This week, we discuss markets wobbling as a pointless government shutdown, delayed data releases, and a hawkish Fed collide with rising credit stress, over-levered AI giants, and widening inequality. Enjoy! — Follow Tyler: https://x.com/Tyler_Neville_ Follow Quinn: https://x.com/qthomp Follow Felix: https://twitter.com/fejau_inc Follow Forward Guidance: https://twitter.com/ForwardGuidance Follow Blockworks: https://twitter.com/Blockworks_ Forward Guidance Telegram: https://t.me/+CAoZQpC-i6BjYTEx __ Weekly Roundup Charts: https://drive.google.com/file/d/1drPbriNOF50E3o6qdKikbqIYQy4qAuc6/view?usp=sharing — Grayscale offers more than 30 different crypto investment products. Explore the full suite at grayscale.com. Invest in your share of the future. Investing involves risk and possible loss of principal. https://www.grayscale.com/?utm_source=blockworks&utm_medium=paid-other&utm_campaign=brand&utm_id=&utm_term=&utm_content=audio-forwardguidance — Timestamps: (00:00) Introduction (01:31) Shutdown Fallout (03:59) Hawkish Fed Speeches (07:52) AI Boom Meets Credit Stress (12:14) Grayscale Ad (12:53) AI Boom Meets Credit Stress (Con’t) (15:51) Warning Signs for Society (18:58) Hawkish Fed Pivot (21:32) Tech Bubble & Societal Risks (28:14) Grayscale Ad (29:02) Tech Bubble & Societal Risks (Con’t) (31:04) Policy Missteps & Persistent Inflation (32:00) Bitcoin, Decentralization & the Future of Money (33:10) The 2026 Acceleration Playbook (36:15) Widening Inequality & Generational Divide (44:11) Centralization, Fragility, & Systemic Risks (49:24) Final Thoughts — Disclaimer: Nothing said on Forward Guidance is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are opinions, not financial advice. Hosts and guests may hold positions in the companies, funds, or projects discussed. #Macro #Investing #Markets #ForwardGuidance

In this episode, founder of Elm Wealth and co-founder of LTCM Victor Haghani shares lessons from Long-Term Capital Management and contrasts today’s highly levered hedge-fund world with LTCM’s era. He also explains Elm’s Dynamic Index Investing framework and why simplicity and discipline outperform complexity and return-chasing over time. Enjoy! __ Follow Victor: https://x.com/ElmWealth Follow Felix: https://x.com/fejau_inc Follow Forward Guidance: https://twitter.com/ForwardGuidance Follow Blockworks: https://twitter.com/Blockworks_ Forward Guidance Telegram: https://t.me/+CAoZQpC-i6BjYTEx __ Grayscale offers more than 30 different crypto investment products. Explore the full suite at grayscale.com. Invest in your share of the future. Investing involves risk and possible loss of principal. https://www.grayscale.com/?utm_source=blockworks&utm_medium=paid-other&utm_campaign=brand&utm_id=&utm_term=&utm_content=audio-forwardguidance — Timestamps: (00:00) Introduction (01:04) Insights from Victor’s Storied Career (09:22) Today’s Market vs the 90s (16:32) Grayscale Ad (17:11) Fat Tails & Return Chasing (28:41) Grayscale Ad (29:29) Is Discretionary Macro a Fool’s Game? (37:42) Portfolio Construction & Managing Risk (44:33) Balancing Risk, Sizing, & Expected Returns (50:15) What is Good Diversification? (55:55) Exotic Forms of Diversification (59:52) Final Thoughts __ Disclaimer: Nothing said on Forward Guidance is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are opinions, not financial advice. Hosts and guests may hold positions in the companies, funds, or projects discussed. #Macro #Investing #Markets #ForwardGuidance

