Bits + Bips: Why Grayscale Sees ATHs Before Q3, With ETH Outperforming

Unchained

Laura Shin

News, Tech News, Business News

4.6 • 1.3K Ratings

🗓️ 19 January 2026

⏱️ 47 minutes

🔗️ Recording | iTunes | RSS

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Summary

Thank you to our sponsor, Walrus! Walrus is where the world’s data becomes reliable, valuable, and governable. Geopolitical tensions are rising. Crypto legislation is stalled. And pressure on the Federal Reserve is intensifying. So why are Bitcoin and the broader crypto market holding strong? In this episode of Bits + Bips: The Interview, Steve Ehrlich sits down with Zach Pandl, Director of Research at Grayscale Investments, to unpack what’s been driving markets since 2026 began, from Washington’s regulatory battles to global instability and the Fed’s fight to maintain independence. They break down where U.S. crypto policy stands, why Wall Street isn’t waiting for Congress, and how macro forces like inflation, debt, and geopolitics are shaping crypto’s next move. Hosts: Steven Ehrlich Guests: Zach Pandl, Head of Research at Grayscale Links: Robinhood CEO warns Congress delay is hurting Americans - TheStreet Crypto: Bitcoin and cryptocurrency news, advice, analysis and more Senate Banking Committee postpones vote on crypto market structure legislation amid industry pushback Crypto bill delay 'may ultimately be constructive' for final product, Benchmark says Trump attacks on Jerome Powell testing Fed’s independence Why the Federal Reserve has historically been independent of the White House Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	We think Bitcoin reaches a new all-time high in the first half of 2026.
0:05.6	My view would be Ethereum continues to outperform.
0:13.6	Hi, everyone. Happy Thursday.
0:16.0	Welcome back to another episode of Bits and Bips, the interview.
0:20.2	I'm your host, Steve Ehrlich. We're here
0:22.9	after a few week hiatus and a lot to discuss. First, I want to introduce my special guest,
0:29.6	Zach Pandal, director of research at gray scale investments. So welcome, Zach. Hey, Steve, great to
0:35.1	be here. Lots to talk about. Happy to get into it. Yeah, absolutely. I mean, from the Fed
0:41.7	entry on, I guess Monday or Sunday night, when word leaked of drum palping investigated to geopolitical
0:48.3	tensions all around the world that are making more intelligent analyst brain really kind of go exciting the very first country i ever worked
0:56.9	actually was men as well way back in in 2008 so so that and then obviously all of the i guess
1:04.9	negotiations surrounding the market structure bill the and whether or not it's going to pass.
1:11.9	Is there a way forward on a few key sticking points, which we'll get into?
1:15.9	And on top of that, Bitcoin, ETH, and the broader market seeming to brush all of this off
1:20.8	and remain brilliant as it enters an exciting but potentially dangerous period of time
1:26.2	or trading range where in the past,
1:30.8	it's retreated.
1:32.2	But there might be a few signs that things are going to be different this time.
1:35.3	So we'll get into all of that.
1:37.0	Before we do, just a little bit of housekeeping, nothing that you hear on this program is investment
1:42.4	advice.
1:42.9	Please see Unchained.com
	...

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