The Milk Road Show

The Final Hurdle Before The Next Bitcoin Bull Run w/ Bitwise Boyz & Jesse Eckel

12 snips
Nov 5, 2025
In this lively discussion, the Bitwise Boyz—Matt Hougan, Chief Investment Officer known for his macro insights, and Ryan Rasmussen, a Senior Strategist unpacking market structures—team up with Jesse Eckel, a popular crypto content creator. They explore why Bitcoin might be in a 'silent IPO' phase, discussing liquidity dynamics and the unexpected role of OG selling. Jesse shares retail sentiment while Matt emphasizes long-term institutional adoption. Together, they paint a picture of potential upcoming market shifts and evolving investor behavior.
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INSIGHT

Bitcoin's Silent IPO Phase

  • Bitcoin is in a “silent IPO” distribution phase where early holders sell to institutions, causing sideways price action.
  • Once distribution ends, historical analogies suggest large upside follows as institutional ownership rises.
ADVICE

Don't Fear OG Sell-Offs

  • Accept OG selling as normal distribution rather than a repudiation of Bitcoin's thesis.
  • Use sideways consolidation to increase positions ahead of institutional-led appreciation.
INSIGHT

Liquidity Drove Recent Downturns

  • Weak market liquidity from TGA rebuild and Treasury issuance amplified price drops and made Bitcoin first to react.
  • Liquidity should return when the government reopens and TGA funds disperse, setting the stage for recovery.
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