Unchained

The crypto sector has celebrated a lot of policy wins in 2025, but price wise, it has arguably been a year to forget. In this episode of Unchained, Bitwise Head of Research Ryan Rasmussen and Arca Portfolio Manager David Nage join host Laura Shin to discuss the disappointing crypto markets and why their outlook on 2026 is more positive. They also explained why Vanguard's crypto pivot is a huge deal, questioned whether Bitcoin could ever be unseated by privacy coins, and discussed why they don’t see the bubble in the DAT market hurting crypto. Need liquidity without selling your crypto? Take out a Figure Crypto-Backed Loan, allowing you to borrow against your BTC, ETH, or SOL with 12-month terms and no prepayment penalties. They have the lowest rates in the industry at 8.91%, allowing you to access instant cash or buy more Bitcoin without triggering a tax event. Thank you to our sponsor, Figure! Unlock your crypto’s potential today at Figure! Guests: Ryan Rasmussen, Head of Research at Bitwise David Nage, Portfolio Manager at Arca Previous appearance on Unchained: The LayerZero-Wormhole Contest Shows How to Value a Crypto Business Links: Unchained: Bitcoin Resets Above $90,000, but Can Bulls Keep the Momentum? Bits + Bips: Vanguard’s Crypto U-Turn, Tether/MSTR FUD & Picking Future Winners Bits + Bips: Why the Markets Now Have a Bullish Setup Franklin Templeton Rolls Out First Tokenized Fund in Hong Kong Why Every Company Will Have a Stablecoin — and Why One L2 Isn’t Enough Grayscale Files to List Zcash ETF What Ethereum Will Look Like When It Implements Its New Privacy Focus Other relevant links: Bank of America Broadens Access to Crypto Funds SEC's Paul Atkins touts 'tokenization’ as key to modernizing US markets Larry Fink and Rob Goldstein on how tokenization could transform finance My Highest-Conviction Bet in Crypto Stablecoin payments on Stripe cost 1.5% of the transaction amount. Credit card fees are as high as 3.5%. Less than half of the cost! Bitcoin’s “Facebook Moment” Timestamps: 🚀 00:00 Introduction 🤔 01:42 Is the four year cycle dead? 💡 3:50 Why David says Bitcoin is having its Facebook moment ⚡️ 11:42 Why Ryan does not believe Bitcoin OGs are disillusioned 💥 14:43 Why David thinks liquidity may be returning to the market ❕️ 17:21 What is driving Vanguard and Bank of America's adoption 🚨 24:34 Why the Bitwise 10 Crypto Index Fund's ETF transition is important 💡 28:30 Why the Bitwise 10 Crypto Index Fund excludes memecoins 🔮 31:15 What tokenization means for the future of finance 👀 35:56 What the future holds for digital asset treasuries ⚠️ 39:45 How unwinding of DATs could affect Bitcoin 🧏 41:11 What Stripe's 1.5% fees suggest about the future of stablecoin competition 📈 46:43 Why David says stablecoin adoption is similar to email 🤔 48:55 Could Bitcoin be toppled as the privacy meta rises? 🔮 56:45 Ryan and David share their 2026 crypto outlook ✴️ 1:02:01 Ryan’s 2026 Bitcoin price target Learn more about your ad choices. Visit megaphone.fm/adchoices

Thank you to our sponsors! Uniswap Mantle Hosts Ram Ahluwalia, Austin Campbell, and Chris Perkins dig into why interest rates may not fall as quickly as markets hope, why oil demand could surprise to the upside, and how retail keeps buying every dip—even while consumer confidence hits new lows. The trio also breaks down the growing collision between TradFi and crypto: whether banks can compete with blockchain-native distribution, how BlackRock’s staked ETH ETF filing could reshape the market, and how yields on Ethereum and Solana represent a brand-new financial primitive. Plus, they examine Ripple’s controversial raise, Citadel’s push to regulate DeFi, and why major incumbents are now in a frantic race to choose their crypto “dance partners.” Hosts: Ram Ahluwalia, CFA, CEO and Founder of Lumida Austin Campbell, NYU Stern professor and founder and managing partner of Zero Knowledge Consulting Christopher Perkins, Managing Partner and President of CoinFund Links: Unchained: BlackRock Files S-1 for Staked ETH ETF Berachain Kept Secret a $25 Million Refund Right to a Brevan Howard Fund CoinDesk: Citadel Challenges DeFi Framework in Letter to SEC, Sparking Industry Outrage Bloomberg: Wall Street Hedged Big Crypto Bet in $500 Million Ripple Deal (XRP) Bitcoin Options Show Traders Hunkering Down for Crypto Winter Timestamps: 👏 0:00 Intro 📉 2:06 Whether there’s any real path to lower rates 🛢️ 5:07 Why Ram is bullish on oil demand 🤖 6:12 The biggest constraint on AI adoption 🇯🇵 7:02 Is Japan raising rates still a “nothing burger”? 🛍️ 9:57 How retail keeps buying every dip 🏦 12:21 Can crypto beat banks’ entrenched distribution? 📉 18:00 Why Ram thinks you should “sell the Bitcoin rallies” 📼 20:13 Are we reliving the 1970s? ⛓️ 24:47 How BlackRock’s staked ETH ETF filing could reshape the market ⚖️ 30:28 How staking yields will trade against Fed short rates 💼 38:59 Ripple’s controversial “raise” — and the unusual protections granted to Citadel and Fortress 🛡️ 47:52 How Citadel is fighting DeFi to defend its moat Learn more about your ad choices. Visit megaphone.fm/adchoices

