What you'll learn

• 1 (00:04) **Bull Market Confirmation & Cycle Debate** - The hosts open by declaring a bull market is on, citing crypto analyst Ben Cowen's flip, and frame the key question: whose bull market is this?
• 2 (06:09) **Why the Cycle Experts Flipped** - David and Ryan break down the on-chain and structural reasons that convinced cautious analysts like Cowen and Nato that the bear market is over.
• 3 (11:57) **Bitcoin vs. Rising Bond Yields** - The hosts discuss a Coinbase analysis showing Bitcoin has a near-zero correlation to rising yields, arguing that crypto cycles are driven by internal herd momentum.
• 4 (13:24) **Whose Bull Market? The "Revenue Meta" Takes Over** - The hosts pivot to the critical question of which assets will lead, noting a clear outperformance of cash-flow-generating tokens over blue chips.
• 5 (17:40) **Is This Not a Bitcoin Cycle?** - The hosts debate David Feld's controversial Bankless article arguing that Bitcoin may not lead this cycle due to its lack of cash flow and unclear marginal buyer.
• 6 (21:43) **Zcash at a 10-Year High: A Real Bitcoin Competitor?** - The hosts analyze Zcash's surge to a $26B market cap, arguing it is the first viable store-of-value competitor to Bitcoin since Ethereum's attempt.
• 7 (33:03) **Howard Marks Memo: The Debasement Trade is On** - David summarizes the legendary bond investor's latest memo, which explicitly mentions cryptocurrencies as a hedge against rising yields and fiscal irresponsibility.

+ Full timestamped outline available in the app