Markus Thielen, 10x Research, predicts an imminent crypto bear market and up to a 60% correction in 2026.

Is the crypto bull run over? In this episode of Markets Outlook, Markus Thielen, founder of 10x Research, joins CoinDesk's Jennifer Sanasie, to discuss why we might be heading into a bear market in 2026.

Thielen argues that US stocks historically perform poorly during midterm election cycles. Combining this historical trend with the "institutional fatigue" visible in recent ETF outflows, he breaks down the data suggesting a potential 60% correction is on the horizon.

We also discuss the recent shift in "Whale" accumulation behavior and why the "digital gold" narrative is currently struggling to keep pace with physical gold performance.

-

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Free to scroll without being monetized.

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Break free with Midnight, visit ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠midnight.network/break-free⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠

-

Need liquidity without selling your crypto? Take out a ⁠⁠⁠⁠⁠Figure Crypto-Backed Loan⁠⁠⁠⁠⁠, allowing you to borrow against your BTC, ETH, or SOL with 12-month terms and no prepayment penalties. They have the lowest rates in the industry at 8.91%, allowing you to access instant cash or buy more Bitcoin without triggering a tax event.

Unlock your crypto’s potential today at Figure!

⁠⁠⁠⁠⁠https://figuremarkets.co/coindesk⁠⁠⁠⁠⁠

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This episode was hosted by Jennifer Sanasie.

Will bitcoin dip below $65K?

Bitcoin exited November down 17.5% in one of its largest monthly declines in three years. Traders are worried about potential MSCI methodology changes that could affect firms collectively holding more than $137 billion in digital assets. Will bitcoin continue to dip and test the $64,000 technical target? CoinDesk's Jennifer Sanasie hosts "CoinDesk Daily."

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Break free with Midnight, visit ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠midnight.network/break-free⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠

-

Need liquidity without selling your crypto? Take out a ⁠⁠⁠⁠⁠⁠⁠⁠⁠Figure Crypto-Backed Loan⁠⁠⁠⁠⁠⁠⁠⁠⁠, allowing you to borrow against your BTC, ETH, or SOL with 12-month terms and no prepayment penalties. They have the lowest rates in the industry at 8.91%, allowing you to access instant cash or buy more Bitcoin without triggering a tax event.

Unlock your crypto’s potential today at Figure!

⁠⁠⁠⁠⁠⁠⁠⁠⁠https://figuremarkets.co/coindesk⁠⁠⁠⁠⁠⁠⁠⁠⁠

-

This episode was hosted by Jennifer Sanasie. “CoinDesk Daily” is produced by Jennifer Sanasie and edited by Victor Chen.

CleanSpark CEO Matt Schultz joins us to discuss CleanSpark’s fiscal year 2025 earnings.

Subscribe to the Blockspace newsletter for market-making news as it hits the wire!

Welcome back to The Mining Pod! Today, Matthew Schultz, CEO of CleanSpark, joins us to talk about CleanSpark'sfiscal year 2025 earnings. CleanSpark raked in $766M in revenue for the year, hit the 50 EH/s milestone, and has begun expanding into AI loads. Schultz shares insights on CleanSpark’s partnerships with Submer for cooling solutions, the company’s capital strategy, the potential for hybrid mining-HPC loads at CleanSpark sites, and what the AI revolution means for bitcoin mining in the United States.

Subscribe to the newsletter! https://newsletter.blockspacemedia.com

**Notes:**

• $766M in FY 2025 revenue 

• LEadership change refocused company

• Austin Texas site underway

• AI load feasibility being explored for Sandersville, other sites

• $1.15B convertible note almost over subscribed

Timestamps:

00:00 Start

03:15 Overview of fiscal year

07:16 Leadership change

09:43 Texas site development

13:41 Submer cooling solutions partner

18:30 Containerized solutions

21:39 Green field vs retrofit

27:23 Blended AI & mining sites

30:50 Two business lines

36:11 $1.15B note

45:19 Evaluating operators

👉CleanSpark, America's Bitcoin Miner!

CleanSpark (Nasdaq: CLSK) is a market-leading data center developer with a proven track record of success. We own a portfolio of power, land, and data centers across the United States powered by globally competitive energy prices. Sitting at the intersection of Bitcoin, energy, operational excellence and capital stewardship, we optimize our infrastructure to deliver superior returns to our shareholders. Monetizing low-cost, high reliability energy by producing a global emerging critical resource – compute – positions us to prosper in an ever-changing world.

