In this episode, Jeff Park joins the show to discuss how the new Bitcoin ETF options will impact the market, what the options trading is already telling us, and whether a gamma squeeze is likely. We also delve into the arbitrage opportunities for retail traders, how to follow the new market landscape, and much more. Enjoy! — Follow Jeff Park: https://x.com/dgt10011 Follow Felix: https://x.com/fejau_inc Follow On The Margin: https://twitter.com/OnTheMarginPod Follow Blockworks: https://twitter.com/Blockworks_ — Polkadot is the foundation for an open and resilient web. Governed by its users, Polkadot empowers the largest DAO of 1.3M DOT holders to shape the network’s future. Home to 500+ apps and chains backed by $6B in shared security, Polkadot is revolutionizing DeFi, GameFi, AI, RWAs, and more. With upgrades like Async Backing, Agile Coretime, Elastic Scaling, and JAM on the horizon, now’s the time to join. Start your journey today at polkadot.com/get-started Ledger, the global leader in digital asset security, proudly sponsors On The Margin. As Bitcoin adoption grows, Ledger celebrates 10 years of securing over 20% of the world’s crypto. Buy a LEDGER™ device now for true self-custody and peace of mind in securing your Bitcoin. Devices are also available in Bitcoin orange. For every device ordered in BTC Orange, we’ll donate $5 to brink.dev. Buy now at Ledger.com. MANTRA is a purpose-built RWA Layer 1 blockchain capable of adherence and enforcement of real world regulatory requirements. As a permissionless chain, MANTRA empowers developers and institutions to seamlessly participate in the evolving RWA tokenization space by offering advanced tech modules, compliance mechanisms, and cross-chain interoperability. Key Features: Built using Cosmos SDK, IBC compatible, with CosmWasm supported Secured via a sovereign PoS validator set Scalable up to 10k TPS Built-in Modules, SDKs and APIs to create, trade and manage regulatory compliant RWAs Improved User Experience to onboard non-native users and institutions to Web3 Learn more: https://www.mantrachain.io/ — Join us at Digital Asset Summit 2025 March 18th - 20th. Use code MARGIN10 for 10% off general admission! https://blockworks.co/event/digital-asset-summit-2025-new-york — Timestamps: (00:00) Introduction (01:50) Bitcoin ETF Options Expectations (06:14) Bitcoin's Volatility Skew (10:52) Bitcoin's Unique Supply Dynamics (14:22) Corporates Rewarded For Having Bitcoin (16:02) Biggest Options Trading Takeaways (27:30) Ads (29:20) Interview Continues (31:26) Implications On Dealers & Gamma (37:18) Impact Of Synthetic Bitcoin Through Derivatives (41:56) How Options Will Impact Market Structure (45:16) Following The New Options Landscape (48:52) The New Risk Model (52:35) Retail Opportunities — Disclaimer: Nothing discussed on On The Margin should be considered as investment advice. Please always do your own research & speak to a financial advisor before thinking about, thinking about putting your money into these crazy markets.

In this episode, Josh Solesbury joins the show to discuss the bitcoin mining landscape, the ongoing transition to AI/HPC, and the future of the industry. We also delve into industry bottlenecks, the risks of transitioning to AI, and much more. Enjoy! — Follow Josh Solesbury: https://x.com/joshsolesbury Follow Quinn: https://x.com/qthomp Follow On The Margin: https://twitter.com/OnTheMarginPod Follow Blockworks: https://twitter.com/Blockworks_ — Polkadot is the foundation for an open and resilient web. Governed by its users, Polkadot empowers the largest DAO of 1.3M DOT holders to shape the network’s future. Home to 500+ apps and chains backed by $6B in shared security, Polkadot is revolutionizing DeFi, GameFi, AI, RWAs, and more. With upgrades like Async Backing, Agile Coretime, Elastic Scaling, and JAM on the horizon, now’s the time to join. Start your journey today at polkadot.com/get-started Ledger, the global leader in digital asset security, proudly sponsors On The Margin. As Bitcoin adoption grows, Ledger celebrates 10 years of securing over 20% of the world’s crypto. Buy a LEDGER™ device now for true self-custody and peace of mind in securing your Bitcoin. Devices are also available in Bitcoin orange. For every device ordered in BTC Orange, we’ll donate $5 to brink.dev. Buy now at Ledger.com. MANTRA is a purpose-built RWA Layer 1 blockchain capable of adherence and enforcement of real world regulatory requirements. As a permissionless chain, MANTRA empowers developers and institutions to seamlessly participate in the evolving RWA tokenization space by offering advanced tech modules, compliance mechanisms, and cross-chain interoperability. Key Features: Built using Cosmos SDK, IBC compatible, with CosmWasm supported Secured via a sovereign PoS validator set Scalable up to 10k TPS Built-in Modules, SDKs and APIs to create, trade and manage regulatory compliant RWAs Improved User Experience to onboard non-native users and institutions to Web3 Learn more: https://www.mantrachain.io/ — Timestamps: (00:00) Introduction (02:32) Josh's Background (03:52) Overview Of The Bitcoin Mining Landscape (10:44) Bitcoin Mining Cyclicality (12:55) Industry Consolidation (16:18) Differentiating Miners (22:39) Miner Transition To AI/HPC (36:44) Ads (38:53) Miner Transition To AI/HPC (Continued) (42:09) Chips & Bottlenecks (49:18) Why Don't Miners Abandon Bitcoin For AI? (59:18) CoreWeave & Core Scientific (01:04:30) Risks To Transition To AI/HPC (01:07:55) The Future Of The Mining Industry — Disclaimer: Nothing discussed on On The Margin should be considered as investment advice. Please always do your own research & speak to a financial advisor before thinking about, thinking about putting your money into these crazy markets.

In this episode, Dylan LeClair joins the show to discuss MicroStrategy’s Bitcoin strategy, the insane performance of its convertible notes, and its $42 billion capital plan. We also discuss how to value MicroStrategy, the company’s liquidation risk, how other companies can replicate its strategy, and much more. Enjoy! — Follow Dylan LeClair: https://x.com/DylanLeClair_ Follow Felix: https://x.com/fejau_inc Follow On The Margin: https://twitter.com/OnTheMarginPod Follow Blockworks: https://twitter.com/Blockworks_ — Polkadot is the foundation for an open and resilient web. Governed by its users, Polkadot empowers the largest DAO of 1.3M DOT holders to shape the network’s future. Home to 500+ apps and chains backed by $6B in shared security, Polkadot is revolutionizing DeFi, GameFi, AI, RWAs, and more. With upgrades like Async Backing, Agile Coretime, Elastic Scaling, and JAM on the horizon, now’s the time to join. Start your journey today at polkadot.com/get-started Ledger, the global leader in digital asset security, proudly sponsors On The Margin. As Bitcoin adoption grows, Ledger celebrates 10 years of securing over 20% of the world’s crypto. Buy a LEDGER™ device now for true self-custody and peace of mind in securing your Bitcoin. Devices are also available in Bitcoin orange. For every device ordered in BTC Orange, we’ll donate $5 to brink.dev. Buy now at Ledger.com. MANTRA is a purpose-built RWA Layer 1 blockchain capable of adherence and enforcement of real world regulatory requirements. As a permissionless chain, MANTRA empowers developers and institutions to seamlessly participate in the evolving RWA tokenization space by offering advanced tech modules, compliance mechanisms, and cross-chain interoperability. Key Features: Built using Cosmos SDK, IBC compatible, with CosmWasm supported Secured via a sovereign PoS validator set Scalable up to 10k TPS Built-in Modules, SDKs and APIs to create, trade and manage regulatory compliant RWAs Improved User Experience to onboard non-native users and institutions to Web3 — Timestamps: (00:00) Introduction (03:19) MicroStrategy’s Bitcoin Strategy (09:41) Who Is Buying MicroStrategy? (14:24) How To Value MicroStrategy (16:02) FASB Regulation Change (19:05) MicroStrategy’s Dilution & NAV Premium (21:49) MicroStrategy’s Convertible Notes (24:14) MicroStrategy’s $42 Billion Capital Plan (27:14) Why Is This Strategy Accretive to Shareholders? (30:48) Advertisements (32:45) Impact Of The Capital Plan (36:11) MicroStrategy Risks (44:07) Replicating MicroStrategy’s Strategy (49:09) Crypto Market Outlook — Disclaimer: Nothing discussed on On The Margin should be considered as investment advice. Please always do your own research & speak to a financial advisor before thinking about, thinking about putting your money into these crazy markets.

In this episode, Matt Hougan joins the show to discuss BTC vs ETH ETF flows, the biggest ETF misconceptions, and the importance of regulatory clarity. We also delve into the value of incorporating BTC in a portfolio, future crypto ETF strategies, and much more. Enjoy! — Follow Matt Hougan: https://x.com/Matt_Hougan Follow Felix: https://x.com/fejau_inc Follow On The Margin: https://twitter.com/OnTheMarginPod Follow Blockworks: https://twitter.com/Blockworks_ — Polkadot is the foundation for an open and resilient web. Governed by its users, Polkadot empowers the largest DAO of 1.3M DOT holders to shape the network’s future. Home to 500+ apps and chains backed by $6B in shared security, Polkadot is revolutionizing DeFi, GameFi, AI, RWAs, and more. With upgrades like Async Backing, Agile Coretime, Elastic Scaling, and JAM on the horizon, now’s the time to join. Start your journey today at polkadot.com/get-started MANTRA is a purpose-built RWA Layer 1 blockchain capable of adherence and enforcement of real world regulatory requirements. As a permissionless chain, MANTRA empowers developers and institutions to seamlessly participate in the evolving RWA tokenization space by offering advanced tech modules, compliance mechanisms, and cross-chain interoperability. Learn more: https://www.mantrachain.io/ — Timestamps: (00:00) Introduction (01:51) BTC vs ETH ETFs (03:18) Success of BTC ETFs (04:28) Marginal Buyers of Crypto ETFs (06:49) Lackluster ETH ETF Flows (08:45) Surprise ETH ETF Approval (09:56) Value Proposition of Ethereum (12:41) Sacrificing ETH Utility in ETF Wrapper (13:55) Crypto ETF Options (18:38) The Future of Crypto ETFs (21:51) Bitwise Filing Process (23:27) Biggest ETF Misconceptions (26:17) Advertisements (27:32) Compliance Process (29:43) Election & Regulation (33:18) Regulatory Clarity (36:03) Incorporating Bitcoin Into A Portfolio (40:00) Gold vs BTC (42:10) Crypto Market Forecasts (44:29) Learn More About Matt & Bitwise — Disclaimer: Nothing discussed on On The Margin should be considered as investment advice. Please always do your own research & speak to a financial advisor before thinking about, thinking about putting your money into these crazy markets.