This week, we discuss America’s decaying two-tier economy, with Main Street stuck in a silent recession, the Fed trapped between fiscal dominance and market structure rot, and younger generations turning to crypto and speculation as their only escape from a rigged system. Enjoy! — Follow Tyler: https://x.com/Tyler_Neville_ Follow Quinn: https://x.com/qthomp Follow Felix: https://twitter.com/fejau_inc Follow Forward Guidance: https://twitter.com/ForwardGuidance Follow Blockworks: https://twitter.com/Blockworks_ Forward Guidance Telegram: https://t.me/+CAoZQpC-i6BjYTEx __ Weekly Roundup Charts: https://drive.google.com/file/d/1f1h9636F5tXpNPX6R5KxLnSi6BUpBnFN/view?usp=sharing — Grayscale offers more than 30 different crypto investment products. Explore the full suite at grayscale.com. Invest in your share of the future. Investing involves risk and possible loss of principal. https://www.grayscale.com/?utm_source=blockworks&utm_medium=paid-other&utm_campaign=brand&utm_id=&utm_term=&utm_content=audio-forwardguidance — Timestamps: (00:00) Introduction (01:05) Fourth Turning Vibes (04:00) K-Shaped Economy Continues (07:43) The Market is Broken (10:57) Government Role in Markets (11:57) Grayscale Ad (12:34) Government Role in Markets (17:47) Market Structure Decay (21:16) The Death of Retail (25:21) Generational Release Valve (28:33) Labor Market vs Automation (31:28) Grayscale Ad (32:14) Political Pivot for 2026 (35:18) Government Shutdown Ending? (37:32) Is Bitcoin Finally Bottoming? (42:33) Sad Crypto Market Structure (45:19) Solving Crypto’s Problems (48:52) Giving Back to the System — Disclaimer: Nothing said on Forward Guidance is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are opinions, not financial advice. Hosts and guests may hold positions in the companies, funds, or projects discussed. #Macro #Investing #Markets #ForwardGuidance

In this episode from the Empire podcast, we discuss why Blockworks decided to shut down its news room. We then dive into why 2025 marks the start of a new chapter for the crypto industry, why we're still in a bull market, MegaETH's ICO, recent IPOs, M&A and more. Enjoy! __ Follow Rob: https://x.com/HadickM Follow Santi: https://x.com/santiagoroel Follow Jason: https://x.com/JasonYanowitz Follow Empire: https://x.com/theempirepod Follow Forward Guidance: https://twitter.com/ForwardGuidance Follow Blockworks: https://twitter.com/Blockworks_ Forward Guidance Telegram: https://t.me/+CAoZQpC-i6BjYTEx __ Grayscale offers more than 30 different crypto investment products. Explore the full suite at grayscale.com. Invest in your share of the future. Investing involves risk and possible loss of principal. https://www.grayscale.com/?utm_source=blockworks&utm_medium=paid-other&utm_campaign=brand&utm_id=&utm_term=&utm_content=audio-forwardguidance — Timestamps: (00:00) Introduction (01:25) Why Blockworks Closed The News Division (13:32) Grayscale Ad (14:10) The Next Chapter For Blockworks (20:06) It’s Still A Bull Market (24:30) Securitize Plans To Go Public At a $1.25B Valuation (31:21) Grayscale Ad (32:44) Western Union Announces USDPT (50:07) Mastercard Looks To Acquire Zerohash (56:10) Will Stripe’s Tempo Be a Success? (1:04:01) The MegaETH ICO (1:07:29) Content Of The Week __ Disclaimer: Nothing said on Forward Guidance is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are opinions, not financial advice. Hosts and guests may hold positions in the companies, funds, or projects discussed. #Macro #Investing #Markets #ForwardGuidance

