Explorez tous les épisodes du podcast Bits + Bips

AMC's CEO says Robinhood's stock tokens are vile. Austin, Chris, and Ram break down what these tokens actually are, and whether the outrage holds up. Sponsor ⁠⁠⁠⁠⁠⁠⁠⁠⁠Visit 1inch.com to swap tokenized securities, crypto and more. Simple. Secure. Self-custodial. Whatever asset you’re buying - swap it at ⁠⁠⁠1inch.com⁠⁠⁠. 👉 Heads up! If you haven't yet, be sure to subscribe to Bits + Bips on its dedicated channels. Follow us on Apple Podcasts, YouTube, Spotify, X, Unchained and wherever you get your podcasts. 🔥 Apple Podcasts - ⁠⁠⁠⁠https://podcasts.apple.com/us/podcast/bits-bips/id1827931786⁠⁠⁠⁠  🔥 YouTube - ⁠⁠⁠⁠https://www.youtube.com/channel/UCuKiSkbYrUOOEEiYQEVPniQ⁠⁠⁠⁠  🔥 Spotify - ⁠⁠⁠⁠https://open.spotify.com/show/6aSBMrOyi33aVDCULJ9mjN?si=NTLk-jl5QGeytA6-2kxMVQ&nd=1&dlsi=42f0b13dd53c4ba0⁠⁠⁠⁠  🔥 X - ⁠⁠⁠⁠https://x.com/bitsandbips⁠⁠⁠⁠  🔥 Unchained - ⁠⁠⁠⁠https://unchainedcrypto.com/bitsandbips/⁠⁠⁠⁠ AMC's CEO spent the holiday weekend calling Robinhood's tokenized AMC shares "contemptible" and "vile," and AMC stock jumped nearly 21% anyway. Austin Campbell, Ram Ahluwalia, and Chris Perkins pick apart Adam Aron's fight with Robinhood, and ask whether the dispute is really about capital formation, or about who gets to sell exposure to a company's stock. The discussion also sees them cover the mechanics of a reverse ADR and debate the value of the stock tokens, with Ram saying they solve no real problems. Plus, why memecoins like $FAMI and $STONK are trading against Robinhood Chain's stock tokens, Anthropic's Fable 5.1 and OpenAI's GPT-6 Astra clearing new cybersecurity thresholds, Bernie Sanders' bill to ban artificial superintelligence, and whether Kevin Warsh's Fed will hike in September. Chris says stock-paired memecoins are GameStop 2.0 and Ram says Warsh is only talking the talk but likely won't walk the walk. Hosts ⁠⁠⁠⁠⁠Austin Campbell⁠⁠⁠⁠⁠ - Host of Bits + Bips, Founder of Zero Knowledge Group, and Adjunct Professor at NYU Stern ⁠⁠⁠⁠⁠⁠⁠⁠⁠Ram Ahluwalia⁠⁠ - Co-host of Bits + Bips and CEO of Lumida ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Chris Perkins⁠⁠⁠⁠⁠ - Co-host of Bits + Bips and Head of Franklin Crypto Timestamps: 🥊 01:43 AMC's CEO calls Robinhood's stock tokens vile: what they actually are 📊 07:16 Ram: stock tokens are "derivatives for the sake of derivatives" 🔍 12:18 Why Austin says the AMC fight reveals markets microstructure ignorance 🌎 19:17 Austin's case that DeFi-distributed US stocks are genuinely transformational 📣 23:57 1inch Aqua: back multiple liquidity positions with one wallet balance at https://oneinch.com/aqua 🎰 25:13 Why the stock-paired memecoin frenzy is GameStop 2.0 🤖 29:31 Fable 5.1 and GPT-6 Astra go live: why AGI is not here yet 🏭 36:43 Chris on data centers become a bipartisan flashpoint heading into midterms 🏛️ 45:38 Warsh's hike talk and a payrolls surprise scramble rate bets 🌍 53:28 Norway's sovereign fund plan to cut US Treasurys: signal or top?

Kalshi's Andy Ross joins the panel to argue that a Ninth Circuit ruling against the exchange might actually help its case at the Supreme Court. Sponsor ⁠⁠⁠⁠⁠⁠⁠Visit 1inch.com to swap tokenized securities, crypto and more. Simple. Secure. Self-custodial. Whatever asset you’re buying - swap it at ⁠⁠1inch.com⁠⁠. 👉 Heads up! If you haven't yet, be sure to subscribe to Bits + Bips on its dedicated channels. Follow us on Apple Podcasts, YouTube, Spotify, X, Unchained and wherever you get your podcasts. 🔥 Apple Podcasts - ⁠⁠⁠https://podcasts.apple.com/us/podcast/bits-bips/id1827931786⁠⁠⁠  🔥 YouTube - ⁠⁠⁠https://www.youtube.com/channel/UCuKiSkbYrUOOEEiYQEVPniQ⁠⁠⁠  🔥 Spotify - ⁠⁠⁠https://open.spotify.com/show/6aSBMrOyi33aVDCULJ9mjN?si=NTLk-jl5QGeytA6-2kxMVQ&nd=1&dlsi=42f0b13dd53c4ba0⁠⁠⁠  🔥 X - ⁠⁠⁠https://x.com/bitsandbips⁠⁠⁠  🔥 Unchained - ⁠⁠⁠https://unchainedcrypto.com/bitsandbips/⁠⁠⁠ A Ninth Circuit panel ruled unanimously that Nevada can enforce its gambling laws against Kalshi's sports contracts, clashing with an April Third Circuit ruling that placed Kalshi under CFTC oversight instead. Andy Ross, Head of Institutional at Kalshi, joins Austin Campbell, Ram Ahluwalia, and Chris Perkins to unpack the resulting circuit split and argue that Kalshi's order book looks nothing like a sportsbook that bans its winners. They also dig into a viral report that OpenAI's agents built a covert message board to coordinate across sandboxes and dodge shutdown, debating whether it is a real security failure or, as Ram argues, a marketing stunt. Ross also reveals the topic that drives the most requests for new markets: divorce. The conversation turns to Kevin Warsh's hawkish Jackson Hole debut, why Kalshi and FedWatch price September's rate odds more than 30 points apart, and why Ram thinks Congress, not the Fed, holds the real key to the debt problem. Hosts ⁠⁠⁠⁠Austin Campbell⁠⁠⁠⁠ - Host of Bits + Bips, Founder of Zero Knowledge Group, and Adjunct Professor at NYU Stern ⁠⁠⁠⁠⁠⁠Ram Ahluwalia⁠ - Co-host of Bits + Bips and CEO of Lumida ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Chris Perkins⁠⁠⁠⁠ - Co-host of Bits + Bips and Head of Franklin Crypto Guest Andy Ross - Head of Institutional at Kalshi Timestamps: 📣 00:39 1inch Aqua: Back multiple liquidity positions with one wallet at http://unchainedcrypto.com/go/1inch-sn 🤖 01:31 How OpenAI's agents built a covert message board to game evaluations ⚖️ 11:16 Why Andy says blaming AI is easier than admitting human error 📣 17:18 1inch Aqua: See how the new shared liquidity platform works at https://oneinch.com/aqua 🏛️ 18:05 Ninth Circuit rules Nevada can enforce gambling law against Kalshi 🎯 22:49 Why the CFTC believes it has federal preemption over event contracts 💹 28:47 Perpetuals are back, and Kalshi is adding gold, FX, and rates contracts 📜 33:43 Austin on the blurry legal line between a swap and a future 🏦 41:45 Warsh's hawkish Jackson Hole speech and September hike odds 💰 52:14 Why Austin thinks Congress, not the Fed, owns the debt problem 🌐 56:03 Andy on stablecoin dollarization and Kalshi's coming AI markets

CME's Terry Duffy and Kalshi traded public insults over prediction markets. Ram, Austin, Chris, and Bitwise's Gordon Grant break down who's winning. Sponsor ⁠⁠⁠⁠⁠Visit 1inch.com to swap tokenized securities, crypto and more. Simple. Secure. Self-custodial. Whatever asset you’re buying - swap it at ⁠1inch.com⁠. 👉 Heads up! If you haven't yet, be sure to subscribe to Bits + Bips on its dedicated channels. Follow us on Apple Podcasts, YouTube, Spotify, X, Unchained and wherever you get your podcasts. 🔥 Apple Podcasts - ⁠⁠https://podcasts.apple.com/us/podcast/bits-bips/id1827931786⁠⁠  🔥 YouTube - ⁠⁠https://www.youtube.com/channel/UCuKiSkbYrUOOEEiYQEVPniQ⁠⁠  🔥 Spotify - ⁠⁠https://open.spotify.com/show/6aSBMrOyi33aVDCULJ9mjN?si=NTLk-jl5QGeytA6-2kxMVQ&nd=1&dlsi=42f0b13dd53c4ba0⁠⁠  🔥 X - ⁠⁠https://x.com/bitsandbips⁠⁠  🔥 Unchained - ⁠⁠https://unchainedcrypto.com/bitsandbips/⁠⁠ CME chairman Terry Duffy and Kalshi co-founder Luana Lopes Lara traded barbed insults at the CFTC's first-ever innovation advisory committee meeting, with Duffy warning that prediction markets invite manipulation and Lopes Lara firing back that CME should learn about efficiency. Austin Campbell, Ram Ahluwalia, and Chris Perkins are joined by Bitwise portfolio manager Gordon Grant to referee the fight, weighing whether the incumbent exchange or the upstart prediction market has the stronger claim as CFTC chair Mike Selig moves to bring platforms like Hyperliquid onshore. They also cover Bitcoin pushing toward $80,000 as Scott Bessent's Treasury long-end buybacks jolt bond market volatility, stress signals building in the TIPS market, Gordon's pitch for parametric insurance as prediction markets' next frontier, and a mystery 20-cent open-weight AI model outscoring GPT and Claude at a fraction of the price. Whether prediction markets graduate from novelty bets into real financial infrastructure may come down to who wins this fight. Hosts ⁠⁠⁠Austin Campbell⁠⁠⁠ - Host of Bits + Bips, Founder of Zero Knowledge Group, and Adjunct Professor at NYU Stern ⁠⁠⁠Ram Ahluwalia - Co-host of Bits + Bips and CEO of Lumida ⁠⁠⁠⁠⁠⁠⁠Chris Perkins⁠⁠⁠ - Co-host of Bits + Bips and Head of Franklin Crypto Guest ⁠⁠⁠⁠⁠⁠⁠⁠⁠Gordon Grant - Portfolio Manager and Head of Derivatives at Bitwise Timestamps: 🎯 01:26 Bitcoin nears $80K as ETF inflows flip hard on Treasury's buyback plan 📊 04:35 Gordon on how Bessent linked Treasury vol to Bitcoin's own vol spike 🧾 17:10 Austin flags bizarre TIPS market stress as a sign fiscal imbalances are closer 🌊 19:43 Ram channels Ray Dalio: why bond vigilantes won't break the Treasury market 📣 26:48 1inch Aqua: see how shared liquidity works at https://1inch.com/aqua 🥊 28:14 CFTC's Duffy and Kalshi's Lopes Lara clash over prediction market oversight ☂️ 40:21 Gordon's pitch: parametric insurance as prediction markets' next frontier 🤖 47:55 The mystery 20-cent open-weight model outscoring GPT and Claude on coding 🏛️ 55:32 Chris on why AI data centers are becoming this cycle's rare bipartisan fight 🗳️ 57:33 Ram on why the anti-AI backlash is 'a very weak argument'

A new presidential memo lets private firms hack foreign cybercriminals — a plan Chris Perkins helped pitch. Plus a Trump-family bank charter and a rule that could push Tether offshore. Sponsor ⁠⁠⁠⁠⁠Visit 1inch.com to swap tokenized securities, crypto and more. Simple. Secure. Self-custodial. Whatever asset you’re buying - swap it at ⁠1inch.com⁠. 👉 Heads up! If you haven't yet, be sure to subscribe to Bits + Bips on its dedicated channels. Follow us on Apple Podcasts, YouTube, Spotify, X, Unchained and wherever you get your podcasts. 🔥 Apple Podcasts - ⁠⁠https://podcasts.apple.com/us/podcast/bits-bips/id1827931786⁠⁠  🔥 YouTube - ⁠⁠https://www.youtube.com/channel/UCuKiSkbYrUOOEEiYQEVPniQ⁠⁠  🔥 Spotify - ⁠⁠https://open.spotify.com/show/6aSBMrOyi33aVDCULJ9mjN?si=NTLk-jl5QGeytA6-2kxMVQ&nd=1&dlsi=42f0b13dd53c4ba0⁠⁠  🔥 X - ⁠⁠https://x.com/bitsandbips⁠⁠  🔥 Unchained - ⁠⁠https://unchainedcrypto.com/bitsandbips/⁠⁠ A new presidential memorandum lets vetted private firms run offensive cyber operations against foreign hackers, and Chris Perkins helped write the original pitch eighteen months before it became policy. Perkins, Head of Franklin Crypto, and Austin Campbell, Founder of Zero Knowledge Group, unpack the letters-of-marque-style memo: the $1 million escrow bond, the sixty-day rulemaking window, and why North Korea’s Lazarus Group sits at the center of the attribution debate. Legal scholars call it a war powers problem and a violation of international law on piracy; Perkins calls it the only workable answer to $21 billion in crypto theft last year. They also dig into World Liberty's conditional OCC trust bank charter for its USD1 stablecoin, Treasury's new guidance on Genius Act stablecoin reciprocity, and why Coinbase's US platform may need to delist Tether. Plus, the SEC abruptly postpones its crypto rulemaking meeting while the CFTC keeps moving. Campbell's verdict: after 2028, a new administration could turn World Liberty's own bank charter into the industry's biggest liability. Hosts ⁠⁠⁠Austin Campbell⁠⁠⁠ - Host of Bits + Bips, Founder of Zero Knowledge Group, and Adjunct Professor at NYU Stern ⁠⁠⁠⁠⁠⁠⁠Chris Perkins⁠⁠⁠ - Co-host of Bits + Bips and Head of Franklin Crypto Timestamps: 🗡️ 02:52 Trump's new memo lets private firms hack foreign cybercriminals ⚖️ 14:16 Legal scholars call privateering a war powers and international law problem 💧 26:48 1inch Aqua: Back multiple liquidity positions with one wallet balance at https://1inch.com/aqua 🏦 28:25 World Liberty's OCC trust charter and its USD1 stablecoin reserves 🚩 34:33 Why Austin calls Trump's family owning World Liberty 'unprecedented' 📜 44:01 Treasury's Genius Act guidance on stablecoin reciprocity and extraterritoriality 🪙 50:33 Why Coinbase's US platform might have to delist Tether 🏛️ 52:55 The SEC punts its crypto meeting while the CFTC keeps moving

