Bits + Bips: Markets Are Down Bad. When Will Crypto Recover? - Ep. 790
Crypto markets are down bad—but is this just a rough patch, or are we looking at something bigger?
After a brutal sell-off in Solana, the $1.5 billion Bybit hack, and macro uncertainty weighing on Bitcoin, investors are searching for answers. Some think the worst is over, while others believe more pain is coming before the market turns around.
In this episode of Bits + Bips, Noelle Acheson, Alex Kruger, and Ram Ahluwalia are joined by Eliézer Ndinga of 21Shares to break it all down. They discuss how institutions are approaching this downturn, why Solana has been hit harder than the rest, and what catalysts could bring crypto back to life.
Is this the start of a new accumulation phase, or are we in for another leg down?
Show highlights:
2:36 How the ByBit team responded so well to the hack
17:43 Why the market selloff was not specific to crypto
29:09 How institutions have become more sophisticated about crypto
31:10 Why SOL has been down so much and whether it has bottomed
34:37 Whether tariffs keep having an effect on the markets
37:23 Why the state of the markets makes Eliézer think the crypto asset class has matured
41:27 Whether bitcoin can be a safe haven and the role of diversification
45:26 What the next catalysts for crypto are
49:33 Why Eliézer is so optimistic about the long-term outlook of crypto
53:33 Alex’s spicy opinion on DOGE and Elon Musk
Sponsors:
Somnia Network
RockWallet
Bitwise
Hosts:
Noelle Acheson, Author of the “Crypto Is Macro Now” Newsletter
Alex Kruger, Founder of Asgard
Ram Ahluwalia, CFA, CEO and Founder of Lumida
Guest:
Eliézer Ndinga, Head of Strategy and Business Development at 21.co; the parent company of 21Shares
Links
Unchained: North Korean Hackers Are Winning. Is the Crypto Industry Ready to Stop Them?
Reuters: Trump says Canada, Mexico tariffs on schedule despite border, fentanyl efforts
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Bitcoin's Path to $1.5M by 2030 | Cathie Wood & Ophelia Snyder
In today's interview, Cathie Wood from ARK Invest and Ophelia Snyder from 21 Shares join Jason to discuss the journey from monetary shock to an innovation-led economic boom. They dive into the importance of wirehouses for crypto adoption, the demand outlook for Bitcoin and Ethereum ETFs, and the likelihood of seeing ETFs for alt coins in the near future. Kathy shares her views on the misallocation of capital post the 2008 financial crisis and why volatility is part of the price paid for exposure to the new asset class of crypto. Ophelia provides insights into running crypto ETFs and the regulatory landscape around getting them approved. Stay tuned for all of this and much more!
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Monad is a fully EVM compatible Layer 1 blockchain that can support 10,000 real transactions per second. Monad aims to open up the design space for the EVM to support high fidelity defi, consumer facing applications, and more generally allow crypto to scale to the masses.
If you are interested in participating in Monad's journey, follow: https://twitter.com/monad_xyz and join: https://discord.gg/monad
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Timestamps
(00:00) Intro
(02:13) Monetary Shock to Economic Boom
(14:21) Asset Managers & Crypto Adoption
(23:12) Explaining Crypto
(33:16) Wormhole Ad
(34:41) Monad Ad
(35:41) Shardeum Ad
(36:36) Supra Ad
(37:33) Importance of Wirehouses
(47:54) ETH & Alt Coin ETF Demand
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Disclaimer: Nothing said on Empire is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are solely our opinions, not financial advice. Santiago, Jason, and our guests may hold positions in the companies, funds, or projects discussed.
202 - The Year of the Crypto ETF with Cathie Wood
Cathie wood and Ophelia Snyder join us today, their two companies are at the top of the list for ETF approvals slated for early next year.
Is trad-fi excited? Are we underestimating the scale of this? Will Ethereum ever get an ETF? All these answered and more.
