The Breakdown

BlackRock's IBIT is sitting about $13 billion underwater on its Bitcoin holdings. Every ETH ETF is in the red. David walks through which funds bought the top, which took profit, and what happens to crypto if ETF holders finally crack. Plus: a preview of DAS Asia and DAS London, and the SpaceX pre-IPO trade on Hyperliquid.

TIMESTAMPS:

(00:00) Intro

(01:16) Crypto ETFs

(15:54) DAS Events 2026

(18:07) SpaceX Perps

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› David — https://x.com/dcanellis

› The Breakdown — https://x.com/TheBreakdownBW

› The Breakdown Newsletter — https://blockworks.com/newsletter/the-breakdown

Get top market insights and the latest in crypto news. Subscribe to the Blockworks Daily Newsletter: https://blockworks.co/newsletter/

DISCLAIMER

As always, remember this podcast is for informational purposes only, and any views expressed by anyone on the show are solely their opinions, not financial advice.

Pump.fun just rolled out Pump.fun Go — a bounty platform that pays you crypto for filming yourself doing… well, whatever. David on why this might actually matter for the next retail cycle. Plus: the coins quietly pumping through the bear, and the stablecoin chart suggesting we're still months from a bottom.

TIMESTAMPS:

(00:00) Intro

(01:09) Pump.Fun Bounties

(14:48) Token Winners

(24:36) Stablecoins

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› David — https://x.com/dcanellis

› The Breakdown — https://x.com/TheBreakdownBW

› The Breakdown Newsletter — https://blockworks.com/newsletter/the-breakdown

Get top market insights and the latest in crypto news. Subscribe to the Blockworks Daily Newsletter: https://blockworks.co/newsletter/

DISCLAIMER

As always, remember this podcast is for informational purposes only, and any views expressed by anyone on the show are solely their opinions, not financial advice.

A critical bug in Zcash's Orchard shielded pool could have minted unlimited counterfeit ZEC — and it sat there for 4 years. The price has lost ~47% in three days. David walks through what happened, why ZK trust keeps mattering, and what it means for holders. Plus: Polymarket's UMA ruling that Strategy didn't sell Bitcoin (it did), and the end of the Bitcoin ETF outflow streak.

TIMESTAMPS:

(00:00) Intro

(01:11) Zcash Crash

(14:53) Polymarket Strategy Drama

(23:39) ETF Flows Update

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› David — https://x.com/dcanellis

› The Breakdown — https://x.com/TheBreakdownBW

› The Breakdown Newsletter — https://blockworks.com/newsletter/the-breakdown

Get top market insights and the latest in crypto news. Subscribe to the Blockworks Daily Newsletter: https://blockworks.co/newsletter/

DISCLAIMER

As always, remember this podcast is for informational purposes only, and any views expressed by anyone on the show are solely their opinions, not financial advice.

Everyone's saying crypto has been left behind by the stock market. David digs into the numbers — VVV outperformed SanDisk YTD, Hyperliquid beat NVIDIA and AMD, Stellar beat NVIDIA. The market is selecting winners. Plus: $4B of Bitcoin ETF outflows in 13 days (it's not as bad as it looks), and Microsoft's new "quantum-breaking" chip.

TIMESTAMPS:

(00:00) Intro

(01:05) Crypto Left Behind?

(10:24) Bitcoin ETF Flows

(14:35) Microsoft Quantum Chip

FOLLOW THE SHOW

› David — https://x.com/dcanellis

› The Breakdown — https://x.com/TheBreakdownBW

› The Breakdown Newsletter — https://blockworks.com/newsletter/the-breakdown

Get top market insights and the latest in crypto news. Subscribe to the Blockworks Daily Newsletter: https://blockworks.co/newsletter/

DISCLAIMER

As always, remember this podcast is for informational purposes only, and any views expressed by anyone on the show are solely their opinions, not financial advice.

A centrist Democratic group is spending six figures to brand the CLARITY Act as "Trump's crypto grifto." Jamie Dimon is on the same side. David walks through what's actually happening and why crypto might need a Plan B. Plus: the SpaceX pre-IPO perp that flash crashed 45% on Hyperliquid, and Cardano canceling its annual conference. Enjoy!

TIMESTAMPS:

(00:00) Intro

(01:10) Anti-CLARITY FUD

(13:43) SpaceX Perps

(16:58) Cardano

FOLLOW THE SHOW

› David — https://x.com/dcanellis

› The Breakdown — https://x.com/TheBreakdownBW

› The Breakdown Newsletter — https://blockworks.com/newsletter/the-breakdown

Get top market insights and the latest in crypto news. Subscribe to the Blockworks Daily Newsletter: https://blockworks.co/newsletter/

DISCLAIMER

As always, remember this podcast is for informational purposes only, and any views expressed by anyone on the show are solely their opinions, not financial advice.

