Show overview
The DeFi Report launched in 2025 and has put out 26 episodes in the time since. That works out to roughly 15 hours of audio in total. Releases follow a weekly cadence.
Episodes typically run thirty-five to sixty minutes — most land between 35 min and 43 min — and the run-time is fairly consistent across the catalogue. None of the episodes are flagged explicit by the publisher. It is catalogued as a EN-US-language Business show.
The show is actively publishing — the most recent episode landed 1 weeks ago, with 25 episodes already out so far this year. The busiest year was 2026, with 25 episodes published. Published by Michael Nadeau.
From the publisher
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.
Latest Episodes
View all 26 episodesWhy does BTC continue to track the 4-Year Cycle?
Bitcoin’s Bottom Case, ETF Outflows & The No-Buyers Problem
Has BTC Entered the "Buy Zone?"
Bitcoin’s $60K Test Just Got More Serious
Bitcoin’s Unfinished Pain & Altcoin Hype or Head Fake?
Signs of a Cycle Bottom?
Momentum is slowing as macro risks are rising
Are we still in a bear market rally?
Still Patient? Why This Bitcoin Rally May Be on Borrowed Time
Why This Rally May Be Too Early
The Bottom Is Not In! Why We Get 4-Year Cycles
Ep 14Ceasefire 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.
Ep 13BTC Cycle Low? & Views on macro, altcoins, & crypto equities
Bitcoin is down 47% from the highs, but Mike says the real “fat pitch” still hasn’t arrived.Mike and Ryan break down where BTC could actually bottom using realized price, the 200-week moving average, and deep value onchain signals, plus why oil, Iran, rates, and recession risk still matter more than most crypto investors think.----📣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 Intro2:16 Buffett's Market Perspective4:45 Galaxy One Staking Launch6:31 War's Impact on Markets11:07 Energy Crisis Analysis14:03 Fed Rate Predictions18:11 Speculating on Trump's Announcement24:50 Bitcoin Price Analysis28:14 Deep Value & Market Strategy32:53 Altcoins & Crypto Equities35:04 Closing & Disclaimers----Not financial or tax advice. For educational purposes only.
Ep 12Nasdaq vs. Bitcoin: Surviving the 200-Day Breakdown
The Nasdaq just broke its 200-day moving average. In 2022, that was the signal for a 35% collapse. Is history repeating?Mike and Ryan dive into the "Complacency Trap," why the war in Iran is actually a strategic play for China’s oil, and the onchain data suggesting Bitcoin hasn't hit "Deep Value" yet. They also break down the 2022 analog, the 6.4% mortgage rate reality, and why the "Trump Prize" won't save the markets this time.----📣GALAXY | INSTITUTIONAL DIGITAL FINANCEhttps://bankless.cc/Galaxy ----🎯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 Intro1:43 Market Complacency & The War in Iran7:45 Geopolitical Implications of Oil10:04 The US-China Connection13:26 Lessons from 202216:44 On-Chain Bitcoin Insights22:14 Risk Asset Market Psychology26:33 ETF Inflows and Market Health28:54 Bitcoin Price Targets32:44 TDR Portfolio Update33:56 Patience in Bear Markets36:28 Closing & Disclaimers----Not financial or tax advice. For educational purposes only.
Ep 11Saylor is Back: How does this impact market structure?
Bitcoin is ripping while stocks and gold stall, and Michael Saylor just dropped billions into BTC. So… is this a real regime shift or just another 2022-style fake rally?Ryan and Mike break down the macro, why liquidity is quietly tightening, how Saylor’s new capital machine is changing market structure, and why this rally may not be as bullish as it looks.----📣GALAXY | INSTITUTIONAL DIGITAL FINANCEhttps://bankless.cc/Galaxy ----🎯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 Intro1:36 Bitcoin's Performance Amid Geopolitical Conflict4:24 Global Liquidity and Its Implications8:40 Inflation and Federal Reserve Challenges12:38 Bitcoin Market Structure Analysis19:23 Michael Saylor's Strategic Purchases27:57 Exploring Hype and Market Trends35:33 Closing & Disclaimers----Not financial or tax advice. For educational purposes only.
Ep 10Bitcoin Network Health Check: Assessing Thesis & New Risks
Mike and Ryan re-underwrite the Bitcoin thesis with a full network health check: hash rate, miner incentives, active addresses, ETF adoption, treasury firms, and BTC’s performance vs Nasdaq and gold. They also dig into the biggest risks ahead, including security budget pressure, miner concentration, and quantum computing, before explaining why they still view Bitcoin as a core portfolio asset this cycle.----📣GALAXY | INSTITUTIONAL DIGITAL FINANCEhttps://bankless.cc/Galaxy ----🎯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 Intro2:31 Institutional Insights on Bitcoin4:24 Mining & Network Security8:08 Fees & Block Rewards11:20 Security Budget Risks14:25 The Future of Mining15:57 Address Trends & Activity22:48 Institutional Adoption Surge25:01 Treasury Firms & Bitcoin28:03 Bitcoin vs. Other Assets30:51 Quantum Computing Concerns33:34 The Future of Bitcoin36:43 Closing & Disclaimers----Not financial or tax advice. For educational purposes only.
