Skews, Spreads and the Battle for Perp DEX Supremacy
In this episode, we dig into whether there’s more downside ahead or if the worst is now behind us following the leverage flush on October 10. We discuss how elevated altcoin open interest set up cascading liquidations and why the reset cleans up positioning but doesn’t guarantee direction. Flows remain mixed with limited BTC dip‑buying, a concentrated ETH bid, and some ETF outflows—so we prefer reactive over anticipatory positioning until breadth improves. Finally, a growing privacy theme centers on Zcash, with momentum holding even through the drawdown. Into next week, a 25bps Fed cut is the base case, though a dovish Beige Book is increasing the odds of the board front loading the easing cycle into early next year.Speakers:David Duong, CFA - Global Head of Investment ResearchGeorg Toropov - Senior CES Sales TraderColin Basco - Research Associate Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.
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31:33
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31:33
Crypto’s Flash Crash
The phrase “Black Friday” now carries a very different connotation for crypto market participants following Friday’s flash crash that saw $19B in leveraged positions wiped out. Ostensibly, the catalyst for the move was the announcement of 100% tariffs and new export controls on China (subsequently walked back), but the unprecedented scale of the move suggests many moving parts to the story. We break down the main vectors contributing to the sell off, including the market’s massive liquidity drain, the collateral valuation mechanics of certain crypto-trading platforms, and the role that auto-deleveraging mechanisms played. We also discuss the lessons being learned in the aftermath and what this means for both retail and institutional investors going forward.Speakers:David Duong, CFA - Global Head of Investment ResearchJoshua Pak - Senior CES Sales TraderColin Basco - Research Associate Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.
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35:27
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35:27
Market Renaissance and Infrastructure Overhaul
Bitcoin pushed past $125,000 this week as US spot ETFs saw massive inflows, and corporate treasuries added to their reserves. With the US government shutdown, what data should we be looking at for markets? Meanwhile, SWIFT’s recent blockchain announcement suggests traditional finance is rapidly adapting to crypto realities, while Stripe’s revolutionary “Open Issuance” platform democratizes stablecoin creation with backing from BlackRock and Fidelity. In other topics, are you sick of hearing about gold? Too bad because we talk about it. On the regulatory side, the CFTC launched its Tokenized Collateral and Stablecoins Initiative as regulators embrace crypto derivatives, and the SEC has been making headlines with its no-action letters and new fast-track standards for crypto ETF listings. This episode is perfect for institutional investors, crypto researchers, DeFi builders, and anyone tracking the intersection of traditional finance and digital assets.Speakers:David Duong, CFA - Global Head of Investment ResearchColin Basco - Research Associate Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.
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30:11
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30:11
Uninspiring Price Action, Slowing TVL Growth, and RWA on Avalanche
This episode breaks down the key turning points in the current macro environment, exploring why risk assets are struggling despite recent Fed dovishness and what’s driving the recent pause in DeFi total value locked (TVL) growth, even as markets search for new catalysts. The conversation moves into real-world adoption, examining fresh stablecoin and asset-tokenization initiatives on Avalanche, and considers the broader implications for digital asset treasury (DAT) markets—including the merger between Strive and Semler Scientific. We offer insights from our latest institutional research, touching on the impending US government shutdown, the evolving regulatory landscape and major onchain trends.Speakers:David Duong, CFA - Global Head of Investment ResearchColin Basco - Research Associate Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.
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27:43
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27:43
Crypto Liquidations Drive Markets Lower
This week, the team analyzes the liquidation-driven downturn in BTC, ETH, and altcoins, alongside the broader macroeconomic outlook for Q4. Plus, Colin provides an in-depth analysis of ETH fundamentals, DAT activity, and developments on Base.Speakers:- Joshua Pak, Senior CES Sales Trader- Colin Basco, Institutional Research Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.
Netherlands