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

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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
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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

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