The Chopping Block: Robinhood’s Tokenized-Stock Gambit, Solana’s ETF Splash & the Proof-of-Stake Reality Check - Ep. 862

Markets are nervous, liquidity is drying up, and political messaging is inconsistent at best. In this week’s Bits + Bips, the crew unpacks the shifting mood across capital markets and what it will take to bring back the risk-on energy. From Trump’s high-stakes tariff strategy to whispers of deregulation, tax cuts, and even capital flooding, the stakes are rising. Plus: What would trigger a “Trump put” Will crypto finally benefit from the global chaos? Whether the devaluation of the yuan could be a big moment And how animal spirits might return… if they’re properly incentivized Show highlights: Sponsors: Bitwise Hosts: James Seyffart, Research Analyst at Bloomberg Intelligence Joe McCann, Founder, CEO, and CIO of Asymmetric Ram Ahluwalia, CFA, CEO and Founder of Lumida Noelle Acheson, Author of the “Crypto Is Macro Now” Newsletter  Links Newsweek: Steve Bannon's 'Flood the Zone' Strategy Explained Amid Trump Policy Blitz Cointelegraph: Senator Tim Scott is confident market structure bill passed by August CoinDesk: Donald Trump's Memecoin Faces Massive $320M Token Unlock Amid Record Low Price Decrypt: Canada to Launch 'World First' Spot Solana ETFs With Staking This Week: Balchunas YouTube: The Great Tariff Debate with David Sacks, Larry Summers, and Ezra Klein Bloomberg: Investors Fear Another Big Blowup of Basis Trade as Treasuries Lose Haven Status Wall Street Journal: China’s March Lending Jumped on Government Stimulus Push CoinTelegraph: Bitcoin Shows Growing Strength During Market Downturn — Wintermute  Timestamps: 👋0:00 Intro 🥊 1:54 Who won the All-In Sacks vs. Summers debate? 🌍 8:01 Why Trump’s 130-country strategy might reshape global trade 💧 18:32 Does the market have a creeping liquidity crisis? 📈 26:15 What might actually make Trump pivot before the midterms 📉 32:18 How hedge funds are quietly bracing for more chaos 🥇 36:52 Why gold and crypto are standing out in this macro mess 🎭 40:15 How Trump’s love of media attention impacts his strategy 🚀 48:02 What might finally reignite serious crypto interest 🧠 53:01 Can investor confidence return without real economic momentum? 💣 1:08:27 Why the yuan’s devaluation could be a major crypto inflection point 🐉 1:14:02 Ram’s strategy to disrupt China’s power plays Learn more about your ad choices. Visit megaphone.fm/adchoices

16 Apr 1h 17min

The crypto markets are at a crossroads. While macro chaos — tariff whiplash, rising yields, and inflation fears — continues to dominate headlines, bitcoin has barely budged. And some say that’s exactly the signal. In this episode, Matt Hougan of Bitwise and Matthew Sheffield of FalconX join Laura to unpack the tension between short-term volatility and long-term conviction. They explore why this cycle may look very different from previous ones, how institutional capital is navigating crypto, and whether we’re entering a new era defined by fundamentals, not just narratives. Plus: Why bitcoin might hit $200K, what Ethereum needs to reclaim momentum, and the real potential of DeFi under this new administration. Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com Thank you to our sponsors! Bitwise Human Rights Foundation Guest: Matt Hougan, CIO of Bitwise Previous appearances on Unchained: How Small Bitcoin ETF Issuers Will Compete With the Likes of BlackRock Why a Spot Bitcoin ETF Will Probably Launch No Later Than January 10 Matthew Sheffield, Senior Trader at FalconX Links Subscribe to our new crypto + macro newsletter! https://bitsandbips.beehiiv.com/subscribe Recent coverage of Unchained on the economy and tariffs:  Why CoinFund Believes There’s Still a Strong Bull Case for Bitcoin and Crypto Arthur Hayes on Why Tariffs Will Be Good for Bitcoin and Crypto Bits + Bips: Why a U.S. Recession May Be Coming — And Still Isn’t Priced In Bits + Bips: Trump’s Tariffs Are Causing Mayhem, But Will They Revive U.S. Manufacturing? Trump Tariffs Sink Crypto, BlackRock Pumps Bitcoin’s Bags Why Trump-Induced Stagflation Could Finally Make Bitcoin a Safe Haven In Market Crash, What Should You Buy? Crypto VCs Are Making These Bets Bitcoin Tops $83,000 as Tariff Pause Sends Markets Soaring Crypto Traders See Another $1B Liquidated Amid Tariff Turbulence  Recession incoming? Ray Dalio’s remarks on Meet the Press Timestamps: 📍 0:00 Introduction 🧠 3:48 “An extraordinary moment to live in,” says Matt ⚖️ 5:21 The growing disconnect between long-term belief and short-term pain 🔍 7:40 Why fundamentals are finally taking center stage in investor analysis 🐻 12:34 Solana’s memecoin reputation… can it shake the stigma? 🏛️ 14:29 How ETFs permanently changed crypto market dynamics 📉 15:27 What the 10-year treasury is telling us about bitcoin’s next move 📊 20:28 What crypto options are revealing about investor sentiment 📈 22:33 Whether Ray Dalio is right about where the U.S. economy is headed 💵 28:16 What a weaker dollar means for bitcoin’s value 🚀 31:17 Is $200K bitcoin coming? And who will drive it there? 🌊 38:55 What has to happen for alt season to actually return 🔄 44:40 What light ETF outflows since “Liberation Day” mean 📈 51:10 Why crypto IPO demand is heating up ⚖️ 54:37 DeFi’s big regulatory moment and why the market might be missing it Learn more about your ad choices. Visit megaphone.fm/adchoices

