The Breakdown
The Breakdown explores the most important topics in crypto, blockchain, and the macroeconomic forces shaping markets and power structures. Hosted by David Canellis, each episode breaks down complex ideas into clear, grounded analysis, separating signal from noise across crypto, finance, and geopolitics. The show features explainers, interviews, and conversations with people building, regulating, and challenging the financial system. It is a Blockworks podcast.
Episodes
2 Groups Now Control Ethereum's Future. Here's What They Want.
David sits down with Paul Dylan-Ennis — lecturer at University College Dublin and member of the Ethereum Foundation’s Silviculture Society — to map the split between the EF and the newly-formed ETH Labs.
TIMESTAMPS:
(00:00) Intro
(00:41) EF Silviculture Society
(03:28) Full Cypherpunk
(14:15) Roadmaps and Governance
(17:58) Capture Resistance Concerns
(24:19) What is Ethereum Success
(2
Binance Needs A Friend in The European Union
Binance is out of the EU as of July 1 after its MICA license application in Greece was rejected. David runs through who is and isn't licensed under MICA, checks Blockworks Research for Binance's actual spot market share (~33%), and looks at whether the outflow data suggests real damage. Then: the US government is now effectively approving AI model releases — Anthropic's Mythos 5 is live for a whit
How Strategy Insiders Insulated Themselves From the Crash
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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.
Searching for the Ethereum Foundation's Remaining Cash
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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.
Is Strategy Really the Next Terra Luna?
Strategy’s STRC is still trading below its $100 target and has drawn comparisons to Terra Luna. David walks through how Terra Luna actually imploded, why Strategy's flywheel is meaningfully different, and the real problem he sees underneath it all. Enjoy!
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The History of Standard Chartered Megabullish Price Predictions
Standard Chartered just put a $100 price target on Uniswap by 2030 — a 40× move from current levels. David walks through the call, the tokenization thesis underpinning it, and how Standard Chartered's past calls on Bitcoin, ETH, XRP, BNB and AVAX have actually played out.
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The US Just Made the Case for Open-Source AI
Anthropic released Fable V — a wrapper around its Mythos model with strict guardrails. Within 24 hours, the White House forced it offline over a jailbreak that exposed Mythos's full cyber capabilities. David walks through David Sack’s thread, the export control, and why this is the strongest case yet for running your own open-source AI at home. Plus: Blockworks just acquired Messari, and the Space
Blockworks Acquires Messari
In this special episode, Blockworks announces its acquisition of Messari and unpacks what it means for crypto’s next phase. Michael and Jason explore why Messari’s breadth of data, APIs, and research complement Blockworks’ deep on-chain analytics, investor relations, and disclosure products. They also address crypto’s trust problem, the need for standardized data and disclosures, and how Blockwork
SpaceX Just Became the Most Valuable Post-IPO Company Ever
It's SpaceX IPO day, and it’s on track to be the most valuable post-IPO company in history — $1.77T, surpassing Saudi Aramco. David walks through the numbers, the pre-IPO trade on Hyperliquid, and why the edge wore off months ago. Plus: Nakamoto selling Bitcoin while Tom Lee's BitMine keeps stacking ETH, and where prediction market volumes are during the NBA Finals.
TIMESTAMPS:
(00:00) Intro
BlackRock's Bitcoin ETF Is $13 Billion Underwater
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
Inside Pump.fun's New Bounty Platform
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) St
Brutal Zcash Bug Sat Hidden for 4 Years
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
Crypto Still Sees Massive Returns On Par With Stocks
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?
(10:2
Dimon & Democrats Ready for War Over CLARITY
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
(1
When Bitcoin’s Bear Market Might End
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.
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A Google Engineer Made $1.2M Insider Trading on Polymarket
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 U
Is This $250M AI Company Fake?
