Bits + Bips: Why the Markets Now Have a Bullish Setup - Ep. 960

31 snips

Nov 25, 2025

The discussion kicks off with analysis on the macro environment shifting towards a more supportive stance. The hosts reveal insights about the dollar's surprising strength and the impact of banks holding unrealized losses. They delve into whether altcoins can rise again and scrutinize the risky state of DATs, which one host dubs a 'death spiral.' The revival of ICOs sparks debate on regulation versus market enthusiasm, while Nvidia's earnings raise questions about investment timing. A fascinating look at the intertwining of traditional finance and crypto unfolds.

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INSIGHT

QT Ending Makes Macro Constructive

QT ending December 1 is making the macro setup more constructive and improving dollar liquidity signals.
Ram calls this a Goldilocks setup likely to support a multi-week risk-on rally, though not immediate new highs.

INSIGHT

Goldilocks Rally Without Immediate New Highs

Ram sees the market pricing in an ~80% probability of December rate cuts, which fuels rallies via disinflation and strong earnings.
He expects a sensible multi-week rally but not new cycle highs in one to two months.

INSIGHT

Institutions Change Buyer Pools

Retail is exhausted after recent shocks and lacks the liquidity depth to chase many altcoins.
Christopher Perkins notes institutions are methodically entering, changing buyer pools and widening divergence between BTC and alts.

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In this week’s Bits + Bips, Austin Campbell, Ram Ahluwalia, and Chris Perkins dig into a macro environment that’s suddenly turning more supportive: QT ending, institutions stepping in, improving liquidity signals, and major catalysts across global markets. But while the setup may be bullish, one corner of crypto isn’t participating at all: DATs, which Ram calls “a death spiral.”

The hosts debate whether altcoins can recover, whether Strategy pushed its structure too far, if banks’ unrealized losses still matter, and why the return of ICO-style launches may say more about regulation than mania.

Show highlights:

0:00 Intro
3:16 Why Ram says we are still in goldilocks economy
5:07 What is missing in the markets according to Chris and how retail is so hurt
11:07 Why the dollar has been on an uptrend, contrary to what people think
13:17 The importance of banks sitting on so much unrealized losses
18:24 Nvidia’s earnings and whether we are in a buying opportunity
22:21 Whether banks will be negatively affected by stablecoins growth or they are fine
25:05 What Austin and Ram disagree on whether the 50-year mortgage is good
28:25 Whether MSTR should be excluded from the MSCI index
32:56 Why Ram is “very bearish on DATs” and the importance of their operating businesses
45:19 Why Chris finds it fascinating the revival of the ICOs
51:19 Whether there’s a new operations choke point going on in crypto

Hosts:

Ram Ahluwalia, CFA, CEO and Founder of Lumida
Austin Campbell, NYU Stern professor and founder and managing partner of Zero Knowledge Consulting
Christopher Perkins, Managing Partner and President of CoinFund

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