15 Apr 57min

Tariffs were back on the table, and then they weren’t. Last week, the Trump administration stunned markets with an announcement of sweeping new tariffs, including a 10% blanket rate and a 125% tariff on Chinese imports. But within days, most of those tariffs were put on a 90-day pause.  The result? A rollercoaster in equities, credit, and crypto… and plenty of questions about what’s really next. Seth Ginns, managing partner at CoinFund, is watching all of this closely. He says the data is flashing stress, but underneath, something else is building. In this episode, Seth breaks down: Why tariffs hit crypto harder than most investors expected The metrics that could signal the next macro moves and their impact on digital assets Why he’s still cautiously bullish, even amid volatility Whether an altcoin season is coming Why Bitcoin’s safe haven narrative might finally be tested Why the Trump administration’s policies, despite the turbulence, boost crypto Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com Thank you to our sponsors! BitKey: Use code UNCHAINED for 20% off FalconX  Mantle  Guest Seth Ginns, Managing Partner at CoinFund Links Subscribe to our new crypto + macro newsletter! https://bitsandbips.beehiiv.com/subscribe Recent coverage of Unchained on the economy and tariffs:  Arthur Hayes on Why Tariffs Will Be Good for Bitcoin and Crypto Bits + Bips: Why a U.S. Recession May Be Coming — And Still Isn’t Priced In Bits + Bips: Trump’s Tariffs Are Causing Mayhem, But Will They Revive U.S. Manufacturing? Trump Tariffs Sink Crypto, BlackRock Pumps Bitcoin’s Bags Why Trump-Induced Stagflation Could Finally Make Bitcoin a Safe Haven In Market Crash, What Should You Buy? Crypto VCs Are Making These Bets Bitcoin Tops $83,000 as Tariff Pause Sends Markets Soaring Crypto Traders See Another $1B Liquidated Amid Tariff Turbulence  Timestamps: 👋 0:00 Intro 🔁 3:23 Why Trump reversed course on the sweeping tariff announcement 📉 6:33 How tariffs ripple through crypto harder than most expect 🔍 8:38 What CoinFund is watching in macro — and where the silver linings might be ⚖️ 13:48 Why Seth urges short-term caution but sees long-term tailwinds 🚀 16:14 Could altcoins actually run? Here’s how Seth defines a real “alt season” 🏦 19:13 Is this the moment Bitcoin becomes a true safe haven asset? 💰 21:56 Will new stimulus hinge on tariffs — or something else entirely? ✅ 25:11 Why Seth is surprisingly optimistic about Trump’s crypto policy so far 📰 28:27 News Recap Learn more about your ad choices. Visit megaphone.fm/adchoices

