Transform Ventures CEO and author of "Bitcoin Supercycle” Michael Terpin joins CoinDesk's Jennifer Sanasie on Markets Outlook to explain why he believes the bear market is over and "Bitcoin winter," the long climb back to the top, has officially begun. Terpin lays out his path to $120K by late next year, why 2028-29 could bring a rare collision of presidential and stock market cycles, when he sees million-dollar bitcoin, and why he believes an altcoin supercycle is coming too.

Plus, GSR’s Managing Director of Asset Management Andy Baehr on why fixed income, not equities, will be the real catalyst that takes tokenization mainstream.

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This episode is brought to you by Grayscale, the world's largest digital asset-focused investment platform. Grayscale's mission is to make digital asset investing simple and open to every investor. Learn more at grayscale.com.

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This episode is brought to you by RealFi, a smarter stablecoin, backed by real-world assets. Join the Testnet now at realfi.co.

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Timecodes:

00:00 - Michael Terpin Joins Markets Outlook

01:02 - Bitcoin Winter Is Here: Why the Bull Market Has Begun

02:40 - The Four Seasons of Bitcoin, Explained

04:45 - The Path to $120K Bitcoin

06:02 - Does the AI Trade Make This Cycle Different?

07:34 - When Bitcoin Breaks From Risk Assets

08:52 - The 2028-29 Cycle Collision

10:39 - Why Million-Dollar Bitcoin Needs a Supercycle

12:58 - Brand New Rails: Why Fixed Income Beats Equities for Tokenization

16:12 - Million-Dollar Bitcoin by 2037?

17:45 - 95% Mined: The Coming Supply Shock

18:38 - 28M Millionaires, 21M Bitcoin: What the Market Is Missing

19:44 - What Happens When the Last Bitcoin Is Mined?

20:52 - The Coming Altcoin Supercycle

22:53 - Memecoins Meet Tokenized Stocks

Nikhil Chandhok, Chief Technology and Product Officer at Circle, joins CoinDesk Contributor Kate Irwin on Markets Outlook the day Arc mainnet goes live. Chandhok explains why gas on Arc is USDC and not a native token, how opt-in privacy works, why BlackRock and Visa signed on as validators, and what changes for institutions when GENIUS rules take effect in January.

Plus, Beezie Founder and CEO Andrea Miele on why tokenized luxury goods are the next frontier for provenance and liquidity.

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This episode is brought to you by Grayscale, the world's largest digital asset-focused investment platform. Grayscale's mission is to make digital asset investing simple and open to every investor. Learn more at grayscale.com.

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This episode is brought to you by RealFi, a smarter stablecoin, backed by real-world assets. Join the Testnet now at realfi.co.

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Timecodes:

00:00 - Nikhil Chandhok Joins Markets Outlook

00:59 - CLARITY Failed. Why GENIUS Is Circle's Guiding Light

02:37 - Circle Announces Arc Mainnet

03:00 - How Opt-In Privacy Works on Arc

04:35 - Why Gas Is USDC and Not a Native Token

06:52 - Will AI Agents Take Over Onchain Activity?

10:10 - Brand New Rails: Tokenized Luxury with Beezie

13:11 - Why BlackRock and Visa Signed On as Validators

15:20 - DeFi on Arc: Aave, Morpho and Uniswap

16:43 - The Biggest Challenge Facing Institutions

18:45 - Bitcoin, Ethereum, and Why Circle Isn't Bearish

Ran Neuner, Founder of Crypto Banter, joins Coindesk’s Jennifer Sanasie on Markets Outlook with charts in hand to explain why Bitcoin's pullback from $82K is textbook post-golden-cross behavior, and why he thinks the real story is what comes next. Neuner breaks down Scott Bessent's Treasury buybacks as the engine of the rally, why ETH just broke a nine-year downtrend against Bitcoin, and why he's rotating out of layer ones and into apps with real users and revenue.

Plus, Energy Substantiation Co-Founder Wil Harris joins Brand New Rails to explain why hard-to-custody assets, like oil, are tokenization's real frontier.

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This episode is brought to you by Grayscale, the world's largest digital asset-focused investment platform. Grayscale's mission is to make digital asset investing simple and open to every investor. Learn more at grayscale.com.

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This episode is brought to you by RealFi, a smarter stablecoin, backed by real-world assets. Join the Testnet now at realfi.co.

