Unchained - Why CoinFund Believes There’s Still a Strong Bull Case for Bitcoin and Crypto - Ep. 816

Starting point is 00:00:00 Two key messages that we got out of the last few days. Stimulus is coming and there is a Trump put on the market. New information for both of those. And when we combine that with the fact that policy has been so positive for crypto year to date, obviously with macro clouds kind of not letting that positive policy shine through quite yet in prices. And then fundamentals, institutional engagement and adoptions really starting to come. together. I think we can kind of see the light at the end of the tunnel in the medium to long term, but you don't need to rush there, right? Let the dust settle. Let the actual tariff

Starting point is 00:00:44 implementation come into play. See what comes out of these bilateral negotiations. Hi, everyone. Welcome to Unchained. You're no high resource for all things crypto. I'm your host, Laura Shin. We are now featuring quotes from listeners on the show. Today we have a comment responding to Arthur Hay's spicy take on Circles IPO filing on a recent episode of Unchained. On X, Satoshi Katamoto says, quote, given his public comments on the matter, his private thoughts about some people in this space would be worth the price of admission. To have your comment featured, write a review of the podcast overall or leave a comment on our video on YouTube X or Farcaster. This is the April 11th, 2020.

Starting point is 00:01:30 episode of Unchained. Bitkey is the Bitcoin wallet from the team behind Square and Cash app. It's the first two of three multi-sick hardware wallet with recovery tools that replace the need for a seed phrase. Get 20% off with code unchained. In an AI that speaks crypto and does the work of a team of analysts. Introducing Focal by Falcon X, bringing clarity to a world of noise. Visit askfocal.com.

Starting point is 00:02:00 Mantle is building the future of on-chain finance. Experience its enhanced index fund, mantle banking, and mantle X. Visit group.mantle.x.combe, today's guest is Seth Gins, managing partner at Coin Fund. Welcome, Seth. Thanks for having me, Laura. This week, the world went through the same kind of roller coaster that crypto generally goes through on the regular. At the moment, we're recording on Thursday, and the markets are plunging for the second time this week. But on Wednesday, they were surging.

Starting point is 00:02:32 All of these gyrations got kicked off last week with Trump's announcement of imminent tariffs, though the full impact on the markets continue to play out early this week. Before he reversed course on at least some of the plans. So why don't you give us the recap of the events this week, how the market reacted, and why you think Trump reversed his own stance from last week. Yeah, thanks, Laura. So I think if we start on Saturday, Saturday was the implementation of the first part, of the tariffs that were announced in the Rose Garden. That was 10% across the board. And then

Starting point is 00:03:07 Wednesday of this week was the announcement of when we were going to have the additional tariffs put on. And we had a ratcheting up of tariffs that were put on China throughout the week. And come Wednesday, we ended up having tariffs put on. And then an announcement early in the day, or actually midday East Coast time that there was going to be a 90-day pause on the implementation of tariffs over the initial amount for everyone except for China. And for China, we were going to have 125% tariffs put into place. And then actually on Thursday, there was an amendment to that saying, actually, it's not 125. It's 145%. So now what did the market do through that whole price? process. The market, as we approached midnight on Wednesday morning, was showing more and more

Starting point is 00:04:06 signs of stress. So as we were in the pre-implementation period for the additional tariffs, you saw a bunch of market indicators showing that there was emerging stress across equities, across credit markets, and crypto markets were also showing that stress. And we had a big down day on Tuesday. On Wednesday, we opened with what looked like a good amount of weakness. And part of what was driving that was, again, these stress indicators really showing flashing red and sending a signal to the administration that things were starting to break. And we've gotten some recaps now of what was happening behind the scenes. And they were watching the credit indicators very closely. This administration has talked about how they're very focused on getting

Starting point is 00:05:00 the 10-year yield down. There's a lot of credit refinancing that we have to do as the U.S. in the back half of this year, actually starting right about now. And we actually saw an immense amount of volatility in treasury yields as we approach the implementation deadline at midnight when morning. That caught the president's attention, as well as advice from a number of people in business and within the administration around him that pointed to the need to drive negotiations rather than implement the full tariffs. And that was what was announced midday on Wednesday. And we got a big relief rally when the 90-day reprieve for negotiations was put in place. Yeah, the whole thing was definitely, yeah, just very head-spinning.

