Even more energy in ETH since we last had this podcast.
0:16.1	We've got some ETH Treasury companies that have launched some big energy from All Street in the Space.
0:20.6	ETH is still 25% below all-time high. You wrote a post we're going to get into talking about
0:25.9	ETH treasury companies. And it's sort of a bold case for that. I want to talk about that with you.
0:30.6	I also want to talk about where we are in the cycle as of right now. So it's starting to feel like maybe early greed stage,
0:40.7	and I believe that was a title of your post, maybe the alt-coin season rotation. So how do we
0:46.3	position for this? And what should we keep an eye on? But in general, Mike, are you bullish or how are you
0:51.9	feeling as we enter August, I guess, and start to conclude the summer?
0:56.1	Yeah, I think, you know, the fact that the top, you know, something we're going to get into here is East Treasury companies.
1:01.8	It's kind of a sign of the times, I would say, and sort of where we're at in this cycle.
1:07.2	We've made, you know, we're in year three.
1:09.6	I think I think the way people should think about this,
1:11.4	it's always helpful to sort of step back, zoom out. You know, we are in year three of a bull market
1:16.3	cycle. These tend to be the biggest years and we're moving towards the end of that. So we've
1:22.0	already seen, you know, pretty significant moves from Bitcoin and other coins. We've seen a number of
1:27.0	meta's develop. And so we are
1:29.4	sort of late stage, but I'm still bullish, you know, within that structure. It was so funny.
1:35.8	There was some selling over the weekend, right? And some people were, you know, on crypto Twitter,
1:40.1	of course, saying, oh, it's over, you know, like, but now we're back. And it's only been two days of, you know, a dip down, and it seems like we're back to where we were at the end of last week. And how do on-chain fundamentals look to you? It's like now a time to buy? It could be. It could be. You know, we were, I think the last time we recorded, we mentioned that we were buying ETH at, you know, between 2,200, 2,500 or so.
2:03.6	For,200, 2,500 or so.
2:11.7	For us, like, we follow a pretty, like, pretty systematic process to identify when we think it's the right time to buy.
	...

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