Why Is Everyone So Bearish?

Watch on YouTube ↗  |  September 02, 2025 at 18:42  |  50:07  |  1000x Podcast
Speakers
Avi Felman — Principal, GoldenTree Asset Management
Jonah Van Bourg — Head of Trading, Cumberland / ex-Vitol

Summary

Avi Felman and Jonah Van Bourg discuss why crypto sentiment is so bearish while they remain broadly bullish. They argue that bearishness is concentrated among retail and crypto Twitter, while institutional underallocation and macro/deregulation catalysts support crypto. The conversation covers Bitcoin, Ethereum, Solana, gold, silver miners, copper and uranium miners, MLPX, and portfolio construction. They also debate macro regimes, fund management, and real estate versus equities.

  • Hosts say market sentiment is overly bearish on crypto.
  • Jonah sees institutions massively underallocated to Bitcoin.
  • Avi favors Solana, Ethereum, Bitcoin, and MLPX.
  • Jonah favors gold, silver miners, copper miners, and uranium miners.
  • Macro debate centers on growth, inflation, rate cuts, and money printing.
  • They discuss portfolio allocation and crypto fund management.
  • Avi recommends deep ecosystem involvement for token edge.
Ideas
Jonah Van Bourg Head of Trading, Cumberland / ex-Vitol 2:47
Institutions underallocated; Bitcoin allocation lifts market.
Crypto Twitter's despair is not representative of the actual capital flows driving Bitcoin. Institutions with tens of trillions of dollars have essentially 0% Bitcoin allocation, and every basis point of allocation should send the market higher. The bearishness is mostly frustration, not an intelligent thesis, and rate cuts, Trump administration policies, and delayed deregulation support a continued bull run.
BTC HIGH
Avi Felman Principal, GoldenTree Asset Management 10:23
Bitcoin not overextended; Trump pump continues.
Bitcoin is not overextended. Despite the most pro-crypto U.S. administration and Trump personally invested in crypto, Bitcoin is only about 50% above its pre-Trump-election peak, which does not seem like enough. Crypto tops are explosive rather than slow and meandering, so Bitcoin should keep marching higher under the Trump administration, with sharp 30-40% corrections when it gets overextended.
BTC HIGH
Avi Felman Principal, GoldenTree Asset Management 12:44
Solana fastest horse; stop 184, target 260.
Solana is his preferred high-beta trade and should be the fastest horse. After identifying that the market is too bearish, he wants the best assets to buy and likes Solana and Ethereum for their market structure and fresh capital coming in. His Solana trade is heavy long with a stop below 184 and a target around 260; if Solana makes a new low, he would capitulate and consider the trend-higher thesis wrong.
SOL HIGH
Avi Felman Principal, GoldenTree Asset Management 13:39
Ethereum favored on fresh capital flows.
Ethereum is one of the best assets to buy because of its current market structure and fresh capital coming into it. It is part of his contrarian long thesis that the market is too bearish, along with Solana.
ETH MED
Jonah Van Bourg Head of Trading, Cumberland / ex-Vitol 20:08
Inflation regime favors commodities and miners.
The macro trend is rising growth and rising inflation, as populist policies will keep printing money and that money supply will grow to fill any AI-driven deflation. To express this, he holds a sizable commodities and precious-metals position: silver miners, gold miners, gold, silver, copper miners, and uranium miners.
SILVER SIL COPX URA HIGH
Jonah Van Bourg Head of Trading, Cumberland / ex-Vitol 20:08
Inflation regime favors commodities and miners.
Gold is very bullish. As rates are cut, zero-yield gold becomes more attractive relative to yield-bearing assets. Geopolitically, de-dollarization and central-bank gold accumulation support demand, and gold is a momentum asset that trends like Bitcoin. He holds 75% outright gold and 25% gold miners because gold supply is less responsive than silver supply, and plans to take some off if gold hits his $4,000 target.
GLD GDX HIGH
Avi Felman Principal, GoldenTree Asset Management 21:41
MLPX deregulation trade with big dividends.
MLPX is the only commodity trade he has on. It is a pipeline ETF that acts as a deregulation trade rather than a long oil/commodity bet because pipelines are net flat the commodity but benefit from Trump-era permitting and deregulation. It pays big dividends, and he expects the trend to continue.
MLPX HIGH
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This 1000x Podcast video, published September 02, 2025, features Jonah Van Bourg, Avi Felman discussing BTC, SOL, ETH, SILVER, SIL, COPX, URA, GLD, GDX, MLPX. 7 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Jonah Van Bourg, Avi Felman  · Tickers: BTC, SOL, ETH, SILVER, SIL, COPX, URA, GLD, GDX, MLPX