The Breakdown

Everyone's saying crypto has been left behind by the stock market. David digs into the numbers — VVV outperformed SanDisk YTD, Hyperliquid beat NVIDIA and AMD, Stellar beat NVIDIA. The market is selecting winners. Plus: $4B of Bitcoin ETF outflows in 13 days (it's not as bad as it looks), and Microsoft's new "quantum-breaking" chip. TIMESTAMPS: (00:00) Intro (01:05) Crypto Left Behind? (10:24) Bitcoin ETF Flows (14:35) Microsoft Quantum Chip FOLLOW THE SHOW › David — https://x.com/dcanellis › The Breakdown — https://x.com/TheBreakdownBW › The Breakdown Newsletter — https://blockworks.com/newsletter/the-breakdown Get top market insights and the latest in crypto news. Subscribe to the Blockworks Daily Newsletter: https://blockworks.co/newsletter/ DISCLAIMER As always, remember this podcast is for informational purposes only, and any views expressed by anyone on the show are solely their opinions, not financial advice.

Transcribed - Published: 3 June 2026

A centrist Democratic group is spending six figures to brand the CLARITY Act as "Trump's crypto grifto." Jamie Dimon is on the same side. David walks through what's actually happening and why crypto might need a Plan B. Plus: the SpaceX pre-IPO perp that flash crashed 45% on Hyperliquid, and Cardano canceling its annual conference. Enjoy! TIMESTAMPS: (00:00) Intro (01:10) Anti-CLARITY FUD (13:43) SpaceX Perps (16:58) Cardano FOLLOW THE SHOW › David — https://x.com/dcanellis › The Breakdown — https://x.com/TheBreakdownBW › The Breakdown Newsletter — https://blockworks.com/newsletter/the-breakdown Get top market insights and the latest in crypto news. Subscribe to the Blockworks Daily Newsletter: https://blockworks.co/newsletter/ DISCLAIMER As always, remember this podcast is for informational purposes only, and any views expressed by anyone on the show are solely their opinions, not financial advice.

Transcribed - Published: 1 June 2026

David maps the current Bitcoin bear market against every prior one — where we are, how much longer it could run, and where the bottom could land. FOLLOW THE SHOW › David — https://x.com/dcanellis › The Breakdown — https://x.com/TheBreakdownBW › The Breakdown Newsletter — https://blockworks.com/newsletter/the-breakdown Get top market insights and the latest in crypto news. Subscribe to the Blockworks Daily Newsletter: https://blockworks.co/newsletter/ DISCLAIMER As always, remember this podcast is for informational purposes only, and any views expressed by anyone on the show are solely their opinions, not financial advice.

Transcribed - Published: 29 May 2026

A Google engineer allegedly profited $1.2 million on Polymarket betting that d4vd would be Google's most-searched person of 2025 — using Google's own internal data. Plus: Blockworks' new Token Transparency Alliance, and an OpenZeppelin co-founder telling friends and family to exit DeFi. TIMESTAMPS: (00:00) Intro (01:03) Polymarket Insider Trading (10:39) Transparency Alliance (21:56) DeFi Unsafe? FOLLOW THE SHOW › David — https://x.com/dcanellis › The Breakdown — https://x.com/TheBreakdownBW › The Breakdown Newsletter - https://blockworks.com/newsletter/the-breakdown Get top market insights and the latest in crypto news. Subscribe to the Blockworks Daily Newsletter: https://blockworks.co/newsletter/ DISCLAIMER As always, remember this podcast is for informational purposes only, and any views expressed by anyone on the show are solely their opinions, not financial advice.

Transcribed - Published: 28 May 2026

Polsia (AI Slop spelled backwards) just announced a $30M raise at a $250M valuation with one human employee. David thinks it's less a company, more performance art. Plus: Uber, Microsoft and NVIDIA all admit AI compute is too expensive, and Tether is launching what looks like a CBDC with the government of Georgia. Enjoy! TIMESTAMPS: (00:00) Intro (01:28) Polsia (06:22) Nexo Ad (06:57) Polsia (Cont.) (16:10) Nexo Ad (17:04) Polsia (Cont.) (18:29) AI Compute Costs (27:15) Tether FOLLOW THE SHOW › David — https://x.com/dcanellis › The Breakdown — https://x.com/TheBreakdownBW SPONSORS › NEXO Nexo is the premier digital wealth platform. Receive interest on your crypto, borrow against it without selling, and trade a range of assets. Now available in the U.S with 30 days of exclusive privileges. Get started at http://nexo.com/breakdown Get top market insights and the latest in crypto news. Subscribe to the Blockworks Daily Newsletter: https://blockworks.co/newsletter/ DISCLAIMER As always, remember this podcast is for informational purposes only, and any views expressed by anyone on the show are solely their opinions, not financial advice.

Transcribed - Published: 26 May 2026

It's Bitcoin Pizza Day, and David runs through three Friday stories: Hyperliquid breaking all-time high (and why the buyback isn't really the driver), the XRP wallet and ETF flow narrative vs. what the data actually says, and Dankrad Feist's $1B proposal to "save Ethereum." Enjoy! TIMESTAMPS: (00:00) Intro (01:35) HYPE All-Time High (06:48) Nexo Ad (07:22) HYPE All-Time High (Cont.) (12:25) XRP ETF Flows (15:20) Nexo Ad (16:25) XRP ETF Flows (Cont.) (23:29) ETH Troubles FOLLOW THE SHOW › David — https://x.com/dcanellis › The Breakdown — https://x.com/TheBreakdownBW SPONSORS › NEXO Nexo is the premier digital wealth platform. Receive interest on your crypto, borrow against it without selling, and trade a range of assets. Now available in the U.S with 30 days of exclusive privileges. Get started at http://nexo.com/breakdown Get top market insights and the latest in crypto news. Subscribe to the Blockworks Daily Newsletter: https://blockworks.co/newsletter/ DISCLAIMER As always, remember this podcast is for informational purposes only, and any views expressed by anyone on the show are solely their opinions, not financial advice.

Transcribed - Published: 22 May 2026

David unpacks the Ethereum Foundation exits, the Polymarket / UMA Oracle dispute mess revealed by the WSJ, and OpenAI's push to sell guaranteed compute on 1–3 year commits. Enjoy! TIMESTAMPS: (00:00) Intro (01:23) ETH Foundation Departures (17:00) Polymarket Dispute Judges (27:11) OpenAI Guaranteed Compute FOLLOW THE SHOW › David — https://x.com/dcanellis › The Breakdown — https://x.com/TheBreakdownBW SPONSORS Get top market insights and the latest in crypto news. Subscribe to the Blockworks Daily Newsletter: https://blockworks.co/newsletter/ DISCLAIMER As always, remember this podcast is for informational purposes only, and any views expressed by anyone on the show are solely their opinions, not financial advice.

