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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

While The Breakdown is between seasons, we’re bringing some of our favorite conversations from across Blockworks onto the feed.

In this episode of Forward Guidance, Felix Jauvin sits down with Fed Governor Stephen Miran at DAS to discuss why he believes inflation fears are overstated, why the Fed may still be too restrictive, and how AI, deregulation, and stablecoins could all shape the future of monetary policy.

FOLLOW GUEST

› Federal Reserve – https://x.com/federalreserve

FOLLOW THE SHOW

› Felix – https://x.com/fejau_inc 

› Forward Guidance – https://x.com/ForwardGuidance 

› Telegram – https://t.me/+CAoZQpC-i6BjYTEx

› Blockworks – https://x.com/Blockworks 

›David https://x.com/dcanellis

TIMECODES

(00:00) Introduction

(02:36) Why Miran Dissented

(05:10) Nexo Ad

(05:44) Looking Through Oil Shocks

(07:32) AI And Deregulation Disinflate

(11:04) The Case For Neutral

(13:26) What Sets Neutral Rates

(17:03) Nexo Ad and Blockworks IR Promo

(18:47) Where “Running It Hot” Narrative Fails

(26:01) Skinny Master Accounts

(28:00) Stablecoins And Dollar Demand

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

DISCLAIMER

Nothing said on Forward Guidance or The Breakdown is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only. Any views expressed are opinions, not financial advice. Hosts and guests may hold positions in the companies, funds, or projects discussed.

Fed Governor Miran on Why Inflation Fears Are Overstated | Forward Guidance

While The Breakdown is between seasons, we’re sharing a panel from Digital Assets Summit featuring the team behind Inflection Point. The conversation explores how investors should think about crypto valuations, what gives L1s value, and why there’s still no shared framework for pricing blockchain networks.

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Follow Blockworks Research: https://x.com/blockworksres

Follow Inflection Point: inflectionpoint.carrd.co

Follow Matt: https://x.com/Matt_Hougan

David: https://x.com/dlawant

Michael: https://x.com/marcryptonio

Marc: https://x.com/marcarjoon

Follow David: https://x.com/dcanellis

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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 Blockworks Daily Newsletter: https://blockworks.co/newsletter/

—

Timestamps:

(00:00) Introduction

(04:46) Crypto Valuation Models Are Broken

(10:01) Nexo Ad

(10:42) Revenue Isn’t the Answer

(16:23) One Asset Class or Many?

(18:43) Nexo Ad and Blockworks IR Promo

(20:23) Network Effects Need Revenue

(26:03) Blockspace Isn’t A Commodity

(31:20) Institutions Need Intellectual Permission

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Disclaimer: Nothing said on The Breakdown is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are solely our opinions, not financial advice. Host and guests may hold positions in the companies, funds, or projects discussed.

The Crypto-TradFi Convergence | Inflection Point

While The Breakdown is between seasons, we’re sharing a panel from Digital Asset Summit hosted by David. The discussion explores how institutions think about on-chain privacy, the tradeoffs involved, and what it takes to bring financial systems onto blockchain infrastructure.

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Follow Blockworks Research: https://x.com/blockworksres

Follow Patrick: https://x.com/_patrickogrady

Follow Yannik: https://x.com/yrschrade

Follow Catherine: https://x.com/catgu_

Follow Eric: https://x.com/wesarn_real

Follow David: https://x.com/dcanellis

—

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 Blockworks Daily Newsletter: https://blockworks.co/newsletter/

—

Timestamps:(00:00) Introduction

(00:45) Meet the Privacy Builders

(04:17) What Institutions Want

(08:40) Nexo Ad

(09:17) What Institutions Want (Con’t)

(23:00) Nexo Ad

(23:52) Composability and Compliance

(35:39) Retail vs Institutions Wrap

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Disclaimer: Nothing said on The Breakdown is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are solely our opinions, not financial advice. Host and guests may hold positions in the companies, funds, or projects discussed.

Privacy & Institutional Crypto's [Redacted] Future | The Breakdown

In this special episode, we introduce Blockworks’ new investor relations platform for onchain businesses.

