On this Market Cap episode, Joshua Lim, Global Co-Head of Markets at FalconX, joins our Director of Institutional Partnerships, Stefano Sanabria.

Joshua explains how crypto’s investor base has shifted toward professional asset managers, increasing demand for options and other limited-loss structures while moving Bitcoin ownership toward ETFs, digital asset treasuries, and managed accounts.

We also examine how crypto-native market structure is expanding into equities, commodities and prediction markets, while traditional finance adopts 24/7 markets, perpetuals and tokenized collateral.

Chapters
03:56 Capital Rotates From Crypto Into AI
09:41 ETF Options Overtake Crypto-Native Venues
12:19 The Changing Guard of Crypto Investors
18:03 Why 24/7 Markets Change Risk Management
19:47 Crypto Perps Open Access to Global Equities
22:11 Prediction Markets Are Really Risk Transfer
25:08 Turning Private Risk Into Tradable Markets
29:13 Regulation Creates Trade-Offs for Market Access
32:07 Access Is Really a Network Problem
39:28 Crypto and TradFi Are Converging Both Ways
43:34 Why Most Altcoins Still Lack Long-Term Value
50:31 FalconX’s New Synthetic Linear Instruments
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On Market Cap we speak with firms and individuals to explore the thinking that guides them, the patterns they observe, and other forces moving the markets.

🎥 Watch the video version: https://x.com/AleaResearch/status/2092980530199269564

On this Market Cap episode, Tom Wan, Head of Data at Entropy Advisors, joins our Director of Institutional Partnerships, Stefano Sanabria.

They discuss how proprietary onchain data can power everything from incentive design and treasury management to risk monitoring, and why Entropy’s deeply embedded approach can create an edge for clients.

They also explore Robinhood Chain’s rapid growth, its path from memecoin activity toward tokenized assets and institutional users, and how Arbitrum is building diversified revenue streams.

Chapters
2:28 From Bank Research To Onchain Data Intelligence
6:50 Why Public Blockchain Data Still Needs Decoding
12:29 Why Crypto Is Moving Toward Private Data
14:24 Data Is The Engine Behind Entropy's Services
16:45 Why Embedded Advisors Are Hard To Replace
25:12 Why Robinhood Chain Has A Distribution Moat
30:12 Robinhood Chain Reaches $1B TVL In Two Months
36:56 Why Memecoins Can Bootstrap A New Chain
44:26 Why Prediction Markets Need Deep Liquidity
47:38 Arbitrum Building Multiple Revenue Streams
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On Market Cap we speak with firms and individuals to explore the thinking that guides them, the patterns they observe, and other forces moving the markets.

🎥 Watch the video version: https://x.com/AleaResearch/status/2090102366901301250

On this Market Cap episode, Borja Neira, Institutional Market Structure & Product Strategy at Tempo, joins our Director of Institutional Partnerships, Stefano Sanabria.

They discuss why stablecoins have solved only part of the payments stack, and why fragmented settlement rails remain a major source of friction for institutions.

They also explore how tokenized money-market funds and more mobile liquidity could reshape institutional cash management and onchain settlement.

Chapters
2:34 Why Money's Plumbing Matters More Than Trading
6:57 Why Legacy Firms Don't Need New Financial Rails
10:28 Why Stablecoins Haven't Solved Payments
15:43 Remittance Firms Feel Settlement Friction First
21:45 Stablecoins, MTOs And Correspondent Banks
25:52 Why General-Purpose Chains Still Matter
32:22 Why Money Market Funds Are Financial Plumbing
35:30 How Tokenization Makes Idle Cash More Mobile
40:35 Liquidity Isn't Useful If It's Trapped
45:17 Execution And Settlement Should Be Separated
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On Market Cap we speak with firms and individuals to explore the thinking that guides them, the patterns they observe, and other forces moving the markets.

🎥 Watch the video version: https://x.com/AleaResearch/status/2087555426216972346

🎥 Watch the video version: https://www.youtube.com/watch?v=JjEKCOK4ZgE

On this Market Cap episode, our Director of Institutional Partnerships, Stefano Sanabria speaks with Andy Ross, Head of Institutional at Kalshi.

Kalshi enables investors to trade on almost anything with economic relevance, broadening the historical definition of what a commodity derivative is and paving the way for the futures market to catch up to the novel risks facing the economy today.

Kalshi is the first CFTC regulated exchange dedicated to trading on the outcome of future events and is backed by Sequoia, Henry Kravis, Charles Schwab, and Y Combinator.

