Podcast
The Breakdown
Hosted by Blockworks · EN
The Breakdown dives into the deepest topics in crypto, blockchain, and the macro forces shaping markets and power structures. Each episode breaks down complex ideas into clear, grounded analysis — separating signal from noise across crypto, finance, and geopolitics.
Hosted by David Canellis, The Breakdown features explainers, interviews, and conversations with the people building, regulating, and challenging the financial system.
A Blockworks podcast.
Subscribe to The Breakdown newsletter: https://the-breakdown.carrd.co/
81episodes
Episodes
Newest firstAll episodes
Is Strategy Really the Next Terra Luna?
2d ago00:27:35Tap to summarizeStrategy’s STRC is still trading below its $100 target and has drawn comparisons to Terra Luna. David walks through how Terra Luna actually imploded, why Strategy's flywheel is meaningfully different, and the real problem he sees underneath it all. Enjoy! FOLLOW THE SHOW › David — https://x.com/dcanellis › The Breakdown — https://x.com/TheBreakdownBW › The Breakdown Newsletter — https://blockworks.com/newsletter/the-breakdown DISCLAIMER As always, remember this podcast is for informational purposes only, and any views expressed by anyone on the show are solely their opinions, not financial advice.
Transcribe →The History of Standard Chartered Megabullish Price Predictions
1w ago00:18:35Tap to summarizeStandard Chartered just put a $100 price target on Uniswap by 2030 — a 40× move from current levels. David walks through the call, the tokenization thesis underpinning it, and how Standard Chartered's past calls on Bitcoin, ETH, XRP, BNB and AVAX have actually played out. FOLLOW THE SHOW › David — https://x.com/dcanellis › The Breakdown — https://x.com/TheBreakdownBW › The Breakdown Newsletter — https://blockworks.com/newsletter/the-breakdown Get top market insights and the latest in crypto news. Subscribe to the Blockworks Daily Newsletter: https://blockworks.co/newsletter/ DISCLAIMER As always, remember this podcast is for informational purposes only, and any views expressed by anyone on the show are solely their opinions, not financial advice.
Transcribe →The US Just Made the Case for Open-Source AI
1w ago00:21:45Tap to summarizeAnthropic released Fable V — a wrapper around its Mythos model with strict guardrails. Within 24 hours, the White House forced it offline over a jailbreak that exposed Mythos's full cyber capabilities. David walks through David Sack’s thread, the export control, and why this is the strongest case yet for running your own open-source AI at home. Plus: Blockworks just acquired Messari, and the SpaceX IPO turned into a mess on crypto exchanges. Enjoy! TIMESTAMPS: (00:00) Intro (01:24) Anthropic (11:57) Blockworks Acquires Messari (14:38) SpaceX IPO FOLLOW THE SHOW › David — https://x.com/dcanellis › The Breakdown — https://x.com/TheBreakdownBW › The Breakdown Newsletter — https://blockworks.com/newsletter/the-breakdown Get top market insights and the latest in crypto news. Subscribe to the Blockworks Daily Newsletter: https://blockworks.co/newsletter/ DISCLAIMER As always, remember this podcast is for informational purposes only, and any views expressed by anyone on the show are solely their opinions, not financial advice.
Transcribe →Blockworks Acquires Messari
2w ago00:28:59Tap to summarizeIn this special episode, Blockworks announces its acquisition of Messari and unpacks what it means for crypto’s next phase. Michael and Jason explore why Messari’s breadth of data, APIs, and research complement Blockworks’ deep on-chain analytics, investor relations, and disclosure products. They also address crypto’s trust problem, the need for standardized data and disclosures, and how Blockworks aims to become the trusted data layer connecting issuers, investors, exchanges, regulators, and AI agents in on-chain markets. Learn more: https://blockworks.com/insights/blockworks-acquires-messari Follow Blockworks on X: https://x.com/Blockworks Follow Messari on X: https://x.com/MessariCrypto Follow Michael on X: https://x.com/MikeIppolito_ Follow Jason on X: https://x.com/JasonYanowitz
Transcribe →SpaceX Just Became the Most Valuable Post-IPO Company Ever
2w ago00:21:28Tap to summarizeIt's SpaceX IPO day, and it’s on track to be the most valuable post-IPO company in history — $1.77T, surpassing Saudi Aramco. David walks through the numbers, the pre-IPO trade on Hyperliquid, and why the edge wore off months ago. Plus: Nakamoto selling Bitcoin while Tom Lee's BitMine keeps stacking ETH, and where prediction market volumes are during the NBA Finals. TIMESTAMPS: (00:00) Intro (01:08) SpaceX IPO (07:27) Treasury Companies (15:47) Prediction Markets FOLLOW THE SHOW › David — https://x.com/dcanellis › The Breakdown — https://x.com/TheBreakdownBW › The Breakdown Newsletter — https://blockworks.com/newsletter/the-breakdown Get top market insights and the latest in crypto news. Subscribe to the Blockworks Daily Newsletter: https://blockworks.co/newsletter/ DISCLAIMER As always, remember this podcast is for informational purposes only, and any views expressed by anyone on the show are solely their opinions, not financial advice.