👉 FBOX, Cooling for Bitcoin Mining and the AI Data Center Transformation

FBOX is the global leader in cooling system manufacturing, with the #1 shipment volume of bitcoin mining containers worldwide. Not only powering for the strongest hashrate, their technology also helps mining infrastructure transform into AI data centers. Backed by the largest production scale on earth, global deployment capability, and a full range of cooling solutions, they are shaping the future of compute.

👉 Luxor, Leaders In Bitcoin Mining and Compute Power!

Get game-changing mining results with Luxor Firmware. Boost hashrate, cut energy costs, protect your hardware, and maximize mining profits with LuxOS.

Published twice weekly, "The Mining Pod" interviews the best builders and operators in the Bitcoin and Bitcoin mining landscape. Subscribe to get notifications when we publish interviews on Tuesday and a news show on Friday!

Insights into the past, present and future of crypto with Erik Voorhees.

Follow the podcast ⁠⁠⁠⁠⁠⁠⁠here⁠⁠⁠⁠⁠⁠⁠.

Venice.ai founder Erik Voorhees joins "CoinDesk Spotlight" to discuss his prediction of a sovereign bond market collapse and the predominant role of bitcoin in that future. Voorhees explains why he is fundamentally against a U.S. strategic bitcoin reserve, why crypto lobbying is "gross," and his thesis that cryptocurrency was actually built for AI agents.

-

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Free to scroll without being monetized.

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Break free with Midnight, visit midnight.network/break-free

-

Need liquidity without selling your crypto? Take out a ⁠⁠Figure Crypto-Backed Loan⁠⁠, allowing you to borrow against your BTC, ETH, or SOL with 12-month terms and no prepayment penalties. They have the lowest rates in the industry at 8.91%, allowing you to access instant cash or buy more Bitcoin without triggering a tax event.

Unlock your crypto’s potential today at Figure! ⁠⁠https://figuremarkets.co/coindesk⁠

-

Timestamps:

01:20 - Voorhees' First Memory of Money Mattering
04:00 - Discovering Bitcoin As a Solution to the Financial Crisis
06:13 - Could Bitcoin Replace Gold Completely?
07:17 - When Will There Be A Complete Financial Collapse?
10:47 - The Separation of Money and State
13:57 - Why Voorhees is Divided on Governments Holding Bitcoin
15:53 - Crypto Industry Engagement with Politicians Is "Gross"
19:49 - Voorhees' History with the SEC
21:48 - From Satoshi Dice to Prediction Markets
24:09 - What Does "Sufficiently Decentralized" Actually Mean?
27:35 - Ethereum's Trajectory
29:07 - Voorhees Predicts Base Will End Up the Predominant L2
32:01 - Sci-Fi and Technological Optimism
34:06 - Learnings from ShapeShift's DAO Structure
38:01 - Venice AI: Separation of Mind and State
40:24 - How Do We Avoid a Dystopian Future?
43:19 - How Venice AI Differs from ChatGPT and Gemini
47:46 - Unprogramming Human Instincts for Privacy
50:24 - The VVV Token
54:25 - Crypto is Built for AI Machines
56:56 - How He Lost 50K BTC Fighting The SEC

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This episode was hosted by Jennifer Sanasie. “CoinDesk Spotlight” is produced by Sam Ewen, Jennifer Sanasie, Taylor Fleming and Victor Chen.

Is gold beating bitcoin in 2025?

Mark Connors of Risk Dimensions argues that bitcoin is simply "too young" to rival gold's centuries of established infrastructure. With BTC down approximately 12% and gold rallying 60% in the past year, is gold winning the race as a safe haven asset in 2025? CoinDesk's Jennifer Sanasie hosts "CoinDesk Daily."

-

Break the cycle of exploitation.

Break down the barriers to truth.

Break into the next generation of privacy.

Break Free.

Free to scroll without being monetized.

Free from censorship.

Freedom without fear.

We deserve more when it comes to privacy. Experience the next generation of blockchain that is private and inclusive by design.

Break free with Midnight, visit ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠midnight.network/break-free⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠

-

Need liquidity without selling your crypto? Take out a ⁠⁠⁠⁠⁠⁠⁠⁠Figure Crypto-Backed Loan⁠⁠⁠⁠⁠⁠⁠⁠, allowing you to borrow against your BTC, ETH, or SOL with 12-month terms and no prepayment penalties. They have the lowest rates in the industry at 8.91%, allowing you to access instant cash or buy more Bitcoin without triggering a tax event.

Unlock your crypto’s potential today at Figure!