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) Polsi
Hyperliquid Hits ATH, XRP ETF Flows, and a $1B Pitch to Save Ethereum | The Breakdown
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
OpenAI Digs A Moat, Ethereum Foundation Loses Talent, And Polymarket’s UMA Problem | The Breakdown
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
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The Messy State of Crypto Governance with Jito Foundation's Nick Almond | The Breakdown
Nick Almond of the Jito Foundation joins David to walk through why DAO governance is a mess, what “pragmatic decentralization” looks like in practice, and how the CLARITY Act will reshape governance going forward. Enjoy!
TIMESTAMPS:
(00:00) Intro
(01:22) Why Governance Matters
(03:43) Token Voting
(05:12) Delegates and Multisigs
(08:56) Nexo Ad
(09:30) Sub-DAOs and Specialization
(11:33)
The $70B AI IPO, Claude Cracks a Lost Wallet, and CLARITY Advances | The Breakdown
Hyperliquid enabled early exposure to the biggest AI IPO of the year. Claude helped recover a Bitcoin wallet locked for 11 years. And CLARITY made it through markup. David runs through all three. Enjoy!
TIMESTAMPS:
00:00 Intro
01:05 Cerebras
12:42 Claude Rescues Wallet
19:17 CLARITY Markup Update
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Bhutan Times the Top, CLARITY Hits Markup, and the Onchain Pokemon Card Boom | The Breakdown
Bhutan timed the Bitcoin top almost perfectly. The CLARITY Act may only let 10–20 chains qualify as “decentralized.” And onchain Pokémon cards are popping off. David runs through all three.
TIMESTAMPS:
(00:00) Intro
(01:31) Bhutan Sells
(06:37) Nexo Ad
(07:12) Bhutan Sells (Cont.)
(14:39) CLARITY Markup
(15:40) Nexo Ad
(16:31) CLARITY Markup (Cont.)
(25:30) Onchain Pokemon Card Boom
Bored Apes Rally, Canton Raises at $2B and Saylor Raps the Bears | The Breakdown
David covers three Monday stories: the NFT mini-revival (Bored Apes doubled in a month), Canton raising $300M at a $2B valuation, and Saylor's AI rap video defending Strategy from “Ponzi” accusations. Enjoy!
TIMESTAMPS:
(00:00) Intro
(01:15) Are NFTs Back?
(07:24) Nexo Ad
(07:59) Are NFTs Back? (Cont.)
(12:06) Canton
(16:52) Nexo Ad
(17:46) Canton (Cont.)
(23:27) Strategy Rap
FOLLO
Coinbase Down Again, HIP-4 vs Polymarket, and Dueling Big Tech Crypto Partnerships | The Breakdown
David covers three Friday stories: Coinbase's hours-long outage on the back of an AWS cooling failure, the data on whether prediction markets are actually beating memecoins, and the dueling Solana + Google Cloud / AWS + Coinbase + Stripe agentic commerce announcements.
TIMESTAMPS:
(00:00) Intro
(01:23) Coinbase AWS Outage
(07:20) Nexo Ad
(07:55) Prediction Markets, Memecoins, and HIP-4
(15
Coinbase's AI Layoffs, a16z's $2.2B Fund, and Strategy's $12.5B Loss | The Breakdown
David covers three Wednesday stories: Coinbase laying off 14% of staff, a16z Crypto raising $2.2 billion, and Strategy losing $12.5 billion as CEO Phong Le floats selling bitcoin.
We also unpack the AI-first layoff narrative, the potential return of the infra supercycle ($6B+ raised across crypto VCs in 2026), and why a Cambrian explosion of DATs and ETFs might absorb whatever Saylor has to offlo
Clavicular x Polymarket, the CLARITY Act, and What MegaETH Tells Us About Retail | The Breakdown
David runs through three Monday morning stories: the viral Clavicular clip with Polymarket’s CMO, the CLARITY Act’s compromise on stablecoin yield, and MegaETH’s adoption numbers a week into its points campaign.
