Crypto just had its best week in months. GSR's Andy Baehr explains why he is not calling it a real rally yet, and what would actually change his mind.
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Crypto just booked its best week in months, with Bitcoin pushing toward $65,000 and Ether closing back in on $2,000 after June CPI cooled to 3.5%.
Andy Baehr, Managing Director of Asset Management at GSR, joins Steven Ehrlich to explain why he still calls the market ambivalent rather than convicted, and what would actually flip it.
They trace new Fed chair Kevin Warsh's “inflation is a choice testimony”, the CoinDesk 80 Index's surprising outperformance against Bitcoin and Ether in the second quarter, Strategy's rare decision to sell Bitcoin to cover preferred dividends, and why Aave lending rates sitting near the risk-free rate show a market with almost no appetite to lever up.
Baehr also walks through the fiduciary questions facing onchain vaults and their curators, then puts Polymarket's odds on the Clarity Act at under 40%, down from 75% in May, and argues passage would still catch traders off guard.
Host:
Steven Ehrlich, Head of Research, SharpLink
Guest:
Andy Baehr - Managing Director of Asset Management at GSR
Timestamps
🌡️ 02:56 CPI cools to 3.5%. Does crypto's rally finally have real legs?
🎯 07:29 Peak hawkishness hasn't hit yet, Baehr explains why under Kevin Warsh
📊 11:53 Mag 7 vs Russell 2000: the surprising reason CoinDesk 80 beat Bitcoin in Q2
🏦 17:32 What actually powered Ether's 2025 rally, Baehr's pro-DAT case
💧 22:20 Stablecoin supply is shrinking and Strategy stopped buying. So who's left to buy?
📈 25:35 Aave lending rates near the risk free rate. What that says about appetite to lever up
🏛️ 34:46 Vaults, curators, and the fiduciary questions DeFi still can't answer
⚖️ 43:59 Clarity Act countdown: why passage would still catch markets off guard
