Published: Tuesday, November 18, 2025 · 12:45 PM | Updated: Tuesday, November 18, 2025 · 12:45 PM
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00:00 Speaker A
Let’s start on Bitcoin because we hit 126 all-time high in October. We’re down about now 22% since then, John.
00:09 Speaker A
Explain this move to us. What’s going on here and what do you think comes next near intermediate term?
00:15 John
Well, in terms of short-term price movement, not to be trite, but more more sellers than buyers, right? That’s ultimately what happens. I try not to we’s an exchange, um care about price discovery and efficient price discovery and value transfer and not so much causality behind short-term movements, but uh,
00:32 John
I’ll remind everyone that this is an asset that is up an extraordinary amount uh over the duration of of its lifetime. Uh year on year, we’re still looking at, I haven’t done the numbers yet, but probably looking at 35, 40% year on year return even with the drawdown. Um, the ability for an asset that has as much upside as Bitcoin to periodically have these types of price corrections or mean reversions, however you want to phrase it, uh it shouldn’t be surprising. So, uh, throughout the
00:54 John
I think I’ve not been on your show but all the shows have been on during the bull run, the advice is the same. Uh dollar cost averaging into volatile assets is smart. Uh if you believe in the thesis, buying at a discount uh in a consistent, sober, thoughtful way also seems smart.
01:09 Speaker A
Mark, let me get your thoughts. uh same question about these moves we’re seeing. You know, I should mention, so Bitcoin down 22% from that ultima time. I was just seeing Ethereum is down 35%, Solana’s been cut in half. What do you think?
01:21 Mark
Well, I think one of the things that’s been overlooked is the fact that back on October 10th, we had uh what was effectively a cataclysmic event for the crypto market that uh, you know, the mainstream may not have picked up on, but we had a flash crash. And uh in that crash, uh we saw about a quarter of the crypto market makers go out of business. Uh which if you think about that, you know, translate that to traditional finance, um you know, that’s all you would hear about in the news.
01:47 Mark
But as a result of that, you know, we are seeing uh some healing that’s going on with regard to the liquidity in the market. And at the same time, one of the big catalysts for crypto is the potential signing into law of the CLARITY Act, which would create a regulatory framework uh for crypto. Well, the US Senate was not going to be taking that up when there was a government shutdown going on. So you had a confluence of the larger macro with a crypto specific event and here we are, you know, quite a bit lower than where we had been a month ago.
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