The DeFi Report

Hosted by Michael Nadeau

Business Investing

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Latest episode

Jun 2026

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EN-US

About the show

Our weekly show is hosted by Michael Nadeau (The DeFi Report) and Ryan Sean Adams (Bankless). Each week, we discuss how we approach managing our own portfolio and the data, research, and analytical frameworks that inform those decisions — for educational and informational purposes.

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24 recent

June 10, 2026Episode 2352 min

Has BTC Entered the "Buy Zone?"

Has Bitcoin entered the buy zone, or is one final flush still ahead? Mike and Ryan break down why BTC under $67K looks attractive for long-term buyers, what realized losses and top-buyer cohorts reveal about seller exhaustion, and how AI weakness, inflation, and rising odds of Fed hikes could shape the next major move.----📣GALAXY | INSTITUTIONAL DIGITAL FINANCEhttps://bankless.cc/Galaxy ----🎯THE DEFI REPORT | FOLLOW & SUBSCRIBEhttps://thedefireport.cc/tdr-ythttps://thedefireport.io/friendshttps://thedefireport.transistor.fm/https://x.com/the_defi_reporthttps://x.com/JustDeauIt----TIMESTAMPS0:00 Intro1:39 False Bull Flag Revisited5:32 Tracking Deep Value Signals11:04 Strategy Fear & Unwind18:09 Who Is Buying Bitcoin?22:15 Signs of Seller Exhaustion25:08 Bitcoin Leads the Nasdaq26:33 AI Boom Or Bust35:58 Macro Risks & Inflation43:20 TDR Portfolio Strategy48:50 Buying Bitcoin Under 67K----Not financial or tax advice. For educational purposes only.

June 3, 2026Episode 2236 min

Bitcoin’s $60K Test Just Got More Serious

Bitcoin is testing a critical zone, but this bear market is starting to look different. Mike and David break down why $60K may be the next major level, how Strategy’s first BTC sale and STRC stress could shake market confidence, why ETF outflows are piling up, and why assets like Zcash, HYPE, Lighter, and NEAR are breaking out while Bitcoin weakens.----📣GALAXY | INSTITUTIONAL DIGITAL FINANCEhttps://bankless.cc/Galaxy ----🎯THE DEFI REPORT | FOLLOW & SUBSCRIBEhttps://thedefireport.cc/tdr-rss https://thedefireport.io/friendshttps://thedefireport.transistor.fm/https://x.com/the_defi_reporthttps://x.com/JustDeauIt----TIMESTAMPS0:00 Intro1:22 Crypto Cycle Turning4:42 Bitcoin Near Key Support9:16 STRC Signals Stress20:42 ETF Outflows Mount23:58 Robinhood & Portfolio Bets28:49 DeFi Builders Gain Ground31:54 Bullish on Crypto Alpha35:24 Meme Coins Still Stick35:46 Closing & Disclaimers----Not financial or tax advice. For educational purposes only.

May 27, 2026Episode 2143 min

Bitcoin’s Unfinished Pain & Altcoin Hype or Head Fake?

Bitcoin is stuck in a quiet range, but the signals are getting louder. Mike and Ryan break down why the mini altcoin rally may be a head fake, what realized losses suggest about Bitcoin’s unfinished pain, why ETF outflows and Saylor’s bond move matter, and the macro risks that could force another leg lower.----📣GALAXY | INSTITUTIONAL DIGITAL FINANCEhttps://bankless.cc/Galaxy ----🎯THE DEFI REPORT | FOLLOW & SUBSCRIBEhttps://thedefireport.cc/tdr-rss https://thedefireport.transistor.fm/https://x.com/the_defi_reporthttps://x.com/JustDeauIt----TIMESTAMPS0:00 Intro3:46 Altcoin Hype or Head Fake?13:06 Measuring Bitcoin Bear Market Pain22:50 ETF Outflows & Whale Selling29:25 Iran, Inflation, & Macro Risks37:35 Bitcoin Levels and Summer Positioning42:55 Closing & Disclaimers----Not financial or tax advice. For educational purposes only.

May 20, 2026Episode 2037 min

Signs of a Cycle Bottom?