In this special double-feature episode of Bits + Bips, Unchained executive editor Steve Ehrlich brings listeners two of the clearest investor perspectives on where the crypto markets may be headed next. First, Owen Lau, Managing Director at Clear Street, breaks down why crypto equities remain so tightly correlated to Bitcoin—and what might finally cause that link to break. He unpacks the growing role of stablecoin revenue, Coinbase and Circle’s evolving business models, and why a market structure bill in 2026 could reshape the sector. Then, in the second half, Bob Diamond and David Schamis of Hyperliquid Strategies explain why they believe Hyperliquid and its HYPE token represent one of the most compelling opportunities in digital assets. They walk through the rationale for their DAT, Hyperliquid’s performance during extreme market volatility, and the broader ecosystem being built through HIP-3 and beyond. Sponsors: Mantle Host: Steve Ehrlich, Executive Editor at Unchained Guests: Owen Lau, Managing Director at Clear Street Bob Diamond, Founding Partner and CEO of Atlas Merchant Capital David Schamis, Founding Partner and CIO of Atlas Merchant Capital Timestamps: 0:00 Introduction 1:23 Owen’s outlook on crypto stocks—and what really drives them today 5:19 Why Coinbase’s stock is struggling while revenue goes up 7:47 Why so many crypto companies are spending heavily to expand distribution 10:58 Whether the 10/10 crash changed how analysts evaluate public crypto companies 14:41 Will public crypto companies enter prediction markets next? 17:02 How Coinbase and Circle are positioning themselves in this emerging area 23:00 What Citadel Securities’ push for SEC regulation of DeFi means for the industry 24:55 How a market structure bill could reshape the outlook for altcoins 27:03 Would a public crypto company buy a DAT trading below its NAV? 28:59 Has the window for crypto IPOs already closed? Part 2 32:57 How David and Bob first got into crypto 38:57 Why a DAT for Hyperliquid is necessary 42:40 Why they say their stock is a major opportunity right now 45:55 How running an altcoin DAT differs from doing one for ETH or BTC 48:54 How the DAT deal was structured—and Paradigm’s role 51:38 How they’re avoiding the big sell-offs typical in PIPE deals 53:11 Why there was a gap between announcing the DAT and executing it 55:14 Why Sonnet Therapeutics will remain operational post-transaction 57:51 Why the 10/10 liquidation event made Bob more confident in Hyperliquid 1:04:19 The broader Hyperliquid ecosystem—far beyond the DEX 1:06:42 Why David says perps are far better products than options 1:10:12 Why regulatory clarity is critical for Hyperliquid’s long-term success 1:13:37 What HIP-3 unlocks for builders building around perps 1:14:46 How prediction markets could integrate with perpetuals 1:15:49 How Hyperliquid can compete with major exchanges and crypto giants 1:21:18 Why Hyperliquid’s feed is so much faster than other chains 1:22:28 The $1 billion shelf offering—and how they plan to accumulate more HYPE Learn more about your ad choices. Visit megaphone.fm/adchoices

Michael Saylor's Strategy has not had the year it hoped for. Amid an explosion of copycats and Bitcoin price weakness, the company has seen its valuation and so-called mNAV crash. In this special episode of Unchained, Praxos co-founder Vinny Lingham and The Benchmark Company Analyst Mark Palmer join Unchained Executive Editor Steve Ehrlich to debate Strategy's outlook. They discuss the impact of new preferred stocks on common shareholders, the company's new cash reserve and the potential impacts of MSCI exclusion. They also delve into what the Bitcoin digital asset treasury ecosystem could look like in the future and whether Strategy could have employed a better acquisition model. Thank you to our sponsors! ⁠Uniswap⁠ ⁠Mantle Host: Steve Ehrlich, Executive Editor at Unchained Guests: Vinny Lingham, Co-founder of Praxos Capital Mark Palmer, Senior Equity Research Analyst at The Benchmark Company Links: Unchained: Bits + Bips: Vanguard’s Crypto U-Turn, Tether/MSTR FUD & Picking Future Winners Bits + Bips: Why the Markets Now Have a Bullish Setup Senate Committee Shares Bipartisan Draft on Crypto Market Structure Bill Timestamps: 🚀 00:00 Introduction 📈 2:14 Why Mark still expects Strategy to outperform 📉 5:28 Why Vinny says Strategy preferred stocks are “vampiric” 🤔 11:45 Is Strategy's cash reserve a little too late? 👀 17:11 Debating Strategy's preferreds v. common stock 💡 19:44 How preferreds and CLARITY Act could enable Strategy to start buying Bitcoin dips as well 🫠 24:26 What happens if MSCI delists Strategy 🧠 30:34 The implications of Strategy's recent talk of selling and lending Bitcoin ⚠️ 36:25 Why it might be too late when Strategy decides to sell 🔮 39:28 How the Bitcoin DAT ecosystem could evolve as companies differentiate 🤔 44:17 Could Strategy have employed a better Bitcoin acquisition strategy? 💫 45:30 Closing thoughts on Strategy's future Learn more about your ad choices. Visit megaphone.fm/adchoices

