Episode
Is The Bull Market Over?
- Podcast
- The Pomp Letter
- Published
- Nov 17, 2025
- Duration seconds
- 309
- Processing state
not_requested- Canonical source
- https://pomp.substack.com/p/is-the-bull-market-over
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Summary
Today’s Letter is Brought to You By Ledger x Moonpay ! Security and simplicity don’t have to live in separate worlds. Experience the best of both with Ledger and MoonPay.Buy crypto instantly with the world’s most trusted hardware wallet, powered by MoonPay. Use your card, Apple Pay, PayPal, Venmo, or bank transfer directly in your Ledger Live.Together, Ledger and MoonPay make crypto simple and secure, combining cold storage protection with an effortless on-ramp trusted by millions in more than 180 countries. Your assets stay in your hands while MoonPay connects you to the entire crypto universe.Ledger is your vault. MoonPay is your key to open every digital door securely.Buy, store, and manage crypto, your way with MoonPay + Ledger . To investors, The market sell-off on Thursday and Friday last week has spooked many investors. They are wondering if the bull market in stocks is over? Are we on the cliff of a 75% drawdown in bitcoin? Will the doomsday pessimists finally have their day in the sun? These are all legitimate questions. But before we can pontificate about the future, we must analyze what is happening right now in the market. Dan Niles, founder of Niles Investment Management, had one of the best explanations over the weekend . He writes: “There were two factors driving this market this year: * Easy money due to the resumption of rate cuts. * Continued optimism on the AI trade which was also helped by the easy money to fund debt related CAPEX build outs. Recently these twin pillars of the market have been called into question: * A December 10th rate cut seems to be a toss up for the Fed with four or more dissents likely even if there is a cut. * OpenAI talking about a government backstop forced investors to question whether a company that will generate run rate…