This week, we discuss the Fed meeting, including the end of quantitative tightening and the impact of its balance sheet plans. We also dig into how market structure imbalances and political polarization are reshaping markets, the “financial Hunger Games” of meme-driven trading, rising CapEx from AI megacaps, and the centralization of wealth and power across institutions. Enjoy! — Follow Tyler: https://x.com/Tyler_Neville_ Follow Quinn: https://x.com/qthomp Follow Felix: https://twitter.com/fejau_inc Follow Forward Guidance: https://twitter.com/ForwardGuidance Follow Blockworks: https://twitter.com/Blockworks_ Forward Guidance Telegram: https://t.me/+CAoZQpC-i6BjYTEx Forward Guidance Newsletter: https://blockworks.co/newsletter/forwardguidance __ Weekly Roundup Charts: https://drive.google.com/file/d/1E5w8fmngVNuC4lyl-PCV5qAPewW_lyKm/view?usp=sharing — Grayscale offers more than 30 different crypto investment products. Explore the full suite at grayscale.com. Invest in your share of the future. Investing involves risk and possible loss of principal. https://www.grayscale.com/?utm_source=blockworks&utm_medium=paid-other&utm_campaign=brand&utm_id=&utm_term=&utm_content=audio-forwardguidance — Timestamps: (00:00) Introduction (02:05) Private-Public Market Divergence (05:08) Fed Meeting Takeaways (11:17) Grayscale Ad (11:56) Market Structure Rabbit Hole (17:26) The Bifurcating Economy (23:01) Fed Balance Sheet Changes (27:40) Impact on Markets (31:27) Grayscale Ad (32:15) High-Yield Earnings & Market Concentration (37:51) BigTech Capex Transition (42:19) The Dystopian AI Future (45:53) Why is Bitcoin Dumping? (48:37) The Market is a Casino (51:28) Realigning Market Incentives (55:06) Final Thoughts — Disclaimer: Nothing said on Forward Guidance is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are opinions, not financial advice. Hosts and guests may hold positions in the companies, funds, or projects discussed. #Macro #Investing #Markets #ForwardGuidance

In this episode, Lyn Alden joins the show to explain how tariffs “slow the train but don’t stop it,” why the Fed’s rate hikes are disconnected from the true inflation source, and how Fed balance sheet expansion is returning. We also discuss the labor cracks, the hidden redistribution of interest income to wealthy savers, and the next phase of the debasement trade. Enjoy! __ Follow Lyn: https://x.com/LynAldenContact Follow Felix: https://x.com/fejau_inc Follow Forward Guidance: https://twitter.com/ForwardGuidance Follow Blockworks: https://twitter.com/Blockworks_ Forward Guidance Telegram: https://t.me/+CAoZQpC-i6BjYTEx Forward Guidance Newsletter: https://blockworks.co/newsletter/forwardguidance __ Grayscale offers more than 30 different crypto investment products. Explore the full suite at grayscale.com. Invest in your share of the future. Investing involves risk and possible loss of principal. https://www.grayscale.com/?utm_source=blockworks&utm_medium=paid-other&utm_campaign=brand&utm_id=&utm_term=&utm_content=audio-forwardguidance — Timestamps: (00:00) Introduction (01:35) Tariffs & the Fiscal Outlook (09:13) The Flow of Interest Payments (12:49) Grayscale Ad (13:27) Government Shutdown Impact (15:36) Fiscally-Dominant Economies (19:51) Measuring Economic Weakness (22:49) The State of the Labor Market (26:09) Grayscale Ad (26:56) Should the Fed Cut? (30:56) How We Fight Inflation (34:18) The Fed Balance Sheet (41:20) Past vs Present Funding Constraints (45:06) Fed Balance Sheet & Liquidity (48:43) Active Treasury Issuance (51:20) The Fed & Bank Liquidity (53:03) The Debasement Trade (57:54) Final Thoughts __ Disclaimer: Nothing said on Forward Guidance is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are opinions, not financial advice. Hosts and guests may hold positions in the companies, funds, or projects discussed. #Macro #Investing #Markets #ForwardGuidance

This week, joined by Hunter Hopcroft to unpack the era of hyper-financialization and how credit creation, passive investing, and globalization have reshaped capitalism and market structure. We also dive into current volatility spikes, liquidity distortions, gold’s surge, and the setup for a year-end rally. Enjoy! — Follow Hunter: https://www.lewisenterprises.blog/ Follow Tyler: https://x.com/Tyler_Neville_ Follow Quinn: https://x.com/qthomp Follow Felix: https://twitter.com/fejau_inc Follow Forward Guidance: https://twitter.com/ForwardGuidance Follow Blockworks: https://twitter.com/Blockworks_ Forward Guidance Telegram: https://t.me/+CAoZQpC-i6BjYTEx Forward Guidance Newsletter: https://blockworks.co/newsletter/forwardguidance __ Weekly Roundup Charts: https://drive.google.com/file/d/1t3LM4r8zRfHUIQxNqoPwrd7SFXsbqZo8/view?usp=sharing — Timestamps: (00:00) Introduction (01:05) Hunter Hopcroft (03:57) The Old Market Structure (07:39) The Line Between Debt & Equity (09:53) The Financialization Model (18:15) Crowding Out the Private Sector (23:23) Signal from Credit Spreads (27:38) The Effect of Passive & Private Credit (29:57) Market Structure Endgame (34:04) The Government & Markets (39:07) Learn More About Hunter (39:47) Hunter Takeaways (43:18) Quant Corner (50:17) Plumbing Breakdown (53:31) Gold’s Parabolic Run (55:02) Markets After OI Blowouts (57:02) Reasons to be Bullish (59:55) Crypto & US-China Meeting (1:04:09) Boomer Retirement Complex (1:06:22) Something Has to Change — Disclaimer: Nothing said on Forward Guidance is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are opinions, not financial advice. Hosts and guests may hold positions in the companies, funds, or projects discussed. #Macro #Investing #Markets #ForwardGuidance

