Inflection Point

Mark is taking some well deserved family time for this episode SO we have a special guest filling in, Avil Felman of BlockTower. Avi is deep in the crypto ecosystem and a born trader, this episode was a blast.We covered Thanksgiving's sell off, whether or not we are in a supercycle, the hype around the metaverse, and what he sees happening in the NFT market.Not an episode to miss, hope you all enjoy.--Ledger:This episode is brought to you by Ledger, your secure gateway to buy, exchange and grow your crypto.Combine a Ledger hardware wallet with the Ledger Live app to access all your favorite crypto services & DApps from one place. All that with the best security.Visit https://onthemargin.link/ledger and make your crypto journey easier and safer.--Coinbase Prime:On The Margin is supported by Coinbase Prime, an integrated solution that provides advanced multi-venue trading, custody, and prime services for institutions.For more information go to https://onthemargin.link/coinbase---On the Margin is brought to you by Blockworks, a financial media brand delivering breaking news and premium insights about digital assets to millions of investors. For more content like this, subscribe to Blockworks' free daily newsletter: https://blockworks.co/newsletter/

In this episode of On The Margin, Mike is joined by Demetri Kofinas, a media entrepreneur, financial analyst and host of the renowned Hidden Forces podcast. Demetri returns to On The Margin to share his thoughts on the great divide in America, the state of the media, the failing trust in institutions, the effect of globalization on the U.S worker & inflations effect on wealth inequality.--Ledger:This episode is brought to you by Ledger, your secure gateway to buy, exchange and grow your crypto.Combine a Ledger hardware wallet with the Ledger Live app to access all your favorite crypto services & DApps from one place. All that with the best security.Visit https://onthemargin.link/ledger and make your crypto journey easier and safer.--Coinbase Prime:On The Margin is supported by Coinbase Prime, an integrated solution that provides advanced multi-venue trading, custody, and prime services for institutions.For more information go to https://onthemargin.link/coinbase---On the Margin is brought to you by Blockworks, a financial media brand delivering breaking news and premium insights about digital assets to millions of investors. For more content like this, subscribe to Blockworks' free daily newsletter: https://blockworks.co/newsletter/

In this week's round up, Mark and I kick things off with some good old fashioned chart analysis. First off - credit where credit is due, I got these charts from the Bankless interview with Benjamin Cowen. Phenomenal episode, I highly recommend you check it out.We took a look at what appears to be lengthening cycles in crypto, diminishing returns of each cycle, and a general reduction in volatility. Next we went on to take a look at some economic data, mainly the Philadelphia Fed's Manufacturing Index and Initial Jobless Claims. Finally, we ended things on Gemini's $400 million raise led by none other than Mark himself.To hear what he has to say, give the episode a listen.--Ledger:This episode is brought to you by Ledger, your secure gateway to buy, exchange and grow your crypto.Combine a Ledger hardware wallet with the Ledger Live app to access all your favorite crypto services & DApps from one place. All that with the best security.Visit https://onthemargin.link/ledger and make your crypto journey easier and safer.--Coinbase Prime:On The Margin is supported by Coinbase Prime, an integrated solution that provides advanced multi-venue trading, custody, and prime services for institutions.For more information go to https://onthemargin.link/coinbase---On the Margin is brought to you by Blockworks, a financial media brand delivering breaking news and premium insights about digital assets to millions of investors. For more content like this, subscribe to Blockworks' free daily newsletter: https://blockworks.co/newsletter/

In this episode of On The Margin Mike is joined by Jeff Snider of Alhambra Investments & Emil Kalinowski, Mining & Metals Researcher. Jeff & Emil are hosts of Eurodollar University, a podcast dedicated to analyzing the 2007 malfunction of the monetary system - and how its continuing disorder - affects finance, politics and society. Jeff & Emil share their thoughts on the myth of central banking, the Fed's effect on financial markets, why QE is not money printing, the interest rate fallacy & the role of Bitcoin & digital assets.--Ledger:This episode is brought to you by Ledger, your secure gateway to buy, exchange and grow your crypto.Combine a Ledger hardware wallet with the Ledger Live app to access all your favorite crypto services & DApps from one place. All that with the best security.Visit https://onthemargin.link/ledger and make your crypto journey easier and safer.--Coinbase Prime:On The Margin is supported by Coinbase Prime, an integrated solution that provides advanced multi-venue trading, custody, and prime services for institutions.For more information go to https://onthemargin.link/coinbase---On the Margin is brought to you by Blockworks, a financial media brand delivering breaking news and premium insights about digital assets to millions of investors. For more content like this, subscribe to Blockworks' free daily newsletter: https://blockworks.co/newsletter/