Transcribed - Published: 20 May 2026

Nick Almond of the Jito Foundation joins David to walk through why DAO governance is a mess, what “pragmatic decentralization” looks like in practice, and how the CLARITY Act will reshape governance going forward. Enjoy! TIMESTAMPS: (00:00) Intro (01:22) Why Governance Matters (03:43) Token Voting (05:12) Delegates and Multisigs (08:56) Nexo Ad (09:30) Sub-DAOs and Specialization (11:33) Governance Tokens Origins (15:47) Pragmatic Decentralization (18:22) Cosmetic Votes and Value (20:37) Nexo Ad (21:35) Arbitrum Governance (25:59) Regulation and CLARITY (29:11) Bitcoin Governance Lessons (34:03) Meta Governance and Agility (36:48) Tokens as Equity Future (39:41) Closing Thoughts FOLLOW THE SHOW › David — https://x.com/dcanellis › The Breakdown — https://x.com/TheBreakdownBW › Nick Almond — https://x.com/DrNickA › Jito Foundation — https://x.com/jito_sol SPONSORS › NEXO Nexo is the premier digital wealth platform. Receive interest on your crypto, borrow against it without selling, and trade a range of assets. Now available in the U.S with 30 days of exclusive privileges. Get started at http://nexo.com/breakdown Get top market insights and the latest in crypto news. Subscribe to the Blockworks Daily Newsletter: https://blockworks.co/newsletter/ DISCLAIMER As always, remember this podcast is for informational purposes only, and any views expressed by anyone on the show are solely their opinions, not financial advice.

Transcribed - Published: 18 May 2026

Hyperliquid enabled early exposure to the biggest AI IPO of the year. Claude helped recover a Bitcoin wallet locked for 11 years. And CLARITY made it through markup. David runs through all three. Enjoy! TIMESTAMPS: 00:00 Intro 01:05 Cerebras 12:42 Claude Rescues Wallet 19:17 CLARITY Markup Update FOLLOW THE SHOW › David — https://x.com/dcanellis › The Breakdown — https://x.com/TheBreakdownBW Get top market insights and the latest in crypto news. Subscribe to the Blockworks Daily Newsletter: https://blockworks.co/newsletter/ DISCLAIMER As always, remember this podcast is for informational purposes only, and any views expressed by anyone on the show are solely their opinions, not financial advice.

Published: 15 May 2026

Bhutan timed the Bitcoin top almost perfectly. The CLARITY Act may only let 10–20 chains qualify as “decentralized.” And onchain Pokémon cards are popping off. David runs through all three. TIMESTAMPS: (00:00) Intro (01:31) Bhutan Sells (06:37) Nexo Ad (07:12) Bhutan Sells (Cont.) (14:39) CLARITY Markup (15:40) Nexo Ad (16:31) CLARITY Markup (Cont.) (25:30) Onchain Pokemon Card Boom FOLLOW THE SHOW › David — https://x.com/dcanellis › The Breakdown — https://x.com/TheBreakdownBW SPONSORS › NEXO Nexo is the premier digital wealth platform. Receive interest on your crypto, borrow against it without selling, and trade a range of assets. Now available in the U.S with 30 days of exclusive privileges. Get started at http://nexo.com/breakdown Get top market insights and the latest in crypto news. Subscribe to the Blockworks Daily Newsletter: https://blockworks.co/newsletter/ DISCLAIMER As always, remember this podcast is for informational purposes only, and any views expressed by anyone on the show are solely their opinions, not financial advice.

Transcribed - Published: 13 May 2026

David covers three Monday stories: the NFT mini-revival (Bored Apes doubled in a month), Canton raising $300M at a $2B valuation, and Saylor's AI rap video defending Strategy from “Ponzi” accusations. Enjoy! TIMESTAMPS: (00:00) Intro (01:15) Are NFTs Back? (07:24) Nexo Ad (07:59) Are NFTs Back? (Cont.) (12:06) Canton (16:52) Nexo Ad (17:46) Canton (Cont.) (23:27) Strategy Rap FOLLOW THE SHOW › David — https://x.com/dcanellis › The Breakdown — https://x.com/TheBreakdownBW SPONSORS › NEXO Nexo is the premier digital wealth platform. Receive interest on your crypto, borrow against it without selling, and trade a range of assets. Now available in the U.S with 30 days of exclusive privileges. Get started at http://nexo.com/breakdown Get top market insights and the latest in crypto news. Subscribe to the Blockworks Daily Newsletter: https://blockworks.co/newsletter/ DISCLAIMER As always, remember this podcast is for informational purposes only, and any views expressed by anyone on the show are solely their opinions, not financial advice.

Transcribed - Published: 11 May 2026

David covers three Friday stories: Coinbase's hours-long outage on the back of an AWS cooling failure, the data on whether prediction markets are actually beating memecoins, and the dueling Solana + Google Cloud / AWS + Coinbase + Stripe agentic commerce announcements. TIMESTAMPS: (00:00) Intro (01:23) Coinbase AWS Outage (07:20) Nexo Ad (07:55) Prediction Markets, Memecoins, and HIP-4 (15:58) Nexo Ad (16:51) Prediction Markets, Memecoins, and HIP-4 (Cont.) (19:15) Agentic Commerce Meta FOLLOW THE SHOW › David — https://x.com/dcanellis › The Breakdown — https://x.com/TheBreakdownBW SPONSORS › NEXO Nexo is the premier digital wealth platform. Receive interest on your crypto, borrow against it without selling, and trade a range of assets. Now available in the U.S with 30 days of exclusive privileges. Get started at http://nexo.com/breakdown Get top market insights and the latest in crypto news. Subscribe to the Blockworks Daily Newsletter: https://blockworks.co/newsletter/ DISCLAIMER As always, remember this podcast is for informational purposes only, and any views expressed by anyone on the show are solely their opinions, not financial advice.

Transcribed - Published: 8 May 2026

David covers three Wednesday stories: Coinbase laying off 14% of staff, a16z Crypto raising $2.2 billion, and Strategy losing $12.5 billion as CEO Phong Le floats selling bitcoin. We also unpack the AI-first layoff narrative, the potential return of the infra supercycle ($6B+ raised across crypto VCs in 2026), and why a Cambrian explosion of DATs and ETFs might absorb whatever Saylor has to offload. Enjoy! -- TIMESTAMPS: (00:00) Intro (01:17) Coinbase Layoffs (07:15) Nexo Ad (07:50) Coinbase Layoffs (Cont.) (10:30) a16z Crypto Fund 5 (15:17) Nexo Ad (16:09) a16z Crypto Fund 5 (Cont.) (22:30) Strategy Losses FOLLOW THE SHOW › David — https://x.com/dcanellis › The Breakdown — https://x.com/TheBreakdownBW SPONSORS › NEXO Nexo is the premier digital wealth platform. Receive interest on your crypto, borrow against it without selling, and trade a range of assets. Now available in the U.S with 30 days of exclusive privileges. Get started at http://nexo.com/breakdown Get top market insights and the latest in crypto news. Subscribe to the Blockworks Daily Newsletter: https://blockworks.co/newsletter/ DISCLAIMER As always, remember this podcast is for informational purposes only, and any views expressed by anyone on the show are solely their opinions, not financial advice.

