The Crypto Market Structure Has Changed and Rising Tides May No Longer Lift All Boats

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Crypto markets this year failed to live up to expectations, raising questions about the trajectory for next year. The situation is further complicated by speculation that Bitcoin is about to kick off a multiyear decline in line with the so-called four year cycle.

In this Unchained podcast episode, Delphi Digital analysts Jason Pagoulatos and Jordan Yeakley break down the market and applications outlook for next year.

They look at whether the four year cycle would hold, what gold's run means for Bitcoin and the conditions that have led to recent market apathy. They also discussed whether the recent resurgence of privacy coins is a fad and who would come out on top in the race to become an “everything app.”

Is the four year cycle the result of multiple coincidences? And, is X the dark horse in the everything app meta?

Guests:

• Jason Pagoulatos, Head of Markets at Delphi Digital

• Jordan Yeakley, CFA, Research Analyst at Delphi Digital

Previous appearances on Unchained:

• What Went Wrong With Pump's ICO and Where It Goes From Here

• How Crypto Markets Are Post-Selloff, With Election/Fed Uncertainty

Links

• Unchained:

  • Will Bitcoin’s New Phase Change It Forever? And Is the 4-Year Cycle Dead?

  • The Chopping Block: Hyperliquid vs. Tarun, ADL Transparency & The Coming Perps Arms Race

  • What Ethereum Will Look Like When It Implements Its New Privacy Focus

  • Why the Privacy Coins Mania Is Much More Than Price Action

  • Coinbase Launches Stock Trading and Prediction Markets

  • Inside Robinhood’s Big Super App Plan: ‘There’s Still a Lot of Work to Be Done’

  • How the x402 Standard Is Enabling AI Agents to Pay Each Other

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