Unchained

Markets are nervous, liquidity is drying up, and political messaging is inconsistent at best.

In this week’s Bits + Bips, the crew unpacks the shifting mood across capital markets and what it will take to bring back the risk-on energy. From Trump’s high-stakes tariff strategy to whispers of deregulation, tax cuts, and even capital flooding, the stakes are rising.

Plus:

Sponsors:

 Timestamps:

👋0:00 Intro

🥊 1:54 Who won the All-In Sacks vs. Summers debate?

🌍 8:01 Why Trump’s 130-country strategy might reshape global trade

💧 18:32 Does the market have a creeping liquidity crisis?

📈 26:15 What might actually make Trump pivot before the midterms

📉 32:18 How hedge funds are quietly bracing for more chaos

🥇 36:52 Why gold and crypto are standing out in this macro mess

🎭 40:15 How Trump’s love of media attention impacts his strategy

🚀 48:02 What might finally reignite serious crypto interest

🧠 53:01 Can investor confidence return without real economic momentum?

💣 1:08:27 Why the yuan’s devaluation could be a major crypto inflection point

🐉 1:14:02 Ram’s strategy to disrupt China’s power plays

Learn more about your ad choices. Visit megaphone.fm/adchoices

The crypto markets are at a crossroads. While macro chaos — tariff whiplash, rising yields, and inflation fears — continues to dominate headlines, bitcoin has barely budged. And some say that’s exactly the signal.

In this episode, Matt Hougan of Bitwise and Matthew Sheffield of FalconX join Laura to unpack the tension between short-term volatility and long-term conviction. They explore why this cycle may look very different from previous ones, how institutional capital is navigating crypto, and whether we’re entering a new era defined by fundamentals, not just narratives.

Plus: Why bitcoin might hit $200K, what Ethereum needs to reclaim momentum, and the real potential of DeFi under this new administration.

Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com

Subscribe to our new crypto + macro newsletter! https://bitsandbips.beehiiv.com/subscribe

Recent coverage of Unchained on the economy and tariffs: 

Recession incoming?

• Ray Dalio’s remarks on Meet the Press

Timestamps:

📍 0:00 Introduction

🧠 3:48 “An extraordinary moment to live in,” says Matt

⚖️ 5:21 The growing disconnect between long-term belief and short-term pain

🔍 7:40 Why fundamentals are finally taking center stage in investor analysis

🐻 12:34 Solana’s memecoin reputation… can it shake the stigma?

🏛️ 14:29 How ETFs permanently changed crypto market dynamics

📉 15:27 What the 10-year treasury is telling us about bitcoin’s next move

📊 20:28 What crypto options are revealing about investor sentiment

📈 22:33 Whether Ray Dalio is right about where the U.S. economy is headed

💵 28:16 What a weaker dollar means for bitcoin’s value

🚀 31:17 Is $200K bitcoin coming? And who will drive it there?

🌊 38:55 What has to happen for alt season to actually return

🔄 44:40 What light ETF outflows since “Liberation Day” mean

📈 51:10 Why crypto IPO demand is heating up

⚖️ 54:37 DeFi’s big regulatory moment and why the market might be missing it

Learn more about your ad choices. Visit megaphone.fm/adchoices

Tariffs were back on the table, and then they weren’t. Last week, the Trump administration stunned markets with an announcement of sweeping new tariffs, including a 10% blanket rate and a 125% tariff on Chinese imports. But within days, most of those tariffs were put on a 90-day pause. 

The result? A rollercoaster in equities, credit, and crypto… and plenty of questions about what’s really next.

Seth Ginns, managing partner at CoinFund, is watching all of this closely. He says the data is flashing stress, but underneath, something else is building.

In this episode, Seth breaks down:

Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com

Subscribe to our new crypto + macro newsletter! https://bitsandbips.beehiiv.com/subscribe

Recent coverage of Unchained on the economy and tariffs: 

Bitcoin Tops $83,000 as Tariff Pause Sends Markets Soaring

Crypto Traders See Another $1B Liquidated Amid Tariff Turbulence 

Timestamps:

👋 0:00 Intro

🔁 3:23 Why Trump reversed course on the sweeping tariff announcement

📉 6:33 How tariffs ripple through crypto harder than most expect

🔍 8:38 What CoinFund is watching in macro — and where the silver linings might be

⚖️ 13:48 Why Seth urges short-term caution but sees long-term tailwinds

🚀 16:14 Could altcoins actually run? Here’s how Seth defines a real “alt season”

🏦 19:13 Is this the moment Bitcoin becomes a true safe haven asset?