Transcribed - Published: 6 May 2026

David runs through three Monday morning stories: the viral Clavicular clip with Polymarket’s CMO, the CLARITY Act’s compromise on stablecoin yield, and MegaETH’s adoption numbers a week into its points campaign. TIMESTAMPS: (00:00) Intro (01:06) Clavicular and Polymarket CMO (09:20) Nexo Ad (09:57) CLARITY Act Update (15:03) Nexo Ad (15:54) MegaETH Performance FOLLOW THE SHOW › David — https://x.com/dcanellis › The Breakdown — https://x.com/TheBreakdownBW SPONSORS › NEXO Nexo is the premier digital wealth platform. Receive interest on your crypto, borrow against it without selling, and trade a range of assets. Now available in the U.S with 30 days of exclusive privileges. Get started at http://nexo.com/breakdown Get top market insights and the latest in crypto news. Subscribe to the Blockworks Daily Newsletter: https://blockworks.co/newsletter/ DISCLAIMER As always, remember this podcast is for informational purposes only, and any views expressed by anyone on the show are solely their opinions, not financial advice.

Transcribed - Published: 4 May 2026

DeFi just raised $302 million to cover losses from the Kelp DAO hack. David calls it what it is: a bailout. David runs through four stories from the week — MegaETH, DeFi United, Meta’s stablecoin payouts, and the Blockworks rebrand. We unpack why MegaETH’s points campaign is the 2021 playbook in 2026, why stablecoin income doesn’t equal crypto adoption, and what happens when the house money runs out. Enjoy! TIMESTAMPS: (00:00) Introduction (01:14 MegaETH) (13:34 Nexo Ad) (14:11 DeFi United) (21:20 Nexo Ad) (22:12 Meta Stablecoins) (30:14 Blockworks Valuation) FOLLOW THE SHOW › David — https://x.com/dcanellis › The Breakdown — https://x.com/TheBreakdownBW SPONSORS › NEXO Nexo is the premier digital wealth platform. Receive interest on your crypto, borrow against it without selling, and trade a range of assets. Now available in the U.S with 30 days of exclusive privileges. Get started at http://nexo.com/breakdown Get top market insights and the latest in crypto news. Subscribe to the Blockworks Daily Newsletter: https://blockworks.co/newsletter/ DISCLAIMER As always, remember this podcast is for informational purposes only, and any views expressed by anyone on the show are solely their opinions, not financial advice.

Transcribed - Published: 30 April 2026

North Korea has had IT workers embedded in DeFi protocols since DeFi Summer — and they’re pretty good devs. Nick Bax, blockchain investigator and SEAL 911 incident responder, joins us to break down how crypto crime has evolved from SIM swaps to nation-state social engineering. We unpack the Monero inflation bug, Arbitrum’s 9/12 multisig gold standard, how DPRK workers now use facilitators to rent real identities, and what it actually takes to break into onchain investigation. Enjoy! TIMESTAMPS: (00:00) Introduction (02:01) DeFi is Under Attack (03:11) Contagion Onchain (04:40) Nexo Ad (05:16) Nick Bax Interview (06:40) Incident Response Triage (08:43) Preemptive Due Diligence (10:20) From SIM Swaps To Remote Access (13:45) Multisig Best Practices (14:37) AI Speeds Up Attacks (15:36) Nexo Ad (17:14) Decentralization Tradeoffs (19:17) Monero Bug Hard Fork (20:05) Trusting Multisig Guardians (21:05) Two Of Five Risks (22:00) DeFi Decentralization Debate (23:41) Proactive Threat Hunting (25:25) DPRK Worker Red Flags (27:32) Security Teams And Intel (30:21) Thorchain And Laundering (33:26) Whack A Mole Reality (35:31) Becoming Onchain Investigator (37:06) Closing Thoughts FOLLOW GUEST › Nick Bax — https://x.com/bax1337 FOLLOW THE SHOW › David — https://x.com/dcanellis › The Breakdown — https://x.com/TheBreakdownBW SPONSORS › NEXO Nexo is the premier digital wealth platform. Receive interest on your crypto, borrow against it without selling, and trade a range of assets. Now available in the U.S with 30 days of exclusive privileges. Get started at http://nexo.com/breakdown Get top market insights and the latest in crypto news. Subscribe to the Blockworks Daily Newsletter: https://blockworks.co/newsletter/ DISCLAIMER As always, remember this podcast is for informational purposes only, and any views expressed by anyone on the show are solely their opinions, not financial advice.

Transcribed - Published: 28 April 2026

Someone guessed Anthropic’s Mythos URL, gained unauthorized access to the most hyped AI model in history, and used it to build websites. David covers three stories from the week: the Mythos breach, a Tether scam in the Strait of Hormuz, and DoorDash’s stablecoin announcement. We unpack why Project Glasswing looks like marketing by association, how scammers are demanding Bitcoin and Tether for Hormuz transit, and whether DoorDash + Tempo passes David’s three-prong crypto test. Enjoy! __ TIMESTAMPS: (00:00) Introduction (01:08) Unauthorized Mythos Access (08:16) Nexo Ad (08:51) Hormuz Scam Messages (13:12) Nexo Ad (14:04) DoorDash Stablecoin Payments (22:48) Korean Wolf Memecoin FOLLOW THE SHOW › David — https://x.com/dcanellis › The Breakdown — https://x.com/TheBreakdownBW SPONSORS › NEXO Nexo is the premier digital wealth platform. Receive interest on your crypto, borrow against it without selling, and trade a range of assets. Now available in the U.S with 30 days of exclusive privileges. Get started at http://nexo.com/breakdown Get top market insights and the latest in crypto news. Subscribe to the Blockworks Daily Newsletter: https://blockworks.co/newsletter/ DISCLAIMER As always, remember this podcast is for informational purposes only, and any views expressed by anyone on the show are solely their opinions, not financial advice.

Transcribed - Published: 23 April 2026

Crypto might be the world’s best test bed for AI trading — and Virtuals Protocol is running the experiment live. Weekee Tiew, co-founder of Virtuals Protocol, joins us to explain Degen Claw, their AI Council judging system, and why agents will soon replace wallets. We unpack why pure P&L is the wrong benchmark, how the trench agent concept could reshape portfolio management, and what crypto’s role is in the future of finance. Enjoy! TIMESTAMPS: (00:00) Introduction (05:29) Nexo Ad (06:03) Interview with WeeKee (09:28) Bot Strategies and Purpose of Agentic Trading (12:16) How the “AI Council” Works (14:39) Nexo Ad (15:33) How Automation Fits into Benchmarks (19:37) Incentives (24:07) What Makes You Bullish on AI Agents and Crypto in Trading? (26:35) LLMs vs Quants (28:53) The Ultimate Bull Case FOLLOW GUEST › Weekee Tiew (Virtuals Protocol) — https://x.com/everythingempty FOLLOW THE SHOW › David — https://x.com/dcanellis › The Breakdown — https://x.com/TheBreakdownBW SPONSORS › NEXO Nexo is the premier digital wealth platform. Receive interest on your crypto, borrow against it without selling, and trade a range of assets. Now available in the U.S with 30 days of exclusive privileges. Get started at http://nexo.com/breakdown Get top market insights and the latest in crypto news. Subscribe to the Blockworks Daily Newsletter: https://blockworks.co/newsletter/ DISCLAIMER As always, remember this podcast is for informational purposes only, and any views expressed by anyone on the show are solely their opinions, not financial advice.

