Michael Nadeau

Like, I wish I could give you a real concrete answer.

But every week we are updating the DeFi Report readers on market structure and exactly how we see things playing out.

in the crypto side.

I think it's a really interesting time to be focusing on crypto.

We're at a really interesting inflection point right now.

That's a big question, I think, out there right now.

We recorded an episode last week, and I said that we were sort of in no man's land, right?

Trading below support around 93K or so, above like critical support at that 80K line.

And last Friday, we ended up breaking down from 80 and we've dropped about 15% or so from 90K last week.

And I think that's the big question.

There is some blood in the streets.

Where my head is at in terms of where we are in the cycle, where the markets are at is that

Up until last week, I think if you had a bull thesis, you could still sort of hold on to that.

And I think the bulls still were willing to say that the market could reverse and the momentum could reverse.

I think now going into this week, there's probably less bulls out there and there's probably more...

acceptance in the market that this is playing out how crypto bear markets typically do play out.

And so I think that's where we're at.

So I'm not ready to say we're hitting a macro low for the cycle just yet.

When we do go there,

you know, I expect that it will take some time, right?