In this episode, Ram Ahluwalia joins the show to discuss his macro view of markets, why he thinks we’re in goldilocks, and his thought process for asset allocation. We also delve into NVIDIA and AI, factor investing, and the role of risk-adjusted returns. Enjoy! — Follo Ram: https://x.com/ramahluwalia Follow Felix: https://x.com/fejau_inc Follow On The Margin: https://twitter.com/OnTheMarginPod Follow Blockworks: https://twitter.com/Blockworks_ — Polkadot is the foundation for an open and resilient web. Governed by its users, Polkadot empowers the largest DAO of 1.3M DOT holders to shape the network’s future. Home to 500+ apps and chains backed by $6B in shared security, Polkadot is revolutionizing DeFi, GameFi, AI, RWAs, and more. With upgrades like Async Backing, Agile Coretime, Elastic Scaling, and JAM on the horizon, now’s the time to join. Start your journey today at polkadot.com/get-started MANTRA is a purpose-built RWA Layer 1 blockchain capable of adherence and enforcement of real world regulatory requirements. As a permissionless chain, MANTRA empowers developers and institutions to seamlessly participate in the evolving RWA tokenization space by offering advanced tech modules, compliance mechanisms, and cross-chain interoperability. Learn more: https://www.mantrachain.io/ — Timestamps: (00:00) Introduction (01:56) Ram & Lumida Wealth (02:32) Macro Overview (05:54) 50 Bps Cut Was a Mistake (07:19) Economic Goldilocks (11:27) Fed Mandate (12:33) Cutting Cycle Path (14:32) The Neutral Rate & Animal Spirits (17:05) Election Impact on Markets (18:55) Advertisements (20:11) Asset Allocation Strategies (25:27) NVIDIA & AI (28:55) Factor Investing (33:09) Mathematical Model Shortfalls (35:53) Risk-Adjusted Returns (39:24) Digital Asset Framework (45:40) Market Outlook — Disclaimer: Nothing discussed on On The Margin should be considered as investment advice. Please always do your own research & speak to a financial advisor before thinking about, thinking about putting your money into these crazy markets.

In this episode, Jim Bianco and James Seyffart join Felix at Permissionless to discuss who has been buying the BTC ETFs, whether ETFs are consistent with crypto ideals, and why the BTC ETFs were more successful than the ETH ETFs. We also delve into the difference between buying to hold and arbitrage, BTC ETF options, and much more. Enjoy! — Follow Jim Bianco: https://x.com/biancoresearch Follow James Seyffart: https://x.com/JSeyff Follow Felix: https://x.com/fejau_inc Follow On The Margin: https://twitter.com/OnTheMarginPod Follow Blockworks: https://twitter.com/Blockworks_ — Polkadot is the foundation for an open and resilient web. Governed by its users, Polkadot empowers the largest DAO of 1.3M DOT holders to shape the network’s future. Home to 500+ apps and chains backed by $6B in shared security, Polkadot is revolutionizing DeFi, GameFi, AI, RWAs, and more. With upgrades like Async Backing, Agile Coretime, Elastic Scaling, and JAM on the horizon, now’s the time to join. Start your journey today at polkadot.com/get-started MANTRA is a purpose-built RWA Layer 1 blockchain capable of adherence and enforcement of real world regulatory requirements. As a permissionless chain, MANTRA empowers developers and institutions to seamlessly participate in the evolving RWA tokenization space by offering advanced tech modules, compliance mechanisms, and cross-chain interoperability. Learn more: https://www.mantrachain.io/ — Timestamps: (00:00) Introduction (00:49) Have Bitcoin ETFs Been A Success? (02:27) Who is Buying Bitcoin ETFs? (06:58) Are ETFs Consistent with Crypto Ideals? (11:13) Basis Trade vs Holding (15:46) Advertisements (17:21) ETH ETFs vs BTC ETFs (22:08) Bitcoin ETF Options (26:59) Crypto Ideals at Risk? — Disclaimer: Nothing discussed on On The Margin should be considered as investment advice. Please always do your own research & speak to a financial advisor before thinking about, thinking about putting your money into these crazy markets.

In this episode, Charles Edwards joins the show to discuss why the current cycle is the last that will matter, the impact of Bitcoin ETFs, and what the on-chain data is signaling. We also delve into the approval of options on the IBIT ETF, the key top signals, and much more. Enjoy! — Follow Charles Edwards: https://x.com/caprioleio Follow Felix: https://x.com/fejau_inc Follow On The Margin: https://twitter.com/OnTheMarginPod Follow Blockworks: https://twitter.com/Blockworks_ On The Margin Newsletter: https://blockworks.co/newsletter/onthemargin — Polkadot is the foundation for an open and resilient web. Governed by its users, Polkadot empowers the largest DAO of 1.3M DOT holders to shape the network’s future. Home to 500+ apps and chains backed by $6B in shared security, Polkadot is revolutionizing DeFi, GameFi, AI, RWAs, and more. With upgrades like Async Backing, Agile Coretime, Elastic Scaling, and JAM on the horizon, now’s the time to join. Start your journey today at polkadot.com/get-started MANTRA is a purpose-built RWA Layer 1 blockchain capable of adherence and enforcement of real world regulatory requirements. As a permissionless chain, MANTRA empowers developers and institutions to seamlessly participate in the evolving RWA tokenization space by offering advanced tech modules, compliance mechanisms, and cross-chain interoperability. Learn more: https://www.mantrachain.io/ — Join us at Permissionless III Oct 9-11. Use code: MARGIN10 for a 10% discount: https://blockworks.co/event/permissionless-iii — Timestamps: (00:00) Introduction (02:04) Macro Overview (03:54) Soft Landing vs Hard Landing (06:09) Bitcoin Seasonality (09:22) Current Bitcoin Cycle Dynamics (12:57) Bitcoin Macro Index (14:41) Future Bitcoin Cycles Won't Matter (17:10) On-chain Data (19:50) Bitcoin ETFs (23:09) Ads (24:23) Interview Continues (27:38) Impact of IBIT Options (29:05) Financialization vs the Bitcoin Ethos (31:53) The Bitcoin Endgame (34:44) Leverage & Funding Rates (38:35) Top Signals — Disclaimer: Nothing discussed on On The Margin should be considered as investment advice. Please always do your own research & speak to a financial advisor before thinking about, thinking about putting your money into these crazy markets.

In this episode, James and Felix discuss the latest Federal Reserve interest rate decision, the impact of quantitative easing & tightening, and the consequences of trillion-dollar annual deficits. We also delve into the repo market, why the Fed is disconnected from inflation, the role of hard assets like Bitcoin and gold, and much more. Enjoy! — Follow James Lavish: https://x.com/jameslavish Follow Felix: https://x.com/fejau_inc Follow On The Margin: https://twitter.com/OnTheMarginPod Follow Blockworks: https://twitter.com/Blockworks_ On The Margin Newsletter: https://blockworks.co/newsletter/onthemargin — Polkadot is the foundation for an open and resilient web. Governed by its users, Polkadot empowers the largest DAO of 1.3M DOT holders to shape the network’s future. Home to 500+ apps and chains backed by $6B in shared security, Polkadot is revolutionizing DeFi, GameFi, AI, RWAs, and more. With upgrades like Async Backing, Agile Coretime, Elastic Scaling, and JAM on the horizon, now’s the time to join. Start your journey today at polkadot.com/get-started MANTRA is a purpose-built RWA Layer 1 blockchain capable of adherence and enforcement of real world regulatory requirements. As a permissionless chain, MANTRA empowers developers and institutions to seamlessly participate in the evolving RWA tokenization space by offering advanced tech modules, compliance mechanisms, and cross-chain interoperability. Learn more: https://www.mantrachain.io/ — Join us at Permissionless III Oct 9-11. Use code: MARGIN10 for a 10% discount: https://blockworks.co/event/permissionless-iii — Timestamps: (00:00) Introduction (02:11) Unpacking The Fed Decision & Dual Mandate (12:53) Quantitative Easing & Tightening (18:24) 2019 Repo Spike & Dollar Shortage (24:39) Trillion-Dollar Annual Deficits (36:22) Advertisements (37:36) Why The Fed is Disconnected from Inflation (44:47) Is Bitcoin the Solution? (48:46) Gold & Bitcoin As Stores of Value (53:13) Permissionless Ad (53:54) Bitcoin Use Case For Global Sovereigns (58:58) Where to Follow James' Work — Disclaimer: Nothing discussed on On The Margin should be considered as investment advice. Please always do your own research & speak to a financial advisor before thinking about, thinking about putting your money into these crazy markets.

This week we discuss the split odds between a 25 and 50 basis point cut at the Fed’s next meeting, market cutting cycle dynamics, and the rotation from growth to value. We also delve into the latest inflation data, rising labor productivity, and the outlook for crypto Enjoy! – Follow Ram: https://x.com/ramahluwalia Follow Quinn: https://x.com/qthomp Follow Felix: https://twitter.com/fejau_inc Follow On The Margin: https://twitter.com/OnTheMarginPod On The Margin Newsletter: https://blockworks.co/newsletter/onthemargin – Weekly Roundup Charts: https://drive.google.com/drive/u/0/folders/1XMVpZ672sX1qJV-admNYvznOPFXR737S – Polkadot is the foundation for an open and resilient web. Governed by its users, Polkadot empowers the largest DAO of 1.3M DOT holders to shape the network’s future. Home to 500+ apps and chains backed by $6B in shared security, Polkadot is revolutionizing DeFi, GameFi, AI, RWAs, and more. With upgrades like Async Backing, Agile Coretime, Elastic Scaling, and JAM on the horizon, now’s the time to join. Start your journey today at polkadot.com/get-started MANTRA is a purpose-built RWA Layer 1 blockchain capable of adherence and enforcement of real world regulatory requirements. As a permissionless chain, MANTRA empowers developers and institutions to seamlessly participate in the evolving RWA tokenization space by offering advanced tech modules, compliance mechanisms, and cross-chain interoperability. Learn more: https://www.mantrachain.io/ – Join us at Permissionless III Oct 9-11. Use code: MARGIN10 for a 10% discount: https://blockworks.co/event/permissionless-iii – Timestamps: (00:00) Introduction (02:22) Ram's Background (03:26) 25 Bps vs 50 Bps (08:42) Inflation Data (11:01) The Economy Is Okay (12:36) Fed Opening the Door to 50 Bps Cut (16:08) Parsing the Economic Data (18:12) Labor Productivity (20:27) Ads (21:44) Chinese Economy & Red Flags (28:08) US Equities (32:02) Growth Vs Value (34:31) Factor Market (36:34) Market Rotation (44:24) Permissionless Ad (45:02) Narratives Driving Markets (48:21) Digital Assets (54:49) Bitcoin & Crypto Price Action (59:05) Hot Money Rotation (01:00:37) Cutting Cycle Dynamics – Disclaimer: Nothing discussed on On The Margin should be considered as investment advice. Please always do your own research & speak to a financial advisor before thinking about, thinking about putting your money into these crazy markets.

