This podcast episode explores the current cycle and macroeconomics, the views on interest rate cuts and the concept of the Shanghai Accord. It also discusses PITS and the likelihood of Ethereum (ETH) approval by the SEC. The correlation between futures and spot markets, the interest in Bitcoin and Ethereum ETFs, and the performance of Grayscale's ETFs are examined. The conversation covers the global economy, the potential for a supercycle in the crypto market, and the importance of money market funds. It touches on the profitability of Tether and the challenges of regulating stablecoins. The section concludes with discussions on the stablecoin bill in Washington DC and the future of the industry.