Thank you to our Sponsor, Uniswap! Ethereum Fusaka is live, Infinex has embarked on its token sale, Hyperliquid is bolstering its HIP-3 markets and there is drama in Solana’s DeFi land. In this episode of Uneasy Money, hosts Kain Warwick, Luca Netz and Taylor Monahan delve into the significance and implications of the Fusaka upgrade and the controversy surrounding Infinex's token sale. They also take a look at the promise and risks of Hyperliquid's buzzing perp futures markets on tokenized equities and Kamino's controversial response to competition from Jupiter. In addition, they touch on Anthropic's smart contract study and the recent Yearn Finance exploit. Hosts: Luca Netz, CEO of Pudgy Penguins Kain Warwick, Founder of Infinex and Synthetix Taylor Monahan, Security at MetaMask Links: Unchained: Cheaper Fees and No More Free Lunch for Layer 2s? Inside Ethereum’s Fusaka Upgrade Ethereum’s Layer 1 Lacks a Perp DEX. Synthetix Intends to Change That HIP-3 Records $500 Million in Daily Volume Uneasy Money: Hyperliquid’s Dilemma After 10/10: Protect Itself or Its Users? Uneasy Money: ICOs Are Back and Why Airdrops Are Instantly Dumped Timestamps: 🚀 00:00 Introduction ⚡️ 01:32 How Ethereum's shipping cadence has changed ⛽️ 9:36 Will Ethereum gas fees spike again? ⚔️ 12:26 Infinex's token sale controversy 💡 12:54 Kain explains the reasoning behind Infinex's ICO model 💥 18:47 What's driving the Infinex ICO controversy 🧏 24:11 How Hyperliquid's HIP-3 upgrade is changing DeFi participation 🤔 25:58 Are Hyperliquid's tokenized equities perps asking for SEC trouble? 🤺 38:48 Kamino v. Jupiter drama 🧐 44:59 Does Solana’s commercial tilt encourage more “gloves off” competition? 👀 50:51 Will Kamino users exit en masse? ❕️51:32 Anthropic's smart contract study coincides with Yearn Finance hack 💡 54:40 How AI can help bolster crypto security Learn more about your ad choices. Visit megaphone.fm/adchoices

Welcome to The Chopping Block — where Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner cover crypto’s biggest moments. This week we’re joined by Kevin from the Monad Foundation as we dig into the most chaotic token launch of the year. Monad goes live, CT explodes, and the tokenomics wars come roaring back — vesting, float, FDV, and why everything “just keeps going down.” We break down whether the world actually needs another L1, how hype creates impossible expectations, and how Kevin and the Monad team are handling the spotlight — and the hate. Then we shift to security chaos: Yearn’s underflow hack, Anthropic’s AI discovering real smart contract vulnerabilities, and “post-quantum” panic sweeping Crypto Twitter. Plus: BTC volatility, MicroStrategy drama, and prediction markets suddenly going mainstream. Show highlights 🔹 Monad’s explosive token launch — hype, backlash, and why it became CT’s main character of the week. 🔹 Kevin joins to break down the launch mechanics, the expectations, and what the team actually prepared for. 🔹 “Low float, high FDV” returns — why vesting debates reignited and why tokens keep sliding despite higher floats. 🔹 Do we really need another L1? The crew dissects infrastructure fatigue, tribalism, and what counts as real differentiation. 🔹 Why hype almost guarantees disappointment — and why early sentiment rarely predicts long-term outcomes. 🔹 Handling the hate — Kevin explains how the team reframes attention, survives the noise, and stays focused post-launch. 🔹 Yearn Sonic exploit — a simple underflow bug hits an OG DeFi protocol, reigniting security concerns. 🔹 AI finds zero-days — Anthropic’s agents discover new smart-contract vulnerabilities and spark an AI security arms race. 🔹 Quantum panic — why “post-quantum” became CT’s latest engagement meta and what it actually means for chains. 🔹 Macro shakeups — BTC volatility, MicroStrategy flirting with NAV, and equities demolishing crypto returns. 🔹 Prediction markets breakout — Polymarket’s US launch, Kalshi’s mega raise, and Robinhood bringing event contracts in-house. 🔹 Long-tail opportunity — why prediction markets may extend far beyond politics and sports to everything people care about. Hosts: ⭐️Haseeb Qureshi, Managing Partner at Dragonfly ⭐️Robert Leshner, CEO & Co-founder of Superstate ⭐️Tom Schmidt, General Partner at Dragonfly Guest ⭐️ Kevin McCordic, Director of Growth at Monad Foundation ⁠Disclosures⁠ Timestamps 00:00 Intro 01:21 Monad: Hype, Hate & Week-One Reality 06:08 Vesting, Float & the “Low Float, High FDV” Meta 17:27 Do We Need Another L1? 25:08 Public Perception, Expectations & Narrative Cycles 35:54 Yearn’s yETH Exploit & Anthropic’s Exploit Agents 44:06 MSTR at NAV & Equities Leaving Crypto Behind 48:06 Polymarket vs. Kalshi vs. Robinhood Learn more about your ad choices. Visit megaphone.fm/adchoices

Ethereum for the first time ever has rolled out a second major upgrade within a year. Fusaka has gone live less than six months after Pectra. In this Unchained podcast episode, Offchain Labs Prysm Team Ethereum Cored Developer Preston Van Loon joins Protocol Watch founder Christine D. Kim to unpack how Fusaka would make transactions cheaper, improve the UX for users and impact layer 2 chain operators. They also discuss the relatively short time to deployment and how this is impacting client and layer 2 teams. Preston also explains why he is less nervous about Fusaka than he was about Pectra and the indicators of success. Plus what comes next after the hard fork. Thank you to our sponsors! Uniswap Mantle Guests: Christine D. Kim, Host of Ready for Merge Podcast and writer of ​​ACD After Hours Preston Van Loon, Ethereum Core Developer working at Prysm by Offchain Labs Previous appearances on Unchained: How Will ETH React to Ethereum’s Shanghai Upgrade? Links: Unchained: Ethereum Fusaka Upgrade Clears Final Test Before December Launch Ethereum Gave Away Too Much for Too Long. Will Its Pivot Be Enough? Timestamps: 🚀 0:00 Introduction 👀 4:39 How Fusaka is scaling Ethereum's data layer without imposing big hardware requirements 💡 11:44 How Fusaka is “a big stepping stone” to Ethereum's proto-danksharding vision 💥 15:08 Why the Fusaka launch timeline is a significant milestone for Ethereum developers 🫆 17:12 How Fusaka will make signing transactions easier 👀 18:37 How Fusaka will impact layer 2 operators 🤔 22:49 Are layer 2 chains ready for Fusaka? ⁉️ 29:30 Can L2s benefit from PeerDAS without features like backfilling? 🤔 32:41 Did developers have enough time to prepare for Fusaka? 🫣 34:31 Do faster development timelines impact client diversity? 🧏 40:24 What should have been done differently with Fusaka preparations 📽 42:27 The best way to watch the Fusaka upgrade in real time 💡 44:20 Why Preston is less nervous about Fusaka than Pectra 🚦46:01 Indicators of Fusaka success 📝 46:45 Preston's risk assessment for blob parameter only hard forks Learn more about your ad choices. Visit megaphone.fm/adchoices