Starting point is 00:05:58 All of this chaos hit crypto prices as well, a little belatedly, though. Initially on Liberation Day, when Trump announced the tariffs, Bitcoin dropped from the high 80,000s to the low 80,000s, which a lot of people, you know, remarked it was holding it better than expected. On Monday, though, it did finally plunge, along with the rest of the market, to below 75K at one point. although after Trump announced the 90-day posit jumped back above 80K, but at the time we're recording, it is now back below 80K and 79K.

Starting point is 00:06:30 So why do you think this tariff news has affected crypto so much? Because there was this idea that, you know, tariff was crypto immune. Or sorry, crypto was tariff immune. So like, why do you think it's hitting crypto? Yeah. The most straightforward answer is when you have equities. and credit being affected by macro uncertainty, it's really hard for crypto to avoid it. There's a part of Bitcoin's price that is driven by this idea of store of value in digital

Starting point is 00:07:02 gold, but there's also a part of it that reflects the fact that it's early in its life cycle, it's secular growth, and it has periods of time and an element of its trading that's tied to the NASDAQ that's tied to risk on factors. And then broader crypto very much is early stage tech investing and high beta exposure to what's happening in tech equity. So that's why when you see an environment historically where Bitcoin is holding up, but equities and credit are showing a lot of volatility, the odds on bet is that Bitcoin will catch up. The time when that doesn't tend to happen is when you're deep into the drawdown. And you might be seeing Bitcoin signal that we're starting to hit an inflection point. But that's usually after we've had a bunch of stimulative announcements,

Starting point is 00:07:58 not still relatively early in people assessing the risks in the market and relatively early in the drawdown. And so at this point where we still have these 10% tariffs across the board, except for China, the steeper tariffs are paused for 90 days. What are you looking at to kind of forecast where the markets will come? go during that time. Are there any, yeah, specific, I don't know, metrics or even political signs that you're going to be weighing? I think there are few things to think about. I think what we're looking for in this type of environment is what are the big overarching dynamics? What are the messages that we're starting to see come together? And one of those, I think, is stimulus is coming.

Starting point is 00:08:45 Right. So when there was the ratcheting up of tariffs on China, we immediately started to see commentary out of the press in China about more stimulus. So obviously when China does stimulus, it has a big impact globally. And we're seeing that start to roll out on a broader basis. We're not seeing it yet from the Fed, but the U.S. will be in on that game relatively quickly. So stimulus is coming is big point number one. And then number two is we weren't sure if there was a point where the Trump administration was going to step in and kind of change their positioning in order to protect the market. And we started to tease out what those contours are. What elements of markets breaking are top of mind for them and trigger a response?

Starting point is 00:09:43 And what we saw was when Treasury volatility really starts to pick up, that's kind of their line in the sand where they'll step in and start to try to drive policy changes that can cushion the market. So again, two key messages that we got out of the last few days. Stimulus is coming and there is a Trump put on the market, new information for both of those. And when we combine that with the fact that policy has been so positive for crypto year to date, obviously with macro clouds kind of not letting that positive policy shine through quite yet in prices, and then fundamentals, institutional engagement and adoptions really starting to come together. I think we can kind of see the light at the end of the tunnel in the medium to long term, but you don't need to rush there, right?

Starting point is 00:10:39 Let the dust settle. Let the actual tariff implementation come into play. See what comes out of these bilateral negotiations. But we think there's a little bit of what the end state looks like with stimulus, with a backstop. That's coming together. And it's very different from 22, where the Fed was very clear that they had one objective, which was getting inflation down and they were willing to let the economy

Starting point is 00:11:12 really go deep into a recession if needed to do that. We're seeing that the contours of this dynamic are different. Okay, so in a moment, we're going to talk a little bit about where we think that, you know, things will go for the rest of year in the markets, but first, a quick word for the spots we see, make this show possible. Bitkey is the only Bitcoin wallet on Time Magazine's best inventions list

