Unchained

By Laura ShinNews Business News Tech News

Unchained episodes

January 25, 2024The Chopping Block: Data Availability & Why It’s Important - Ep. 599
Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner chop it up about the latest news. This week kicks off with a crucial question: Are the latest trends in crypto ETFs signaling a major shift in the investment landscape? We delve into the market's nuanced response to these ETFs and what it means for investors. How important is client diversity for Ethereum's stability and future growth? The squad engages in a lively debate on this topic. With the advent of Proto-Danksharding, how might Ethereum's scalability be impacted, and what are the implications for the blockchain ecosystem? We further examine the user experience across blockchain platforms, particularly comparing Solana and Ethereum in terms of their user interfaces and transaction dynamics. Looking to the future, what breakthroughs and challenges can we anticipate in blockchain technology? Join us for an in-depth exploration of these key questions and their profound impact on the world of cryptocurrency.
Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Pandora, Castbox, Google Podcasts, TuneIn, Amazon Music, or on your favorite podcast platform.

Show highlights:
🔹 ETF Market Analysis: Dissecting the impact of GBTC and other ETFs on the crypto market.
🔹 Client Diversity in Ethereum: Debating the pros and cons of multiple clients for network resilience.
🔹 Proto-Danksharding Effects: Assessing its potential to lower rollup costs and enhance scalability.
🔹 User Experience in Crypto: Exploring how fees and speeds affect user interactions on various platforms.
🔹 Solana vs. Ethereum UX: Comparing their user interfaces, focusing on transaction costs and latency.
🔹 Blockchain's Future Trends: Delving into predictions and emerging innovations in the blockchain world.
🔹 Ethereum's Protocol Evolution: Discussing the roadmap and future developments in Ethereum.
🔹 Scalability Solutions: Evaluating different approaches to scaling blockchains effectively.
🔹 Layer 2 Dynamics: Analyzing the growth and challenges of Layer 2 solutions on Ethereum.

Hosts
Haseeb Qureshi, managing partner at Dragonfly
Robert Leshner, founder of Compound
Tom Schmidt, general partner at Dragonfly
Tarun Chitra, managing partner at Robot Ventures
DisclosuresLinks
Vitalik's post about Cypherpunk values: https://vitalik.eth.limo/general/2023/12/28/cypherpunk.html
PolyMarket for gas price per blob after EIP 4844: https://polymarket.com/event/gas-price-per-blob-1-month-after-eip-4844?tid=1706149992794
Tweet thread from DC investor: https://twitter.com/iamDCinvestor/status/1749410364666606075
Ethereum's Proto-Danksharding and EIP-4844: https://www.eip4844.com/
Ethereum 2.0 Clients Dashboard: https://clientdiversity.org/#distribution
Solana's Firedancer: https://github.com/firedancer-io

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1 hr 1 min
January 23, 2024OG Olaf Carlson-Wee on Why His Crypto Thesis Is Stronger Than Ever - Ep. 598
Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Pandora, Castbox, Google Podcasts, Amazon Music, or on your favorite podcast platform.
Polychain Capital founder and CIO Olaf Carlson-Wee has been through every single bubble in crypto history, from Bitcoin’s rise past the single digits in 2012 to the ICO craze of 2017 to 2021’s NFT mania, and he says his main thesis about crypto has remained consistent since the beginning. That is, that crypto constitutes an “incentive vortex” that will replace the world’s preoccupation with country-backed currencies.