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Timecodes:

00:00 - Ran Neuner Joins Markets Outlook

00:45 - The Golden Cross and Bitcoin's Pullback

02:31 - Bessent's Buybacks and Why $6B Disappointed the Market

03:56 - Oil, the War, and Trump's $1.4T Stimulus Promise

06:47 - Brand New Rails: Tokenized WTI Crude Oil

09:37 - "Crypto's Biggest Bull Market Ever"

11:33 - ETH Breaks a Nine-Year Downtrend Against Bitcoin

14:03 - Altcoins to 7X Bitcoin? Crypto's Product Market Fit

18:02 - Why AI Agents Are Crypto's Real Use Case

19:54 - What Makes an Altcoin Win: Users, Revenue, Buybacks

Matt Hougan, Chief Investment Officer of Bitwise Asset Management, joins Jennifer Sanasie for a special edition of Markets Outlook from the New York Stock Exchange to unpack the market's overnight flip from despair to euphoria. Hougan explains why a traditional 60/40 portfolio is "100% fiat currency," why holding 0% Bitcoin has become a misallocation, and where he's allocating now. Plus, why he gives Bitcoin a good chance of reclaiming $100K this year and sees $1.3 million by 2035. 

Stellar Development Foundation CEO Denelle Dixon also joins to unpack Stellar crossing $4 billion in tokenized real-world assets, a 400% jump since January.

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Timecodes:

00:00 - Matt Hougan Joins Markets Outlook

00:45 - Despair to Euphoria: What Flipped the Market

03:20 - AI Stocks vs. Bitcoin

05:49 - Brand New Rails: Stellar Crosses $4B in Tokenized RWAs

08:05 - Bitcoin, Zcash, and the Tokenization Trade

14:15 - Matt's Bitcoin Price Prediction This Year and By 2035

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This episode is brought to you by Grayscale, the world's largest digital asset-focused investment platform. Grayscale's mission is to make digital asset investing simple and open to every investor. Learn more at grayscale.com.

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This episode is brought to you by RealFi, a smarter stablecoin, backed by real-world assets. Join the Testnet now at realfi.co.

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This episode was hosted by Jennifer Sanasie.

Pierre Rochard, CEO of The Bitcoin Bond Company, joins Jennifer Sanasie on Markets Outlook to unpack the narratives driving crypto markets heading into Q4. From his 80K year-end price target to his rebuttal of Mark Cuban's "chips are the new crypto" take, Pierre breaks down why Bitcoin's scarcity story remains intact and why miners pivoting to AI could actually be a tailwind for Bitcoin price. Plus, Bullish's new Head of Tokenization joins to unpack what it means to be the first regulated exchange to trade tokenized equity.

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Timecodes:

00:00 - Pierre Rochard Joins Markets Outlook

00:56 - Watching the Fed and Treasury

02:14 - Pierre’s Bitcoin Price Target

02:24 - Responding to Mark Cuban: Chips vs. Bitcoin

06:01 - Why Cuban May Have Latched Onto the Wrong Narrative

07:25 - Will Retail Come Back to Bitcoin?

09:24 - Brand New Rails: Bullish Launches Tokenized Equity Trading

12:02 - Self-Custody vs. Exchanges Post-ColdCard

13:42 - The Best Ways to Get Bitcoin Exposure

15:32 - Bitcoin Miners Pivoting to AI

17:21 - Why Miners Leaving Is Actually Bullish for Bitcoin

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This episode is brought to you by RealFi, a smarter stablecoin, backed by real-world assets. RealFi is launching August 2026. Join the Testnet now at realfi.co.

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This episode was hosted by Jennifer Sanasie.

With Fomo posting all-time high fees in August and with roughly 100,000 daily traders, co-founder Se Yong Park joins CoinDesk Contributor Kate Irwin on Markets Outlook to unpack the Solana-to-Robinhood Chain growth story, why social finance apps like Farcaster and Zora never broke out, and how prediction markets could turn a generation of bettors into traders. 

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Timecodes:

00:00 - Se Yong Park Joins Markets Outlook

01:11 - Inside FOMO's Record August in Fees

02:22 - Institutional Era, Consumer Endgame

03:43 - Solana, Robinhood Chain, and the Multi-Chain Effect

06:10 - Why Farcaster and Zora Never Broke Out

08:05 - Prediction Markets Will Turn Bettors Into Traders

09:24 - Advice for Founders: Ship Before It's Perfect

10:51 - DeFi is a Matter of When, Not If

12:39 - Regulation, Innovation Exemptions, and Building in the US

13:37 - Gen Z, New Media, and the Rise of Small Creators

15:20 - Q4 Outlook: The Next Breakout App Won't Be Crypto-Branded

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This episode is brought to you by RealFi, a smarter stablecoin, backed by real-world assets. RealFi is launching August 2026. Join the Testnet now at realfi.co.