In this episode, Austin Campbell joins the show to discuss the modern banking system and how crypto is driving innovation. We also delve into stablecoin designs, their role in dollar hegemony, the pros and cons across the spectrum of decentralization, and much more. Enjoy! – Follow Austin Campbell: https://x.com/CampbellJAustin Follow Felix: https://x.com/fejau_inc Follow On The Margin: https://twitter.com/OnTheMarginPod On The Margin Newsletter: https://blockworks.co/newsletter/onthemargin NYDFS Stablecoin Guidance: https://www2.deloitte.com/content/dam/Deloitte/us/Documents/regulatory/us-regulatory-nydfs-stablecoin-guidance.pdf – MANTRA is a purpose-built RWA Layer 1 blockchain capable of adherence and enforcement of real world regulatory requirements. As a permissionless chain, MANTRA empowers developers and institutions to seamlessly participate in the evolving RWA tokenization space by offering advanced tech modules, compliance mechanisms, and cross-chain interoperability. Learn more: https://www.mantrachain.io/ – Join us at Permissionless III Oct 9-11. Use code: MARGIN10 for a 10% discount: https://blockworks.co/event/permissionless-iii – Timestamps: (00:00) Introduction (01:46) Austin's Background (03:21) Unpacking the Banking System (06:15) Money Markets & Reverse Repo (10:35) Crypto's Role in Banking (14:05) Stablecoin Designs & Reserves (22:00) What is Crypto Solving? (27:33) Mantra Ad (28:14) Spectrum of Decentralization (32:34) CBDCs (36:41) Blockchains vs Databases (40:06) Permissionless Ad (40:46) Crypto & Dollar Hegemony (44:52) Backlash to Crypto (47:46) Crypto Market Outlook – Disclaimer: Nothing discussed on On The Margin should be considered as investment advice. Please always do your own research & speak to a financial advisor before thinking about, thinking about putting your money into these crazy markets.

This week we discuss the soft jobs report and how it compares to the other data, the state of the yield curve and credit markets, and how China is bringing down commodities. We also delve into AI centralization, the outlook for Bitcoin and crypto, and much more. Enjoy! – Follow Quinn: https://x.com/qthomp Follow Felix: https://twitter.com/fejau_inc Follow Tyler: https://twitter.com/Tyler_Neville_ Follow On The Margin: https://twitter.com/OnTheMarginPod On The Margin Newsletter: https://blockworks.co/newsletter/onthemargin – Weekly Roundup Charts: https://drive.google.com/file/d/1GnXSyf79KLMoG5p0RRFoNBoAQUet_TOE/view?usp=sharing – Polkadot is the foundation for an open and resilient web. Governed by its users, Polkadot empowers the largest DAO of 1.3M DOT holders to shape the network’s future. Home to 500+ apps and chains backed by $6B in shared security, Polkadot is revolutionizing DeFi, GameFi, AI, RWAs, and more. With upgrades like Async Backing, Agile Coretime, Elastic Scaling, and JAM on the horizon, now’s the time to join. Start your journey today at polkadot.com/get-started MANTRA is a purpose-built RWA Layer 1 blockchain capable of adherence and enforcement of real world regulatory requirements. As a permissionless chain, MANTRA empowers developers and institutions to seamlessly participate in the evolving RWA tokenization space by offering advanced tech modules, compliance mechanisms, and cross-chain interoperability. Learn more: https://www.mantrachain.io/ – Join us at Permissionless III Oct 9-11. Use code: MARGIN10 for a 10% discount: https://blockworks.co/event/permissionless-iii – Timestamps: (00:00) Introduction (01:37) Non-Farm Payrolls (09:52) Comparing Other Labor Market Data (12:47) The Fed's Reaction Function (17:54) The Yield Curve Uninverting (19:13) Credit Spreads & Equity Rotation (25:54) Buy What The Government Is Incentivizing (28:34) Advertisements (29:48) Tyler's AI Rant (33:25) What's Going On In China? (39:30) Flight From China (41:52) Permissionless Ad (42:32) Crypto Market Update (44:54) The Effects Of Rate Cuts (47:13) Bitcoin Downside & Outlook – Disclaimer: Nothing discussed on On The Margin should be considered as investment advice. Please always do your own research & speak to a financial advisor before thinking about, thinking about putting your money into these crazy markets.

In this episode, Eric Wallerstein joins the show to discuss why the labor market is cooling (not crashing), the decline in the personal savings rate, and increasing labor productivity. We also break down GDP, the credit markets, and how to rethink asset allocation in today's market. Enjoy! – Follow Eric Wallerstein: https://x.com/ericwallerstein Yardeni QuickTakes: https://www.yardeniquicktakes.com/ Follow Felix: https://x.com/fejau_inc Follow On The Margin: https://twitter.com/OnTheMarginPod On The Margin Newsletter: https://blockworks.co/newsletter/onthemargin – MANTRA is a purpose-built RWA Layer 1 blockchain capable of adherence and enforcement of real world regulatory requirements. As a permissionless chain, MANTRA empowers developers and institutions to seamlessly participate in the evolving RWA tokenization space by offering advanced tech modules, compliance mechanisms, and cross-chain interoperability. Learn more: https://www.mantrachain.io/ – Join us at Permissionless III Oct 9-11. Use code: MARGIN10 for a 10% discount: https://blockworks.co/event/permissionless-iii – Timestamps: (00:00) Introduction (01:14) Eric's Background (03:07) The Labor Market Is Okay (08:17) Why The Fed Is So Dovish (11:08) Consumer Savings (14:22) Real Wages (16:53) Labor Productivity (20:38) Breaking Down GDP (24:08) Economic Big Picture (26:46) Mantra Ad (27:25) Risks To The Consumer (29:52) The Fed Doesn't Need To Cut (33:34) Private Credit Markets (37:08) The Fed Supporting Credit Markets (39:17) Bond Markets (41:54) Stock & Bond Correlations (44:10) Rethinking Asset Allocation (46:22) Permissionless Ad (47:02) Global Markets & The Carry Trade Unwind (49:36) Chinese Economy (52:15) Europe Doesn't Issue Debt (55:31) Key Takeaways – Disclaimer: Nothing discussed on On The Margin should be considered as investment advice. Please always do your own research & speak to a financial advisor before thinking about, thinking about putting your money into these crazy markets.

This week we discuss NVIDIA's latest earnings, the ongoing market rotation from growth to value, and the connection between credit spreads and unemployment. We also delve into the health of the consumer, the future Federal Reserve balance sheet, and Bitcoin geopolitics. Enjoy! -- On the Margin Survey: https://on-the-margin.beehiiv.com/forms/5c7fc920-a57a-496b-9708-1d137bd3014b -- Follow Quinn: https://x.com/qthomp Follow Felix: https://twitter.com/fejau_inc Follow Tyler: https://twitter.com/Tyler_Neville_ Follow On The Margin: https://twitter.com/OnTheMarginPod On The Margin Newsletter: https://blockworks.co/newsletter/onthemargin Weekly Roundup Charts: https://drive.google.com/file/d/1fUP_rOgvrTDONP2DfYnJyrzgbmWFt0mP/view?usp=drive_link Kansas Fed Paper: https://www.kansascityfed.org/Jackson%20Hole/documents/10443/Anil_Kashyap_Remarks_JH.pdf – Polkadot is the foundation for an open and resilient web. Governed by its users, Polkadot empowers the largest DAO of 1.3M DOT holders to shape the network’s future. Home to 500+ apps and chains backed by $6B in shared security, Polkadot is revolutionizing DeFi, GameFi, AI, RWAs, and more. With upgrades like Async Backing, Agile Coretime, Elastic Scaling, and JAM on the horizon, now’s the time to join. Start your journey today at polkadot.com/get-started MANTRA is a purpose-built RWA Layer 1 blockchain capable of adherence and enforcement of real world regulatory requirements. As a permissionless chain, MANTRA empowers developers and institutions to seamlessly participate in the evolving RWA tokenization space by offering advanced tech modules, compliance mechanisms, and cross-chain interoperability. Learn more: https://www.mantrachain.io/ – Join us at Permissionless III Oct 9-11. Use code: MARGIN10 for a 10% discount: https://blockworks.co/event/permissionless-iii -- Timestamps: 00:00 Introduction 02:27 NVIDIA Earnings 08:12 Growth Vs Value 11:36 S&P 500 Earnings Growth 14:02 Yield Curve Steepening 17:40 High Yield Spreads 19:58 Credit Spreads, Unemployment & Recession 23:00 The Health Of The Consumer 29:59 Advertisements 31:14 The Future Fed Balance Sheet 37:05 Consequences Of Controlling Volatility 38:57 Central Bank Independence 41:18 Permissionless Ad 41:57 A Weaker US Dollar 44:54 Bitcoin & Geopolitics 53:19 Nobody Makes Money In Perps 56:51 Are Rate Cuts Bearish? 59:29 Will We Ever See Negative Real Rates Again? 01:02:02 Altcoins & Macro -- Disclaimer: Nothing discussed on On The Margin should be considered as investment advice. Please always do your own research & speak to a financial advisor before thinking about, thinking about putting your money into these crazy markets.

In this episode, Michael Howell of CrossBorder Capital joins the show to discuss the uptrend in global liquidity, a possible Shanghai Accord 2 to weaken the dollar, and the relationship between debt and liquidity. We also discuss the real breakeven inflation rate, the yield curve, and why you need monetary inflation hedges. Enjoy! -- Follow Michael Howell: https://x.com/crossbordercap Follow Felix: https://x.com/fejau_inc Follow On The Margin: https://twitter.com/OnTheMarginPod On The Margin Newsletter: https://blockworks.co/newsletter/onthemargin -- MANTRA is a purpose-built RWA Layer 1 blockchain capable of adherence and enforcement of real world regulatory requirements. As a permissionless chain, MANTRA empowers developers and institutions to seamlessly participate in the evolving RWA tokenization space by offering advanced tech modules, compliance mechanisms, and cross-chain interoperability. Learn more: https://www.mantrachain.io/ -- Join us at Permissionless III Oct 9-11. Use code: MARGIN10 for a 10% discount: https://blockworks.co/event/permissionless-iii -- Timestamps: (00:00) Introduction (01:18) Powell's Jackson Hole Speech (04:20) Uptrend In Global Liquidity (05:53) Global Risk Exposure (12:10) A New Shanghai Accord (18:44) Mantra Ad (19:24) Mechanics Of Yen Intervention (22:01) The Treasury Market (30:20) Breakeven Inflation Rates (32:56) Debt-To-Liquidity Ratio (35:52) Permissionless Ad (36:33) US Public Debt (40:14) Monetary Inflation Hedges (43:11) Managing Bill Issuance (47:03) Bull Vs Bear Steepener (48:50) The Structure Of Global Liquidity (50:08) The MOVE Index (53:49) Treasury Buybacks (55:06) Real Interest Rates (56:38) Equity Market & PBOC Liquidity (59:37) More Upside In Gold & BTC -- Disclaimer: Nothing discussed on On The Margin should be considered as investment advice. Please always do your own research & speak to a financial advisor before thinking about, thinking about putting your money into these crazy markets.

