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.