Thank you to our sponsor, Uniswap! Class action lawsuits targeting crypto firms are on the rise. While observers often brush off the cases as opportunistic, they may be more of an existential threat than many think. In this episode of DEX in the City, hosts Jessi Brooks of Ribbit Capital, Katherine Kirkpatrick Bos of StarkWare, and Vy Le of Veda unpack what class action suits are and why they may be more of a threat to crypto than enforcement actions. Katherine breaks down the derivative case against Coinbase while Jessi explains why Binance has “bad facts” in the Hamas case. Meanwhile, Vy explains why the tussle over prediction markets like Kalshi by state gambling regulators could make it to the Supreme Court. Plus, China's crypto crackdown and the CME's outage. Hosts: Jessi Brooks, General Counsel at Ribbit Capital Katherine Kirkpatrick Bos, General Counsel at StarkWare TuongVy Le, General Counsel at Veda Links: Unchained: DEX in the City: Insider Trading and Crypto: What the Law Actually Says DEX in the City: Are Prediction Markets Gambling, and Who Should Regulate Them? Why Crypto Market Structure May Not Pass Until 2027: DEX in the City Mistrial Declared After ‘MEV Brothers’ Accused of $25 Million Exploit Timestamps: 🚀 00:00 Introduction 🤔 3:21 What is a class action? 💥 7:23 Why class action suits may be more dangerous for crypto than enforcement actions 💡 10:27 How the courts are trying to prevent class action abuse 🚦 11:57 The policy aspect to class action lawsuits 👀 14:05 What’s interesting about the Coinbase derivative lawsuit 📝 16:27 Why Binance has "bad facts" in the Hamas suit, per Jessi 👀 21:45 Why Kalshi's Nevada case could make it to the Supreme Court 💡 27:18 Vy highlights Kalshi's strongest argument in the Nevada case 🫠 28:34 Why crypto cases are difficult to try in front of juries 🤔 33:10 What does it mean to ban crypto? ❕️34:42 What is driving the crypto crackdown in India and China 🧏 42:38 How the CME's recent outage highlights the need for decentralization 💥 45:54 Good news pieces for the week Learn more about your ad choices. Visit megaphone.fm/adchoices

Monday’s selloff rattled the entire market—Bitcoin, equities, commodities, you name it. But beneath the volatility, something more structural may be happening. In this week’s Bits + Bips, Austin Campbell, Ram Ahluwalia, Chris Perkins, and B+B OG previous host Alex Kruger break down one of the most confusing macro weeks of the year. They debate why high-beta assets snapped, whether a rotation into quality is underway, why institutions seem unfazed even as retail stays skittish, and share initial thoughts on Vanguard finally allowing clients to buy crypto. The crew also unpacks Strategy’s chaotic comments about selling BTC, the Clarity Act’s political hurdles, the CME outage that exposed systemic fragility, and the never-ending debate over Tether—profitability, reserves, and what institutions actually want from a stablecoin issuer. Sponsors: Uniswap Mantle Hosts: Ram Ahluwalia, CFA, CEO and Founder of Lumida Austin Campbell, NYU Stern professor and founder and managing partner of Zero Knowledge Consulting Christopher Perkins, Managing Partner and President of CoinFund Guest: Alex Kruger, founder of Asgard Timestamps: 🎬 0:00 Intro 💥 2:13 What triggered Monday’s selloff—and why Chris is still long-term bullish 🤔 6:57 Why Alex was a bit surprised about this week’s volatility 🔄 12:37 Is there a rotation out of risk and into higher-quality assets? 🗯️ 15:11 The chaos after Strategy CEO floated selling BTC to fund dividends 🏢 18:33 Which types of companies Ram thinks are positioned to win in the near term 📺 22:39 Why Polymarket appearing on 60 Minutes is a positive signal for the industry 🏛️ 25:37 Why passing the Clarity Act will require far more political work 🧠 31:30 Why markets feel like a “Rorschach test”—and whether Fed cuts are actually coming 📉 36:06 Why Alex says we’re entering a new era for the Federal Reserve 💵 42:40 Tether’s balance-sheet drama—and what kind of stablecoin institutions will really choose ⚠️ 52:36 How the CME outage exposed dangerous single points of failure Learn more about your ad choices. Visit megaphone.fm/adchoices