Transcribed - Published: 21 April 2026

Trump's Fed pick has 30-plus crypto investments — and that's just what he could disclose. David walks through Warsh's filing, a Polymarket bot built on the theory that nothing ever happens, and Hollywood's Craig Wright blockbuster. TIMESTAMPS: (00:00) Introduction (00:21) Trying Something New (02:47) Kevin Warsh (08:58) Nexo Ad (09:34) Nothing Ever Happens Polymarket Bot (18:47) Nexo Ad (19:38) Thoughts on Upcoming Craig Wright Bitcoin Thriller FOLLOW THE SHOW › David — https://x.com/dcanellis › The Breakdown — https://x.com/TheBreakdownBW SPONSORS › NEXO Nexo is the premier digital wealth platform. Receive interest on your crypto, borrow against it without selling, and trade a range of assets. Now available in the U.S with 30 days of exclusive privileges. Get started at http://nexo.com/breakdown Get top market insights and the latest in crypto news. Subscribe to the Blockworks Daily Newsletter: https://blockworks.co/newsletter/ DISCLAIMER As always, remember this podcast is for informational purposes only, and any views expressed by anyone on the show are solely their opinions, not financial advice.

Transcribed - Published: 16 April 2026

AI is reprogramming the social fabric — and nobody can agree whether that’s a good thing. Kevin O’Leary, investor and entrepreneur, joins us to share his framework for navigating the AI era across investing, data centers, and crypto. TIMESTAMPS: (00:00) Introduction (01:33) One Shot, One Opportunity (03:20) Two Wolves (06:02) Nexo Ad (06:36) Interview with Kevin O’Leary (08:56) Datacenters as a Political Issue (12:13) How Kevin Uses AI (14:39) Nexo Ad (15:36) What Makes an AI Company Worth Investing In? (17:39) Thoughts on Negative Sentiment (19:09) How Does Crypto Fit Into This? (23:26) Marty Supreme Role (25:27) Developing Taste (29:45) Advice for Future Generations FOLLOW GUEST › Kevin O’Leary — https://x.com/kevinolearytv FOLLOW THE SHOW › David — https://x.com/dcanellis › The Breakdown — https://the-breakdown.carrd.co/ SPONSORS › NEXO Nexo is the premier digital wealth platform. Receive interest on your crypto, borrow against it without selling, and trade a range of assets. Now available in the U.S with 30 days of exclusive privileges. Get started at http://nexo.com/breakdown Get top market insights and the latest in crypto news. Subscribe to the Blockworks Daily Newsletter: https://blockworks.co/newsletter/ DISCLAIMER As always, remember this podcast is for informational purposes only, and any views expressed by anyone on the show are solely their opinions, not financial advice.

Transcribed - Published: 14 April 2026

x402 just got a lot bigger. The Linux Foundation is now backing it — and maybe Amazon, Google, Stripe, Mastercard, and American Express along with them. In this episode, David sits down with Jordan Liu, co-founder of AIsa — one of earliest builders in the x402 ecosystem, with over 20 million microtransactions already processed. TIMESTAMPS: (00:00) Introduction (01:42) What AISA Builds (02:55) X40 Goes Linux (07:30) Nexo Ad (08:07) Adoption and Micropayments (19:58) Nexo Ad and Blockworks IR Promo (21:38) Adoption and Micropayments (Con’t) (25:06) Protocols Roadblocks Future FOLLOW GUEST › Jordan Liu (AIsa) — https://x.com/AIsaOneHQ FOLLOW THE SHOW › David — https://x.com/dcanellis › The Breakdown — https://x.com/TheBreakdownBW SPONSORS › NEXO Nexo is the premier digital wealth platform. Receive interest on your crypto, borrow against it without selling, and trade a range of assets. Now available in the U.S with 30 days of exclusive privileges. Get started at http://nexo.com/breakdown - Get top market insights and the latest in crypto news. Subscribe to the Blockworks Daily Newsletter: https://blockworks.co/newsletter/ DISCLAIMER As always, remember this podcast is for informational purposes only, and any views expressed by anyone on the show are solely their opinions, not financial advice.

Transcribed - Published: 9 April 2026

AI agents are coming online fast — and the payment rails for that world are being built right now. David breaks down the race between Coinbase’s x402 and Stripe’s Machine Payments Protocol, the rise of agentic commerce, and why crypto may have a natural edge, before sitting down with Jordan Liu of AIsa. __ TIMESTAMPS: (00:00) Intro (01:30) Tool Time (03:45) AI-doption (05:48) Nexo Ad (06:30) When in Doubt, Incentivize (07:36) Interview with Jordan Liu (12:24) Nexo Ad and Blockworks IR Promo (14:09) Interview with Jordan Liu (Con’t) __ › Jordan Liu (AIsa) —https://aisa.one/ › David — https://x.com/dcanellis SPONSORS › NEXO Nexo is the premier digital wealth platform. Receive interest on your crypto, borrow against it without selling, and trade a range of assets. Now available in the U.S with 30 days of exclusive privileges. Get started at http://nexo.com/breakdown Get top market insights and the latest in crypto news. Subscribe to the Blockworks Daily Newsletter: https://blockworks.co/newsletter/ DISCLAIMER As always, remember this podcast is for informational purposes only, and any views expressed by anyone on the show are solely their opinions, not financial advice.

Transcribed - Published: 7 April 2026

While The Breakdown is between seasons, we’re bringing some of our favorite conversations from across Blockworks onto the feed. In this episode of Forward Guidance, Felix Jauvin sits down with Fed Governor Stephen Miran at DAS to discuss why he believes inflation fears are overstated, why the Fed may still be too restrictive, and how AI, deregulation, and stablecoins could all shape the future of monetary policy. FOLLOW GUEST › Federal Reserve – https://x.com/federalreserve FOLLOW THE SHOW › Felix – https://x.com/fejau_inc › Forward Guidance – https://x.com/ForwardGuidance › Telegram – https://t.me/+CAoZQpC-i6BjYTEx › Blockworks – https://x.com/Blockworks ›David https://x.com/dcanellis TIMECODES (00:00) Introduction (02:36) Why Miran Dissented (05:10) Nexo Ad (05:44) Looking Through Oil Shocks (07:32) AI And Deregulation Disinflate (11:04) The Case For Neutral (13:26) What Sets Neutral Rates (17:03) Nexo Ad and Blockworks IR Promo (18:47) Where “Running It Hot” Narrative Fails (26:01) Skinny Master Accounts (28:00) Stablecoins And Dollar Demand SPONSORS › NEXO Nexo is the premier digital wealth platform. Receive interest on your crypto, borrow against it without selling, and trade a range of assets. Now available in the U.S with 30 days of exclusive privileges. Get started at http://nexo.com/breakdown DISCLAIMER Nothing said on Forward Guidance or The Breakdown is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only. Any views expressed are opinions, not financial advice. Hosts and guests may hold positions in the companies, funds, or projects discussed.

