The crypto markets are at a crossroads. While macro chaos — tariff whiplash, rising yields, and inflation fears — continues to dominate headlines, bitcoin has barely budged. And some say that’s exactly the signal.

In this episode, Matt Hougan of Bitwise and Matthew Sheffield of FalconX join Laura to unpack the tension between short-term volatility and long-term conviction. They explore why this cycle may look very different from previous ones, how institutional capital is navigating crypto, and whether we’re entering a new era defined by fundamentals, not just narratives.

Plus: Why bitcoin might hit $200K, what Ethereum needs to reclaim momentum, and the real potential of DeFi under this new administration.

Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com

Thank you to our sponsors!

• Bitwise
• Human Rights Foundation

Guest:

• Matt Hougan, CIO of Bitwise
• Previous appearances on Unchained:
• How Small Bitcoin ETF Issuers Will Compete With the Likes of BlackRock
• Why a Spot Bitcoin ETF Will Probably Launch No Later Than January 10
• Matthew Sheffield, Senior Trader at FalconX

Links

Subscribe to our new crypto + macro newsletter! https://bitsandbips.beehiiv.com/subscribe

Recent coverage of Unchained on the economy and tariffs: 

• Why CoinFund Believes There’s Still a Strong Bull Case for Bitcoin and Crypto
• Arthur Hayes on Why Tariffs Will Be Good for Bitcoin and Crypto
• Bits + Bips: Why a U.S. Recession May Be Coming — And Still Isn’t Priced In
• Bits + Bips: Trump’s Tariffs Are Causing Mayhem, But Will They Revive U.S. Manufacturing?
• Trump Tariffs Sink Crypto, BlackRock Pumps Bitcoin’s Bags
• Why Trump-Induced Stagflation Could Finally Make Bitcoin a Safe Haven
• In Market Crash, What Should You Buy? Crypto VCs Are Making These Bets
• Bitcoin Tops $83,000 as Tariff Pause Sends Markets Soaring
• Crypto Traders See Another $1B Liquidated Amid Tariff Turbulence 

Recession incoming?

• Ray Dalio’s remarks on Meet the Press

Timestamps:

📍 0:00 Introduction

🧠 3:48 “An extraordinary moment to live in,” says Matt

⚖️ 5:21 The growing disconnect between long-term belief and short-term pain

🔍 7:40 Why fundamentals are finally taking center stage in investor analysis

🐻 12:34 Solana’s memecoin reputation… can it shake the stigma?

🏛️ 14:29 How ETFs permanently changed crypto market dynamics

📉 15:27 What the 10-year treasury is telling us about bitcoin’s next move

📊 20:28 What crypto options are revealing about investor sentiment

📈 22:33 Whether Ray Dalio is right about where the U.S. economy is headed

💵 28:16 What a weaker dollar means for bitcoin’s value

🚀 31:17 Is $200K bitcoin coming? And who will drive it there?

🌊 38:55 What has to happen for alt season to actually return

🔄 44:40 What light ETF outflows since “Liberation Day” mean

📈 51:10 Why crypto IPO demand is heating up

⚖️ 54:37 DeFi’s big regulatory moment and why the market might be missing it

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