💰 21:56 Will new stimulus hinge on tariffs — or something else entirely?

✅ 25:11 Why Seth is surprisingly optimistic about Trump’s crypto policy so far

📰 28:27 News Recap

Learn more about your ad choices. Visit megaphone.fm/adchoices

Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner chop it up about the latest in crypto. In this episode, the crew is joined by Jeff Park, Alpha Liaison at Bitwise, for a deep dive into the chaos gripping global markets and what it all means for crypto. With tariffs ripping through equities and whispers of stagflation on the rise, Jeff breaks down why Bitcoin might still be headed for $200K – and why MicroStrategy might be the new altcoin. They also unpack Circle’s delayed IPO, Ripple’s $1.25B acquisition, and whether capital markets are finally warming up to crypto.

Show highlights

🔹 Bitcoin’s $200K Endgame? – Bitwise’s Jeff Park explains why BTC could thrive even in stagflation or full-on macro chaos

🔹 Tariffs, Stagflation & the Dollar – Why Trump’s “Liberation Day” tariffs might mark the end of U.S. stock market dominance

🔹 Bitcoin vs. Gold – Jeff breaks down how BTC is winning over the next-gen investor as the ultimate store of value

🔹 Altcoins Are Just Leverage – Why institutions may abandon alts for Bitcoin ETF options and MicroStrategy exposure

🔹 Circle’s IPO Delay – What Circle’s numbers really show, and why Coinbase is eating half their yield

🔹 Ripple Buys Hidden Road – The biggest crypto M&A ever? What it means for prime brokerage and TradFi on-chain

🔹 The Return of the Bitcoin Wolves – Jeff’s theory on “positive vs. negative rho” Bitcoin and how both narratives can win

🔹 The Impossible Trinity – Jeff connects the dots between FX regimes, U.S. dollar hegemony, and Bitcoin’s global role

🔹 Crypto’s Macro Decoupling – The panel debates whether Bitcoin is finally unhooking from traditional risk assets

🔹 The “Altcoin of TradFi” – MicroStrategy’s secret sauce, and why it’s become Wall Street’s favorite crypto casino

⭐️Haseeb Qureshi, Managing Partner at Dragonfly

⭐️Robert Leshner, CEO & Co-founder of Superstate

⭐️Tom Schmidt, General Partner at Dragonfly 

Guest

⭐️ Jeff Park, Head of Alpha Strategies & PM at Bitwise Asset Management

Circle S-1 Filing https://www.sec.gov/Archives/edgar/data/1876042/000119312525070481/d737521ds1.htm 

Ripple Acquires Prime Broker Hidden Road for $1.25B in One of the Largest Deals in the Digital Assets Space

https://ripple.com/ripple-press/ripple-acquires-prime-broker-hidden-road/ 

Timestamps - 

Learn more about your ad choices. Visit megaphone.fm/adchoices

The markets are rattled. Tariffs are rising. Investors are pulling back.

In this week’s Bits + Bips, the panel digs into what’s really driving the selloff, why the Fed may be stuck, and how Trump’s tariff logic could trigger deeper economic shocks than anyone expects.

Plus:

And yes, Ram coins a new term: FAFO tariffs 😀

Sponsors:

Tariffs:

10-year yield and the Fed

2008 Market Crash

Can Congress Step In?

Timestamps:

👋 0:00 Intro

📉 3:30 Why this selloff feels nothing like 2022 or 2020

🪞 8:41 Why buying signals could be a mirage

🤔 11:28 Is the bear market already priced in? What investors are missing.

🏚️ 14:35 Could this turn into a fall “2008 scenario”? And what real buyers are doing now

🧮 25:57 Why Trump’s tariff math is wrong, and how it will create problems for the administration

📈 36:15 Why Trump wants the 10-year yield down, and why he’s failing

🛟 39:59 What counts as a safe haven right now, and is bitcoin one of them?

🏦 52:42 Can the Fed stand up to Trump’s pressure to cut rates?

🚫 57:56 Trump thinks that the trade deficit is a profit/loss statement. Why that’s a problem. 

⚖️ 1:01:19 Can Congress pull Trump’s tariff authority?

