Markets Outlook

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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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.

Zcash activated its Ironwood upgrade, sealing roughly $1.7 billion in ZEC behind a one-way turnstile after a researcher found a flaw that could have minted counterfeit coins. Here’s everything you need to know. Plus, on Brand New Rails: POSCO International puts its trade receivables on-chain with LG CNS on Injective. CoinDesk's Jennifer Sanasie hosts Markets Outlook.

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00:00 Welcome to Markets Outlook

00:55 Zcash Activates Ironwood, Seals $1.7B Orchard Pool

01:18 The Four-Year Orchard Counterfeit Bug

02:15 How the Turnstile Locks Out Counterfeit Coins

02:32 Quantum Recovery and Verification

03:05 The Voluntary Migration to Ironwood

03:53 Who Is Zcash For? Tushar Jain Weighs In on The Rollup

04:32 Why Ironwood Matters Beyond Zcash

06:19 Brand New Rails: Tokenizing Global Trade

06:38 POSCO Puts Trade Receivables On-Chain with Injective

07:03 What is a Trade Receivable?

07:24 Injective CEO Eric Chen on Faster Settlement

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This episode is brought to you by RealFi, a smarter stablecoin, backed by real-world assets. Find out more at realfi.co.

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JPEG Trading is a global proprietary trading firm specializing in cryptocurrency and decentralized finance markets. From market structure and liquidity provision to quantitative trading strategies, JPEG Trading operates across the full spectrum of blockchain-based assets. Follow @jpegtrading on X to stay ahead of the latest developments in digital asset markets: https://x.com/jpegtrading

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This episode was hosted by Jennifer Sanasie.

Wanchain bridge hack, why Ethereum keeps getting it wrong, and Cardano's outlook with Charles Hoskinson.

After a bridge hack rattled the Cardano ecosystem, Charles Hoskinson, CEO and Founder of Input Output, joins Jennifer Sanasie on Markets Outlook to lay out why crypto desperately needs wallet insurance, ZK-powered identity, and white hat rescue frameworks. Plus, what Cardano's latest hard fork really means for decentralized governance, why he thinks Ethereum keeps getting it wrong, and what it will actually take for prices to recover. Plus, we look at the DTCC taking tokenized securities live in today’s Brand New Rails segment.

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Timecodes:

00:00 - Charles Hoskinson Joins Markets Outlook

01:25 - Wanchain Bridge Hack and What It Revealed

02:21 - Why Midnight Was Built for This Moment

03:44 - Why Crypto Needs Wallet and Bridge Insurance

05:28 - How ZK Identity Unlocks Recovery and White Hat Rescues

09:46 - The "Unsexy" Unlock: Why Insurance Could Onboard the Masses

13:17 - Cardano's Hard Fork to v11 and What It Means

14:42 - Cardano's Decentralized Governance in Action

17:35 - Executive Function: The Last Governance Milestone

20:08 - Brand New Rails: What’s Next After the  DTCC Moved Tokenized Securities Into Live Production

22:07 - Cardano's Outlook: Narrative Reset, Bitcoin DeFi, and the Partner Chain Model

26:05 - The Anthropic Analogy: Why Doing It Right Beats Doing It Fast

29:12 - Why Ethereum Keeps Getting It Wrong

36:22 - When Will Prices Catch Up? Charles' Market Framework

42:28 - The AI Wildcard and What It Means for Crypto

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This episode is brought to you by RealFi, a smarter stablecoin, backed by real-world assets. Find out more at realfi.co.

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Ledn provides a secure and transparent way to access liquidity while maintaining your bitcoin holdings.

Perfect 8 year track record of keeping clients assets safe.

Don't sell your bitcoin. Get a bitcoin-backed loan.

Check out your rate by using their loan calculator at ledn.io

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JPEG Trading is a global proprietary trading firm specializing in cryptocurrency and decentralized finance markets. From market structure and liquidity provision to quantitative trading strategies, JPEG Trading operates across the full spectrum of blockchain-based assets. Follow @jpegtrading on X to stay ahead of the latest developments in digital asset markets: https://x.com/jpegtrading

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This episode was hosted by Jennifer Sanasie.

He turned $80,000 into $1.2 Million on one trade.

CEO and Founder of Kaizen, Brian Jung joins Jennifer Sanasie on Markets Outlook. Discover how Jung turned an $80,000 bet on CASHCAT into a million-dollar trade by spotting the Robinhood Chain opportunity before the rest of the market. Plus, why he believes crypto is still in a bear market and what he's watching for the next bull cycle.

And in this week's Brand New Rails, Franklin Crypto CIO Seth Ginns explains why tokenized money market funds are becoming one of the fastest-growing areas of digital assets.

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Timecodes:

00:00 - Brian Jung Joins Markets Outlook

01:24 - The $80K Trade That Turned Into $1.25 Million

02:13 - How Mistakes Made Brian a Disciplined Trader

03:37 - Why Brian Was Watching Robinhood While Everyone Chased $Ansem

07:34 - How Brian's Research Team Found CASHCAT on Robinhood Chain

10:49 - Why CASHCAT Checked Every Box: The Memecoin Criteria

13:00 - The Exit Strategy: Why Brian Walked Away From a Multi-Seven-Figure Trade

16:13 - Brand New Rails: Tokenized Money Market Funds Hit $15 Billion+

18:34 - Why Brian Sat Out Most of 2026

20:31 - Is the Bitcoin Bottom In? Brian's Framework for Calling It

23:44 - How Brian Jung Got Into Crypto

25:48 - Brian's Long-Term Outlook

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This episode is brought to you by RealFi, a smarter stablecoin, backed by real-world assets. Find out more at realfi.co.

