The Crypto Market Structure Has Changed and Rising Tides May No Longer Lift All Boats

In this episode of Unchained, host Laura Shin interviews Jason Pagoulatos, head of markets at Delphi Digital, and later Jordan Yeakley, DeFi research lead at Delphi Digital, about Delphi Digital's 2026 predictions. Jason discusses the potential invalidation of the four-year crypto cycle due to shifting macro conditions, the importance of discerning investment strategies, and the impact of events like the 1010 liquidations. He also touches on the influence of emerging technologies and the shift towards a "stock picker's market" in crypto. Jordan discusses the super app thesis, highlighting Coinbase, Robinhood, and X as major contenders, and examines the potential for social media integration and financial service consolidation within these platforms.

Outlines

Part 1: Market Cycles and Macro Context

Part 2: Sector Analysis and Specific Assets

Part 3: Emerging Trends and AI

Part 4: The Super App Thesis and Consumer Platforms

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Unchained

Part 1: Market Cycles and Macro Context

The Four-Year Cycle and Macroeconomic Influences on Crypto Markets

Discerning Investment Strategies and the Role of Gold as a Bitcoin Indicator

The Impact of 10/10 Liquidations and Year-End Market Apathy

Macroeconomic Risks, New Tech Industries, and Crypto's Maturation

Part 2: Sector Analysis and Specific Assets

The Shift to a Stock Picker's Market and the Asset Problem in Crypto

HyperLiquid's Performance, Competition, and Token Unlock Strategy

Evaluating HyperLiquid's Competition and the Privacy Coin Narrative

Part 3: Emerging Trends and AI

Emerging Crypto Projects and the Token Identity Crisis

AI Agents and Investment Strategies

Part 4: The Super App Thesis and Consumer Platforms

Introduction to the Apps Report and the Super App Thesis

Coinbase's Social Media Vision and the Base Token

Robinhood's Goldilocks Zone and Competition with Coinbase

Robinhood as a Safer Play and the Crypto Stigma

The Crypto Market Structure Has Changed and Rising Tides May No Longer Lift All Boats

Unchained

Part 1: Market Cycles and Macro Context

00:01The Four-Year Cycle and Macroeconomic Influences on Crypto Markets

The Four-Year Cycle and Macroeconomic Influences on Crypto Markets

05:00Discerning Investment Strategies and the Role of Gold as a Bitcoin Indicator

Discerning Investment Strategies and the Role of Gold as a Bitcoin Indicator

11:59The Impact of 10/10 Liquidations and Year-End Market Apathy

The Impact of 10/10 Liquidations and Year-End Market Apathy

16:06Macroeconomic Risks, New Tech Industries, and Crypto's Maturation

Macroeconomic Risks, New Tech Industries, and Crypto's Maturation

Part 2: Sector Analysis and Specific Assets

24:40The Shift to a Stock Picker's Market and the Asset Problem in Crypto

The Shift to a Stock Picker's Market and the Asset Problem in Crypto

31:20HyperLiquid's Performance, Competition, and Token Unlock Strategy

HyperLiquid's Performance, Competition, and Token Unlock Strategy

39:52Evaluating HyperLiquid's Competition and the Privacy Coin Narrative

Evaluating HyperLiquid's Competition and the Privacy Coin Narrative

Part 3: Emerging Trends and AI

47:20Emerging Crypto Projects and the Token Identity Crisis

Emerging Crypto Projects and the Token Identity Crisis

55:05AI Agents and Investment Strategies

AI Agents and Investment Strategies

Part 4: The Super App Thesis and Consumer Platforms

1:01:38Introduction to the Apps Report and the Super App Thesis

Introduction to the Apps Report and the Super App Thesis

1:07:13Coinbase's Social Media Vision and the Base Token

Coinbase's Social Media Vision and the Base Token

1:12:06Robinhood's Goldilocks Zone and Competition with Coinbase

Robinhood's Goldilocks Zone and Competition with Coinbase

1:17:29Robinhood as a Safer Play and the Crypto Stigma

Robinhood as a Safer Play and the Crypto Stigma