Bitcoin's barely budged in weeks, but Katie Stockton says the charts are flashing a long-term oversold signal that has preceded past turnarounds. Sponsors ⁠⁠⁠Cape⁠⁠⁠: Your biggest crypto vulnerability isn't your wallet, it's your phone number. Cape is America's privacy-first mobile carrier that rotates your SIM identity daily and blocks SIM swaps before they happen. Get 33% off your first six months at⁠⁠⁠⁠⁠⁠⁠ https://cape.co/unchained⁠⁠⁠⁠⁠⁠⁠ (use code: UNCHAINED). Heads up! If you haven't yet, be sure to subscribe to Bits + Bips on its dedicated channels. Follow us on Apple Podcasts, YouTube, Spotify, X, Unchained and wherever you get your podcasts. 🔥 Apple Podcasts - ⁠⁠⁠https://podcasts.apple.com/us/podcast/bits-bips/id1827931786⁠⁠⁠  🔥 YouTube - ⁠⁠⁠https://www.youtube.com/channel/UCuKiSkbYrUOOEEiYQEVPniQ⁠⁠⁠  🔥 Spotify - ⁠⁠⁠https://open.spotify.com/show/6aSBMrOyi33aVDCULJ9mjN?si=NTLk-jl5QGeytA6-2kxMVQ&nd=1&dlsi=42f0b13dd53c4ba0⁠⁠⁠ 🔥X - ⁠⁠⁠https://x.com/bitsandbips⁠⁠⁠ 🔥 Unchained - ⁠⁠⁠https://unchainedcrypto.com/bitsandbips/⁠⁠⁠  While AI stocks keep grinding to record highs and bond yields climb, Bitcoin has done almost nothing for weeks. Katie Stockton, founder of Fairlead Strategies, says that stillness is not a warning sign. It is what a long-term bottom looks like on the charts. Stockton, a CMT returning to the show, points to a monthly stochastic oscillator that has stayed oversold for months and DeMark indicators showing downside exhaustion. She argues the two together suggest Bitcoin may have a major low in place, even with a hardware wallet hack, the Clarity Act, and an inflation print complicating the setup. She walks through why Ether's downtrend looks cyclical inside a longer secular uptrend, what the ETH to Bitcoin ratio's break below its 200-day average could mean, and how Solana, XRP, and Hyperliquid each look different. Host: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Steven Ehrlich⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠, Head of Research, SharpLink Guest: ⁠⁠⁠⁠Katie Stockton - CMT, Founder and Managing Partner of Fairlead Strategies Timestamps 📉 02:33 — Bitcoin's monthly stochastic just flipped long-term oversold, the signal bulls have been waiting for 🔍 04:22 — Fibonacci and the cloud model line up on one thing: a potential major low ⚡ 16:07 — Ether's downtrend is cyclical, not the end of the story, and the monthly chart shows why 🔄 21:19 — Katie's call: Ether may have already put in its major low 🪙 27:20 — The one thing Solana's chart still needs to confirm it's done bottoming 📉 28:54 — Ripple is testing support and lagging. Is it setting up or falling behind? 🤖 33:41 — Why Hyperliquid is suddenly trading like an AI or semiconductor stock 📊 39:28 — BVIV vs. the VIX: what crypto's eerily calm volatility is really signaling 🏦 41:48 — Katie's contrarian take: crypto's institutionalization story is overhyped

An Ethereum proposal to zero out staking yield has the community in revolt. Seth Ginns of Franklin Crypto weighs in on whether it solves a real problem. Plus, the Clarity delay. Sponsor ⁠⁠⁠Visit 1inch.com to swap tokenized securities, crypto and more. Simple. Secure. Self-custodial. Whatever asset you’re buying - swap it at 1inch.com. 👉 Heads up! If you haven't yet, be sure to subscribe to Bits + Bips on its dedicated channels. Follow us on Apple Podcasts, YouTube, Spotify, X, Unchained and wherever you get your podcasts. 🔥 Apple Podcasts - ⁠https://podcasts.apple.com/us/podcast/bits-bips/id1827931786⁠  🔥 YouTube - ⁠https://www.youtube.com/channel/UCuKiSkbYrUOOEEiYQEVPniQ⁠  🔥 Spotify - ⁠https://open.spotify.com/show/6aSBMrOyi33aVDCULJ9mjN?si=NTLk-jl5QGeytA6-2kxMVQ&nd=1&dlsi=42f0b13dd53c4ba0⁠  🔥 X - ⁠https://x.com/bitsandbips⁠  🔥 Unchained - ⁠https://unchainedcrypto.com/bitsandbips/⁠ The Ethereum Foundation is facing a proposal that could push staking yield to zero, and the community's reaction has been closer to revolt than debate. Seth Ginns, Chief Investment Officer of Franklin Crypto, joins Austin Campbell and Chris Perkins to work through the burn proposal, which would erase Ethereum's issuance once roughly 60.25 million ETH is staked. Ginns calls it an academic push that skipped the coordination institutions now expect, while Perkins argues the Foundation is about to prove it has no real control over the network it built. They also cover why institutions keep citing the Bybit hack as a reason to stay off Ethereum, the Clarity Act's ethics standoff ahead of its September 15 vote, a weak jobs report that left the Fed's next move unclear, and Cloudflare's disclosure that AI agents now make up more than half its network traffic. If Ethereum rejects the institutions weighing in on its own monetary policy, Campbell says, its token should probably trade at a fraction of its current value. Hosts ⁠⁠Austin Campbell⁠⁠ - Host of Bits + Bips, Founder of Zero Knowledge Group, and Adjunct Professor at NYU Stern ⁠⁠⁠⁠Chris Perkins⁠⁠ - Co-host of Bits + Bips and Head of Franklin Crypto Guest ⁠⁠⁠⁠Seth Ginns - Chief Investment Officer of Franklin Crypto Timestamps: 💧 02:01 1inch: See how 1inch Aqua's shared liquidity layer works at https://1inch.com/aqua 🏛️ 03:23 Why Chris says losing the Clarity Act vote could help crypto politically 🗳️ 06:54 Why Austin says FairShake should skip the fight over ethics language 🔥 15:32 The proposal to burn ETH issuance to zero, and Seth's case that it's a solution looking for a problem 💼 34:05 Why the Bybit hack keeps coming up as a red flag for institutions 📉 40:03 A weak jobs report and falling participation leave the Fed's move unclear 🤖 52:11 Cloudflare's agent traffic surge and what it means for crypto rails

Galaxy Digital's Alex Thorn joins Austin, Ram, and Chris on the Coldcard firmware bug that's drained over $100M from cold storage — plus why the researchers chasing the next hack are stuck on Chinese AI models. Sponsor ⁠⁠Cape⁠⁠: Your biggest crypto vulnerability isn't your wallet, it's your phone number. Cape is America's privacy-first mobile carrier that rotates your SIM identity daily and blocks SIM swaps before they happen. Get 33% off your first six months at ⁠⁠https://cape.co/unchained⁠⁠   (use code: UNCHAINED). 👉 Heads up! If you haven't yet, be sure to subscribe to Bits + Bips on its dedicated channels. Follow us on Apple Podcasts, YouTube, Spotify, X, Unchained and wherever you get your podcasts. 🔥 Apple Podcasts - https://podcasts.apple.com/us/podcast/bits-bips/id1827931786  🔥 YouTube - https://www.youtube.com/channel/UCuKiSkbYrUOOEEiYQEVPniQ  🔥 Spotify - https://open.spotify.com/show/6aSBMrOyi33aVDCULJ9mjN?si=NTLk-jl5QGeytA6-2kxMVQ&nd=1&dlsi=42f0b13dd53c4ba0  🔥 X - https://x.com/bitsandbips  🔥 Unchained - https://unchainedcrypto.com/bitsandbips/ A firmware bug that has sat inside Coldcard hardware wallets since 2021 let hackers drain more than $100 million in bitcoin — an estimated 1,600 to 2,000 BTC — from cold storage. The stolen coins had been dormant for about four years on average, so the victims are long-term holders, not speculators. Alex Thorn, head of research at Galaxy Digital and host of the Galaxy Brains podcast, has traced the exploit in real time, mapping three confirmed waves of theft and a possible fourth. He joins Austin Campbell, Ram Ahluwalia, and Chris Perkins to work out whether ordinary holders should self-custody at all — and why the researchers racing to catch the next exploit are stuck using Chinese AI models, because US frontier models refuse the security work. The conversation covers the collapse of an AI hedge fund whose assets fell from $45 billion to $10 billion before a distressed sale to Ken Griffin's Citadel, whether Citadel timed the fire sale or simply had the cash, the multisig setups that came through the hack intact, and the Fed's divided vote to hold rates as Kevin Warsh pushes to make it more accountable. Hosts ⁠Austin Campbell⁠ - Host of Bits + Bips, Founder of Zero Knowledge Group, and Adjunct Professor at NYU Stern ⁠Ram Ahluwalia⁠ - Co-host of Bits + Bips and CEO of Lumida ⁠Chris Perkins⁠ - Co-host of Bits + Bips and Head of Franklin Crypto Guest ⁠Alex Thorn - Head of Research at Galaxy Digital and host of Galaxy Brains Timestamps: 📱 00:54 Cape: Get 33% off your first six months of privacy-first mobile service at https://cape.co/unchained 📉 02:22 How a $45B AI fund cratered to $10B in one brutal month 🖥️ 07:59 Alex Thorn: why AI infrastructure demand isn't actually slowing 🏦 15:45 Why Ram calls Citadel and Jane Street the new lenders of last resort 🔐 20:14 Inside the Coldcard hack: over $100M drained from cold storage 🎲 24:11 How a broken random number generator let attackers derive keys 🕵️ 30:19 Alex Thorn traces the Coldcard attacker's wave-by-wave pattern 🤖 40:23 Why US AI guardrails are pushing security research to Chinese models 🔑 45:50 Self-custody or Coinbase? Alex Thorn's advice for grandma's Bitcoin 🏛️ 54:44 The Fed holds rates as Kevin Warsh pushes for more accountability 🇯🇵 57:48 The yen carry trade, a more powerful Treasury, and how to keep rates low

Meta fell 10% on its CapEx guidance. Microsoft didn't move. Franklin Templeton's Chris Galipeau looks past the divergence to say that the AI trade isn't over, and lays out why. Sponsors ⁠⁠Cape⁠⁠: Your biggest crypto vulnerability isn't your wallet, it's your phone number. Cape is America's privacy-first mobile carrier that rotates your SIM identity daily and blocks SIM swaps before they happen. Get 33% off your first six months at⁠⁠⁠⁠⁠⁠ https://cape.co/unchained⁠⁠⁠⁠⁠⁠ (use code: UNCHAINED). Heads up! If you haven't yet, be sure to subscribe to Bits + Bips on its dedicated channels. Follow us on Apple Podcasts, YouTube, Spotify, X, Unchained and wherever you get your podcasts. 🔥 Apple Podcasts - ⁠⁠https://podcasts.apple.com/us/podcast/bits-bips/id1827931786⁠⁠  🔥 YouTube - ⁠⁠https://www.youtube.com/channel/UCuKiSkbYrUOOEEiYQEVPniQ⁠⁠  🔥 Spotify - ⁠⁠https://open.spotify.com/show/6aSBMrOyi33aVDCULJ9mjN?si=NTLk-jl5QGeytA6-2kxMVQ&nd=1&dlsi=42f0b13dd53c4ba0⁠⁠ 🔥X - ⁠⁠https://x.com/bitsandbips⁠⁠ 🔥 Unchained - ⁠⁠https://unchainedcrypto.com/bitsandbips/⁠⁠  Fed Chair Kevin Warsh held his second press conference this week, and by his own account, he wants bond yields to do more of the Fed's talking. The bond market answered, then stocks sold off before clawing back part of the drop. Chris Galipeau, Head Market Strategist at the Franklin Templeton Institute, joins Steven Ehrlich to argue markets are overreacting, to Warsh's confusing debut, to Iran and oil, and to fears that AI spending is a bubble. Galipeau cites the data: the S&P has gained 11% on average with a 76% hit rate in the year after every major conflict since 1929, Meta fell 10% on CapEx guidance while Microsoft's Azure growth held steady, and the Mag7 now lags the average stock by 20 points. He argues for prediction markets using "Wisdom of Crowds" thinking, lays out his stop-loss discipline for protecting capital, and delivers his verdict: the AI trade is real, just early. Second inning, not the ninth. Host: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Steven Ehrlich⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠, Head of Research, SharpLink Guest: ⁠Chris Galipeau - Head Market Strategist at the Franklin Templeton Institute Timestamps 🏦 02:10 Chris Galipeau on his role building Franklin Templeton's twelve-month house view 🏛️ 03:31 Why Kevin Warsh's second Fed presser rattled the bond market 📱 12:22 Cape: Get 33% off your first six months of privacy-first mobile service at https://cape.co/unchained 🛢️ 13:40 Why the S&P averages 11% gains a year after major conflicts since 1929 🤖 23:44 Meta falls on CapEx guidance, Microsoft doesn't: reading the AI earnings split 🎲 34:13 Prediction markets, the 'Wisdom of Crowds,' and why belief moves prices 📊 42:49 The highest-conviction call: fading Mag Seven dominance