Transcribed - Published: 2 April 2026

While The Breakdown is between seasons, we’re sharing a panel from Digital Assets Summit featuring the team behind Inflection Point. The conversation explores how investors should think about crypto valuations, what gives L1s value, and why there’s still no shared framework for pricing blockchain networks. – Follow Blockworks Research: https://x.com/blockworksres Follow Inflection Point: inflectionpoint.carrd.co Follow Matt: https://x.com/Matt_Hougan David: https://x.com/dlawant Michael: https://x.com/marcryptonio Marc: https://x.com/marcarjoon Follow David: https://x.com/dcanellis — Nexo is the premier digital wealth platform. Receive interest on your crypto, borrow against it without selling, and trade a range of assets. Now available in the U.S with 30 days of exclusive privileges. Get started at http://nexo.com/breakdown Get top market insights and the latest in crypto news. Subscribe to Blockworks Daily Newsletter: https://blockworks.co/newsletter/ — Timestamps: (00:00) Introduction (04:46) Crypto Valuation Models Are Broken (10:01) Nexo Ad (10:42) Revenue Isn’t the Answer (16:23) One Asset Class or Many? (18:43) Nexo Ad and Blockworks IR Promo (20:23) Network Effects Need Revenue (26:03) Blockspace Isn’t A Commodity (31:20) Institutions Need Intellectual Permission — Disclaimer: Nothing said on The Breakdown 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. Host and guests may hold positions in the companies, funds, or projects discussed.

Transcribed - Published: 31 March 2026

While The Breakdown is between seasons, we’re sharing a panel from Digital Asset Summit hosted by David. The discussion explores how institutions think about on-chain privacy, the tradeoffs involved, and what it takes to bring financial systems onto blockchain infrastructure. – Follow Blockworks Research: https://x.com/blockworksres Follow Patrick: https://x.com/_patrickogrady Follow Yannik: https://x.com/yrschrade Follow Catherine: https://x.com/catgu_ Follow Eric: https://x.com/wesarn_real Follow David: https://x.com/dcanellis — Nexo is the premier digital wealth platform. Receive interest on your crypto, borrow against it without selling, and trade a range of assets. Now available in the U.S with 30 days of exclusive privileges. Get started at http://nexo.com/breakdown Get top market insights and the latest in crypto news. Subscribe to Blockworks Daily Newsletter: https://blockworks.co/newsletter/ — Timestamps:(00:00) Introduction (00:45) Meet the Privacy Builders (04:17) What Institutions Want (08:40) Nexo Ad (09:17) What Institutions Want (Con’t) (23:00) Nexo Ad (23:52) Composability and Compliance (35:39) Retail vs Institutions Wrap — Disclaimer: Nothing said on The Breakdown 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. Host and guests may hold positions in the companies, funds, or projects discussed.

Transcribed - Published: 26 March 2026

In this special episode, we introduce Blockworks’ new investor relations platform for onchain businesses. As institutional capital continues to enter crypto markets, expectations around transparency, standardization, and professionalism are rising. But instead of replicating legacy systems, Blockworks IR takes a different approach, leveraging real-time, onchain data to create a more transparent, data-driven, and low-friction investor relations model. The platform combines curated analytics, branded investor portals, and white-glove advisory support into a single solution, helping teams tell a clearer, more credible story while giving investors a more efficient way to evaluate opportunities. Launched at the Digital Asset Summit in New York, Blockworks IR aims to fill a critical gap in the industry. Listen to learn more about the vision behind the product and what it means for the future of investor relations in crypto.

Transcribed - Published: 24 March 2026

While The Breakdown is between seasons, we’re sharing the full version of a past conversation with Nick Almond. The discussion explores how to think about crypto networks, why common metrics can be misleading, and what actually matters when evaluating activity and value. Follow Blockworks Research: https://x.com/blockworksres Follow Nick: https://x.com/DrNickA Follow David: https://x.com/dcanellis — Nexo is the premier digital wealth platform. Receive interest on your crypto, borrow against it without selling, and trade a range of assets. Now available in the U.S with 30 days of exclusive privileges. Get started at http://nexo.com/breakdown Get top market insights and the latest in crypto news. Subscribe to Blockworks Daily Newsletter: https://blockworks.co/newsletter/ — Timestamps: (00:00) Introduction (03:07) Ethereum vs Solana Endgames (06:18) Nexo Ad (06:54) Valuation Paradigms and Realism (14:56) Nexo Ad (15:47) Decentralization vs Fintech Future (24:44) Measuring Decentralization — Disclaimer: Nothing said on The Breakdown 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. Host and guests may hold positions in the companies, funds, or projects discussed.

Transcribed - Published: 24 March 2026

While The Breakdown is between seasons, we’re sharing a recent episode of Forward Guidance. Felix is joined by Bob Elliott to break down how oil shocks impact inflation, growth, and central bank policy—and why markets may be underestimating the risks. As always, remember this podcast is for informational purposes only, and any views expressed by anyone on the show are solely their opinions, not financial advice. – Forward Guidance: https://www.youtube.com/@ForwardGuidanceBW Follow Bob: https://x.com/BobEUnlimited Follow Felix: https://x.com/fejau_inc Follow David: https://x.com/dcanellis — Nexo is the premier digital wealth platform. Receive interest on your crypto, borrow against it without selling, and trade a range of assets. Now available in the U.S with 30 days of exclusive privileges. Get started at http://nexo.com/breakdown Get top market insights and the latest in crypto news. Subscribe to Blockworks Daily Newsletter: https://blockworks.co/newsletter/ —-- Timestamps: (00:00) Introduction (02:57) Oil Shock Challenges & Today vs 2022 (10:38) Nexo Ad (11:13) Oil Shock Challenges & Today vs 2022 (Con’t) (16:12) The Energy Shock Impact on Households (20:14) How Will Central Banks & Bonds React? (30:40) Nexo Ad (31:37) Oil Shock Sequence of Events (33:26) Iran War’s Asymmetric Regional Impact (39:57) What Happens to Gold? (43:02) Understanding a Wartime Economy (47:34) Final Thoughts - - Disclaimer: Nothing said on The Breakdown 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. Host and guests may hold positions in the companies, funds, or projects discussed.

Transcribed - Published: 19 March 2026

As a new season of The Breakdown approaches, David takes a moment to introduce himself and explain how he thinks about Bitcoin, crypto culture, and the industry’s next phase. – Follow David: https://x.com/dcanellis — Get top market insights and the latest in crypto news. Subscribe to Blockworks Daily Newsletter: https://blockworks.co/newsletter/ — Timestamps: (00:00) Introduction (01:04) My Crypto Origin Story (04:07) From Trading to Crypto Media (08:47) What Crypto Means Now (13:32) AI, Autonomy, and What’s Next __ Disclaimer: Nothing said on The Breakdown 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. Host and guests may hold positions in the companies, funds, or projects discussed.

