Are We Headed for an Altseason Melt-up? | Michael Nadeau’s Defi Report #1
Is altseason finally here or just getting started?
Michael Nadeau of the DeFi Report joins Ryan to break down the data behind a potential crypto rotation. We cover why ETH and select alts may be poised to outperform, how macro conditions are fueling risk-on sentiment, and why fundamentals—like protocol cash flows and MEV—matter more than ever. Michael also shares his current portfolio and reveals what he’s buying right now. If you’re positioning for what’s next, this is your rotation signal.
Michael Nadeau & The DeFi Report:
https://x.com/JustDeauIt
https://thedefireport.io/research/altseason-melt-up
https://docs.google.com/presentation/d/1g2H1VaAKHWB5trl1tRHRYc68lIqZ8tWnzcLnkasAVYk/edit?usp=sharing
---
📣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
🌐SELF | PROVE YOUR SELF
https://bankless.cc/Self
🟠HEMI | BTC & ETH, ONE NETWORK
https://bankless.cc/hemi
---
TIMESTAMPS
0:00 Intro
0:23 Vince McMahon Meme
https://x.com/QuintenFrancois/status/1925543793371054122
1:10 DeFi Report #1 & Crypto Fundamentals
7:07 Mike’s Trading Time Horizon
9:13 Alt-Season Melt-up?
15:43 Macro Catalysts
25:57 2021-2022 Cycle vs. Today
29:03 Bitcoin & ETH Moving Average Chart
32:46 Different Types of Trading/TA Fundamentals
36:36 Long-Term Holder Supply Chart
43:09 MVRV Z-Score
48:39 ETH/BTC Ratio & Altcoin Season?
53:02 Mike’s Portfolio
1:00:40 When to Sell
1:02:33 How Durable is Solana’s MEV Infra
1:04:59 Closing & Disclaimers
---
Not financial or tax advice. See our investment disclosures here:
https://www.bankless.com/disclosures
--------
Introducing RSOV: A Better L1 Valuation Metric than REV | Jonah Weinstein
How should we value L1 tokens in crypto?
Today’s guest, Jonah Weinstein of Skycatcher, introduces RSOV—“Realized Store of Value”—a new metric designed to fundamentally rethink how we evaluate Layer 1 assets like ETH, SOL, and BTC. In this episode, we explore why traditional models like DCF and REV fall short for monetary assets, how RSOV works, and why it may be a better way to understand crypto’s total addressable market. Tune in for a fresh perspective that could change how you analyze L1s forever.
------
📣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
🌐SELF | PROVE YOUR SELF
https://bankless.cc/Self
🟠HEMI | BTC & ETH, ONE NETWORK
https://bankless.cc/hemi
------
TIMESTAMPS
0:00 Intro
0:23 How to Value L1 Tokens
7:18 REV
20:32 L1 Tokens are Money
27:11 Payments vs SoV Use Case
36:13 TAM for Digital Money
41:45 BTC: Special Snowflake?
45:31 RSOV
1:03:17 REV vs RSOV
1:12:07 RSOV Valuations
1:18:27 RSOV Drivers
1:34:10 Future of RSOV
1:36:43 Skycatcher
1:38:55 Opportunities to Watch
1:40:46 Closing & Disclaimers
------
RESOURCES
Jonah Weinstein
https://x.com/_Jonahw
RSOV Deck
https://docsend.com/view/mb2v6k3yr38gpfwm
RSOV Dune Dashboard
https://dune.com/sc_research/rsov
RSOV Template Financial Model
https://docs.google.com/spreadsheets/d/1IH0IX0yal7raqhO8SWzcVGK-TAH-b7avRlZ3pxR0krc/edit?usp=sharing
Skycatcher
https://skycatcher.xyz/
------
Not financial or tax advice. See our investment disclosures here:
https://www.bankless.com/disclosures
--------
ROLLUP: Bitcoin Hits NEW ATH | Stablecoin Bill Advances | ETH’s ZK Miracle | Solana’s New Chain? | T
This week, Ryan and David unpack Bitcoin’s explosive run to $111K and the macro chaos driving it—specifically, the U.S. Treasury’s failed bond auction and what it signals for the dollar. They break down the Senate’s landmark stablecoin bill (and Elizabeth Warren’s meltdown), Ethereum’s ZK miracle that could 100x Layer 1 throughput, and Texas launching its own state Bitcoin reserve. Plus, why Stanley Druckenmiller’s portfolio strategy might justify going all-in on crypto—and whether alt season is finally on the horizon.