As institutional capital continues to enter crypto markets, expectations around transparency, standardization, and professionalism are rising. But instead of replicating legacy systems, Blockworks IR takes a different approach, leveraging real-time, onchain data to create a more transparent, data-driven, and low-friction investor relations model.

The platform combines curated analytics, branded investor portals, and white-glove advisory support into a single solution, helping teams tell a clearer, more credible story while giving investors a more efficient way to evaluate opportunities.

Launched at the Digital Asset Summit in New York, Blockworks IR aims to fill a critical gap in the industry. Listen to learn more about the vision behind the product and what it means for the future of investor relations in crypto.

Investor Relations in the Onchain Era

While The Breakdown is between seasons, we’re sharing the full version of a past conversation with Nick Almond. The discussion explores how to think about crypto networks, why common metrics can be misleading, and what actually matters when evaluating activity and value.

Follow Blockworks Research: https://x.com/blockworksres

Follow Nick: https://x.com/DrNickA

Follow David: https://x.com/dcanellis

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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 Blockworks Daily Newsletter: https://blockworks.co/newsletter/

—

Timestamps:

(00:00) Introduction

(03:07) Ethereum vs Solana Endgames

(06:18) Nexo Ad

(06:54) Valuation Paradigms and Realism

(14:56) Nexo Ad

(15:47) Decentralization vs Fintech Future

(24:44) Measuring Decentralization

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Disclaimer: Nothing said on The Breakdown is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are solely our opinions, not financial advice. Host and guests may hold positions in the companies, funds, or projects discussed.

Are We Measuring Crypto All Wrong? | Nick Almond

While The Breakdown is between seasons, we’re sharing a recent episode of Forward Guidance.

Felix is joined by Bob Elliott to break down how oil shocks impact inflation, growth, and central bank policy—and why markets may be underestimating the risks.

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.

–

Forward Guidance: https://www.youtube.com/@ForwardGuidanceBW

Follow Bob: https://x.com/BobEUnlimited

Follow Felix: https://x.com/fejau_inc

Follow David: https://x.com/dcanellis

—

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 Blockworks Daily Newsletter: https://blockworks.co/newsletter/

—--

Timestamps:

(00:00) Introduction

(02:57) Oil Shock Challenges & Today vs 2022

(10:38) Nexo Ad

(11:13) Oil Shock Challenges & Today vs 2022 (Con’t)

(16:12) The Energy Shock Impact on Households

(20:14) How Will Central Banks & Bonds React?

(30:40) Nexo Ad

(31:37) Oil Shock Sequence of Events

(33:26) Iran War’s Asymmetric Regional Impact

(39:57) What Happens to Gold?

(43:02) Understanding a Wartime Economy

(47:34) Final Thoughts

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Disclaimer: Nothing said on The Breakdown is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are solely our opinions, not financial advice. Host and guests may hold positions in the companies, funds, or projects discussed.

The Macro Chain Reaction of Oil Shocks | Forward Guidance

As a new season of The Breakdown approaches, David takes a moment to introduce himself and explain how he thinks about Bitcoin, crypto culture, and the industry’s next phase.

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Follow David: https://x.com/dcanellis

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Get top market insights and the latest in crypto news. Subscribe to Blockworks Daily Newsletter: https://blockworks.co/newsletter/

—

Timestamps:

(00:00) Introduction

(01:04) My Crypto Origin Story

(04:07) From Trading to Crypto Media

(08:47) What Crypto Means Now

(13:32) AI, Autonomy, and What’s Next

__

Disclaimer: Nothing said on The Breakdown is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are solely our opinions, not financial advice. Host and guests may hold positions in the companies, funds, or projects discussed.

Why I’m Hosting The Breakdown | David Canellis | The Breakdown

Marc Arjoon joins the show to discuss how institutional flows, ETF market structure, and the changing economics of Bitcoin mining are reshaping the market.

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.

