The Market Runup

Host Erin Gambrel (The Blonde Broker) sits down with John D'Agostino, Head of Strategy at Coinbase Institutional, to discuss what institutions are actually doing in crypto right now. John brings decades of traditional finance experience, former Head of Strategy at NYMEX, subject of two NY Times bestselling books, lecturer at MIT and Columbia and a front-row seat to how capital is moving. He breaks down why markets couple and decouple all the time, why order flow is controlled by a small consolidated group of trading firms, and why Bitcoin ETF was the best-launched ETF in history despite brokers being completely prohibited from selling it. Products are sold, not bought. Morgan Stanley just announced the ETF with Coinbase as custodian, and now you have an army of brokers able to make outbound calls.Capital deployment is happening in two forms: direct investment into markets and infrastructure buildout. The unsexy part building bridges, tunnels, and subways is happening faster than ever. Coinbase Crypto-as-a-Service has hundreds of companies in the queue and hundreds of thousands of clients already. Firms that derided crypto for years are now hiring for head of crypto roles. John explains what retail completely overlooks: institutions are building core onchain infrastructure for payments, media buying settlements in 10 minutes instead of 60 days, and the real game-changer cross-collateralization. Getting everything into a system that can speak to each other frees up margin, which is the lifeblood of business. Fannie and Freddie accepting Bitcoin as collateral is huge. Solana proved 99.99999% uptime and resiliency, which is what you need for capital markets infrastructure.TIMESTAMPS(00:00) Intro(01:30) Crypto as macro-driven: markets couple and decouple, order flow controlled by consolidated trading firms(04:17) Bitcoin ETF best launch in history, no brokers allowed to sell it, products sold not bought(06:55) Morgan Stanley brokers entering, Crypto-as-a-Service hundreds of companies, infrastructure buildout(08:37) Clarity Act explained: market structure is constitution, foundational document needed even if argued over(11:32) Why Clarity Act matters for average investor: 1.6% compound interest difference over 18 years is massive(13:43) ETF flows remarkably resilient despite volatility, institutions not abandoning Bitcoin(17:19) YouTube analogy: open architecture means 99% garbage, but extraordinary talent gets discovered(20:41) Open architecture blockchain vs centralized control, accepting bad experiments for innovation(21:50) Solana proved infrastructure resiliency: 99.99999% uptime, internet built on cat videos(24:22) What retail overlooks: institutions building core infrastructure, media buying settlements in 10 minutes(28:42) Bitcoin in portfolio: 2-5% position improves Sharpe ratio, matching duration to thesis(32:54) Institutional risk appetite: cautious optimism, waiting for Clarity Act but building anyway(39:27) Catalysts are crutches, better technology wins regardless, Waymo and email analogy(41:42) 24/7 tokenized equity trading transformational, once you hedge 2am events you never go back(43:50) Legacy: building infrastructure enabling discovery and experimentation, garbage man enjoying workEPISODE ESSENTIALSHost: Erin Gambrel (The Blonde Broker) Host Socials: @theblondebroker (X) | @blondebrokerofficial (Instagram)Guest: John D'Agostino Role: Head of Strategy, Coinbase Institutional | Former Head of Strategy, NYMEX Guest Socials: @johnjdagostino (X)Note: This podcast is for informational purposes only. Views shared are opinions, not financial advice. The host or guests may have financial interests in discussed content.

Lucas Bruder, co-founder and CEO of Jito Labs and former firmware engineer, built Solana’s market and MEV infrastructure. He discusses his shift from hardware to crypto, why systems engineering made Solana scalable, the JTO airdrop turning Jito into core infra, and a market-layer manifesto focused on execution, transaction ordering, and keeping trading fast and cheap for apps and users.

Anthony Scaramucci, founder of SkyBridge Capital and former White House communications director, outlines big macro risks and why Bitcoin matters. He links energy shocks, rising oil, and dollar reserve worries to crypto demand. He compares Bitcoin’s generational adoption to the web and projects long-term institutional and sovereign interest. Short, provocative, and forward-looking.