Ep 9Deploy now or wait for Deep Value? (March 2026 Cycle Update)
Mike and Ryan break down Bitcoin’s cycle awareness signals now that BTC has hit “fair value.” Using long-term holder supply in profit, MVRV, and the 200-week moving average, they compare today’s setup to the 2018 and 2022 bear markets and show how much returns changed when investors waited for “deep value.” Then they get practical on portfolio management: deploy now vs wait, how much cash to keep, and why Mike just made a second BTC buy while staying ready for a potential $50K to $55K scare.----📣GALAXY | INSTITUTIONAL DIGITAL FINANCEhttps://bankless.cc/Galaxy ----🎯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 Intro2:24 The Tension of Deployment3:46 Market Positioning Updates4:24 Cycle Awareness Indicators7:17 The Impact of Fair vs. Deep Value11:44 Market Value to Realized Value15:49 Understanding the 200-Week Moving Average18:48 Fair Value vs. Deep Value20:21 Strategy for Navigating Uncertainty24:26 Timing & Expectations for Deep Value28:35 Managing Deployment Tensions33:17 Closing & Disclaimers----Not financial or tax advice. For educational purposes only.
Ep 8Uncertainty Bubble? Tariffs, AI Tail Risks, & a BTC Market Structure Update
Mike and Ryan unpack why “uncertainty” is starting to feel structural across markets: the Supreme Court tariff ruling, Trump’s workaround playbook, and what it all means for capital flows and bonds. Then they dig into the viral Citrini AI scenario and why the real signal is not the report itself, but Wall Street’s reaction and the widening range of outcomes. Finally, they run a Bitcoin market structure check, from long term holder behavior and ETF flows to miner stress, and explain why they’re still heavy cash and what would need to happen to trigger the next fat pitch.----📣GALAXY | INSTITUTIONAL DIGITAL FINANCEhttps://bankless.cc/Galaxy----🎯THE DEFI REPORT | FOLLOW & SUBSCRIBEhttps://thedefireport.transistor.fm/https://thedefireport.io/https://x.com/the_defi_reporthttps://x.com/JustDeauIt----TIMESTAMPS0:00 Intro1:49 Bitcoin Market Structure Insights8:26 Supreme Court Tariff Decisions12:20 Impact on the Bond Market12:31 AI & Investor Psychology20:30 Structural Uncertainty in the Market26:14 Bitcoin Market Structure Update35:44 Closing Thoughts & Disclaimers----Not financial or tax advice. For educational purposes only.
Ep 7What is the bond market telling us?
Mike and Ryan break down the bond market signals that are starting to flash risk off: a standout 30 year Treasury auction, falling real yields, and a 2 year yield below the Fed funds rate. They map today’s narrowing stock market breadth and Mag7 dispersion to the early stages of the dot com setup, then steel man the bull case with AI capex, bigger tax refunds, and potential tariff stimulus. Finally, they explain why Bitcoin may be a leading liquidity indicator for TradFi and walk through the portfolio positioning, including the heavy cash stance and what would trigger the next fat pitch.----📣GALAXY | INSTITUTIONAL DIGITAL FINANCEhttps://bankless.cc/Galaxy----📣THE DEFI REPORT | FOLLOW & SUBSCRIBEhttps://thedefireport.transistor.fm/https://thedefireport.io/https://x.com/the_defi_reporthttps://x.com/JustDeauIt----TIMESTAMPS0:00 Intro3:14 Analyzing the Bond Market Signals6:01 The Growth & Inflation Narrative9:38 Transitioning to Risk-Off Assets12:57 Equities: Are We in a Tech Bubble?15:13 Comparing Today to the Dot-Com Era19:10 Understanding Market Catalysts22:39 The Bull Case for AI Stocks26:52 Tax Refunds & Economic Impacts29:57 Consumer Behavior & Market Trends33:04 Portfolio Adjustments & Future Outlook35:24 Closing & Disclaimers----Not financial or tax advice. For educational purposes only.
Ep 6Where do we go from here?
In this episode of The DeFi Report, Mike and Ryan break down Bitcoin’s sharp drop below $65K fair value and whether last week’s capitulation was the long-awaited fat pitch. They compare this cycle to 2018 and 2022, explain why the selloff has accelerated faster than past bears, and unpack what Mike means when he says spot markets are “tangled.” With 40% of supply held above $78K and heavy dip buying at $84K, they explore the risk of a relief rally into resistance and the potential for one more leg down toward the 200-week moving average. They close with details on TDR’s first deployment of the bear market, deep value targets, and how they’re scaling into positions while keeping dry powder ready.----📣THE DEFI REPORT | FOLLOW & SUBSCRIBEhttps://thedefireport.transistor.fm/https://thedefireport.io/https://x.com/the_defi_reporthttps://x.com/JustDeauIt----TIMESTAMPS0:00 Intro1:09 Market Sentiment Shifts3:28 Comparing Past Cycles6:13 First Purchase of the Bear Market7:49 Forced Selling & Market Reactions12:50 Analyzing Market Structure17:29 Understanding New Market Psychology21:52 TDR's Strategic Allocation27:47 Updates on the Watch List31:28 Triggers for Altcoin Deployments32:49 Closing & Disclaimers----Not financial or tax advice. For educational purposes only.