The Milk Road Show

Rate Cuts Are Here: Is Crypto About to Explode? w/ Michael Nadeau

14 snips
Sep 18, 2025
Guest
Michael Nadeau
Macro expert Michael Nadeau, founder of the DeFi Report, dives into the implications of the recent Fed rate cut for crypto markets. He discusses how expanding global liquidity could be a bullish sign for Bitcoin and altcoins, alongside strong retail sales indicating consumer strength. Michael analyzes the dynamics of on-chain Bitcoin holders and emphasizes the importance of new money inflows for a market breakout. With cautious optimism, he predicts a Bitcoin grind-up followed by an Ethereum rally that may kickstart altseason.
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INSIGHT

Fed Cut Could Be Bullish If It's Insurance

  • Michael Nadeau sees the 25bps cut as largely priced in and wants to know if further cuts are "insurance" or signal real economic weakness.
  • If cuts are insurance, he views them as bullish for risk assets including crypto because they support liquidity and hiring.
INSIGHT

Expanding Liquidity Supports Bitcoin But Can Mislead

  • Global liquidity continues to expand and correlates strongly with Bitcoin's price, which supports risk assets.
  • Nadeau warns liquidity can keep rising past cycle peaks, so expanding liquidity alone isn't a timely sell signal.
INSIGHT

Consumption Is Strong Even As Payrolls Lag

  • Retail sales are strong, showing consumption strength, while private payrolls have weakened after big revisions.
  • Nadeau expects payrolls to re-align upward if rate cuts act as insurance and restore CEO confidence to hire.
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