Why This Crypto Cycle is Over | Michael Nadeau's DeFi Report #7

Ryan interviews Michael Nadeau from the DeFi Report to discuss the current state of the crypto cycle. Nadeau shares his analysis indicating a shift to a risk-off position, citing concerns about high leverage, slowing trading volumes, and a lack of new buyers. He discusses on-chain metrics, realized profits, and global liquidity, presenting data that suggests the bull cycle may be ending. Ryan challenges Nadeau with counterpoints from other analysts who believe the cycle could extend into 2026, driven by global liquidity or AI. Nadeau acknowledges these possibilities but maintains his cautious stance, emphasizing the importance of protecting profits and preparing for a potential bear market while monitoring key indicators that could signal a change in trend.