NEW POD: How Tokenization Will Rebuild Capital Markets We Cover: 🔹 Tokenized stock ownership 🔹 SpaceX onchain access 🔹 Fractional order books 🔹 When tokens become shares & more! @marcarjoon @GabeOtte Links Below ↓

“I just don’t think that, at least right now, Strategy has the ability to sell any Bitcoin.” @marcryptonio says the issue is no longer the size of the sale. It's the narrative. If $MSTR becomes a regular seller, the market may stop viewing it as a levered BTC accumulation vehicle and start treating it like a Bitcoin risk-management fund.

"Tokenization is the next evolution." @GabeOtte says tokenization turns capital markets into a universal language across asset classes. Debt, real estate, public shares, and private shares stop living in separate market structures and start becoming manageable on one platform.

“Everything is upside down when traditional people talk about the stablecoin market.” @Matt_Hougan explains stablecoins are often portrayed as risky, while it's tokenized deposits that could make bank-run dynamics faster and more severe. In reality, stablecoins are trying to deliver faster settlement, stronger reserve backing, and more yield to end users than the traditional system.

“The CFTC didn’t simply bless offshore perps for everyone.” @marcryptonio explains this is a narrow Reg 30 structure that lets Coinbase access Deribit liquidity without fragmenting the market. That matters for Hyperliquid, Binance, and any offshore perp venue trying to reach the US without breaking the liquidity flywheel.

ICYMI NEW POD We Cover: 🔹 CFTC approving perps 🔹 Stablecoins vs deposits 🔹 Saylor's Bitcoin test 🔹 Will the Fed hike? @marcarjoon @Matt_Hougan @marcryptonio @dlawant 00:00 Intro 02:43 Where Institutions See Opportunity 11:31 Stablecoins vs Tokenized Deposits 26:55 Perps Finally Come Onshore 32:58 Are Perps Futures Or Swaps? 44:28 Coinbase Opens The Offshore Door 51:30 Can Strategy Actually Sell Bitcoin? 01:04:23 Is The Bitcoin Bottom In? 01:08:41 Will The Fed Hike Again?

“There is a real disruption taking place in the financial services business.” @Matt_Hougan says the private-market winners are increasingly either AI companies or financial services disruptors: Stripe, Revolut, Tether, Kraken, Figure, etc. The next bid may accrue to the companies using crypto infrastructure to rebuild financial services.

“I suspect we’re gonna see more idiosyncratic crypto assets in the future rather than less.” Crypto correlations may keep breaking down as investors separate commodities from real value and cash-flow-generating assets. $HYPE, $NEAR, $XLM, $TRX, and $ZEC are examples of a market where isolated drivers can outperform while majors sell off. @dlawant @Matt_Hougan

Bitcoin’s marginal buyer is fading. @marcarjoon points to three weakening demand signals: - Treasury companies bought half as much BTC as last month - ETF flows flipped negative after a two-month inflow streak - Whale balances are no longer accumulating

Institutional Bitcoin may be bullish for privacy coins. @Matt_Hougan argues that as Bitcoin moves further into regulated, corporate, and ETF channels, it creates space for assets serving crypto’s “pirate corner.” “Could it be 10% the size of Bitcoin? That doesn’t seem absurd.”

“I think what will go down as probably the biggest mistake was the L2 thesis.” @marcryptonio says Ethereum’s L2 strategy cannibalized the L1 without replacing the lost economics. Does activity migrate back to Ethereum L1, or did the L2 era permanently push builders toward other chains?

ICYMI NEW POD We Cover: 🔹 AI siphoning attention 🔹 Clarity Act odds dropping 🔹 Hyperliquid's breakout 🔹 Privacy coin resurgence 🔹 Ethereum's identity crisis & more! @marcarjoon @Matt_Hougan @marcryptonio @dlawant TIMESTAMPS: 00:00 Intro 02:08 Crypto Loses Its Momentum 08:57 Can Clarity Revive Crypto? 10:26 Bitcoin Sentiment Breaks Down 13:25 Hyperliquid And Fundamental Value 18:58 Crypto’s Fundamental Turning Point 22:31 Zcash And Privacy’s Comeback 31:12 Bitcoin Options Take Off 36:48 The Covered Call Trap 42:56 Ethereum’s Identity Crisis 49:02 Why Ultrasound Money Failed 56:26 Strategy Sales And US Perps

“Crypto’s becoming a contrarian investment.” AI, SpaceX, IPOs, and Clarity uncertainty are draining attention and capital from crypto. There's much more pressure now to underwrite each asset by fundamentals.