Host Erin Gambrel (The Blonde Broker) sits down with Kain Warwick, founder of Synthetix and Infinex, to break down the current market environment and what builders are focusing on during this sideways phase. Kain compares 2026 to 2018: Bitcoin grinding sideways, everyone feeling depressed, questioning their life choices. But there's a critical difference this time. Institutional adoption is real, DeFi has proven utility, and the infrastructure exists. The backdrop is completely different even though the price action feels the same. Kain shares his hot take: we're in for eight more months of choppy sideways movement before a potential capitulation at year-end, validating the four-year cycle once again.We dive into why bear markets are actually the best environment for builders. The noise floor drops, distractions disappear, and you can focus on what's actually needed in the space. The foundation for next cycle's dominant projects gets built during years like 2018, 2022, and 2026. But there's a new wrinkle this cycle: AI is creating a massive distraction outside crypto, pulling away even the smartest builders. Kain discusses building Infinex to solve crypto's UX problem, why duplicate projects keep raising money, the 2016 Ethereum greenfield opportunity happening in AI right now, and his legacy vision of making DeFi accessible without sacrificing self-custody.This show is brought to you by Token Relations, the leading investor relations platform for blockchains, protocols and token issuers. You can read The Market Runup's weekly newsletter and the best investor updates on ecosystems like Solana, Polygon, Avalanche, Ripple, Aptos and more, by subscribing for free at www.token-relations.comTime stamps(00:00) Welcome Kain Warwick, founder of Synthetix and Infinex(00:40) Market feels like 2018: sideways crab, everyone questioning life choices(02:58) Hot take: eight more months sideways, capitulation validates four-year cycle(05:04) Bear markets build foundations for next cycle's dominant projects(06:20) AI is the massive distraction pulling crypto's smartest builders away(11:26) Why duplicate projects keep successfully raising money(15:36) Early Ethereum 2016 comparison: greenfield opportunity everywhere(19:05) Building Infinex: solving DeFi's UX problem(24:45) Agents are nuking buttons and traditional UX from space(30:03) Agentic finance: agents augment transaction metadata and simplify everything(37:13) Weaponized autism and 18-hour building sessions during bear markets(42:13) Kain's legacy: making DeFi accessible without sacrificing self-custody(47:06) The transformation happening in crypto UX right now(51:21) Conviction during chaos: biggest opportunity across every industry(54:25) Looking forward: giving builders time without noiseHost: Erin Gambrel (The Blonde Broker) Host Socials: @theblondebroker (X) | @blondebrokerofficial (Instagram)Guest: Kain Warwick Role: Founder, Synthetix & Infinex | Partner, Bodhi Ventures Guest Socials: @kaiynne (X) | @infinex (Infinex) | @synthetix (Synthetix)

