No, We Have Not Topped Featuring Roshun Patel | Weekly Roundup

Aug 22, 2025

Roshun Patel, a savvy expert in market cycles and capital flows, joins Yano and Santi to dissect key indicators that may signal a market peak. They explore the implications of Chamath's SPAC, delve into the worlds of meme coins and NFTs, and the contrast between centralized and decentralized finance. Roshun emphasizes the cyclical nature of crypto markets and portfolio management strategies. The discussion offers a glimpse into trends affecting Ethereum, Solana, and more, all while reflecting on the emotional ties to investing in the ever-evolving crypto landscape.

Ask episode

AI Snips

Chapters

Books

Transcript

Episode notes

INSIGHT

DATs Attract Different, Fragile Buyers

DATs and structured public products attract different buyers than spot holders, often momentum-driven and yield-seeking investors.
That buyer mix can create fragile price support and quick reversals when flows change.

INSIGHT

Momentum Traders Front-Run Institutional Flows

Momentum funds and sophisticated traders often front-run advertised institutional buy programs, driving spot before funds execute.
That dynamic can create ephemeral rallies that reverse once momentum traders take profits.

INSIGHT

MNAV Compression Is A Crypto Risk Signal

DAT MNAV compressions are a key crypto-specific risk to watch because they can force financing changes or asset sales.
Credit lines can mask MNAV pain but are fragile if broader credit dries up.

Get the Snipd Podcast app to discover more snips from this episode

Get the app

Happy Friday! On this week’s Roundup, Yano and Santi are joined by Ro to dive in and explore the signals, indicators and metrics that might or might not point to a top of the cycle. From Chamath’s SPAC, borrowing and lending numbers, Kanye meme coins, NFTs and more all provide unique insights into the potential frothy Q4 ahead of us.

Start your day with crypto news, analysis and data from David Canellis.

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

Follow Roshun: https://x.com/roshunpatel

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

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

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

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

GEODNET is the world’s largest RTK network, delivering real-time, centimeter-level precision for drones, robots, farmers, and first responders. Recognized by the U.S. Congress, this blockchain-powered network supports mission-critical applications across a wide range of industries.

Discover how GEODNET is changing the world: [https://geodnet.com]

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

"Mantle is pioneering ""Blockchain for Banking"" as a revolutionary new category that sits at the intersection of TradFi and web3.

Key elements for Mantle as the ""Blockchain for Banking"":

- Transactions posted to the blockchain

- Compatibility with TradFi rails

- Integrated DeFi features

UR, built by Mantle, is the first real-world example: an on-chain money app offering Swiss IBANs and unified access to fiat (EUR, CHF, USD, RMB) and crypto — bringing crypto into everyday finance.

Mantle Network, the access layer — transforms Mantle Network into a purpose-built vertical platform — the blockchain for banking — that enables financial services on-chain. Mantle leads the establishment of Blockchain for Banking as the next frontier.

Follow Mantle on X (@Mantle_Official) for the latest updates on Mantle as the 'Blockchain for Banking'."

Citrea is the first zero-knowledge rollup to enhance the capabilities of Bitcoin blockspace and enable Bitcoin applications (₿apps). Citrea is optimistically verified by Bitcoin, offering the most Bitcoin-secured and native way to extend BTC’s utility to DeFi.

Learn more about Citrea: https://citrea.xyz/?utm_source=bellcurve&utm_medium=podcast&utm_campaign=website_promo

Follow Citrea on X/Twitter for the latest on its journey to mainnet: https://x.com/citrea_xyz

Chapters:

(00:52) Intro

(04:01) Top Indicators Explored

(25:33) Ads (Geodnet, Bitwise)

(27:02) Lending Markets & Leverage

(45:55) Private Markets

(54:38) Ads (Geodnet, Bitwise)

(56:00) Ads (Mantle,Citrea)

(57:36) Overlooked Sectors

(01:12:30) Content Recs

—

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.