Milk Road Macro Macro's Biggest Force: How Changing Liquidity Cycles Drive Bitcoin & The Market w/ Scott Melker
Aug 28, 2025
Scott Melker, known as the 'Wolf of All Streets,' dives into the shifting dynamics of liquidity cycles and their impact on Bitcoin and crypto regulation. He discusses the political implications of Trump’s influence on the Fed and explores the future of rate cuts. Scott argues the fading significance of the Bitcoin halving cycle and analyzes its potential price movements through 2025-2026. He also sheds light on Tether’s lobbying efforts and the transformative potential of tokenization and stablecoin adoption in the market.
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Political Influence Over Fed Is Real
- Trump is actively setting the table to reshape the Fed and its policy direction by next May.
- Markets are already pricing in rate cuts tied to that political change rather than purely economic signals.
Fed Decisions Balance Jobs And Inflation
- The Fed has a dual mandate: inflation control and a strong job market, so labor weakness forces tradeoffs.
- Powell's tone change likely reflects job-market signals, not just political pressure.
Halving No Longer Drives Bitcoin Alone
- The classic Bitcoin four-year halving cycle is weakening as institutional demand and macro liquidity now dominate.
- ETF approvals and treasury buyers have changed supply-demand dynamics that once made halvings decisive.
