The Wolf Of All Streets - Bitcoin Dumps Below $90K AGAIN! Is The Cycle Top In?

Episode Date: December 15, 2025

The Fed’s latest rate cut has markets questioning whether 2% inflation is officially dead, while the SEC’s new ETF framework could unleash a wave of altcoin and meme-coin funds. JPMorgan launched a tokenized money-market fund on Ethereum, Tether unveiled a new U.S.-regulated stablecoin, and Coinbase’s Base may issue its own token as its Google x402 partnership enables AI-powered payments. Ripple and other major crypto firms gained U.S. banking approval and analysts warn of a “Darwinian phase” for crypto treasury firms as stocks trade cautiously into year-end.

Bitcoin dumped below $90,000 again, leading many to use this as further evidence that the cycle top is obviously in and that the four-year cycle is alive. And, well, I would imagine that not all of today's guests agree with that sentiment. And of course, we have the Fed meeting last week, one of the most contentious Fed meetings we've seen in a long time, absolutely no consensus on what to do. And Jerome Powell seeming very noncommittal about what is happening. moving forward. Also, we have a hell of a lot of news about tokenization. We are ready to go here for another Macro Monday with James, Dave, and Mike. Let's go. which everybody who's anybody knows is the greatest hour of the week on planet earth of all time ever going to bring on dave mike and james right now good morning gentlemen mike here we are coming into the

end of the year i've got to imagine that you've had some excitement in the morning meetings because there's no consensus on anything anywhere seemingly Thank you. Oh, Oh. Thank you. Thank you. Thank you.

Thank you. Thank you. Oh, Thank you. Thank you. Thank you. I don't know. Thank you.

Thank you. Thank you. Next. I do want to talk about that in a minute because that was part of Luke Groman's point that I know that everybody wanted to discuss. But Mike, you did, I think, tee up James there for a conversation that's worth having really quickly before we dive into Bitcoin. Obviously, we had the Fed meeting, Fed starts stealth easing, Powell rules out hike and markets rally. We had, if you really dig into the voting, it was completely mixed. If the individual bankheads had had their votes, it would have been even more mixed.

you know, we had in Iran basically saying 50 bips, but a lot of people saying we shouldn't have cut at all. And some saying we shouldn't cut it all for quite a long time. So I think that's worth discussing. But James, more specifically, QE, not QE. Right? Because that's been the debate of the last five days, I think, is a lot of people getting tied up, I think, on the technical definition of what quantitative easing is and conflating that with whether that's some form of money printing or are there other kinds of easing. But maybe you can give us your take on whether the Fed buying treasury bills is QE or not. Thank you.

Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you.

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Thank you. Thank you. I agree. And Dave, on the FOMC side, I mean, you can obviously comment on what they're saying, but I do want to reserve management by adding money. Easy. Yeah, go ahead, Dave. You're Kevin's, right? Thank you. Thank you.

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Thank you. Thank you. that bitcoin gold ratio has become a major narrative obviously we had the uh endless debate about it here dave and mike you guys made a bet about which which would outperform over a year gold has obviously been absolutely flying i want to go back because we've mentioned him a few times Luke here. Here. Yeah, it can't exist at rate.

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Wow. Yeah, not only is it over, we had that narrative a year ago, that it unwound. So nobody's jumped back into that, but I want to talk about Luke Roman here. Mike, I think you can listen. Thank you. no because they're fully in meta planet and farcoyne no but yeah No, it's fine. So going to what Luke Groman said, because I think it's been a good catalyst for a lot of conversation. Obviously, Luke is a massive bitcoiner. And anytime a massive bitcoiner, I guess we can call it capitulates. It raises the space. bitey senses all over crypto Twitter. But this is why he said he basically lightened, seemingly,

he said reduced. But when you hear him talk, it sounds like he kind of just exited. But because of risk of quantum computing, I mean, if you're selling your Bitcoin today, because of the risk of quantum computing, I have a bridge to sell for you on the moon. But not making new highs versus gold. That's been one of the big narratives. And that was what I wanted to talk about there. Lots of selling from Wales. Okay. Charts broke down six weeks ago. That part is extremely accurate as i've pointed out many times the weekly 50 m a broke down that has never broken down in a bowl market it has always visited the 200 which is at 56 000 right now and believes four-year cycle is playing out mike a lot of this uh echoes your points but from a guy

who's been pretty much a diehard bitcoiner uh Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you.