In this week's episode, we kicked things off with an honest review of Solana's Breakpoint conference which I have been at for the past week. I had two big takeaways from the conference:1. Solana is going to endure well beyond this market cycle2. We are approaching a top in the current market cycleThe folks at Solana absolutely hit it out of the park with this conference, and there were lots of great projects building on the ecosystem. In particular, I was most interested to hear from the developers building out financial primitives (banking interfaces, decentralized options, structured, projects, etc...). But there were plenty of signs of excess, which Mark and I get into in the episode.After the Solana recap, we got into the 6.2% October CPI print, and took a look at historical comparisons of the 1940s and 1970s. After that we moved onto signs of excess speculation in the market, with a particular focus on spot and option trading volumes. We also took a look at historical S&P earnings and valuation metrics, and finally ended with conflicting narratives on household debt.--Ledger:This episode is brought to you by Ledger, your secure gateway to buy, exchange and grow your crypto.Combine a Ledger hardware wallet with the Ledger Live app to access all your favorite crypto services & DApps from one place. All that with the best security.Visit https://onthemargin.link/ledger and make your crypto journey easier and safer.--Coinbase Prime:On The Margin is supported by Coinbase Prime, an integrated solution that provides advanced multi-venue trading, custody, and prime services for institutions.For more information go to https://onthemargin.link/coinbase---On the Margin is brought to you by Blockworks, a financial media brand delivering breaking news and premium insights about digital assets to millions of investors. For more content like this, subscribe to Blockworks' free daily newsletter: https://blockworks.co/newsletter/

In this episode of On The Margin, Mike is joined by returning guests Lyn Alden & Jurrien Timmer. Lyn is the founder of Lyn Alden Investment Strategy and Jurrien Director of Global Macro at Fidelity. Lyn and Jurrien discuss the long term debt cycle, how the 2020's compare with other periods of history, is the traditional 60/40 portfolio dead, Bitcoin as a hedge for bonds, the effect of inflation on inequality & their outlook for the U.S Dollar.--Ledger:This episode is brought to you by Ledger, your secure gateway to buy, exchange and grow your crypto.Combine a Ledger hardware wallet with the Ledger Live app to access all your favorite crypto services & DApps from one place. All that with the best security.Visit https://onthemargin.link/ledger and make your crypto journey easier and safer.--Coinbase Prime:On The Margin is supported by Coinbase Prime, an integrated solution that provides advanced multi-venue trading, custody, and prime services for institutions.For more information go to https://onthemargin.link/coinbase---On the Margin is brought to you by Blockworks, a financial media brand delivering breaking news and premium insights about digital assets to millions of investors. For more content like this, subscribe to Blockworks' free daily newsletter: https://blockworks.co/newsletter/

In this episode, Mark and I spent a good deal of time covering "inflation related" topics. First we dug deep into retirees leaving the workforce at an accelerated rate, and a look at the jump in wages in the banking sector. Here is the Tweet I referenced, thank you Skanda Amarnath!Next we took a look at what at first sign appeared to be signs of stress in emerging markets - high yield spreads in China, and emerging market funding stress. But we did a little digging and found a more comprehensive index called the OFR Financial Index, which tracks a broader range of categories (credit, funding, equity valuations, volatility, etc...) and found that we are within the normal range.We ended the charts portion of the show on a chart of the 20-day moving average of call options traded, which is spiking. We went back and forth a bit about Elon Musk, sorry guys I looked for the article that I referenced and I can't find it. 10 of my finest steeds to the person who can find the article I'm referencing.To round off the show, Mark and I went into our own personal experience in crypto and what has made some investors successful and others not so. For details on that, you'll have to listen to the episode.--Ledger:This episode is brought to you by Ledger, your secure gateway to buy, exchange and grow your crypto.Combine a Ledger hardware wallet with the Ledger Live app to access all your favorite crypto services & DApps from one place. All that with the best security.Visit https://onthemargin.link/ledger and make your crypto journey easier and safer.--Coinbase Prime:On The Margin is supported by Coinbase Prime, an integrated solution that provides advanced multi-venue trading, custody, and prime services for institutions.For more information go to https://onthemargin.link/coinbase--Meet with investors and financial industry leaders at the Digital Asset Summit in London, November 15 & 16. For a limited time, use code YOUTUBE for £75 off your tickets. https://blockworks.co/events/das-london/

