Why the Crypto Markets Seem Down Bad as Bitcoin Dips Below $100K - Ep. 939

Unchained

Laura Shin

News, Tech News, Business News

4.6 • 1.3K Ratings

🗓️ 5 November 2025

⏱️ 76 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Bitcoin’s bleeding again and sentiment is collapsing. But if you’ve been around for a few cycles, this kind of pain might look familiar. In this episode of Unchained, Laura sits down with Yann Allemann, Co-founder of Swissblock, and Joe Vezzani, CEO of LunarCrush, to unpack the latest market wipeout, and whether it’s a signal of exhaustion or opportunity. From retail’s record-breaking bearishness to the unwinding of crypto’s DAT mania, they explore why the market feels bearish and what that might mean for what’s coming next. They also dive into the likelihood of a blow-off top, the resurgence of privacy coins, the risk in digital asset treasury companies, and even why some think we could see new all-time highs before the year ends. Thank you to our sponsors! Mantle Guests: Yann Allemann, Co-founder and Chairman of Swissblock Joe Vezzani, Co-founder and CEO of LunarCrush Timestamps: 🎬 0:00 Intro 📉 2:13 Why Bitcoin’s crashing again and whether DATs are to blame 💥 10:43 The consequences of the October 10 liquidation wave 🔄 18:48 Is the four-year crypto cycle finally dead? 📊 25:00 The unraveling of the DAT trend: end of the mania or just a pause? 😶 29:32 Why markets feel eerily quiet and deeply bearish 🐻 32:55 How this became the “most bearish bull market” ever 🥇 40:49 If Bitcoin is digital gold, why hasn’t it followed gold’s rally? 🎯 47:09 Are prediction markets stealing attention from crypto? 🚀 53:30 Why Yann thinks a blow-off top is still coming 🕵️‍♂️ 55:51 The privacy coin comeback led by Zcash 💫 1:02:00 Why ETH’s relative strength could surprise the market ⚠️ 1:07:36 Why Yann says there’s “no reason to hold speculative assets” 💰 1:12:59 Bitcoin price predictions and what smart money’s really doing Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	Hey everyone, just a quick note before we start, that last week, in our stablecoin episode,
0:06.7	Sam McPherson of Phoenix Labs talked about how Spark was one of the biggest depositors into Athena
0:11.5	early on, but exited this past summer because starting in July or so, it seemed to them that
0:17.1	Athena had maxed out on the capacity for the basis trade. He then said, quote,
0:22.4	Furthermore, with the integration of, say, Binance with the 12% guaranteed yield, this was funneling most
0:28.6	of the yield into these deployments, which was disadvantaging depositors into S-USDE.
0:34.7	So since then, Spark has exited entirely. End quote. We released this as a clip on social media,
0:42.4	where it gained some traction, and Guy Young, the founder of Athena, reached out and said that
0:47.5	this was actually factually inaccurate. He said, quote, we paid for the 12% with the budget of cash
0:53.8	the foundation has, not from taking
0:56.2	yield from other users in S-U-S-D-E.
0:59.7	Thanks for setting the record straight guy.
1:02.1	And now, onto the show.
1:04.0	I'm going to go in a crazy way.
1:06.2	I think that we do hit an all-time high.
1:10.1	The metrics are out there. I mean, something we're seeing with
1:13.2	just retail. You know, we follow at Lunar Crush, like how many people are talking about Bitcoin,
1:16.6	how many people are talking about crypto. Retail is like the lowest and bearish. Most bearish,
1:21.9	it is like almost ever been since we started tracking. We're tracking 50 million posts every hour.
1:27.1	I think what people need to
1:28.8	understand is that the likelihood of a blowoff top is more the case than a rounded or kind of
1:36.1	more prolonged just because of the fact that you've seen this. For those that haven't been around
	...

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