Lorenzo Valente of ARK Invest joins Austin, Ram, and Chris on why real-world assets just out-traded crypto on Hyperliquid for the first time — plus what Jensen Huang's first-ever post on X started. Jensen Huang had never posted on X. His first post ever was an open letter arguing that open AI models are a national asset — and by the end of the week, 50 companies had signed it. Anthropic and Amazon still haven't. Lorenzo Valente, director of research at ARK Invest, joins Austin Campbell, Ram Ahluwalia, and Chris Perkins to work out who actually wins that fight, and what it costs. Then Lorenzo brings the stat he found himself: for the first time, Hyperliquid traded more real-world assets than crypto in a single week. Individual stocks are now 61% of that flow. His read is that owning Bitcoin, Ethereum, and Solana volume may matter far less than everyone assumes — which Ram calls "cute" and "a toy." The conversation covers the Clarity Act's collapsing Senate math, Google's first negative free cash flow in 22 years as a public company, the real price of cheap Chinese models, why markets shrugged off the Ukraine-Iran escalation, and the public split between Multicoin and its co-founder. Hosts Austin Campbell - Host of Bits + Bips, Founder of Zero Knowledge Group, and Adjunct Professor at NYU Stern Ram Ahluwalia - Co-host of Bits + Bips and CEO of Lumida Chris Perkins - Co-host of Bits + Bips and Head of Franklin Crypto Guest Lorenzo Valente - Director of Research at ARK Invest Sponsor Cape: Your biggest crypto vulnerability isn't your wallet, it's your phone number. Cape is America's privacy-first mobile carrier that rotates your SIM identity daily and blocks SIM swaps before they happen. Get 33% off your first six months at https://cape.co/unchained   (use code: UNCHAINED). Subscribe to Bits + Bips 👉 Heads up! If you haven't yet, be sure to subscribe to Bits + Bips on its dedicated channels. Follow us on Apple Podcasts, YouTube, Spotify, X, Unchained and wherever you get your podcasts. 🔥 Apple Podcasts - https://podcasts.apple.com/us/podcast/bits-bips/id1827931786 🔥 YouTube - https://www.youtube.com/channel/UCuKiSkbYrUOOEEiYQEVPniQ 🔥 Spotify - https://open.spotify.com/show/6aSBMrOyi33aVDCULJ9mjN?si=NTLk-jl5QGeytA6-2kxMVQ&nd=1&dlsi=42f0b13dd53c4ba0 🔥 X - https://x.com/bitsandbips 🔥 Unchained - https://unchainedcrypto.com/bitsandbips/ Timestamps: 💙 01:00 Cape: Get 33% off your first six months of privacy first mobile service at https://cape.co/unchained 🏛️ 02:24 Why Chris says Clarity's Senate math still doesn't add up to 60 votes 🤖 10:58 Why Ram bought Google's post earnings sell off, calling it near the bottom 🔓 21:45 Jensen Huang's first ever X post reignites the open versus closed weight AI fight 💰 26:48 Lorenzo on why DeepSeek and Moonshot AI's reported raises expose open models' real costs 🌍 34:36 Why Ram and Chris think markets have already priced in the Ukraine-Iran escalation 📊 41:32 Lorenzo's stat: RWAs now out trade crypto on Hyperliquid 🥊 50:29 The Multicoin and Kyle Samani split, and Ram's line that crypto has no main character 🏦 54:21 Do all the real-world assets end up on one venue, or fragment like traditional markets?

Cole Kennelly says Bitcoin's volatility index is already pricing in the Clarity Act, weeks before the Senate even votes on it. Sponsors ⁠Cape⁠: Your biggest crypto vulnerability isn't your wallet, it's your phone number. Cape is America's privacy-first mobile carrier that rotates your SIM identity daily and blocks SIM swaps before they happen. Get 33% off your first six months at⁠⁠⁠⁠⁠ https://cape.co/unchained⁠⁠⁠⁠⁠ (use code: UNCHAINED). Heads up! If you haven't yet, be sure to subscribe to Bits + Bips on its dedicated channels. Follow us on Apple Podcasts, YouTube, Spotify, X, Unchained and wherever you get your podcasts. 🔥 Apple Podcasts - ⁠https://podcasts.apple.com/us/podcast/bits-bips/id1827931786⁠  🔥 YouTube - ⁠https://www.youtube.com/channel/UCuKiSkbYrUOOEEiYQEVPniQ⁠  🔥 Spotify - ⁠https://open.spotify.com/show/6aSBMrOyi33aVDCULJ9mjN?si=NTLk-jl5QGeytA6-2kxMVQ&nd=1&dlsi=42f0b13dd53c4ba0⁠ 🔥X - ⁠https://x.com/bitsandbips⁠ 🔥 Unchained - ⁠https://unchainedcrypto.com/bitsandbips/⁠  Bitcoin's Implied Volatility Index has quietly ticked higher in the 14-day tenor, and Cole Kennelly, founder and CEO of Volmex Labs, says the market is pricing in the Clarity Act before Congress finishes voting. Kennelly joins Steven Ehrlich to unpack what Volmex's BVIV, BVIV-US, and EVIV indices are picking up as oil climbs past $100 a barrel, the ECB holds rates, and traders brace for the FOMC. He argues Bitcoin, already a settled CFTC commodity, has the least to gain from Clarity passing, while Ethereum, Solana, and Hyperliquid stand to benefit far more. They trace the two-point premium between BVIV and BVIV-US to the transparency built into IBIT's regulated options market, and Kennelly compares Polymarket's BVIV and EVIV contracts to what perpetual futures once did for crypto derivatives. With the Senate's August recess looming and Clarity's odds near a coin flip, the 14-day kink in his term structure may be the clearest signal anyone has. Host: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Steven Ehrlich⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠, Head of Research, SharpLink Guest: Cole Kennelly - Founder and CEO of Volmex Labs Timestamps 🎙️ 03:54 Cole breaks down Volmex's BVIV, BVIV-US, and EVIV — the benchmarks bringing real volatility pricing to crypto 📉 07:14 The Clarity Act just showed up as a kink in BVIV's 14-day term structure — here's why 💙 13:06 Cape: get 33% off six months of privacy-first mobile service at cape.co/unchained 🏦 14:41 Inside IBIT's $25B options market — and why BVIV and BVIV-US are starting to diverge ⚖️ 16:56 Ethereum and Solana have way more riding on Clarity than Bitcoin — here's the case why 🎲 22:29 Polymarket's big tie-up, and why Cole thinks prediction markets are basically perpetuals in disguise

Cyclops founder Alex Wilson on why PayPal 'chose to fail' at stablecoins, and what Stripe's $53 billion bid really means for the payment wars. Plus: the Clarity Act's last shot before recess. --- Thank you to our sponsors: ⁠⁠⁠⁠⁠Cape⁠⁠⁠⁠⁠: Your biggest crypto vulnerability isn't your wallet, it's your phone number. Cape is America's privacy-first mobile carrier that rotates your SIM identity daily and blocks SIM swaps before they happen. Get 33% off your first six months at cape.co/unchained (use code: UNCHAINED). Heads up! If you haven't yet, be sure to subscribe to Bits + Bips on its dedicated channels. Follow us on Apple Podcasts, YouTube, Spotify, X, Unchained and wherever you get your podcasts. 🔥 Apple Podcasts - https://podcasts.apple.com/us/podcast/bits-bips/id1827931786 🔥 YouTube - https://www.youtube.com/channel/UCuKiSkbYrUOOEEiYQEVPniQ 🔥 Spotify - https://open.spotify.com/show/6aSBMrOyi33aVDCULJ9mjN?si=NTLk-jl5QGeytA6-2kxMVQ&nd=1&dlsi=42f0b13dd53c4ba0 🔥X - https://x.com/bitsandbips 🔥 Unchained - https://unchainedcrypto.com/bitsandbips/ ---- Stripe and Advent's $53 billion bid for PayPal has reopened an old argument: did PayPal ever really try to win with stablecoins?  Alex Wilson, founder of Cyclops and former head of crypto and stablecoins at Shift4, joins Austin Campbell, Ram Ahluwalia, and Chris Perkins to argue that PayPal chose the innovator's dilemma over disrupting its own checkout business, while Stripe used its richer private valuation to buy up cheap public payments companies outright. Wilson and the hosts then map the stablecoin distribution war, from Circle's exposure to bank-led consortiums like OUSD to Robinhood's USDG, which arrived with a built-in user base and a promotional 7% yield. Markets and AI round out the show. Ram Ahluwalia explains why SpaceX's post-IPO round trip is less a top signal than a series of mini euphoric moments unwinding, and why he sees Oracle's balance sheet exposed as Kimi K3 undercuts OpenAI's pricing. Chris Perkins closes on why banks are suddenly pushing for the Clarity Act's federal preemption, and why the Senate may get only one shot before recess. Hosts: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Austin Campbell⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠, Host of Bits + Bips, Founder of Zero Knowledge Group, and Adjunct Professor at NYU Stern ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Ram Ahluwalia⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠, Co-Host, CEO of Lumida ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Chris Perkins⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠, Co-Host, Head of Franklin Crypto Guest: Alex Wilson - Founder of Cyclops, Cofounder of The Giving Block, and former Head of Crypto and Stablecoins at Shift4 Timestamps 📣 01:33 Cape: Get 33% off your first six months of America's privacy first mobile carrier at https://cape.co/unchained 🤝 02:49 Meet Alex Wilson: the Cyclops founder on his second run at stablecoin payments 💳 04:59 Stripe's $53B bid for PayPal and what it says about the distribution battle ⚔️ 16:51 The stablecoin distribution war: Circle, the bank-led OUSD, and Robinhood's USDG 🚀 25:47 SpaceX's post-IPO round trip and what record US equity issuance signals 🇨🇳 32:56 Kimi K3: China's cheap open weight model rattles US AI and chip stocks 🧩 38:42 Where Ram thinks AI's value actually accrues: semis, then the app layer 🧠 41:23 Austin on AI in health care and Claude Fable 5's Jacobian conjecture breakthrough 🛡️ 48:11 Why Austin says there's no way to opt out of the AI guardrails race ⚖️ 52:12 The Clarity Act: why Chris says it's one shot on goal before recess

Crypto just had its best week in months. GSR's Andy Baehr explains why he is not calling it a real rally yet, and what would actually change his mind. Sponsors Cape: Your biggest crypto vulnerability isn't your wallet, it's your phone number. Cape is America's privacy-first mobile carrier that rotates your SIM identity daily and blocks SIM swaps before they happen. Get 33% off your first six months at⁠⁠⁠⁠ https://cape.co/unchained⁠⁠⁠⁠ (use code: UNCHAINED). Heads up! If you haven't yet, be sure to subscribe to Bits + Bips on its dedicated channels. Follow us on Apple Podcasts, YouTube, Spotify, X, Unchained and wherever you get your podcasts. 🔥 Apple Podcasts - https://podcasts.apple.com/us/podcast/bits-bips/id1827931786  🔥 YouTube - https://www.youtube.com/channel/UCuKiSkbYrUOOEEiYQEVPniQ  🔥 Spotify - https://open.spotify.com/show/6aSBMrOyi33aVDCULJ9mjN?si=NTLk-jl5QGeytA6-2kxMVQ&nd=1&dlsi=42f0b13dd53c4ba0 🔥X - https://x.com/bitsandbips 🔥 Unchained - https://unchainedcrypto.com/bitsandbips/  Crypto just booked its best week in months, with Bitcoin pushing toward $65,000 and Ether closing back in on $2,000 after June CPI cooled to 3.5%. Andy Baehr, Managing Director of Asset Management at GSR, joins Steven Ehrlich to explain why he still calls the market ambivalent rather than convicted, and what would actually flip it. They trace new Fed chair Kevin Warsh's “inflation is a choice testimony”, the CoinDesk 80 Index's surprising outperformance against Bitcoin and Ether in the second quarter, Strategy's rare decision to sell Bitcoin to cover preferred dividends, and why Aave lending rates sitting near the risk-free rate show a market with almost no appetite to lever up. Baehr also walks through the fiduciary questions facing onchain vaults and their curators, then puts Polymarket's odds on the Clarity Act at under 40%, down from 75% in May, and argues passage would still catch traders off guard. Host: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Steven Ehrlich⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠, Head of Research, SharpLink Guest: Andy Baehr - Managing Director of Asset Management at GSR Timestamps 🌡️ 02:56 CPI cools to 3.5%. Does crypto's rally finally have real legs? 🎯 07:29 Peak hawkishness hasn't hit yet, Baehr explains why under Kevin Warsh 📊 11:53 Mag 7 vs Russell 2000: the surprising reason CoinDesk 80 beat Bitcoin in Q2 🏦 17:32 What actually powered Ether's 2025 rally, Baehr's pro-DAT case 💧 22:20 Stablecoin supply is shrinking and Strategy stopped buying. So who's left to buy? 📈 25:35 Aave lending rates near the risk free rate. What that says about appetite to lever up 🏛️ 34:46 Vaults, curators, and the fiduciary questions DeFi still can't answer ⚖️ 43:59 Clarity Act countdown: why passage would still catch markets off guard

Sam Lyman says a Shanghai-based network is quietly blocking billions in AI data centers. Austin, Ram, and Chris also debate Clarity odds and stablecoins. --- Thank you to our sponsors: ⁠⁠⁠⁠Cape⁠⁠⁠⁠: Your biggest crypto vulnerability isn't your wallet, it's your phone number. Cape is America's privacy-first mobile carrier that rotates your SIM identity daily and blocks SIM swaps before they happen. Get 33% off your first six months at cape.co/unchained (use code: UNCHAINED). Heads up! If you haven't yet, be sure to subscribe to Bits + Bips on its dedicated channels. Follow us on Apple Podcasts, YouTube, Spotify, X, Unchained and wherever you get your podcasts. 🔥 Apple Podcasts - https://podcasts.apple.com/us/podcast/bits-bips/id1827931786 🔥 YouTube - https://www.youtube.com/channel/UCuKiSkbYrUOOEEiYQEVPniQ 🔥 Spotify - https://open.spotify.com/show/6aSBMrOyi33aVDCULJ9mjN?si=NTLk-jl5QGeytA6-2kxMVQ&nd=1&dlsi=42f0b13dd53c4ba0 🔥X - https://x.com/bitsandbips 🔥 Unchained - https://unchainedcrypto.com/bitsandbips/ ---- A political network based in Shanghai has helped block or delay $24 billion in US AI data center construction, according to new research from the Bitcoin Policy Institute. Sam Lyman, head of research at BPI, joins Austin Campbell, Ram Ahluwalia, and Chris Perkins to walk through 21 case studies of Marxist-Leninist activists organizing town hall showdowns, sometimes bused in from out of state, while separating that inorganic pressure from the genuine local concern over water and power that also exists. The hosts press him on the mechanics, then turn to whether the Clarity Act survives the Senate before August recess. Lyman puts the odds at 70%, helped by senator Ron Wyden's surprise endorsement of BRCA. Austin argues age, not party, is the real predictor of political support, and later makes the case that Jamie Dimon has stablecoins backwards. The through line: money moves policy long before votes do, in Shanghai and on Wall Street alike. Hosts: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Austin Campbell⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠, Host of Bits + Bips, Founder of Zero Knowledge Group, and Adjunct Professor at NYU Stern ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Ram Ahluwalia⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠, Co-Host, CEO of Lumida ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Chris Perkins⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠, Co-Host, Head of Franklin Crypto Guest: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Sam Lyman - Head of Research at the Bitcoin Policy Institute Timestamps 🗺️ 02:20 BPI's report: the Singham network's $24B block on US AI data centers 🏛️ 07:34 Astroturfing 101: town halls, busing, and the PSL playbook ⚛️ 20:41 Why the AI backlash echoes the mistakes made on nuclear power 📜 25:49 Sam's odds: Clarity passes in the next few weeks at 70% 📣 29:31 Cape: Get 33% off your first six months with code UNCHAINED at https://cape.co/unchained 🤝 30:31 Wyden's surprise break: why a key Democrat just backed BRCA 🎂 37:51 Austin's heuristic: age, not party, predicts crypto and AI support 🛢️ 43:18 Why the market is really pricing Iran tail risk, not a rate hike 🏦 48:57 Dimon's blind spot: why JPMorgan may be stablecoins' biggest winner 🎟️ 53:22 Interchange as a tax: Ram's coupons fix for merchants and consumers 💰 58:04 Franklin's Benji tech and the case for tokenized money funds

