Zach Pandl, Head of Research at Grayscale Investments, argues that speculative retail flows, not geopolitical fundamentals, drove the recent gold and Bitcoin selloffs. His read: momentum chasing built gold from $4,000 to well above $5,000, then rotated out to chips and pre-IPO trades. The underlying deficit-and-debt case for both assets hasn't changed, and he's calling the dip a buy for longer-horizon investors.
He closes with Grayscale's H2 DeFi revenue thesis. Hyperliquid is the clearest proof of concept: a protocol with a clear use case, real revenue, and value returned to token holders. Grayscale applied a discounted cash flow model to Aave and published a price target on the token.
Host:
Steven Ehrlich, Host of Bits + Bips: The Interview and Head of Research at Sharplink - https://x.com/Steven_Ehrlich
Guest:
Zach Pandl - Head of Research at Grayscale Investments - https://x.com/LowBeta
This clip is from a longer conversation on the Fed's hawkish pivot, the SpaceX IPO, crypto winter, and Strategy's preferred equity. Full episode here: https://www.youtube.com/live/WIlLtRQidQg?si=ONIIkcPElZFgpa8l
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Chapters
🔍 00:00 Steve on gold and Bitcoin's worst quarter - what happened during the Iran war
📊 00:57 Why Pandl argues speculation, not fundamentals, drove both the run-up and the selloff
🥇 02:42 The buy case - Pandl on what to do when speculative excess washes out
💡 03:25 Steve asks about second-half assets and Standard Chartered's Uniswap call
💰 03:50 Why Hyperliquid and Aave anchor Grayscale's H2 DeFi revenue thesis
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