This week we discuss Powell’s dovish Jackson Hole speech, employment outweighing inflation, and Kamala Harris’ newly-proposed economic policies. We also dive into the credit markets, crypto regulation, and altcoins. Enjoy! -- On the Margin Survey: https://on-the-margin.beehiiv.com/forms/5c7fc920-a57a-496b-9708-1d137bd3014b Roundup Chart Deck: https://blckwrks.co/4dUUAj5 -- Follow Zaheer: https://x.com/SplitCapital Follow Felix: https://twitter.com/fejau_inc Follow Tyler: https://twitter.com/Tyler_Neville_ Follow On The Margin: https://twitter.com/OnTheMarginPod On The Margin Newsletter: https://blockworks.co/newsletter/onthemargin – Polkadot is the foundation for an open and resilient web. Governed by its users, Polkadot empowers the largest DAO of 1.3M DOT holders to shape the network’s future. Home to 500+ apps and chains backed by $6B in shared security, Polkadot is revolutionizing DeFi, GameFi, AI, RWAs, and more. With upgrades like Async Backing, Agile Coretime, Elastic Scaling, and JAM on the horizon, now’s the time to join. Start your journey today at polkadot.com/get-started – Join us at Permissionless III Oct 9-11. Use code: MARGIN10 for a 10% discount: https://blockworks.co/event/permissionless-iii -- Timestamps: (00:00) Introduction (02:13) Jackson Hole Speech (08:17) Employment Outweighing Inflation (09:33) Zaheer's Macro View (11:18) Housing Comeback (13:49) Polkadot Ad (14:26) Global Liquidity (18:01) Credit Isn't The Problem (23:02) New Cycle Of Investing (26:22) Kamala's Economic Policies (34:45) Permissionless Ad (35:27) Crypto Regulation (42:27) Election Impact On Crypto (44:19) Crypto Market Outlook (50:42) The Bull Market Hasn't Even Started (54:55) Altcoins (59:21) Attributes Of Value (01:01:37) Don't Fight The Fed (01:03:11) Polkadot Ad -- Disclaimer: Nothing discussed on On The Margin should be considered as investment advice. Please always do your own research & speak to a financial advisor before thinking about, thinking about putting your money into these crazy markets.

In this episode, Capital Flows joins the show to discuss his macro philosophy & framework, why he was bullish after the VIX surge, and his views on the yield curve. We also discuss the equity bull market, whether the Fed will allow a recession, and the key drivers of bitcoin's price. Enjoy! -- Follow Capital Flows: https://x.com/Globalflows Capital Flows Substack: https://www.capitalflowsresearch.com/ Follow Felix: https://x.com/fejau_inc Follow On The Margin: https://twitter.com/OnTheMarginPod On The Margin Newsletter: https://blockworks.co/newsletter/onthemargin -- MANTRA is a purpose-built RWA Layer 1 blockchain capable of adherence and enforcement of real world regulatory requirements. As a permissionless chain, MANTRA empowers developers and institutions to seamlessly participate in the evolving RWA tokenization space by offering advanced tech modules, compliance mechanisms, and cross-chain interoperability. Learn more: https://www.mantrachain.io/ -- Join us at Permissionless III Oct 9-11. Use code: MARGIN10 for a 10% discount: https://blockworks.co/event/permissionless-iii -- Timestamps: (00:00) Introduction (01:59) Capital Flows Research & Strategy (04:49) Macro Philosophy (07:48) Macro Framework (11:39) Bullish After VIX Surge (15:26) Credit & Duration Risk (18:46) Mantra Ad (19:26) Interest Rate Expectations (25:51) Bull Vs Bear Steepener (27:27) What's Priced Into The Curve (30:38) Permissionless Ad (31:17) What's Driving The Equity Bull Market (36:31) Upside Tail Risks (39:31) Will The Fed Allow An Extended Recession? (43:58) Bitcoin Price Drivers -- Disclaimer: Nothing discussed on On The Margin should be considered as investment advice. Please always do your own research & speak to a financial advisor before thinking about, thinking about putting your money into these crazy markets.

This week we discuss the back and forth between recession and soft landing, the bond market’s economic signals, and the Fed's measured response to the market sell-off. We also delve into the massive VIX decline, July’s CPI, and the frustrating crypto market. Enjoy! -- On the Margin Survey: https://on-the-margin.beehiiv.com/forms/5c7fc920-a57a-496b-9708-1d137bd3014b -- Follow Quinn: https://x.com/qthomp Follow Felix: https://twitter.com/fejau_inc Follow Tyler: https://twitter.com/Tyler_Neville_ Follow On The Margin: https://twitter.com/OnTheMarginPod On The Margin Newsletter: https://blockworks.co/newsletter/onthemargin – Join us at Permissionless III Oct 9-11. Use code: MARGIN10 for a 10% discount: https://blockworks.co/event/permissionless-iii -- Timestamps: (00:00) Introduction (01:39) Schrödinger's Soft Landing (04:19) What Is The Bond Market Saying About The Economy? (06:54) The Fed Kept Its Cool (09:05) Massive VIX Decline (11:40) Will Markets Adjust To The Sell-Off? (18:06) The Role Of Flows (21:57) July CPI (24:58) What's Going On With China? (29:13) The Fed's Next Move (31:26) Market Overreaction (34:17) Bitcoin & ETFs (40:06) Frustrating Crypto Market (42:48) How Many New Balances Does Tyler Own? (44:09) What Can Stop The Fiscal Debt Spiral? (47:53) Why The BOJ Backpedaled (53:41) The Globalization Of Central Banks -- Disclaimer: Nothing discussed on On The Margin should be considered as investment advice. Please always do your own research & speak to a financial advisor before thinking about, thinking about putting your money into these crazy markets.

In this episode, Alex Campbell joins the show to discuss volatility, "Magnificent Seven" concentration, and dispersion trades. We also unpack the mechanics of the carry trade, how short volatility and hedging strategies are shaping the markets, and the role of artificial intelligence in finance. Enjoy! -- Follow Alex: https://x.com/abcampbell Follow Felix: https://x.com/fejau_inc Follow On The Margin: https://twitter.com/OnTheMarginPod On The Margin Newsletter: https://blockworks.co/newsletter/onthemargin -- MANTRA Chain is a Cosmos SDK-based L1 blockchain addressing regulatory compliance gaps in the Cosmos ecosystem. Positioned as the "blockchain for tokenized RWAs and regulated digital assets," MANTRA offers high-performance, scalable blockchain architecture, supporting both permissionless and regulated, compliant applications. Learn more: https://www.mantrachain.io/ -- Join us at Permissionless III Oct 9-11. Use code: MARGIN10 for a 10% discount: https://blockworks.co/event/permissionless-iii -- Timestamps: (00:00) Introduction (01:06) Market Volatility Overview (04:51) Magnificent Seven Concentration (06:24) Dispersion Trades (10:49) Market Risks & Correlations (14:09) Mantra Ad (15:15) The Carry Trade (18:14) Market Volatility Vs Credit & The Economy (23:44) Impact Of Short Volatility & Hedging On Markets (31:25) Permissionless Ad (32:04) Artificial Intelligence And Alex's Startup Rose AI (34:54) Collecting & Using Market Data (39:44) The Future Of Finance (43:46) Future Of The AI Industry (46:20) Alex's Thoughts On Crypto -- Disclaimer: Nothing discussed on On The Margin should be considered as investment advice. Please always do your own research & speak to a financial advisor before thinking about, thinking about putting your money into these crazy markets.

This week we discuss the unwinding of the carry trade, the impact of correlations during deleveraging events, and which assets stand to benefit the most from increased liquidity and upcoming rate cuts. We also delve into the widening of credit spreads, steel man the recession argument, and examine the state of the labor market. Enjoy! -- Follow Quinn: https://x.com/qthomp Follow Felix: https://twitter.com/fejau_inc Follow On The Margin: https://twitter.com/OnTheMarginPod On The Margin Newsletter: https://blockworks.co/newsletter/onthemargin -- Polkadot is the foundation for an open and resilient web. Governed by its users, Polkadot empowers the largest DAO of 1.3M DOT holders to shape the network’s future. Home to 500+ apps and chains backed by $6B in shared security, Polkadot is revolutionizing DeFi, GameFi, AI, RWAs, and more. With upgrades like Async Backing, Agile Coretime, Elastic Scaling, and JAM on the horizon, now’s the time to join. Start your journey today at polkadot.com/get-started -- Join us at Permissionless III Oct 9-11. Use code: MARGIN10 for a 10% discount: https://blockworks.co/event/permissionless-iii -- Timestamps: 00:00 Introduction 01:38 Reflecting On The Market Unwind 07:41 No Asset Spared In Deleveraging Events 12:23 Polkadot Ad 13:22 Navigating Extreme Volatility 18:39 Assessing Liquitidy Signals 21:23 What Benefits The Most From Liquidity & Rate Cuts? 23:36 Looking At Credit Spreads 26:14 Steel Man-ing The Recession Argument 42:30 Permissionless Ad 43:10 State Of The Labor Market 45:38 Where Is Economic Growth? 50:37 Is The Recession On Its Way? 55:18 Crypto Market Overview 01:03:36 Biggest Trading Mistakes 01:08:26 How Much Of The Carry Trade Is Unwound -- Disclaimer: Nothing discussed on On The Margin should be considered as investment advice. Please always do your own research & speak to a financial advisor before thinking about, thinking about putting your money into these crazy markets.

In this episode, Claudia Sahm joins the show to discuss her namesake recession indicator the Sahm Rule. We deep dive into unemployment, whether or not we are in a recession, and how the Federal Reserve should be reacting. Enjoy! -- Follow guest: https://x.com/Claudia_Sahm Follow Felix: https://x.com/fejau_inc Follow On The Margin: https://twitter.com/OnTheMarginPod On The Margin Newsletter: https://blockworks.co/newsletter/onthemargin -- MANTRA Chain is a Cosmos SDK-based L1 blockchain addressing regulatory compliance gaps in the Cosmos ecosystem. Positioned as the "blockchain for tokenized RWAs and regulated digital assets," MANTRA offers high-performance, scalable blockchain architecture, supporting both permissionless and regulated, compliant applications. Learn more: https://www.mantrachain.io/ -- Join us at Permissionless III Oct 9-11. Use code: MARGIN10 for a 10% discount: https://blockworks.co/event/permissionless-iii -- Timestamps: (00:00) Introduction (01:13) What is the Sahm Rule? (06:29) Sahm Rule Triggered (08:37) Purpose of the Sahm Rule (10:20) Are We in a Recession? (14:05) Mantra Ad (15:18) Unemployment Dynamics of the Sahm Rule (18:16) Unemployment Dynamics of a Recession (21:22) Sahm Rule 2.0 (22:56) Blame the Fed, Not the Sahm Rule (24:35) July Unemployment Report (32:10) Permissionless Ad (32:49) How the Fed Looks at the Labor Market (38:14) Should the Fed be Cutting Rates? (40:38) Are We Heading for a Hard Landing? -- Disclaimer: Nothing discussed on On The Margin should be considered as investment advice. Please always do your own research & speak to a financial advisor before thinking about, thinking about putting your money into these crazy markets.