Bitcoin may have already hit its cycle low, but the confirmation signal still hasn’t fired. Mike and Ryan break down the bull case for a $60K bottom, why realized cap and supply in profit matter, what top-buyer cohorts are still signaling, and how inflation, rising yields, and a potential Fed hike could force one more drop.----📣GALAXY | INSTITUTIONAL DIGITAL FINANCEhttps://bankless.cc/Galaxy ----🎯THE DEFI REPORT | FOLLOW & SUBSCRIBEhttps://thedefireport.cc/tdr-rsshttps://thedefireport.transistor.fm/https://x.com/the_defi_reporthttps://x.com/JustDeauItThe Watch List: Zcash (ZEC)https://thedefireport.io/research/the-watch-list-zcash-zec----TIMESTAMPS0:00 Intro4:16 Realized Cap Signals12:17 Supply Profit Check14:11 RSI & Cycle Lows18:01 Coins Still Need Rotation20:51 Inflation & Yields31:00 Key Levels & Scenarios34:17 Altcoin Rotation Watch36:52 Closing & Disclaimers----Not financial or tax advice. For educational purposes only.

May 13, 2026Episode 1933 min

Momentum is slowing as macro risks are rising

Bitcoin just closed above a key bear market resistance level, but Mike still isn’t ready to call a regime shift. Ryan and Mike break down why this rally looks stretched, what $79K, $82.7K, and $85K are signaling, how weak spot volume and rising macro risk could slow momentum, and why June may be the real test for bulls.----📣GALAXY | INSTITUTIONAL DIGITAL FINANCEhttps://bankless.cc/Galaxy ----🎯THE DEFI REPORT | FOLLOW & SUBSCRIBEhttps://thedefireport.cc/tdr-rss https://thedefireport.transistor.fm/https://x.com/the_defi_reporthttps://x.com/JustDeauIt----TIMESTAMPS0:00 Intro1:45 Bear Market Symmetry6:00 Comparing Past Cycles14:05 Who’s Selling at 80K?19:23 Weak Market Conditions23:10 Momentum Starts Fading27:37 June’s Historical Weakness29:12 Key Bitcoin Price Levels32:40 Closing & Disclaimers----Not financial or tax advice. For educational purposes only.

May 6, 2026Episode 1835 min

Are we still in a bear market rally?

Bitcoin just completed the longest bear market rally of the last two cycles, but under the hood, the data still looks eerily similar to 2022. Mike and Ryan break down the battle between shorts and spot buyers, why $85K may decide the market, what ETF flows and Saylor’s bid are really signaling, and the setup that could trap both bulls and bears.----📣GALAXY | INSTITUTIONAL DIGITAL FINANCEhttps://bankless.cc/Galaxy----🎯THE DEFI REPORT | FOLLOW & SUBSCRIBEhttps://thedefireport.cc/rss https://thedefireport.transistor.fm/https://thedefireport.io/https://x.com/the_defi_reporthttps://x.com/JustDeauIt----TIMESTAMPS0:00 Intro3:03 Market Dynamics and Institutional Influence5:53 Trader Sentiment & Market Positioning10:04 Spot Market Analysis15:10 ETF Flows & Institutional Demand19:06 Market Structure & Cycle Analysis21:09 Bitcoin's Correlation & NASDAQ26:05 Critical Price Zones for Bitcoin30:12 Mike's Investment Strategy & Market Outlook33:17 The Marshmallow Test 34:17 Closing & Disclaimers----Not financial or tax advice. For educational purposes only.

April 29, 2026Episode 1740 min

Still Patient? Why This Bitcoin Rally May Be on Borrowed Time

Bitcoin has the “perfect” bull setup, record shorts, aggressive squeezes, and billions in buying, yet it still can’t break $80K. Ryan and Mike unpack why that disconnect matters, from weak spot demand and short-term holder behavior to fading liquidity tailwinds, and what past cycles suggest comes next. They also break down the key level that decides the market, and how to position if this rally is on borrowed time.----📣GALAXYONE | SOLANA STAKINGhttps://bankless.cc/GalaxyOne ----🎯THE DEFI REPORT | FOLLOW & SUBSCRIBEhttps://thedefireport.io/friends https://thedefireport.transistor.fm/https://thedefireport.io/https://x.com/the_defi_reporthttps://x.com/JustDeauIt----TIMESTAMPS0:00 Intro3:57 Bitcoin Market Dynamics6:51 Short-Term Holder Insights15:22 Fed Policy Implications19:31 Liquidity and Economic Outlook27:44 Crypto Portfolio Strategy30:09 Navigating Altcoin Markets38:47 Closing & Disclaimers----Not financial or tax advice. For educational purposes only.

