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Blockworks

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/

The Breakdown

A 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.

Brutal Zcash Bug Sat Hidden for 4 Years

Everyone'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.

Crypto Still Sees Massive Returns On Par With Stocks

A 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.

Dimon & Democrats Ready for War Over CLARITY

David maps the current Bitcoin bear market against every prior one — where we are, how much longer it could run, and where the bottom could land.

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.

When Bitcoin’s Bear Market Might End

A Google engineer allegedly profited $1.2 million on Polymarket betting that d4vd would be Google's most-searched person of 2025 — using Google's own internal data. Plus: Blockworks' new Token Transparency Alliance, and an OpenZeppelin co-founder telling friends and family to exit DeFi.

TIMESTAMPS:

(00:00) Intro

(01:03) Polymarket Insider Trading

(10:39) Transparency Alliance

(21:56) DeFi Unsafe?

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.

A Google Engineer Made $1.2M Insider Trading on Polymarket

Polsia (AI Slop spelled backwards) just announced a $30M raise at a $250M valuation with one human employee. David thinks it's less a company, more performance art. Plus: Uber, Microsoft and NVIDIA all admit AI compute is too expensive, and Tether is launching what looks like a CBDC with the government of Georgia. Enjoy!

TIMESTAMPS:

(00:00) Intro

(01:28) Polsia

(06:22) Nexo Ad

(06:57) Polsia (Cont.)

(16:10) Nexo Ad

(17:04) Polsia (Cont.)

(18:29) AI Compute Costs

(27:15) Tether

FOLLOW THE SHOW

› David — https://x.com/dcanellis

› The Breakdown — https://x.com/TheBreakdownBW

SPONSORS

› NEXO

Nexo is the premier digital wealth platform. Receive interest on your crypto, borrow against it without selling, and trade a range of assets. Now available in the U.S with 30 days of exclusive privileges. Get started at http://nexo.com/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.

Is This $250M AI Company Fake?

It's Bitcoin Pizza Day, and David runs through three Friday stories: Hyperliquid breaking all-time high (and why the buyback isn't really the driver), the XRP wallet and ETF flow narrative vs. what the data actually says, and Dankrad Feist's $1B proposal to "save Ethereum." Enjoy!

TIMESTAMPS:

(00:00) Intro

(01:35) HYPE All-Time High

(06:48) Nexo Ad

(07:22) HYPE All-Time High (Cont.)

(12:25) XRP ETF Flows

(15:20) Nexo Ad

(16:25) XRP ETF Flows (Cont.)

(23:29) ETH Troubles

FOLLOW THE SHOW

› David — https://x.com/dcanellis

› The Breakdown — https://x.com/TheBreakdownBW

SPONSORS

› NEXO

Nexo is the premier digital wealth platform. Receive interest on your crypto, borrow against it without selling, and trade a range of assets. Now available in the U.S with 30 days of exclusive privileges. Get started at http://nexo.com/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.

Hyperliquid Hits ATH, XRP ETF Flows, and a $1B Pitch to Save Ethereum | The Breakdown

David unpacks the Ethereum Foundation exits, the Polymarket / UMA Oracle dispute mess revealed by the WSJ, and OpenAI's push to sell guaranteed compute on 1–3 year commits. Enjoy!

TIMESTAMPS:

(00:00) Intro

(01:23) ETH Foundation Departures

(17:00) Polymarket Dispute Judges

(27:11) OpenAI Guaranteed Compute

FOLLOW THE SHOW

› David — https://x.com/dcanellis

› The Breakdown — https://x.com/TheBreakdownBW

SPONSORS

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.

OpenAI Digs A Moat, Ethereum Foundation Loses Talent, And Polymarket’s UMA Problem | The Breakdown

Nick Almond of the Jito Foundation joins David to walk through why DAO governance is a mess, what “pragmatic decentralization” looks like in practice, and how the CLARITY Act will reshape governance going forward. Enjoy!

TIMESTAMPS:

(00:00) Intro

(01:22) Why Governance Matters

(03:43) Token Voting

(05:12) Delegates and Multisigs

(08:56) Nexo Ad

(09:30) Sub-DAOs and Specialization

(11:33) Governance Tokens Origins

(15:47) Pragmatic Decentralization

(18:22) Cosmetic Votes and Value

(20:37) Nexo Ad

(21:35) Arbitrum Governance

(25:59) Regulation and CLARITY

(29:11) Bitcoin Governance Lessons

(34:03) Meta Governance and Agility

(36:48) Tokens as Equity Future

(39:41) Closing Thoughts

FOLLOW THE SHOW

› David — https://x.com/dcanellis

› The Breakdown — https://x.com/TheBreakdownBW

› Nick Almond — https://x.com/DrNickA

› Jito Foundation — https://x.com/jito_sol

SPONSORS

› NEXO

Nexo is the premier digital wealth platform. Receive interest on your crypto, borrow against it without selling, and trade a range of assets. Now available in the U.S with 30 days of exclusive privileges. Get started at http://nexo.com/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.

The Messy State of Crypto Governance with Jito Foundation's Nick Almond | The Breakdown

Hyperliquid enabled early exposure to the biggest AI IPO of the year. Claude helped recover a Bitcoin wallet locked for 11 years. And CLARITY made it through markup. David runs through all three. Enjoy!

TIMESTAMPS:

00:00 Intro

01:05 Cerebras

12:42 Claude Rescues Wallet

19:17 CLARITY Markup Update

FOLLOW THE SHOW

› David — https://x.com/dcanellis

› The Breakdown — https://x.com/TheBreakdownBW

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.

When Bitcoin’s Bear Market Might End

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