Markets across the board faced historic volatility yesterday, leaving many investors to ask: are we on the cusp of a crash?

Welcome back to The Blockspace Podcast! In lieu of a news roundup today, we recap Thursday’s market chaos, in which gold shed Bitcoin’s entire market cap in a single morning. We unpack Microsoft's historic 10% drop despite an earnings beat and contrast it with Meta's rally. Are we looking at a systemic liquidity shock or a one-off deleveraging event? We break down the charts, from credit spreads to the VIX, and examine the canaries in the coal mine that could point toward a rocky 2026.

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Notes:

* Gold shed ~$1.7 trillion in one morning

* Microsoft stock closed down 10%, worst daily move since 2000

* Meta stock rose 10% after earnings beat

* Bitcoin pukes to $83,000

* VIX spiked 8%

Timestamps:

00:00 Start

01:46 Market rips then dips, then rallies again

08:40 Bitcoin bear

11:43 Microsoft

20:31 Polymarket government shutdown odds

27:34 Why BTC go down?

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The Blockspace Pod: Understanding Thursday’s Market Meltdown