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Starting point is 00:12:40 Get clarity in a world of noise with Focal. Learn more at askfocal.com. We have another listener comment responding to my interview with Arthur Hayes. On Farcaster, Antar writes, quote, must admit I faded his strong conviction that Trump's inauguration was the top and that they would engineer a financial crisis. Those who acted on that hunch can now go on a shopping spree in the bargain basement. Again, if you want to hear a comment featured on the show,

Starting point is 00:13:06 show, please write a review or leave a comment on an episode on YouTube X or Farcaster. Back to my conversation with Seth. So when you mentioned that there's stimulus coming, the way I hear that it coded in crypto terms is a bull market's coming. You know, Arthur Hayes was recently on the show and he, you know, basically always talks about how he just looks at how much money there is really, basically for what the crypto market's going to do. So are you saying that like people should be bullish?

Starting point is 00:13:36 Well, I think in the short run, people should be cautious. I don't think you want to be too aggressive right now. But yes, I think when you look at lead indicators and lead indicators can be global M2. So monetary base is showing that we should have a tailwind for crypto in the relative near term. When you look at the signs of stress in the market right now, and I'll throw out a bunch of different indicators, bud, whether it's the VIX, which shows you the stress in the equities market, whether it's the move index, which shows you the stress in the treasuries market, when you look at forward returns on a 30, 60, 90-day basis from when those indicators are showing the level of stress that they're showing now, they're quite positive. And the same should flow through for Bitcoin and probably broader crypto as well. So whether that's today, tomorrow, later this week, that that's something where there's a lot of volatility in the market right now. And I don't think you want to make that short term of a call. But when you're looking out any meaningful amount of time, the setup actually looks quite strong.

Starting point is 00:14:52 And then the question is from there, is it a high Bitcoin dominance environment? So is it a rebound where Bitcoin rebounds and the rest of crypto is still kind of lagging and waiting for enough stimulus to start moving higher? Or do we really get into a full-on alt-coin season? And I'd say, given where market stress is right now, the types of responses that we'll likely see from the Fed, from the administration, and again, from governments abroad, that would point to we're getting close to that transition where altcoins really start to take off. And it would be ironic because that's coming after a number of headlines just a month or two ago saying,

Starting point is 00:15:39 is this the crypto cycle with no altcoin cycle? Wait, so you think there will be an altcoin season still? I do. I think the question of whether the first move is just Bitcoin or broad-based, that's still yet to be settled. But I think the way things are breaking, the amount of pressure that we're seeing across the markets, equity, credit, and on a global basis right now, I think it points to a condition that would allow for altcoins to do very well in the medium to long term. And just because there can be different definitions of altcoins of that term, you mean anything

Starting point is 00:16:23 not Bitcoin or how are you defining that? So I'm defining it as Bitcoin domic. actually starting to go down. Oh, interesting. That would be Bitcoin's percentage of the overall market cap coming down, which has been a hallmark of alt-coin seasons where you have really good breath across the coins outside of Bitcoin. So you have a number of fundamentally driven tokens that start to outperform Bitcoin.

Starting point is 00:16:52 And we've had brief periods of time where that's happened most recently right after the election. But this cycle, we haven't had a sustained period of time. And you typically have a year to two years within the cycle of that playing out. Okay. So essentially, that would include L-1s. And so it's not even just kind of like whatever the latest craze is. But, okay. It would be both.

Starting point is 00:17:18 But there's a really interesting dynamic, which is now that we have policy coming into place for crypto in the U.S., now that we have a market structure, bill coming through Congress and the expectation that the rules of the road will be clarified sometime over the next year to 18 months. We're seeing tokens that have strong fundamentals, so that's revenue growth. That's if it's earlier stage, it can be daily active users. And then also, in addition to that fundamental growth, clear value capture in the token. So either buybacks or expectations for buybacks down.

Starting point is 00:17:57 the road where the team has been very clear that they want the token to accrue value. I think those two elements are going to be really important in differentiating the tokens that really start to see broader adoption versus the tokens that maybe are more of a flash in the pan. They can see a big run and then they fully retrace their run. So I think there's a maturation happening in the space. It's going to be a maturation that comes around real fundamental value capture. And I think that's a huge positive for the ecosystem. Okay.