From inventing DeFi's first oracle at MakerDAO to auditing BlackRock's tokenized billions, Niklas Kunkel maps the hidden plumbing behind the RWA boom. Sponsors Cape: Your biggest crypto vulnerability isn't your wallet, it's your phone number. Cape is America's privacy-first mobile carrier that rotates your SIM identity daily and blocks SIM swaps before they happen. Get 33% off your first six months at⁠⁠⁠ https://cape.co/unchained⁠⁠⁠ (use code: UNCHAINED). Investors who bought pre-IPO SpaceX exposure through tokenized markets this year found out the hard way that some wrappers were an SPV stacked inside another SPV, and the shares were never there when it came time to redeem. Niklas Kunkel, founder and CEO of Chronicle Labs and a founding member of MakerDAO, joins Steven Ehrlich to argue that catching failures like that is the entire point of an oracle. Chronicle rebuilds a fund from its underlying collateral instead of taking an issuer's word, a discipline traced back to inventing DeFi's first oracle while building Maker from scratch. He details how that model verifies BlackRock's BUIDL fund and the crypto collateral behind Galaxy's first tokenized CLO, then revisits the KelpDAO exploit that froze Aave, calling a compromised bridge an oracle under a different name. Ten years after Chronicle's first oracle went live without a hack, Kunkel says that rigor decides which parts of the RWA market survive. Host: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Steven Ehrlich⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠, Head of Research, SharpLink Guest: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Niklas Kunkel - Founder and CEO of Chronicle Labs Timestamps 🎙️ 00:41 Niklas Kunkel on what actually separates the oracle providers, and why most people get it wrong 🛠️ 02:39 The origin story: why building MakerDAO forced Niklas to invent the oracle from scratch ⚠️ 06:35 The hidden single point of failure lurking inside every DeFi protocol 🏦 11:07 Chronicle's bet: from pricing tokens to verifying the real collateral behind tokenized RWAs 🧾 15:30 Don't trust, verify: how Chronicle rebuilds BlackRock's BUIDL fund from scratch, independently 📣 24:50 Cape: Get 33% off your first six months with code unchained at https://cape.co/unchained 📈 27:07 The hottest RWA trade nobody's talking about: why CLOs like Galaxy's new tokenized credit product are taking off 🚀 32:36 The SpaceX pre-IPO token mess: buyers paid up, then never got their shares 🌉 36:21 The KelpDAO exploit and the uncomfortable truth: every bridge is just an oracle in disguise 📊 42:28 Chronicle's next growth wave: tokenized equities and the redemption gap that could break them ⛓️ 48:15 The counterintuitive one: why even fully onchain-issued funds still can't skip proof of asset

Strategy sold $216M more Bitcoin. Ram, Austin, and Chris ask if Saylor's now a recurring seller, and whether tokens can ever coexist with equity. Plus: the stablecoin wars get real. --- Thank you to our sponsors: ⁠⁠⁠Cape⁠⁠⁠: Your biggest crypto vulnerability isn't your wallet, it's your phone number. Cape is America's privacy-first mobile carrier that rotates your SIM identity daily and blocks SIM swaps before they happen. Get 33% off your first six months at cape.co/unchained (use code: UNCHAINED). Heads up! If you haven't yet, be sure to subscribe to Bits + Bips on its dedicated channels. Follow us on Apple Podcasts, YouTube, Spotify, X, Unchained and wherever you get your podcasts. 🔥 Apple Podcasts - https://podcasts.apple.com/us/podcast/bits-bips/id1827931786 🔥 YouTube - https://www.youtube.com/channel/UCuKiSkbYrUOOEEiYQEVPniQ 🔥 Spotify - https://open.spotify.com/show/6aSBMrOyi33aVDCULJ9mjN?si=NTLk-jl5QGeytA6-2kxMVQ&nd=1&dlsi=42f0b13dd53c4ba0 🔥X - https://x.com/bitsandbips 🔥 Unchained - https://unchainedcrypto.com/bitsandbips/ ---- Strategy sold $216 million worth of Bitcoin this week, its largest single sale yet, raising the question of whether Michael Saylor's company has quietly flipped from Bitcoin buyer to seller.Ram Ahluwalia, Austin Campbell, and Chris Perkins dig into the mechanics behind the sale, the STRC preferred dividend Strategy is racing to protect, and a bigger structural fight over whether tokens can ever function alongside equity in a company's capital stack without one cannibalizing the other. They also cover the widening stablecoin wars: Robinhood's new USDG yield product running through Morpho vaults, Tether's retreat from a MiCA-regulated Europe, and the backlash after Global Dollar Network's OUSD launch named partners who say they were never consulted. The hosts weigh which banks, from JPMorgan to Europe's regional lenders, are positioned to win as deposits migrate onchain, and why Securitize's freshly public stock is already trading like a call option. Hosts: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Austin Campbell⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠, Host of Bits + Bips, Zero Knowledge Consulting ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Ram Ahluwalia⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠, Co-Host, CEO of Lumida ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Chris Perkins⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠, Co-Host, President of CoinFund Timestamps 💰 02:10 Strategy sells $216M more Bitcoin: is Saylor now a recurring seller? ⚖️ 09:55 Why Ram says there's no room for a third category beyond debt and equity 🪙 22:41 Ram: could up to 99% of today's tokens end up worthless? 📣 28:52 Cape: Use code UNCHAINED for 33% off your first six months at https://cape.co/unchained 🌍 29:51 Robinhood's USDG yield, Tether's Europe exit, and the OUSD backlash 🏦 42:44 Why Austin says the banks that ignored stablecoins risk becoming Borders 📈 50:12 Securitize goes public: why Austin says the stock trades like a call option 🤖 53:59 Why quality stocks are clawing back share from the AI and semis rally

Fear and greed says panic. The options market says something else. David Lawant of Anchorage Digital walks through the signals that matter right now. Sponsors Fidelity: Fidelity has been building in crypto and DeFi since 2014 — now they're hiring. Explore career opportunities at one of the most forward-thinking names in finance here: ⁠⁠https://crypto.fidelitycareers.com⁠⁠. Cape: Your biggest crypto vulnerability isn't your wallet, it's your phone number. Cape is America's privacy-first mobile carrier that rotates your SIM identity daily and blocks SIM swaps before they happen. Get 33% off your first six months at⁠⁠ https://cape.co/unchained⁠⁠ (use code: UNCHAINED). Bitcoin has been stuck near $60,000, more than 50% off its November 2024 highs, and Strategy's STRC preferred stock was sinking hard enough to spook the market before a sweeping 8-K aimed at stabilizing it. David Lawant, Head of Research at Anchorage Digital, joins Steven Ehrlich to argue that the panic in STRC's price and in crypto's fear and greed index is not showing up in the options market, where he says the real signals live. Lawant walks through Strategy's $1.15 billion ATM raise, why Bitcoin's options open interest has topped $60 billion and now exceeds futures, what the MSTR risk reversal revealed about tail risk during the selloff, and why Bitcoin's volatility term structure has stayed inverted for months. He also maps who trades these options, from retail call buyers to Anchorage's OTC desk, and argues real relief needs looser Fed policy and Bitcoin clawing attention back from the AI trade, which could take six to nine months. Host: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Steven Ehrlich⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠, Head of Research, SharpLink Guest: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠David Lawant - Head of Research at Anchorage Digital Timestamps 🏛️ 01:46 Inside Strategy's high-stakes gambit to rescue its sinking STRC stock 📉 09:06 Bitcoin has no native yield, and that gap is quietly forcing Strategy to rewrite its entire playbook 📊 16:05 David reveals the moment Bitcoin's options market quietly overtook its futures market 💙 23:43 Cape: Get 33% off your first six months with code unchained at https://cape.co/unchained 💼 24:37 Fidelity: Explore crypto careers that could change your future at https://crypto.fidelitycareers.com 🌐 25:21 What Bitcoin's inverted volatility curve secretly tells you about who's really trading these options 🔮 36:00 Why alts refuse to trade like MSTR, and the exact signals David is tracking right now 🎯 41:45 David's blunt call: six to nine months of chop before the next leg up

Bitcoin logged its worst ETF month on record, and the hosts debate whether Strategy has become the marginal seller dragging the whole market down. --- Thank you to our sponsors: ⁠⁠⁠Fidelity⁠⁠⁠: Fidelity has been building in crypto and DeFi since 2014 — now they're hiring. Explore career opportunities at one of the most forward-thinking names in finance here: ⁠⁠⁠crypto.fidelitycareers.com⁠⁠⁠. ⁠⁠⁠Cape⁠⁠⁠: Your biggest crypto vulnerability isn't your wallet, it's your phone number. Cape is America's privacy-first mobile carrier that rotates your SIM identity daily and blocks SIM swaps before they happen. Get 33% off your first six months at cape.co/unchained (use code: UNCHAINED). Heads up! If you haven't yet, be sure to subscribe to Bits + Bips on its dedicated channels. Follow us on Apple Podcasts, YouTube, Spotify, X, Unchained and wherever you get your podcasts. 🔥 Apple Podcasts - https://podcasts.apple.com/us/podcast/bits-bips/id1827931786 🔥 YouTube - https://www.youtube.com/channel/UCuKiSkbYrUOOEEiYQEVPniQ 🔥 Spotify - https://open.spotify.com/show/6aSBMrOyi33aVDCULJ9mjN?si=NTLk-jl5QGeytA6-2kxMVQ&nd=1&dlsi=42f0b13dd53c4ba0 🔥X - https://x.com/bitsandbips 🔥 Unchained - https://unchainedcrypto.com/bitsandbips/ ---- Bitcoin slid to roughly $58,000 over the weekend, its lowest level in years, capping the worst month on record for spot Bitcoin ETFs as billions flowed out of funds like IBIT. Austin Campbell, Ram Ahluwalia, and Chris Perkins debate whether Strategy has shifted from Bitcoin’s marginal buyer to its marginal seller, and whether the market can move higher while Michael Saylor remains the main character. Laura Shin opens with a more immediate and personal risk: a spear-phishing attempt that convinced her to run a terminal command before she caught it. From there the hosts handicap the Clarity Act's odds before the August recess, why a Supreme Court geofencing ruling could gut the Bank Secrecy Act, and why community banks are dying. Ram makes the case that crypto's real unlock is community lending and capital formation, not tokenizing Wall Street, and that fighting BlackRock was always an act of hubris. Hosts: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Austin Campbell⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠, Host of Bits + Bips, Zero Knowledge Consulting ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Ram Ahluwalia⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠, Co-Host, CEO of Lumida ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Chris Perkins⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠, Co-Host, President of CoinFund Timestamps 🎣 02:43 How Laura Shin got spear-phished by a fake podcast invite 🛡️ 07:09 Austin's rules for beating social engineering when the pressure is on 🏦 09:18 The security case for holding crypto in ETFs over self-custody 📉 15:59 Bitcoin's worst ETF month on record and a $58K weekend low 🪙 17:36 Why Ram says any Bitcoin call has to start with Strategy 🎯 22:20 The hedge fund take: Bitcoin may not run until Saylor gets blown up 🤖 27:06 AI, quantum, and where crypto's real utility actually shows up 💙 33:09 Fidelity: Explore crypto careers that could change your future at https://crypto.fidelitycareers.com 📱 33:51 Cape: Get 33% off your first six months with code unchained at https://cape.co/unchained 🏛️ 34:49 The Clarity Act push: can market structure pass before the recess? ⚖️ 40:28 How a Supreme Court ruling could gut the Bank Secrecy Act 🏘️ 47:02 Why community lending, not tokenizing Wall Street, is crypto's real unlock

Carmen Li is bringing GPU futures to the CME while crypto perp venues court her index. She lays out which financial wrappers actually fit which assets. Sponsors Fidelity: Fidelity has been building in crypto and DeFi since 2014 — now they're hiring. Explore career opportunities at one of the most forward-thinking names in finance here: ⁠https://crypto.fidelitycareers.com⁠. Cape: Your biggest crypto vulnerability isn't your wallet, it's your phone number. Cape is America's privacy-first mobile carrier that rotates your SIM identity daily and blocks SIM swaps before they happen. Get 33% off your first six months at⁠ https://cape.co/unchained⁠ (use code: UNCHAINED). A perpetual futures marketplace asked Carmen Li to become the market maker for her own index, and could not believe the question was serious. Li, CEO of Silicon Data and Compute Exchange, sits down with Steven Ehrlich to explain why that request exposes a conflict of interest crypto has normalized. A former DRW options trader and Bloomberg data executive, she is building the price discovery layer for compute, the commodity she argues will soon be the largest on earth. The conversation traces how you index a market where no two GPUs are alike, why a $600 billion buildout implies a derivatives market between $6 trillion and $30 trillion, what launching cash-settled futures on the CME takes, and why 200 data sources make manipulation harder than transaction-only feeds. They also weigh stablecoin payments and miners pivoting to AI. As GPU futures move onshore and offshore perp venues circle her benchmark, the question becomes who gets to set the price. Host: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Steven Ehrlich⁠⁠⁠⁠⁠⁠⁠⁠⁠, Head of Research, SharpLink Guest: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Carmen Li - CEO of Silicon Data and Compute Exchange Timestamps 💡 02:54 The elevator pitch: what Silicon Data and Compute Exchange are really building 🧮 04:37 No two GPUs are alike. So how do you build an index that tracks them all? 📈 07:37 The numbers that stop you cold: 1,000% month over month growth into a market worth $6T to $30T 🏛️ 10:15 Inside the CFTC: Carmen on Mike Selig and the race to put cash settled GPU futures on the CME 🔗 13:06 Why every perp marketplace and DEX suddenly wants her GPU index ⛏️ 15:28 The great pivot: Bitcoin miners walking away from mining for long term AI compute ⚠️ 25:06 The request that set off alarm bells: be the market maker of your own index 🛡️ 33:21 The manipulation defense: why 200 data sources crush transaction only feeds 💵 36:19 Billion dollar deals in stablecoins? Why Compute Exchange is saying yes 🌐 39:34 A bifurcating economy and the trillion dollar question: can crypto ride AI's wave