11 Apr 39min

Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner chop it up about the latest in crypto. In this episode, the crew is joined by Jeff Park, Alpha Liaison at Bitwise, for a deep dive into the chaos gripping global markets and what it all means for crypto. With tariffs ripping through equities and whispers of stagflation on the rise, Jeff breaks down why Bitcoin might still be headed for $200K – and why MicroStrategy might be the new altcoin. They also unpack Circle’s delayed IPO, Ripple’s $1.25B acquisition, and whether capital markets are finally warming up to crypto. Show highlights 🔹 Bitcoin’s $200K Endgame? – Bitwise’s Jeff Park explains why BTC could thrive even in stagflation or full-on macro chaos 🔹 Tariffs, Stagflation & the Dollar – Why Trump’s “Liberation Day” tariffs might mark the end of U.S. stock market dominance 🔹 Bitcoin vs. Gold – Jeff breaks down how BTC is winning over the next-gen investor as the ultimate store of value 🔹 Altcoins Are Just Leverage – Why institutions may abandon alts for Bitcoin ETF options and MicroStrategy exposure 🔹 Circle’s IPO Delay – What Circle’s numbers really show, and why Coinbase is eating half their yield 🔹 Ripple Buys Hidden Road – The biggest crypto M&A ever? What it means for prime brokerage and TradFi on-chain 🔹 The Return of the Bitcoin Wolves – Jeff’s theory on “positive vs. negative rho” Bitcoin and how both narratives can win 🔹 The Impossible Trinity – Jeff connects the dots between FX regimes, U.S. dollar hegemony, and Bitcoin’s global role 🔹 Crypto’s Macro Decoupling – The panel debates whether Bitcoin is finally unhooking from traditional risk assets 🔹 The “Altcoin of TradFi” – MicroStrategy’s secret sauce, and why it’s become Wall Street’s favorite crypto casino Hosts ⭐️Haseeb Qureshi, Managing Partner at Dragonfly ⭐️Robert Leshner, CEO & Co-founder of Superstate ⭐️Tom Schmidt, General Partner at Dragonfly  Guest ⭐️ Jeff Park, Head of Alpha Strategies & PM at Bitwise Asset Management Disclosures Links Circle S-1 Filing https://www.sec.gov/Archives/edgar/data/1876042/000119312525070481/d737521ds1.htm  Ripple Acquires Prime Broker Hidden Road for $1.25B in One of the Largest Deals in the Digital Assets Space https://ripple.com/ripple-press/ripple-acquires-prime-broker-hidden-road/  Timestamps -  0:00 Intro 02:49 Impact of Tariffs on Crypto 03:27 Bitcoin's Role in Investment Portfolios 06:14 Retail vs. Institutional Investors 07:29 Bitcoin's Sensitivity to Interest Rates 12:31 Altcoins & Institutional Interest 15:02 MicroStrategy: The Altcoin of TradFi 23:25 Geopolitical Implications of Tariffs 36:55 Global Currency Models & Bitcoin's Role 38:20 Bitcoin's Performance in Different Economic Scenarios 45:12 Circle's IPO & Business Viability 57:31 Ripple Labs' Acquisition of Hidden Road Learn more about your ad choices. Visit megaphone.fm/adchoices

10 Apr 1h 5min

The markets are rattled. Tariffs are rising. Investors are pulling back. In this week’s Bits + Bips, the panel digs into what’s really driving the selloff, why the Fed may be stuck, and how Trump’s tariff logic could trigger deeper economic shocks than anyone expects. Plus: Whether Bitcoin becomes a safe haven What makes this downturn different from 2022 and 2020 Why a potential recession still isn’t priced in Whether Congress can take the tariff button away from Trump And yes, Ram coins a new term: FAFO tariffs 😀 Sponsors: Bitwise Hosts: James Seyffart, Research Analyst at Bloomberg Intelligence Alex Kruger, Founder of Asgard Ram Ahluwalia, CFA, CEO and Founder of Lumida Noelle Acheson, Author of the “Crypto Is Macro Now” Newsletter  Links Tariffs: Recent coverage of Unchained on the economy and tariffs:  Arthur Hayes on Why Tariffs Will Be Good for Bitcoin and Crypto Bits + Bips: Trump’s Tariffs Are Causing Mayhem, But Will They Revive U.S. Manufacturing? Trump Tariffs Sink Crypto, BlackRock Pumps Bitcoin’s Bags Why Trump-Induced Stagflation Could Finally Make Bitcoin a Safe Haven In Market Crash, What Should You Buy? Crypto VCs Are Making These Bets 10-year yield and the Fed CNBC: 10-year Treasury yield rises back above 4% despite tariff threat to growth Reuters: No Fed 'put' when it's unclear which way the economy may pivot 2008 Market Crash Federal Reserve: The Great Recession and Its Aftermath CNN: Bailout Plan Rejected - Supporters Scramble Can Congress Step In? Economist: How Donald Trump’s Tariffs Will Probably Fare in Court Politico: Trump Threatens Veto of Bill to Curb Tariff Power Timestamps: 👋 0:00 Intro 📉 3:30 Why this selloff feels nothing like 2022 or 2020 🪞 8:41 Why buying signals could be a mirage 🤔 11:28 Is the bear market already priced in? What investors are missing. 🏚️ 14:35 Could this turn into a fall “2008 scenario”? And what real buyers are doing now 🧮 25:57 Why Trump’s tariff math is wrong, and how it will create problems for the administration 📈 36:15 Why Trump wants the 10-year yield down, and why he’s failing 🛟 39:59 What counts as a safe haven right now, and is bitcoin one of them? 🏦 52:42 Can the Fed stand up to Trump’s pressure to cut rates? 🚫 57:56 Trump thinks that the trade deficit is a profit/loss statement. Why that’s a problem.  ⚖️ 1:01:19 Can Congress pull Trump’s tariff authority? 💵 1:06:32 Can stablecoins save dollar demand? Learn more about your ad choices. Visit megaphone.fm/adchoices