TIMESTAMPS:
(00:00) Intro
(01:06) Clavicular and Polymarket CMO
(09:20) Nexo Ad
(09:57) CLARITY Act Update
(15:03) Nexo Ad
(15:54) MegaETH Performance
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MegaETH, the DeFi United Bailout, Meta’s USDC Push, and Blockworks Reaches $192M Valuation | The Breakdown
DeFi just raised $302 million to cover losses from the Kelp DAO hack. David calls it what it is: a bailout.
David runs through four stories from the week — MegaETH, DeFi United, Meta’s stablecoin payouts, and the Blockworks rebrand.
We unpack why MegaETH’s points campaign is the 2021 playbook in 2026, why stablecoin income doesn’t equal crypto adoption, and what happens when the house money runs
How Crypto Is Fighting Back Against North Korea | The Breakdown
North Korea has had IT workers embedded in DeFi protocols since DeFi Summer — and they’re pretty good devs.
Nick Bax, blockchain investigator and SEAL 911 incident responder, joins us to break down how crypto crime has evolved from SIM swaps to nation-state social engineering.
We unpack the Monero inflation bug, Arbitrum’s 9/12 multisig gold standard, how DPRK workers now use facilitators to ren
Mythos Leaks, Crypto in the Strait of Hormuz, and DoorDash Stablecoins | The Breakdown
Someone guessed Anthropic’s Mythos URL, gained unauthorized access to the most hyped AI model in history, and used it to build websites.
David covers three stories from the week: the Mythos breach, a Tether scam in the Strait of Hormuz, and DoorDash’s stablecoin announcement.
We unpack why Project Glasswing looks like marketing by association, how scammers are demanding Bitcoin and Tether fo
Can AI Actually Trade Crypto? | The Breakdown
Crypto might be the world’s best test bed for AI trading — and Virtuals Protocol is running the experiment live.
Weekee Tiew, co-founder of Virtuals Protocol, joins us to explain Degen Claw, their AI Council judging system, and why agents will soon replace wallets.
We unpack why pure P&L is the wrong benchmark, how the trench agent concept could reshape portfolio management, and what crypto’s ro
Crypto Fed Chair, Polymarket Bots, and the Faketoshi Movie
Trump's Fed pick has 30-plus crypto investments — and that's just what he could disclose. David walks through Warsh's filing, a Polymarket bot built on the theory that nothing ever happens, and Hollywood's Craig Wright blockbuster.
TIMESTAMPS:
(00:00) Introduction
(00:21) Trying Something New
(02:47) Kevin Warsh
(08:58) Nexo Ad
(09:34) Nothing Ever Happens Polymarket Bot
(18:47) Nexo Ad
Kevin O’Leary on AI, Data Centers, and Why He Sold 27 Crypto Positions | The Breakdown
AI is reprogramming the social fabric — and nobody can agree whether that’s a good thing.
Kevin O’Leary, investor and entrepreneur, joins us to share his framework for navigating the AI era across investing, data centers, and crypto.
TIMESTAMPS:
(00:00) Introduction
(01:33) One Shot, One Opportunity
(03:20) Two Wolves
(06:02) Nexo Ad
(06:36) Interview with Kevin O’Leary
(08:56) Datacente
The Three Layers of AI Agent Commerce with Jordan Liu | The Breakdown
x402 just got a lot bigger. The Linux Foundation is now backing it — and maybe Amazon, Google, Stripe, Mastercard, and American Express along with them.
In this episode, David sits down with Jordan Liu, co-founder of AIsa — one of earliest builders in the x402 ecosystem, with over 20 million microtransactions already processed.
TIMESTAMPS:
(00:00) Introduction
(01:42) What AISA Builds
(02:5
Are AI Agents Actually Using Crypto? | The Breakdown
AI agents are coming online fast — and the payment rails for that world are being built right now.
David breaks down the race between Coinbase’s x402 and Stripe’s Machine Payments Protocol, the rise of agentic commerce, and why crypto may have a natural edge, before sitting down with Jordan Liu of AIsa.