Coinbase is tokenizing US stocks for the rest of the world — but what makes a token 'real,' and who owns it? Plus: the AI trade wobbles and the CME sues its own regulator. --- Thank you to our sponsors: ⁠⁠Fidelity⁠⁠: Fidelity has been building in crypto and DeFi since 2014 — now they're hiring. Explore career opportunities at one of the most forward-thinking names in finance here: ⁠⁠crypto.fidelitycareers.com⁠⁠. ⁠⁠Cape⁠⁠: Your biggest crypto vulnerability isn't your wallet, it's your phone number. Cape is America's privacy-first mobile carrier that rotates your SIM identity daily and blocks SIM swaps before they happen. Get 33% off your first six months at cape.co/unchained (use code: UNCHAINED). Heads up! If you haven't yet, be sure to subscribe to Bits + Bips on its dedicated channels. Follow us on Apple Podcasts, YouTube, Spotify, X, Unchained and wherever you get your podcasts. 🔥 Apple Podcasts - https://podcasts.apple.com/us/podcast/bits-bips/id1827931786 🔥 YouTube - https://www.youtube.com/channel/UCuKiSkbYrUOOEEiYQEVPniQ 🔥 Spotify - https://open.spotify.com/show/6aSBMrOyi33aVDCULJ9mjN?si=NTLk-jl5QGeytA6-2kxMVQ&nd=1&dlsi=42f0b13dd53c4ba0 🔥X - https://x.com/bitsandbips 🔥 Unchained - https://unchainedcrypto.com/bitsandbips/ ---- Chris Perkins just took the helm of Franklin Crypto, and he arrives with a thesis: the old choice between TradFi and crypto has collapsed. What does it look like when the two finally stop competing and start absorbing each other's tools? Austin, Ram, and Chris map the messy middle of tokenization, from yield-bearing money market funds that could undercut stablecoins to Coinbase's push to put US stocks in the hands of everyone but Americans. Which models are real, and which try to spin gold from bronze? Then they dig into whether the AI trade is quietly rolling over — weighing data-center cancellations, a Mythos national-security scare, and why the CME is picking a fight with the very regulator that approved its rivals. The conversation covers Coinbase's tokenized stocks, whether tokenized money funds could disintermediate stablecoins, the AI trade, and the CME's lawsuit against the CFTC. Hosts: ⁠⁠⁠⁠⁠⁠⁠⁠⁠Austin Campbell⁠⁠⁠⁠⁠⁠⁠⁠⁠, Host of Bits + Bips, Zero Knowledge Consulting ⁠⁠⁠⁠⁠⁠⁠⁠⁠Ram Ahluwalia⁠⁠⁠⁠⁠⁠⁠⁠⁠, Co-Host, CEO of Lumida ⁠⁠⁠⁠⁠⁠⁠⁠⁠Chris Perkins⁠⁠⁠⁠⁠⁠⁠⁠⁠, Co-Host, President of CoinFund Timestamps 🏛️ 02:17 Chris on Franklin Crypto, and why you no longer have to choose TradFi or crypto 💵 05:57 Austin: why would a TradFi player adopt stablecoins and give up its own margin? 🔁 09:13 Could yield-bearing tokenized money market funds disintermediate stablecoins? 📈 22:21 What 'real' tokenization means, and who Coinbase's stock tokens are really for 📣 34:09 Cape: Get 33% off your first six months with code unchained at https://cape.co/unchained 🤖 35:31 Is the AI trade rolling over? The one number Ram says decides the market 🔓 42:09 How real is the Mythos 'classified systems' breach claim? ⚖️ 47:19 Why the CME is suing its own regulator over Bitcoin perpetuals

The Fed dropped its easing bias and half the FOMC penciled in rate hikes. Zach Pandl on what Kevin Warsh's first meeting means for Bitcoin, gold, and Strategy. Sponsors Fidelity: Fidelity has been building in crypto and DeFi since 2014 — now they're hiring. Explore career opportunities at one of the most forward-thinking names in finance here: https://crypto.fidelitycareers.com. Cape: Your biggest crypto vulnerability isn't your wallet, it's your phone number. Cape is America's privacy-first mobile carrier that rotates your SIM identity daily and blocks SIM swaps before they happen. Get 33% off your first six months at https://cape.co/unchained (use code: UNCHAINED). Kevin Warsh held rates steady at his first FOMC meeting but removed the committee's easing bias — and nine of eighteen participating members wrote down a rate hike for 2026, a bigger shift than markets expected. Zach Pandl, Head of Research at Grayscale Investments and a former Goldman Sachs economist, joins Steven Ehrlich to discuss. Pandl argues that rising real rates are a constraint equity markets are not pricing correctly, and that AI euphoria makes the downside case, not blunts it. The conversation covers the SpaceX IPO's low-float mechanics, why perpetual futures outperformed tokenized stocks around the IPO, Strategy's preferred equity cracking below $90, and why speculative flows explain gold and Bitcoin's recent turbulence better than fundamentals. Pandl closes with a buy-the-dip case for both stores of value and argues the DeFi revenue story, anchored in Hyperliquid and Aave, will define the second half of 2026. Host: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Steven Ehrlich⁠⁠⁠⁠⁠⁠⁠⁠, Head of Research, SharpLink Guest: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Zach Pandl - Head of Research at Grayscale Investments Timestamps 🏛️ 02:32 The Warsh era begins: what the Fed just signaled without saying it 📈 14:39 Rising rates and irrational markets: where this breaks down 💹 16:47 The SpaceX IPO and a crypto déjà vu moment 🎓 22:56 Fidelity's message to crypto's next generation 🏆 25:55 Perpetual futures just proved something important about the SpaceX test ❄️ 27:27 Pandl just made the crypto winter official—here's why ⚠️ 31:30 The problem with Bitcoin as collateral (and no one's talking about it) 🥇 37:03 Gold and Bitcoin diverge: what the Iran conflict reveals 💰 40:01 The DeFi revenue shift nobody saw coming

A Friday-night directive banned Anthropic's Fable 5 with no public explanation — Sam Enzer on what it means for AI, crypto, and who controls the national security card next. --- Thank you to our sponsors: ⁠Fidelity⁠: Fidelity has been building in crypto and DeFi since 2014 — now they're hiring. Explore career opportunities at one of the most forward-thinking names in finance here: ⁠crypto.fidelitycareers.com⁠. ⁠Cape⁠: Your biggest crypto vulnerability isn't your wallet, it's your phone number. Cape is America's privacy-first mobile carrier that rotates your SIM identity daily and blocks SIM swaps before they happen. Get 33% off your first six months at cape.co/unchained (use code: UNCHAINED). Heads up! If you haven't yet, be sure to subscribe to Bits + Bips on its dedicated channels. Follow us on Apple Podcasts, YouTube, Spotify, X, Unchained and wherever you get your podcasts. 🔥 Apple Podcasts - https://podcasts.apple.com/us/podcast/bits-bips/id1827931786 🔥 YouTube - https://www.youtube.com/channel/UCuKiSkbYrUOOEEiYQEVPniQ 🔥 Spotify - https://open.spotify.com/show/6aSBMrOyi33aVDCULJ9mjN?si=NTLk-jl5QGeytA6-2kxMVQ&nd=1&dlsi=42f0b13dd53c4ba0 🔥X - https://x.com/bitsandbips 🔥 Unchained - https://unchainedcrypto.com/bitsandbips/ ---- The US government issued a Friday-night export ban on Anthropic's Fable 5, citing a jailbreak that could expose the underlying Mythos model's cyber capabilities, with no disclosure of statutory authority and no comment period. Sam Enzer, Partner and CahillNXT Co-Chair at Cahill Gordon & Reindel, joins Austin Campbell, Ram Ahluwalia, and Chris Perkins to assess the directive's legal standing. Enzer draws a parallel to Gensler-era regulation by enforcement and warns that, absent a transparent framework, export controls could reach APIs, DeFi protocols, and blockchain front ends serving foreign nationals, raising First Amendment questions that echo the 1990s encryption wars. Austin frames SpaceX's $1.77 trillion debut as a classic low-float, high-FDV token: a squeeze at open, then a bleed. Ram cites the 135x price-to-sales ratio and the coming VC unlock wave as reasons to avoid it. The hosts close on the SEC's proposed Reg NMS rescission, which Chris calls a generational unlock for tokenized equities and DeFi, and which could rewrite two decades of equity market structure. Hosts: ⁠⁠⁠⁠⁠⁠⁠⁠Austin Campbell⁠⁠⁠⁠⁠⁠⁠⁠, Host of Bits + Bips, Zero Knowledge Consulting ⁠⁠⁠⁠⁠⁠⁠⁠Ram Ahluwalia⁠⁠⁠⁠⁠⁠⁠⁠, Co-Host, CEO of Lumida ⁠⁠⁠⁠⁠⁠⁠⁠Chris Perkins⁠⁠⁠⁠⁠⁠⁠⁠, Co-Host, President of CoinFund Guest: ⁠⁠⁠⁠⁠⁠⁠Sam Enzer - Partner and CahillNXT Co-Chair at Cahill Gordon & Reindel Timestamps 🤖 02:48 What the Fable 5 export ban says, what Anthropic disputes, and why neither side has released the full directive ⚖️ 04:39 Sam Enzer on why restricting software is restricting speech 🌐 07:16 Sam Enzer on whether export controls can reach APIs and DeFi protocols 🏛️ 09:55 Austin on the Choke Point parallel and why the limiting principle matters 📜 15:09 Ram on the First Amendment: why restricting software is restricting speech 📣 26:12 Fidelity: Explore crypto careers that could change your future at https://crypto.fidelitycareers.com 🌐 26:54 Cape: Get 33% off your first six months at https://cape.co/unchained 🚀 29:00 SpaceX's $1.77T IPO: bull case, bear case, and what the onchain perps showed 📉 31:05 Why Ram calls SpaceX a bad investment: 135x revenue and VC unlocks incoming 💰 37:22 Austin on SpaceX as a low-float, high-FDV token: where this chart always goes 📋 49:48 Why Reg NMS rescission unlocks tokenized equities for onchain markets 💸 56:15 Ram on Robinhood and PFOF brokers as the biggest Reg NMS losers

Strategy owes $3.4 billion over two years on its preferreds. Austin maps the three exits: issue more stock, sell Bitcoin, or suspend dividends. None are good. --- Thank you to our sponsors: Fidelity: Fidelity has been building in crypto and DeFi since 2014 — now they're hiring. Explore career opportunities at one of the most forward-thinking names in finance here: crypto.fidelitycareers.com. Cape: Your biggest crypto vulnerability isn't your wallet, it's your phone number. Cape is America's privacy-first mobile carrier that rotates your SIM identity daily and blocks SIM swaps before they happen. Get 33% off your first six months at cape.co/unchained (use code: UNCHAINED). ---- Bitcoin logged its worst week since the FTX collapse, falling 17%, while Ethereum dropped 22% and the total crypto market cap shed roughly a third of a trillion dollars. The looming SpaceX IPO seems like an easy explanation. But Ram Ahluwalia argues that's not the real culprit:  STRF and STRC, Strategy's preferred securities, have slipped below par, stalling the capital engine that funds Bitcoin buys. Austin Campbell, Ram, and Chris Perkins cover three distinct crises in this episode. A Claude Opus 4.8 agent found a live counterfeiting bug in Zcash's Orchard Shielded Pool, undetected since 2022, prompting the group to map how AI is rewiring the threat landscape for financial services. Back on Strategy, Ram applies Hyman Minsky's three market phases and argues the company was built for the final phase — where price appreciation is the only bailout. Austin closes by framing Strategy's $3.4 billion in preferred obligations as an SVB-style depositor flight problem with no clear resolution in sight. Hosts: ⁠⁠⁠⁠⁠⁠Austin Campbell⁠⁠⁠⁠⁠⁠, Host of Bits + Bips, Zero Knowledge Consulting ⁠⁠⁠⁠⁠⁠Ram Ahluwalia⁠⁠⁠⁠⁠⁠, Co-Host, CEO of Lumida ⁠⁠⁠⁠⁠⁠Chris Perkins⁠⁠⁠⁠⁠⁠, Co-Host, President of CoinFund Timestamps 💣 03:02 What caused crypto's worst week since the FTX collapse 🌍 09:46 Why retail still drives crypto volatility and why Chris thinks the market misread incoming Fed chair Warsh 🤖 18:33 AI tools discovering critical crypto vulnerabilities faster than devs can patch them 🐛 24:25 How Claude Opus 4.8 found a live counterfeiting bug in Zcash's Orchard pool ₿ 31:02 Austin on whether Bitcoin's Lindy effect survives the quantum-refactoring problem 💼 32:42 Fidelity: Explore crypto careers that could change your future at https://crypto.fidelitycareers.com 📱 33:24 Cape: Get 33% off your first six months at https://cape.co/unchained 🏦 34:23 Strategy's preferred problem and the math on 32 BTC sold and 1,550 bought 📊 38:03 Ram on Minsky's three market phases, and why Strategy was built for the riskiest one ⏰ 44:00 Why Austin says introducing preferreds turned Strategy from a Bitcoin play to a clock 🇺🇸 52:56 Is Hunter Biden's crypto interest genuine conviction or attention play

