Should I Buy ETH Treasuries? Early Stage Greed Cycle? | Michael Nadeau’s DeFi Report #4

In this monthly crypto fundamentals podcast, Ryan and Mike discuss the current state of the crypto market, focusing on Ethereum (ETH) and ETH Treasury companies. They analyze the potential for ETH Treasury companies to outperform Bitcoin Treasury companies due to ETH's staking yield and higher volatility, and they explore the concept of MNAV (Market cap over Net Asset Value) premiums. They also discuss the possibility of a DeFi summer 2.0 driven by ETH liquidity seeking yield, and they examine on-chain metrics to gauge market sentiment, indicating an early stage of greed in the market. They touch on global liquidity conditions, active loans in DeFi, and stablecoin supply, and they explore strategies for positioning within the crypto market, including rotating out of Bitcoin and into ETH and altcoins.