⁠⁠⁠⁠⁠⁠⁠⁠https://figuremarkets.co/coindesk⁠⁠⁠⁠⁠⁠⁠⁠

-

This episode was hosted by Jennifer Sanasie. “CoinDesk Daily” is produced by Jennifer Sanasie and edited by Victor Chen.

Markus Thielen, 10x Research, predicts an imminent crypto bear market and up to a 60% correction in 2026,

Is the crypto bull run over? In this episode of Markets Outlook, Markus Thielen, founder of 10x Research, joins CoinDesk's Jennifer Sanasie, to discuss why we might be heading into a bear market in 2026.

Thielen argues that US stocks historically perform poorly during midterm election cycles. Combining this historical trend with the "institutional fatigue" visible in recent ETF outflows, he breaks down the data suggesting a potential 60% correction is on the horizon.

We also discuss the recent shift in "Whale" accumulation behavior and why the "digital gold" narrative is currently struggling to keep pace with physical gold performance.

-

Break the cycle of exploitation.

Break down the barriers to truth.

Break into the next generation of privacy.

Break Free.

Free to scroll without being monetized.

Free from censorship.

Freedom without fear.

We deserve more when it comes to privacy. Experience the next generation of blockchain that is private and inclusive by design.

Break free with Midnight, visit ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠midnight.network/break-free⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠

-

Need liquidity without selling your crypto? Take out a ⁠⁠⁠⁠⁠Figure Crypto-Backed Loan⁠⁠⁠⁠⁠, allowing you to borrow against your BTC, ETH, or SOL with 12-month terms and no prepayment penalties. They have the lowest rates in the industry at 8.91%, allowing you to access instant cash or buy more Bitcoin without triggering a tax event.

Unlock your crypto’s potential today at Figure!

⁠⁠⁠⁠⁠https://figuremarkets.co/coindesk⁠⁠⁠⁠⁠

-

This episode was hosted by Jennifer Sanasie.

Coinbase's CMO, Cat Ferdon, shares the strategy for moving beyond crypto natives, normalizing "internet money," and defining the future of finance through culturally resonant campaigns.

Joining Gen C, Coinbase CMO, Cat Ferdon shares the strategy behind marketing one of the world's most powerful crypto brands. Cat discusses why economic freedom is Coinbase's core mission, how the company is moving beyond the "crypto native" audience to onboard the next generation, and her plan to normalize "internet money" by delivering culturally resonant campaigns that define the next decade of global adoption.

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Break the cycle of exploitation.

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Break Free.

Free to scroll without being monetized.

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We deserve more when it comes to privacy. Experience the next generation of blockchain that is private and inclusive by design. Break free with Midnight, visit ⁠⁠midnight.network/break-free⁠⁠

-

"Gen C" features host Sam Ewen. Executive produced by Uyen Truong.

Historical data reveals Bitcoin's Thanksgiving-to-Christmas performance is a literal coin toss: 6 up years, 6 down years since 2012. Learn why orange pilling family is brutally hard and the only strategy that actually works.

We analyze Bitcoin's historical holiday performance from 2012-2024, revealing that Thanksgiving-to-Christmas returns are a perfect 50/50 coin toss. We break down why 2017's spectacular bull run spoiled expectations, how the COVID-era 2020 produced the GOAT Thanksgiving shill with 69% gains, and why dollar cost averaging is the only advice worth giving your skeptical relatives. Plus: practical strategies for orange pilling family without ruining dinner.

Subscribe to the newsletter! https://newsletter.blockspacemedia.com

Notes:

• Bitcoin 50/50 up or down Thanksgiving to Christmas

• 2020 had 69% gain, best holiday performance ever

• 2017 bull run was 50% gains in one month

• 1 in 7 Americans now own Bitcoin

• Dollar cost averaging recommended strategy

• ETFs make onboarding boomers easier now

Timestamps:

00:00 Start

00:25 It's all about family

03:34 Past holiday returns

06:24 2017 & 2020 holiday markets

07:52 FTX

12:52 Akshually, the returns average 6%

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👋Blockspace Pod is produced Blockspace Media, Bitcoin’s first B2B publication in Bitcoin. Follow us on Twitter and check out our newsletter for the best information in Bitcoin mining, Ordinals and tech!

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Questions or want to sponsor? [email protected]

This week in bitcoin mining news, the Department of Homeland Security is targeting Bitmain with Operation Red Sunset, and Tether buys more shares of Bitdeer.

Subscribe to the Blockspace newsletter for market-making news as it hits the wire!