Strategy sold Bitcoin in May and disclosed the sale via SEC filing in June. The Polymarket market on that sale resolved to no sale in May, with tens of millions of dollars on one question: does the trade date control, or the disclosure date? Sam Enzer and Steven Ehrlich map the dispute, the oracle governance concentration risk behind it, and the practical checklist for diligencing any prediction market bet before placing it. Host: Steven Ehrlich, Host of Bits + Bips and Head of Research at Sharplink - https://x.com/Steven_Ehrlich Guest: Sam Enzer - Partner and CahillNXT Co-Chair at Cahill Gordon & Reindel This clip is from a longer conversation on prediction market law, insider trading, and oracle risk. Full episode here: https://youtube.com/live/Lo6g6VBF46U  We go live every Thursday at 12:00pm ET - subscribe to catch it live. Sponsor: Unchained Daily: Subscribe for free at https://unchainedcrypto.com/newsletters   Heads up! If you haven’t yet, be sure to subscribe to Bits + Bips, since the show will migrate there in a few weeks. Follow us on Apple Podcasts, YouTube, Spotify, X, Unchained and wherever you get your podcasts. 👉 https://linktr.ee/bitsandbips  

Strategy sold Bitcoin for the first time since 2022 — a small sale, but a meaningful signal. Ram, Austin, and Chris work through the capital stack math: $15 billion in preferred stock needs Bitcoin to appreciate 11.5% annually just to cover dividends. What happens if it doesn't? With: Austin Campbell, Founder, Zero Knowledge Consulting; Adjunct Professor, NYU Stern - https://x.com/austincampbell Ram Ahluwalia, Co-Host, CEO of Lumida - https://x.com/ramahluwalia Chris Perkins, Co-Host, CEO of 250 Digital Asset Management - https://x.com/perkinscr97 This clip is from a longer conversation on Strategy's Bitcoin capital stack, the Anthropic IPO, and crypto's political fight with the banking lobby. Full episode here: https://youtube.com/live/eIarmme4Jvc  We go live every Monday at 4:30pm ET. Subscribe to catch it live. If you haven’t yet, be sure to subscribe to Bits + Bips, since the show will migrate there in a few weeks. Follow us on Apple Podcasts, YouTube, Spotify, X, Unchained and wherever you get your podcasts.  🔥 Apple Podcasts - https://podcasts.apple.com/us/podcast/bits-bips/id1827931786  🔥 YouTube - https://www.youtube.com/channel/UCuKiSkbYrUOOEEiYQEVPniQ  🔥 Spotify - https://open.spotify.com/show/6aSBMrOyi33aVDCULJ9mjN?si=NTLk-jl5QGeytA6-2kxMVQ&nd=1&dlsi=42f0b13dd53c4ba0  🔥X - https://x.com/bitsandbips  🔥 Unchained - https://unchainedcrypto.com/bitsandbips/

Bitcoin’s implied volatility just hit a nine-month low. ETF outflows have been running for weeks. And a memory chip ETF may have matched IBIT for the fastest ETF launch in history. So what’s happening to crypto? Steve Sosnick, chief strategist at Interactive Brokers, and Steve Ehrlich break down the structural forces working against crypto right now: AI stocks doing the heavy lifting in portfolios, upcoming SpaceX, OpenAI, and Anthropic IPOs pulling momentum capital, Kraken and Ledger delaying their own listings, and the ‘crypto tourist’ problem — ETF buyers who bought on momentum and will sell on momentum the moment something else outperforms. Is this a cleansing moment, or is crypto just one sector now? Guests: Steve Sosnick, Chief Strategist at Interactive Brokers. Host: Steve Ehrlich, Head of Research at SharpLink. This clip is from a longer conversation. Full episode here: https://youtube.com/live/H31JcAM0evI   If you haven’t yet, be sure to subscribe to Bits + Bips, since the show will migrate there in a few weeks. Follow us on Apple Podcasts, YouTube, Spotify, X, Unchained and wherever you get your podcasts. 🔥 Apple Podcasts - https://podcasts.apple.com/us/podcast/bits-bips/id1827931786 🔥 YouTube - https://www.youtube.com/channel/UCuKiSkbYrUOOEEiYQEVPniQ 🔥 Spotify - https://open.spotify.com/show/6aSBMrOyi33aVDCULJ9mjN?si=NTLk-jl5QGeytA6-2kxMVQ&nd=1&dlsi=42f0b13dd53c4ba0 🔥X - https://x.com/bitsandbips 🔥 Unchained - https://unchainedcrypto.com/bitsandbips/

What does Pope Leo's first AI encyclical have to do with the Bitcoin white paper? Arjun Sethi, co-CEO of Kraken, traces a philosophical thread from Augustine's City of God through Catholic social teaching's subsidiarity principle to Satoshi's monetary architecture. Austin Campbell finds the same argument in the Federalist Papers. Ram Ahluwalia brings in Immanuel Kant and the Tower of Babel. And Chris Perkins asks the question the whole room is thinking: is the Pope into DeFi? Hosts:  @austincampbell, @perkinscr97, @ramahluwalia Guest: @arjunsethi This clip is from a longer conversation on Kraken's global strategy, tokenized equities, and the SEC's paused innovation exemption. Full episode here: https://youtube.com/live/KKec65JyBjw  We go live every Monday at 4:30 pm ET. Subscribe to catch it live. If you haven’t yet, be sure to subscribe to Bits + Bips, since the show will migrate there in a few weeks. Follow us on Apple Podcasts, YouTube, Spotify, X, Unchained and wherever you get your podcasts.  🔥 Apple Podcasts - https://podcasts.apple.com/us/podcast/bits-bips/id1827931786   🔥 YouTube - https://www.youtube.com/channel/UCuKiSkbYrUOOEEiYQEVPniQ   🔥 Spotify - https://open.spotify.com/show/6aSBMrOyi33aVDCULJ9mjN?si=NTLk-jl5QGeytA6-2kxMVQ&nd=1&dlsi=42f0b13dd53c4ba0   🔥X - https://x.com/bitsandbips 🔥 Unchained - https://unchainedcrypto.com/bitsandbips/ 

Kevin Warsh is confirmed as Fed chair today. He says he wants a smaller balance sheet, fewer dot plots, less forward guidance, and new ways to measure inflation. In this clip, Noelle Acheson tells Steve Ehrlich why the bond market will veto the balance sheet goal, why fewer FOMC press conferences may increase volatility rather than reduce noise, and why the most likely outcome for the next few Fed meetings is no hike and no cut — giving Warsh room to build trust within the FOMC before he can move on anything structural. Host: Steve Ehrlich | Head of Research, Sharplink Guest: Noelle Acheson | Author, Crypto Is Macro Now This clip is from a longer conversation on bond yields, Kevin Warsh's Fed, and the macro outlook for Bitcoin. Full episode here: https://youtu.be/2Zi-3QmapM4  Bits + Bips: The Interview streams twice weekly — subscribe so you don't miss it. If you haven’t yet, be sure to subscribe to Bits + Bips, since the show will migrate there in a few weeks. Follow us on Apple Podcasts, YouTube, Spotify, X, Unchained and wherever you get your podcasts.  🔥 Apple Podcasts - https://podcasts.apple.com/us/podcast/bits-bips/id1827931786 🔥 YouTube - https://www.youtube.com/channel/UCuKiSkbYrUOOEEiYQEVPniQ   🔥 Spotify - https://open.spotify.com/show/6aSBMrOyi33aVDCULJ9mjN?si=NTLk-jl5QGeytA6-2kxMVQ&nd=1&dlsi=42f0b13dd53c4ba0   🔥X - https://x.com/bitsandbips 🔥 Unchained - https://unchainedcrypto.com/bitsandbips/ 

The TACO trade — the assumption that Trump will always walk back market damage — is temporary. The BLISS trade is not. In this clip, Noelle Acheson explains Gita Gopinath's thesis from the Financial Times: no government, regardless of political party or political system, will be voted out for spending to protect citizens from hardship. The put under markets is now structural. Noelle and Steve Ehrlich work through what that means for currency debasement, moral hazard, and why risk-on appetite is so strong in such an uncertain environment. Host: Steve Ehrlich | Head of Research, Sharplink Guest: Noelle Acheson | Author, Crypto Is Macro Now This clip is from a longer conversation on bond yields, Kevin Warsh's Fed, and the macro outlook for Bitcoin. Full episode here: https://youtu.be/2Zi-3QmapM4  Bits + Bips: The Interview streams twice weekly — subscribe so you don't miss it. If you haven’t yet, be sure to subscribe to Bits + Bips, since the show will migrate there in a few weeks. Follow us on Apple Podcasts, YouTube, Spotify, X, Unchained and wherever you get your podcasts.  🔥 Apple Podcasts - https://podcasts.apple.com/us/podcast/bits-bips/id1827931786 🔥 YouTube - https://www.youtube.com/channel/UCuKiSkbYrUOOEEiYQEVPniQ   🔥 Spotify - https://open.spotify.com/show/6aSBMrOyi33aVDCULJ9mjN?si=NTLk-jl5QGeytA6-2kxMVQ&nd=1&dlsi=42f0b13dd53c4ba0   🔥X - https://x.com/bitsandbips 🔥 Unchained - https://unchainedcrypto.com/bitsandbips/ 

If the risk is the same, why would any rational agent choose a stablecoin that pays nothing over a money market fund that does?  In this clip, Chris Perkins puts the question directly to Circle’s Gordon Liao, who walks through USYC — Circle's yield-bearing instrument — and the seamless toggle between it and USDC.  Austin Campbell frames the winners as "transformers": platforms that can move fluidly between yield and liquidity states. The answer matters for every wallet, exchange, and agentic commerce stack being built right now.   Hosts: Austin Campbell @austincampbell | Ram Ahluwalia @ramahluwalia | Chris Perkins @perkinscr97 Guest: Gordon Liao, Chief Economist and Head of Research at Circle   This clip is from a longer conversation on USDC, the CLARITY Act, and rising bond yields. Full episode here: https://youtube.com/live/bYgoVvXME3Q?feature=share   We go live every Monday at 4.30 ET — subscribe to catch it live.   Follow us on our new channels! Bits + Bips is moving to its own feeds. Subscribe now at unchainedcrypto.com/bitsandbips so you don't miss the launch.   Coinbase: Get 20% off the first year of your Coinbase One annual plan at coinbase.com/unchained.

Matteo Pandolfi of Pareto puts a number on the table: on-chain repo reaches $1 trillion within five years. He makes the case using the current pipeline of traditional institutions entering the space and the hybrid infrastructure model that does not require full on-chain execution. Craig Burchell of FalconX gives you both sides. The bull case: the facilities are already being built, the demand is real, and you are watching it happen in real time. The bear case: the standardization problem. The reason centrally cleared repo works in TradFi is that everything operates under the same agreement and can be automated like clockwork. Getting an entire ecosystem on a standardized on-chain repo form is a gargantuan challenge. On-chain is probably one of the best places to try, but that is still essentially standing up a new exchange from scratch. To open the segment, Craig walks through the Aave deleveraging crisis as the clearest example of what a mature on-chain repo market changes: nobody wanted to sell their positions. They needed short-term liquidity. The cascade did not have to happen. This clip is from a longer conversation on bringing the repo market on-chain. Full episode here: ⁠https://youtube.com/live/E_X1rmunes4⁠  Bits + Bips: The Interview drops every Thursday — subscribe to catch it. Heads up!  If you haven’t yet, be sure to subscribe to Bits + Bips, since the show will migrate there in a few weeks. Follow us on Apple Podcasts, YouTube, Spotify, X, Unchained and wherever you get your podcasts. 

On-chain private credit has crossed $5 billion across more than 2,000 assets. The borrower side has matured significantly — institutional counterparties like FalconX are accessing credit on-chain with clear terms, legal structures that hold up to institutional scrutiny, and professional underwriters applying real credit discipline. But the liquidity side remains the visible gap. Tokenization improves transferability; it does not automatically create an active secondary market. Craig Burchell and Matteo Pandolfi walk through the current landscape: the different flavors of on-chain credit from stablecoin yield strategies (USDE, USDS, Syrup USDC) to tokenized TradFi private credit (JTRY, Apollo ACRED, Fasanara, Maple), how FalconX is already using on-chain channels for its tokenized loan book, and what the specific stablecoin repo and RWA deleveraging use cases look like in practice. Craig explains the 'HiFi' framework — why a robust on-chain repo market does not require everything to be fully programmatic — and Matteo maps the composability advantage: using an on-chain credit facility as collateral in a Morpho vault is a proof of concept that goes well beyond yield. This clip is from a longer conversation on bringing the repo market on-chain. Full episode here: https://youtube.com/live/E_X1rmunes4  Bits + Bips: The Interview drops every Thursday — subscribe to catch it. Heads up!  If you haven’t yet, be sure to subscribe to Bits + Bips, since the show will migrate there in a few weeks. Follow us on Apple Podcasts, YouTube, Spotify, X, Unchained and wherever you get your podcasts. 

Semiconductors now make up 18% of the S&P 500 — a record — as capital floods into AI infrastructure. Is this another dotcom bubble, or something structurally different? Ram Ahluwalia says the spending is coming from the world’s most profitable companies and the returns are already showing up in cloud growth. Christopher Perkins says every mania eventually reaches an extreme. Austin Campbell argues the bigger question is whether investors are actually backing the right companies. This clip is from a longer conversation on markets, AI, and crypto. Full episode here: https://youtube.com/live/owJbpl30Zq4  We go live every Monday at 4:30 PM ET — subscribe to catch it live. Coinbase One: Get 20% off the first year of your Coinbase One annual plan at coinbase.com/unchained.

