Unchained

Join Peter Tchir, Head of Macro Strategy at Academy Securities, and Zach Pandl, Head of Research at Grayscale, as they dive into pivotal financial discussions. They dissect the recent U.S.-China tariff pause and its implications for the global economy. The conversation touches on America's soaring deficit and why policymakers might underestimate the crypto community. They also explore Ethereum's unique positioning and debate the risks and rewards surrounding Solana, all while considering the specter of recession versus stagflation in this shifting economic landscape.

José Macedo, founder of Delphi Labs, Omar Shakeeb, cofounder of SecondLane, and Taran Sabharwal, CEO of STIX, dive into the dark side of cryptocurrency trading. They reveal how market makers can manipulate prices and why insider selling is more rampant than many believe. The discussion centers on notorious projects like Movement Labs and the systemic issues in crypto fundraising, raising urgent calls for transparency and reform to protect retail investors. Insightful and eye-opening, this conversation challenges the industry's status quo!

Evgeny Gaevoy, Founder and CEO of Wintermute, dives into the complex world of crypto market making, exposing the dark side of a recent $38M token dump. He discusses the blurred lines between providing liquidity and manipulative profit-sharing, revealing why VCs turned a blind eye. With insights on the necessity for transparency and the challenges of navigating market integrity, Evgeny also highlights the urgent need for better disclosure standards in the crypto space, raising critical questions about investor trust and the future of regulation.

Kristin Smith, CEO of the Blockchain Association, and Amanda Tuminelli, executive director of the DeFi Education Fund, dive into the political drama surrounding the stalled GENIUS Act—the pivotal federal stablecoin bill. They discuss the shifting allegiances among lawmakers, especially Democrats who have changed their stance on crypto. The impact of Trump's crypto connections on the legislative process is analyzed, alongside the ongoing fight for a deal this year, highlighting the complexities of bipartisan support and market implications.

Owen Lau, Executive Director and Senior Analyst at Oppenheimer, shares insights on Coinbase’s groundbreaking $2.9 billion purchase of Deribit, the largest deal in crypto history. He discusses the strategic significance of Deribit’s position in the derivatives market and its implications for Coinbase’s dominance. Lau highlights how the derivatives market is outpacing spot trading and predicts industry consolidation. He also explains Coinbase's decision to primarily use stock in the acquisition and what this means for future revenue and competition among smaller exchanges.

In this discussion, Alex Kruger, an economist and crypto trader; Ram Ahluwalia, a digital asset risk management expert; and Katalin Tischhauser, head of research at Sygnum Bank, unpack why traditional investors like Warren Buffett may struggle in crypto's attention-driven market. They explore Ethereum's deeper sentiment issues, recent stablecoin legislation battles, and the significant implications of Apple's NFT ventures. Their insights challenge long-held beliefs about investing while highlighting the shifting landscape in finance and technology.

Tarun Chitra, CEO of Gauntlet, and Max Resnick, Lead economist at Anza, dive deep into Ethereum's struggles and its attempts to pivot. They discuss whether the recent gas limit increase could be a game changer and analyze what went wrong with Ethereum's economics. Max outlines the single most crucial change Ethereum must make, while debating its chances against Layer 2 solutions. The conversation raises concerns about whether these changes come too late in the game, and what they would prioritize if in charge of Ethereum.

Sam Kessler, Deputy Managing Editor at CoinDesk, uncovers the shocking scandal behind the MOVE token collapse. He discusses how questionable contracts and market manipulation appear to be part of a pump-and-dump scheme, raising serious ethical concerns. Key players' conflicts of interest and dubious dealings come to light, revealing a chaotic environment within Movement Labs. Kessler questions the reliability of their self-investigation and sheds light on the need for regulatory clarity in token launches, ultimately urging for greater market integrity.

In this discussion, Charles Edwards, founder of Capriole Investments and expert on Bitcoin strategies, joins the conversation. They debate whether now is the time to embrace bullish sentiments on Bitcoin and other crypto assets. The risks surrounding Bitcoin treasury companies like Twenty One Capital come under scrutiny, while skepticism over the potential success of Solana ETFs is voiced. They also analyze how political events, including Trump's influence, are shaping market dynamics, leaving listeners intrigued about the future of cryptocurrency investments.

The race for Bitcoin supremacy just got more complicated. Twenty One Capital, backed by Tether, SoftBank, and Cantor Fitzgerald, plans to stack as much BTC as it possibly can.  But is this new venture really about Bitcoin … or about creating a hyper-volatile stock to play market cycles? This week on Unchained, Jeff Park of Bitwise and Mark Palmer of Benchmark join to discuss: Why SoftBank and Tether are a “perfect match”—and why they turned to Bitcoin How volatility, not bitcoin itself, might be the real asset investors are buying What Cantor’s involvement says about Wall Street’s readiness for crypto Why the launch timing matters Whether Twenty One could repeat MicroStrategy’s mistakes Whether these new Bitcoin vehicles are better bets than spot bitcoin or ETFs Plus, is SoftBank getting into crypto a top signal? 👀 Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com Bitwise Jeff Park, Head of Alpha Strategies at Bitwise Mark Palmer, Senior Analyst at Benchmark Recent coverage of Unchained on Twenty One: Twenty One Aims to Buy as Much Bitcoin as Possible. Can It Succeed? Press Release: Tether, SoftBank Group, and Jack Mallers Launch Twenty One, a Bitcoin-native Company, Through a Business Combination With Cantor Equity Partners Jeff Park’s post on X Timestamps: 📰 0:00 Introduction 🚀 2:07 Why Jeff sees the Twenty One Capital launch as a huge development 🧠 6:09 How Twenty One might learn from MicroStrategy’s playbook 🏦 11:59 Risks of turning into the next Celsius, Voyager or Genesis 💸 18:52 Why Bitcoin needs income-generating activities to evolve 📊 21:17 How metrics like bitcoin per share bridge crypto and TradFi  🤝 30:16 Whether Tether’s participation makes sense 💍 34:18 Why Jeff thinks SoftBank and Tether are “a perfect match” 🚩 42:29 Is SoftBank entering crypto a top signal? 🏛️ 46:32 Why Cantor’s involvement shows Wall Street is serious 📈 50:24 Why bitcoin vehicle stocks trade at a premium 🗓️ 55:48 Why timing matters compared to MicroStrategy’s 2020 debut 🧮 1:00:06 How to decide between investing in vehicles, spot bitcoin, or ETFs 🌊 1:08:52 Whether SOL investment vehicles will have the same success as bitcoin ones Learn more about your ad choices. Visit megaphone.fm/adchoices