In this episode of On The Margin, Mike is joined by Mike McGlone, the Senior Commodity Strategist at Bloomberg Intelligence. Mike shares his thoughts on the Bitcoin futures ETFs, the outlook for an Ethereum ETF, crypto market cycles, commodity price increases, the deflationary forces of technology and the incoming Bitcoin supercycle.--Ledger:This episode is brought to you by Ledger, your secure gateway to buy, exchange and grow your crypto.Combine a Ledger hardware wallet with the Ledger Live app to access all your favorite crypto services & DApps from one place. All that with the best security.Visit https://onthemargin.link/ledger and make your crypto journey easier and safer.--Coinbase Prime:On The Margin is supported by Coinbase Prime, an integrated solution that provides advanced multi-venue trading, custody, and prime services for institutions.For more information go to https://onthemargin.link/coinbase--Meet with investors and financial industry leaders at the Digital Asset Summit in London, November 15 & 16. For a limited time, use code YOUTUBE for £75 off your tickets. https://blockworks.co/events/das-london/

In this week's show, Mark and I dive deep into investor preferences. The first chart that we look at is a fun one from Michael Batnick of the S&P since March of 09 annotated with mini investor panics (GM and Chrysler file for bankruptcy, European debt crises, multiple government shut downs, COVID, etc...). Spoiler alert: the number goes up, and dips should always be bought.Next we take a look at investor sentiment on bonds, which is the lowest it's been since 2000 according to a survey conducted by Bank of America. Consequently, aggregate capital allocation from households, mutual funds, pension funds and foreign investors is 52% allocated to stocks, even higher than it was at the peak of the dot com mania.Mark and I take a deep look at structural growth through the lens of some fun charts we found courtesy of Raoul Pal at Global macro investor, and we end with a look at the "Quarterly Earnings" of the Ethereum network. The name that I couldn't remember during the episode was Ben Giove, thanks Ben and Bankless for the stellar info.Mark and I spent the entire second half of the show talking about Eth and Facebook's pivot to Meta. For that info though, you're going to have to watch the show.--Ledger:This episode is brought to you by Ledger, your secure gateway to buy, exchange and grow your crypto. Combine a Ledger hardware wallet with the Ledger Live app to access all your favorite crypto services & DApps from one place. All that with the best security. Visit https://onthemargin.link/ledger and make your crypto journey easier and safer.Coinbase Prime:On The Margin is supported by Coinbase Prime, an integrated solution that provides advanced multi-venue trading, custody, and prime services for institutions. For more information go to https://onthemargin.link/coinbase --Meet with investors and financial industry leaders at the Digital Asset Summit in London, November 15 & 16. For a limited time, use code YOUTUBE for £75 off your tickets. https://blockworks.co/events/das-london/

In this episode of On The Margin Mike is joined by Mike Green of Simplify Asset Management & Alex Gladstein of the Human Rights Foundation. Mike & Alex sit down to debate the role of Bitcoin from opposing angles, discussing wether a Bitcoin standard benefit the U.S, what is the role of Bitcoin for those living under authoritarian regimes, government response to Bitcoin, the war on cash, CBDCs, Stablecoins & the role of sound money in society.--Ledger:This episode is brought to you by Ledger, your secure gateway to buy, exchange and grow your crypto.Combine a Ledger hardware wallet with the Ledger Live app to access all your favorite crypto services & DApps from one place. All that with the best security.Visit https://onthemargin.link/ledger and make your crypto journey easier and safer.Coinbase Prime:On The Margin is supported by Coinbase Prime, an integrated solution that provides advanced multi-venue trading, custody, and prime services for institutions.For more information go to https://onthemargin.link/coinbase--Meet with investors and financial industry leaders at the Digital Asset Summit in London, November 15 & 16. For a limited time, use code YOUTUBE for £75 off your tickets. https://blockworks.co/events/das-london/