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With Bitcoin surging past $72K and showing signs of a broader breakout, 10x Research CEO and Founder Markus Thielen joins Jennifer Sanasie on Markets Outlook to explain why he turned bullish early and why he believes the cycle low is already behind us. From Fed tailwinds and institutional flows to the key levels that could unlock a new all-time high, Markus breaks down what's driving the move. Plus, we look inside Symbiotic's partnership with Centrifuge to offer instant USDC liquidity.

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Timecodes:

00:00 - Markus Thielen Joins Markets Outlook

00:37 - Where Does Bitcoin End the Year?

02:02 - When Do We See a New ATH?

05:32 - Brand New Rails: Symbiotic x Centrifuge

08:44 - Is Bitcoin Still a Retail Product?

12:03 - $1 Million Bitcoin by 2030?

15:20 - On-Chain Signals to Watch Right Now

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This interview was recorded on August 19th before bitcoin's most recent rally.

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This episode is brought to you by RealFi, a smarter stablecoin, backed by real-world assets. RealFi is launching August 2026. Join the Testnet now at realfi.co.

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This episode was hosted by Jennifer Sanasie.

DoubleZero Edge is partnering with Kalshi to deliver Wall Street-grade market data to the world's largest CFTC-regulated prediction market. Co-Founder Austin Federa joins Jennifer Sanasie on Markets Outlook to unpack why professional infrastructure took so long to reach crypto, what the 10/10 flash crash revealed about new finance's weaknesses, and why faster data could level the playing field for every trader, not just the big firms. Plus, in today's Brand New Rails, we meet the ship captain working to bring the $2 trillion commercial shipping industry on-chain.

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Timecodes:

00:00 - Austin Federa Joins Markets Outlook

00:43 - DoubleZero x Kalshi: Inside the Announcement

02:30 - Why Wall Street Infrastructure Took So Long to Reach Crypto

04:36 - Brand New Rails: Tokenizing the $2 Trillion Shipping Industry

07:13 - Does Faster Data Hurt Retail Traders?

08:16 - Prediction Markets: More Than a Narrative

10:31 - Access, Disruption, and Federa's 2017 Thesis

12:13 - The Catalyst to Watch

13:11 - New Finance's Biggest Challenge

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This episode is brought to you by RealFi, a smarter stablecoin, backed by real-world assets. RealFi is launching August 2026. Join the Testnet now at realfi.co.

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This episode was hosted by Jennifer Sanasie.

In his first interview since declaring the ElizaOS token dead, Eliza Labs Founder Shaw Walters sits down with CoinDesk's Jennifer Sanasie to lay out what he says actually happened. He also makes a broader case for why crypto's casino culture is actively driving out the builders who could make the space matter and why he's still coding Eliza every day regardless.

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Timecodes:

00:00 - Shaw Walters Joins CoinDesk

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This episode was hosted by Jennifer Sanasie. This interview has been edited for clarity and focus.

With the CLARITY Act pushed to September and $130 million drained in the Coldcard exploit, Crypto Market Analyst Ray Salmond joins Jennifer Sanasie on Markets Outlook to unpack Fed rate odds, Bitcoin’s four-year cycle, and the key metrics to watch ahead of a potential CLARITY Act vote. Plus, in today’s Brand New Rails, we explore how Dinari is bringing U.S. stocks on-chain.

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Timecodes:

00:00 - Ray Salmond Joins Markets Outlook

00:55 - Jobs Report and the Fed

01:58 - Bitcoin's Ceiling and the CLARITY Act Delay

02:26 - Why CLARITY Stalled: Banks, Stablecoins, and the Trump Cloud

04:32 - How Crypto Markets Will Front-Run the CLARITY Vote

06:39 - Brand New Rails: Dinari Brings US Stocks On-Chain

09:26 - Bitcoin's Four-Year Cycle: Still Intact?

12:26 - The Coldcard Hack: An Ideological Blow to Self-Custody

15:06 - Beyond Bitcoin: RWA, Prediction Markets, and the Altcoin Reality

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This episode is brought to you by RealFi, a smarter stablecoin, backed by real-world assets. RealFi is launching August 2026. Join the Testnet now at realfi.co.

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This episode is hosted by Jennifer Sanasie.