Market Meltdown, Crypto vs Equities, & Is This Bounce A Buy?
Speakers
Avi Felman
— Principal, GoldenTree Asset Management
Jonah Van Bourg
— Head of Trading, Cumberland / ex-Vitol
Summary
Avi and Jonah discuss the recent crypto and equity market selloff, debating whether the bounce is a buy. Both are constructive on Bitcoin and crypto risk, with Avi raising his crypto allocation and Jonah preferring crypto over equities. They also debate AI winners like Google and Meta, crypto applications versus infrastructure, and specific tokens such as Solana, BNB, Aster, HYPE, and Shuffle.
- Crypto selloff viewed as a washout; both hosts see favorable Bitcoin risk/reward.
- Avi increases his trading portfolio's crypto allocation from about 20% to 30-35%.
- Jonah prefers crypto over equities, citing better charts on multiple time horizons.
- Google and Meta are discussed as AI winners, with Gemini 3 and Meta's ad moat as key points.
- Monad and infrastructure L1s are criticized as commoditized or lacking real applications.
- Aster, BNB, HYPE, and Shuffle are debated as specific crypto application or token ideas.
- Macro discussion highlights a potential Ukraine war end lowering inflation and rates.
- Equities are seen as strong but extended, with AI productivity as a long-term bullish force.
Ideas
Bitcoin bottomed; expect bounce higher.
Bitcoin bounced hard off the ~$80K demand zone, and Avi does not think it will reach the popular $72K-$75K buy zone without at least a violent bounce first. He expects a move back to $90K-$100K and is nibbling around $85K-$86K.
Bullish equities; AI lifts profitability.
Avi bought mostly equities during the selloff and views equity fears as overblown. He sees strong earnings, AI-driven profitability and ROE gains across the S&P 500, and expects NASDAQ to make all-time highs within one to two months, though he warns AI capex deflation or social disruption could cause painful volatility.
Bitcoin near value; old sellers done.
Using a value and momentum framework, Jonah argues Bitcoin is getting toward value levels. If many people target $150K, it likely will not reach the popular $75K buy zone, and old-wallet selling has slowed below $100K, making the risk/reward look great.
Google strongest; Gemini 3 wins.
Avi says Google is the strongest mega-cap, barely fell in the selloff, and strong names tend to rebound hardest. He calls Gemini 3 a game changer that may let Google take OpenAI's market cap, and notes the DOJ antitrust breakup threat has been dropped.
Solana value level, scale in.
Avi sees Solana on the weekly chart at a repeatedly defended value level around $126-$128. He views this as a reasonable area to scale in and looks for a move to $155-$185, while preferring SOL and BTC over ETH right now.
Prefer crypto over equities now.
Jonah says crypto charts look good on both short and long time horizons, while equities look weird and single names are at highs. He would wait on equities and invest in crypto.
Monad lacks apps; avoid.
Avi argues Monad is just another L1 in a world where block space is commoditized and applications are scarce. He says these projects are created by VCs to provide a short leg for their longs, and no one can clearly explain Monad's purpose; he wants to see real applications before believing in it.
Trade Solana as rangebound commodity.
Jonah views Solana and Ethereum as commoditized, rangebound assets now. He says the current weekly level in Solana is a good buy zone and he would sell when it gets back above $200, trading the token rather than foundation equity.
Tokenized stocks could boost ETH/SOL.
Avi says crypto can be a good backbone for financial infrastructure, and if tokenized stocks begin trading on Ethereum or Solana, the chain that captures that activity could see large upside. He frames this as a conditional catalyst rather than a current directional trade.
Aster buybacks and CZ credibility.
Avi sees Aster as an app chain with real buybacks and a CZ-linked story. He thinks CZ is more focused on legacy than a small pump-and-dump and could make a CZ-controlled vehicle the most hated but powerful rally in crypto, so he is looking at Aster and says holders could benefit if CZ targets a much larger net-worth increase.
Binance value accrues to BNB.
Jonah is bullish on BNB because Binance makes money hand over fist and, as the largest BNB holder, should eventually deliver value back to BNB holders. He says if betting on CZ, Binance, and CZ's legacy, he would go 3x long BNB.
Shuffle could be next MGM.
Avi says he loves Shuffle and views it as the next MGM, liking the founder and the product. He notes Shuffle has been going up while Rollbit has gone down despite Rollbit's buybacks, and he would reverse his view if that relationship changed.
Buy HYPE over Aster.
Jonah says Hyperliquid has better UX than Aster, and although HYPE's fully diluted valuation is much higher than Aster's, the roughly 3:1 ratio is fair or even overvalues Aster. He would be a buyer of HYPE rather than Aster.
Meta punished unfairly; ad moat.
Avi is long Meta from lower levels and remains bullish. He argues Meta has the best ad business and owns a huge share of global attention, AI improves ad targeting, and social networks are hard to disrupt. He thinks the market is wrongly punishing Meta for AR-glasses spending and not having a state-of-the-art LLM, since LLMs will commoditize and the glasses could become the next major platform.
Google regained internet entry point.
Jonah says Google was feared to be losing its place as the consumer entry point to the internet, but Gemini 3 is now better than ChatGPT and Google has regained that position. He thinks Google can go on a generational run and potentially double from here.
Up Next
This 1000x Podcast video, published November 24, 2025, features Avi Felman, Jonah Van Bourg discussing BTC, QQQ, SPY, GOOG, SOL, Equities, MONAD, ETH, ASTER, BNB, SHFL, HYPE, META. 15 trade ideas extracted by AI with direction and confidence scoring.
Speakers: Avi Felman, Jonah Van Bourg · Tickers: BTC, QQQ, SPY, GOOG, SOL, Equities, MONAD, ETH, ASTER, BNB, SHFL, HYPE, META