This week we discuss another volatile week in markets with the continuing deleveraging that took place as on the back of a data heavy week. We discuss our takeaways from FOMC, QRA, economic data & the market reaction. Enjoy! -- On the Margin Survey: https://on-the-margin.beehiiv.com/forms/5c7fc920-a57a-496b-9708-1d137bd3014b -- Follow Quinn: https://x.com/qthomp Follow Felix: https://twitter.com/fejau_inc Follow Tyler: https://twitter.com/Tyler_Neville_ Follow On The Margin: https://twitter.com/OnTheMarginPod On The Margin Newsletter: https://blockworks.co/newsletter/onthemargin -- Referenced In The Show: https://a16z.com/the-crypto-price-innovation-cycle/ -- Join us at Permissionless III Oct 9-11. Use code: MARGIN10 for a 10% discount: https://blockworks.co/event/permissionless-iii -- Timestamps: (00:00) Introduction (02:28) QRA & FOMC Takeaways (16:07) Why Are Markets Unwinding? (23:51) The Yen Carry Trade Unwind (26:11) Permissionless Ad (26:50) What's Happening In Crypto? (31:13) Coinbase Earnings (35:39) Tether Earnings -- Disclaimer: Nothing discussed on On The Margin should be considered as investment advice. Please always do your own research & speak to a financial advisor before thinking about, thinking about putting your money into these crazy markets.

In this episode, Danny Dayan joins the show to break down what he is seeing in markets post FOMC. With rate cuts expected & markets continuing to melt up, Danny makes the case for why the Fed shouldn't be cutting rates here. Enjoy! -- Follow Danny: https://x.com/DannyDayan5 Follow Felix: https://x.com/fejau_inc Follow On The Margin: https://twitter.com/OnTheMarginPod Follow Blockworks: https://twitter.com/blockworks_ On The Margin Newsletter: https://blockworks.co/newsletter/onthemargin -- MANTRA Chain is a Cosmos SDK-based L1 blockchain addressing regulatory compliance gaps in the Cosmos ecosystem. Positioned as the "blockchain for tokenized RWAs and regulated digital assets," MANTRA offers high-performance, scalable blockchain architecture, supporting both permissionless and regulated, compliant applications. Learn more: https://www.mantrachain.io/ -- Join us at Permissionless III Oct 9-11. Use code: MARGIN10 for a 10% discount: https://blockworks.co/event/permissionless-iii -- Timestamps: (00:00) Introduction (00:32) FOMC Takeaway's (03:24) The Economy Is Strong, Should The Fed Cut Rates? (11:03) Mantra Ad (12:10) Why Is This Economic Cycle Different? (17:56) QRA & The QT Impact (22:08) What's The Trade? (28:27) Permissionless Ad (29:05) Stock Market Rotation & The Yen Carry Trade Unwind (37:51) What's Next For Markets? -- Disclaimer: Nothing discussed on On The Margin should be considered as investment advice. Please always do your own research & speak to a financial advisor before thinking about, thinking about putting your money into these crazy markets.

This week we discuss the volatile week in markets with the deleveraging that took place as the Yen carry trade unwound. With markets quickly bouncing back, we discuss is it time to be bullish? We then deep dive into the launch of the ETH ETFs, the path forward for crypto & the inflation outlook. Enjoy! -- Follow Quinn: https://x.com/qthomp Follow Felix: https://twitter.com/fejau_inc Follow Tyler: https://twitter.com/Tyler_Neville_ Follow Mike: https://x.com/MikeIppolito_ Follow On The Margin: https://twitter.com/OnTheMarginPod On The Margin Newsletter: https://blockworks.co/newsletter/onthemargin -- Referenced In The Show: https://a16z.com/the-crypto-price-innovation-cycle/ -- Join us at Permissionless III Oct 9-11. Use code: MARGIN10 for a 10% discount: https://blockworks.co/event/permissionless-iii -- Disclaimer: Nothing discussed on On The Margin should be considered as investment advice. Please always do your own research & speak to a financial advisor before thinking about, thinking about putting your money into these crazy markets.

In this episode, Lyn Alden joins the show to discuss the rise of fiscal dominance & it's impact on markets in H2 2024 & beyond. We then deep dive into Bitcoin as a reserve asset, the election impact, what asset classes should perform well over the next 3-6 months & more. Enjoy! -- Follow Lyn: https://x.com/LynAldenContact Follow Felix: https://x.com/fejau_inc Follow On The Margin: https://twitter.com/OnTheMarginPod Follow Blockworks: https://twitter.com/blockworks_ On The Margin Newsletter: https://blockworks.co/newsletter/onthemargin -- MANTRA Chain is a Cosmos SDK-based L1 blockchain addressing regulatory compliance gaps in the Cosmos ecosystem. Positioned as the "blockchain for tokenized RWAs and regulated digital assets," MANTRA offers high-performance, scalable blockchain architecture, supporting both permissionless and regulated, compliant applications. Learn more: https://www.mantrachain.io/ -- Join us at Permissionless III Oct 9-11. Use code: MARGIN10 for a 10% discount: https://blockworks.co/event/permissionless-iii -- Timestamps: (00:00) Introduction (00:49) The Rate Cutting Cycle (05:09) Is The Economy Slowing? (08:51) Will We See A Recession? (11:02) The Small Cap Rotation (13:34) Mantra Ad (14:43) The Rise Of Fiscal Dominance (18:12) The Election Impact (21:34) Bitcoin As A Strategic Reserve Asset (33:13) Permissionless Ad (33:54) Oil & Energy (42:05) Stocks, Bonds & The Three Pillar Portfolio -- Disclaimer: Nothing discussed on On The Margin should be considered as investment advice. Please always do your own research & speak to a financial advisor before thinking about, thinking about putting your money into these crazy markets.

This week we discuss what is happening in crypto & traditional markets. With rate cut expectations building, are we on the verge of a massive small cap rotation? We then deep dive into the dispersion trade unwind, is crypto about to catch up to the momentum in traditional markets, the U.S election impact & more. Enjoy! -- Follow Quinn: https://x.com/qthomp Follow Felix: https://twitter.com/fejau_inc Follow Tyler: https://twitter.com/Tyler_Neville_ Follow Mike: https://x.com/MikeIppolito_ Follow On The Margin: https://twitter.com/OnTheMarginPod On The Margin Newsletter: https://blockworks.co/newsletter/onthemargin -- Join us at Permissionless III Oct 9-11. Use code: MARGIN10 for a 10% discount: https://blockworks.co/event/permissionless-iii -- Disclaimer: Nothing discussed on On The Margin should be considered as investment advice. Please always do your own research & speak to a financial advisor before thinking about, thinking about putting your money into these crazy markets.

In this episode, Andy Constan joins the show for a discussion on the current state of the U.S economy & inflation continues to roll over & financial conditions remain loose. We deep dive into the outlook for stocks, bonds & markets into H2 2024. Enjoy! -- Follow Andy: https://x.com/dampedspring Follow Felix: https://x.com/fejau_inc Follow On The Margin: https://twitter.com/OnTheMarginPod Follow Blockworks: https://twitter.com/blockworks_ On The Margin Newsletter: https://blockworks.co/newsletter/onthemargin -- MANTRA Chain is a Cosmos SDK-based L1 blockchain addressing regulatory compliance gaps in the Cosmos ecosystem. Positioned as the "blockchain for tokenized RWAs and regulated digital assets," MANTRA offers high-performance, scalable blockchain architecture, supporting both permissionless and regulated, compliant applications. Learn more: https://www.mantrachain.io/ -- Timestamps: (00:00) Introduction (00:27) Why The Economy Has Remained Strong (04:39) Financial Conditions Are Still Loose (11:32) Mantra Ad (12:39) Relief In The Long End Has Been Fueling A Stock Market Rally (23:01) What To Expect From The QRA? (29:24) Permissionless Ad (30:02) Alpha vs Beta -- Join us at Permissionless III Oct 9-11. Use code: MARGIN10 for a 10% discount: https://blockworks.co/event/permissionless-iii

In this episode, we dive deep into the latest CPI data showing potential deflationary trends and explore its implications. We analyze how deflation could reshape crypto, gold, and technology stocks. We also cover the Federal Reserve's likely response, the weakening dollar, and the potential for a major market rotation from big tech to small caps and commodities. Thanks for tuning in! -- Follow Quinn: https://x.com/qthomp Follow Felix: https://twitter.com/fejau_inc Follow Tyler: https://twitter.com/Tyler_Neville_ Follow Mike: https://x.com/MikeIppolito_ Follow On The Margin: https://twitter.com/OnTheMarginPod Follow Blockworks: https://twitter.com/blockworks_ On The Margin Newsletter: https://blockworks.co/newsletter/onthemargin -- Avalanche is a smart contracts platform that scales infinitely and regularly finalizes transactions in less than one second. Its novel consensus protocol, Subnet infrastructure, and HyperSDK toolkit enable Web3 developers to easily launch powerful, custom blockchain solutions. Build anything you want, any way you want, on the eco-friendly blockchain designed for Web3 devs. Start building today at https://www.avax.network/ -- Join us at Permissionless III Oct 9-11. Use code: MARGIN10 for a 10% discount: https://blockworks.co/event/permissionless-iii -- Timestamps: (00:00) Introduction (01:11) CPI & Inflation Outlook (13:05) Avalanche Ad (14:30) Equity Outlook (25:13) Labor Market Conditions (34:54) Permissionless Ad (35:34) German Gov & Mt Gox Supply Overhang (45:01) Crypto vs Gold Catch Up Trade (55:06) Evolving Politics Culture -- Disclaimer: Nothing discussed on On The Margin should be considered as investment advice. Please always do your own research & speak to a financial advisor before thinking about, thinking about putting your money into these crazy markets. Timestamps:

In this episode, Julian Brigden of MI2 Partners discusses the current economic landscape, challenging the prevailing optimism about a soft landing. He delves into the complexities of the labor market, the sticky nature of core service inflation, and the psychological shift in corporate pricing strategies. Brigden explores the Federal Reserve's dilemma in managing inflation without triggering a recession, and examines global economic flows and their impact on the US dollar. To close out Julian unpacks where potential may exist in the choppy market. Enjoy! -- Follow Julian Brigden: https://x.com/julianmi2 Follow Felix: https://x.com/fejau_inc Follow On The Margin: https://twitter.com/OnTheMarginPod Follow Blockworks: https://twitter.com/blockworks_ On The Margin Newsletter: https://blockworks.co/newsletter/onthemargin -- Avalanche is a smart contracts platform that scales infinitely and regularly finalizes transactions in less than one second. Its novel consensus protocol, Subnet infrastructure, and HyperSDK toolkit enable Web3 developers to easily launch powerful, custom blockchain solutions. Build anything you want, any way you want, on the eco-friendly blockchain designed for Web3 devs. Start building today at https://www.avax.network/ -- MANTRA Chain is a Cosmos SDK-based L1 blockchain addressing regulatory compliance gaps in the Cosmos ecosystem. Positioned as the "blockchain for tokenized RWAs and regulated digital assets," MANTRA offers high-performance, scalable blockchain architecture, supporting both permissionless and regulated, compliant applications. Learn more: https://www.mantrachain.io/ -- Join us at Permissionless III Oct 9-11. Use code: MARGIN10 for a 10% discount: https://blockworks.co/event/permissionless-iii -- Timestamps: (00:00) Introduction (01:46) Are Rate Cuts Coming? (08:54) Why Rate Cuts Might Not Come (14:46) Avalanche Ad (16:07) Mantra Ad (17:13) Why Rate Cuts Might Not Come (Continued) (20:41) 2025 Recession Outlook (29:02) Bond Market Sentiment (30:48) Permissionless Ad (31:28) Reality of Inflation (48:13) Global Market Opportunity -- Disclaimer: Nothing discussed on On The Margin should be considered as investment advice. Please always do your own research & speak to a financial advisor before thinking about, thinking about putting your money into these crazy markets.

