Understanding Market Volatility and Leverage Effects

Gm! This week we're joined by Felix Jauvin & Quinn Thompson from the Forward Guidance podcast to discuss where markets go next from here. After the market sold off in reaction to the Trump tariffs, we deep dive into the bull vs bear case in 2025, Trump's end game, building the perfect portfolio, Coinbase vs Robinhood, is Bitcoin really a safe haven asset & more. Enjoy!

--

Subscribe to the Empire newsletter: https://blockworks.co/newsletter/empire?utm_source=podcasts

Follow Quinn: https://x.com/qthomp

Follow Felix: https://x.com/fejau_inc

Follow Santi: https://x.com/santiagoroel

Follow Jason: https://twitter.com/JasonYanowitz

Follow Empire: https://twitter.com/theempirepod

Join the Empire Telegram: https://t.me/+CaCYvTOB4Eg1OWJh

--

Follow the Forward Guidance Podcast: https://x.com/ForwardGuidance

Get top market insights and the latest in crypto news. Subscribe to Blockworks Daily Newsletter: https://blockworks.co/newsletter/

--

Grab your tickets to Permissionless IV. Use code EMPIRE10 for 10% off: https://blockworks.co/event/permissionless-iv

--

Petra Earn was designed to make DeFi more accessible for everyone—from seasoned pros to DeFi beginners. Manage your balance, claim rewards and deposit directly from the app.

By supplying USDT to Aries lending pools, users have the potential to earn a higher yield compared to some traditional methods.

Not financial advice. Participating in Defi carries risks. To learn more visit https://petra.app/earn

--

Zenrock is a permissionless, decentralized custody network backed by 1RoundTable Partners, 10T, Maven11, and Spartan. Live on Jupiter, $ROCK is the native token for transactions within the Zenrock ecosystem and secures Zenrock’s decentralized custody network.

The first application launching on Zenrock is zenBTC – yield-bearing Bitcoin on Solana. zenBTC will be live in April 2025.

--

Crypto never sleeps. So we built an Al analyst that never blinks.

Meet Focal by FalconX: a GenAI insights engine built for institutional crypto. Already used by 80+ funds managing $10B+ in AUM.

🔹 Screen, chart, and analyze 1300+ tokens

🔹 Summarize market-moving news instantly

🔹 Integrates data from CoinGecko, Kaito, Token Terminal, Tokenomist, The Tie

Get started today: https://askfocal.com

--

WalletConnect is the onchain connectivity network . If you’ve connected to a Web3 app, you’ve seen WalletConnect. It’s everywhere—an icon of trust in crypto, as recognizable as Visa at checkout.

The numbers speak for themselves: Over 220 million connections and 35 million users worldwide use WalletConnect to power their Web3 experience. @WalletConnect on X and Telegram or visit https://WalletConnect.Network

--

Token.com is a social-first crypto platform transforming how people discover and trade through crypto content. The revolutionary in-feed trading turns complex crypto into intuitive investments, while content creators earn from every trade and projects amplify their stories through native tokens - creating a new era of social media-powered crypto discovery. Just scroll to watch and tap to invest. Download the app!

--

Timestamps:

(00:00) Introduction

(00:52) Turning Bearish In 2025

(11:38) Ads (Aptos, Zenrock)

(12:58) How Trump Spooked Markets

(16:44) The Trump & Bessent Playbook

(20:12) The Bull vs Bear Case In 2025

(28:56) Ads (Aptos, Zenrock)

(30:15) How To Position Under Trump 2.0

(33:54) Will The Fed Step In?

(37:55) What We Learnt From SVB’s Collapse

(40:52) Ads (Falcon X, WalletConnect, Token.com)

(43:05) What’s Trump’s End Game

(47:53) Is Bitcoin A Safe Haven?

(50:45) Building A Crypto Portfolio

(01:04:23) Long vs Short Vol

(01:07:26) Coinbase & Crypto Equities

--

Disclaimer: Nothing said on Empire is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are solely our opinions, not financial advice. Santiago, Jason, and our guests may hold positions in the companies, funds, or projects discussed.