Welcome to The Chopping Block — where crypto insiders Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner chop it up about the latest in crypto. This episode is a special one: Haseeb reads his new essay, In Defense of Exponentials, a manifesto pushing back against the rising financial cynicism dominating CT. He breaks down why new chains launch into unprecedented hate, why revenue-based valuation models misunderstand the nature of exponential technologies, and why believing in ETH, SOL, and open financial systems still makes sense. It’s a zoom-out moment for the space — a reminder that crypto’s exponential arc is far from over. Show highlights 🔹 Chain Hate Era — New L1s like Monad, Tempo, and MegaETH now launch into hostility, not indifference, reflecting a major psychological shift in crypto. 🔹 Financial Cynicism — CT has moved from “nothing has value” nihilism to “everything is overvalued” cynicism, insisting L1s trade 5–10× too high. 🔹 Revenue Meta = Linear Thinking — P/E ratios, REV metrics, and exchange-style valuation models misprice blockchains by treating exponentials like steady-state businesses. 🔹 Probability Premium — L1s are priced like biotech: a 1–5% chance of becoming the next ETH/SOL rationally supports multi-billion valuations. 🔹 The No-Prize Fallacy — CT’s new belief: even if a challenger chain wins, the prize is worthless because “ETH and SOL won’t be worth $300B anyway.” 🔹 Amazon Regime Misread — Amazon took 22 years to show profit; judging crypto on revenue today is the same error—arguing P/E ratios in an exponential curve. 🔹 Open Always Wins — Crypto turns money into a file format—24/7, global, permissionless—and every industry in history has eventually yielded to openness. 🔹 Believe in the Exponential — The core thesis: zoom out. Crypto’s exponential is still early, and long-term conviction is the edge everyone has forgotten. Hosts ⭐️Haseeb Qureshi, Managing Partner at Dragonfly In Defense of Exponentials by Haseeb Qureshi 🔗 https://x.com/hosseeb/status/1994110900454949263 ⁠⁠Disclosures Timestamps 0:00 In Defense of Exponentials 01:05 The Cure is Worse than the Disease 07:10 Feeling the Exponential 16:23 So what exactly am I arguing?⁠⁠⁠ Learn more about your ad choices. Visit megaphone.fm/adchoices

Thank you to our sponsor Uniswap! Nick O’Neill has become one of crypto’s biggest viral sensations over the past year with his “Choose Rich Nick” persona. But beyond a content creator, he is a business man and developer. In this Thanksgiving/Black Friday episode of Unchained, he discusses how he stumbled into internet fame, the man behind the persona and how he intends to become the Barstool Sports of crypto and NFTs. He also delves into what really happened at the controversial Avalanche yacht party and what it was like being viewed as “gay” for doing theater as a child. Plus how he feels about attacks on his looks and the secret to his success. Guest: Nick O’Neill, CEO & Co-Founder of BoDoggos Links: Unchained: Avalanche’s Unlocked Supply of AVAX Set to Increase by $350 Million Coinbase Buys Cobie’s ‘Up Only’ NFT and Echo in $375 Million Deal Timestamps: 🚀 0:00 Introduction 🧏 1:42 How Nick stumbled into internet fame 🤔 9:16 Who is “Choose Rich Nick” actually? 💡 12:23 Where Nick draws the line with the ‘Choose Rich’ persona 💥 13:22 How Nick wants to create the Barstool Sports of crypto and NFTs 💃16:33 Nick explains the “hot girlfriend” arc and drama 🤯 20:31 What REALLY happened at the Avalanche yacht party 📽 30:06 How Nick got into crypto 😕 35:08 Nick on being viewed as “gay” for doing theater as a child 💡 38:43 How Nick feels about the jabs at his looks 🧠 43:25 The most important ingredient to his success Learn more about your ad choices. Visit megaphone.fm/adchoices

Thank you to our sponsor Uniswap! In this episode of Uneasy Money, hosts Kain Warwick, Luca Netz and Taylor Monahan discuss Monad's mainnet launch performance and how its ICO strategy may have proven solid in the end. They also delve into MegaETH's botched TVL campaign with Kain explaining why scrambling is bad for projects. In addition, they dissect Polymarket's CFTC greenlight, Klarna's stablecoin launch, Cardano's chain split and Berachain's secret Brevan Howard deal. Hosts: Luca Netz, CEO of Pudgy Penguins Kain Warwick, Founder of Infinex and Synthetix Taylor Monahan, Security at MetaMask Links: Unchained: Monad Co-Founder Defends Token Sale After Slow Uptake MegaETH Aborts $1B Cap Raise After Multisig Error Triggers Chaos Polymarket Gets CFTC Green Light to Operate in the US Klarna Launches Stablecoin Built on Stripe’s Tempo Chain Cardano Founder Contacts FBI After Dev’s ‘Careless’ Test Splits Chain Uneasy Money: ICOs Are Back and Why Airdrops Are Instantly Dumped Timestamps: 🚀 00:00 Introduction 📈 2:08 Monad's post-mainnet launch performance 🫣 6:57 Will Binance regret not listing Monad? 💡 12:57 How Monad's ICO strategy impacted its launch 🧠 16:00 Lessons from MegaETH's botched TVL campaign 🫠 21:53 How the MegaETH TVL campaign could have been worse 💥 22:32 Why Polymarket's CFTC greenlight is a big deal 🤔 30:32 Why Klarna's stablecoin launch raises eyebrows 🤯 36:35 What happened with Cardano? 👀 39:33 Will AI kill all our chains? 😕 48:24 Why Berachain's Brevan Howard deal is weird Learn more about your ad choices. Visit megaphone.fm/adchoices

