Unchained

As miners approach historical stress zones, Bitcoin’s correlation with tech stocks is hitting at the worst possible moment. Enter AI.

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Public mining companies are once again approaching breakeven territory, a zone that in prior cycles preceded forced selling and capitulation. But unlike past downturns, balance sheets today are cleaner, leverage is lower, and many operators are pivoting toward AI data center hosting as a structural offramp.

At the same time, Bitcoin has been trading alongside frontier technology stocks. That correlation is resurfacing at precisely the wrong moment, as growth equities face renewed pressure. If growth portfolios were the marginal buyers during the rally, they may now be the marginal sellers.

In this episode, Steven Ehrlich speaks first with John Todaro about miner economics, hash rate dynamics, and whether another round of selling could emerge if Bitcoin remains near breakeven levels. Then Zach Pandl joins to examine Bitcoin’s correlation with tech stocks, the mechanics behind recent gold volatility, and why the next phase for crypto may be driven by differentiation rather than broad beta.

Hosts:


Steven Ehrlich, Host of Bits + Bips: The Interview

Guests:


Zach Pandl, Head of Research at Grayscale


John Todaro, Managing Director, Crypto & HPC/AI Equity Research at Needham & Company

Links:

Bitcoin Miner Danger Zone


Major Bitcoin Miners Face Shutdown Risk If BTC Falls Below $70,000

Miner Pivot to AI


America’s Biggest Bitcoin Miners Are Pivoting to AI

The Tech Selloff


Wall Street’s Anything-But-Tech Trade Shakes Up US Stock Market

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The crew unpacks BlackRock buying UNI, ARK, Citadel, DTCC, the Intercontinental Exchange and other TradFi players backing Zero, , Vitalik's thoughts on AI, and more. 

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MultiChain Advisors


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AI safety chiefs are leaving, BlackRock's launching on Uniswap and buying UNI, LayerZero launches “the last blockchain” with institutional backing, Kaito is launching attention markets, Base is abandoning social and Vitalik has some thoughts on AI.

Hosts Kain Warwick, Luca Netz and Taylor Monahan unpack these and more in yet another packed episode of Uneasy Money.

Find out why Kain thinks the Uniswap and LayerZero news point to a new meta reminiscent of DeFi Summer. Plus, is Coinbase's Base playing it too safe? And is Vitalik fighting a losing battle?

Hosts:


Luca Netz, CEO of Pudgy Penguins


Kain Warwick, Founder of Infinex and Synthetix


Taylor Monahan, Security at MetaMask

Links:


Unchained:


⁠LayerZero Launches ‘Zero’ Layer 1 as Citadel, ARK Buy ZRO⁠


⁠How Zero Blockchain Cracked 2 Million TPS and Is Still Decentralized⁠


⁠Vitalik Buterin Pushes Back on the ‘Race to AGI,’ Outlines Ethereum-Led AI Path⁠


⁠When AI Agents Take Over, What Does a Post-Human Economy Look Like?⁠


⁠Uneasy Money: How the Increasingly Better AI Agents Are Being Used Onchain⁠


⁠Uneasy Money: Why Crypto Still Can’t Overcome Its ICO Struggles

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The market structure bill introduces a "control" test for DeFi protocols. The problem: nobody agrees on what control means.

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Peter Van Valkenburgh of Coin Center sits down with Jessi Brooks and Vy Le to confront a question that will determine which DeFi projects can operate in the United States and which ones can't. 

The Blockchain Regulatory Certainty Act creates a carve-out for non-custodial developers, codifying the principle that if you never hold customer funds, you shouldn't need a money transmitter license. Simple enough on paper. 

But Vy presses on the hard cases: what about an admin key, an upgradeable vault, or a pause function built for security? Where exactly does "non-custodial" end and "control" begin? 

Meanwhile, Jessi raises the tension the industry rarely wants to discuss. The DOJ just charged cartel brokers moving money through crypto, yet simultaneously dismantled its own enforcement teams. 

If Congress clears developers, who pursues the actual criminals? The answer matters for every builder, investor, and victim watching this play out.

Hosts:


Jessi Brooks, General Counsel at Ribbit Capital


TuongVy Le, General Counsel at Veda

Guest:


⁠Peter Van Valkenburgh, Executive Director of Coin Center

Links:

⁠​​Crypto Market Structure Bill Clears Senate Committee — But the Hard Part Is Still Ahead⁠

⁠Senators Move to Curb Passive Stablecoin Yields in Market Structure Push⁠

⁠Mastercard in Talks to Buy Zerohash for $2 Billion: Report⁠

⁠How the GENIUS Act Creates a Built-In Advantage for Banks and Deposit Tokens⁠

⁠How Nansen’s New Trading Agent Makes It Easier to Follow the Smart Money Onchain⁠

⁠How the x402 Standard Is Enabling AI Agents to Pay Each Other⁠

⁠Reading is Fundamental⁠

⁠Stablecoin for Babies

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Namik Muduroglu and Amir Almaimani walk through MegaETH's launch strategy and why they are delaying the TGE.

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Months after its oversubscribed initial coin offering, MegaETH's mainnet is live. But the project is not launching its token just yet. 

In this Unchained podcast episode, MegaETH strategy chief Namik Muduroglu and Head of Ecosystem Amir Almaimani break down the Ethereum Layer 2 chain’s launch strategy, including its decision to delay TGE.

They also explain how the MegaETH is navigating the current market slump and how it is positioning USDM as its long term moat. Plus, why they believe credible neutrality is a “losing strategy.”

Guests:


Namik Muduroglu, CSO & Founding Team at MegaETH


Amir Almaimani, Head of Ecosystem of MegaETH


Previous appearances on Unchained:


MegaETH Just Had Its Public Sale. Can It Succeed in Building a Web2-Like Experience?

Links:


Unchained:


Ethereum Lets Go of the Rollup Story. Here Are the 6 Tokens That Benefit


MegaETH Plans Return of All Pre-Deposit Funds


MegaETH Just Had Its Public Sale. Can It Succeed in Building a Web2-Like Experience?

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Are bitcoiners underestimating the quantum threat to Bitcoin? That's the question Castle Island Ventures Partner Nic Carter has posed with some recent posts gauging the views of several leading Bitcoin developers on quantum computing.

To help answer the question, Unchained reached out to Ethereum Foundation Researcher Justin Drake and Michigan University Professor Chris Peikert. In this episode, Justin and Chris, who is one of the foremost experts on lattice cryptography, break down the quantum computing threat to crypto and the potential timelines.

Justin theorizes that Bitcoin developers may not be incentivized to talk about the quantum computing risk while still saying that a number of smart people are already taking it seriously and that may be enough.

Conversely, Chris highlights the constraints that come with uncertainty around risks and timelines.

Listen to find out what they conclude. Plus, could AI do crypto in before quantum computers?

Guests:


Justin Drake, Researcher at the Ethereum Foundation


Chris Peikert, Professor, Computer Science and Engineering, University of Michigan

Links:

Ethereum and Optimism Lay the Groundwork for a Post-Quantum Future

Q-Day Is Imminent. Can Bitcoin Survive the Quantum Threat?

Solana Deploys Post-Quantum Signatures on Testnet

Cracking Bitcoin Encryption Is Getting Much Easier, Google Says

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