------
📣 RE | REAL-WORLD (RE)STAKING
https://bankless.cc/Re
------
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
🌐CELO | PROVE YOUR SELF
https://bankless.cc/Self
🟠HEMI | BTC & ETH, ONE NETWORK
https://bankless.cc/hemi
------
TIMESTAMPS & RESOURCES
0:00 Intro
0:31 Stanley Druckenmiller
https://x.com/mrexits/status/1925354907382816880
3:40 Markets
https://x.com/glassnode/status/1925225568817099260
https://x.com/btc_archive/status/1925468871449866309
https://x.com/WatcherGuru/status/1925401414659867102
https://x.com/Cointelegraph/status/1924676563582267643
https://x.com/CryptoRank_io/status/1923875599275143300
https://x.com/cburniske/status/1925482199727710648
https://www.reuters.com/business/tepid-demand-us-treasury-auction-shows-investor-jitters-about-tax-bill-deficit-2025-05-21/
20:42 U.S. About to Pass a Landmark Stablecoin Bill?
https://x.com/SenatorHagerty/status/1924933844001521787
https://x.com/eleanorterrett/status/1924504745689153812
https://x.com/WayneVaughan/status/1924660740847222832
https://x.com/intangiblecoins/status/1925247754969797007
https://x.com/cburniske/status/1924705825723187343
https://x.com/CampbellJAustin/status/1925170860140249445
33:48 ETHEREUM IS SAVED. Bet it all on zk! Real-time proving is coming to Ethereum!
https://x.com/drakefjustin/status/1924929057676001466
https://x.com/VitalikButerin/status/1925050155922862526
https://x.com/pumatheuma/status/1925231968117277066
https://x.com/SuccinctLabs/status/1924523978703740963
45:26 Solana’s next leap: the proposed “Alpenglow” consensus
https://x.com/Austin_Federa/status/1924498049482559677
https://www.anza.xyz/
https://x.com/gttyson/status/1924519192101061035
47:57 FIGHT FOR RWAS
https://x.com/TrustlessState/status/1925577606163829203
https://blog.kraken.com/news/tokenized-equities-coming-soon
48:58 BIG Sui Dex hacked
https://x.com/Cointelegraph/status/1925509145366503486
https://x.com/SuiNetwork/status/1925572334054002774
https://www.coingecko.com/en/coins/sui
52:13 SKY became the sole governance token of the Sky
https://x.com/SkyEcosystem/status/1924515700564988354
https://upgrademkrtosky.com
53:54 Bitcoin community might rename sats to bitcoins
https://x.com/jack/status/1924121538485178658
57:16 Texas Strategic Bitcoin Reserve bill officially passed - TEXAS loves crypto
https://x.com/BitcoinMagazine/status/1925239389141049353
https://bitcoinlaws.io/tx
58:24 Galaxy was listed on Nasdaq - $7 billion
https://x.com/galaxyhq/status/1923411961754108177
59:11 Hester Peirce’s “New Paradigm” speech (SEC Speaks, 19 May 2025)
https://www.sec.gov/newsroom/speeches-statements/peirce-remarks-sec-speaks-051925
https://x.com/RyanSAdams/status/1924539029346828608
-https://www.coindesk.com/policy/2025/05/20/sec-charges-unicoin-top-executives-with-100m-massive-securities-fraud
1:01:39 DOJ is investigating Coinbase data breach & Circle Rumors?