Welcome to The Market Runup podcast, hosted by Erin Gambrel aka The Blonde Broker. For this episode, Erin sits down with Matt Hougan, Chief Investment Officer at Bitwise, one of the world's largest crypto asset managers. We dive into a structural shift happening right now: Wall Street is rapidly moving financial infrastructure to onchain data, yet market participants remain anchored to outdated narratives. Matt breaks down the weekend crisis when U.S. strikes on Iran happened at 2:30 AM on a Sunday, forcing traditional investors to learn crypto rails because everything else was closed. Bloomberg reported on oil prices by looking at Hyperliquid and tokenized assets. The genie doesn't go back in the bottle.We discuss why Bitcoin is in a classic bottoming cycle, institutional investors moving from 0% to 2.5% or 5% portfolio allocations, and the Clarity Act concrete foundation Congress is building for crypto. Matt explains anchoring bias, why people still think of Bitcoin as the Silk Road era when it's now the Blackrock and Goldman Sachs era, and the biggest risk to the long-term Bitcoin thesis. Plus, why DeFi protocols like Aave, Uniswap, and Morpho are dramatically undervalued at $1-3 billion if tokenization reaches the $200 trillion scale Matt predicts. Five years from now, people will look back and wonder why they didn't listen when the SEC chair and Larry Fink told them this was coming. This show is brought to you by Token Relations, the leading investor relations platform for blockchains, protocols and token issuers. You can read The Market Runup's weekly newsletter and the best investor updates on ecosystems like Solana, Polygon, Avalanche, Ripple, Aptos and more, by subscribing for free at www.token-relations.comTIMESTAMPS(00:00) Intro(01:31) How WisdomTree defines tokenization as recordkeeping technology(04:16) Growth from $30M to $770M in tokenized assets within one year(06:13) Three use cases: stablecoin reserves, treasury management, and DeFi collateral(08:01) Talking to Aave and Morpho about integrating tokenized funds as collateral(09:17) Why its tokenized money market fund could become WisdomTree's largest fund overall(10:17) SEC approval for 24/7 trading and instant settlement: the big unlock(13:11) Why 24/7 trading only works with tokenized funds, not traditional infrastructure(16:02) DeFi and TradFi convergence: partnership not competition(18:28) Customer journey: wallet-first users, not brokerage account holders(27:42) Why liquid assets benefit more from tokenization than illiquid real estateEPISODE ESSENTIALSHost: Erin Gambrel (The Blonde Broker) Host Socials: @theblondebroker (X) | @blondebrokerofficial (Instagram)Guest: Matt Hougan Role: Chief Investment Officer, Bitwise Asset Management Guest Socials: @Matt_Hougan (X) | @BitwiseInvest (Bitwise)Note: This podcast is for informational purposes only. Views shared are opinions, not financial advice. The host or guests may have financial interests in discussed content.

This week's market feels confusing. Not crashing, not euphoric, just stuck and macro-driven. Host Erin Gambrel (The Blonde Broker) breaks down what's actually happening beyond the headlines. We start with the Jane Street lawsuit over alleged insider information during the 2022 Luna Terra collapse, a $40 billion wipeout that's resurfacing years later as people dig through blockchain data. But the real story isn't one firm controlling crypto, it's liquidity becoming a bigger part of the narrative as the space matures.Erin explains why the market feels slow right now. Bitcoin is consolidating in the mid-to-high 60K range, Ethereum is hovering around 2K, and Bitcoin dominance is elevated because capital rotates into safer assets during uncertainty. This is a consolidation phase after a leverage reset, not a crash. Markets move in waves, and right now we're in a positioning phase where liquidity conditions, macro signals, and capital flows matter more than hype. This show is brought to you by Token Relations, the leading investor relations platform for blockchains, protocols and token issuers. You can read The Market Runup's weekly newsletter and the best investor updates on ecosystems like Solana, Polygon, Avalanche, Ripple, Aptos and more, by subscribing for free at www.token-relations.comTIMESTAMPS 00:00 – Welcome to The Market Runup: breaking down crypto, macro, and psychology00:42 – Today's breakdown: market data, macro news, institutional moves, and what's next01:31 – Why this podcast exists: building financial literacy for beginners02:41 – Building behind the scenes: launching Insight marketing agency03:26 – Jane Street lawsuit over Luna Terra collapse and $40 billion wipeout04:37 – Market breakdown: Bitcoin at 60K, Ethereum at 2K, elevated BTC dominance05:30 – Why the market feels slow: consolidation phase after leverage reset06:28 – Macro matters: crypto is a global risk asset, not trading in isolation08:57 – What I think happens next: base case for the next month10:40 – Q&A: Five listener questions on navigating choppy markets12:22 – Why does the market react so much to news lately?13:37 – How are you personally positioning right now?14:33 – Should beginners be worried right now?15:44 – What does your actual day look like analyzing the market?17:53 – Bonus: Attending the Winter Olympics in Milan for Team USA hockeyHost: Erin Gambrel (The Blonde Broker) Host Socials: @theblondebroker (X) | @blondebrokerofficial (Instagram)Note: This podcast is for informational purposes only. Views shared are opinions, not financial advice. The host or guests may have financial interests in discussed content.