David maps the current Bitcoin bear market against every prior one — where we are, how much longer it could run, and where the bottom could land.

FOLLOW THE SHOW

› David — https://x.com/dcanellis

› The Breakdown — https://x.com/TheBreakdownBW

› The Breakdown Newsletter — https://blockworks.com/newsletter/the-breakdown

Get top market insights and the latest in crypto news. Subscribe to the Blockworks Daily Newsletter: https://blockworks.co/newsletter/

DISCLAIMER

As always, remember this podcast is for informational purposes only, and any views expressed by anyone on the show are solely their opinions, not financial advice.

A Google engineer allegedly profited $1.2 million on Polymarket betting that d4vd would be Google's most-searched person of 2025 — using Google's own internal data. Plus: Blockworks' new Token Transparency Alliance, and an OpenZeppelin co-founder telling friends and family to exit DeFi.

TIMESTAMPS:

(00:00) Intro

(01:03) Polymarket Insider Trading

(10:39) Transparency Alliance

(21:56) DeFi Unsafe?

FOLLOW THE SHOW

› David — https://x.com/dcanellis

› The Breakdown — https://x.com/TheBreakdownBW

› The Breakdown Newsletter - https://blockworks.com/newsletter/the-breakdown

Get top market insights and the latest in crypto news. Subscribe to the Blockworks Daily Newsletter: https://blockworks.co/newsletter/

DISCLAIMER

As always, remember this podcast is for informational purposes only, and any views expressed by anyone on the show are solely their opinions, not financial advice.

Polsia (AI Slop spelled backwards) just announced a $30M raise at a $250M valuation with one human employee. David thinks it's less a company, more performance art. Plus: Uber, Microsoft and NVIDIA all admit AI compute is too expensive, and Tether is launching what looks like a CBDC with the government of Georgia. Enjoy!

TIMESTAMPS:

(00:00) Intro

(01:28) Polsia

(06:22) Nexo Ad

(06:57) Polsia (Cont.)

(16:10) Nexo Ad

(17:04) Polsia (Cont.)

(18:29) AI Compute Costs

(27:15) Tether

FOLLOW THE SHOW

› David — https://x.com/dcanellis

› The Breakdown — https://x.com/TheBreakdownBW

SPONSORS

› NEXO

Nexo is the premier digital wealth platform. Receive interest on your crypto, borrow against it without selling, and trade a range of assets. Now available in the U.S with 30 days of exclusive privileges. Get started at http://nexo.com/breakdown

Get top market insights and the latest in crypto news. Subscribe to the Blockworks Daily Newsletter: https://blockworks.co/newsletter/

DISCLAIMER

As always, remember this podcast is for informational purposes only, and any views expressed by anyone on the show are solely their opinions, not financial advice.

It's Bitcoin Pizza Day, and David runs through three Friday stories: Hyperliquid breaking all-time high (and why the buyback isn't really the driver), the XRP wallet and ETF flow narrative vs. what the data actually says, and Dankrad Feist's $1B proposal to "save Ethereum." Enjoy!

TIMESTAMPS:

(00:00) Intro

(01:35) HYPE All-Time High

(06:48) Nexo Ad

(07:22) HYPE All-Time High (Cont.)

(12:25) XRP ETF Flows

(15:20) Nexo Ad

(16:25) XRP ETF Flows (Cont.)

(23:29) ETH Troubles

FOLLOW THE SHOW

› David — https://x.com/dcanellis

› The Breakdown — https://x.com/TheBreakdownBW

SPONSORS

› NEXO

Nexo is the premier digital wealth platform. Receive interest on your crypto, borrow against it without selling, and trade a range of assets. Now available in the U.S with 30 days of exclusive privileges. Get started at http://nexo.com/breakdown

Get top market insights and the latest in crypto news. Subscribe to the Blockworks Daily Newsletter: https://blockworks.co/newsletter/

DISCLAIMER

As always, remember this podcast is for informational purposes only, and any views expressed by anyone on the show are solely their opinions, not financial advice.

David unpacks the Ethereum Foundation exits, the Polymarket / UMA Oracle dispute mess revealed by the WSJ, and OpenAI's push to sell guaranteed compute on 1–3 year commits. Enjoy!

TIMESTAMPS:

(00:00) Intro

(01:23) ETH Foundation Departures

(17:00) Polymarket Dispute Judges

(27:11) OpenAI Guaranteed Compute

FOLLOW THE SHOW

› David — https://x.com/dcanellis

› The Breakdown — https://x.com/TheBreakdownBW

SPONSORS

Get top market insights and the latest in crypto news. Subscribe to the Blockworks Daily Newsletter: https://blockworks.co/newsletter/

DISCLAIMER

As always, remember this podcast is for informational purposes only, and any views expressed by anyone on the show are solely their opinions, not financial advice.