Chapters
2:37 Why Prediction Markets Beat Algorithms At Truth
9:02 Why Retail Experts Make Institutions Smarter
13:35 Turning One Stock Into Tradable Risk Factors
17:19 From Ice Cream Shops To ARK Invest Hedges
23:24 Why Markets Reward Accuracy Over Consensus
27:27 Regulated Markets Win On Trust, Not Hype
39:03 How The World Cup Became A Hedging Market
46:21 Why Prediction Markets Are A Public Good
49:47 Arbitraging Fed Odds Across Kalshi And CME
54:09 Becoming Core Infrastructure For Trading Firms
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On Market Cap we feature firms and funds to explore the thinking that guides them, the patterns they observe, and other forces moving the markets.

🎥 Watch the video version: https://www.youtube.com/watch?v=SWF1QV7LyUo

On this Market Cap episode, our Director of Institutional Partnerships, Stefano Sanabria speaks with Michael Angjeli, Head of Treasury and Liquidity at @Velafi_global.

VelaFi provides stablecoin-powered financial infrastructure for global businesses, connecting local banking rails, global transfers, and major stablecoin networks to enable fast, compliant, and cost-efficient global money movement.

They serve over a thousand clients across 200 territories in Latin America, Asia and the US, with partners including Alibaba, MoneyGram, Circle, Jump Trading, Paxos, Fireblocks and many more.

Chapters
00:00 Stablecoins Rewrite Cross-Border FX Infrastructure
05:13 Why Banks Adopt Blockchain Only When Economics Win
09:40 The Hidden Complexity Behind a Single Payment
14:26 Treasury Runs on Banks, Liquidity, and Relationships
19:19 Stablecoins Aren't Enough to Win Payments Anymore
25:31 Why Local Licenses Beat Global Technology
29:29 Every Cross-Border Corridor Behaves Differently
39:11 Can OpenUSD Break USDT & USDC Network Effects?
43:24 Four Trends Reshaping Global Payments
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On Market Cap we feature firms and funds to explore the thinking that guides them, the patterns they observe, and other forces moving the markets.

🎥 Watch the video version: https://www.youtube.com/watch?v=vxr5KNy1N2w

On this Market Cap episode, our Director of Institutional Partnerships Stefano Sanabria speaks with Adrian Cachinero, Co-founder and Partner at Steakhouse Financial.

Steakhouse Financial is pioneering open and transparent finance.

They provide institutional-grade tools and advisory to raise, manage and distribute capital for the stablecoin economy.

Steakhouse manages $4 billion in stablecoin deposits, and is partnered with Robinhood, Coinbase, Sky, MetaMask, Janus Henderson and many others.

Chapters
03:14 Engineering, IB at Goldman, and Chocolate
05:51 Surprising Overlaps Chocolate and Crypto
08:57 Meeting Co-founder in MakerDAO Forums
11:56 MakerDAO and Early Role of Steakhouse
14:53 Launch of Morpho Blue and Its Impact on DeFi
18:08 Constraints, Controls, and 10/10
20:48 User Expectations and Transparency
22:56 Evolution of Vault Products and Regulation
25:42 The Future Will Run on Stablecoins
29:23 Robinhood Partnership and Curation
34:35 Grove and Tokenized Money Market Funds
39:28 Vision, Grove Basin, GROVE and More
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On Market Cap we feature firms and funds to explore the thinking that guides them, the patterns they observe, and other forces moving the markets.

🎥 Watch the video version: https://www.youtube.com/watch?v=3iRuZJhbKdM

On this Market Cap episode, our Director of Institutional Partnerships Stefano Sanabria speaks with John Hallahan, Director Business Solutions & Advisory at Fireblocks.

Fireblocks is a trusted digital asset and stablecoin infrastructure company, empowering organizations of all sizes to build, manage and grow their business on blockchain.

They streamline stablecoin payments, settlement, custody, tokenization, trading, accounting operations, and compliance reporting; securing more than $14T in digital asset transactions for counterparties such as Worldpay, BNY, Galaxy, Revolut, and thousands more.