https://cointelegraph.com/news/justice-department-coinbase-data-breach
https://www.coindesk.com/business/2025/05/20/circle-has-explored-potential-5b-sale-to-coinbase-or-ripple-instead-of-ipo-report
1:04:00 Closing & Disclaimers
1:04:26 Moment of Zen
https://x.com/mrexits/status/1925354907382816880
------
Not financial or tax advice. See our investment disclosures here:
https://www.bankless.com/disclosures
--------
ROUNDTABLE: The REV Debate - Real Metric or Fake News? Jon, Bread, & Andy8052
In this episode of the Bankless Podcast, hosts discuss Real Economic Value (REV). Triggered by Jon's exploration of how ETH and SOL prices correlate with REV, the team delves into REV's role as a value capture metric and demand signal for blockchain networks. We evaluate the implications for network valuations, debate the sustainability of relying on REV, and analyze competitive dynamics between Ethereum and Solana. The conversation concludes with musings on crypto investment risks and the evolving identity of digital currencies in relation to app utility.
Jon Charbonneau: https://x.com/jon_charb
Bread: https://x.com/0xBreadguy
Andy8052: https://x.com/andy8052
—-
📣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
🌐SELF | PROVE YOUR SELF
https://bankless.cc/Self
🟠HEMI | BTC & ETH, ONE NETWORK
https://bankless.cc/hemi
---
TIMESTAMPS
0:00 REV
https://x.com/jon_charb/status/1923739890115543264
https://x.com/TrustlessState/status/1924835154700234866
17:56 Stablecoins vs Native Currencies
28:38 Tribalism
https://x.com/post_polar_/status/1924458711940055246
https://x.com/RyanSAdams/status/1924202146117153172
39:30 The Trenches
https://dune.com/beincrypto/solana-launchpads
49:14 Pump . Fun
---
Not financial or tax advice. See our investment disclosures here:
https://www.bankless.com/disclosures
--------
59:47
Arthur Hayes: Money Printing & The Crypto Bet
Arthur Hayes returns to Bankless for a wide-ranging macro and crypto conversation.
We cover why ETH ripped, why the Trump administration might walk away from US treasuries as the global reserve asset, and why capital controls—not tariffs—could redefine the global economic order. Arthur lays out his full thesis on how a massive shift in global liquidity is unfolding, what it means for crypto, and why he’s betting big on Bitcoin, gold, and “buying everything” as the money printers rev up again.
------
📣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
🌐SELF | PROVE YOUR SELF
https://bankless.cc/Self
🟠HEMI | BTC & ETH, ONE NETWORK
https://bankless.cc/hemi
------
TIMESTAMPS
0:00 Intro
0:34 ETH’s Back?
2:25 Bretton Woods
7:38 The Petrodollar
9:37 The Petroyuan
17:47 US China Trade Imbalances
20:22 Liberation Day & Tariffs
33:19 Capital Controls
38:42 US Capital Flights
44:51 Dual Monetary System
49:08 Bitcoin as a Reserve Currency?
50:19 Buy Everything Except Bonds
53:07 Scott Bessent
57:02 QE is Inevitable
1:02:15 Stablecoins
1:06:55 Trump’s Pro-Crypto Campaign
1:11:44 Global Liquidity
1:21:20 Gold Reevaluation
1:25:18 Hot War Scenario
1:29:54 Arthur’s Bags
1:30:33 Crypto Cycle
1:35:07 Closing & Disclaimers
------
RESOURCES
Arthur Hayes X
https://x.com/CryptoHayes
Arthur’s Blog Post
https://cryptohayes.medium.com/fatty-fatty-boom-boom-52e47a03f487
Arthur Hayes IG
https://www.instagram.com/cryptohayes/
LinkedIn
https://www.linkedin.com/in/arthur-hayes-b493b42/
Substack
https://cryptohayes.substack.com/
Maelstrom
https://maelstrom.fund/
------
Not financial or tax advice. See our investment disclosures here:
https://www.bankless.com/disclosures
Portugal