Less Noise, More Signal The Truth About Bitcoin, Gold & Liquidity (w/ Michael Nadeau)
Oct 30, 2025
Michael Nadeau, the Founder of The DeFi Report and a crypto researcher, shares his insights on Bitcoin's unique position and its market dynamics. He discusses why Bitcoin should not be equated with gold, emphasizing production costs and liquidity's role in valuing cryptocurrencies. The conversation also touches on investment strategies, the significance of developer activity in blockchain ecosystems, and a new perspective on meme coins, assessing their value through on-chain data.
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Bitcoin Is Its Own Asset Class
- Bitcoin behaves like a unique asset and often diverges from gold despite shared scarcity traits.
- Michael Nadeau finds Bitcoin driven more by adoption cycles and on-chain reflexivity than by real rates or the dollar.
Bitcoin Leads Crypto Market Dynamics
- Bitcoin currently leads and largely controls sentiment across the wider crypto market.
- Michael says altcoins are still mostly valued relative to Bitcoin, which tends to dictate capital flows.
Liquidity Shows Up Via Nasdaq Correlation
- Bitcoin correlates strongly with the NASDAQ, which itself is driven by global liquidity.
- Mapping liquidity to Bitcoin explains a large portion of its price action, often with a lag.