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Thank you. Thank you. Thank you. I assume when you said you were hedging for your hedge fund and preparing, it meant you bought all of Luke Roman's Bitcoin. Dave, you've had to be it. Yeah, Dave said he capitulated, right? This is what capitulation looks like, Dave, you put it in a pretty simple terms there.

Lost, yeah. Yeah. Yeah, be out of the two million. Thank you. Thank you. Thank you. Thank you. Thank you.

Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Yeah.

he even said he didn't understand it by the way he literally that was the one he kind of mumbled through in the interview he was like i don't really understand quant or he's like whatever Thank you. Thank you. Thank you. Thank you. Thank you. Thank you.

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There is nobody who's saying they've built a better Bitcoin, Mike. I mean, maybe the 12 people who are launched. Okay, I don't think they're saying they built a bitter, better Bitcoin, by the way. I just think that they're saying their thing might be a better investment for various reasons than. Thank you. Thank you. Thank you. Thank you.

really quick james there's one thing i just have to say really good yeah Thank you. Thank you. Thank you. Thank you. Thank you. yeah i just want to very quickly say okay finish that yep yeah i fundamentally disagree mike with a couple things that you said and one of them and i think it's very important to be clear on

dogecoin and shiba enu coming down do not drag the price of bitcoin down it works the opposite way goes down all coins all coins i'm just saying i do not think that there's especially in the new institutionalized world where bitcoin is largely available to everyone doge coin goes down 50 percent i do not think that in any way affects the price of bitcoin i do not think that all coins have been a drag on bitcoin i think bitcoin not having its big 2025 have been a drag on all coins i just think they are absolutely both It's in causation once again there for, for, uh, for, uh, that that very well may be true i just don't think it's if bitcoin goes down it's

going to be because all coins went down they've become such a Dave are going. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you.

Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you.

Thank you. Thank you. I don't think it's fair to the next level is 50. I mean, there's some clearing levels in between 75, I think, is the most glaring level on the chart between there. Thank you. Thank you. Thank you.

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Yeah, the funny thing happened, the market opened. You know, that tends to see some volatility at 9.30 a.m. on any given day. I would say that we have glaring levels, obviously, as I said, between here and 50,000. I think there's a lot of confusion because there's just mixed data and we don't know what we're going to get. I mean, we didn't really talk about it. We talked about the Fed, but we didn't talk about the fact that we're actually going to get some inflation numbers and job numbers this week that have been delayed effectively since September. Plenty of time for them to cook them. You know, they could change them as much as they want.

They've taken a few weeks to do that. But I think that that is going, you know, kind of to Mike's point to show us a lot about what's coming by the end of the week. I don't know if that was the reason you thought that, Mike, or the price action, but we are about to get a lot more information we've had with. that we have on Friday. Every Monday's Black Monday, according to James Winn, whose credentials are losing a billion dollars on his first leverage trade of all time. an expert. Thank you. Thank you.

Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you. Thank you.

Thank you. Thank you. Thank you. Yeah. Yeah, we definitely have to wrap. I just want to ping really quickly a couple stories that we should have talked about just to show the very clear tailwinds the industry has, whether that ends up reflecting in price.

J.P. Morgan steps further into crypto with tokenized money fund, Ripple Circle, Bitco, et all five companies got basically the license to be trust banking institutions, which is absolutely huge. maybe Dave will talk about that on Crypto Town Hall. That added to the OCC news that we had last week. Of course, you mentioned SpaceX. That's not related here, a $1.5 trillion public listing.

But for many who were being skeptical, Michael Saylor did remain in the NASDAQ 100 with strategy and went on to casually buy another billion with a B dollars in Bitcoin this week. That's two weeks in a row that he's effectively put in a 10,000 Bitcoin plus purchase when last I checked, it was going to zero, it was going to be delisted, and it was all over for strategy, according to the credit. You know what he's going to tell you? He's going to talk about digital credit.

He's not going to talk about micro strategy price or Bitcoin, because that's the new narrative. But that's all we got, guys. We're at 1007. Thank you, gentlemen. Thank you, Mike. Yeah, we can engage our overtime by how light it. gets in James's room in Vegas. All right, and Dave, we'll see you on Cryptotown Hall in about seven minutes.

All right, everybody, we're out. You and me both. Crypto Town Hall in 12 minutes. All right, see you guys soon. Thanks.