Paul Tudor Jones called Bitcoin the best inflation hedge the same day it broke through 80 while equities sold off. The Bits + Bips crew debates whether he’s right — and what comes next for the store of value. Ram Ahluwalia sees quantum-resistant successor coins on the horizon. Chris Perkins argues the next backed asset may rely on energy or compute — not gold or Treasuries. Featuring Austin Campbell (@austincampbell), Ram Ahluwalia (@ramahluwalia), and Chris Perkins (@perkinscr97). Full episode: https://youtube.com/live/7MTkawyMU8o  Thank you to our sponsor! Coinbase One — coinbase.com/unchained If you haven’t yet, be sure to subscribe to Bits + Bips, since the show will migrate there in a few weeks. Follow us on Apple Podcasts, YouTube, Spotify, X, Unchained and wherever you get your podcasts.  🔥 Apple Podcasts - https://podcasts.apple.com/us/podcast/bits-bips/id1827931786   🔥 YouTube - https://www.youtube.com/channel/UCuKiSkbYrUOOEEiYQEVPniQ   🔥 Spotify - https://open.spotify.com/show/6aSBMrOyi33aVDCULJ9mjN?si=NTLk-jl5QGeytA6-2kxMVQ&nd=1&dlsi=42f0b13dd53c4ba0

Why does Delphi call itself an information market instead of a prediction market? Ben Fielding, CEO of Gensys, says the difference is the direction of the question. On Polymarket, users cannot create markets — only suggest them. On Delphi, anyone can pose a question and pay for the world to answer it. Ben walks through the full thesis: the orange farmer who can finally hedge drought risk without going to JP Morgan, the flywheel that pulls machine learning models into markets as faster and more accurate information traders than any human, and why the long tail of markets nobody has thought to create yet is where the real opportunity sits. He also addresses the hardest question: how do you prevent a decentralized market platform from being used for markets no society should allow? His answer is the Uniswap vs. Coinbase distinction. Guest: Ben Fielding @BenFielding [confirm], CEO & Co-Founder, Gensys. Host: Steve Ehrlich @Steven_Ehrlich. This clip is from a longer conversation on decentralized AI infrastructure, information markets, and the AI token. Full episode here: https://youtube.com/live/cUz1PU8O3_8  We go live every Wednesday at 10 AM ET — subscribe to catch it live. Heads up! If you haven’t yet, be sure to subscribe to Bits + Bips, since the show will migrate there in a few weeks. Follow us on Apple Podcasts, YouTube, Spotify, X, Unchained and wherever you get your podcasts.

How does a decentralized AI network compete with companies spending hundreds of billions on data centers? Ben Fielding, CEO of Gensys, says the question misunderstands what scale actually means. The big AI labs are building walled gardens, exactly the way AOL built one in the early internet era. They will attract users, extract value, and make great products, but they will not reach the scale of an open system running on every device in the world. Ben traces the pattern through the early internet, through social media, and into machine learning, and explains why the window is still open for a decentralized alternative that can get to internet-level scale rather than Meta-level scale. Guest: Ben Fielding @BenFielding, CEO & Co-Founder, Gensys. Host: Steve Ehrlich @Steven_Ehrlich. This clip is from a longer conversation on decentralized AI infrastructure, information markets, and the AI token. Full episode here: https://youtube.com/live/cUz1PU8O3_8  We go live every Wednesday at 10 AM ET — subscribe to catch it live. Heads up! If you haven’t yet, be sure to subscribe to Bits + Bips, since the show will migrate there in a few weeks. Follow us on Apple Podcasts, YouTube, Spotify, X, Unchained and wherever you get your podcasts.

The Kelp hack exposed a flaw at the center of monolithic DeFi lending. What comes next for Aave, for looping traders caught underwater, and for users who never knew the risk. A single compromised signature was enough.  When an attacker exploited Layer Zero's DVN network to mint 116,000 unbacked rsETH on Ethereum mainnet, Aave's unified pool design did the rest: within minutes, a $193M loan was originated against fraudulent collateral, ETH borrow rates went to 100% utilization, and thousands of leveraged looping positions flipped from positive carry to deeply negative.  Now Kelp faces a decision with no clean answer: socialize losses across all rsETH holders at a 17% haircut, or isolate the damage to the Layer 2 and blow through lenders on mainnet. Meanwhile, Aave's $250M umbrella module, designed precisely for moments like this, looks critically undercapitalized for a tail risk of this magnitude.  Blockworks researchers Luke Leasure, Shaunda Devens, and Carlos Gonzalez Campo walk through the mechanics of the exploit, the design choices that amplified it, and what the resolution scenarios mean for DeFi's future. Host: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Steven Ehrlich⁠⁠⁠⁠⁠⁠⁠, Head of Research, SharpLink Guest: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Luke Leasure (@0xMether), Head of Research at Blockworks Shaunda Devens (@shaundadevens), Research Analyst at Blockworks Carlos Gonzalez Campo (@0xcarlosg),  Researcher at Blockworks

After Bybit, the CDS hack, and Kelp DAO, Austin Campbell argues that DeFi's foundational assumption — that incoming transactions should be treated as legitimate — may no longer hold. Ram Ahluwalia pushes back: change that assumption and you risk giving up immutability and finality. Austin draws the distinction: an immutable chain and a skeptical transaction queue aren't mutually exclusive.   Michael Bentley, who built the Euler lending protocol, explains why the problem runs deeper than resources or audits. AMMs like Uniswap are self-contained; they don't care about the outside world. Lending protocols are structurally dependent on external prices, liquidity conditions, and third-party oracles — making true immutability unreachable. The question isn't whether to add centralizing safeguards; it's how many, and which ones, and whether DeFi can survive the trade-offs.   This clip is from a longer conversation on DeFi security, the $290M Kelp DAO hack, and the future of yield-bearing stablecoins. Full episode here: ⁠https://youtube.com/live/tB5_2lUy4fs⁠ We go live every Monday at 4:30 PM ET — subscribe to catch it live. Heads up! If you haven’t yet, be sure to subscribe to Bits + Bips, since the show will migrate there in a few weeks. Follow us on ⁠Apple Podcasts⁠, ⁠YouTube⁠, ⁠Spotify⁠, ⁠X⁠, ⁠Unchained⁠ and wherever you get your podcasts.

North Korea's Lazarus Group drained $290 million from Kelp DAO by compromising two RPC nodes feeding Layer Zero's single DVN, swapping the binary for a malicious one, and DDoSing clean nodes to force a failover. In 46 minutes, Kelp DAO managed to stop the bleed — but not before $290M was gone and DeFi TVL dropped $13 billion in 48 hours. Now Layer Zero and Kelp DAO are fighting publicly, with third-party analysts largely blaming Layer Zero for a default setup that left 40% of protocols exposed to a one-of-one verifier configuration.   Austin Campbell, Ram Ahluwalia, and Chris Perkins sit down with Michael Bentley, builder of the Euler lending protocol, to work through who bears responsibility, what a whole-government response to Lazarus Group actually looks like, whether AI can close the security gap, and what it would take for DeFi to finally price and transfer its own risk.   This clip is from a longer conversation on DeFi security, the $290M Kelp DAO hack, and the future of yield-bearing stablecoins. Full episode here: https://youtube.com/live/tB5_2lUy4fs We go live every Monday at 4:30 PM ET — subscribe to catch it live. Heads up!If you haven’t yet, be sure to subscribe to Bits + Bips, since the show will migrate there in a few weeks. Follow us on Apple Podcasts, YouTube, Spotify, X, Unchained and wherever you get your podcasts.

The $290 million Kelp DAO hack, attributed to North Korea's Lazarus Group, has DeFi TVL down $13 billion in 48 hours. Do DeFi's foundational assumptions need to change? --- Heads up! If you haven’t yet, be sure to subscribe to Bits + Bips, since the show will migrate there in a few weeks. Follow us on ⁠Apple Podcasts⁠, ⁠YouTube⁠, ⁠Spotify⁠, ⁠X⁠, ⁠Unchained⁠ and wherever you get your podcasts. ---- DeFi TVL fell from $99.5 to $86.3 billion in 48 hours after the $290 million Kelp DAO exploit — the latest nine-figure attack attributed to North Korea's Lazarus Group, this time via a compromised Layer Zero bridge.  Meanwhile, a new class of yield-bearing instrument is staking a claim on capital fleeing private credit: Apyx's APY USD, backed by Strategy's STRC preferred stock, launched on Kraken this week with a 12% yield target and $180 million in supply after just seven weeks. Is STRC-backed yield a legitimate financial primitive, or a Bitcoin derivative with extra steps?  And as DeFi absorbs yet another devastating security failure, is the industry's core assumption — that incoming transactions should be treated as legitimate — finally due for an overhaul? Austin Campbell, Ram Ahluwalia, and Chris Perkins dig in with Parker White of Apyx and Michael Bentley of Euler. Hosts: ⁠⁠⁠⁠⁠⁠⁠Austin Campbell⁠⁠⁠⁠⁠⁠⁠, Host of Bits + Bips, Zero Knowledge Consulting ⁠⁠⁠⁠⁠⁠⁠Ram Ahluwalia⁠⁠⁠⁠⁠⁠⁠, Co-Host, CEO of Lumida ⁠⁠⁠⁠⁠⁠⁠Chris Perkins⁠⁠⁠⁠⁠⁠⁠, Co-Host, CEO of 250 Digital Asset Management Hosts: ⁠⁠⁠⁠⁠⁠⁠⁠Parker White — @TheOtherParker_ — Founding Contributor, Apyx. ⁠⁠⁠⁠⁠⁠⁠⁠Michael Bentley — @euler_mab — Former CEO, Euler Labs

FalconX global co-head of markets Josh Lim explains what's keeping Bitcoin range-bound near $75-76K: miner selling to fund high-performance compute transitions, breakeven retail holders looking for an exit, and an options market oversupplied with calls.  He also covers why the negative funding rates and low vol environment are less bearish than they appear when spot is cash-funded, not levered.  This clip is from a longer interview covering Bitcoin macro, altcoin rotation, Hyperliquid, and quantum risk. Full episode here: https://youtube.com/live/rDN5IHVhjfg  We go live every Monday at 4:30 PM ET — subscribe to catch it live.

Bitcoin's spot-led rally looks healthy on the surface. But derivatives say conviction is thin. Josh Lim from FalconX on what the market structure is actually telling you right now. --- Thank you to our sponsors! MultiChain Advisors is an emerging technology growth firm that has helped create $50B+ in enterprise value for 80+ clients over the past 4 years. They're the partner to help navigate markets.  Build real traction today at ⁠multichainadv.com⁠ As Bitcoin's application layer, Citrea gives you access to the first trust-minimized BTC on a fully programmable platform and a native stablecoin for Bitcoin, ctUSD.  You can now participate in Bitcoin capital markets with lending, privacy, payments, Bitcoin yield, trading and predictions. You get expanded Bitcoin utility without sacrificing its security.  ⁠Citrea mainnet is live. Put your BTC to work at ⁠⁠citrea.xyz/unchained.⁠  --- Bitcoin is trading near $75,000, but the market structure around it tells a more complicated story. Implied volatility has collapsed to sub-50, funding rates are negative, and the options market is dominated by sellers, not buyers. Meanwhile, Bitcoin miners are liquidating holdings to fund the transition to high-performance compute, generating a persistent offer just as breakeven retail holders look for an exit.  FalconX Global Co-Head of Markets Josh Lim joins Steve Ehrlich to map exactly what is keeping Bitcoin range-bound, where the rotation into ETH and alts is actually coming from, and what signals in derivatives and on-chain data would indicate the market is ready to move.  They also get into whether the Clarity Act changes the long-term structure of the altcoin market, how Hyperliquid is being used for institutional RWA arbitrage, and what the quantum threat means not for cryptography, but for trading Bitcoin. Host: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Steven Ehrlich⁠⁠⁠⁠⁠⁠, Head of Research, SharpLink Guest: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Josh Lim⁠ — Global Co-Head of Markets, FalconX. Repeat guest; previously covered market structure and institutional crypto flows on Bits + Bips.

Anthropic previewed Mythos, a model it says autonomously found 181 Firefox JavaScript exploits and vulnerabilities in OpenBSD that had been missed for decades. Cybersecurity stocks fell. Ram Ahluwalia says it’s masterclass marketing — a Keyser Soze play designed to win back DOD contracts and rattle OpenAI. Chris Perkins thinks the threat is real and the opportunity is bigger than the fear. Austin Campbell lands somewhere else: the AI competitive arms race is accruing to consumers, not companies, and the firms spending the most CapEx may never recover it. From there the conversation moves to where the money actually is: Ram’s free cash flow positioning, why AI CapEx is crowding out the buybacks that powered the Mag 7, what Apple understood that Anthropic and OpenAI didn’t, and why MicroStrategy’s preferred dividend structure is a 2008-era liability mismatch waiting to be tested. Hosted by Austin Campbell (Zero Knowledge Consulting), Ram Ahluwalia (Lumida), and Christopher Perkins (250 Digital Asset Management) This clip is from a longer conversation on the Iran blockade, Anthropic’s Mythos, AI buyback risk, and the WLFI conflict. Full episode here: https://youtube.com/live/P4fSTXVnC2Y  We go live every Monday at 4:30 PM ET — subscribe to catch it live. As Bitcoin's application layer, Citrea gives you access to the first trust-minimized BTC on a fully programmable platform and a native stablecoin for Bitcoin, ctUSD.  You can now participate in Bitcoin capital markets with lending, privacy, payments, Bitcoin yield, trading and predictions. You get expanded Bitcoin utility without sacrificing its security.  Citrea mainnet is live. Put your BTC to work at citrea.xyz/unchained.   Ether.fi is giving Unchained listeners 15% cashback on food and ride apps — and that's on top of the 3% you get on everything else.  Your bank is charging you to use your own money. Laura switched and loves her card! Go to ether.fi/unchained to claim your offer. Nexo is a premier digital wealth platform offering: ● crypto yield up to 15% (based on stated annual interest rates) ● crypto-backed credit lines from 1.9% ● a wide range of digital assets.  Join today and get 30-day access to exclusive rates. Join Nexo.