This week Raoul Pal joins the show to discuss his exponential age thesis. We deep dive into why liquidity will resurge into H2 2024, why diversification is dead, financial repression, the fourth turning & how all these factors impact markets. Enjoy! -- Follow Raoul: https://x.com/RaoulGMI Follow Felix: https://x.com/fejau_inc Follow On The Margin: https://twitter.com/OnTheMarginPod Follow Blockworks: https://twitter.com/blockworks_ On The Margin Newsletter: https://blockworks.co/newsletter/onthemargin -- MANTRA Chain is a Cosmos SDK-based L1 blockchain addressing regulatory compliance gaps in the Cosmos ecosystem. Positioned as the "blockchain for tokenized RWAs and regulated digital assets," MANTRA offers high-performance, scalable blockchain architecture, supporting both permissionless and regulated, compliant applications. Learn more: https://www.mantrachain.io/ -- Join us at Permissionless III Oct 9-11. Use code: MARGIN10 for a 10% discount: https://blockworks.co/event/permissionless-iii -- Timestamps: (00:00) Introduction (02:17) The Liquidity Cycle (09:26) Trouble In Japan's FX Market (13:00) Mantra Ad (14:06) Financial Repression (15:43) Diversification Is Dead (20:12) The Age Of Debt (27:25) Permissionless Ad (28:06) The Crypto Thesis (39:28) The Banana Zone (46:10) Changing Your Investment Framework (48:55) The Fourth Turning -- Disclaimer: Nothing discussed on On The Margin should be considered as investment advice. Please always do your own research & speak to a financial advisor before thinking about, thinking about putting your money into these crazy markets.

Follow On The Margin On Spotify: https://spoti.fi/46WWQ6T Follow On The Margin On Apple Podcasts: https://apple.co/3UsnTiM Follow Blockworks Macro On YouTube: https://bit.ly/3NKpujX -- This week, we discuss the latest in markets after the presidential debate between Biden & Trump. We deep dive into how markets would react to a Biden vs Trump win in November, the indicators suggesting the Fed will need to cut rates soon, crypto's setup into H2 2024 & Friday's PCE print. Enjoy! -- Follow Quinn: https://x.com/qthomp Follow Felix: https://twitter.com/fejau_inc Follow Tyler: https://twitter.com/Tyler_Neville_ Follow Mike: https://x.com/MikeIppolito_ On The Margin Newsletter: https://blockworks.co/newsletter/onthemargin -- Avalanche is a smart contracts platform that scales infinitely and regularly finalizes transactions in less than one second. Its novel consensus protocol, Subnet infrastructure, and HyperSDK toolkit enable Web3 developers to easily launch powerful, custom blockchain solutions. Build anything you want, any way you want, on the eco-friendly blockchain designed for Web3 devs. Start building today at https://www.avax.network/ -- Join us at Permissionless III Oct 9-11. Use code: MARGIN10 for a 10% discount: https://blockworks.co/event/permissionless-iii -- Disclaimer: Nothing discussed on On The Margin should be considered as investment advice. Please always do your own research & speak to a financial advisor before thinking about, thinking about putting your money into these crazy markets.

This week David Cervantes joins the show for a discussion on the current setup for both the economy and markets heading into the second half of 2024. We discuss the recession outlook, will stocks continue to grind higher & how to make macro actionable. Enjoy! -- Follow David: https://x.com/EconstratPB Follow Felix: https://x.com/fejau_inc Follow On The Margin: https://twitter.com/OnTheMarginPod Follow Blockworks: https://twitter.com/blockworks_ Get top market insights and the latest in crypto news. Subscribe to Blockworks Daily Newsletter: https://blockworks.co/newsletter/ -- MANTRA Chain is a Cosmos SDK-based L1 blockchain addressing regulatory compliance gaps in the Cosmos ecosystem. Positioned as the "blockchain for tokenized RWAs and regulated digital assets," MANTRA offers high-performance, scalable blockchain architecture, supporting both permissionless and regulated, compliant applications. Learn more: https://www.mantrachain.io/ -- Join us at Permissionless III Oct 9-11. Use code: MARGIN10 for a 10% discount: https://blockworks.co/event/permissionless-iii -- Timestamps: (00:00) Introduction (01:00) The Fed's Already Got Their Soft Landing (08:14) The Economy Is Slowing (11:34) Mantra Ad (12:44) When Will The Fed Cut Rates? (17:15) How To Make Macro Actionable (29:15) Permissionless Ad (29:54) The U.S Fiscal Dilemma (32:18) Can Stocks Continue To Rally In 2024? -- Disclaimer: Nothing discussed on On The Margin should be considered as investment advice. Please always do your own research & speak to a financial advisor before thinking about, thinking about putting your money into these crazy markets.

Follow On The Margin On Spotify: https://spoti.fi/46WWQ6T Follow On The Margin On Apple Podcasts: https://apple.co/3UsnTiM Follow Blockworks Macro On YouTube: https://bit.ly/3NKpujX -- This week, we discuss are markets beginning to roll over as market breadth continues to widen. We then deep dive into the U.S election impact, inflation & are we entering a growth slowdown? Enjoy! -- Follow Quinn: https://x.com/qthomp Follow Felix: https://twitter.com/fejau_inc Follow Tyler: https://twitter.com/Tyler_Neville_ -- Avalanche is a smart contracts platform that scales infinitely and regularly finalizes transactions in less than one second. Its novel consensus protocol, Subnet infrastructure, and HyperSDK toolkit enable Web3 developers to easily launch powerful, custom blockchain solutions. Build anything you want, any way you want, on the eco-friendly blockchain designed for Web3 devs. Start building today at https://www.avax.network/ -- Join us at Permissionless III Oct 9-11. Use code: MARGIN10 for a 10% discount: https://blockworks.co/event/permissionless-iii -- Disclaimer: Nothing discussed on On The Margin should be considered as investment advice. Please always do your own research & speak to a financial advisor before thinking about, thinking about putting your money into these crazy markets.

This week Joe McCann joins the show for a discussion on the current backdrop for macro & crypto. As markets anticipate Fed rate cuts, will stocks & crypto continue to rally if a resurgence in liquidity is around the corner? Enjoy! -- Follow Joe: https://x.com/joemccann Follow Felix: https://x.com/fejau_inc Follow On The Margin: https://twitter.com/OnTheMarginPod Follow Blockworks: https://twitter.com/blockworks_ Get top market insights and the latest in crypto news. Subscribe to Blockworks Daily Newsletter: https://blockworks.co/newsletter/ -- MANTRA Chain is a Cosmos SDK-based L1 blockchain addressing regulatory compliance gaps in the Cosmos ecosystem. Positioned as the "blockchain for tokenized RWAs and regulated digital assets," MANTRA offers high-performance, scalable blockchain architecture, supporting both permissionless and regulated, compliant applications. Learn more: https://www.mantrachain.io/ -- Join us at Permissionless III Oct 9-11. Use code: MARGIN10 for a 10% discount: https://blockworks.co/event/permissionless-iii -- Timestamps: (00:00) Introduction (01:08) Combining The Worlds Of Macro & Crypto (09:46) The Crypto Thesis (14:22) Solana (21:53) Bitcoin (25:18) Rate Cuts Are Coming (31:00) Takeaways From FOMC (39:30) Liquidity Is About To Resurge -- Disclaimer: Nothing discussed on On The Margin should be considered as investment advice. Please always do your own research & speak to a financial advisor before thinking about, thinking about putting your money into these crazy markets.

Follow On The Margin On Spotify: https://spoti.fi/46WWQ6T Follow On The Margin On Apple Podcasts: https://apple.co/3UsnTiM Follow Blockworks Macro On YouTube: https://bit.ly/3NKpujX -- This week, we discuss our takeaways from this weeks crucial CPI & PPI prints alongside the Fed's slightly hawkish FOMC meeting. We deep dive into the current market structure & discuss whether or not this rally could be about to enter a couple months of weakness? Enjoy! -- Follow Quinn: https://x.com/qthomp Follow Felix: https://twitter.com/fejau_inc Follow Tyler: https://twitter.com/Tyler_Neville_ -- Avalanche is a smart contracts platform that scales infinitely and regularly finalizes transactions in less than one second. Its novel consensus protocol, Subnet infrastructure, and HyperSDK toolkit enable Web3 developers to easily launch powerful, custom blockchain solutions. Build anything you want, any way you want, on the eco-friendly blockchain designed for Web3 devs. Start building today at https://www.avax.network/ -- Join us at Permissionless III Oct 9-11. Use code: MARGIN10 for a 10% discount: https://blockworks.co/event/permissionless-iii -- Disclaimer: Nothing discussed on On The Margin should be considered as investment advice. Please always do your own research & speak to a financial advisor before thinking about, thinking about putting your money into these crazy markets.

This week Joseph Wang joins the show post FOMC to break down how markets are reacting to positive inflation data & Powell's press conference comments. As the U.S continues to run large fiscal deficits, Joseph outlines his thesis for why he expects stocks to continue crushing bonds in 2024 & why markets will actually crash up instead of down. Enjoy! -- Follow Joseph: https://x.com/FedGuy12 Follow Felix: https://x.com/fejau_inc Follow On The Margin: https://twitter.com/OnTheMarginPod Follow Blockworks: https://twitter.com/blockworks_ Get top market insights and the latest in crypto news. Subscribe to Blockworks Daily Newsletter: https://blockworks.co/newsletter/ -- MANTRA Chain is a Cosmos SDK-based L1 blockchain addressing regulatory compliance gaps in the Cosmos ecosystem. Positioned as the "blockchain for tokenized RWAs and regulated digital assets," MANTRA offers high-performance, scalable blockchain architecture, supporting both permissionless and regulated, compliant applications. Learn more: https://www.mantrachain.io/ -- Join us at Permissionless III Oct 9-11. Use code: MARGIN10 for a 10% discount: https://blockworks.co/event/permissionless-iii -- Timestamps: (00:00) Introduction (01:14) FOMC Meeting Takeaways (10:30) The U.S Labour Market (12:56) Mantra Ad (14:05) Stocks Will Continue To Crush Bonds In 2024 (16:43) Rate Cuts Are Coming... And It's Bullish (19:51) Gold, Commodities & Bitcoin (23:45) Crypto's Wealth Effect (27:55) Is There A Bear Case For Equities? (30:14) Permissionless Ad (30:52) Monetary Plumbing & The QT Taper (34:32) Presidential Elections & Their Impact On Markets -- Disclaimer: Nothing discussed on On The Margin should be considered as investment advice. Please always do your own research & speak to a financial advisor before thinking about, thinking about putting your money into these crazy markets.

