The Breakdown

BlackRock'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

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› 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.

Pump.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.

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.

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.

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.