Head of Research @grayscale. Formerly economist and macro strategist @goldmansachs. Opinions are my own. Disclosure: grayscale.com/terms-of-servi…
Stamford, CT
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$ETH scarcity gud
Blog post on changing Ethereum's staking model: grayscale.com/the-stack/ethe…
OK let's do this: we're weighing in on the contentious issue of $ETH's supply model
TLDR: We think a change is warranted and would be bullish for $ETH longer-term
The topic is a good litmus test for how people think about valuing crypto assets!
Our take ⬇️⬇️
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ETH vs TSLA this year … maybe the price action is more about fund flows than the scaling strategy?
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Solana, the invisible metropolis, has manifested irl at 35 Wall Street @solanaspaces
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I did the orb! The World App is working great for payments in Argentina. Thanks for the opportunity @0xPenryn @worldcoinfnd @worldnetwork
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"There is nothing to be afraid of when thinking about using smart contracts, tokenization, or distributed ledgers in everyday transactions" - Fed Gov Waller
Technological Advancements in Payments federalreserve.gov/newsevent… via @FederalReserve
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Solana’s high throughput and low fees help fuel DeFi, payments, and consumer apps. With GSOL on NYSE Arca, investors can add straightforward SOL exposure alongside Bitcoin/Ethereum in an easy-to-trade, staking-enabled ETP
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“a shift in economic philosophy is emerging that is potentially as profound as the rethinking unleashed by John Maynard Keynes after the Second World War” - Gillian Tett
Tariffs on goods may be a prelude to tariffs on money ft.com/content/b1bf0858-d7d5… via @ft
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Hey @M_McDonough can we get Bittensor $TAO price on the Bloomberg terminal?
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Had an amazing time nerding out on stablecoins and the future of payments with Emi and the CFA Society of San Francisco
Excited to moderate @CFAinstitute San Francisco Society’s upcoming event, “Crypto for Financial Analysts” featuring Zach Pandl from @Grayscale. We’ll discuss what institutional investors need to know as they consider adding crypto exposure to their portfolios—whether through crypto ETFs or crypto treasury companies.
It’s energizing to see institutional interest in crypto accelerating, fueled by recent regulatory tailwinds—evident from this event selling out so quickly.
After building my career in finance and earning my CFA charter, I left Wall Street to join the Silicon Valley bandwagon. Over a decade later, it’s remarkable to see Wall Street and crypto converge, allowing me to bridge between both worlds!
Event Link: lnkd.in/gz7CTPHJ
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Want to get up to speed on Bittensor? This is great place to start 👇
🚨 JUST DROPPED: Yuma’s State of Bittensor $TAO
“Bittensor is no longer just a bold vision; It’s fast becoming core infrastructure for decentralized AI.”
Full report: yumaai.com/report
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This guy should be on Odd Lots every week podcasts.apple.com/us/podcas…
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Serious question: what is wrong with Yen depreciation if Japan does not have an inflation problem?
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Latest Nic Carter note on stablecoins (it's ~8,000 words so you'll need to block off some time). The point I agree most with: "It’s important to decouple the normative from the descriptive, i.e., what should happen from what is likely to happen." Stablecoins offer utility and are here to stay. The commercial banking system will need to come to grips with this reality.
MY LATEST: summarizing the state of policymaker and academic views on stablecoins
medium.com/@nic__carter/five…
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"Most of the Bitcoin miners have re-rated and the market is willing to pay 15x, 20x, a 2028 EBITDA multiple"
AI demand has been a godsend for beleaguered bitcoin miners.
But once they turn to high-performance computing, they could be gone for good.
@steven_ehrlich reports
unchainedcrypto.com/bitcoin-…
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Every DeFi token is still under the radar from standpoint of mainstream investors
DeFi blue-chips like AAVE, CRV, UNI, and ENA are surging on the back of ETH’s momentum.
Which will come next?
@steven_ehrlich explores
unchainedcrypto.com/defi-tok…
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For @dampedspring:
Bitcoin and Ethereum are computer networks with no one in charge (they are governed by economic incentives).
This technology (the public blockchain) offers innovations in digital money and digital finance. Bitcoin is at the center of the former and Ethereum is at the center of the latter (in the future, Bitcoin wants more of the "finance" part and Ethereum wants more of the "money" part).
The Bitcoin computer network can process peer-to-peer payments. The Ethereum computer network can do this too, but it can also process any arbitrary computation.
A network that can process any arbitrary computation is, in effect, a computer. Ethereum is therefore more than a decentralized payments network. It's an internet-native software-based computer.
