The Milk Road Show Crypto Storm Is Ending: How 2025 Pain Sets Up 2026 Gains w/ Jesse Eckel
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Dec 10, 2025 Jesse Eckel, a crypto analyst known for his insights on macro liquidity signals, discusses the precarious state of the crypto market and argues that the current pain is setting the stage for a significant recovery. He explains how historical liquidity pulses can drive market cycles, predicts a 2026 super cycle, and delves into the impact of recent banking and policy changes. Jesse sheds light on the recent underperformance of crypto compared to stocks and gold while highlighting Ethereum's potential to lead an altcoin resurgence.
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Policy, Not Halving, Drives Crypto Cycles
- Jesse Eckel ties crypto cycles to macro liquidity and policy, not just Bitcoin halvings.
- He argues the 2025 tightening finale sets up easing-driven upside in 2026 for crypto and alts.
COVID Broke Old Liquidity Patterns
- COVID-era QE disrupted historical liquidity patterns and accelerated central‑bank dominance of money creation.
- The 2022–2025 tightening was extreme and its grand finale created the conditions for eventual easing and recovery.
RRP Drain Fueled The Summer Crash
- The RRP cushion ran down in late August, exposing bank reserve drains and triggering the big crypto liquidation.
- That sequence explains the sharp price fall from August through the liquidation event.