Insider trading has become a hot topic in crypto in recent months from questionable digital asset treasury stock trades to suspiciously timed asset trades amid news-led market volatility. But do people really know what it means? In this episode of DEX in the City, hosts Jessi Brooks of Ribbit Capital, Katherine Kirkpatrick Bos of StarkWare and Vy Le of Veda explore the complexities of insider trading law and how blockchain technology can make it easier to detect. They also delve into how AI agents impact market dynamics, the problem with regulators not being able to hold crypto and how insider trading law would differ from centralized to decentralized platforms. Plus Katherine talks about the future of front running and Vy explains how DATs should approach insider trading policy.Hosts: Jessi Brooks, General Counsel at Ribbit Capital Katherine Kirkpatrick Bos, General Counsel at StarkWare TuongVy Le, General Counsel at Veda Links: Unchained: Why the Black Friday Whale’s $192 Million Crypto Trade Was Legal Insider Trading? Yep, But the Real Story Is Securities The Department of Justice Goes After Its First NFT Insider Trading Case SEC and FINRA Scrutinize 200 Crypto-Treasury Firms: Report How the x402 Standard Is Enabling AI Agents to Pay Each Other Timestamps: 🚀 00:00 Introduction 🌫 01:25 Why insider trading is not as clear cut as many think ⚡️18:21 How blockchain has made insider trading detection easier 💡 20:15 Why Katherine sees the crypto front-running landscape changing as tokenization takes off 🤔 23:35 Do AI agents unfairly affect market balance? 🧱 25:38 The problem with regulators not being able to hold crypto ⚠️ 30:20 How DATs are in a tricky spot as regards insider trading 💡 33:25 Vy explains how DATs should approach insider trading policy 🚨 36:08 How insider trading controls work in TradFi 💥 42:06 How insider trading policy would differ from CeFi to DeFi Learn more about your ad choices. Visit megaphone.fm/adchoices

Crypto funding rounds often look glamorous from the outside: big name investors, big valuations, big narratives. But behind the scenes, the terms can look very different — and sometimes, radically so. In this episode of Bits + Bips, host Steve Ehrlich sits down with reporter Jack Kubinec, who broke the story about Berachain’s Series B and one of the most unusual terms we’ve seen in a major token deal: a lead investor receiving the right to ask for its entire $25 million investment back, for up to a year after Berachain’s token launched. Jack walks through what the documents show, why lawyers say the clause is extremely rare, and how a refund right like this could impact other investors, and even trigger MFN clauses. They also unpack Berachain’s market struggles since TGE, the state of the Nova Digital fund inside Brevan Howard, and the transparency questions this episode raises across crypto venture investing. Read the full story here on Unchained Thank you to our sponsor Uniswap! Host: Steve Ehrlich, Executive Editor at Unchained Guest: Jack Kubinec, Crypto Journalist and Podcast Host Timestamps: 0:00 — Start 0:25 — Steve introduces Jack 2:24 — What the documents reveal 5:17 — Why Brevan Howard’s refund is a big problem 9:21 — How refund clauses really work 14:09 — Jack’s interactions with the Bera team and how Smokey responded to the story 19:29 — Why the MFN clause is key 26:19 — How Breva Howard Digital didn’t actually invest in Bera 30:18 — What investors should learn from a deal like this Learn more about your ad choices. Visit megaphone.fm/adchoices

In this week’s Bits + Bips, Austin Campbell, Ram Ahluwalia, and Chris Perkins dig into a macro environment that’s suddenly turning more supportive: QT ending, institutions stepping in, improving liquidity signals, and major catalysts across global markets. But while the setup may be bullish, one corner of crypto isn’t participating at all: DATs, which Ram calls “a death spiral.” The hosts debate whether altcoins can recover, whether Strategy pushed its structure too far, if banks’ unrealized losses still matter, and why the return of ICO-style launches may say more about regulation than mania. Show highlights: 0:00 Intro 3:16 Why Ram says we are still in goldilocks economy 5:07 What is missing in the markets according to Chris and how retail is so hurt 11:07 Why the dollar has been on an uptrend, contrary to what people think 13:17 The importance of banks sitting on so much unrealized losses 18:24 Nvidia’s earnings and whether we are in a buying opportunity 22:21 Whether banks will be negatively affected by stablecoins growth or they are fine 25:05 What Austin and Ram disagree on whether the 50-year mortgage is good 28:25 Whether MSTR should be excluded from the MSCI index 32:56 Why Ram is “very bearish on DATs” and the importance of their operating businesses 45:19 Why Chris finds it fascinating the revival of the ICOs 51:19 Whether there’s a new operations choke point going on in crypto Hosts: Ram Ahluwalia, CFA, CEO and Founder of Lumida Austin Campbell, NYU Stern professor and founder and managing partner of Zero Knowledge Consulting Christopher Perkins, Managing Partner and President of CoinFund Links: Unchained: MON Rallies 40% After Mainnet Launch Fortune: Suddenly, the Fed interest rate cut in December looks like it is very much back on the table Nvidia didn’t save the market. What’s next for the AI trade? The Index Exclusion That Ends an Era: How MicroStrategy’s Exile Redefines Corporate Finance Saylor fights back Learn more about your ad choices. Visit megaphone.fm/adchoices