Carlson-Wee, who was the first employee at Coinbase, joins Unchained to discuss the significance of the launch of spot Bitcoin ETFs, how he successfully navigated all the industry blow-ups in 2022, the challenges of balancing incentives for early adopters versus new users, why EigenLayer is so significant, why Worldcoin’s distribution strategy is a “disaster,” and the strange places that the intersection between crypto and AI could take us.
Show highlights:
Why Olaf sees the current market as the cusp of another bull run and how his thesis has remained consistent since 2011
How the launch of spot Bitcoin ETFs marks a significant milestone
Why criticisms of the crypto space are really criticisms of money in general
The fundamental differences between Web3 applications and the Web2 ecosystem and why they matter
The importance of fair token distribution in enhancing the value of Web3 projects
When Olaf expects Bitcoin to replace legacy financial systems
The areas and technologies Olaf and his fund are keen to invest in
Why Olaf thinks a modular blockchain architecture is superior to a monolithic one in the long term
How EigenLayer is innovating to enable new types of applications and whether it competes with Celestia
How Polychain managed to avoid being hurt by the major market blowups of 2022, including Terra and FTX
The evolution of the space from an ideologically driven to a more pragmatic approach
The significance of incentive design in crypto ecosystems and the trade-offs involved in system design
Olaf’s perspective on the recent rise of points systems
The growth of privacy-focused crypto projects and the potential for private blockchains to become the norm
Why he thinks Worldcoin’s distribution strategy is a “disaster”
Olaf’s interest in the intersection of AI and crypto and potential developments in this area
His bullish outlook on SocialFi and Web3 gaming
Thank you to our sponsors!
Popcorn Network
Guest:
Olaf Carlson-Wee, founder and CIO of Polychain Capital
Previous appearances on Unchained:
Olaf Carlson-Wee: 'If There Is a Money-Losing Exploit, the Money Is Gone'
Why The First Employee Of Coinbase Launched A Hedge Fund
To the Moon and Back With Polychain's Olaf Carlson-Wee
Special Episode with CNBC's Crypto Trader: Olaf Carlson-Wee on Why This Crypto Winter Is Different From Previous Ones
All Things Cryptoeconomics, Pt. 1, With Olaf Carlson-Wee and Ryan Zurrer of Polychain Capital
Links
Olaf Carlson-Wee
Forbes:
This Man Has Been Living On Bitcoin For 3 Years
Why This Hedge Fund CEO Once 'Put Most Of My Meager Life Savings Into Bitcoin'
TechCrunch: The future is a decentralized internet
Blockworks: Why Polychain Capital Founder Never Sells His Crypto
CoinDesk: Olaf Carlson-Wee: Crypto Is the Great Wealth-Redistribution Machine
Restaking/EigenLayer
Unchained:
DeFi Protocol EigenLayer Reaches Restaking Capacity, Pushing TVL Past $1.4 Billion
Do You Need to Think Twice Before Restaking Your Assets?
Olaf’s tweet on EigenLayer
Crypto + AI
Olaf’s tweet: “in crypto nearly 100% of value accrues to start-ups and outsiders, not existing establishment interests”

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1 hr 22 min
January 19, 2024Why the SEC’s Case Against Coinbase Is So Significant for Crypto - Ep. 597
On Wednesday, a federal court in New York heard oral arguments in Coinbase’s motion to dismiss the SEC’s case against it for, among other things, allegedly acting as an unregulated securities exchange. Notably, Judge Katherine Polk Failla pressed the SEC to explain how it has jurisdiction over Coinbase in the case by defining what it considers a security.
Sam Enzer, a partner at Cahill Gorden & Reindel who represents Coinbase but not in this matter, joined Unchained to discuss why this case is so significant for the crypto industry, how he believes the government contradicted itself on the crucial definition of what constitutes a security, why he thinks the judge will not dismiss the case at this early stage, how the Ripple and Terraform Labs cases could be used by each side, and why he thinks Judge Failla is such a perfect choice to rule in this case.
Show highlights:
Why SEC v Coinbase holds important implications for the U.S. crypto ecosystem
What the SEC alleges against Coinbase, focusing on its trading platform, wallet, and staking services
How Coinbase forcefully counters the SEC's claims as it strives to get the case dismissed
What the “major questions doctrine” entails and its critical role in this dispute
Why Sam perceives the judge as “extremely skeptical” of the SEC's stance
Whether inconsistencies surfaced in the SEC lawyers' arguments
What “strict liability” means and its frequent mention in this legal battle
What takeaways from the Ripple and Terraform Labs cases offer about secondary market sales
Why Sam believes Judge Katherine Polk Failla is exceptionally well-suited for this case
Whether Judge Failla might reject the motion to dismiss, and when
Thank you to our sponsors!
Popcorn Network
iTrustCapital
Guest
Sam Enzer, partner at Cahill Gordon & Reindel
Previous appearances on Unchained:
Why SBF's Testimony So Far Has Likely Already Doomed Him
Another Bad Week for Sam Bankman-Fried in His Criminal Trial
Why These Lawyers Say It's Over for SBF-But His Only Hail Mary Is to Testify
SBF Trial: How Sam Bankman-Fried’s Lawyers Might Try and Win His Case
SBF’s Lawyers Could Be Annoying the Judge How Might That Impact the Trial?
Links
Previous coverage of Unchained on the Coinbase case and the topic of securities:
SEC Sues Binance, Coinbase: ‘This Is Not the End of Crypto in the United States’
These 2 Crypto Trading Platforms Agree With SEC Chair Gary Gensler
Coinbase’s Legal Action Against the SEC: How It Will Likely Unfold
‘Is ETH a Security?’ Why Gary Gensler Couldn’t Give Congress a Straight Answer
Gary Gensler vs. Crypto: What Will the SEC Attack Next?
Rep. Emmer on Why He Believes Gary Gensler Is a ‘Bad-Faith Regulator’
Coinbase vs. SEC
Unchained:
Federal Judge Presses SEC Over Jurisdiction in Case Against Coinbase
SEC Sues Coinbase for Breaking Securities Laws
SEC Files Motion to Freeze Binance’s Assets, Asks for ‘Sworn Accounting’
SEC Files 13 Charges Against Binance Including the Mishandling of Funds, Sale of Unregistered Securities
SEC Calls Solana, Polygon, Algorand and Other Tokens Securities but Misses Ether in Binance Lawsuit
Cointelegraph: Senator Lummis files amicus brief supporting Coinbase’s dismissal motion against SEC.
Other cases
Kraken
CNBC: Crypto exchange Kraken settles with SEC for $30 million, will close US staking operation
XRP
Unchained: SEC vs Ripple: Judge Rules XRP Sold on Exchanges Is Not a Security
Terraform Labs
Reuters: Judge sides with US SEC, says Terraform Labs crypto founder Do Kwon violated law
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56 min
January 18, 2024The Chopping Block: When Will the ETF Hype End? - Ep. 596
Welcome to The Chopping Block, where crypto experts Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner bring you inside perspectives on critical topics in the crypto world. This episode delves into the complexities and market impact of crypto ETFs: Are they a game-changer for investors? The team also examines the controversies surrounding Tether, exploring its stability and the implications of recent scandals. They then shift focus to the burgeoning world of asset-backed securities and crypto casinos: What potential and challenges do they present? NFTs and their evolving role beyond digital art are scrutinized, along with the integration of crypto technology in devices like the Solana phone. Tune in for a thought-provoking discussion on these critical developments shaping the future of cryptocurrency.

Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Pandora, Castbox, Google Podcasts, TuneIn, Amazon Music, or on your favorite podcast platform.

Show highlights:

🔹 ETF Performance Analysis: Grayscale Bitcoin Trust and Competitors.
🔹 Circle IPO: Impact on Stablecoin Market and Financial Ecosystem.
🔹 Tether Controversy: Financial Backing and Southeast Asian Scams.
🔹 Vivek Ramaswamy's Political Future: Influence on Crypto Policy.
🔹 Asset-Backed Securities (ABS) in Crypto: Opportunities for Investors.
🔹 Crypto Casinos: Rise in Popularity and Move Toward Transparency.
🔹 NFTs in Mainstream Culture: Adoption and New Use Cases.
🔹 Crypto and Traditional Finance: Stablecoins like USDC and Tether.
🔹 Crypto Integration in Devices: Solana Phone and Market Adoption.

Hosts
Haseeb Qureshi, managing partner at Dragonfly
Robert Leshner, founder of Compound
Tom Schmidt, general partner at Dragonfly
Tarun Chitra, managing partner at Robot Ventures
DisclosuresLinks
Blockworks: Tether says UN needs more blockchain education in response to USDT report by Casey Wagner
UNODC: Casinos, Money Laundering, Underground Banking, and Transnational Organized Crime in East and Southeast Asia: A Hidden and Accelerating Threat
CNBC: Costco sold more than $100 million in gold bars last quarter by Spencer Kimball
Number Go Up: Inside Crypto's Wild Rise And Staggering Fall by Zeke Faux
CNBC: BlackRock CEO Larry Fink: Bitcoin ETF approvals are ‘stepping stones’ towards tokenization

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1 hr 1 min
January 16, 2024How Small Bitcoin ETF Issuers Will Compete With the Likes of BlackRock - Ep. 595
Thursday was a momentous day in crypto as the first SEC-approved spot Bitcoin ETFs finally began trading after more than a decade of waiting, and by almost all accounts, it was a huge success, with more than $625 million in inflows on the first day of trading.
Bitwise CIO Matt Hougan and VanEck head of digital assets research Matthew Sigel joined Unchained to discuss their approaches towards selling their products in the market, the challenges of competing with larger firms like BlackRock and Fidelity, the fee wars and where those are headed, the importance of specialist expertise in the crypto investment space, and how Bitcoin prices might react to all the new supply in the market.

