Will Bitcoin's New Phase Change It Forever? And Is the 4-Year Cycle Dead? - Ep. 974
The crypto sector has celebrated a lot of policy wins in 2025, but price wise, it has arguably been a year to forget.
In this episode of Unchained, Bitwise Head of Research Ryan Rasmussen and Arca Portfolio Manager David Nage join host Laura Shin to discuss the disappointing crypto markets and why their outlook on 2026 is more positive.
They also explained why Vanguard's crypto pivot is a huge deal, questioned whether Bitcoin could ever be unseated by privacy coins, and discussed why they don’t see the bubble in the DAT market hurting crypto.
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Guests:
Ryan Rasmussen, Head of Research at Bitwise
David Nage, Portfolio Manager at Arca
Previous appearance on Unchained:
The LayerZero-Wormhole Contest Shows How to Value a Crypto Business
Links:
Unchained:
Bitcoin Resets Above $90,000, but Can Bulls Keep the Momentum?
Bits + Bips: Vanguard’s Crypto U-Turn, Tether/MSTR FUD & Picking Future Winners
Bits + Bips: Why the Markets Now Have a Bullish Setup
Franklin Templeton Rolls Out First Tokenized Fund in Hong Kong
Why Every Company Will Have a Stablecoin — and Why One L2 Isn’t Enough
Grayscale Files to List Zcash ETF
What Ethereum Will Look Like When It Implements Its New Privacy Focus
Other relevant links:
Bank of America Broadens Access to Crypto Funds
SEC's Paul Atkins touts 'tokenization’ as key to modernizing US markets
Larry Fink and Rob Goldstein on how tokenization could transform finance
My Highest-Conviction Bet in Crypto
Stablecoin payments on Stripe cost 1.5% of the transaction amount. Credit card fees are as high as 3.5%. Less than half of the cost!
Bitcoin’s “Facebook Moment”
Timestamps:
🚀 00:00 Introduction
🤔 01:42 Is the four-year cycle dead?
💡 3:50 Why David says Bitcoin is having its “Facebook moment”
⚡️ 11:42 Why Ryan does not believe Bitcoin OGs are disillusioned
💥 14:43 Why David thinks liquidity may be returning to the market
❕️ 17:21 What is driving Vanguard and Bank of America's adoption of crypto
🚨 24:34 The importance of Bitwise 10 Crypto Index Fund's ETF transition
💡 28:30 Why BITW excludes memecoins, stablecoins and, wrapped tokens, etc.
🔮 31:15 What tokenization means for the future of finance
👀 35:56 What the future holds for digital asset treasuries
⚠️ 39:45 How unwinding of DATs could affect Bitcoin
🧏 41:11 What Stripe's 1.5% fees suggest about the future of stablecoin competition
📈 46:43 Why David says stablecoin adoption is similar to email
🤔 48:55 Could Bitcoin be toppled as the privacy meta rises?
🔮 56:45 Ryan and David share their 2026 crypto outlook
✴️ 1:02:01 Ryan’s 2026 Bitcoin price target
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Bits + Bips: Why TradFi Knows It Needs Crypto More Than Ever to Stay Relevant - Ep. 973
Thank you to our sponsors!
Uniswap
Mantle
Hosts Ram Ahluwalia, Austin Campbell, and Chris Perkins dig into why interest rates may not fall as quickly as markets hope, why oil demand could surprise to the upside, and how retail keeps buying every dip—even while consumer confidence hits new lows.
The trio also breaks down the growing collision between TradFi and crypto: whether banks can compete with blockchain-native distribution, how BlackRock’s staked ETH ETF filing could reshape the market, and how yields on Ethereum and Solana represent a brand-new financial primitive.
Plus, they examine Ripple’s controversial raise, Citadel’s push to regulate DeFi, and why major incumbents are now in a frantic race to choose their crypto “dance partners.”
Hosts:
Ram Ahluwalia, CFA, CEO and Founder of Lumida
Austin Campbell, NYU Stern professor and founder and managing partner of Zero Knowledge Consulting
Christopher Perkins, Managing Partner and President of CoinFund
Links:
Unchained:
BlackRock Files S-1 for Staked ETH ETF
Berachain Kept Secret a $25 Million Refund Right to a Brevan Howard Fund
CoinDesk: Citadel Challenges DeFi Framework in Letter to SEC, Sparking Industry Outrage
Bloomberg:
Wall Street Hedged Big Crypto Bet in $500 Million Ripple Deal (XRP)
Bitcoin Options Show Traders Hunkering Down for Crypto Winter
Timestamps:
👏 0:00 Intro
📉 2:06 Whether there’s any real path to lower rates
🛢️ 5:07 Why Ram is bullish on oil demand
🤖 6:12 The biggest constraint on AI adoption
🇯🇵 7:02 Is Japan raising rates still a “nothing burger”?