Ram Ahluwalia argues that CENTCOM’s move to enforce the US Naval blockade of the Strait of Hormuz was exquisitely timed — placing the IRGC in a vice with no clean exit. He walks through why Iran can’t escalate without facing worse outcomes, and can’t stand down without ceding economic control. Austin Campbell adds the market dimension: we’ve shifted from kinetic escalation to long-term economic attrition, and the regional neighbors are notably not objecting. Chris Perkins frames China’s role as reluctant broker and what a scheduled Xi-Trump meeting in May could mean for resolution. Hosted by Ram Ahluwalia (Lumida), Austin Campbell (Zero Knowledge Consulting), and Christopher Perkins (250 Digital Asset Management) This clip is from a longer conversation on the Iran blockade, Anthropic’s Mythos, AI buyback risk, and the WLFI conflict. Full episode here: https://youtube.com/live/P4fSTXVnC2Y  We go live every Monday at 4:30 PM ET — subscribe to catch it live. Citrea  As Bitcoin's application layer, Citrea gives you access to the first trust-minimized BTC on a fully programmable platform and a native stablecoin for Bitcoin, ctUSD.  You can now participate in Bitcoin capital markets with lending, privacy, payments, Bitcoin yield, trading and predictions. You get expanded Bitcoin utility without sacrificing its security.  Citrea mainnet is live. Put your BTC to work at citrea.xyz/unchained.   Ether.fi is giving Unchained listeners 15% cashback on food and ride apps — and that's on top of the 3% you get on everything else.  Your bank is charging you to use your own money. Laura switched and loves her card! Go to ether.fi/unchained to claim your offer. Nexo is a premier digital wealth platform offering: ● crypto yield up to 15% (based on stated annual interest rates) ● crypto-backed credit lines from 1.9% ● a wide range of digital assets.  Join today and get 30-day access to exclusive rates. Join Nexo.

The US Naval blockade is live, markets are holding, and Ram thinks the bottom is in. Austin and Chris are not so sure. --- Thank you to our sponsors: ⁠Citrea⁠⁠ ⁠ As Bitcoin's application layer, Citrea gives you access to the first trust-minimized BTC on a fully programmable platform and a native stablecoin for Bitcoin, ctUSD.  You can now participate in Bitcoin capital markets with lending, privacy, payments, Bitcoin yield, trading and predictions. You get expanded Bitcoin utility without sacrificing its security.  ⁠Citrea mainnet is live. Put your BTC to work at ⁠⁠citrea.xyz/unchained.⁠   ⁠Etherfi⁠ Ether.fi is giving Unchained listeners 15% cashback on food and ride apps — and that's on top of the 3% you get on everything else.  Your bank is charging you to use your own money. Laura switched and loves her card! Go to ⁠ether.fi/unchained⁠ to claim your offer. ⁠Nexo⁠ Nexo is a premier digital wealth platform offering: ● crypto yield up to 15% (based on stated annual interest rates) ● crypto-backed credit lines from 1.9% ● a wide range of digital assets.  Join today and get 30-day access to exclusive rates. ⁠Join Nexo.⁠ ---- The day the US Naval blockade of the Strait of Hormuz went live, peace talks had just collapsed in Islamabad and markets were holding. Ram, Austin, and Chris work through the tactical logic behind CENTCOM’s move, why regional powers are standing down, and how long Iran can sustain the economic pressure.  Then: Anthropic previewed a model called Mythos, cybersecurity stocks fell, and the question of whether AI security risk is real or manufactured now has real money behind it.  Meanwhile, World Liberty Financial borrowed $75 million against its own governance token on a platform co-founded by its own advisor, Justin Sun is accusing the team of treating investors as a personal ATM, and the stablecoin bill clock is ticking.  Which sectors are most dislocated? What would it take to bring the next wave of investors into crypto? And is this actually a market bottom? Hosts: ⁠⁠⁠⁠⁠⁠Austin Campbell⁠⁠⁠⁠⁠⁠, Host of Bits + Bips, Zero Knowledge Consulting ⁠⁠⁠⁠⁠⁠Ram Ahluwalia⁠⁠⁠⁠⁠⁠, Co-Host, CEO of Lumida ⁠⁠⁠⁠⁠⁠Chris Perkins⁠⁠⁠⁠⁠⁠, Co-Host, CEO of 250 Digital Asset Management

Why ETH outperformed Bitcoin this past week, what's really behind the prediction market activity during the Iran situation, and what comes next for institutional crypto adoption. --- Thank you to our sponsors! ⁠Ether.fi⁠ — 15% cash back on food and rideshare apps, 3% on everything else, borrow at 4% or less ⁠Citrea⁠ — Trust minimized BTC, native stablecoin CT-USD, Bitcoin capital markets --- A tenuous Iran ceasefire sent oil prices tumbling this past week, and crypto responded before any other asset class. Bitcoin climbed to around $72K, Ethereum outperformed with 6.7 to 7% gains in 48 hours, and billions poured back into ETFs after months of withdrawals.  But amid the rally, uncomfortable questions are surfacing: who profited from suspicious prediction market bets placed just before the ceasefire announcement? Are Middle Eastern governments and corporations now using Bitcoin as actual settlement infrastructure? And if the Clarity Act passes without allowing yield-bearing stablecoins, has the banking lobby won?  Kavita Gupta, founder and general partner at Delta Blockchain Fund, sits down with Steven Ehrlich to work through a week of whipsawing markets, fragile geopolitics, and structural shifts that could define where crypto goes from here. Host: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Steven Ehrlich⁠⁠⁠⁠⁠, Head of Research, SharpLink Guest: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Kavita Gupta, Founder & General Partner at Delta Blockchain Fund Links: Ceasefire, Markets & Institutional Flows: ⁠Crypto Markets Rebound After Iran-Israel Ceasefire Deal⁠ (Unchained) ⁠Bitcoin ETFs Record $5 Billion in Daily Volume as Inflows Top $870 Million⁠ (Unchained) ⁠Crypto Adoption in MENA 2025: Crisis, Adaptation, and Growth⁠ (Chainalysis) Prediction Markets & Insider Trading: ⁠DEX in the City: Why Prediction Market 'Insider Trading' Isn't Illegal — Yet⁠ (Unchained) ⁠DEX in the City: How Prediction Markets Pose a National Security Risk⁠ (Unchained) ⁠Trading Volumes on Prediction Markets Will Drop After the November Election. Will New Market Entrants Still Attract Users?⁠ (Unchained) ⁠DOJ and CFTC Drop Investigations Into Polymarket: Report⁠ (Unchained) Clarity Act & Stablecoin Regulation: ⁠Bessent Presses Senate on Clarity Act, Labels Resistant Crypto Leaders 'Nihilists'⁠ (Unchained) ⁠Circle Stock Plunges 20% as Clarity Act Draft Threatens Stablecoin Yield⁠ (Unchained) ⁠Treasury Secretary Bessent Presses Congress to Pass CLARITY Act⁠ (The Hill) ⁠Bessent Ramps Up Pressure on Congress to Pass CLARITY Act⁠ (CoinTelegraph)

Iran's IRGC has reportedly set up a crypto toll system at the Strait of Hormuz, collecting $1 per barrel to $2 million per supertanker in yuan or USDT via Tron. The IRGC moved $3 billion through crypto in 2025 according to Chainalysis, and the Ministry of Defense has begun accepting crypto for arms exports. Is this a gift to US intelligence (freeze and seize) or proof that stablecoins are enabling adversaries?  Austin Campbell (NYU Stern, Zero Knowledge Consulting), Ram Ahluwalia (Lumida), and Chris Perkins (CoinFund) also debate the Iran campaign execution, the F-15 pilot rescue, Polymarket's controversial war bets, and whether Trump's rhetoric matches the military strategy. This clip is from a longer conversation on DeFi security, Iran's crypto war machine, and the token fundamentals crisis. Full episode here: https://youtube.com/live/SKcuC5kqQ7k We go live every Monday at 4:30 PM ET — subscribe to catch it live. Ether.fi is giving Unchained listeners 15% cashback on food and ride apps — and that's on top of the 3% you get on everything else.  Your bank is charging you to use your own money. Laura switched and loves her card! Go to ether.fi/unchained to claim your offer. Bitcoin’s application layer, Citrea, launched its mainnet, expanding Bitcoin’s utility to privacy, lending, BTC yields, and more. Citrea enables: cBTC: The first trust-minimized Bitcoin on a fully programmable platform. ctUSD: A native stablecoin for Bitcoin, allowing for unified liquidity. Bitcoin Capital Markets bringing demand, and utility to the Bitcoin Network. Explore the Citrea Ecosystem.

The biggest DeFi hack of 2026 wasn't a code exploit. It was a six-month North Korean social engineering campaign that ended with $285M drained from Drift protocol in 12 minutes. Circle had six hours to freeze $232M in USDC moving through its own bridge.  Should stablecoin issuers be liable? Is a 2-of-5 multisig really decentralized?  Austin Campbell (NYU Stern, Zero Knowledge Consulting), Ram Ahluwalia (Lumida), and Chris Perkins (CoinFund) confront the liability question, Chris's proposal for licensed "neoprivateers," and why US regulators wasted four years not building the framework we need now. This clip is from a longer conversation on DeFi security, Iran's crypto war machine, and the token fundamentals crisis. Full episode here: https://youtube.com/live/SKcuC5kqQ7k We go live every Monday at 4:30 PM ET — subscribe to catch it live. Bitcoin’s application layer, Citrea, launched its mainnet, expanding Bitcoin’s utility to privacy, lending, BTC yields, and more. Citrea enables: cBTC: The first trust-minimized Bitcoin on a fully programmable platform. ctUSD: A native stablecoin for Bitcoin, allowing for unified liquidity. Bitcoin Capital Markets bringing demand, and utility to the Bitcoin Network. Explore the Citrea Ecosystem. Ether.fi is giving Unchained listeners 15% cashback on food and ride apps — and that's on top of the 3% you get on everything else.  Your bank is charging you to use your own money. Laura switched and loves her card!Go to ether.fi/unchained to claim your offer.

A nation state hacked a startup and won. The hosts debate who's liable, what's fixable, and what isn't. --- Thank you to our sponsors: Bitcoin’s application layer, Citrea, launched its mainnet, expanding Bitcoin’s utility to privacy, lending, BTC yields, and more. Citrea enables: cBTC: The first trust-minimized Bitcoin on a fully programmable platform. ctUSD: A native stablecoin for Bitcoin, allowing for unified liquidity. Bitcoin Capital Markets bringing demand, and utility to the Bitcoin Network. Explore the ⁠Citrea Ecosystem⁠. Ether.fi is giving Unchained listeners 15% cashback on food and ride apps — and that's on top of the 3% you get on everything else.  Your bank is charging you to use your own money. Laura switched and loves her card!Go to ⁠ether.fi/unchained⁠ to claim your offer. ---- North Korea just pulled off the largest DeFi hack of 2026, draining $285 million from Drift protocol in 12 minutes through a six-month social engineering campaign that included face-to-face meetings at industry conferences. Circle had a six-hour window to freeze $232 million in USDC moving through its own bridge and didn't act.  Meanwhile, Iran's IRGC is reportedly collecting crypto tolls at the Strait of Hormuz in USDT via Tron, and the token market is cracking under the weight of 750,000 issuances since 2020 with the median token down 80% from peak.  Ram, Austin, and Chris confront the liability question for stablecoin issuers, whether DeFi's security model can survive nation-state attackers, why Chris is calling for licensed "neoprivateers" to recover stolen funds, and what Franklin Templeton's acquisition of 250 Digital signals about where institutional capital is headed. Hosts: ⁠⁠⁠⁠⁠Austin Campbell⁠⁠⁠⁠⁠, Host of Bits + Bips, Zero Knowledge Consulting ⁠⁠⁠⁠⁠Ram Ahluwalia⁠⁠⁠⁠⁠, Co-Host, CEO of Lumida ⁠⁠⁠⁠⁠Chris Perkins⁠⁠⁠⁠⁠, Co-Host, President of CoinFund

Charles Schwab’s chief crypto strategist breaks down why traditional finance valuation frameworks, not narratives, are finally taking hold in digital assets. --- Multichain Advisors is an emerging technology growth firm that has helped create over $50 billion in enterprise value for 80+ clients. Services include TGE support, go-to-market strategy, BD, partnerships, capital markets advisory, PR, media placements, and KOL activations. Visit ⁠⁠https://www.multichainadv.com/⁠⁠ --- Charles Schwab recently hired Jim Ferraioli to build a dedicated crypto research team, a signal that institutions are moving beyond narrative-driven investing and are taking this asset class seriously.  In this episode, Steven Ehrlich sits down with Jim to explore how traditional finance valuation frameworks apply to crypto. They discuss Bitcoin’s role as a hedge against monetary debasement (not a safe haven), Jim’s cost-of-production model for valuing Bitcoin, and why Ethereum’s dominance in tokenization matters far more than short-term price action.  Most compellingly, Jim argues that today’s Bitcoin prices sit at historical support levels used by the most efficient miners, and that Ethereum’s position as the tokenization standard is nearly unshakeable. If you’ve been waiting for crypto analysis grounded in fundamentals rather than hype, this is the conversation to hear. Host: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Steven Ehrlich⁠⁠, Head of Research, SharpLink Guest: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Jim Ferraioli⁠, Director of Digital Currencies Research and Strategy at Charles Schwab Links: Charles Schwab & Institutional Crypto Research ⁠Jim Ferraioli | Charles Schwab⁠ CoinDesk:  ⁠Liquidity Lifts Bitcoin, but 'Halving Cycle' Fears Could Limit Rally, Says Schwab⁠ Nasdaq:  ⁠Top 4 Reasons More Americans Are Investing in Crypto, According to Schwab⁠ Ethereum Tokenization & Real-World Assets Coindesk:  ⁠The Tokenization Boom: Why Ethereum Remains the Rails for RWA Tokenization⁠ Quantum Computing Risk CoinDesk:  ⁠Bitcoin Isn't Under Quantum Threat Yet, but Upgrading Could Take 5-10 Years⁠ ⁠How Bitcoin, Ethereum, and Solana Are Preparing for the Quantum Threat

Jim Ferraioli, Director of Crypto Strategy and Research at Charles Schwab, applies a GDP-equivalent framework to smart contract platforms: sum the trailing one-year fees across a network, compare that to market cap, and you get a Buffett-indicator-style read on whether it's cheap or expensive. By that measure, Ethereum has traded in a reliable range for years, and it's currently at the low end. But the more interesting argument is structural. Ethereum's fee base has historically been almost entirely tied to crypto market cap growth. Stablecoin usage, liquid staking, lending, trading — all of it moves with the broader market. Tokenization changes that equation. Real-world assets don't care what Bitcoin is doing. And with Ethereum holding the lion's share of tokenized assets — roughly $350 billion including stablecoins, with the next competitor at around $80 billion — it has a first-mover position that is genuinely hard to dislodge. This clip is from a longer conversation he had with Steven Ehrlich on Bitcoin valuation frameworks, zombie protocols, and quantum risk. Full episode here: https://youtube.com/live/YgDIHGuESJk We go live every Thursday at 12 PM ET. Subscribe to catch it live.