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TIMESTAMPS:
(00:00) Intro
(01:30) Tool Time
(03:45) AI-doption
(05:48) Nexo Ad
(06
Fed Governor Miran on Why Inflation Fears Are Overstated | Forward Guidance
While The Breakdown is between seasons, we’re bringing some of our favorite conversations from across Blockworks onto the feed.
In this episode of Forward Guidance, Felix Jauvin sits down with Fed Governor Stephen Miran at DAS to discuss why he believes inflation fears are overstated, why the Fed may still be too restrictive, and how AI, deregulation, and stablecoins could all shape the future
The Crypto-TradFi Convergence | Inflection Point
While The Breakdown is between seasons, we’re sharing a panel from Digital Assets Summit featuring the team behind Inflection Point. The conversation explores how investors should think about crypto valuations, what gives L1s value, and why there’s still no shared framework for pricing blockchain networks.
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Privacy & Institutional Crypto's [Redacted] Future | The Breakdown
While The Breakdown is between seasons, we’re sharing a panel from Digital Asset Summit hosted by David. The discussion explores how institutions think about on-chain privacy, the tradeoffs involved, and what it takes to bring financial systems onto blockchain infrastructure.
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Investor Relations in the Onchain Era
In this special episode, we introduce Blockworks’ new investor relations platform for onchain businesses.
As institutional capital continues to enter crypto markets, expectations around transparency, standardization, and professionalism are rising. But instead of replicating legacy systems, Blockworks IR takes a different approach, leveraging real-time, onchain data to create a more transparent
Are We Measuring Crypto All Wrong? | Nick Almond
While The Breakdown is between seasons, we’re sharing the full version of a past conversation with Nick Almond. The discussion explores how to think about crypto networks, why common metrics can be misleading, and what actually matters when evaluating activity and value.
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The Macro Chain Reaction of Oil Shocks | Forward Guidance
While The Breakdown is between seasons, we’re sharing a recent episode of Forward Guidance.
Felix is joined by Bob Elliott to break down how oil shocks impact inflation, growth, and central bank policy—and why markets may be underestimating the risks.
As always, remember this podcast is for informational purposes only, and any views expressed by anyone on the show are solely their opinions, not
Why I’m Hosting The Breakdown | David Canellis | The Breakdown
As a new season of The Breakdown approaches, David takes a moment to introduce himself and explain how he thinks about Bitcoin, crypto culture, and the industry’s next phase.
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Timestamps:
(00:00) Introduction
(01:0
The Real Forces Moving Bitcoin Now | Marc Arjoon
Marc Arjoon joins the show to discuss how institutional flows, ETF market structure, and the changing economics of Bitcoin mining are reshaping the market.
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.
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Bitcoin’s Halving Cycle Isn’t What You Think | The Breakdown
From miners to institutional buyers, David breaks down why Bitcoin’s halving cycle may still shape the market — even if the supply shock itself is fading. Plus, a conversation with Marc Arjoon.
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.
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AI Agents and the Next Wave of Crypto Demand | The Breakdown
How should crypto tokens be valued? Haseeb Qureshi breaks down why cash-flow rights won’t “fix” prices, and how AI agents transacting on-chain could drive the next wave of demand.
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.
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Introducing: Inflection Point | The Crypto-TradFi Convergence
In this first episode of Inflection Point, we explore the accelerating convergence between traditional finance and crypto as institutional adoption begins reshaping the foundations of global financial infrastructure. The conversation examines ETFs, DeFi innovation, market structure shifts, institutional flows, and how evolving investor behavior is changing Bitcoin and digital asset markets. Along
Crypto VC Is Not The Problem | The Breakdown
Are retail investors just exit liquidity? We unpack the token premium, forced price discovery, and what Ethereum and Tron data reveals about when fundamentals actually matter. Featuring insights from Haseeb Qureshi of Dragonfly.
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.