In this episode, CIO of Bitwise Matt Hougan joins us live from DAS London to discuss the surging institutional demand for crypto, the accelerating growth of crypto ETFs, the impact of SEC rule changes, the rise of perpetuals and stablecoins, and how allocations from major institutions are expanding rapidly. Matt highlights why crypto is becoming mainstream in traditional finance and why the ETF landscape is only just beginning. Enjoy! __ Follow Matt: https://x.com/Matt_Hougan Follow Quinn: https://x.com/qthomp Follow Felix: https://x.com/fejau_inc Follow Forward Guidance: https://twitter.com/ForwardGuidance Follow Blockworks: https://twitter.com/Blockworks_ Forward Guidance Telegram: https://t.me/+CAoZQpC-i6BjYTEx Forward Guidance Newsletter: https://blockworks.co/newsletter/forwardguidance — Timestamps: (00:00) Introduction (01:42) Institutional Demand for Crypto (02:10) Why 2025 ETF Flows Will Beat 2024 (03:10) Market Impact of ETFs (05:37) SEC Authorizing In-Kind ETF (06:52) Crypto Crash Stress Test (08:05) Expedited SEC Approval (09:42) The Future of Crypto ETFs (12:08) Market Perp-ification & Stablecoin TAM (17:10) Exotic ETF Structures & Retail Access (19:15) ETF Tail Risks (20:53) Options & the Expanding ETF Landscape (24:05) What Excites Institutions? (26:34) The Future of Crypto Allocations (30:30) Final Thoughts __ Disclaimer: Nothing said on Forward Guidance is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are opinions, not financial advice. Hosts and guests may hold positions in the companies, funds, or projects discussed. #Macro #Investing #Markets #ForwardGuidance

This week, we’re joined by Michael Howell of CrossBorder Capital live from DAS London to break down the global liquidity cycle, the hidden recession and re-acceleration in the U.S., the impact of monetary debasement on gold and Bitcoin, China’s liquidity surge and stablecoin risks, and Europe’s structural challenges. We close with why today’s environment is truly unique in 4,000 years of monetary history. Enjoy! — Follow Michael: https://x.com/crossbordercap Follow Quinn: https://x.com/qthomp Follow Felix: https://twitter.com/fejau_inc Follow Forward Guidance: https://twitter.com/ForwardGuidance Follow Blockworks: https://twitter.com/Blockworks_ Forward Guidance Telegram: https://t.me/+CAoZQpC-i6BjYTEx Forward Guidance Newsletter: https://blockworks.co/newsletter/forwardguidance — Timestamps: (00:00) Introduction (01:51) Where Are We in the Global Liquidity Cycle? (05:26) Main St. Recession & Economic Rebound (08:49) GDP vs Liquidity Cycles (10:33) QE, Liquidity & Gold vs BTC (15:44) No 4-Year Cycle But Still Bullish (20:05) Stablecoins & China (27:01) Europe’s Economic Struggles (29:15) Developed Nation Decline (34:55) How Unique is this Moment? — Disclaimer: Nothing said on Forward Guidance is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are opinions, not financial advice. Hosts and guests may hold positions in the companies, funds, or projects discussed. #Macro #Investing #Markets #ForwardGuidance