Transcribed - Published: 17 March 2026

Marc Arjoon joins the show to discuss how institutional flows, ETF market structure, and the changing economics of Bitcoin mining are reshaping the market. As always, remember this podcast is for informational purposes only, and any views expressed by anyone on the show are solely their opinions, not financial advice. – Follow Blockworks Research: https://x.com/blockworksres Follow Marc: https://x.com/marcarjoon Follow David: https://x.com/dcanellis — Nexo is the premier digital wealth platform. Receive interest on your crypto, borrow against it without selling, and trade a range of assets. Now available in the U.S with 30 days of exclusive privileges. Get started at http://nexo.com/breakdown Get top market insights and the latest in crypto news. Subscribe to Blockworks Daily Newsletter: https://blockworks.co/newsletter/ — Timestamps: (00:00) Introduction (01:34) Do Halvings Still Matter (03:45) Miner Supply And Profitability (08:06) Will AI Shift Move BTC (10:15) Nexo Ad and DAS Promo (11:28) ETFs Treasury And Custody Risk (20:06) Nexo Ad (21:03) Blockchain Not Bitcoin Debate (24:24) Governance And Quantum Risk (31:12) Bitcoin As Separate Asset ⸻ Disclaimer: Nothing said on The Breakdown 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. Host and guests may hold positions in the companies, funds, or projects discussed.

Transcribed - Published: 12 March 2026

From miners to institutional buyers, David breaks down why Bitcoin’s halving cycle may still shape the market — even if the supply shock itself is fading. Plus, a conversation with Marc Arjoon. As always, remember this podcast is for informational purposes only, and any views expressed by anyone on the show are solely their opinions, not financial advice. – Follow Blockworks Research: https://x.com/blockworksres Follow Marc: https://x.com/marcarjoon Follow David: https://x.com/dcanellis — Nexo is the premier digital wealth platform. Receive interest on your crypto, borrow against it without selling, and trade a range of assets. Now available in the U.S with 30 days of exclusive privileges. Get started at http://nexo.com/breakdown Get top market insights and the latest in crypto news. Subscribe to Blockworks Daily Newsletter: https://blockworks.co/newsletter/ — Timestamps: (00:00) Introduction (01:47) Halving Started the Fire (04:47) Nexo Ad (05:14) DAS Promo (06:08) Shock Factor (08:54) Never Too Early (10:51) Nexo Ad (11:35) Interview with Marc Arjoon ⸻ - Disclaimer: Nothing said on The Breakdown 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. Host and guests may hold positions in the companies, funds, or projects discussed.

Transcribed - Published: 10 March 2026

How should crypto tokens be valued? Haseeb Qureshi breaks down why cash-flow rights won’t “fix” prices, and how AI agents transacting on-chain could drive the next wave of demand. As always, remember this podcast is for informational purposes only, and any views expressed by anyone on the show are solely their opinions, not financial advice. – Follow Blockworks Research: https://x.com/blockworksres Follow Haseeb: https://x.com/hosseeb Follow David: https://x.com/dcanellis — Nexo is the premier digital wealth platform. Receive interest on your crypto, borrow against it without selling, and trade a range of assets. Now available in the U.S with 30 days of exclusive privileges. Get started at http://nexo.com/breakdown Get top market insights and the latest in crypto news. Subscribe to Blockworks Daily Newsletter: https://blockworks.co/newsletter/ —-- Timestamps: (00:00) Introduction (01:40) Tokens and Valuation Basics (03:02) Why Disclosures Matter (07:19) Aave Drama and Transparency (09:13) Nexo Ad (09:47) Aave Drama and Transparency (Con’t) (12:32) Cash Flows and Token Demand (14:21) AI Agents and the Future (19:35) Nexo Ad (20:24) DAS Promo (21:12) AI Agents and the Future (Con’t) (26:53) Closing Thoughts - - Disclaimer: Nothing said on The Breakdown 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. Host and guests may hold positions in the companies, funds, or projects discussed.

Transcribed - Published: 5 March 2026

In this first episode of Inflection Point, we explore the accelerating convergence between traditional finance and crypto as institutional adoption begins reshaping the foundations of global financial infrastructure. The conversation examines ETFs, DeFi innovation, market structure shifts, institutional flows, and how evolving investor behavior is changing Bitcoin and digital asset markets. Along the way, we discuss regulation, credit markets, technology limitations, and the broader implications of finance moving onchain. Enjoy! — Inflection Point: Apple 🎙️: https://bit.ly/3QKdX5a Spotify 🎙️: https://bit.ly/3YhGJy3 YouTube 🎥: https://link.blockworks.co/46Cee2q — Follow Matt: ⁠⁠https://x.com/Matt_Hougan⁠⁠ Follow David: ⁠⁠https://x.com/dlawant⁠⁠ Follow Michael: ⁠⁠https://x.com/marcryptonio⁠⁠ Follow Marc: ⁠⁠https://x.com/marcarjoon⁠⁠ Follow Inflection Point: ⁠⁠https://x.com/BWInflection⁠⁠  Follow Blockworks: ⁠⁠https://x.com/Blockworks_⁠⁠   — Join us at Digital Asset Summit 2026 in NYC March 24-26th! Use code INFLECTION200 for $200 OFF! ⁠⁠https://blockworks.co/event/digital-asset-summit-nyc-2026⁠⁠ — Timestamps (00:00) Intro To Inflection Point (06:48) The Convergence Between TradFi & Crypto (22:20) Crypto's Biggest Advantages & Hurdles (36:15) Crypto's Changing Market Structure (41:00) Prices, Sentiment & Long-Term Allocators (46:00) Evolution Of Crypto Options & Yield (51:30) Is The 4-Year Cycle Dead? (01:02:00) Final Thoughts — Disclaimer: Nothing said on Inflection Point 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 opinions, not financial advice. Hosts and guests may hold positions in the companies, funds, or projects discussed. #Crypto #DeFi #Bitcoin #Blockchain #DigitalAssets #CryptoPodcast

Transcribed - Published: 5 March 2026

Are retail investors just exit liquidity? We unpack the token premium, forced price discovery, and what Ethereum and Tron data reveals about when fundamentals actually matter. Featuring insights from Haseeb Qureshi of Dragonfly. As always, remember this podcast is for informational purposes only, and any views expressed by anyone on the show are solely their opinions, not financial advice. – Follow Blockworks Research: https://x.com/blockworksres Follow Haseeb: https://x.com/hosseeb Follow David: https://x.com/dcanellis — Nexo is the premier digital wealth platform. Receive interest on your crypto, borrow against it without selling, and trade a range of assets. Now available in the U.S with 30 days of exclusive privileges. Get started at https://nexo.com/breakdown __ Get top market insights and the latest in crypto news. Subscribe to Blockworks Daily Newsletter: https://blockworks.co/newsletter/ —-- Timestamps: (00:00) Introduction (01:26) Premium Economy (03:21) Same, But Different (04:59) Nexo Ad (05:27) DAS Promo (06:20) Price Is Like An Onion (11:18) Nexo Ad (12:07) Interview with Haseeb Qureshi - - Disclaimer: Nothing said on The Breakdown 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. Host and guests may hold positions in the companies, funds, or projects discussed.

Transcribed - Published: 3 March 2026

Crypto and fintech are converging. But who captures the value? Nick Almond on stablecoins, DAOs, and the future of capital formation. As always, remember this podcast is for informational purposes only, and any views expressed by anyone on the show are solely their opinions, not financial advice. – Follow Blockworks Research: https://x.com/blockworksres Follow Nick: https://x.com/DrNickA Follow David: https://x.com/dcanellis — Get top market insights and the latest in crypto news. Subscribe to Blockworks Daily Newsletter: https://blockworks.co/newsletter/ —-- Timestamps: (00:00) Introduction (01:07) FinTech vs Crypto Today (03:28) Banks Onramps and Walled Gardens (07:53) Where Value Accrues Onchain (16:47) DAS PROMO (17:39) Where Value Accrues Onchain (Con’t) (25:02) Tokens Culture and Market Outlook - - Disclaimer: Nothing said on The Breakdown 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. Host and guests may hold positions in the companies, funds, or projects discussed.