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Is Crypto Becoming Fintech? | Nick Almond
Crypto and fintech are converging. But who captures the value? Nick Almond on stablecoins, DAOs, and the future of capital formation.
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.
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Fintech Might Absorb Crypto | The Breakdown
With no clear external enemy left, crypto may be facing its next antagonist: fintech. This episode explores whether crypto is winning — or being domesticated. Plus, a conversation with Nick Almond.
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.
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Crypto Can Build The Agent Economy | The Breakdown
Daniel Shapiro joins to break down why AI and crypto may be destined to converge — from agent payments and identity to privacy, data markets, and the next big investable primitive.
Thanks for tuning in!
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.
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Crypto, AI and the Permanent Underclass | The Breakdown
Some worry that AI could create a permanent underclass. Can crypto’s next primitive change that — or will value accrue elsewhere? Plus, insight from Daniel Shapiro, Blockworks Research analyst
Thanks for tuning in!
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.
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Crypto Can’t Accept That It’s a Subculture | The Breakdown | Full Interview
Paul Dylan-Ennis joins David Canellis to discuss decentralization theater, public goods, and the growing tension between crypto’s ideological roots and market-driven reality.
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Crypto’s Ownership Problem | The Breakdown
What does it actually mean to “own” a token? As regulation catches up, the token economy may be facing its biggest identity crisis yet. Plus, a conversation with Paul Dylan-Ennis.
Thanks for tuning in!
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.
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The Myth of the “Most Used” Blockchain | The Breakdown
The race to be the “most used blockchain” misses the point. This episode examines the metrics behind Solana vs Ethereum — and why usage, revenue, and adoption are being misunderstood — followed by a discussion with Nick Almond on where these networks are actually headed.
Thanks for tuning in!
As always, remember this podcast is for informational purposes only, and any views expressed by anyone on
Why Privacy Coins Aren’t Enough | The Breakdown
Privacy is back at the center of crypto’s narrative. This episode examines the limits of on-chain privacy, the role of KYC and the app layer, and how crypto onboarding has changed — before closing with Andrew M. Bailey of the Bitcoin Policy Institute. Enjoy!
As always, remember this podcast is for informational purposes only, and any views expressed by anyone on the show are solely their opinions
NLW's Last Breakdown
Today’s episode is the last episode of The Breakdown with me, NLW. To mark the end of this chapter, this show looks back at the biggest story from each year of the podcast, from the strange early days of 2018 through cycles of collapse, rebuilding, mainstreaming, and normalization, tracing how Bitcoin and crypto evolved alongside the show itself. It’s a reflection on the moments that mattered, the
Tether Goes Fully American and Doubles Down on Gold
Tether has officially launched its US-compliant stablecoin, USAT, a Genius Act–aligned, Treasury-backed token designed to operate squarely inside the American regulatory perimeter, giving the company a powerful hedge as global rules harden and tokenization accelerates. But the bigger story may be what comes next: Tether’s rapid accumulation of gold, now rivaling central banks and openly framed by
The Breakdown with David Canellis | Teaser
A crypto-native deep dive into the systems, incentives, and power structures shaping the industry. Hosted by David C.
