This week, host Ben Floyd is joined by David Han and Georg Toropov to navigate a tough crypto landscape. We break down Solana’s sharp decline—down nearly 50% from its highs—Ethereum nearing a death cross, and extreme fear gripping the market amidst over $1B in ETF outflows and widespread liquidations. We also cover the Bybit hack and its ripple effects across trading activity.
On the onchain side, we dive into the drop in Solana DEX volumes, Pump.fun’s plan to launch its own AMM, and a wave of more recent mainnet launches from the likes of Berachain and Story, as well as Monad’s testnet debut.
Meanwhile, macro factors add to the uncertainty, with rate cuts unlikely before summer. Client conversations reveal a lack of clear near-term catalysts with significant legislation potentially taking months to materialize. But we finish on a high note—Ethereum’s RWA market is growing in both value and adoption, even as the Pectra testnet hits delays.

Links:

• Coinbase Research
• 2025 Crypto Outlook

Topics Covered:

• Market Weakness: SOL’s drop, ETH’s death cross risk, ETF outflows, and liquidations.
• Security Incident: The Bybit hack and market response.
• Onchain Activity: Solana DEX struggles, Pump AMMs, and major protocol launches.
• Macro & Sentiment: Delayed Fed cuts, client sentiment, and regulatory hurdles.
• Ethereum Outlook: Pectra testnet hiccups, but RWA growth as a bright spot.

Host:
Ben Floyd, Head of Execution Services

Speakers:

• David Han, Research Analyst
• Georg Toropov, Senior CES Sales Trader