The Mark Moss Show Everyone Thinks This Cycle Is Different… Here’s What’s Actually Changing | Eric Weiss
Mar 26, 2026
Eric Weiss, veteran crypto investor and co-founder of Blockchain Investment Group, explains why this market cycle only looks different and what structural forces have actually shifted. He discusses Bitcoin treasuries, financial engineering that packages Bitcoin returns, rehypothecation and lending risks, institutional custody dynamics, and how regulation, derivatives, and stablecoins reshape market supply and incentives.
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How Bitcoin Treasury Firms Domesticat e Volatility
- Treasury firms create securities (preferreds, convertibles) that pay fixed yield while keeping most Bitcoin upside for the company.
- Weiss cites Strategy's 11% preferred as an example of stripping volatility to appeal to yield investors.
Avoid Lending Bitcoin That Can Be Rehypothecated
- Avoid lending or rehypothecating your Bitcoin because borrowers often short BTC and create multiple sellers from one coin.
- Weiss warns large pools of loaned BTC are currently suppressing the spot price by reintroducing supply.
Long Holders Unlocking Supply Keeps Prices Lower
- If long-term holders refused to reintroduce Bitcoin into circulation, available sell supply would be tiny and prices would rise.
- Weiss argues rehypothecation and lending convert long-term holders into transient sellers that flatten demand.