💵 1:06:32 Can stablecoins save dollar demand?

Learn more about your ad choices. Visit megaphone.fm/adchoices

TradFi and DeFi markets are in motion, responding to Trump’s tariffs, but a giant injection of liquidity could be on the way.

Maelstrom CIO Arthur Hayes provides his expertise on economic policy, macro movements, and political implications, delving into a variety of topics, including:

Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com

Previous coverage on Unchained:

Tariffs, Hyperliquid, and $1 million Bitcoin

Trump pardon:

Timestamps:

👋0:00 Intro

😰 4:07 Does Trump’s tariff rationale make sense?

💲 10:49 The upcoming “fiat liquidity bonanza” and what it means for crypto

🫤 20:18 What’s wrong with a Bitcoin Strategic Reserve?

💥 24:20 The Hyperliquid brouhaha and the decentralization pipe dream

💪 32:04 Why Binance and OKX “fatal blow” on Hyperliquid didn’t work

⚖️ 37:57 Trump’s pardon of Hayes and his visit to Mar-a-Lago

👀 46:27 How Ethena’s Converge chain affects Ethereum

🤼‍♀️ 52:58 SOL vs ETH: Which is a better buy right now?

😬 57:12 Hayes’ opinion of USDC’s Circle filing for an IPO

🤔 1:00:18 How does Hayes suss out potential investments?

📈 1:03:11 Price predictions on BTC, ETH and SOL

Learn more about your ad choices. Visit megaphone.fm/adchoices

USDC stablecoin issuer Circle has filed for an initial public offering with the SEC, as Trump’s tariffs cause turmoil in the markets and stablecoin bills make their way through Congress, promising to upend competition. 

The information in its prospectus shows a company that has few aces up its sleeve, a lot of business deals to make and a perhaps lofty valuation.

Omar Kanji, Partner at Dragonfly, joined the show to explain:

Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com

Previous coverage on Unchained: 

• Congress Bickers Over Whether to Bail Out Stablecoins

How a Radical Proposal in Trump’s World Could Hurt Stablecoins, but Boost Bitcoin

Coinbase Aims to Jointly Pass Market Structure and Stablecoin Legislation in Congress

Stablecoin Bills Could Squeeze Out $140 Billion Tether

Circle files an initial public offering

Timestamps:

🤝 0:00 Introduction

🫰 4:04 Circle’s shockingly high distribution costs for USDC

💲 7:11 How much does Circle’s revenue depend on interest rates?

🤯 10:46 Circle’s staggering regulatory compliance costs vs. the likes of Tether

📈 16:02 How imminent regulatory clarity for stablecoins helps and hurts Circle

🫤 23:11 Is Circle’s $5 billion valuation realistic?

⚖️ 25:21 How stablecoin competition might look after stablecoin bills become law

😰 28:14 How will Trump’s tariffs affect Circle’s IPO?

Learn more about your ad choices. Visit megaphone.fm/adchoices

After President Donald Trump’s proud announcement of ‘Liberation Day’ tariffs, markets worldwide took a tumble. 

Shortly after Trump’s Rose Garden announcement concluded, James Seyffart, Steven Ehrlich, Ram Ahluwalia, and guest Quinn Thompson discussed:

Sponsors:

• Bitwise

Guests:

Trump Tariffs Shake Markets

US Tariff History

Impact on Bitcoin and Crypto

The Concerned Consumer and CEO

CBS: Consumer confidence slumps to 12-year low as Americans fret over their financial prospects

NPR: Why CEOs are calm about tariffs in public — but 'very discouraged' in private

🤝 00:00 Introductions + Quinn’s background

📕 4:09 Trump’s take on U.S. tariff history

📉 6:11 The market’s tumultuous reaction

🏭 11:13 Will tariffs bring manufacturing back to America?

▶️◀️ 12:47 The contradictions in Trump’s policies and the threat of stagflation

⏳ 18:53 Why Trump doesn’t have as much time as he thinks

🥵 24:12 Will American consumers bear the burden?

💥 26:05 Taking a wrecking ball to market psychology

❓ 28:02 Whether Trump inherited a healthy or faltering economy

🫸 32:00 Why CEOs are hesitating and how to persuade them to invest in manufacturing

❌ 35:11 “This is not the way you go do it.”

🇹🇼 40:44 Another contradiction: Trump willing to defend Taiwan while being isolationist?