Austin Federa, co-founder of DoubleZero and former Solana strategy lead, builds high-performance fiber networks for scalable blockchains. He talks about why public internet limits throughput and why data flow, not compute, is crypto's big bottleneck. He also explains why serious infrastructure gets built in downturns and how teams should shift toward revenue and longevity.

Welcome to The Market Runup podcast, hosted by Erin Gambrel aka The Blonde Broker and powered by Token Relations. For the flagship episode, Erin sits down with one of DeFi's most influential builders: Stani Kulechov, founder of Aave Labs. Markets are in a risk-off environment, liquidity is tightening, and crypto is moving in lockstep with broader global markets. This isn't a pullback, it's a stress test. Aave just processed nearly $500 million in liquidations this week without breaking a sweat. Stani walks us through the origins of Aave, from the early ETHLend peer-to-peer experiments in 2016 when DeFi had less than 1,000 users, to becoming the dominant player controlling 60% of all DeFi lending today. We break down how simplicity, trust, and resilience built a protocol that peaked at $75 billion in deposits in 2025.But this conversation goes deeper. Stani reveals Aave's vision to expand beyond digital assets into consumer loans, small business lending, and tokenized real-world assets. The new Aave app is coming, designed for mainstream users, especially underserved audiences like women and younger generations, with embedded wallets and full account recoverability. We dive into the macro picture: why DeFi provides uncorrelated yields that consistently outperform traditional money market funds, how central bank rate compression over the next 18 months will create a rush into DeFi, and why now is the best time to build accessible onchain infrastructure. This is crypto infrastructure maturing into real finance. This show is brought to you by Token Relations, the leading investor relations platform for blockchains, protocols and token issuers. You can read The Market Runup's weekly newsletter and the best investor updates on ecosystems like Solana, Polygon, Avalanche, Ripple, Aptos and more, by subscribing for free at www.token-relations.comTIMESTAMPS(00:00) Welcome to The Market Runup: markets in risk-off mode, liquidity tightening(00:49) Introducing Stani Kulechov, founder of Aave Labs(01:50) Origins of Aave and how the protocol works: supply, earn, borrow(02:53) Aave peaked at $75 billion in deposits, nearly a decade building in DeFi(03:54) ETHLend beginnings in 2016-2017 with under 1,000 users, evolution to pooled model(05:35) Market dominance: Aave controls 60% of DeFi lending today(06:08) Key to adoption: simplicity, trust, and utility as an onchain piggy bank(08:26) Security philosophy: building for worst-case scenarios and protocol resilience(11:18) Product consolidation: narrowing focus from multiple products to stronger core(12:14) The Aave app: simplifying DeFi with embedded wallets and account recoverability(13:40) Serving underserved audiences: women, younger generations, accessible finance(15:01) Uncorrelated yields: how DeFi consistently outperforms traditional money markets(16:28) Rate compression outlook: 18-month forecast and interest rate arbitrage opportunity(17:54) Stress test results: $200M liquidated in October, $500M this week without breaking(18:45) Stani's legacy: building for global financial wellness and open innovation(20:12) Infrastructure maturing into real finance: stablecoins, onchain lending, institutionsHost: Erin Gambrel (The Blonde Broker)Host Socials: @theblondebroker (X) | @blondebrokerofficial (Instagram)Guest: Stani Kulechov Role: Founder, Aave Labs Guest Socials: @StaniKulechov (X) | @Aave (Aave)Note: This podcast is for informational purposes only. Views shared are opinions, not financial advice. The host or guests may have financial interests in discussed content.