Listen to the episode on Apple Podcasts, Spotify, Fountain, Overcast, Podcast Addict, Pocket Casts, Pandora, Castbox, Google Podcasts, Amazon Music, or on your favorite podcast platform.
Show highlights:
Why Matt Hougan regards the first week as a massive success for Bitcoin
How Matthew Sigel emphasizes the costs and benefits ETFs offer to retail investors
The strategic marketing approaches of VanEck and Bitwise aligning with Bitcoin community values
The reasons for Bitwise's standout performance in the first days of trading, according to Matt
Whether the introduction of Bitcoin ETFs will reshape the broader ETF landscape
Matt's perspective on why some financial institutions resist Bitcoin, and their eventual openness to crypto
Whether the established players in finance feel threatened by the rise of open source technologies
Whether Gary Gensler’s statement after the approval is “totally crazy”
Why data for the various ETFs in the market should be analyzed on a weekly or monthly basis
The ongoing fee competition and how smaller entities can compete against giants like BlackRock and Fidelity
Grayscale's strategies to remain competitive with higher fees and the possibility of launching a new, low-fee ETF
How investment advisors might adapt to these new crypto products and the potential for mainstream adoption
Matthew’s predictions for when BTC investors, both short-term and long-term, will take profits
Why they are both closely monitoring Ethereum's performance and the prospects for a spot ether ETF in the market
Thank you to our sponsors!
Arbitrum Foundation
Popcorn Network
Guests:
Matt Hougan, Chief Investment Officer at Bitwise Asset Management
Previous appearances on Unchained: Why a Spot Bitcoin ETF Will Probably Launch No Later Than January 10
Matthew Sigel, Head of Digital Assets Research at VanEck.
Links
Previous coverage of Unchained on spot Bitcoin ETFs:
Why Some Brokerage Firms Are Blocking Access to Spot Bitcoin ETFs
Why Spot Bitcoin ETFs Are Likely to Finally Start Trading on Thursday
Why the SEC May Want Cash Creation of Spot Bitcoin ETFs
Why It Looks Like BlackRock Could Win America’s First Spot Bitcoin ETF
Will a Spot Bitcoin ETF Finally Get Approved?
The 4 Factors That Will Determine Which Spot Bitcoin ETFs Win Market Share
How Much Money Will Flow Into Bitcoin ETFs? Here’s One Projection
Approval:
Unchained:
Spot Bitcoin ETFs Finally Receive SEC Seal of Approval
What Officials, ETF Issuers, and Others Are Saying About the SEC's Spot Bitcoin ETF Approvals
Laura Shin’s op-ed on Unchained: Why Spot Bitcoin ETFs Are (But Mostly Aren't) a Big Deal for Crypto
David Z. Morris’ op-ed on Unchained: The SEC’s Bumbling Bitcoin ETF Rollout Was Perfectly On-Brand
First days of trading
Unchained:
Spot Bitcoin ETFs Record $4.6 Billion First Day Trading Volume
Spot Bitcoin ETF Inflows Topped $625 Million on First Day in ‘Phenomenal’ Debut, Led by Bitwise
Vanguard Isn’t Allowing Customers to Buy Spot Bitcoin ETFs