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✨ DEBRIEF | Ryan & David unpacking the episode: https://www.bankless.com/debrief-cathie-wood
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TIMESTAMPS
00:00 Start 07:13 Joint Product Partnership 15:21 ETP vs ETF 20:25 Existing Products 33:13 How Much Interest Is There? 39:01 Portfolio Allocation and Risk 42:55 What Makes an ETF So Special 48:28 The Value Of Custody 53:27 How Many ETFs Can Get Approved? 58:07 Ethereum ETF in 2024 01:02:17 Did We Get A Fed Pivot? 01:04:10 Outlook For 2024
------ RESOURCES
Cathie Wood https://twitter.com/CathieDWood
Ophelia Snyder https://twitter.com/OpheliaBSnyder
------ Not financial or tax advice. See our investment disclosures here: https://bankless.com/disclosures
Co-founders of 21Shares and Amun share why crypto index products are signs of a maturing industry
Amun Holdings Limited - owner of both 21Shares and Amun, Inc. - introduced the first crypto exchange traded product (ETP) to market back in 2018.
Although the collaborative ARK Investments and 21Shares bitcoin spot ETF was recently rejected in the US, 21Shares remains the world’s largest provider of crypto ETPs with 30 unique products currently trading across exchanges.
In this episode of The Scoop, recorded at the Bitcoin 2022 conference in Miami, 21Shares and Amun co-founders Hany Rashwan and Ophelia Snyder sat down with host Frank Chaparro to discuss the current landscape of crypto ETPs, and explain why they believe the rise of crypto index tokens and crypto basket ETPs are signs of a maturing industry.
As Snyder commented during the interview:
"'Is bitcoin going to zero this year?' is no longer a continuing ongoing narrative. That changes things. It means that people are starting to look at crypto as an asset class, as an industry, as a theme… It's not, 'ok, will bitcoin now exist?' It’s now: ‘Ok, well crypto is definitely going to exist, so what is the S&P 500 of crypto?’
While 21Shares has the most ETP offerings on the market, other firms are also developing crypto basket products such as Bitwise’s recently announced NFT index fund (though this fund is only available to accredited investors).
Given their positions in the market, both Rashwan and Snyder are very aware of the institutional funds flowing into the crypto: something the two have continued to witness despite the market’s drawdown over the last few months.
As Snyder explained:
“I had a very interesting conversation with one of our lead market makers about a week ago talking about what’s going on in this market actually, and what are they seeing on the trading side, and one of the key takeaways is this: the institutions are actually forming thesis based investment philosophies. So they look at fundamentals… they develop a thesis and they invest.”
Episode 30 of Season 4 of The Scoop was recorded at the Bitcoin 2022 conference in Miami with The Block’s Frank Chaparro and 21Shares and Amun co-founders, Hany Rashwan and Ophelia Snyder.
Listen below, and subscribe to The Scoop on Apple, Spotify, Google Podcasts, Stitcher or wherever you listen to podcasts. Email feedback and revision requests to podcast@theblockcrypto.com.
This episode is brought to you by our sponsors Fireblocks, Coinbase Prime & Cross River
Fireblocks is an enterprise-grade platform delivering a secure infrastructure for moving, storing, and issuing digital assets. Fireblocks enables exchanges, lending desks, custodians, banks, trading desks, and hedge funds to securely scale digital asset operations through the Fireblocks Network and MPC-based Wallet Infrastructure. Fireblocks serves over 725 financial institutions, has secured the transfer of over $1.5 trillion in digital assets, and has a unique insurance policy that covers assets in storage & transit. For more information, please visit www.fireblocks.com.
About Coinbase Prime
Coinbase Prime is an integrated solution that provides institutional investors with an advanced trading platform, secure custody, and prime services to manage all their crypto assets in one place. Coinbase Prime fully integrates crypto trading and custody on a single platform, and gives clients the best all-in pricing in their network using their proprietary Smart Order Router and algorithmic execution. For more information, visit www.coinbase.com/prime.
About Cross River
Cross River is powering today’s most innovative crypto companies, with banking and payments solutions you can rely on, including fiat on/off ramp solutions. Whether you are a crypto exchange, NFT marketplace, or wallet, Cross River’s API-based, all-in-one platform enables banking as a service, ACH & wire transfers, push-to-card disbursements, real-time payments, and virtual accounts and subledgers. Request your fiat on/off ramp solution now at crossriver.com/crypto.
