The Breakdown
Blockworks
The Breakdown dives into the deepest topics in crypto, blockchain, and the macro forces shaping markets and power structures. Each episode breaks down complex ideas into clear, grounded analysis — separating signal from noise across crypto, finance, and geopolitics.
Hosted by David Canellis, The Breakdown features explainers, interviews, and conversations with the people building, regulating, and challenging the financial system.
A Blockworks podcast.
Subscribe to The Breakdown newsletter: https://the-breakdown.carrd.co/
Hosted by David Canellis, The Breakdown features explainers, interviews, and conversations with the people building, regulating, and challenging the financial system.
A Blockworks podcast.
Subscribe to The Breakdown newsletter: https://the-breakdown.carrd.co/
Episodes
Mentioned books
Mar 26, 2026 • 44min
Privacy & Institutional Crypto's [Redacted] Future | The Breakdown
Catherine Gu, Solana product lead building privacy modules for enterprise; Eric Svarnicki, Canton Network co-founder enabling on-chain privacy and composability for institutions; Janik Schrade, Archeum CEO focused on encrypted execution for confidential computation. They discuss institutional privacy needs, tradeoffs between privacy and composability, encrypted execution, compliance-friendly disclosures, and pragmatic paths to adoption.
Mar 24, 2026 • 22min
Investor Relations in the Onchain Era
A new onchain investor relations approach is unveiled, using real-time blockchain data to boost transparency and standardization. The conversation covers token supply growth, why token prices lag despite rising onchain revenue, and the trust gap from fragmented disclosures. The platform’s features include branded investor portals, analytics, and advisory services to create measurable, proactive IR for token projects.
Mar 24, 2026 • 28min
Are We Measuring Crypto All Wrong? | Nick Almond
Nick Almond, head of governance at JITO Foundation and crypto governance expert, explores how we measure crypto networks. He discusses differing endgames for Ethereum and Solana. He weighs trade-offs between decentralization, resilience, and market-fit. He questions common metrics and highlights alternative ways to think about autonomy, permissionlessness, and value capture.
Mar 19, 2026 • 48min
The Macro Chain Reaction of Oil Shocks | Forward Guidance
Bob Elliott, macro investor and Non-Consensus Substack author, outlines how oil shocks can lift inflation while cutting growth and squeeze household spending. He compares 2024 risks to 2022, 2008 and the 1970s. He explains central bank responses, bond risk premia, winners and losers across countries, and where markets may be underestimating extended oil disruptions.
Mar 17, 2026 • 22min
Why I’m Hosting The Breakdown | David Canellis | The Breakdown
A new host introduces his crypto origin story and the pivot from freelance writing to full-time crypto journalism. He compares crypto cultures across regions and reflects on institutional shifts since 2021. He explores tensions between centralization and decentralization. He discusses AI’s growing role and how AI and crypto might converge around identity and autonomy.
14 snips
Mar 12, 2026 • 33min
The Real Forces Moving Bitcoin Now | Marc Arjoon
Marc Arjoon, Blockworks Research analyst and Inflection Point host, breaks down institutional flows, ETF market structure, and shifting Bitcoin mining economics. He highlights miner supply dynamics and profitability pressures. He explores how ETFs, futures basis trades, and institutional types reshape market behavior.
12 snips
Mar 10, 2026 • 22min
Bitcoin’s Halving Cycle Isn’t What You Think | The Breakdown
Marc Arjoon, Blockworks Research analyst and Inflection Point host, brings research-driven market analysis to the conversation. He discusses whether Bitcoin’s halving still matters, miner behavior and inventories, and how institutional flows like ETFs and treasury buyers reshape market rhythms. Short, sharp takes on narrative versus supply and which investor types really move the market.
Mar 5, 2026 • 34min
AI Agents and the Next Wave of Crypto Demand | The Breakdown
Haseeb Qureshi, managing partner at Dragonfly Capital and crypto investor-analyst, brings sharp takes on token valuation and disclosures. He explores why transparency matters but does not alone set prices. He also discusses how AI agents transacting on-chain could boost demand and how value might spread across multiple chains.
Mar 5, 2026 • 1h 4min
Introducing: Inflection Point | The Crypto-TradFi Convergence
Michael Mark Antonio, Head of DeFi at Galaxy Digital, bridges DeFi to institutions. Matt Hogan, CIO at Bitwise, runs large crypto ETF operations. David Lawan, Head of Research at Anchorage Digital, focuses on custody and institutional infrastructure. They discuss TradFi and crypto converging, ETF-driven flows, DeFi’s institutional case, market-structure shifts, options and yield dynamics, and onchain finance opportunities.
Mar 3, 2026 • 31min
Crypto VC Is Not The Problem | The Breakdown
Haseeb Qureshi, managing partner at Dragonfly Capital and crypto investor/commentator. He breaks down token premium, price-to-fee frameworks, and when fundamentals actually matter. He also covers why retail sees early tokens, disclosure and market-structure issues, and how AI may reshape venture dynamics.