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1 hr 12 min
January 12, 2024Why Some Brokerage Firms Are Blocking Access to Spot Bitcoin ETFs - Ep. 594
Listen to the episode on Apple Podcasts, Spotify, Fountain, Overcast, Podcast Addict, Pocket Casts, Pandora, Castbox, Google Podcasts, Amazon Music, or on your favorite podcast platform.
Unless you've been living under a rock, you probably heard that spot Bitcoin ETFs were finally approved by the SEC this week. That set the stage for 11 such offerings from the likes of BlackRock, Fidelity, and ARK 21Shares to begin trading on Thursday. On this episode of Unchained, Nate Geraci, president of the ETF Store; Eric Balchunas, senior ETF analyst at Bloomberg Intelligence; and James Seyffart, research analyst at Bloomberg Intelligence discussed the initial record trading volumes, the mechanics of how the funds work, the botched roll-out process, the pointed commentary from SEC commissioners, the potential for future Ethereum spot ETFs and predictions for total inflows. Plus, they explain why brokerage firms like Vanguard, Merrill and others were blocking customer access to the ETFs.
Show highlights:
The initial impact and trading volumes on the launch day of the ETFs
How BlackRock’s ETF, IBIT, had a lot of volume in pre-market and what that means
Why Eric was surprised that BlackRock proceeded with a waiver for its ETF, but realized that it was “genius marketing”
Whether there’s a problem that ETFs don’t trade 24/7, unlike BTC itself
Why James says the spot ETFs are not going to have significant premiums or discounts to NAV
What the percentage premium is and how it will play out with spot Bitcoin ETFs
Whether the SEC will ever allow in-kind creation and redemption
Why Nate and Eric believe that the SEC’s denials of spot Bitcoin ETFs for a decade was “completely suboptimal” for retail investors
How the SEC commissioners pointedly disagreed with each other in their comments and dissents
The politics of the approval process
Whether Ethereum spot ETFs will be approved next
Why some big platforms and brokerages are not offering the spot Bitcoin ETFs
How RIAs will respond to the ETF and whether there’s going to be mainstream adoption by advisors
Thank you to our sponsors!
Arbitrum Foundation
Popcorn Network
iTrustCapital
Guests
James Seyffart, Research analyst at Bloomberg Intelligence
Previous appearances on Unchained: Why Spot Bitcoin ETFs Are Likely to Finally Start Trading on Thursday
Why the SEC May Want Cash Creation of Spot Bitcoin ETFs
Why It Looks Like BlackRock Could Win America’s First Spot Bitcoin ETF
Why a Spot Bitcoin ETF Will Probably Launch No Later Than January 10
Eric Balchunas, Senior ETF analyst at Bloomberg Intelligence
Previous appearances on Unchained:
Why Spot Bitcoin ETFs Are Likely to Finally Start Trading on Thursday
Will a Spot Bitcoin ETF Finally Get Approved?
Nate Geraci, President of The ETF Store
Links
Previous coverage of Unchained on spot Bitcoin ETFs:
The 4 Factors That Will Determine Which Spot Bitcoin ETFs Win Market Share
How Much Money Will Flow Into Bitcoin ETFs? Here’s One Projection
The Chopping Block: Are We Back? The ‘Low IQ’ Response to the Potential Spot Bitcoin ETF
Approval:
Unchained:
Spot Bitcoin ETFs Finally Receive SEC Seal of Approval
What Officials, ETF Issuers, and Others Are Saying About the SEC's Spot Bitcoin ETF Approvals
Laura Shin’s op-ed on Unchained: Why Spot Bitcoin ETFs Are (But Mostly Aren't) a Big Deal for Crypto
David Z. Morris’ op-ed on Unchained: The SEC’s Bumbling Bitcoin ETF Rollout Was Perfectly On-Brand

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1 hr 3 min
January 11, 2024The Chopping Block: Unraveling the SEC Hack, Futarchy, and Twitter Trolls - Ep. 593
Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Pandora, Castbox, Google Podcasts, TuneIn, Amazon Music, or on your favorite podcast platform.
Welcome to The Chopping Block, where crypto experts Haseeb Qureshi, Tom Schmidt, Tarun Chitra, and Robert Leshner bring you inside perspectives on critical topics in the crypto world. In this episode, they're joined by Gwart, the caustic comedian of Crypto Twitter, as they explore questions like: What is Gwart's stance on the overhyped nature of DAOs and governance in crypto? How does Gwart view the potential and risks of NFTs, particularly Bitcoin-based Ordinals? The team also dives into the recent SEC Twitter hack - what does this incident reveal about market manipulation and the importance of cybersecurity? They then explore the competitive landscape of Bitcoin ETFs, discussing the implications of their fee structures. Finally, they consider the significance of developing crypto infrastructure that resonates with the average user, not just the niche crypto enthusiast. Tune in for an engaging exploration of these pivotal questions shaping the future of cryptocurrency.

Show highlights:

🔹The concept of Ethereum alignment and its origins
🔹The SEC's Twitter account being hacked and a fake BTC ETF approval tweet
🔹Fees for different ETF issuers and Grayscale's fee reduction for GBTC
🔹The SEC's Twitter account being hacked and the fake BTC ETF approval tweet
🔹The potential use case of prediction markets in Taiwanese elections
🔹Imprisonment of individuals in Taiwan for betting on the election through PolyMarket
🔹Discussion on the concept of futarchy and its potential implementation
🔹The prevalence of centralized exchanges and their impact on user adoption
🔹Gwart's role as an observer and heckler in the crypto space
🔹Building infrastructure for onboarding users in crypto
🔹The dichotomy between the ideal of decentralization and the reality of user adoption
🔹Criticism of DAO governance and lack of significant innovation

