Ep. 675 Bull Market Portfolio Construction, Market Signals, and Emerging Narratives in Crypto
CRYPTO 101
Bryce Paul & Brendan Viehman
4.6 • 821 Ratings
🗓️ 2 September 2025
⏱️ 50 minutes
🧾️ Download transcript
Summary
Austin Barack, founder of Relayer Capital and a veteran investor in both crypto venture and liquid markets, shares deep insights on portfolio construction, market signals, and emerging narratives in crypto. He emphasizes a thesis-driven approach favoring DeFi due to its real revenue, sticky user behavior, and product-market fit, while also exploring rising narratives like Solana staking, CeDeFi, and AI agents. Austin discusses the cyclical nature of crypto markets, the role of fear and greed indices, and the growing institutionalization of digital assets via ETFs and staking integrations. He also highlights tools like Moby Screener, DefiLlama, and trusted analyst networks that guide his research and edge in trend prediction.
00:00 - Intro
01:40 – Austin shares his origin story, from trading at age 10 to launching Relayer Capital
06:15 – Why Ethereum and DeFi sparked his long-term conviction in crypto
10:44 – Portfolio construction strategy: max exposures, individual limits, rebalancing
13:57 – Bear market lessons and the unique advantage of being a nimble small fund
20:56 – Ethereum ETF inflows, staking, and potential for Solana to follow
25:32 – Research stack breakdown: DeFiLlama, Token Terminal, Dune, Moby Screener, X/Twitter
34:40 – What happened to AI agents and why they’ll resurge, with a spotlight on Rei Network
43:42 – CeDeFi (CeFi + DeFi) as the next underappreciated meta, featuring Maple, Morpho, Aerodrome
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Transcript
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| 0:00.0 | All right, everybody, welcome back. |
| 0:10.4 | I am Bryce. |
| 0:11.8 | It's really, really been an exciting, exciting summit. |
| 0:14.9 | And we've got another great guest. |
| 0:17.2 | Austin Barak, founder of Relayer Capital, which is an incredible crypto hedge fund. Austin, how are you doing? |
| 0:26.0 | I'm doing well. Thanks for having me here, Bryce. I think the last time we chatted was one of the most |
| 0:32.1 | fun conversations that I've had in these sorts of settings. So I'm excited to kind of dig into |
| 0:37.1 | some of the interesting things happening in the market |
| 0:39.1 | today. |
| 0:40.1 | But yeah, doing well. |
| 0:41.5 | It's markets are creating lots of opportunities. |
| 0:45.1 | Yeah, no doubt. |
| 0:46.1 | And I appreciate that. |
| 0:47.7 | And as a full disclosure to everybody watching, I'm an investor, or sorry, our hedge fund |
| 0:51.9 | Tower 18 is invested in relay or capital um and austin's one of |
| 0:56.5 | our our favorite managers that we um have backed and it's just been incredible to see you know |
| 1:01.4 | your growth we were talking kind of before we got on here just catching up and all the different |
| 1:05.5 | learnings that again even as a professional we're still continuing to refine our trading strategies and refine |
| 1:11.8 | our risk management, all that kind of stuff. And so I want this conversation to be wide-ranging. |
| 1:17.7 | I want to talk a little bit about your background, your history, kind of becoming such a, |
| 1:23.2 | you know, a force, a titan in the crypto industry, a little bit about your learnings. |
| 1:27.8 | But I really do want to focus a lot of the conversation on what's hot now, where's the market |
... |
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