In this episode, CIO of ProCap Jeff Park unpacks the recent crypto market meltdown, the dangers of over-leveraging in perpetual futures, and why Bitcoin could now front-run altcoins. He also gives insights into ProCap’s work as a Bitcoin treasury company, the future of DATs, and reframes the “debasement trade” as a “purification trade” in today’s distorted macro environment. Enjoy! __ Follow Jeff: https://x.com/dgt10011 Follow Felix: https://x.com/fejau_inc Follow Forward Guidance: https://twitter.com/ForwardGuidance Follow Blockworks: https://twitter.com/Blockworks_ Forward Guidance Telegram: https://t.me/+CAoZQpC-i6BjYTEx Forward Guidance Newsletter: https://blockworks.co/newsletter/forwardguidance — Timestamps: (00:00) Introduction (02:01) Crypto Meltdown Post-Mortem (07:09) Where Do Markets Go From Here? (08:26) Evolving DAT Strategy (16:17) Debasement vs. Purification Trade (21:25) What’s Different this Time? (26:31) The Cost of Years of Debasement (31:42) Final Thoughts __ Disclaimer: Nothing said on Forward Guidance is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are opinions, not financial advice. Hosts and guests may hold positions in the companies, funds, or projects discussed. #Macro #Investing #Markets #ForwardGuidance

This week, we discuss the government shutdown and market melt-up, Paul Tudor Jones’ blow off bull market call, an update to the gold trade, the AI CapEx boom and its circular financing, and Quinn’s ETH bull thesis. Enjoy! — Follow Tyler: https://x.com/Tyler_Neville_ Follow Quinn: https://x.com/qthomp Follow Felix: https://twitter.com/fejau_inc Follow Forward Guidance: https://twitter.com/ForwardGuidance Follow Blockworks: https://twitter.com/Blockworks_ Forward Guidance Telegram: https://t.me/+CAoZQpC-i6BjYTEx Forward Guidance Newsletter: https://blockworks.co/newsletter/forwardguidance — Join us at Digital Asset Summit in London October 13-15. Use code FORWARD200 for £200 OFF https://blockworks.co/event/digital-asset-summit-2025-london __ Weekly Roundup Charts: https://drive.google.com/file/d/1Quf3Gf0AY0s6xyHJMmAGZeaZr-quBame/view?usp=sharing — This Forward Guidance episode is brought to you by VanEck. Learn more about the VanEck Semiconductor ETF (SMH): http://vaneck.com/SMHFelix Learn more about the VanEck Fabless Semiconductor ETF (SMHX): vaneck.com/SMHXFelix — Timestamps: (00:00) Introduction (03:43) Government Shutdown (05:45) Realized Vol Tailwinds (08:43) Gearing Up for Earnings Season (11:12) Navigating the Melt Up (12:57) VanEck Ad (13:42) It’s Okay to Change Your Mind (21:27) Markets Are Political (26:44) The Gold Trade (34:43) VanEck Ad (35:23) The Gold Trade (36:36) AI is the Market (43:53) The ETH Thesis (51:48) Retail Market Evolution (56:41) Final Thoughts — Disclaimer: Nothing said on Forward Guidance is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are opinions, not financial advice. Hosts and guests may hold positions in the companies, funds, or projects discussed. #Macro #Investing #Markets #ForwardGuidance