Transcribe →BlackRock's Bitcoin ETF Is $13 Billion Underwater
2w ago00:26:51Tap to summarizeBlackRock's IBIT is sitting about $13 billion underwater on its Bitcoin holdings. Every ETH ETF is in the red. David walks through which funds bought the top, which took profit, and what happens to crypto if ETF holders finally crack. Plus: a preview of DAS Asia and DAS London, and the SpaceX pre-IPO trade on Hyperliquid. TIMESTAMPS: (00:00) Intro (01:16) Crypto ETFs (15:54) DAS Events 2026 (18:07) SpaceX Perps FOLLOW THE SHOW › David — https://x.com/dcanellis › The Breakdown — https://x.com/TheBreakdownBW › The Breakdown Newsletter — https://blockworks.com/newsletter/the-breakdown Get top market insights and the latest in crypto news. Subscribe to the Blockworks Daily Newsletter: https://blockworks.co/newsletter/ DISCLAIMER As always, remember this podcast is for informational purposes only, and any views expressed by anyone on the show are solely their opinions, not financial advice.
Transcribe →Inside Pump.fun's New Bounty Platform
2w ago00:30:23Tap to summarizePump.fun just rolled out Pump.fun Go — a bounty platform that pays you crypto for filming yourself doing… well, whatever. David on why this might actually matter for the next retail cycle. Plus: the coins quietly pumping through the bear, and the stablecoin chart suggesting we're still months from a bottom. TIMESTAMPS: (00:00) Intro (01:09) Pump.Fun Bounties (14:48) Token Winners (24:36) Stablecoins FOLLOW THE SHOW › David — https://x.com/dcanellis › The Breakdown — https://x.com/TheBreakdownBW › The Breakdown Newsletter — https://blockworks.com/newsletter/the-breakdown Get top market insights and the latest in crypto news. Subscribe to the Blockworks Daily Newsletter: https://blockworks.co/newsletter/ DISCLAIMER As always, remember this podcast is for informational purposes only, and any views expressed by anyone on the show are solely their opinions, not financial advice.
Transcribe →Brutal Zcash Bug Sat Hidden for 4 Years
3w ago00:26:36Tap to summarizeA critical bug in Zcash's Orchard shielded pool could have minted unlimited counterfeit ZEC — and it sat there for 4 years. The price has lost ~47% in three days. David walks through what happened, why ZK trust keeps mattering, and what it means for holders. Plus: Polymarket's UMA ruling that Strategy didn't sell Bitcoin (it did), and the end of the Bitcoin ETF outflow streak. TIMESTAMPS: (00:00) Intro (01:11) Zcash Crash (14:53) Polymarket Strategy Drama (23:39) ETF Flows Update FOLLOW THE SHOW › David — https://x.com/dcanellis › The Breakdown — https://x.com/TheBreakdownBW › The Breakdown Newsletter — https://blockworks.com/newsletter/the-breakdown Get top market insights and the latest in crypto news. Subscribe to the Blockworks Daily Newsletter: https://blockworks.co/newsletter/ DISCLAIMER As always, remember this podcast is for informational purposes only, and any views expressed by anyone on the show are solely their opinions, not financial advice.
Transcribe →Crypto Still Sees Massive Returns On Par With Stocks
3w ago00:21:44Tap to summarizeEveryone's saying crypto has been left behind by the stock market. David digs into the numbers — VVV outperformed SanDisk YTD, Hyperliquid beat NVIDIA and AMD, Stellar beat NVIDIA. The market is selecting winners. Plus: $4B of Bitcoin ETF outflows in 13 days (it's not as bad as it looks), and Microsoft's new "quantum-breaking" chip. TIMESTAMPS: (00:00) Intro (01:05) Crypto Left Behind? (10:24) Bitcoin ETF Flows (14:35) Microsoft Quantum Chip FOLLOW THE SHOW › David — https://x.com/dcanellis › The Breakdown — https://x.com/TheBreakdownBW › The Breakdown Newsletter — https://blockworks.com/newsletter/the-breakdown Get top market insights and the latest in crypto news. Subscribe to the Blockworks Daily Newsletter: https://blockworks.co/newsletter/ DISCLAIMER As always, remember this podcast is for informational purposes only, and any views expressed by anyone on the show are solely their opinions, not financial advice.
Transcribe →Dimon & Democrats Ready for War Over CLARITY
3w ago00:25:22Tap to summarizeA centrist Democratic group is spending six figures to brand the CLARITY Act as "Trump's crypto grifto." Jamie Dimon is on the same side. David walks through what's actually happening and why crypto might need a Plan B. Plus: the SpaceX pre-IPO perp that flash crashed 45% on Hyperliquid, and Cardano canceling its annual conference. Enjoy! TIMESTAMPS: (00:00) Intro (01:10) Anti-CLARITY FUD (13:43) SpaceX Perps (16:58) Cardano FOLLOW THE SHOW › David — https://x.com/dcanellis › The Breakdown — https://x.com/TheBreakdownBW › The Breakdown Newsletter — https://blockworks.com/newsletter/the-breakdown Get top market insights and the latest in crypto news. Subscribe to the Blockworks Daily Newsletter: https://blockworks.co/newsletter/ DISCLAIMER As always, remember this podcast is for informational purposes only, and any views expressed by anyone on the show are solely their opinions, not financial advice.
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