Bits + Bips: Why the Markets Now Have a Bullish Setup - Ep. 960

Unchained

Laura Shin

News, Tech News, Business News

4.6 • 1.3K Ratings

🗓️ 25 November 2025

⏱️ 58 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

In this week’s Bits + Bips, Austin Campbell, Ram Ahluwalia, and Chris Perkins dig into a macro environment that’s suddenly turning more supportive: QT ending, institutions stepping in, improving liquidity signals, and major catalysts across global markets. But while the setup may be bullish, one corner of crypto isn’t participating at all: DATs, which Ram calls “a death spiral.” The hosts debate whether altcoins can recover, whether Strategy pushed its structure too far, if banks’ unrealized losses still matter, and why the return of ICO-style launches may say more about regulation than mania. Show highlights: 0:00 Intro 3:16 Why Ram says we are still in goldilocks economy 5:07 What is missing in the markets according to Chris and how retail is so hurt 11:07 Why the dollar has been on an uptrend, contrary to what people think 13:17 The importance of banks sitting on so much unrealized losses 18:24 Nvidia’s earnings and whether we are in a buying opportunity 22:21 Whether banks will be negatively affected by stablecoins growth or they are fine 25:05 What Austin and Ram disagree on whether the 50-year mortgage is good 28:25 Whether MSTR should be excluded from the MSCI index 32:56 Why Ram is “very bearish on DATs” and the importance of their operating businesses 45:19 Why Chris finds it fascinating the revival of the ICOs 51:19 Whether there’s a new operations choke point going on in crypto Hosts: Ram Ahluwalia, CFA, CEO and Founder of Lumida Austin Campbell, NYU Stern professor and founder and managing partner of Zero Knowledge Consulting Christopher Perkins, Managing Partner and President of CoinFund Links: Unchained: MON Rallies 40% After Mainnet Launch Fortune: Suddenly, the Fed interest rate cut in December looks like it is very much back on the table Nvidia didn’t save the market. What’s next for the AI trade? The Index Exclusion That Ends an Era: How MicroStrategy’s Exile Redefines Corporate Finance Saylor fights back Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

Click on a timestamp to play from that location

0:00.0	Hey all, before we begin, I've got some exciting news to share. We've been working on something
0:05.9	a little wild behind the scenes. It's called Unchained On Air, a revamped live stream series and podcast
0:12.7	feed that takes you way beyond the headlines. It features sharp, maybe even controversial,
0:18.6	takes on major events, and the kind of on-chain intel that never makes it to your feed. Way more shows, way more often, each one laser-focused on a different slice of crypto and finance. First up is decks in the city, where the wallets are cold and the takes are hot, with Jesse Brooks, Catherineatherine kirkpatrick baws and v lee three powerhouse lawyers
0:40.8	gathering to dish about the latest from defy enforcement to token regulation and everything in between
0:46.5	it live streams every t t t t uneas uneasy money because what happens on chain never stays on chain with
0:57.0	Lucan Nets, Kane Warwick, and Taylor Monaghan. Three OG-DFI builders unpacking everything
1:03.2	happening on chain, from tokenomics to dows, from hacks to yields. It airs Wednesdays at 3pm
1:10.5	ET. And finally, Bits and Bips the interview,
1:14.7	an addition to our group chat show, in which our executive editor, Stephen Erlich, takes you
1:20.2	deeper with one-on-one conversations. This streams on Thursdays at 12 p.m. ET. To catch the live
1:27.1	streams, follow Unchained on X,
1:29.6	subscribe on YouTube, or find us on your favorite streaming platform now. And don't forget to hit
1:34.9	the bell icon so you never miss a show. And if you can't make the live stream, these episodes
1:40.2	will show up in your podcast feed the very next day. Thanks, as always, for your support.
1:46.2	Liquidity has been pretty tight. And what we're seeing now, at least, is that QT is coming to an end December 1st.
1:52.2	I think near term, the setup is very constructive. When you take on fixed debt against a highly
1:56.7	volatile asset, historically that ends pretty fucking badly. I'm very bearish on deaths. I think these are mostly in a death spiral.
2:06.6	Hello everyone. Welcome to bits and bibs, exploring how crypto and macro collide one basis point in a time.
2:12.6	So today we've got some rather spicy and interesting topics, but we're supposed to pretend to
2:17.7	do things in order rather than live in total chaos, so we're going to do some introses.
2:21.9	I'm Austin Campbell, high scholar of zero knowledge group, self-described in recovering
	...

Please login to see the full transcript.

Previous episode | Next episode

Disclaimer: The podcast and artwork embedded on this page are from Laura Shin, and are the property of its owner and not affiliated with or endorsed by Tapesearch.

Generated transcripts are the property of Laura Shin and are distributed freely under the Fair Use doctrine. Transcripts generated by Tapesearch are not guaranteed to be accurate.