April 22, 2026Episode 1632 min

Why This Rally May Be Too Early

Bitcoin is pushing back toward $80K, but the underlying data still looks like a classic bear market setup. Mike and Ryan break down why “hot money” from the 2025 top hasn’t fully rotated yet, how past cycles suggest more downside or time is needed, and why dip buyers may be stepping in too early. They also explain what real bottom formation looks like onchain and why this rally could be more about positioning than a true shift in trend. ----📣GALAXYONE | SOLANA STAKINGhttps://bankless.cc/GalaxyOne ----🎯THE DEFI REPORT | FOLLOW & SUBSCRIBEhttps://thedefireport.io/friends https://thedefireport.transistor.fm/https://thedefireport.io/https://x.com/the_defi_reporthttps://x.com/JustDeauIt----TIMESTAMPS0:00 Intro1:44 Mike's Evolving Thinking on Altcoins5:12 Analyzing Bitcoin's Cost Basis Data8:11 Understanding Bitcoin's Cohorts10:08 Exploring New & Old Money Patterns14:20 Comparing Cohorts Across Cycles18:09 Key Takeaways from the Cohort Analysis26:33 Portfolio Moves & Strategy Discussion32:07 Closing & Disclaimers----Not financial or tax advice. For educational purposes only.

April 15, 2026Episode 1546 min

The Bottom Is Not In! Why We Get 4-Year Cycles

Bitcoin is up 19% from the February lows, but Mike argues this still looks more like a bear market bounce than a true bottom. He and Ryan break down why weak ETF flows, soft onchain activity, fading risk appetite, and rolling liquidity still do not look like the kind of setup that usually marks a durable low. They also map out the key BTC levels that would force a change in view, and what real capitulation tends to look like when the cycle finally turns.----📣GALAXYONE | SOLANA STAKINGhttps://bankless.cc/GalaxyOne ----🎯THE DEFI REPORT | FOLLOW & SUBSCRIBEhttps://thedefireport.io/friends https://thedefireport.transistor.fm/https://thedefireport.io/https://x.com/the_defi_reporthttps://x.com/JustDeauIt----TIMESTAMPS0:00 Intro1:50 Polling Investor Sentiment4:22 The Four-Year Cycle Explained13:02 Market Dynamics and Investor Psychology17:17 Examining Current Liquidity Conditions27:31 Fiscal Policy and Its Impact29:07 On-Chain Analysis of Bitcoin39:10 Understanding Market Trends and Patterns44:04 Closing & Disclaimers----Not financial or tax advice. For educational purposes only.

April 8, 2026Episode 1436 min

Ceasefire Trap? Bulls vs. Bears—Who Wins?

Markets ripped on the Iran ceasefire headlines, but Mike says the bigger bearish process may still be unfolding.Mike and David break down why Bitcoin, oil, global liquidity, and the S&P’s 200-day moving average are all flashing mixed signals, and why the real bottom may still require more pain, patience, and weak-hand capitulation.----📣GALAXYONE | SOLANA STAKINGhttps://bankless.cc/GalaxyOne ----🎯THE DEFI REPORT | FOLLOW & SUBSCRIBEhttps://thedefireport.io/friends https://thedefireport.transistor.fm/https://thedefireport.io/https://x.com/the_defi_reporthttps://x.com/JustDeauIt----TIMESTAMPS0:00 Intro2:56 Market Reactions to Ceasefire6:28 Analyzing the Bull & Bear Cases11:02 The Pessimist's Perspective15:34 Iran's Strategic Position22:37 Understanding the Liquidity Cycle26:58 The Long-Term View on Bitcoin31:34 Short-Term Market Signals36:08 Closing & Disclaimers----Not financial or tax advice. For educational purposes only.