The Ethereum Foundation last month said it was taking its privacy efforts a step further. It announced the Privacy Cluster, a group of 47 coordinators, cryptographers, engineers and researchers with one mission: to make privacy “a first-class property of the Ethereum Ecosystem.” At Ethereum DevConnect, the EF's Andy Guzman and Oskar Thorén join Unchained to discuss the formation of the group in the context of Zcash's recent resurgence, why privacy is important for crypto and the motivations behind Ethereum's recent push. They also delve into the difference between the current privacy push and past efforts, as well as how it could unlock new use cases and the reaction of institutions. Additionally, they talk about competition with Zcash, reveal implementation timelines and delve into the impact on crypto data analysis. Thank you to our sponsor ⁠Uniswap⁠! Guests: Andy Guzman, PSE Lead at Ethereum Foundation Oskar Thorén, Technical Lead of IPTF (Institutional Privacy Task Force) at Ethereum Foundation Links: Unchained: Ethereum Foundation Launches ‘Privacy Cluster’ Vitalik Unveils New Ethereum Privacy Toolkit ‘Kohaku’ Why the Privacy Coins Mania Is Much More Than Price Action With Aztec’s Ignition Chain Launched, Will Ethereum Have Decentralized Privacy? Timestamps: 🚀 00:00 Introduction 🥷1:33 What is the Ethereum Foundation Privacy Cluster? 🤔 3:49 Did Zcash's resurgence inspire the launch of the Privacy Cluster? 📽 6:29 How the Privacy Stewards of Ethereum has grown over the years 🔗 8:39 How the Institutional Privacy Task Force's got started 💡 10:10 Why privacy is important in crypto 🔮 13:54 What is driving Ethereum's recent privacy push 📝 15:21 Andy and Oskar discuss their backgrounds 🤔 16:48 The difference between Ethereum's current privacy efforts and past efforts like Tornado Cash 🤞18:43 How Ethereum's privacy push could unlock new use cases 🛣 25:09 Andy and Oskar outline different approaches to privacy 🤔 29:52 What are private reads and writes? 👀 35:16 Why Andy says adopting onchain privacy is a question of risk for institutions 🫆 36:39 Why private identities are important 🤔 40:13 What happens if identity proofs are stolen 📺 43:27 How the Ethereum Foundation wants to improve privacy experience 🧏 45:44 How the IPTF’s role is unique ⁉️ 47:51 What is Kohaku? 👀 51:02 Is Ethereum competing with Zcash? 💡 1:01:29 The Ethereum Foundation's thoughts on private viewing keys 🗓 1:03:44 Implementation timeline 🔮 1:05:50 How the crypto privacy push could impact blockchain data analysis 💥 1:08:46 Final thoughts Learn more about your ad choices. Visit megaphone.fm/adchoices

Check out our sponsor Uniswap! Fresh off the launch of Ignition Chain, Aztec’s co-founders Zac Williamson and Joe Andrews discuss why they’re rolling out a privacy-preserving L2 now, how they’re approaching decentralization from the start, and why they chose a token sale instead of the airdrop model. They also explain why they believe most L2s have evolved into “parasitic” ecosystems, how Aztec plans to avoid those incentives, what the AZTEC token is meant to do, and what’s changed in the broader privacy renaissance across crypto. Guests: Zac Williamson, Cofounder of Aztec Network Joe Andrews, Co-founder and President of Aztec Network Links: Unchained: Vitalik Unveils New Ethereum Privacy Toolkit 'Kohaku' ETH's HTTP Moment? How Ethereum Interop Layer Hopes to Fix L2 Fragmentation Zcash Developer Reveals Q4 Roadmap What’s the Best Way for Ethereum to Grow? Justin Drake and Martin Köppelmann Debate Why the Privacy Coins Mania Is Much More Than Price Action CoinDesk: Privacy-Focused Aztec Network's Ignition Chain Lights Up Timestamps: 🎙️ 0:00 Introduction 🚀 1:30 Why Aztec launched Ignition Chain and how it works 🔒 6:01 How Aztec’s privacy model differs from Ethereum’s efforts — and from Zcash ⏱️ 15:52 Why Aztec has large block times 💸 17:28 Are fees expensive on Aztec? 👥 22:04 Zac & Joe’s backstory — and how Aztec was born 🏗️ 25:21 Why they built an L2 on Ethereum instead of a standalone chain 🤝 28:38 Whether Aztec competes with — or complements — Ethereum privacy tools like Kohaku 🎯 31:40 Who Aztec is for and the use cases they’re targeting 🆔 34:50 What ZK Passport is and why it matters 🌅 35:57 Whether the privacy renaissance surprised them 🕶️ 39:42 What private DeFi on Aztec could unlock ⚡ 43:36 Why Zac says most L2s are “parasitic” and why Aztec isn’t 🛠️ 46:07 How Aztec plans to decentralize from day one 🪙 50:15 The role of the AZTEC token and details on the upcoming ICO 🎯 53:25 How they aim to run a “fair” token sale 🌍 59:20 Why most countries, even the U.S., can participate in the ICO 💻 1:00:22 Why Aztec built its own programming language ⚖️ 1:07:29 Whether the Tornado Cash case made them hesitant to ship privacy tools 📱 1:11:48 The apps Zac and Joe are most excited about on Aztec 🎮 1:16:31 Why Zac is bullish on ZK-powered onchain games Learn more about your ad choices. Visit megaphone.fm/adchoices

Thank you to our sponsors! Mantle Walrus President Donald Trump's pick for chair, Mike Selig, has cleared the Senate Agriculture Committee just as lawmakers look set to hand over crypto oversight to the agency. In this episode, former CFTC Chair Chris Giancarlo joins Unchained Executive Editor Steven Ehrlich to unpack Selig's Senate hearing. Chris shares his experience working with Mike, why the CFTC should get more resources to handle crypto and crypto's unique commodity trading structure. He also touches on the challenges the agency could face regulating crypto, whether exchanges should be allowed to continue performing several functions under one umbrella, the timeline for CLARITY and the regulatory path ahead for prediction markets. Host: Steve Ehrlich, Executive Editor at Unchained Guest: J. Christopher Giancarlo, Former Commissioner of the CTFC Links: Unchained: Prospective CFTC Chair Says It’s ‘Vitally Important to Have a Cop On The Beat’ in Crypto Senate Committee Shares Bipartisan Draft on Crypto Market Structure Bill The Chopping Block: When Wall Street Meets DeFi — How Equity Perps and RWAs Redefine Leverage On-Chain DEX in the City: Are Prediction Markets Gambling, and Who Should Regulate Them? Polymarket Quietly Relaunches in U.S. in Beta Mode: Report Timestamps: 🚀 00:00 Introduction ⚡️1:41 Chris details his experience working with Mike Selig 🤔 6:34 Does the CFTC have enough resources to handle crypto? 📽 10:34 Crypto’s unique commodity trading structure 🧱 13:37 The challenges the CFTC could face with crypto's unique trading structure 🤔 15:15 Should crypto exchanges remain vertically integrated? 💡17:25 How DeFi should be regulated 🧏 20:46 Why Chris says crypto perps do not need new laws 🔮 24:49 Mike's confirmation timeline 💥 25:46 Why prediction markets are important 👀 27:57 Why Chris compares the regulatory trajectory of prediction markets to Uber 💡 28:57 What regulations could look like for prediction markets Learn more about your ad choices. Visit megaphone.fm/adchoices

