The Defiant - DeFi Podcast The $10 Trillion Question: Crypto's Biggest Cycle Yet with Ellio Trades
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Aug 25, 2025 Ellio Trades, Co-Founder of BlackHole, shares his journey in the crypto space with a focus on decentralized exchanges. He discusses the potential for a new altcoin season and how institutional investors are reshaping the market. Ellio highlights the innovative V3.3 model of BlackHole and its role in fostering deep liquidity. He also explores the implications of decentralized finance and stablecoins in a regulated environment, emphasizing the importance of sustainability and community in the evolving crypto landscape.
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Slow, Institutional-Led Cycle
- Ellio argues this cycle may be a slow, multi-year grind instead of a short parabolic run.
- Institutional adoption will choose elite projects with on-chain revenue, creating a mature cohort of winners.
Institutions Are Repricing Crypto
- Ellio sees this as potentially the biggest crypto cycle driven by institutions entering via ETFs and corporate treasuries.
- Ethereum's repricing follows better Wall Street narratives and will act as a gateway to altcoins.
Hedge Between Cycle Narratives
- Prepare for both scenarios: treat markets like a four-year cycle but be open to a longer, less severe drawdown pattern.
- Take profits when appropriate and keep one foot in the supercycle narrative while managing risk.