Follow On The Margin On Spotify: https://spoti.fi/46WWQ6T Follow On The Margin On Apple Podcasts: https://apple.co/3UsnTiM Follow Blockworks Macro On YouTube: https://bit.ly/3NKpujX -- This week, we discuss are we at the beginning of a global rate cutting cycle as the ECB, BoC & SNB have all lowered interest rates. How will this impact markets in the second half of 2024? Enjoy! -- Follow Quinn: https://x.com/qthomp Follow Felix: https://twitter.com/fejau_inc Follow Tyler: https://twitter.com/Tyler_Neville_ Follow Mike: https://twitter.com/MikeIppolito_ -- Avalanche is a smart contracts platform that scales infinitely and regularly finalizes transactions in less than one second. Its novel consensus protocol, Subnet infrastructure, and HyperSDK toolkit enable Web3 developers to easily launch powerful, custom blockchain solutions. Build anything you want, any way you want, on the eco-friendly blockchain designed for Web3 devs. Start building today at https://www.avax.network/ -- Join us at Permissionless III Oct 9-11. Use code: MARGIN10 for a 10% discount: https://blockworks.co/event/permissionless-iii -- Disclaimer: Nothing discussed on On The Margin should be considered as investment advice. Please always do your own research & speak to a financial advisor before thinking about, thinking about putting your money into these crazy markets.

In this special episode, the Jason and Mike announce the launch of Expansion, a new Blockworks podcast focusing on the modular blockchain ecosystem. Expansion hosts Rex and NoSleepJon aim to explore the modular design concepts and architectural principles in the blockchain space. They highlight the benefits and challenges of modularity, the cultural and technical aspects, and how this new ecosystem is poised to disrupt existing technologies. Thanks for tuning in! - - Subscribe on YouTube: https://www.youtube.com/@expansionpod Subscribe on Apple: http://apple.co/4bGKYYM Subscribe on Spotify: http://spoti.fi/3Vaubq1 Follow Zon: https://x.com/ItsAlwaysZonny Follow Keone: https://x.com/keoneHD Follow Rex: https://x.com/LogarithmicRex Follow nosleepjon: https://x.com/nosleepjon Follow Expansion: https://x.com/ExpansionPod_ Get top market insights and the latest in crypto news. Subscribe to Blockworks Daily Newsletter: https://blockworks.co/newsletter/ - - Timestamps (00:00) Introduction (05:07) Modularity in Crypto (18:50) Sovereignty & ZK with Modularity (25:30) Value Accrual in Crypto (35:11) Surviving Fragmentation (43:23) Modularity Ecosystem Competition - - Disclaimer Expansion was kickstarted by a grant from the Celestia Foundation. Nothing said on Expansion is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are solely our opinions, not financial advice. Rex, Jon, and our guests may hold positions in the companies, funds, or projects discussed.

This episode Warren Pies Founder of 3Fourteen Research joins the show to discuss the current state of markets with oil trending lower, markets continuing to rally & a pivotal FOMC next week. Enjoy! -- Follow Warren: https://x.com/WarrenPies Follow Felix: https://x.com/fejau_inc Follow On The Margin: https://twitter.com/OnTheMarginPod Follow Blockworks: https://twitter.com/blockworks_ Get top market insights and the latest in crypto news. Subscribe to Blockworks Daily Newsletter: https://blockworks.co/newsletter/ -- MANTRA Chain is a Cosmos SDK-based L1 blockchain addressing regulatory compliance gaps in the Cosmos ecosystem. Positioned as the "blockchain for tokenized RWAs and regulated digital assets," MANTRA offers high-performance, scalable blockchain architecture, supporting both permissionless and regulated, compliant applications. Learn more: https://www.mantrachain.io/ -- Avalanche is a smart contracts platform that scales infinitely and regularly finalizes transactions in less than one second. Its novel consensus protocol, Subnet infrastructure, and HyperSDK toolkit enable Web3 developers to easily launch powerful, custom blockchain solutions. Build anything you want, any way you want, on the eco-friendly blockchain designed for Web3 devs. Start building today at https://www.avax.network/ -- Join us at Permissionless III Oct 9-11. Use code: MARGIN10 for a 10% discount: https://blockworks.co/event/permissionless-iii -- Timestamps: (00:00) Introduction (01:23) Oil, Rates & The Global Cutting Cycle (15:58) Avalanche Ad (17:19) Mantra Ad (18:27) Inflation (25:51) What To Expect Ahead Of FOMC (32:25) Permissionless Ad (33:11) Why Did The Fed Taper QT? (39:37) The Deficit Impact (42:54) Macro Doomerism -- Disclaimer: Nothing discussed on On The Margin should be considered as investment advice. Please always do your own research & speak to a financial advisor before thinking about, thinking about putting your money into these crazy markets.

In this episode, Keone from Monad and Zon from Initia to discuss the spectrum between modular and integrated blockchain designs. They explore the tradeoffs in decentralization, performance and scalability between the two approaches. They explore AppChains, rollups, composability challenges in modular systems, EVM compatibility, and when to scale blockchains horizontally vs vertically. To close out Keone and Zon also share valuable insights on building Web3 communities organically. Thanks for tuning in! - - Subscribe on YouTube: https://www.youtube.com/@expansionpod Subscribe on Apple: http://apple.co/4bGKYYM Subscribe on Spotify: http://spoti.fi/3Vaubq1 Follow Zon: https://x.com/ItsAlwaysZonny Follow Keone: https://x.com/keoneHD Follow Rex: https://x.com/LogarithmicRex Follow nosleepjon: https://x.com/nosleepjon Follow Expansion: https://x.com/ExpansionPod_ Get top market insights and the latest in crypto news. Subscribe to Blockworks Daily Newsletter: https://blockworks.co/newsletter/ -- (00:00) Introduction (03:24) Modular vs Integrated (11:47) Who are Appchains for? (28:58) Composability in Modular World (36:15) Monad's Endgame (39:47) Importance of Decentralization (48:05) Building Web3 Community -- Disclaimer: Expansion was kickstarted by a grant from the Celestia Foundation. Nothing said on Expansion is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are solely our opinions, not financial advice. Rex, Jon, and our guests may hold positions in the companies, funds, or projects discussed.

Follow On The Margin On Spotify: https://spoti.fi/46WWQ6T Follow On The Margin On Apple Podcasts: https://apple.co/3UsnTiM Follow Blockworks Macro On YouTube: https://bit.ly/3NKpujX -- This week Jack Farley joins us to discuss the biggest stories of the week. With economic data showing early signs of slowing, we deep dive into why inflation is still a problem for most citizens & although we are not in a recession, we are very much so in a "vibecession". Enjoy! -- Follow On The Margin: https://twitter.com/OnTheMarginPod Follow Felix: https://twitter.com/fejau_inc Follow Jack: https://x.com/JackFarley96 Follow Tyler: https://twitter.com/Tyler_Neville_ Follow Mike: https://twitter.com/MikeIppolito_ -- Avalanche is a smart contracts platform that scales infinitely and regularly finalizes transactions in less than one second. Its novel consensus protocol, Subnet infrastructure, and HyperSDK toolkit enable Web3 developers to easily launch powerful, custom blockchain solutions. Build anything you want, any way you want, on the eco-friendly blockchain designed for Web3 devs. Start building today at https://www.avax.network/ -- MANTRA Chain is a Cosmos SDK-based L1 blockchain addressing regulatory compliance gaps in the Cosmos ecosystem. Positioned as the "blockchain for tokenized RWAs and regulated digital assets," MANTRA offers high-performance, scalable blockchain architecture, supporting both permissionless and regulated, compliant applications. Learn more: https://www.mantrachain.io/ -- Join us at Permissionless III Oct 9-11. Use code: MARGIN10 for a 10% discount: https://blockworks.co/event/permissionless-iii -- Disclaimer: Nothing discussed on On The Margin should be considered as investment advice. Please always do your own research & speak to a financial advisor before thinking about, thinking about putting your money into these crazy markets.

Follow On The Margin On Spotify: https://spoti.fi/46WWQ6T Follow On The Margin On Apple Podcasts: https://apple.co/3UsnTiM Follow Blockworks Macro On YouTube: https://bit.ly/3NKpujX -- This week we discuss the Ethereum ETF approval & what it means for ETH the asset, crypto more broadly & U.S elections. We then deep dive into the bull thesis & discuss wether or not we are still bullish going into summer. Enjoy! -- Follow On The Margin: https://twitter.com/OnTheMarginPod Follow Felix: https://twitter.com/fejau_inc Follow Tyler: https://twitter.com/Tyler_Neville_ Follow Quinn: https://twitter.com/qthomp Follow Mike: https://twitter.com/MikeIppolito_ -- Avalanche is a smart contracts platform that scales infinitely and regularly finalizes transactions in less than one second. Its novel consensus protocol, Subnet infrastructure, and HyperSDK toolkit enable Web3 developers to easily launch powerful, custom blockchain solutions. Build anything you want, any way you want, on the eco-friendly blockchain designed for Web3 devs. Start building today at https://www.avax.network/ -- Kinto is the Safety-first L2 designed to accelerate the transition to an on-chain financial system. It features user-owned KYC and native account abstraction to solve the biggest blockers to mainstream adoption: security and user experience. Kinto's launch program is onboarding institutional players and DeFi users before its public launch. If you believe in bridging the gap between TradFi and DeFi today, join Kinto's launch program at https://engen.kinto.xyz -- Join us at Permissionless III Oct 9-11. Use code: MARGIN10 for a 10% discount: https://blockworks.co/event/permissionless-iii -- Disclaimer: Nothing discussed on On The Margin should be considered as investment advice. Please always do your own research & speak to a financial advisor before thinking about, thinking about putting your money into these crazy markets.