Transcribed - Published: 26 February 2026

With no clear external enemy left, crypto may be facing its next antagonist: fintech. This episode explores whether crypto is winning — or being domesticated. Plus, a conversation with Nick Almond. As always, remember this podcast is for informational purposes only, and any views expressed by anyone on the show are solely their opinions, not financial advice. – Follow Blockworks Research: https://x.com/blockworksres Follow Nick: https://x.com/DrNickA Follow David: https://x.com/dcanellis — Get top market insights and the latest in crypto news. Subscribe to Blockworks Daily Newsletter: https://blockworks.co/newsletter/ —-- Timestamps: 00:00 Intro (01:42) The Birth of TradFintech (05:04) Make Way, Crypto Natives (08:55) Rising Tides (10:40) DAS Promo (11:30) Interview with Nick Almond - - Disclaimer: Nothing said on The Breakdown 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. Host and guests may hold positions in the companies, funds, or projects discussed.

Transcribed - Published: 24 February 2026

Daniel Shapiro joins to break down why AI and crypto may be destined to converge — from agent payments and identity to privacy, data markets, and the next big investable primitive. Thanks for tuning in! As always, remember this podcast is for informational purposes only, and any views expressed by anyone on the show are solely their opinions, not financial advice. – Follow Blockworks Research: https://x.com/blockworksres Follow Daniel: https://x.com/_dshap Follow David: https://x.com/dcanellis — Get top market insights and the latest in crypto news. Subscribe to Blockworks Daily Newsletter: https://blockworks.co/newsletter/ —-- Timestamps: (00:00) Introduction (04:17) Can AI Be Crypto’s Lifeline? (02:43) AI-Native Payments (06:35) Agents as the New Target Customer (10:54) Agent Trading and Security Concerns (13:00) Consumer vs Enterprise (16:14) DAS Promo (17:03) Will Crypto and AI Merge? (21:40) Tokens in the AI x Crypto Stack - - Disclaimer: Nothing said on The Breakdown 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. Host and guests may hold positions in the companies, funds, or projects discussed.

Transcribed - Published: 19 February 2026

Some worry that AI could create a permanent underclass. Can crypto’s next primitive change that — or will value accrue elsewhere? Plus, insight from Daniel Shapiro, Blockworks Research analyst Thanks for tuning in! As always, remember this podcast is for informational purposes only, and any views expressed by anyone on the show are solely their opinions, not financial advice. – Follow Blockworks Research: https://x.com/blockworksres Follow Daniel: https://x.com/_dshap Follow David: https://x.com/dcanellis — Get top market insights and the latest in crypto news. Subscribe to Blockworks Daily Newsletter: https://blockworks.co/newsletter/ —-- Timestamps: (00:00) Intro (01:45) Primitive Technology (04:39) More than Picks and Shovels (09:30) DAS Promo (10:15) Accruel World - - Disclaimer: Nothing said on The Breakdown 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. Host and guests may hold positions in the companies, funds, or projects discussed.

Transcribed - Published: 17 February 2026

Paul Dylan-Ennis joins David Canellis to discuss decentralization theater, public goods, and the growing tension between crypto’s ideological roots and market-driven reality. – Follow Blockworks Research: https://x.com/blockworksres Follow Paul: https://x.com/post_polar_ Follow David: https://x.com/dcanellis — Get top market insights and the latest in crypto news. Subscribe to Blockworks Daily Newsletter: https://blockworks.co/newsletter/ —-- Timestamps: (02:04) Token Economy and WEF Essay Comparison (08:15) The Gap Between Usage and Price (17:45) Public Goods and Market Incentives (26:57) Future of Crypto and Final Thoughts - - Disclaimer: Nothing said on The Breakdown 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. Host and guests may hold positions in the companies, funds, or projects discussed.

Transcribed - Published: 12 February 2026

What does it actually mean to “own” a token? As regulation catches up, the token economy may be facing its biggest identity crisis yet. Plus, a conversation with Paul Dylan-Ennis. Thanks for tuning in! As always, remember this podcast is for informational purposes only, and any views expressed by anyone on the show are solely their opinions, not financial advice. – Follow Blockworks Research: https://x.com/blockworksres Follow Paul: https://x.com/post_polar_ Follow David: https://x.com/dcanellis — Get top market insights and the latest in crypto news. Subscribe to Blockworks Daily Newsletter: https://blockworks.co/newsletter/ — Timestamps: (00:00) Intro (00:57) You Will Eat The Bugs (03:18) Ownership Vs Access (06:23) Regulatory Arbitrage (08:55) DAS Promo (09:44) The Triangle of Decentralization (15:37) Onchain-Offchain Symmetry (17:14) Interview with Paul Dylan-Ennis - - Disclaimer: Nothing said on The Breakdown 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. Host and guests may hold positions in the companies, funds, or projects discussed.

Transcribed - Published: 10 February 2026

The race to be the “most used blockchain” misses the point. This episode examines the metrics behind Solana vs Ethereum — and why usage, revenue, and adoption are being misunderstood — followed by a discussion with Nick Almond on where these networks are actually headed. Thanks for tuning in! As always, remember this podcast is for informational purposes only, and any views expressed by anyone on the show are solely their opinions, not financial advice. – Follow Blockworks Research: https://x.com/blockworksres Follow Nick: https://x.com/DrNickA Follow David: https://x.com/dcanellis — Get top market insights and the latest in crypto news. Subscribe to Blockworks Daily Newsletter: https://blockworks.co/newsletter/ —- Timestamps: (00:00) Intro - The Fight Over ‘Real’ Crypto Metrics (1:43) Ethereum By The Numbers (3:56) Is Solana The ‘Most Used Chain?’ (6:09) Why No Single Chain Can Win Everything (11:47) Different Chains, Different Jobs (14:00) Interview with Nick Almond - - Disclaimer: Nothing said on The Breakdown 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. Host and guests may hold positions in the companies, funds, or projects discussed.

Transcribed - Published: 5 February 2026

Privacy is back at the center of crypto’s narrative. This episode examines the limits of on-chain privacy, the role of KYC and the app layer, and how crypto onboarding has changed — before closing with Andrew M. Bailey of the Bitcoin Policy Institute. Enjoy! As always, remember this podcast is for informational purposes only, and any views expressed by anyone on the show are solely their opinions, not financial advice. – Follow Blockworks Research: https://x.com/blockworksres Follow Andrew: https://x.com/resistancemoney Follow David: https://x.com/dcanellis — Timestamps: 00:00 Intro 01:20 The Limits of On-Chain Privacy 3:00 Reality of the App Layer 7:57 DAS Promo 8:44 From Self-Mining to KYC Funnels 11:14 The Future of Privacy in Crypto 14:49 Interview with Andrew M. Bailey — Disclaimer: Nothing said on The Breakdown 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. Hosts and guests may hold positions in the companies, funds, or projects discussed.

