Don’t Overtrade The Retail Cycle With Jason Yanowitz & Rob Hadick | Weekly Roundup

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Jul 25, 2025

Rob Hadick, a VC at Dragonfly, joins the conversation to unpack the latest market trends and investment strategies in the digital asset landscape. They dive deep into PNC's collaboration with Coinbase and the impacts of Coinbase's new perpetual contracts on the market. The return of NFTs and the rising prominence of crypto treasury companies are discussed, alongside the necessity for cautious management of treasury in a volatile environment. With insights on long-term holding strategies and navigating market dynamics, this chat is packed with valuable information!

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INSIGHT

Retail Mania Revives Markets

Meme stock mania has returned driven by retail and short squeezes.
Similar exuberance appears in crypto markets with rising altcoins and high leverage levels.

INSIGHT

Leverage Signals Market Froth

Rapid spikes in open interest and funding rates indicate market froth and excessive leverage.
Extremely high annualized funding rates on XRP showcase unsustainable speculative behavior.

INSIGHT

Four-Year Cycle May Be Over

The old four-year crypto cycle might be obsolete due to institutional involvement.
Institutions invest longer term, leading to less volatile, different market patterns.

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Happy Friday! Rob and Yano are back to talk the markets, PNC’s collab with Coinbase, Hyperliquid being disrupted by Coinbase’s new Perps launch, NFTs return, Pump’s slump and the continued rise of the Crypto Treasury Companies. -- 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 -- Follow Rob: https://x.com/HadickM 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'." -- Zenrock is a permissionless, decentralized custody network backed by 1RoundTable Partners, 10T, Maven11, and Spartan. Live on Jupiter, $ROCK is the native token for transactions within the Zenrock ecosystem and secures Zenrock’s decentralized custody network. The first application launching on Zenrock is zenBTC – yield-bearing Bitcoin on Solana. zenBTC is now live. -- 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:

(0:00) Introduction

(1:53) Comment Roasts

(2:52) Market Updates

(13:20) Ads (Geodnet & Bitwise)

(14:57) Digital Asset Treasury Companies

(31:16) Ads (Geodnet & Bitwise)

(32:53) Pump Analysis

(38:11) Hyperliquid & Coinbase’s Perps

(45:51) Ads (Mantle, Zenrock & Citrea)

(48:05) NFTs Are Back

(52:01) PNC x Coinbase

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.