Unchained Bits + Bips: Why Grayscale Sees ATHs Before Q3, With ETH Outperforming
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Jan 19, 2026 
Zach Pandl, Head of Research at Grayscale Investments, dives into the intricacies of the crypto market landscape, highlighting the significant impact of stalled U.S. regulation and rising geopolitical tensions. He discusses how macroeconomic factors, such as inflation and demand for ETFs, are driving Bitcoin's resilience and potential new all-time highs by 2026. Additionally, Zach sheds light on the evolving role of banks in crypto, the competitive smart contract platform landscape, and the implications of stablecoin adoption in regions like Venezuela.
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Host's Venezuela Experience
- Steven Ehrlich mentioned his first country of work was Venezuela in 2008 to frame geopolitical discussion.
- He used that experience to contextualize the episode's Venezuela conversation.
Regulatory Clarity Is The Foundation
- Grayscale prioritizes regulatory clarity on whether tokens are commodities or securities to enable investment products.
- Clear rules (Title I) reduce issuance friction and help asset managers offer crypto safely.
Wall Street Is Building Now
- Big banks are already building crypto capabilities and won't wait for law to be finalized.
- Expect stablecoins on corporate balance sheets and banks holding on-chain crypto as regulation clears.