🪖 47:55 Why the current geopolitical climate is especially dangerous

😱 55:51 Is America heading for a recession?

🤔 01:02:00 How will this affect Bitcoin?

Learn more about your ad choices. Visit megaphone.fm/adchoices

Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner chop it up about the latest in crypto. In this episode, the crew is joined by SEC Commissioner Hester Peirce—aka “CryptoMom”—for a rare, candid conversation. They unpack the SEC’s vibe shift, why airdrops might be doomed, and whether memecoins are just collectibles or cleverly disguised securities. Plus, Hester dishes on Paul Atkins’ potential leadership, the SEC’s new crypto task force, and what real regulatory clarity might finally look like.

Show highlights

🔹 Hester Peirce Unfiltered – The SEC’s “CryptoMom” on vibes vs. law, the Gensler era, and why the U.S. needs a freedom-first approach

🔹 “Come In and Talk to Us” – Why the SEC wants founders to re-engage—but can trust be rebuilt after years of legal whiplash?

🔹 Memecoins ≠ Securities? – How the new SEC is redefining meme coin oversight and why “collectibles” might be the new loophole

🔹 Airdrops Are Kinda Pointless – Haseeb argues most airdrops fail to deliver value or decentralization; the panel debates

🔹 Self-Regulation in Crypto – Hester’s surprising praise for proof-of-reserves and why industry norms might beat new rules

🔹 The Howey Test Is Broken – How forcing orange grove law onto crypto led an entire industry to play armchair lawyer

🔹 Will the New SEC Last? – If the White House flips, could the next Chair bring back the enforcement hammer?

🔹 Tarun’s TradFi Feedback Loop – Why TradFi may start borrowing more from crypto playbooks than the other way around

🔹 Regulation by Meme – The SEC embraces facts and circumstances—but is “Ghibli meme policy” scalable?

🔹 What Should Founders Do Now? – The panel pushes Hester on timelines, clarity, and whether the U.S. is safe to build in again

⭐️Haseeb Qureshi, Managing Partner at Dragonfly

⭐️Robert Leshner, CEO & Co-founder of Superstate

⭐️Tarun Chitra, Managing Partner at Robot Ventures

⭐️Tom Schmidt, General Partner at Dragonfly 

Guest

⭐️ Hester Peirce, SEC Commissioner

Miles To Go: Remarks before The Digital Chamber's 8th Annual DC Blockchain Summit by Hester Peirce: https://www.sec.gov/newsroom/speeches-statements/peirce-remarks-dc-blockchain-summit-032625 

Timestamps

00:00 Intro

05:35 The Role of Regulation in Innovation

09:54 Crypto Task Force & Future Plans

18:47 Global Perspectives on Crypto Regulation

23:26 Self-Regulation in the Crypto Industry

27:27 SEC's Role & Potential Adjustments

35:04 Evaluating Memecoins & Their Regulatory Status

36:48 The Howey Test & Its Application to Crypto

43:55 Future of Crypto Regulation & SEC's Approach

47:10 Insights on SEC Leadership & Regulatory Philosophy

51:35 Advice for Aspiring Securities Lawyers

Learn more about your ad choices. Visit megaphone.fm/adchoices

As DeFi continues to evolve, the challenge of finding a balance between decentralization and protection from all manner of exploits persists.

The founder of Infinex, Kain Warwick, joined the show to talk about:

Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com

• Bitwise

Crypto Market Making

Hyperliquid

• Unchained: Hyperliquid Saved Itself a $15 Million Loss, but Sparked Criticism

Infinex

Timestamps:

👋 0:00 Intro 

💭 03:30 Thoughts on crypto market makers

🙊 05:54 ICO-era market makers engaging in ‘all-out crime’

🦹 09:33 Extracting value in an inefficient market

💸 11:28 How crypto market making has evolved in recent years

😨 16:53 The low float meta problem

📊 19:49 Why Kain evaluates tokens on FDV rather than market cap

⁉️ 25:06 What happened with MOVE on Binance

😱 31:14 Citadel as a market maker?

🥷 35:48 The $JELLY attack on Hyperliquid and the problem of centralization

🔧 44:59 The problems Kain is trying to solve with Infinex

🌎 54:13 Building a web vs. mobile app

👂 56:17 Echo group integration with Infinex

Learn more about your ad choices. Visit megaphone.fm/adchoices