Bankless Where Do We Go From Here? | Michael Nadeau
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Feb 3, 2026 
Michael Nadeau, founder of The DeFi Report and cycle-focused crypto analyst, lays out why he went risk-off and why Bitcoin’s macro low may still be ahead. He discusses the impact of incoming Fed chair Kevin Warsh, liquidity dynamics when rates fall but the balance sheet shrinks, key cycle signals he watches, and price zones for ETH and SOL as he prepares to scale back into risk.
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Sell Into Overlevered Tops
- Move to cash when market structure shows heavy leverage and weak handed buyers are dominating the top.
- Michael Nadeau sold most crypto into cash in October after seeing those cycle fundamentals collapse.
Rates Down Can Still Tighten Liquidity
- A Fed that cuts rates but shrinks its balance sheet can still tighten liquidity.
- Kevin Warsh signals cuts plus quantitative tightening, which complicates the typical 'rates down = easy liquidity' narrative.
Cutting Alone May Not Rescue Markets
- Cutting rates into a weakening economy may not immediately boost markets without yield-curve control.
- If the Fed refuses to buy long bonds while cutting, long-end rates could rise and tighten financial conditions.