-

Ledn provides a secure and transparent way to access liquidity while maintaining your bitcoin holdings.

Perfect 8 year track record of keeping clients assets safe.

Don't sell your bitcoin. Get a bitcoin-backed loan.

Check out your rate by using their loan calculator at ledn.io

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JPEG Trading is a global proprietary trading firm specializing in cryptocurrency and decentralized finance markets. From market structure and liquidity provision to quantitative trading strategies, JPEG Trading operates across the full spectrum of blockchain-based assets. Follow @jpegtrading on X to stay ahead of the latest developments in digital asset markets: https://x.com/jpegtrading

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This episode was hosted by Jennifer Sanasie.

Is Ethereum moving too slow?

On today's Markets Outlook, StarkWare CEO Eli Ben-Sasson tells CoinDesk's Jennifer Sanasie why he believes Ethereum's ambitious roadmap must move faster—or risk losing its first-mover advantage to newer, more modern blockchains. He also explains why quantum readiness has become an urgent priority and shares his vision for a durable, peer-to-peer financial system built on true economic freedom.

Plus, in this week's Brand New Rails, we speak with Backpack CEO Armani Ferrante after Backpack Securities' tokenized SpaceX stock (SPCX) surpassed $1 billion in trading volume.

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Timecodes:

00:00 - Eli Ben-Sasson Joins Markets Outlook

01:07 - Eli’s Take on Vitalik's Ethereum Roadmap

03:23 - What Eli Would Do Differently: Speed and StarkNet Lessons

04:34 - What's at Stake if Ethereum Falls Behind

06:04 - What Ethereum Needs Now: Speed and Governance Transparency

09:25 - Brand New Rails: SpaceX IPO Drives Record Tokenized Equity Trading

11:16 - Recursive STARKs and Ethereum's Upgrade Path

13:01 - Quantum Computing: Can Ethereum Move Fast Enough?

16:58 - Privacy Wars: Zcash, Ethereum, and the Race for a Standard

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This episode is brought to you by RealFi, a smarter stablecoin, backed by real-world assets. Find out more at realfi.co.

-

Ledn provides a secure and transparent way to access liquidity while maintaining your bitcoin holdings.

Perfect 8 year track record of keeping clients assets safe.

Don't sell your bitcoin. Get a bitcoin-backed loan.

Check out your rate by using their loan calculator at ledn.io

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JPEG Trading is a global proprietary trading firm specializing in cryptocurrency and decentralized finance markets. From market structure and liquidity provision to quantitative trading strategies, JPEG Trading operates across the full spectrum of blockchain-based assets. Follow @jpegtrading on X to stay ahead of the latest developments in digital asset markets: https://x.com/jpegtrading

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This episode was hosted by Jennifer Sanasie.

Will Bitcoin dip below $50K?

On today's Markets Outlook, 10x Research Founder and CEO Markus Thielen tells CoinDesk's Jennifer Sanasie why he sees Bitcoin dropping even more before recovery, with $7B in ETF outflows since mid-May and MicroStrategy stepping back as the last real buyer. Plus, why he stays bearish on Ethereum, why he's calling Hyperliquid overvalued, and why nothing turns around until the Fed goes dovish.

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Timecodes:

00:00 Bitcoin Could Dip to $46K Before Year-End Rally

01:20 Bitcoin Falls Below $60K: What's Driving the Selloff?

02:37 $4.5B in ETF Outflows, Saylor's Bitcoin Sale, and Missing Catalysts

03:14 Why the Genius Act and CLARITY Weren't Real Catalysts

05:00 When Does the Fed Turn Dovish? The Macro Case for a Rally

05:19 Kevin Warsh Nomination Was the Turning Point for Bitcoin

07:27 Why Bitcoin Could Break Below $50K to $46–47K

09:41 The 2022 Parallel: Grayscale's SEC Win as the Sentiment Shift

11:06 Brand New Rails: Securitize Lists on NYSE

12:40 Where Does Bitcoin End the Year?

13:51 Why Markus Is Still Bearish on Ethereum

15:20 Stablecoin Activity Isn't Accruing to ETH Holders

16:40 The Bull Case for ETH Has Broken Down

17:28 Hyperliquid Overvalued at $72?

18:33 Why HYPE Is Unlikely to Reach $100

19:46 What to Do Now: Covered Calls, Shorts, and Watching for the Low

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This episode is brought to you by RealFi, a smarter stablecoin, backed by real-world assets. Find out more at realfi.co.

-

Ledn provides a secure and transparent way to access liquidity while maintaining your bitcoin holdings.

Perfect 8 year track record of keeping clients assets safe.

Don't sell your bitcoin. Get a bitcoin-backed loan.

Check out your rate by using their loan calculator at ledn.io

-

JPEG Trading is a global proprietary trading firm specializing in cryptocurrency and decentralized finance markets. From market structure and liquidity provision to quantitative trading strategies, JPEG Trading operates across the full spectrum of blockchain-based assets. Follow @jpegtrading on X to stay ahead of the latest developments in digital asset markets: https://x.com/jpegtrading

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This episode was hosted by Jennifer Sanasie.