Michael Nadeau

You have long-term holders and sort of like...

OG investors that have been in Bitcoin for up to a decade, they are degrossing, they are exiting the market at the same time that you have sort of this, what I would call more of like a weaker handed market structure at the top with all the leverage.

And then you had all these narratives that I was kind of starting to disagree with.

You know, just this idea that Trump is just going to pump the market.

There's a new Fed chair coming in and which we can get into in this episode.

I think there's a lot to discuss there.

But I think a lot of the narratives I was having trouble aligning with those narratives.

And then when you look at the lopsided market structure and sort of a reduction in demand right from the bottom up to buy Bitcoin, you know, that was kind of what made us go risk off at that time.

You know, looking back now, that looks like it was it was the right call.

Um, after we made, you know, after we sort of went to risk, risk off, the next question is, okay, where are we going?

How do we get there?

You know, we've been targeting a fair value of Bitcoin at around 65 K and, you know, over the weekend we got down to 75 K or so within four months, um, of that call, you know, bear markets and Bitcoin have typically, um,

you know, lasted up to a year or so.

So we're about four months in.

And now we are in sort of what I think is potentially a new regime with this new Fed president or new Fed chair that's going to be coming in.

You know, what does this mean for some of these price targets that we've been putting out there?

And we're doing some of that, a lot of that work right now.

Yeah.

So still processing this, you know, I think I was kind of lucky that I had spent a decent amount of time just, you know, looking at some of his interviews.

He was the one I probably had the most information on before Trump picked him.