Starting point is 00:18:34 Yeah, this is super interesting. You know, one other thing that I wanted to ask about because you kind of briefly alluded to this, but there's always been this thesis about Bitcoin being a hedge during times of volatility like this. But as you're probably aware, the thesis has not usually been vindicated. And I wondered if you feel like now we will start to see Bitcoin emerge as this safe haven asset that it's built to be?

Starting point is 00:18:59 So I think over time, as it matures, there's a good chance that it does take on that digital gold factor in a much heavier way. And in particular, I mean, gold serves a lot of purposes, but in particular, the one that you're talking about, which is a safe haven in periods of time where there's a lot of volatility, a lot of concerns and uncertainty. I think right now, because it's still early in its adoption, right? I mean, obviously, it's much more mature than it was five years ago, but it's still relatively early in its adoption. I think we're not quite at the same level of safe haven status as more established. And what does that mean practically? It means the number of entities around the world, including central banks that feel like they can use gold as a safe haven

Starting point is 00:19:55 in times of uncertainty is still a much deeper market than what you have for a similar type of institution for Bitcoin right now, but they're converging. And eventually Bitcoin will get there. And the risk on dynamics of Bitcoin will probably be more muted, will be minimalized, while that safe haven't component will be more emphasized. But that's not where we are right now. It's still early in its growth and it has this more risk-on factor as a component of how the market thinks about it. One other thing I'd say is if you look at Bitcoin's price versus gold, and this is just a very rough analysis, but generally speaking, when gold spikes higher, Bitcoin underperforms that spike higher. And we're in the midst of a pretty big spike higher in gold right now. But then as gold

Starting point is 00:20:52 settles at that new level, that's when you have a big step up in Bitcoin. And that kind of makes sense because right now gold is spiking higher because of all this uncertainty and fear. But what we're saying is the response to that uncertainty and fear is going to be stimulus and money printing. And that's really the tailwind as that uncertainty comes down and the certainty around the money printing comes up, that that's really Bitcoin and Cryptos, Big tailwind, the market regime where it does quite well. And actually, one last question about what you were saying earlier about like stimulus and stuff like that.

Starting point is 00:21:30 Do you think that that's only going to happen in a world where the tariffs continue to be on the table or be implemented? Or do you feel like if for whatever reason, because, you know, Trump really could truly do literally anything? Like, do you think if he completely backs off from his stance and everything goes back to how it was, you know, before January 20th? And like, do you feel like the stimulus? What do you think would happen then?

Starting point is 00:21:56 Would we still see stimulus? Or is that predicated on this notion that the tariffs will wreak havoc? So it's a question of degree. So in the background, we have governments around the world running deficits. They're going to have to stimulate in order to, so print money to fund those deficits over time. So that's the reason why there's this long-term secular bull case. for crypto, for Bitcoin that doesn't involve terrorists and wrecking havoc globally and fear and uncertainty. But when we look at what's happening right now, there's a question of how much is

Starting point is 00:22:37 this hurting risk appetite? And that's not just market risk appetite, but that's risk appetite from CEOs around the world to invest in their businesses. Is this driving us into a recession? is this driving us into a depression? How long do the terrorists have to stay out there in order to drive us into a recession, right? If they're all repealed quickly, the damage will probably be less severe than if they're kept in place longer. Obviously, they're nuances to all of this. These are not reciprocal tariffs. They're more holistic negotiating tactics.

Starting point is 00:23:17 So how do the different changes that will come into play in these trade relationships? How will they affect different economies globally? So I think the first question is how much pressure is going to be put on the global economy? The second question is, are we at a point where that pressure is likely to result in a response? And then from a policy perspective. And then the third really important question is, will that response be effective? Because if you remember in the global financial crisis in 0708, we had a number of responses that were too early and not significant enough.

Starting point is 00:23:57 And we got a little bit of a rally. And then the market went down again. And when the market crashes again and you see stress indicators increase, that's the market trying to elicit more of a stimulative response. So I think you have to ask, are we likely to get a response? I think the answer as of a few days ago is yes, we now are starting to see the contours of how we get that. Will it be enough?