Transcribed - Published: 3 February 2026

Today’s episode is the last episode of The Breakdown with me, NLW. To mark the end of this chapter, this show looks back at the biggest story from each year of the podcast, from the strange early days of 2018 through cycles of collapse, rebuilding, mainstreaming, and normalization, tracing how Bitcoin and crypto evolved alongside the show itself. It’s a reflection on the moments that mattered, the themes that endured, and why the story of power, money, and incentives is far from over, even as my time behind this mic comes to a close. Enjoying this content? SUBSCRIBE to the Podcast: https://pod.link/1438693620 Watch on YouTube: https://www.youtube.com/@TheBreakdownBW Subscribe to the newsletter: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://blockworks.co/newsletter/thebreakdown⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Follow on Twitter: NLW: https://twitter.com/nlw Breakdown: https://twitter.com/BreakdownBW

Transcribed - Published: 30 January 2026

Tether has officially launched its US-compliant stablecoin, USAT, a Genius Act–aligned, Treasury-backed token designed to operate squarely inside the American regulatory perimeter, giving the company a powerful hedge as global rules harden and tokenization accelerates. But the bigger story may be what comes next: Tether’s rapid accumulation of gold, now rivaling central banks and openly framed by CEO Paolo Ardoino as preparation for a fractured monetary order where gold-backed alternatives to the dollar emerge. The episode explores why USAT is less about replacing USDT than expanding optionality, how Tether is positioning itself as a quasi-sovereign financial actor straddling competing systems, and why dire warnings about stablecoin yield draining bank deposits look far less destabilizing when set against the scale of the global financial system. Enjoying this content? SUBSCRIBE to the Podcast: https://pod.link/1438693620 Watch on YouTube: https://www.youtube.com/@TheBreakdownBW Subscribe to the newsletter: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://blockworks.co/newsletter/thebreakdown⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Join the discussion: https://discord.gg/VrKRrfKCz8 Follow on Twitter: NLW: https://twitter.com/nlw Breakdown: https://twitter.com/BreakdownBW

Transcribed - Published: 29 January 2026

A crypto-native deep dive into the systems, incentives, and power structures shaping the industry. Hosted by David C.

Transcribed - Published: 28 January 2026

As Washington digs out from a winter storm, there are signs that the long-stalled crypto market structure bill may be inching forward again, with behind-the-scenes negotiations aiming to revive a bipartisan path in the Senate Agriculture Committee. The episode unpacks the competing narratives around whether talks are truly back on track, the political tradeoffs shaping the next markup, and why stablecoin yield remains the most stubborn blocker. It also looks at how pressure is building from outside Washington, from Coinbase and Bloomberg’s Neil Ferguson pushing back on banking-lobby arguments, to new yield-bearing products from Bitwise and BlackRock that could make parts of the debate obsolete, before closing with a look at how Bitcoin miners’ grid-balancing role showed up during the latest round of extreme winter weather. Enjoying this content? SUBSCRIBE to the Podcast: https://pod.link/1438693620 Watch on YouTube: https://www.youtube.com/@TheBreakdownBW Subscribe to the newsletter: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://blockworks.co/newsletter/thebreakdown⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Join the discussion: https://discord.gg/VrKRrfKCz8 Follow on Twitter: NLW: https://twitter.com/nlw Breakdown: https://twitter.com/BreakdownBW

Transcribed - Published: 28 January 2026

Bitcoin stumbles through another Sunday-night slide as gold rips to historic highs, pulling attention and liquidity away from crypto and fueling talk of a speculative metals mania layered on top of genuine macro fear. This episode digs into why gold’s breakout is happening now, how ETF outflows, loss realization, and shaken conviction are weighing on Bitcoin, and why the growing contrast between physical metal liquidity and Bitcoin’s always-on exit may ultimately reinforce the long-term thesis even as short-term sentiment stays ugly. Enjoying this content? SUBSCRIBE to the Podcast: https://pod.link/1438693620 Watch on YouTube: https://www.youtube.com/@TheBreakdownBW Subscribe to the newsletter: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://blockworks.co/newsletter/thebreakdown⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Join the discussion: https://discord.gg/VrKRrfKCz8 Follow on Twitter: NLW: https://twitter.com/nlw Breakdown: https://twitter.com/BreakdownBW

Transcribed - Published: 27 January 2026

Brian Armstrong takes Bitcoin to the World Economic Forum as Davos wrestles with the visible unraveling of the old global order, putting the Bitcoin standard, stablecoin yield, and crypto market structure squarely in front of central bankers and political leaders. This episode walks through Armstrong’s exchanges with European officials, Trump and the White House weighing in on legislation, growing pressure to strike a deal on market structure, and why the real fight now centers on stablecoin yield and DeFi protections as the industry pushes to get a bill across the finish line. Enjoying this content? SUBSCRIBE to the Podcast: https://pod.link/1438693620 Watch on YouTube: https://www.youtube.com/@TheBreakdownBW Subscribe to the newsletter: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://blockworks.co/newsletter/thebreakdown⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Join the discussion: https://discord.gg/VrKRrfKCz8 Follow on Twitter: NLW: https://twitter.com/nlw Breakdown: https://twitter.com/BreakdownBW

Transcribed - Published: 24 January 2026

Markets are selling off across the board as stocks, bonds, and the dollar all fall together, signaling something bigger than a routine drawdown. This episode unpacks why the latest crash feels like a true regime shift, tying together the Japanese bond market shock, escalating trade and geopolitical conflict, and explicit declarations from global leaders that the post–Cold War rules-based order is breaking down. From Greenland to Davos to Tokyo, the common thread is uncertainty about what comes next—and what it means for risk assets, rates, and the global financial system. Enjoying this content? SUBSCRIBE to the Podcast: https://pod.link/1438693620 Watch on YouTube: https://www.youtube.com/@TheBreakdownBW Subscribe to the newsletter: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://blockworks.co/newsletter/thebreakdown⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Join the discussion: https://discord.gg/VrKRrfKCz8 Follow on Twitter: NLW: https://twitter.com/nlw Breakdown: https://twitter.com/BreakdownBW

Transcribed - Published: 23 January 2026

Today’s episode digs into the deepening market structure fallout in Washington, tracing how Coinbase’s withdrawal from the bill triggered White House anger, exposed fractures across the crypto lobby, and reignited bipartisan resistance in the Senate, particularly around DeFi liability and stablecoin yield. The episode explores why stablecoin yield has become the central fault line between banks and crypto, with banks warning of deposit flight while critics argue the real issue is banks protecting profits at the expense of consumers, leaving the bill stuck between irreconcilable interests. The result is a pessimistic moment for crypto legislation, where momentum still exists but the path forward increasingly looks like it will require one side to cave—or the effort to collapse entirely. Enjoying this content? SUBSCRIBE to the Podcast: https://pod.link/1438693620 Watch on YouTube: https://www.youtube.com/@TheBreakdownBW Subscribe to the newsletter: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://blockworks.co/newsletter/thebreakdown⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Join the discussion: https://discord.gg/VrKRrfKCz8 Follow on Twitter: NLW: https://twitter.com/nlw Breakdown: https://twitter.com/BreakdownBW

Transcribed - Published: 21 January 2026