This concept underpins all the buzzy topics: stablecoins, tokenized assets, decentralized finance (DeFi), etc
The best ways to learn more:
Books => Read Write Own (Chris Dixon), for the gist of it, and The Cryptopians (Laura Shin) or Infinite Machine (Camila Russo), for how we got here
Hands on => Download Metamask browser extension, fund it with some ETH and USDC, and try app.aave.com and app.uniswap.org/
Although I now stare at this stuff all day, I am stilled wowed that there is a completely functional alternative financial system that does not use intermediaries
Fwiw I don't know shit but my uninformed opinion built off casual observation and years of reading is
ETH has some alleged usefulness that BTC doesn't (i have no idea if true and don't care)
So ETH seems like digital silver IF BTC is digital gold.
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I started my Wall Street career at Lehman Brothers, and its bankruptcy forced me to think hard about the structure of our financial system and how it might be improved. #Crypto doesn't provide all the answers, but I do think that a financial system based on decentralized systems and open-source software would have more transparency and greater resilience.
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Mixed jobs report. Nonfarm payrolls slightly better than expected (and solid growth rate) but misses elsewhere in the report (downward revisions, soft-ish private sector job growth, and higher unemployment rate). I think US economy is slowing and you want to own bonds here. $TLT
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Grayscale's Crypto Sectors report and Top 20 list for Q3 2025. This quarter we are adding $AVAX and $MORPHO. Check it out: research.grayscale.com/marke…
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Did you know that public blockchains can be used for sharing GPU capacity among AI model developers? Cool report on crypto and AI synergies from my colleague @willhamilogden grayscale.com/research/repor…
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It was an honor to join Unchained to talk tariffs and Bitcoin!
Trump wants to fire Powell. The dollar’s sliding ⬇️ And sovereigns may be buying bitcoin 🤑
In this week’s @bitsandbips: a high-stakes macro standoff with massive implications.
🎧 With @lowbeta @krugermacro @ramahluwalia and @Steven_Ehrlich
Timestamps:
👋 0:00 Intro
👀 3:44 Could Trump really fire Powell? And what would that mean for the Fed’s credibility
👷13:01 Why the Fed is seeing conflicting signals from the economy
📈📉 20:07 If Trump keeps Powell for now, how will the market react?
🚪 24:49 Why capital is rotating out of the U.S. and how it is such a big moment for bitcoin.
🤕 31:37 How much further the dollar could fall in this cycle?
🔗 42:43 Has bitcoin finally decoupled, and could it become a global reserve currency?
🧑💻 50:11 How the young age of crypto holders could reshape market dynamics
🧠 1:04:26 What specific things Ram, Alex, and Zach are watching now across macro and crypto
Thank you to @bitwise for sponsoring this episode!
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Solana in NYC 🗽
Internet capital markets with @Grayscale from the heart of NYC
Solana 🤝 Wall St
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This Odd Lots about “currency” has it all: the Westphalia System, the material substrate of money, the effect of putting Bitcoin in gold candy wrappers … you love to see it
How Do We Define a Currency? omny.fm/shows/odd-lots/how-d…
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Fed staff update on international role of US Dollar: "increased stablecoin usage may cause more emerging market economies to become effectively dollarized"
The International Role of the U.S. Dollar – 2025 Edition federalreserve.gov/econres/n… via @FederalReserve
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Most of the buying is equity funded. But the portion that is debt funded could amplify a future downturn … just like in every asset market in history.
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Great chart on FX returns since liberation day and NIIP (ie a country’s international net worth)
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Thrilled to have @boywithnolegs visit Flatiron. NFTs are still a thing and there will always be a market for beautiful art! @Grayscale
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This will be my first Bitcoin halving since going to work full-time in crypto, and I will admit to be being incredibly excited
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*MUSK EXPLORING BLOCKCHAIN USE IN US GOVERNMENT EFFICIENCY PUSH
"People affiliated with DOGE have met with representatives of various public blockchains to evaluate their technology, a person with knowledge of the conversations said."
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Greatly looking forward to OPNEXT in April (opnext.dev) . What could be better than talking Bitcoin all day?
Companies / groups coming to OPNEXT in no particular order:
Coinbase
Bitcoin Core
Brink
P2P Org
Char Network
Blockworks
MARA
Grayscale
Bitwise
Lava Protocol
CoinKite
Standard
Citrea
PIPEs
Casa
Second
AnchorWatch
NYDIG
Spiral
Anchorage
Luxor
Cleanspark
Lightspark
Taproot Wizards
Mezzo/Thesis
MIT
Fidelity
Strategy
Magic Eden
👀 are you joining us?
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Crypto market update webinar Tuesday at 4pm ET ... be there or be square events.grayscale.com/graysca…
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Helpful background commentary on the Roman Storm trial from Defi Education Fund (@fund_defi). No verdict expected until Monday.
defieducationfund.org/post/u…
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My Grayscale Research colleague Michael Zhao on "DEX appeal" and the rise decentralized exchanges: research.grayscale.com/repor…
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The Fed is going to cut because inflation has come down (yellow) and the unemployment rate has moved up (white). No need to overthink it!
