Gm! This week we're joined by David Kalk & Pranav Kanade to discuss the current state of crypto markets. We deep dive into the unwinding of the basis trade, what's next for BTC & alt's, the psychology of trading, market reflexivity, is the cycle over & much more. Enjoy!

--

Follow David: https://www.linkedin.com/in/davidkalk/

Follow Pranav: https://x.com/vaneckpk

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

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

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

Start your day with crypto news, analysis and data from Katherine Ross. Subscribe to the Empire newsletter: https://blockworks.co/newsletter/empire?utm_source=podcasts

--

ZKsync is the pioneering zero-knowledge technology powering the next generation of builders with limitless scale. Secured by math and designed for native interoperability, ZKsync enables an elastic, ever-expanding network of customizable chains.

Deeply rooted in its mission to advance personal freedom for all, the ZKsync technology makes digital self-ownership universally available.

To learn more about ZKsync, visit http://www.zksync.io

--

GEODNET’s native token, GEOD, can be easily mined with a GEODNET Satellite Miner, presenting a unique opportunity to generate passive income. By setting up a GEODNET base station, you can join this groundbreaking Web3 ecosystem that is powering the future of AI and robotics.

Join the revolution today and learn more at https://geodnet.com.

--

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 petra.app/earn

--

Get up to speed on the biggest stories in crypto each week. In five minutes.

Get the Bitwise Weekly CIO Memo delivered directly to your inbox at bitwiseinvestments.com/ciomemo/empire

--

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

--

Timestamps:

(00:00) Introduction

(00:47) State Of The Market

(05:07) Unwinding Of The Basis Trade

(10:40 Ads (ZKSync, Geodnet)

(12:42) Finding The Best Trade In Crypto

(15:42) Reflexivity In Crypto

(19:40) Allocating To Crypto

(22:02) Ads (ZKSync, Geodnet)

(24:04) Why Have Alt’s Underperformed?

(28:08) Is The Cycle Over?

(40:13) Ads (Aptos, Bitwise, WalletConnect)

(42:32) How Does Macro Impact Crypto?

(46:08) Trading This Cycle

(49:55) Narratives vs Fundamentals

(53:32) A Framework For Investing In Crypto

(58:35) Crypto Market Inefficiencies

(01:00:30) The Psychology Of Trading

--

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.

Upcoming Attractions to the Note Closers Show Podcast