Michael Nadeau

So I think we made a lot of progress just, you know, the last week or so of kind of like where are we at?

And I think the market's starting to accept, you know, a lot of this.

But I'm not ready to say that this is like a macro low.

Just, yeah, we can kind of get into that, I think, in this episode.

Yeah, I appreciate the shout out, Ryan.

And yeah, I think if I go back to sort of September, October period, we were kind of coming out of a period where we had sort of a debt season and risk on what was in the market.

We didn't peak on euphoric, like a real euphoric

period like we did in 2021.

But it was a risk on environment in terms of you had that season.

So you had lots of new treasury companies buying Bitcoin, putting that on their balance sheet.

You had the same thing happening with lots of companies doing the same with Ether.

We even saw like a longer tail of altcoins.

And I think what happened was

If you have a price agnostic buyer coming into the market like that, what it does is it gives traders and people that are putting leverage into the market sort of a free pass to do that when they know somebody's in the market bidding up the tokens.

And so we did have a pretty big move in a lot of altcoins.

That was the period that ETH did really well.

And then Bitcoin ultimately got up to about 125K or so.

And the reason I started to get nervous was just that the amount of leverage that we were seeing built in the market.

And at the same time, you're developing what I view as a little lopsided market structure.

We have all this new money that came in over the last year.