Hosts
Haseeb Qureshi, Managing Partner at Dragonfly
Robert Leshner, Founder of Compound
Tom Schmidt, General Partner at Dragonfly
Tarun Chitra, Managing Partner at Robot Ventures
Guest
Gwart, Crypto Twitter IconDisclosuresLinks
Justin Drake on Bankless’ “57 - Ultra Sound Money | Justin Drake”: https://youtu.be/bWqhn1hXvVc
Justin Drake on “ETH’s Biggest Upgrade Since EIP1559 | MEV Burn w/ Justin Drake and Dom”: https://youtu.be/nb7x7n8Ga3U
Eliezer Yudkowsky – “AI Alignment: Why It's Hard, and Where to Start”: https://youtu.be/EUjc1WuyPT8
Eliezer Yudkowsky - “Why AI Will Kill Us, Aligning LLMs, Nature of Intelligence, SciFi, & Rationality”: https://www.dwarkeshpatel.com/p/eliezer-yudkowsky
Vitalik Buterin’s “An Introduction to Futarchy”: https://blog.ethereum.org/2014/08/21/introduction-futarchy
Arthur Breitman’s “Towards Futarchy in Tezos”: https://medium.com/tezos/towards-futarchy-in-tezos-54a7b8926967
“More arrests for betting crypto on Taiwan election via blocked website” by Jono Thomson (Taiwan News, Staff Writer): https://www.taiwannews.com.tw/en/news/5070386

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59 min
January 09, 2024Why Spot Bitcoin ETFs Are Likely to Finally Start Trading on Thursday - Ep. 592
It’s set to be a historic week in crypto, with the SEC widely expected to finally approve a spot Bitcoin ETF, although it’s not a 100% certainty. Two Bloomberg analysts who have followed all the developments closely since the beginning, James Seyffart and Eric Balchunas, join Unchained to discuss the final filings, the likely schedule, and whether all the applications are likely be approved on the same day. Then they dive into the real action: the cutthroat wars that have already begun, why Grayscale might be keeping its fees on the Grayscale Bitcoin Trust so high, and who the likely winners in what has traditionally been a “winner take most” category will be.
Listen to the episode on Apple Podcasts, Spotify, Fountain, Overcast, Podcast Addict, Pocket Casts, Pandora, Castbox, Google Podcasts, Amazon Music, or on your favorite podcast platform.
Show highlights:
What the recent 19b-4 and S-1 filings say about how close the ETFs are to approval
Whether Hashdex's existing futures ETF impacts its treatment in the spot Bitcoin ETF process
The likely timeline for trading to start post-ETF approval
The possibility of simultaneous launches for all approved ETF issuers
The SEC's concerns about ensuring a fair launch, informed by the BITO experience
Eric’s surprise at JP Morgan's involvement as an Authorized Participant
Why the SEC is approving the ETF despite Gensler’s stance against crypto
What extreme cases Eric believes might cause the ETF not to be approved
How BlackRock's low fees set a challenging benchmark for competitors
The potential for an issuer to offer even lower fees than current players
How issuer margins are thin due to marketing fees, and the impact of waivers
James’ theory about why Grayscale might be keeping the fee on GBTC so high
Predictions about which issuer(s) will gain the bulk of assets under management
The rumor about BlackRock introducing substantial liquidity on the ETF's first day
Eric and James's expectations for ETF inflows and market dynamics
Thank you to our sponsors!
Arbitrum Foundation
Popcorn Network
Guest:
James Seyffart, Research analyst at Bloomberg Intelligence
Previous appearances on Unchained:
Why the SEC May Want Cash Creation of Spot Bitcoin ETFs
Why It Looks Like BlackRock Could Win America’s First Spot Bitcoin ETF
Why a Spot Bitcoin ETF Will Probably Launch No Later Than January 10
Eric Balchunas, Senior ETF analyst at Bloomberg Intelligence
Previous appearances on Unchained:
Will a Spot Bitcoin ETF Finally Get Approved?
Links
Previous coverage of Unchained on spot Bitcoin ETFs:
The 4 Factors That Will Determine Which Spot Bitcoin ETFs Win Market Share
How Much Money Will Flow Into Bitcoin ETFs? Here’s One Projection
The Chopping Block: Are We Back? The ‘Low IQ’ Response to the Potential Spot Bitcoin ETF
Fees
Unchained: Fee Competition Heats Up Among BlackRock and Other Spot Bitcoin ETF Applicants
Caitlin Long’s tweet warning about no fees
Fidelity set their fee to .39%
Invesco/Galaxy chose to waive fees
Market participants:
Unchained: Goldman Sachs Could Take Vital Role in BlackRock, Grayscale Spot Bitcoin ETFs: Report
The Block: Nasdaq to meet with SEC today to discuss spot bitcoin ETFs: Source
Reuters: BlackRock, VanEck among asset managers that submitted updated filings for spot bitcoin ETF
CoinDesk: BlackRock, Valkyrie Name Authorized Participants Including JPMorgan for Bitcoin ETF
Others:
Better Markets’ letter: The SEC Must Follow the Law and Reject Spot Bitcoin ETPs Which Will Inflict Massive Investor Harm
FXSTREET: BlackRock might be on track to create history with $2 billion inflows in spot Bitcoin ETF in a week
Eleanor Terrett of Fox News’ tweet on Better Markets’ letter
Scott Johnson of Van Buren Capital’s estimate
Learn more:
Unchained:
Bitcoin ETFs Explained: What Are They & How Do They Work?
Why The Spot Bitcoin ETF Is a Big Deal
Deciding on Bitcoin: Should New Investors Jump In Now or Wait for an ETF?