🛍️ 9:57 How retail keeps buying every dip
🏦 12:21 Can crypto beat banks’ entrenched distribution?
📉 18:00 Why Ram thinks you should “sell the Bitcoin rallies”
📼 20:13 Are we reliving the 1970s?
⛓️ 24:47 How BlackRock’s staked ETH ETF filing could reshape the market
⚖️ 30:28 How staking yields will trade against Fed short rates
💼 38:59 Ripple’s controversial “raise” — and the unusual protections granted to Citadel and Fortress
🛡️ 47:52 How Citadel is fighting DeFi to defend its moat
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Bits + Bips: How Stocks May Decouple From Bitcoin—and Why TradFi Should Love a HYPE DAT - Ep. 972
In this special double-feature episode of Bits + Bips, Unchained executive editor Steve Ehrlich brings listeners two of the clearest investor perspectives on where the crypto markets may be headed next.
First, Owen Lau, Managing Director at Clear Street, breaks down why crypto equities remain so tightly correlated to Bitcoin—and what might finally cause that link to break. He unpacks the growing role of stablecoin revenue, Coinbase and Circle’s evolving business models, and why a market structure bill in 2026 could reshape the sector.
Then, in the second half, Bob Diamond and David Schamis of Hyperliquid Strategies explain why they believe Hyperliquid and its HYPE token represent one of the most compelling opportunities in digital assets. They walk through the rationale for their DAT, Hyperliquid’s performance during extreme market volatility, and the broader ecosystem being built through HIP-3 and beyond.
Sponsors:
Mantle
Host:
Steve Ehrlich, Executive Editor at Unchained
Guests:
Owen Lau, Managing Director at Clear Street
Bob Diamond, Founding Partner and CEO of Atlas Merchant Capital
David Schamis, Founding Partner and CIO of Atlas Merchant Capital
Timestamps:
0:00 Introduction
1:23 Owen’s outlook on crypto stocks—and what really drives them today
5:19 Why Coinbase’s stock is struggling while revenue goes up
7:47 Why so many crypto companies are spending heavily to expand distribution
10:58 Whether the 10/10 crash changed how analysts evaluate public crypto companies
14:41 Will public crypto companies enter prediction markets next?
17:02 How Coinbase and Circle are positioning themselves in this emerging area
23:00 What Citadel Securities’ push for SEC regulation of DeFi means for the industry
24:55 How a market structure bill could reshape the outlook for altcoins
27:03 Would a public crypto company buy a DAT trading below its NAV?
28:59 Has the window for crypto IPOs already closed?
Part 2
32:57 How David and Bob first got into crypto
38:57 Why a DAT for Hyperliquid is necessary
42:40 Why they say their stock is a major opportunity right now
45:55 How running an altcoin DAT differs from doing one for ETH or BTC
48:54 How the DAT deal was structured—and Paradigm’s role
51:38 How they’re avoiding the big sell-offs typical in PIPE deals
53:11 Why there was a gap between announcing the DAT and executing it
55:14 Why Sonnet Therapeutics will remain operational post-transaction
57:51 Why the 10/10 liquidation event made Bob more confident in Hyperliquid
1:04:19 The broader Hyperliquid ecosystem—far beyond the DEX
1:06:42 Why David says perps are far better products than options
1:10:12 Why regulatory clarity is critical for Hyperliquid’s long-term success
1:13:37 What HIP-3 unlocks for builders building around perps
1:14:46 How prediction markets could integrate with perpetuals
1:15:49 How Hyperliquid can compete with major exchanges and crypto giants
1:21:18 Why Hyperliquid’s feed is so much faster than other chains
1:22:28 The $1 billion shelf offering—and how they plan to accumulate more HYPE
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Is Strategy's Model Unraveling? What is Driving the Recent Rout and Where It Can Go From Here - Ep. 971
Michael Saylor's Strategy has not had the year it hoped for. Amid an explosion of copycats and Bitcoin price weakness, the company has seen its valuation and so-called mNAV crash.
In this special episode of Unchained, Praxos co-founder Vinny Lingham and The Benchmark Company Analyst Mark Palmer join Unchained Executive Editor Steve Ehrlich to debate Strategy's outlook.