Starting point is 00:24:24 Well, that's really the, what it will be and will it be enough is really what we're trying to prosecute in the market today, because the market is starting to say, I'm not sure that the response is enough yet. And that kind of gets to the heart of your question. Okay, well, last question. The crypto industry was at least financially a huge factor in pushing the red wave in Congress. They definitely played a notable role in getting Trump himself elected. There were, you know, a bunch of notable people in crypto who, you know, were even switching sides. They said that they were a longtime Democrats that were going to vote for him.

Starting point is 00:25:00 When you take into account everything that Trump has done in crypto, you know, you mentioned, well, it's not, I guess it's not necessarily Trump, but you understand like the new administration ranging from regulations, but even, of course, including things like his meme coins, hit the Trump family's involvement in World Liberty Financial, but then, you know, on the other hand, the things like the strategic Bitcoin Reserve, et cetera, do you feel like overall he has been a positive for the space or not? So obviously the space right now is being hit really hard by the macro dynamics and those are very much Trump policy. So, but let's set aside macro. and just talk about the things that have happened for crypto, I would say the administration

Starting point is 00:25:45 has delivered about 150% more than I would have expected. And I was fairly optimistic about the changes that we were going to see. So that's across changes in the executive branch. That's across what the SEC has done even before having the new commissioner, Paul Atkins, confirmed just a few days ago, but lots of momentum there, dropping cases that were against the good actors in the industry very quickly, pushing the legislative agenda, the initiation of discussions around a strategic Bitcoin Reserve. So I think a lot has been delivered in record time, but that's been overshadowed in this short run by what's happening with tariffs and macro. And And that's one of the reasons why I think it's reasonable to be very positive on the medium to long term, because as these macro clouds part, you're left with a really powerful framework for a crypto industry that can thrive and be much bigger without the headwinds of government, actually having government kind of be on the sidelines and letting traditional finance, traditional businesses be comfortable.

Starting point is 00:27:07 engaging and really bringing a vibrant developer community back to the U.S. All right. Great. Well, it has been a super fun unpacking this really wild week with you. Thank you so much for coming on in Chained. Thanks for having me. Don't forget. Next up is the weekly news recap today presented by Wondercraft AI.

Starting point is 00:27:26 Stick around for this week in crypto after this short break. Mantle is revolutionizing its on-chain financial hub. Powered by a $4 billion treasury and proven products like Mantle Network and METH protocol, Mantle is launching three innovation pillars. Enhanced index fund for optimized crypto exposure, Mantle Banking for blockchain-powered banking, and Mantle X for AI-driven innovation. Experience the future of finance with Mantle and follow Mantle on X to stay tuned.

Starting point is 00:27:57 Welcome to this week's Crypto Roundup. In today's recap, we cover Circle's possible IPO delay amid market turbulence, tether's plans for a U.S. only stable coin, and Paul Atkins confirmation as SEC chair. We'll also look at the DOJ's surprise crypto enforcement rollback, a congressional probe in Argentina over the Libra meme coin scandal, and Galaxy Digital's push to list on NASDAQ. Plus, Ripple makes a $1.25 billion move into prime brokerage,

Starting point is 00:28:26 World Liberty Financial dumps ETH at a loss, and Connor McGregor's meme coin fails to land. Thanks for tuning in to the weekly news recap. Let's begin. Circle May delay IPO. Circle, the company behind the $60 billion USDC Stablecoin is reportedly reconsidering the timing of its public offering amid growing market instability triggered by U.S. trade policy. Just days after filing an S-1 registration with the SEC, sources told the Wall Street Journal that Circle is closely monitoring conditions and may postpone the listing depending on how markets respond to escalating tariffs introduced by the Trump administration.