Check out our sponsor Uniswap! Bitcoin keeps drifting lower — and traders are asking the same question: where’s the floor? Host Steve Ehrlich brings on Markus Thielen, CEO of 10x Research, to walk through Bitcoin’s technical setup, ETF flows, institutional positioning, and why the recent selloff looks different from past dips. Markus lays out the metrics he’s watching, the levels that matter, and why the path downward may still be the path of least resistance. He also shares his views on Ethereum, altcoins, digital asset treasuries, and why some investors are stepping away from risk entirely. Host: Steve Ehrlich, Executive Editor at Unchained Guest: Markus Thielen, CEO of 10x Research Timestamps: 🎬 0:00 Introduction 📉 1:39 Why Markus is not optimistic about the current market 🐻 3:23 How he defines a bear market — and why we may already be in one 📊 8:02 The key metric institutions are watching and Bitcoin’s next support level 🔁 13:14 How to spot when a real rebound might be forming 🪙 17:29 Markus’ views on ETH and what catalysts could matter ⚠️ 19:57 Why Markus warns that “you don’t want to be exposed to anything” 🏦 22:10 Digital asset treasuries and what ETF flows are signaling 🧱 28:54How staking inside ETFs threatens DATs 🔮 34:35 What Markus expects to happen by year-end Learn more about your ad choices. Visit megaphone.fm/adchoices

The Chopping Block unpacks crypto’s DATpocalypse — NAVs collapsing, volumes drying up, and consolidation on the horizon. Plus: Vitalik sparks a wave of quantum panic, what Q-Day really means for Bitcoin and smart-contract chains, and why “qubits per share” might become the next great crypto meme. Welcome to The Chopping Block — where crypto insiders Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner chop it up about the latest in crypto. This episode opens with the DATpocalypse: almost every DAT is now below NAV, volumes have collapsed outside Bitmine and MicroStrategy, and the market is finally confronting what happens when issuances outrun demand. We get into consolidation talk, preferred-share experiments, capital-structure pivots, and whether any DAT should actually be selling crypto to buy back shares at a discount. Then we shift into quantum mania. Vitalik’s “2028” comment lit up Q-Day fears, and we separate genuine hardware progress from pure panic. We discuss why post-quantum upgrades are simple for Bitcoin but brutal for stateful chains, and how hype alone could trigger a wave of “quantum-resistant” speculation. And yes — the running gag: DATs using quantum machines to steal Satoshi’s coins. Tough markets, weird narratives, and institutions quietly holding the line. Let’s get into it. Show highlights 🔹 DATpocalypse — Most DATs now trade below NAV; Bitmine and MicroStrategy dominate the only real volume. 🔹 Supply & Demand — Issuances outpaced buyers; M/NAV compresses toward 1 across the entire class. 🔹 Consolidation watch — Sub-scale DATs may merge to form multi-billion-dollar vehicles that can compete. 🔹 New financing era — Preferreds, debt, and MicroStrategy-style capital engineering become the next playbook. 🔹 Buyback dilemma — Trading at 0.5× NAV suggests selling crypto to buy shares—if liquidity exists. 🔹 Retail gone, institutions steady — Tokens follow the 4-year retail cycle; equity deals reflect institutional conviction. 🔹 Token vs equity split — Depressed token markets contrast with mega equity raises like Kraken’s $20B round. 🔹 AI distraction — Retail rotates into Nvidia/AI stocks, starving page-2 tokens of attention. 🔹 Quantum mania — Vitalik’s “2028” comment triggers Q-Day fears, despite quantum still being far from breaking ECC. 🔹 Post-quantum headaches — Bitcoin is easy to migrate; Ethereum/Solana transitions will be complex and messy. 🔹 Q-Day = Y2K energy — Expect years of hype and “quantum-resistant” pumps before reality catches up. 🔹 Qubits-per-share meme — DATs running quantum computers to steal Satoshi coins becomes the episode’s running gag. Hosts: ⭐️Haseeb Qureshi, Managing Partner at Dragonfly ⭐️Robert Leshner, CEO & Co-founder of Superstate ⭐️Tarun Chitra, Managing Partner at Robot Ventures ⭐️Tom Schmidt, General Partner at Dragonfly ⁠Disclosures Timestamps 00:00 Intro 01:14 BTC Breaks Down 02:52 DATpocalypse Begins 05:01 DAT Playbooks & Buybacks 20:48 Equity Boom, Token Bust 28:00 Retail vs. Institutions 34:01 Quantum Panic Hits Crypto 41:45 Post-Quantum Problems 46:32 Road to Q-Day & Y2K Vibes Learn more about your ad choices. Visit megaphone.fm/adchoices