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Crypto expands the spectrum of risk and return available to unlevered investors in public markets. See our report on crypto's potential role in a portfolio (with @mzhao8): grayscale.com/research/repor…
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It does seem crazy in hindsight but inflation was super high and ECB was still a young institution
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They are starting to understand: "indestructibility is built into the technology". economist.com/finance-and-ec…
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AI equities are up but AI tokens are down. Interesting spot if you have missed this theme!
Crypto AI tokens are having a difficult June while AI stocks like $NVDA set new highs.
Will this divergence continue?
@steven_ehrlich reports
unchainedcrypto.com/ai-crypt…
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Helpful website for Polymarket data
Quickly search, filter, and sort Prices across all active Prediction Markets on @Polymarket.
polymarketanalytics.com/
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Twitter spaces tomorrow at 3pm ET on Ethereum ETPs
🎙️ Join our 𝕏 Space: "Exploring #Ethereum ETPs: Insights from Grayscale"!
🗓️ TOMORROW, July 23 – 3 PM ET
Featuring:
✨@jenn_rosenthal - Head of Communications
🔍 @lowbeta - Head of Research
⚖️ @CraigSalm - Chief Legal Officer
Learn directly from Grayscale about the potential launch of Ethereum ETPs!
Investing involves risk and possible loss of principal.
nitter.app/i/spaces/1YqKDkWvEkDxV
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Talking about debt reduction while announcing stimulus checks. This is the state of fiat currency today.
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Great thread on Worldcoin 👇
1/ Yesterday, @worldnetwork's @alexblania unveiled his latest plans to a room full of crypto insiders. The U.S. debut is noteworthy, but the real plot twist is Worldcoin’s sprint toward the mainstream and what that signals for crypto’s own leap to everyday commerce.
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If you can’t beat em join em! Visa, Mastercard, and Western Union all in the stablecoin race.
Mastercard eyes $2bn deal to buy Zerohash as stablecoin race heats up
dlnews.com/articles/markets/…
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I do not agree with this take. Mainstream investors have not evaluated #Ethereum and decided other L1s are better. Rather, they do not know what an L1 is, have never heard of smart contracts, never used a dApp, etc. The education process is just getting started.
The inability for crypto investors to not see the unmistakable lack of interest in ETH ETF flows tells me there remains a deeply embedded bias favoring ETH that still needs to be rinsed further.
The difference in the first weeks of BTC flows vs. ETH is glaring. Sure, Grayscale outflows are abating but there is ZERO interest/inflows to the other ETFs to offset. Keep in mind, the ETHE overhang was significantly less than GBTC's due to things like bankrupt entity forced selling. This makes the ETH ETF performance even worse when accounting for that additional headwind that BTC faced. There is simply no smart money/traditional investor/whatever you want to call it demand for ETH at its current valuation.
Take a step back from your bias and view the data for what it is. Also, I see tons of people trying to paint a bullish technical picture for the ETHBTC chart and I'm sitting here scratching my head wondering if I'm looking at a different chart. It looks horrible on most technical metrics.
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The loss of confidence in crypto when price goes down is still amazing to me. It’s almost like people didn’t believe the investment thesis to begin with …
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Sunday afternoon mNAV check:
Strategy (Bitcoin) = 1.5
Bitmine Immersion (Ether) = 1.8
SharpLink Gaming (Ether) = 1.4
Sources: bitcointreasuries.net; strategicethreserve.xyz
Sunday afternoon mNAV check:
Strategy (Bitcoin) = 1.4
Bitmine Immersion (Ether) = 1.8
SharpLink Gaming (Ether) = 1.4
Sources: bitcointreasuries.net; strategicethreserve.xyz
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Big weekend move in #Bitcoin, several low quality altcoins outperforming, big increase in search volumes for crypto => retail traders are back
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High core CPI inflation for January going to make it tough for Fed to cuts rates. Should result in stronger Dollar over short-term. Tactical headwind for $BTC.
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Need to get up to speed on Ethereum? This report offers a timely summary of the current state of the Ethereum blockchain, recent market performance, and our expectations for ETF inflows. $ETH
NEW: Grayscale Research examines #Ethereum's status. ETH leads in market cap and user base in our Smart Contract Platforms Crypto Sector, as of 5/27/2024. To maintain its lead, it will need to attract more users and boost fee revenue.
Read the full report: grayscale.com/research/repor…
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Crypto market likely to quickly move beyond the liquidation of leveraged traders imho
Grayscale managing director of research @lowbeta discusses opportunities for growth outside of bitcoin and ethereum:
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I wrote a quick Letter to the Editor in the FT on gold and #Bitcoin
Letter: Golden opportunity to realise boons of bitcoin ft.com/content/502b2965-a644… via @ft
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Thrilled to be joining Evan to talk decentralized AI at Digital Future Fest! 🚀🚀🚀
Looking forward to joining Digital FutureFest at @UConn's Stamford campus next week.
I’ll be giving a keynote on decentralized AI and then moderating a panel with @lowbeta and @petkanics exploring the ecosystems being built around it.
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