9 Apr 1h 13min

TradFi and DeFi markets are in motion, responding to Trump’s tariffs, but a giant injection of liquidity could be on the way. Maelstrom CIO Arthur Hayes provides his expertise on economic policy, macro movements, and political implications, delving into a variety of topics, including: Trump’s rationale for tariffs The possibility of a “fiat liquidity bonanza” and what it means for crypto What the Hyperliquid brouhaha reveals about decentralization dreams How Ethena might be an attack on Ethereum The value prop of Circle’s IPO Future price expectations for BTC, ETH, and SOL Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com Thank you to our sponsors! Bitwise HRF Guest: Arthur Hayes, CIO of Maelstrom Previous appearances on Unchained: How Arthur Hayes Has Prepared His Portfolio for the Elections Links Previous coverage on Unchained: Trump Tariffs Sink Crypto, BlackRock Pumps Bitcoin’s Bags Why Trump-Induced Stagflation Could Finally Make Bitcoin a Safe Haven Tariffs, Hyperliquid, and $1 million Bitcoin Arthur Hayes on X: Tariffs = money printer goes brrrr Arthur Hayes on X: Is Trump trying to trigger a mini financial crisis? Arthur Hayes on X: CZ and Star ‘gang up’ on HyperLiquid Kevin Zhou on X: Binance and OKX listing $JELLY sets a precedent DL News: Arthur Hayes on the one reason that tariffs can’t stop Bitcoin’s surge Trump pardon: CFTC.gov: Federal Court Orders BitMEX’s Three Co-Founders to Pay a Total of $30 Million for Illegally Operating a Cryptocurrency Derivatives Trading Platform and Anti-Money Laundering Violations | CFTC (May 2022) Justice.gov: Southern District of New York | Global Cryptocurrency Exchange BitMEX Fined $100 Million For Violating Bank Secrecy Act | United States Department of Justice (Jan 2025)  CNBC: Politics Trump pardons three BitMEX crypto exchange co-founders, and ex-employee  Timestamps: 👋0:00 Intro 😰 4:07 Does Trump’s tariff rationale make sense? 💲 10:49 The upcoming “fiat liquidity bonanza” and what it means for crypto 🫤 20:18 What’s wrong with a Bitcoin Strategic Reserve? 💥 24:20 The Hyperliquid brouhaha and the decentralization pipe dream 💪 32:04 Why Binance and OKX “fatal blow” on Hyperliquid didn’t work ⚖️ 37:57 Trump’s pardon of Hayes and his visit to Mar-a-Lago 👀 46:27 How Ethena’s Converge chain affects Ethereum 🤼‍♀️ 52:58 SOL vs ETH: Which is a better buy right now? 😬 57:12 Hayes’ opinion of USDC’s Circle filing for an IPO 🤔 1:00:18 How does Hayes suss out potential investments? 📈 1:03:11 Price predictions on BTC, ETH and SOL Learn more about your ad choices. Visit megaphone.fm/adchoices