Starting point is 00:29:04 The filing disclosed $1.68 billion in revenue for 2024, alongside $156 million in net income. Analysts also noted that Coinbase, its largest distribution partner, likely earns more from USDC than Circle itself. What I found was a business with real reach, but also deep fragility, wrote former Coinbase product director Rishi Dean. Circle isn't alone. Firms like the online brokerage E. Toro is said to be re-evaluating IPO plans. as uncertainty across public markets continues to grow. The company has not officially commented on any delay. Additionally, Ticketbroker Stubhub and Buy Now Pay Later Pioneer Clarnah

Starting point is 00:29:46 have officially delayed their planned IPOs this year. Tether Eyes. US only stable coin. Tether is exploring the creation of a US exclusive stable coin, signaling a potential pivot in strategy as American regulators push for stricter oversight of foreign crypto issuers. CEO Paolo Ardwano said the company has been involved in policy talks and may develop a dollar-peg token designed specifically for domestic use if new rules support stablecoin innovation. Such a product would act as a transaction-focused settlement currency aligned with evolving federal standards. Ardweino noted the Trump administration views stablecoins as a key financial tool within the U.S. system. Meanwhile, Binance is expanding its product line with LDUSDT, a new asset on.

Starting point is 00:30:33 allowing users to trade crypto futures while earning yield on previously locked USDT. This dual-purpose token builds on the platform's prior release of BFUSD and aims to boost flexibility for over 10 million Binance-earned participants. LDUSDT increases capital efficiency, said VP Jeff Lee, highlighting the benefit of merging liquidity with passive rewards. Paul Atkins, confirmed as SEC chair. The U.S. Senate confirmed Paul Atkins. as chairman of the Securities and Exchange Commission in a 52-44 vote,

Starting point is 00:31:09 largely along party lines on Wednesday evening. A former SEC commissioner under President George W. Bush, Atkins was nominated by President Trump and is widely seen as a proponent of reducing regulatory friction, particularly in the digital asset space. Atkins is expected to formalize several crypto policy changes already underway during the Trump administration's interim leadership. These include narrowing the SEC's oversight of areas like stable coins, meme coins, and proof of work mining. I sat down with Mr. Atkins to discuss digital asset legislation.

Starting point is 00:31:43 I'm confident his leadership will bring positive change. Senator Cynthia Lummis posted on X following the confirmation. Atkins takes over from Marcriada, who led a sweeping overhaul in early 2025 that rolled back many high-profile enforcement actions. He begins his term with an incomplete commission, as two-deflipers. Democratic seats remain vacant. DOJ dismantles crypto unit. The U.S. Department of Justice is halting enforcement actions against crypto platforms, such as

Starting point is 00:32:11 mixers and wallets, marking a major policy shift under the Trump administration. In a memo titled Ending Regulation by Prosecution, Deputy Attorney General Todd Blanch stated that services like Tornado Cash would no longer be held liable for how users employ them, even in cases of illicit activity. The department will now focus solely on pursuing individuals and groups directly involved in unlawful financing. Investigations inconsistent with this new guidance should be closed, Blanche wrote, adding that all conflicting policies were rescinded effective immediately. As part of the same directive, the DOJ has also disbanded the National Cryptocurrency Enforcement Team.

Starting point is 00:32:52 A unit formed in 2021 to tackle crypto-related crimes. The move aligns with President Trump's January executive order, promoting regulatory clarity and a lighter federal approach to digital assets. DOJ prosecutors were told the agency is not a digital assets regulator. This news comes approximately two weeks after Unchained, reported that the DOJ was a holdout among government regulatory bodies, such as the SEC, FDIC, and OCC in not changing its policies toward crypto. Argentina launches congressional probe into Libra scandal.

Starting point is 00:33:26 Argentina's Chamber of Deputies has approved three draft resolutions to investigate government officials tied to the controversial Libra meme coin project, which collapsed shortly after receiving public support from President Javier Millet. The resolutions call for a formal inquiry commission, the summoning of senior executive officials, including the chief of staff and ministers of economy and justice, and an official report on the matter from the government. The Solana-based Libra token launched in February