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1 hr 8 min
January 05, 2024The 4 Factors That Will Determine Which Spot Bitcoin ETFs Win Market Share - Ep. 591
Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Pandora, Castbox, Google Podcasts, Amazon Music, or on your favorite podcast platform.

The past few days have been a busy stretch in the run-up to a potential spot Bitcoin ETF approval by the SEC. Goldman Sachs was revealed as a possible authorized participant (AP) for BlackRock and Grayscale’s offerings, the SEC met with representatives of major stock exchanges, and a report skeptical of an imminent SEC approval likely caused a 7% decline in Bitcoin. Spencer Bogart, general partner at venture capital firm Blockchain Capital, joined Unchained to break down what all of these events mean, as well as discuss who the likely winners will be among ETF issuers, the impact of a spot bitcoin ETF on companies such as MicroStrategy and Coinbase, and how a spot ETF will affect Bitcoin futures ETFs and leveraged crypto ETFs.
Show highlights:
Why the newly authorized participants in the spot Bitcoin ETFs are critical for maintaining the ETF’s price alignment
The reasons behind the excitement over Goldman Sachs becoming an authorized participant in the spot Bitcoin ETFs
How the Matrixport report led to a 7% drop in BTC value
The importance of seed funding for ETFs and its impact on their stability and growth
The pivotal role of distribution in an ETF and why Spencer emphasizes its significance
Whether the fees charged by ETF issuers will become a decisive factor for consumers in choosing their preferred ETF
The potential impact of changes in the Grayscale board on its aspirations to launch an ETF
How the introduction of a spot Bitcoin ETF might influence BITO, the futures-based Bitcoin ETF
Whether the launch of a spot Bitcoin ETF could affect the stock value of MicroStrategy
Spencer's reasoning behind why Coinbase stands to "absolutely benefit" from the introduction of a spot Bitcoin ETF
Thank you to our sponsors!
Arbitrum Foundation
Popcorn Network
iTrustCapital
Guest
Spencer Bogart, General Partner at Blockchain CapitalLinks
Previous coverage of Unchained on spot Bitcoin ETFs:
Why the SEC May Want Cash Creation of Spot Bitcoin ETFs
Why It Looks Like BlackRock Could Win America’s First Spot Bitcoin ETF
Why a Spot Bitcoin ETF Will Probably Launch No Later Than January 10
How Much Money Will Flow Into Bitcoin ETFs? Here’s One Projection
Why It Looks Like BlackRock Could Win America’s First Spot Bitcoin ETF
The Chopping Block: Are We Back? The ‘Low IQ’ Response to the Potential Spot Bitcoin ETF
Matrixport report
Why the SEC will REJECT Bitcoin Spot ETFs again
Jihan Wu’s tweet defending the analyst
Unchained: Why Did Bitcoin's Price Dip as ETF Approval Nears?
Market participants:
Unchained: Goldman Sachs Could Take Vital Role in BlackRock, Grayscale Spot Bitcoin ETFs: Report
The Block: Nasdaq to meet with SEC today to discuss spot bitcoin ETFs: Source
Reuters: BlackRock, VanEck among asset managers that submitted updated filings for spot bitcoin ETF
CoinDesk: BlackRock, Valkyrie Name Authorized Participants Including JPMorgan for Bitcoin ETF
8-As
The Block: Fidelity, Grayscale filing 8-A forms show progress for spot bitcoin ETF applications
Fees
Fidelity set their fee to .39%
Invesco/Galaxy chose to waive fees
Grayscale:
Unchained: DCG CEO Silbert, President Murphy Exit Grayscale Board
Learn more:
Unchained:
Bitcoin ETFs Explained: What Are They & How Do They Work?
Why The Spot Bitcoin ETF Is a Big Deal
Deciding on Bitcoin: Should New Investors Jump In Now or Wait for an ETF?