Market Structure Thaw as Stablecoin Fight Intensifies
As Washington digs out from a winter storm, there are signs that the long-stalled crypto market structure bill may be inching forward again, with behind-the-scenes negotiations aiming to revive a bipartisan path in the Senate Agriculture Committee. The episode unpacks the competing narratives around whether talks are truly back on track, the political tradeoffs shaping the next markup, and why sta
Gold Mania and a Bitcoin Stall
Bitcoin stumbles through another Sunday-night slide as gold rips to historic highs, pulling attention and liquidity away from crypto and fueling talk of a speculative metals mania layered on top of genuine macro fear. This episode digs into why gold’s breakout is happening now, how ETF outflows, loss realization, and shaken conviction are weighing on Bitcoin, and why the growing contrast between p
Bitcoin Meets Davos
Brian Armstrong takes Bitcoin to the World Economic Forum as Davos wrestles with the visible unraveling of the old global order, putting the Bitcoin standard, stablecoin yield, and crypto market structure squarely in front of central bankers and political leaders. This episode walks through Armstrong’s exchanges with European officials, Trump and the White House weighing in on legislation, growing
The Macro Market Crash and the End of the Old Order
Markets are selling off across the board as stocks, bonds, and the dollar all fall together, signaling something bigger than a routine drawdown. This episode unpacks why the latest crash feels like a true regime shift, tying together the Japanese bond market shock, escalating trade and geopolitical conflict, and explicit declarations from global leaders that the post–Cold War rules-based order is
The Stablecoin Yield Standoff
Today’s episode digs into the deepening market structure fallout in Washington, tracing how Coinbase’s withdrawal from the bill triggered White House anger, exposed fractures across the crypto lobby, and reignited bipartisan resistance in the Senate, particularly around DeFi liability and stablecoin yield. The episode explores why stablecoin yield has become the central fault line between banks an
Bitcoin Wakes Up
Bitcoin finally delivered a jolt of life, surging to $96,000 in its biggest move of 2026 and breaking a long stretch of boredom for crypto markets. The episode unpacks why this rally may matter less for its specific catalysts and more for what it signals about liquidity, positioning, and market psychology, with reactions ranging from technical optimism to deep skepticism. It also digs into new dat
Phase Two of Institutional Bitcoin Adoption
Bitcoin has spent the opening weeks of 2026 trading sideways, but beneath the surface a second phase of institutional adoption is taking shape. This episode unpacks why Morgan Stanley’s move toward a Bitcoin ETF matters, how this “round two” differs from the first era of arm’s-length distribution via ETFs, and why structured products signal deeper strategic intent from Wall Street. The conversatio
Powell Under Prosecution and the End of Fed Independence
A seismic escalation in the clash between the White House and the Federal Reserve as reports emerge that Fed Chair Jerome Powell is under criminal investigation, raising unprecedented questions about central bank independence, the credibility of US institutions, and the future of the dollar. This episode breaks down what the investigation is actually about, why Powell is framing it as political re
Morgan Stanley Goes All In on Crypto
Morgan Stanley makes a major bet on crypto adoption by filing for in-house Bitcoin and Solana ETFs, a sharp reversal that signals real demand inside its massive wealth management network and another step toward crypto becoming table stakes for traditional finance. The episode also covers MSCI’s decision to keep MicroStrategy in its indexes, the resulting rebound across crypto treasury companies an
Bitcoin’s Cautious Green Start to 2026
Bitcoin is off to a quietly strong start to the year, notching its longest green streak in months and pushing back toward key resistance levels, but conviction remains conditional as traders debate whether this is the start of a new leg higher or just another trap. Today’s episode looks at the mix of narratives behind the move, from options market shifts and ETF inflows to geopolitical uncertainty
Venezuela Shockwaves and the New Geopolitics of Markets
The capture of Venezuela’s president marks one of the most aggressive geopolitical moves in years, and markets are racing to figure out what it actually means. This episode unpacks why oil barely moved despite Venezuela’s enormous headline reserves, why those reserves may be far less economically meaningful than advertised, and how the real strategic target may be China rather than energy prices.
