Crypto Markets Forever Stuck? Onchain Data Explained | Michael Nadeau’s Defi Report #2

Crypto prices seem stuck. Is that about to change? Michael Nadeau of the DeFi Report returns to unpack what onchain data says about Bitcoin, ETH, and altcoins. We dive into why the market may be coiling beneath the surface, whether altcoins are due for a “hate rally,” and how valuation metrics reveal surprising accumulation trends. Michael also shares his current portfolio moves, including high-beta bets like Pepe and ENA, and lays out the macro triggers that could spark the next leg up. Michael Nadeau & The DeFi Report: https://x.com/JustDeauIt https://thedefireport.io --- 📣SPOTIFY PREMIUM RSS FEED | USE CODE: SPOTIFY24 https://bankless.cc/spotify-premium --- 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 🟠 BINANCE | THE WORLDS #1 CRYPTO EXCHANGE https://bankless.cc/binance --- TIMESTAMPS 0:00 Intro 2:19 The HODLer's Fallacy: Rethinking Conviction in a Naturally Extractive Market https://mirror.xyz/sreevanth.eth/6unQ_oX9sQFkvjPi3yehVi6M7Ak2t1V5hzyWYs9yUi4 7:03 BTC Onchain Data & Price Explanation 15:23 Altcoin Season Index 23:24 ETH & Solana Onchain Data 32:30 Beta Assets Bull Case 38:46 Ethena Memo https://thedefireport.io/research/ethena-memo 51:14 Crypto Equities 55:45 Liquity & The Macro Setup 1:00:53 Michael’s Portfolio Today 1:02:31 How to Value an L1 https://thedefireport.io/research/how-do-you-value-an-l1 1:02:53 Quarterly Reports 1:04:40 Closing & Disclaimers --- Not financial or tax advice. See our investment disclosures here: https://www.bankless.com/disclosures