Starting point is 00:33:56 and briefly surged to a $2 billion valuation after Milay promoted it online, claiming it would support small businesses. The token later crashed by over 90%, prompting accusations of fraud and calls for Mili's impeachment. Kelsey Rventure's CEO Hayden Davis, who claimed to advise Miele on the project, is also under scrutiny. Davis is reportedly also linked to the Melania meme coin, which recently saw $30 million in community funds moved without explanation. An Argentine prosecutor has requested an Interpol red notice for Davis. Galaxy Digital prepares for NASDAQ listing. Galaxy Digital is set to become the latest crypto firm to list on NASDAQ,

Starting point is 00:34:36 following US regulatory clearance of its registration documents. The SEC declared effective the company's reorganization filing, paving the way for a shareholder vote on May 9th. If approved, Galaxy will shift its corporate headquarters from the Cayman Islands to Delaware and list under the ticker symbol, GLXY. The move comes as other crypto firms, such as Circle and Eatoro, pause IPO plans due to ongoing market volatility tied to trade policy uncertainty. Galaxy, however, is pushing ahead, buoyed by strong 2,024 financials. The company reported $346 million in profit and nearly $44 billion in trading volume,

Starting point is 00:35:17 though its revenue calculation includes the full value of all crypto transactions. Trump-linked Defy Project Dumps ETH, World Liberty Financial, the decentralized finance initiative supported by the Trump family, has begun offloading its ether holdings after sustaining significant losses. On-chain data from Arkham reveals that a wallet tied to the project sold 5,471 ETH, worth approximately $8 million, at a price of $1,465 per token. The assets were originally acquired at $3,259, translating into a realized loss, exceeding $125 million. Despite the sell-off, the wallet still retains about $98 million in digital assets, including $11.7 million in remaining ETH. The move comes just two months after Eric Trump publicly endorsed ETH, calling it a great

Starting point is 00:36:11 time to buy when the asset traded near Tweetian 80s. On the same day as the recent sale, Donald Trump echoed that sentiment on truth social, stating it was a great time to buy, while traditional markets reeled under the strain of escalating trade tensions. Moreover, World Liberty Financial on Monday proposed a live air drop test of its new USD1 stable coin to the firm's early supporters on Ethereum, as part of efforts to showcase the token's on-chain functionality ahead of full deployment. Ripple moves into prime brokerage. Ripple has announced a $1.25 billion agreement to acquire hidden

Starting point is 00:36:47 a prime brokerage firm serving over 300 institutional clients and clearing more than $3 trillion in annual volume. The acquisition marks one of the largest in Ripple's history and further integrates the company into traditional financial infrastructure. As part of the deal, Hidden Roads operations will transition to Ripple's XRP ledger, XRPL, which is expected to streamline settlement processes and reduce transaction costs. Ripple's R-L-USD stable coin will also take on a central role, serving as collateral for Hidden Road's brokerage services and enabling cross-margining between crypto and traditional assets. This truly brings the worlds of traditional and decentralized finance together, said Ripple CEO Brad Garlinghouse. The deal is expected to close in the coming months. Fun bits. McGregor's crypto punch misses the mark.

Starting point is 00:37:39 Connor McGregor may know how to land a knockout in the octagon, but his real token face-planted before the bell even rang. Despite flexing it to 57 million followers between X and Instagram, the crypto project raised just 39% of its $1 million goal in a 28-hour pre-sale. The would-be meme coin, backed by Real World Gaming Dow, aimed to have a $120 million fully diluted valuation. Instead, only 668 Brave Souls showed up. We didn't hit our minimum, the team admitted on X. Refunds are inbound, and, Apparently so is a comeback. Guess even in crypto, you can't win them all with trash talk.

Starting point is 00:38:18 And that's all. Thanks so much for joining us today. If you enjoyed this recap, go to UnchainedCrypto.com newsletter. That is Unchained Crypto.com newsletter and sign up for our free newsletter so that you can stay up to date with the latest in crypto. Unchained is produced by Laura Shin with help from Matt Pilchard, Juan Oranovich, Megan Gavis, Pamma Jumdar, and Margaret Korea. The weekly recap was written by Juan Aranovich. and edited by Stephen Erlich. Thanks for listening.

Unchained - Why CoinFund Believes There’s Still a Strong Bull Case for Bitcoin and Crypto - Ep. 816

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