The Milk Road Show Should You Believe In This Bitcoin Rally? w/ Michael Nadeau
9 snips
Jan 15, 2026 
Michael Nadeau, founder of The DeFi Report and crypto researcher, shares insights on the current Bitcoin landscape. He explains how liquidity cycles and ETF flows impact market trends. Nadeau warns that the recent Bitcoin rally may not be as robust as it seems, citing weak ETF inflows and the significance of long-term holder dynamics. He also discusses how fiscal policy shifts and midterm-year historical patterns can influence market behavior. Dive into his analysis of on-chain signals and what indicators he looks for before investing.
AI Snips
Chapters
Transcript
Episode notes
Banks Are Blocking Stablecoin Interest
- The Clarity Act is stalled and banks are lobbying to block interest payments on stablecoins.
- Michael Nadeau says banks oppose stablecoin yields because it would drain deposits and hurt their lending business.
Fiscal Pivot Creates Demand For Rate Cuts
- Fiscal policy is shifting from heavy government spending to private-sector incentives under the new administration.
- Nadeau expects rate cuts will be needed to backfill the slowdown in fiscal-driven demand.
US Liquidity Shows Late-Cycle Signs
- Nadeau aligns with Michael Howell's view that US liquidity is rolling over after a multiyear cycle.
- He sees late-cycle signals like commodity strength and AI capex rotation as evidence liquidity may have peaked.