Welcome back to The Mining Pod! Today, Colin and Charlie break down Operation Red Sunset—the US government's probe into Bitmain over national security concerns. We also cover brutal mining economics with hashprice at all-time lows, Trump's new executive order spurring AI and energy R&D, Hive's $300M at-the-market offering, and Tether reupping its BTDR investment. And for this week’s dual cry corner, why Cardano still sucks and why gamers are crying as RAM prices surge from AI demand.

Subscribe to the newsletter! https://newsletter.blockspacemedia.com

**Notes:**

- Hash price at $36 per petahash per day (all-time low territory)

- First back-to-back negative difficulty adjustments since summer

- Small miners (1-5MW) shutting down operations

- DDR5 RAM jumped from $100 to $400+ per unit

- Hive raises $300M at-the-market offering

- Operation Red Sunset targets Bitmain security risks

Timestamps:

00:00 Start

01:34 Difficulty Report by Luxor

06:22 US probes Bitmain

13:37 White House Genesis Mission EO

18:34 Hive $300m ATM

20:40 Tether reups its BTDR stake

26:17 Cry Corner: Cardano go down

30:44 Cry Corner: RAM too spensy

👉CleanSpark, America's Bitcoin Miner!

CleanSpark (Nasdaq: CLSK), America's Bitcoin Miner®, is a market-leading Bitcoin miner with a proven track record of success. They own a fully self-operated portfolio of mining facilities across the U.S. powered by globally competitive energy prices. CleanSpark sits at the intersection of Bitcoin, energy, operational excellence and capital stewardship. Optimally monetizing low-cost, high reliability electricity positions them to prosper in an ever-changing world.

👉 FBOX, Cooling for Bitcoin Mining and the AI Data Center Transformation

FBOX is the global leader in cooling system manufacturing, with the #1 shipment volume of bitcoin mining containers worldwide. Not only powering for the strongest hashrate, their technology also helps mining infrastructure transform into AI data centers. Backed by the largest production scale on earth, global deployment capability, and a full range of cooling solutions, they are shaping the future of compute.

👉 Luxor, Leaders In Bitcoin Mining and Compute Power!

Get game-changing mining results with Luxor Firmware. Boost hashrate, cut energy costs, protect your hardware, and maximize mining profits with LuxOS.

Published twice weekly, "The Mining Pod" interviews the best builders and operators in the Bitcoin and Bitcoin mining landscape. Subscribe to get notifications when we publish interviews on Tuesday and a news show on Friday!

Texas buys $5M worth of BlackRock's bitcoin ETF.

Texas took a step toward building a state-based crypto reserve with its recent purchase of $5 million of BlackRock's bitcoin ETF. Other states have previously put state pension funds into such ETFs on behalf of retirees, but advocates are still awaiting a state to start its own stockpile. With the national reserve plan awaiting Congressional action, when will the United States make crypto investments on a federal level? CoinDesk's Sam Ewen hosts "CoinDesk Daily."

-

Break the cycle of exploitation.

Break down the barriers to truth.

Break into the next generation of privacy.

Break Free.

Free to scroll without being monetized.

Free from censorship.

Freedom without fear.

We deserve more when it comes to privacy. Experience the next generation of blockchain that is private and inclusive by design.

Break free with Midnight, visit ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠midnight.network/break-free⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠

-

Need liquidity without selling your crypto? Take out a ⁠⁠⁠⁠⁠⁠Figure Crypto-Backed Loan⁠⁠⁠⁠⁠⁠, allowing you to borrow against your BTC, ETH, or SOL with 12-month terms and no prepayment penalties. They have the lowest rates in the industry at 8.91%, allowing you to access instant cash or buy more Bitcoin without triggering a tax event.

Unlock your crypto’s potential today at Figure!

⁠⁠⁠⁠⁠⁠https://figuremarkets.co/coindesk⁠⁠⁠⁠⁠⁠

-

Genius Group has partnered with CoinDesk for Bitcoin Treasury Month, launching the Genius x CoinDesk Quest. Participants can join the Bitcoin Academy, complete free microcourses from experts like Natalie Brunell and Saifedean Ammous, and enter to win 1,000,000 GEMs (worth 1 BTC) promoting bitcoin education and adoption.Learn more at:  ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠geniusgroup.ai/coindesk-bitcoin-treasury-month/⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠

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This episode was hosted by Jennifer Sanasie. “CoinDesk Daily” is produced by Jennifer Sanasie and edited by Victor Chen.