Bitcoin Starts 2026 in Uncharted Territory
Bitcoin enters 2026 in a strange and unfamiliar place, coming off a flat year, a post-halving cycle that never caught fire, and a market defined more by boredom than euphoria or panic. This episode catches up on everything that happened over the holiday break, from Bitcoin’s muted price action and crushed altcoins to ETF flows, institutional positioning, and the growing sense that the four-year cy
The 2025 Bitcoin Year in Review
The final episode of the year looks back at the forces that actually mattered for Bitcoin and crypto in 2025, and it’s not price. The conversation unpacks how institutional adoption turned Bitcoin into a normalized asset class across TradFi, how the regulatory environment shifted from crackdown to clarity through guidance, enforcement reversals, and stablecoin legislation, and how Trump-era crypto
Coinbase Comes for All of Finance
Coinbase closes the year with its biggest product overhaul ever, launching commission-free stock trading alongside prediction markets, on-chain Solana trading, custom stablecoins, simplified derivatives, and an AI-powered advisor—signaling a clear ambition to become an everything exchange and a vertically integrated financial institution. The episode unpacks why the crypto-native backlash misses t
Crypto Market Structure Slips to 2026
Congress has officially kicked the crypto market structure bill into 2026, a move that surprises no one but still carries real risk as negotiations drag into an election year shaped by shutdown fights, midterms, and deep partisan disagreements over ethics, DeFi compliance, and stablecoin yields. Despite the delay, momentum hasn’t fully died, with ongoing talks, a draft still to come, and the possi
Bitcoin Slides Again as Anger Takes Over the Bear Market
Bitcoin takes another sharp leg down, wiping out leveraged longs and pushing market sentiment firmly into the anger phase of this bear market. Thin liquidity, failed dip-buying on leverage, and continued whale selling are making a durable bottom hard to form, even as smaller wallets continue to accumulate. Macro pressure from a hawkish Fed, year-end risk aversion, and broader market unease are wei
DTCC Puts US Securities On Chain
Today’s episode breaks down a landmark moment for tokenization as the Depository Trust Company receives SEC approval to begin putting US public market securities on chain. The discussion covers what the no-action letter allows, why DTCC’s role matters, how this could enable 24/7 settlement and programmable assets for stocks, ETFs, and Treasuries, and why this move represents the most credible path
The Five Most Important Stories in Crypto Last Week
This Friday Five breaks down a pivotal Fed meeting marked by rare open dissent that signals a splintered FOMC and a far more politicized, harder-to-read monetary path into 2026, including what the new liquidity program really means for markets. The episode then turns to Washington, where the crypto market structure bill remains stuck in a late-year quagmire over DeFi AML rules and stablecoin yield
The Fed Is Fracturing
Today’s episode breaks down one of the most contentious FOMC meetings in nearly a decade. A deeply divided Fed delivered a rate cut that may also mark the end of the cutting cycle, with multiple dissents on both the dovish and hawkish sides and an unusually fractured dot plot. The conversation explores what the dissents reveal about competing inflation and labor-market risks, why Powell says the F
Bitcoin Treasury Honeymoon Ends
Today’s episode breaks down the rough NYSE debut of 21 Capital, whose immediate drop suggests markets are no longer willing to award premiums to companies whose only model is selling shares to buy more Bitcoin. The discussion examines why treasury firms are being valued at 1x, what 21’s attempt to build real Bitcoin-based businesses signals about the future of the category, and how shifting analys
MicroStrategy’s Big Buy Raises New Questions
Today’s episode examines Washington’s increasingly public admission that the market-structure bill is stuck, with key senators signaling that negotiations have become frustrating and unlikely to resolve this year. From there the focus turns to MicroStrategy’s return to large-scale Bitcoin purchases, the funding mechanics behind it, and the growing debate over whether the company is executing long-
Crypto Regulation Hits a DeFi Wall
A crypto regulatory update looking at why the long-promised market structure bill is likely slipping into next year as negotiators get bogged down in stablecoin yield, conflict-of-interest language, and the thorny problem of DeFi. The episode also covers the SEC’s increasingly sharp divide with TradFi over tokenization rules and a surprising bit of good news from the CFTC on approved spot markets,
The 5 Most Important Stories in Crypto Last Week
This Friday 5 runs through a week defined by Larry Fink’s renewed tokenization push, MicroStrategy’s move to eliminate default risk, major wealth platforms finally opening their doors to Bitcoin, and a macro backdrop where liquidity interventions are starting to matter again. It all culminates in a price week that didn’t resolve the bear case but made the conversation far more interesting, with vo
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