We apologise for any video/audio issues this episode! -- This episode Eric Balchunas & James Seyffart join the show to discuss the sudden Ethereum ETF approval shock that surprised markets this week. Enjoy! -- Follow Eric: https://x.com/EricBalchunas Follow James: https://x.com/JSeyff Follow Mike: https://x.com/MikeIppolito_ Follow On The Margin: https://twitter.com/OnTheMarginPod Follow Blockworks: https://twitter.com/blockworks_ Get top market insights and the latest in crypto news. Subscribe to Blockworks Daily Newsletter: https://blockworks.co/newsletter/ -- MANTRA Chain is a Cosmos SDK-based L1 blockchain addressing regulatory compliance gaps in the Cosmos ecosystem. Positioned as the "blockchain for tokenized RWAs and regulated digital assets," MANTRA offers high-performance, scalable blockchain architecture, supporting both permissionless and regulated, compliant applications. Learn more: https://www.mantrachain.io/ -- Avalanche is a smart contracts platform that scales infinitely and regularly finalizes transactions in less than one second. Its novel consensus protocol, Subnet infrastructure, and HyperSDK toolkit enable Web3 developers to easily launch powerful, custom blockchain solutions. Build anything you want, any way you want, on the eco-friendly blockchain designed for Web3 devs. Start building today at https://www.avax.network/ -- Join us at Permissionless III Oct 9-11. Use code: MARGIN10 for a 10% discount: https://blockworks.co/event/permissionless-iii -- (00:00) Introduction (01:12) The ETH Approval (08:55) Demand For An ETH ETF (14:02) Avalanche Ad (15:23) Mantra Ad (16:29) Will We See More ETFs? -- Disclaimer: Nothing discussed on On The Margin should be considered as investment advice. Please always do your own research & speak to a financial advisor before thinking about, thinking about putting your money into these crazy markets.

This episode Danny Dayan joins the show alongside Felix Jauvin for a discussion on the problem the Fed faces as inflation remains too high. Making the argument for another rate hike in 2024 vs consensus of rate cuts, we deep dive into financial conditions, the deficit impact, how the Fed broke the yield curve in 2021 & more. Enjoy! -- Follow Danny: https://x.com/DannyDayan5 Follow Felix: https://x.com/fejau_inc Follow On The Margin: https://twitter.com/OnTheMarginPod Follow Blockworks: https://twitter.com/blockworks_ Get top market insights and the latest in crypto news. Subscribe to Blockworks Daily Newsletter: https://blockworks.co/newsletter/ -- MANTRA Chain is a Cosmos SDK-based L1 blockchain addressing regulatory compliance gaps in the Cosmos ecosystem. Positioned as the "blockchain for tokenized RWAs and regulated digital assets," MANTRA offers high-performance, scalable blockchain architecture, supporting both permissionless and regulated, compliant applications. Learn more: https://www.mantrachain.io/ -- Join us at Permissionless III Oct 9-11. Use code: MARGIN10 for a 10% discount: https://blockworks.co/event/permissionless-iii -- Timestamps: 00:00 Introduction 01:21 Forget Rate Cuts, The Fed Will Hike Again 07:40 Financial Conditions Are Too Loose 11:29 Avalanche Ad 12:50 Mantra Ad 19:47 The Fed Broke The Yield Curve In 2021 34:31 Fiscal Deficits & The Credit Impulse 39:25 The U.S Debt Problem 43:09 Why Is China Buying So Much Gold? 47:18 Oil 50:26 How To Trade 2024? -- Disclaimer: Nothing discussed on On The Margin should be considered as investment advice. Please always do your own research & speak to a financial advisor before thinking about, thinking about putting your money into these crazy markets.

Follow On The Margin On Spotify: https://spoti.fi/46WWQ6T Follow On The Margin On Apple Podcasts: https://apple.co/3UsnTiM Follow Blockworks Macro On YouTube: https://bit.ly/3NKpujX -- This week we discuss the bullish setup for an everything rally. After a bullish CPI print, the return of roaring kitty & most macro event risk behind us, are animal spirits about to unleash once again in a 2021 style melt-up? Are we entering the "banana zone"... Enjoy! -- Follow On The Margin: https://twitter.com/OnTheMarginPod Follow Felix: https://twitter.com/fejau_inc Follow Tyler: https://twitter.com/Tyler_Neville_ Follow Quinn: https://twitter.com/qthomp Follow Mike: https://twitter.com/MikeIppolito_ -- Avalanche is a smart contracts platform that scales infinitely and regularly finalizes transactions in less than one second. Its novel consensus protocol, Subnet infrastructure, and HyperSDK toolkit enable Web3 developers to easily launch powerful, custom blockchain solutions. Build anything you want, any way you want, on the eco-friendly blockchain designed for Web3 devs. Start building today at https://www.avax.network/ -- Kinto is the Safety-first L2 designed to accelerate the transition to an on-chain financial system. It features user-owned KYC and native account abstraction to solve the biggest blockers to mainstream adoption: security and user experience. Kinto's launch program is onboarding institutional players and DeFi users before its public launch. If you believe in bridging the gap between TradFi and DeFi today, join Kinto's launch program at https://engen.kinto.xyz -- Join us at Permissionless III Oct 9-11. Use code: MARGIN10 for a 10% discount: https://blockworks.co/event/permissionless-iii -- Disclaimer: Nothing discussed on On The Margin should be considered as investment advice. Please always do your own research & speak to a financial advisor before thinking about, thinking about putting your money into these crazy markets.

Follow On The Margin On Spotify: https://spoti.fi/46WWQ6T Follow On The Margin On Apple Podcasts: https://apple.co/3UsnTiM Follow Blockworks Macro On YouTube: https://bit.ly/3NKpujX -- This week we discuss the current U.S fiscal situation. What impact will elections have on markets & the every growing U.S debt burden. Enjoy! -- Avalanche is a smart contracts platform that scales infinitely and regularly finalizes transactions in less than one second. Its novel consensus protocol, Subnet infrastructure, and HyperSDK toolkit enable Web3 developers to easily launch powerful, custom blockchain solutions. Build anything you want, any way you want, on the eco-friendly blockchain designed for Web3 devs. Start building today at https://www.avax.network/ -- Kinto is the Safety-first L2 designed to accelerate the transition to an on-chain financial system. It features user-owned KYC and native account abstraction to solve the biggest blockers to mainstream adoption: security and user experience. Kinto's launch program is onboarding institutional players and DeFi users before its public launch. If you believe in bridging the gap between TradFi and DeFi today, join Kinto's launch program at https://engen.kinto.xyz -- MANTRA Chain is a Cosmos SDK-based L1 blockchain addressing regulatory compliance gaps in the Cosmos ecosystem. Positioned as the "blockchain for tokenized RWAs and regulated digital assets," MANTRA offers high-performance, scalable blockchain architecture, supporting both permissionless and regulated, compliant applications. Learn more: https://www.mantrachain.io/ -- Join us at Permissionless III Oct 9-11. Use code: MARGIN10 for a 10% discount: https://blockworks.co/event/permissionless-iii -- Follow On The Margin: https://twitter.com/OnTheMarginPod Follow Felix: https://twitter.com/fejau_inc Follow Tyler: https://twitter.com/Tyler_Neville_ Follow Quinn: https://twitter.com/qthomp Follow Mike: https://twitter.com/MikeIppolito_ -- Disclaimer: Nothing discussed on On The Margin should be considered as investment advice. Please always do your own research & speak to a financial advisor before thinking about, thinking about putting your money into these crazy markets

Follow On The Margin On Spotify: https://spoti.fi/46WWQ6T Follow On The Margin On Apple Podcasts: https://apple.co/3UsnTiM Follow Blockworks Macro On YouTube: https://bit.ly/3NKpujX -- This week we discuss the bullish setup post FOMC & QRA. We also discuss the rise of distrust in institutions, Japan's Minsky moment, the rise of passive & more. Enjoy! -- Kinto is the Safety-first L2 designed to accelerate the transition to an on-chain financial system. It features user-owned KYC and native account abstraction to solve the biggest blockers to mainstream adoption: security and user experience. Kinto's launch program is onboarding institutional players and DeFi users before its public launch. If you believe in bridging the gap between TradFi and DeFi today, join Kinto's launch program at https://engen.kinto.xyz -- Join us at Permissionless III Oct 9-11. Use code: MARGIN10 for a 10% discount: https://blockworks.co/event/permissionless-iii -- Follow On The Margin: https://twitter.com/OnTheMarginPod Follow Felix: https://twitter.com/fejau_inc Follow Tyler: https://twitter.com/Tyler_Neville_ Follow Quinn: https://twitter.com/qthomp Follow Mike: https://twitter.com/MikeIppolito_ -- Disclaimer: Nothing discussed on On The Margin should be considered as investment advice. Please always do your own research & speak to a financial advisor before thinking about, thinking about putting your money into these crazy markets.

This week Bob Elliott joins the show post FOMC to discuss what is driving markets in 2024. We discuss why inflation remaisn too high, why the bond market needs to tighten financial conditions & what's driving the huge rally in Gold. Enjoy! -- Follow Bob: https://twitter.com/BobEUnlimited Follow Mike: https://twitter.com/MikeIppolito_ Follow On The Margin: https://twitter.com/OnTheMarginPod Follow Blockworks: https://twitter.com/blockworks_ Get top market insights and the latest in crypto news. Subscribe to Blockworks Daily Newsletter: https://blockworks.co/newsletter/ -- MANTRA Chain is a Cosmos SDK-based L1 blockchain addressing regulatory compliance gaps in the Cosmos ecosystem. Positioned as the "blockchain for tokenized RWAs and regulated digital assets," MANTRA offers high-performance, scalable blockchain architecture, supporting both permissionless and regulated, compliant applications. Learn more: https://www.mantrachain.io/ -- Join us at Permissionless III Oct 9-11. Use code: MARGIN10 for a 10% discount: https://blockworks.co/event/permissionless-iii -- Disclaimer: Nothing discussed on On The Margin should be considered as investment advice. Please always do your own research & speak to a financial advisor before thinking about, thinking about putting your money into these crazy markets.

Follow On The Margin On Spotify: https://spoti.fi/46WWQ6T Follow On The Margin On Apple Podcasts: https://apple.co/3UsnTiM Follow Blockworks Macro On YouTube: https://bit.ly/3NKpujX -- This week we discuss big tech earnings & the role of fiscal dominance on earnings growth. To hear all this & more, you'll have to tune in! -- Kinto is the Safety-first L2 designed to accelerate the transition to an on-chain financial system. It features user-owned KYC and native account abstraction to solve the biggest blockers to mainstream adoption: security and user experience. Kinto's launch program is onboarding institutional players and DeFi users before its public launch. If you believe in bridging the gap between TradFi and DeFi today, join Kinto's launch program at https://engen.kinto.xyz -- Join us at Permissionless III Oct 9-11. Use code: MARGIN10 for a 10% discount: https://blockworks.co/event/permissionless-iii -- Follow On The Margin: https://twitter.com/OnTheMarginPod Follow Felix: https://twitter.com/fejau_inc Follow Tyler: https://twitter.com/Tyler_Neville_ Follow Quinn: https://twitter.com/qthomp Follow Blockworks: https://twitter.com/blockworks_ -- Disclaimer: Nothing discussed on On The Margin should be considered as investment advice. Please always do your own research & speak to a financial advisor before thinking about, thinking about putting your money into these crazy markets.