They discuss the impact of new preferred stocks on common shareholders, the company's new cash reserve and the potential impacts of MSCI exclusion.
They also delve into what the Bitcoin digital asset treasury ecosystem could look like in the future and whether Strategy could have employed a better acquisition model.
Thank you to our sponsors!
Uniswap
Mantle
Host:
Steve Ehrlich, Executive Editor at Unchained
Guests:
Vinny Lingham, Co-founder of Praxos Capital
Mark Palmer, Senior Equity Research Analyst at The Benchmark Company
Links:
Unchained:
Bits + Bips: Vanguard’s Crypto U-Turn, Tether/MSTR FUD & Picking Future Winners
Bits + Bips: Why the Markets Now Have a Bullish Setup
Senate Committee Shares Bipartisan Draft on Crypto Market Structure Bill
Timestamps:
🚀 00:00 Introduction
📈 2:14 Why Mark still expects Strategy to outperform
📉 5:28 Why Vinny says Strategy preferred stocks are “vampiric”
🤔 11:45 Is Strategy's cash reserve a little too late?
👀 17:11 Debating Strategy's preferreds v. common stock
💡 19:44 How preferreds and CLARITY Act could enable Strategy to start buying Bitcoin dips as well
🫠 24:26 What happens if MSCI delists Strategy
🧠 30:34 The implications of Strategy's recent talk of selling and lending Bitcoin
⚠️ 36:25 Why it might be too late when Strategy decides to sell
🔮 39:28 How the Bitcoin DAT ecosystem could evolve as companies differentiate
🤔 44:17 Could Strategy have employed a better Bitcoin acquisition strategy?
💫 45:30 Closing thoughts on Strategy's future
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Uneasy Money: Did Solana Dapp Kamino Break the Golden Rule of DeFi? - Ep. 970
Thank you to our Sponsor, Uniswap!
Ethereum Fusaka is live, Infinex has embarked on its token sale, Hyperliquid is bolstering its HIP-3 markets and there is drama in Solana’s DeFi land.
In this episode of Uneasy Money, hosts Kain Warwick, Luca Netz and Taylor Monahan delve into the significance and implications of the Fusaka upgrade and the controversy surrounding Infinex's token sale.
They also take a look at the promise and risks of Hyperliquid's buzzing perp futures markets on tokenized equities and Kamino's controversial response to competition from Jupiter.
In addition, they touch on Anthropic's smart contract study and the recent Yearn Finance exploit.
Hosts:
Luca Netz, CEO of Pudgy Penguins
Kain Warwick, Founder of Infinex and Synthetix
Taylor Monahan, Security at MetaMask
Links:
Unchained:
Cheaper Fees and No More Free Lunch for Layer 2s? Inside Ethereum’s Fusaka Upgrade
Ethereum’s Layer 1 Lacks a Perp DEX. Synthetix Intends to Change That
HIP-3 Records $500 Million in Daily Volume
Uneasy Money: Hyperliquid’s Dilemma After 10/10: Protect Itself or Its Users?
Uneasy Money: ICOs Are Back and Why Airdrops Are Instantly Dumped
Timestamps:
🚀 00:00 Introduction
⚡️ 01:32 How Ethereum's shipping cadence has changed
⛽️ 9:36 Will Ethereum gas fees spike again?
⚔️ 12:26 Infinex's token sale controversy
💡 12:54 Kain explains the reasoning behind Infinex's ICO model
💥 18:47 What's driving the Infinex ICO controversy
🧏 24:11 How Hyperliquid's HIP-3 upgrade is changing DeFi participation
🤔 25:58 Are Hyperliquid's tokenized equities perps asking for SEC trouble?
🤺 38:48 Kamino v. Jupiter drama
🧐 44:59 Does Solana’s commercial tilt encourage more “gloves off” competition?
👀 50:51 Will Kamino users exit en masse?
❕️51:32 Anthropic's smart contract study coincides with Yearn Finance hack
💡 54:40 How AI can help bolster crypto security
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Crypto assets and blockchain technology are about to transform every trust-based interaction of our lives, from financial services to identity to the Internet of Things. In this podcast, host Laura Shin, an independent journalist covering all things crypto, talks with industry pioneers about how crypto assets and blockchains will change the way we earn, spend and invest our money. Tune in to find out how Web 3.0, the decentralized web, will revolutionize our world. Disclosure: I'm a nocoiner.