CoinDesk Podcast Network Blockspace: The Fed vs. Iran vs. BTC, Layoffs Sweep Crypto, Strategy’s $44 Billion Stock Offering
Mar 24, 2026
Ryan Gentry, CEO of Bitcoin Infrastructure Corp and creator of 402index.io, is a Lightning Network and machine-payment builder. He discusses machine-to-machine payments and the 402 standard. The conversation also covers recent crypto layoffs, Strategy’s massive $44B stock filing, and market moves tied to Fed hawkishness and geopolitical risk.
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Fed Hawkishness Fueled By Iran-Driven Oil Shock
- The Fed's renewed hawkishness is driving ETF outflows and market volatility more than Iran alone.
- Charlie and Colin link the Fed shift to inflation fears from oil price spikes after the Strait of Hormuz closure, which raised bond yields and inflation expectations to 5.2%.
Bond Market Signals Rising Inflation Risk
- Bond market moves show inflation expectations and long-term yields jumped sharply since the Iran conflict.
- Adam Kobiesi's data and Jeff Park's MOVE index reveal 12‑month inflation expectations at 5.2% and a 30bps rise in 30‑year yields, amplifying volatility.
Origin Story Of L402 And 402index
- Ryan Gentry recounts Lightning's L402 origin from Rose Beef at LN Conf and early 2020 implementations.
- He describes building 402index.io to track paywalled API endpoints and adding MPP support after Stripe and Coinbase entered the space.