Chapters
02:09 Consulting in Digital Assets
04:45 The Role of Big Four Consulting Firms
09:20 Shifting Role Profiles in Crypto
12:38 Advice for Crypto-Native Professionals
13:32 Fireblocks' Offerings Suite
16:54 Growth from Banks and PSPs
19:54 Regulatory Clarity and Its Impact
20:40 Different Client Cohorts Challenges
23:05 Fireblocks' One Stop Shop
25:28 Maintaining the Market Lead
27:17 Qivalis Consortium and Euro Stablecoins
31:38 Tokenized Deposits in the UK
36:19 Incumbent Banks Under Fire
40:58 Corporate Treasuries as Growth Market
46:01 Fireblocks Industry Engagements
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On Market Cap we feature firms and funds to explore the thinking that guides them, the patterns they observe, and other forces moving the markets.

🎥 Watch the video version: https://www.youtube.com/watch?v=y5rNljy6lT8

On this Market Cap episode, our Director of Institutional BD Stefano Sanabria speaks with Michael Howe, Head of Strategy at Bitwise Europe.

Since 2017, Bitwise has managed a broad suite of delta-one, index and active solutions across ETPs, ETFs, separately managed accounts, private funds, and hedge fund strategies in both the US and Europe.

Financial advisors, family offices, and institutional investors across the globe partner with Bitwise to understand and access opportunities in crypto.

Chapters
03:09 Insights from BTC Prague
06:16 STRC and Perpetual Preferred Stock
09:01 Michael Howe's Career Journey
15:15 Bitwise's Role in the Crypto Market
20:16 Understanding Bitwise's Product Suite
24:19 Agile and Specialized vs BlackRock
35:28 Chorus One Aquisition and Expertise
38:14 Zooming Out On Sustained Outflows
42:22 The Role of Financial Advisors in Crypto
44:23 The Rise of Stablecoins and Tokenization
48:24 Innovations in Yield Generation and Investments
55:06 The Future Bitwise's Onchain Solutions
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On Market Cap we feature firms and funds to explore the thinking that guides them, the patterns they observe, and other forces moving the markets.

🎥 Watch the video version: https://www.youtube.com/watch?v=1q1p-jrI0iM

On this Market Cap episode, our Director of Institutional BD Stefano Sanabria speaks with Eli Ndinga, Global Head of Research at 21shares.

Founded in 2018, 21shares is a crypto asset manager and issuer of exchange-traded products that provide investors with exposure to digital assets through traditional financial markets.

The firm offers a range of crypto investment products listed on major exchanges across Europe and other regions.

Chapters
02:16 Eli's Intro to Cryptography from a Navy SEAL
05:22 The Evolution of 21shares and Its Offerings
08:29 Understanding ETPs vs ETFs
12:56 Challenges in Launching New Crypto Products
16:49 Navigating Regulatory Landscapes in Crypto
20:27 The Importance of Research in Crypto
26:47 Hyperliquid: A Game Changer in Trading
33:41 Future of Hyperliquid and Market Dynamics
36:39 The Evolution of Tokenization and HYPE
41:28 Regulatory Clarity and Its Impact on ETFs
46:59 Exploring Future Sectors and Themes in Crypto
55:41 21shares Strategic Future Positioning in DA
01:04:00 Innovations and Insights from 21shares

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On Market Cap we feature firms and funds to explore the thinking that guides them, the patterns they observe, and other forces moving the markets.

https://www.21shares.com/
https://www.21shares.com/insights
https://x.com/21shares
https://x.com/21sharesCM

🎥 Watch the video version: https://www.youtube.com/watch?v=_OV6RrsuU9w

On this Market Cap episode, our Director of Institutional BD Stefano Sanabria speaks with Ali Boukhalfa, Head of Emerging Markets at P2P dot Org.

Founded in 2018, P2P dot Org provides non-custodial staking infrastructure and technology for intermediaries such as wallets, exchanges and custodians.

They are a leading institutional-grade staking provider, delivering maximum network rewards with secure access to emerging opportunities across 40+ blockchain networks.

Chapters
01:30 Insights from MENA Blockchain Week
03:59 The Growing Importance of the Middle East in Crypto
05:56 Ali's Journey from Boxing to Blockchain
06:51 Transitioning from Tech to Crypto
12:26 Lessons from Engineering and Sports
20:52 Understanding P2P's Business Model
21:50 The Evolution of Staking Services
26:51 Adapting to Institutional Needs
31:58 Understanding Counterparties and Their Needs
37:04 Market Trends and Institutional Adoption
46:12 Proactive Solutions for a Mature Market

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On Market Cap we feature firms and funds to explore the thinking that guides them, the patterns they observe, and other forces moving the markets.