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38 min
January 03, 2024The Chopping Block: If Vitalik Is the Pope of Crypto, Is Justin Sun the Inverse Pope? - Ep. 590
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Welcome to The Chopping Block – where crypto insiders Haseeb Qureshi, Tom Schmidt, and Tarun Chitra chop it up about the latest news. This week, they are joined by Laura Shin, the host of Unchained, to discuss the latest post from Ethereum co-founder Vitalik Buterin, who argues that crypto needs to get back to its idealistic cypherpunk roots. Is Vitalik the Pope of crypto, as Haseeb argues, and is there even a need for such an exemplary-type figure? And how do other influential crypto folks like Solana’s Anatoly Yakovenko and Tron’s Justin Sun fit into this dynamic? The gang also discusses the likely imminent approval of a spot Bitcoin ETF in the U.S. and what it might mean for Bitcoin’s price and Ordinals Inscriptions.
Show highlights:
Who won the group’s bet on what the circulating supply of PayPal’s stablecoin, PYUSD, would be at the end of the year
The Orbit Bridge hack and how the potential involvement of North Korea could be a problem for the industry
How Vitalik’s post urging for a return to the cypherpunk ideals sparked a debate within the community
Whether Vitalik is like “the Pope of crypto” and whether there’s even a need for one
Why it’s so important to keep the cypherpunk ethos, according to Tarun
Why Tom believes, after reading Vitalik’s post, that the wrong lessons are being learned
How Vitalik and Solana’s Anatoly Yakovenko could represent the religious leaders of two different approaches
Whether Justin Sun is the “inverse of Vitalik”
How GBTC holders are the most impacted ones given that the spot Bitcoin ETFs will be created and redeemed in cash
Whether the SEC is picking favorites in the Bitcoin ETF landscape
What could happen to the price of BTC if the ETF is approved
Whether the rise in Bitcoin’s price will increase fees so much that it crowds out Ordinals Inscriptions
Hosts
Haseeb Qureshi, managing partner at Dragonfly
Tom Schmidt, general partner at Dragonfly
Tarun Chitra, managing partner at Robot Ventures
Guest
Laura Shin, journalist, author of ‘The Cryptopians,’ founder and CEO of UnchainedDisclosuresLinks
Cypherpunk ideals
Make Ethereum Cypherpunk Again by Vitalik Buterin
Quotes on Vitalik’s post on X
Business Insider: 'Heed these words of warning:' Ethereum founder threatens to leave if the crypto community doesn't grow up
The Block: Solana Labs CEO: It ‘doesn’t really matter’ if the network goes down again
Spot Bitcoin ETF
Unchained:
77% of Financial Advisors Are Waiting for a Spot Bitcoin ETF to Offer Their Clients
How Much Money Will Flow Into Bitcoin ETFs? Here’s One Projection
Should First-Time Bitcoin Investors Buy Now or Wait for the ETF?
Signs Increasingly Point to January Approval of Spot Bitcoin ETF Applications
Why The Spot Bitcoin ETF Is a Big Deal
Deciding on Bitcoin: Should New Investors Jump In Now or Wait for an ETF?
CoinDesk: Michael Saylor Commences Plan to Sell $216M Worth of MicroStrategy Stock Options
PayPal’s PYUSD bet:
The Chopping Block: Curve Crisis Concludes With a Whimper, PayPal’s PYUSD Raises New Questions
Orbit Bridge hack
Unchained: Orbit Chain Announces 'Significant Clue' in $81 Million New Year's Eve Hack
The Block: Orbit Chain's bridge reportedly hacked for $81.5 million

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1 hr 16 min

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Crypto assets and blockchain technology are about to transform every trust-based interaction of our lives, from financial services to identity to the Internet of Things. In this podcast, host Laura…

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