Unchained Will Bitcoin's New Phase Change It Forever? And Is the 4-Year Cycle Dead? - Ep. 974
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Dec 10, 2025 
Ryan Rasmussen, Head of Research at Bitwise, and David Nage, Portfolio Manager at Arca, share their insights on the crypto market's surprising downturn in 2025 and their optimistic outlook for 2026. They discuss the implications of Vanguard's major crypto pivot and explore whether Bitcoin's classic four-year cycle is coming to an end due to institutional adoption. The duo also delves into the transformative potential of tokenization and the role of stablecoins in the financial ecosystem, likening stablecoin evolution to the early days of email.
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Index Rules Protect Investors
- The Bitwise index screens out wrapped tokens, liquid staking tokens, stablecoins and memecoins to reduce specific risks.
- Ryan highlights active index governance as protection against token failures like Luna or FTT.
Tokenization Will Remake Finance
- David says tokenization will speed asset transfers and converge crypto with traditional finance into a single 'finance' category.
- He forecasts tokenization enabling near-instant settlement and massive market efficiency gains.
Make DATs Build Ecosystems, Not Just Buy Crypto
- David urges DATs to act like private equity: invest in ecosystems, bolt-ons, and user growth rather than just buying tokens.
- Do build operating businesses and add ecosystem value to sustain token treasuries.