In this episode, we welcome Ralph Achacoso, CIO of Factor6 Capital, to dive deep into the intersection of Bitcoin mining and AI, discuss takeaways from Token49, and explore broader market movements and trends in the digital asset space. Our panel covers everything from ETF flows and funding rates to the potential launch of IBIT options, offering an insightful and timely discussion for crypto investors.

Topics Covered:

• Market Overview: We kick off with a quick market update, covering ETF flows, funding rates, and key movers shaping the market.
• BTC Miners and AI Integration: We explore how BTC miners are engaging with AI, as well as the challenges and barriers of AI implementation in mining.
• AI x Crypto: Ralph shares how he thinks about AI x Crypto and where value could accrue.
• IBIT Options Overview: The panel discusses the potential launch of IBIT options, comparing them with the BITO options available today, and Ralph provides his expert perspective.
• Token 49 Rundown: David Duong gives a detailed breakdown of Token 49 discussions, highlighting key takeaways and what to watch out for.
• Macro Outlook: With recent Fed actions, David Duong provides a broader market outlook and what investors should expect moving forward.
• Onchain Developments: David Han wraps up with a look at the latest onchain activity, including developments around Ethereum's Pectra upgrade and Wrapped Bitcoin.

Make sure to like, subscribe, and check out the links to our research in the show notes for deeper insights.

Host: Ben Floyd, Head of Execution Services
Guest: Ralph Achacoso, CIO of Factor6 Capital

Panelists:
David Duong, Head of Institutional Research
Greg Sutton, Senior CES Trader
David Han, Research Analyst
Links: Coinbase Research

In this episode, we sit down with Jim Hiltner, co-founder of Superstate, to explore the cutting-edge intersection of traditional finance and decentralized finance. Jim provides insights into the founding of Superstate, the company's long-term vision, and an in-depth overview of their innovative products, including USCC, their carry product. We delve into the nuances of market behavior, such as why term futures can be positive when perpetuals are negative, and discuss who their clients are, how they navigate regulatory challenges, and the exciting opportunities they see on the horizon.

1:00 Basis and funding rate updates

Interview Highlights:

3:30 Superstate's Origins and Vision: Jim shares the story behind founding Superstate and the company's long-term goals in the evolving financial landscape.

7:50 Product Overview: A detailed look at Superstate's product offerings, with a special focus on USCC.

18:40 Market Mechanics: Exploring why term futures can sometimes be positive when perpetual futures are negative, and what this means for their clients.

23:00 Regulatory Strategy: How Superstate approaches regulation today and anticipates future changes.

27:00 Technology and Future Opportunities: An inside look at Superstate's tech stack and where they see the next big opportunities in the market.

Market Color:

34:41 13F Filings Summary: A review of the latest 13F filings and the rise in investment advisors.

38:07 ETF Updates: The latest flows in the Bitcoin and Ethereum ETFs.

39:10 BTC Mining & AI: Updates on the Bitcoin mining sector and the integration of AI.

Political Climate Update:

41:30 DNC Insights: An update on the current political landscape and its implications for the crypto industry.

Macro Update:

42:20 Jackson Hole & Fed Minutes:insights: What to look out for from Jackson Hole and in the Fed Minutes

44:02 Rate Cut Expectations: A discussion on the evolving expectations for rate cuts.

Onchain Developments:

44:32 MKR wBTC Vote: Updates on the MakerDAO wBTC vote.

46:15 Eigenlayer Updates: Thoughts on the two recent developments from the Eigenlayer project.

This episode is packed with expert insights, timely updates, and strategic discussions essential for anyone navigating the rapidly evolving world of digital assets. Whether you're an investor, a market enthusiast, or simply interested in the latest trends in DeFi, this conversation with Jim Hintner and our expert panel offers valuable knowledge to keep you informed and ahead of the curve.

Subscribe and stay informed: Don’t miss out on our continued deep dives into cryptocurrency trends, market dynamics, and pivotal developments influencing the global markets.

Special Guest:

Jim Hiltner, Co-Founder & Head of BD, Superstate

Host:

Ben Floyd, Head of Execution Services

Panelists:

David Duong, CFA - Head of Institutional Research

Greg Sutton, Senior CES Trader

David Han, Research Analyst

Melanee Hannock, the Chief Digital and Innovation Officer of ALSAC St. Jude Children’s Research Hospital, shares her background in marketing and technology and how she helped pioneer St. Jude’s acceptance of cryptocurrency donations. St. Jude first started accepting crypto as a way to tap into an emerging donor demographic and new revenue stream. Hannock discusses the key benefits as well as challenges of accepting crypto as part of their charity efforts. She also looks ahead to the growth in this sector and offers helpful guidance to other non-profits considering crypto philanthropy to support important missions, as blockchain technology becomes more mainstream.

Market Movements:
Later in the episode, we also discuss the latest in crypto markets. Most major coins recovered after last Monday’s sell-off, with moderate strength in BTC and ETH while altcoins have struggled to gain momentum due to inflationary unlock schedules-- albeit there have been some notable exceptions. Meanwhile, in web3, we discuss the vulnerability patch in Solana and why it got a mixed reaction from the community. Finally, we discuss our new research report on “ETH and the Rise of L2s,” where we parse the economics of blockchain scaling and the tradeoffs specific to an L2-focused roadmap.

Special Guest:

• Melanee Hannock, Chief Digital and Innovation Officer of ALSAC St. Jude Children’s Research Hospital

Host:

• David Duong, CFA - Head of Institutional Research

Panelists:

• Georg Toropov, Senior CES Trader
• David Han, Research Analyst