8 Apr 1h 6min

USDC stablecoin issuer Circle has filed for an initial public offering with the SEC, as Trump’s tariffs cause turmoil in the markets and stablecoin bills make their way through Congress, promising to upend competition.  The information in its prospectus shows a company that has few aces up its sleeve, a lot of business deals to make and a perhaps lofty valuation. Omar Kanji, Partner at Dragonfly, joined the show to explain: How Circle can get USDC into the hands of users Circle’s staggering regulatory compliance costs vs. the likes of Tether Circle’s S-1 valuation of $5 billion Forthcoming regulatory clarity and how it changes the stablecoin game The potential impact of tariffs on Circle’s success Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com Thank you to our sponsors! BitKey: Use code UNCHAINED for 20% off FalconX Mantle Guest Omar Kanji, Partner at Dragonfly Links Previous coverage on Unchained:  Congress Bickers Over Whether to Bail Out Stablecoins How a Radical Proposal in Trump’s World Could Hurt Stablecoins, but Boost Bitcoin Coinbase Aims to Jointly Pass Market Structure and Stablecoin Legislation in Congress Stablecoin Bills Could Squeeze Out $140 Billion Tether Circle files an initial public offering SEC: Circle’s S-1 Filing Coindesk: Circle is going public Fortune: 5 key takeaways X @dom_kwok: Circle’s IPO is historic Bloomberg: Bitcoin Succumbs to Risk Asset Slump as Trump Sets Tariffs Timestamps: 🤝 0:00 Introduction 🫰 4:04 Circle’s shockingly high distribution costs for USDC 💲 7:11 How much does Circle’s revenue depend on interest rates? 🤯 10:46 Circle’s staggering regulatory compliance costs vs. the likes of Tether 📈 16:02 How imminent regulatory clarity for stablecoins helps and hurts Circle 🫤 23:11 Is Circle’s $5 billion valuation realistic? ⚖️ 25:21 How stablecoin competition might look after stablecoin bills become law 😰 28:14 How will Trump’s tariffs affect Circle’s IPO? Learn more about your ad choices. Visit megaphone.fm/adchoices

4 Apr 43min

After President Donald Trump’s proud announcement of ‘Liberation Day’ tariffs, markets worldwide took a tumble.  Shortly after Trump’s Rose Garden announcement concluded, James Seyffart, Steven Ehrlich, Ram Ahluwalia, and guest Quinn Thompson discussed: How markets reacted Whether tariffs can bring middle-class jobs back to America Who will end up paying the most Future possibilities of war, recession and stagflation How it all affects crypto Sponsors: Bitwise Hosts: James Seyffart, Research Analyst at Bloomberg Intelligence Ram Ahluwalia, CFA, CEO and Founder of Lumida Guests: Steven Ehrlich, High Scribe of the Unchained Kingdom Quinn Thompson, Master of Macro at Lekker Capital Links Trump Tariffs Shake Markets New York Times: A Stunned World Reckons With Economic Fallout From Trump’s Tariffs Wall Street Journal: U.S. Stock Futures, Dollar Tumble on Trump Tariff Plans New York Times: A Timeline of Trump’s On-Again, Off-Again Tariffs US Tariff History CATO Institute: The Problem of the Tariff in American Economic History, 1787–1934 Brookings: Did Trump’s tariffs benefit American workers and national security? Impact on Bitcoin and Crypto Unchained: Why Trump-Induced Stagflation Could Finally Make Bitcoin a Safe Haven Unchained: How a Radical Proposal in Trump’s World Could Hurt Stablecoins, but Boost Bitcoin The Concerned Consumer and CEO CBS: Consumer confidence slumps to 12-year low as Americans fret over their financial prospects NPR: Why CEOs are calm about tariffs in public — but 'very discouraged' in private 🤝 00:00 Introductions + Quinn’s background 📕 4:09 Trump’s take on U.S. tariff history 📉 6:11 The market’s tumultuous reaction 🏭 11:13 Will tariffs bring manufacturing back to America? ▶️◀️ 12:47 The contradictions in Trump’s policies and the threat of stagflation ⏳ 18:53 Why Trump doesn’t have as much time as he thinks 🥵 24:12 Will American consumers bear the burden? 💥 26:05 Taking a wrecking ball to market psychology ❓ 28:02 Whether Trump inherited a healthy or faltering economy 🫸 32:00 Why CEOs are hesitating and how to persuade them to invest in manufacturing ❌ 35:11 “This is not the way you go do it.” 🇹🇼 40:44 Another contradiction: Trump willing to defend Taiwan while being isolationist? 🪖 47:55 Why the current geopolitical climate is especially dangerous 😱 55:51 Is America heading for a recession? 🤔 01:02:00 How will this affect Bitcoin? Learn more about your ad choices. Visit megaphone.fm/adchoices

3 Apr 1h 12min