–

Follow Blockworks Research: https://x.com/blockworksres

Follow Marc: https://x.com/marcarjoon

Follow David: https://x.com/dcanellis

—

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 Blockworks Daily Newsletter: https://blockworks.co/newsletter/

—

Timestamps:

(00:00) Introduction

(01:34) Do Halvings Still Matter

(03:45) Miner Supply And Profitability

(08:06) Will AI Shift Move BTC

(10:15) Nexo Ad and DAS Promo

(11:28) ETFs Treasury And Custody Risk

(20:06) Nexo Ad

(21:03) Blockchain Not Bitcoin Debate

(24:24) Governance And Quantum Risk

(31:12) Bitcoin As Separate Asset

⸻

Disclaimer: Nothing said on The Breakdown is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are solely our opinions, not financial advice. Host and guests may hold positions in the companies, funds, or projects discussed.

The Real Forces Moving Bitcoin Now | Marc Arjoon

From miners to institutional buyers, David breaks down why Bitcoin’s halving cycle may still shape the market — even if the supply shock itself is fading. Plus, a conversation with Marc Arjoon.

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.

–

Follow Blockworks Research: https://x.com/blockworksres

Follow Marc: https://x.com/marcarjoon

Follow David: https://x.com/dcanellis

—

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 Blockworks Daily Newsletter: https://blockworks.co/newsletter/

—

Timestamps:

(00:00) Introduction

(01:47) Halving Started the Fire

(04:47) Nexo Ad

(05:14) DAS Promo

(06:08) Shock Factor

(08:54) Never Too Early

(10:51) Nexo Ad

(11:35) Interview with Marc Arjoon

⸻

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Disclaimer: Nothing said on The Breakdown is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are solely our opinions, not financial advice. Host and guests may hold positions in the companies, funds, or projects discussed.

Bitcoin’s Halving Cycle Isn’t What You Think | The Breakdown

How should crypto tokens be valued? Haseeb Qureshi breaks down why cash-flow rights won’t “fix” prices, and how AI agents transacting on-chain could drive the next wave of demand.

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.

–

Follow Blockworks Research: https://x.com/blockworksres

Follow Haseeb: https://x.com/hosseeb

Follow David: https://x.com/dcanellis

—

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 Blockworks Daily Newsletter: https://blockworks.co/newsletter/

—--

Timestamps:

(00:00) Introduction

(01:40) Tokens and Valuation Basics

(03:02) Why Disclosures Matter

(07:19) Aave Drama and Transparency

(09:13) Nexo Ad

(09:47) Aave Drama and Transparency (Con’t)

(12:32) Cash Flows and Token Demand

(14:21) AI Agents and the Future

(19:35) Nexo Ad

(20:24) DAS Promo

(21:12) AI Agents and the Future (Con’t)

(26:53) Closing Thoughts

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Disclaimer: Nothing said on The Breakdown is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are solely our opinions, not financial advice. Host and guests may hold positions in the companies, funds, or projects discussed.

AI Agents and the Next Wave of Crypto Demand | The Breakdown

Today on “The Breakdown,” NLW looks at the historic weakness in the bitcoin market in the month of September. He examines:
 The numbers that show how persistent this trend has been
 Some anecdotal explanations for why it’s so 
 Why September is the worst month for stocks historically
 The role of summer vacation and mutual fund fiscal years in that historic weakness
 The latest regulatory FUD around crypto and why stablecoins are the next big target
 Enjoying this content? SUBSCRIBE to the Podcast Apple: https://podcasts.apple.com/podcast/id1438693620?at=1000lSDb Spotify: https://open.spotify.com/show/538vuul1PuorUDwgkC8JWF?si=ddSvD-HST2e_E7wgxcjtfQ Google: https://podcasts.google.com/feed/aHR0cHM6Ly9ubHdjcnlwdG8ubGlic3luLmNvbS9yc3M= Join the discussion: https://discord.gg/VrKRrfKCz8 Follow on Twitter: NLW: https://twitter.com/nlw Breakdown: https://twitter.com/BreakdownNLW “The Breakdown” is written, produced by and features NLW, with editing by Rob Mitchell and additional production support by Eleanor Pahl. Adam B. Levine is our executive producer and our theme music is “Countdown” by Neon Beach. The music you heard today behind our sponsor is “Only in Time” by Abloom. Image credit: jokerpro/iStock/Getty Images, modified by CoinDesk.

Why Is September So Bad for Bitcoin?

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