Bankless Are We Headed for an Altseason Melt-up? | Michael Nadeau’s Defi Report #1
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May 27, 2025 
Michael Nadeau, Founder of The DeFi Report, dives into the potential of an altseason and the macro conditions driving it. He discusses why Ethereum and certain altcoins might be ready to outperform Bitcoin, emphasizing the importance of fundamental metrics like protocol cash flows. Michael also reflects on historical market cycles, investor psychology, and the current momentum of Bitcoin while sharing his personal portfolio insights. If you're looking for cues on navigating the crypto landscape, this conversation provides valuable strategies.
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Evolution of Crypto Fundamentals
- Crypto fundamentals are still in early development, similar to stocks in the 1940s.
- Valuation methods will evolve, combining cash flows and other KPIs unique to crypto.
Long-Term Crypto Investment Strategy
- Use a long-term investment horizon with crypto to build conviction and hold.
- Monitor data to understand market cycles, then buy assets to hold through years.
What Defines Altseason
- Altseason means new capital flows more than 50% into altcoins, not Bitcoin.
- This shift typically occurs late in the market cycle as risk appetite grows.