In this episode, George Robertson returns to break down why he’s turned bearish. He explains why he thinks massive fiscal tightening from tariffs and job cuts, corporate profits rolling over, and the flow-of-funds are signaling recession even as markets sit at all-time highs. He walks through employment indicators, withholding data, and the widening gap between S&P levels and actual earnings, arguing the downturn has already begun. Enjoy! __ Follow George: https://x.com/BickerinBrattle Follow Felix: https://x.com/fejau_inc Follow Forward Guidance: https://twitter.com/ForwardGuidance Follow Blockworks: https://twitter.com/Blockworks_ Forward Guidance Telegram: https://t.me/+CAoZQpC-i6BjYTEx Forward Guidance Newsletter: https://blockworks.co/newsletter/forwardguidance __ Join us at Digital Asset Summit in London October 13-15. Use code FORWARD200 for £200 OFF https://blockworks.co/event/digital-asset-summit-2025-london __ This Forward Guidance episode is brought to you by VanEck. Learn more about the VanEck Semiconductor ETF (SMH): http://vaneck.com/SMHFelix Learn more about the VanEck Fabless Semiconductor ETF (SMHX): vaneck.com/SMHXFelix — Timestamps: (00:00) Introduction (02:39) George’s Market Outlook (05:38) Where the Money’s Moving? (06:57) Trump’s Economic Ripple Effects (08:56) How the Fed Shapes the Cycle (15:12) VanEck Ad (15:56) COVID Spending & Fiscal Fallout (23:20) Are We in a Recession? (32:09) VanEck Ad (32:50) Jobs Data & FICA Withholding (38:29) Taxes, Tariffs & Shorting the Market (44:15) Supreme Court and Constitutional Risk (48:59) When Does the Music Stop? (54:50) Final Thoughts __ Disclaimer: Nothing said on Forward Guidance is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are opinions, not financial advice. Hosts and guests may hold positions in the companies, funds, or projects discussed. #Macro #Investing #Markets #ForwardGuidance

This week, we dig into the government shutdown, weakening labor markets, AI’s role in productivity, Michael Howell’s demographic analysis, and how fiscal and market structure dynamics set the stage for a potential risk-asset melt-up. Enjoy! — Follow Tyler: https://x.com/Tyler_Neville_ Follow Quinn: https://x.com/qthomp Follow Felix: https://twitter.com/fejau_inc Follow Forward Guidance: https://twitter.com/ForwardGuidance Follow Blockworks: https://twitter.com/Blockworks_ Forward Guidance Telegram: https://t.me/+CAoZQpC-i6BjYTEx Forward Guidance Newsletter: https://blockworks.co/newsletter/forwardguidance — Join us at Digital Asset Summit in London October 13-15. Use code FORWARD200 for £200 OFF https://blockworks.co/event/digital-asset-summit-2025-london __ Weekly Roundup Charts: https://drive.google.com/file/d/1qHbnslxFOFZXswRiw0yv1JCyplgm8haE/view?usp=sharing — This Forward Guidance episode is brought to you by VanEck. Learn more about the VanEck Semiconductor ETF (SMH): http://vaneck.com/SMHFelix Learn more about the VanEck Fabless Semiconductor ETF (SMHX): vaneck.com/SMHXFelix — Timestamps: (00:00) Introduction (03:09) DAS London! (04:06) Government Shutdown (06:42) Labor Weakness Continues (13:45) VanEck Ad (14:31) Demographic Decay of Advanced Economies (17:18) Are You Ready for Negative Real Yields? (19:20) The Macro Stars Are Aligning (24:40) Is it a Bubble or Not? (29:53) VanEck Ad (30:33) Is it a Bubble or Not? (31:40) Gaming Out Trump Admin Policy (38:06) Is there a Bear Case? (41:27) Strong USD, Strong Economy (43:52) Does the Bull Market Have Legs? (51:14) Best Bear Case (53:16) Final Thoughts — Disclaimer: Nothing said on Forward Guidance is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are opinions, not financial advice. Hosts and guests may hold positions in the companies, funds, or projects discussed. #Macro #Investing #Markets #ForwardGuidance

Live from the Origin Summit, hosted by Story and Blockworks, Morgan Stanley’s Head of Emerging Markets Equity Amy Oldenburg explains how her journey from tech to emerging markets led her to crypto, why mobile-first nations are fertile ground for stablecoins, how governments and banks are wrestling with this shift, and where she sees the next big opportunities across EM and innovation. Enjoy! __ Follow Amy: https://www.linkedin.com/in/amyoldenburg/ Follow Felix: https://x.com/fejau_inc Follow Forward Guidance: https://twitter.com/ForwardGuidance Follow Blockworks: https://twitter.com/Blockworks_ Forward Guidance Telegram: https://t.me/+CAoZQpC-i6BjYTEx Forward Guidance Newsletter: https://blockworks.co/newsletter/forwardguidance __ Join us at Digital Asset Summit in London October 13-15. Use code FORWARD100 for £100 OFF https://blockworks.co/event/digital-asset-summit-2025-london __ This Forward Guidance episode is brought to you by VanEck. Learn more about the VanEck Semiconductor ETF (SMH): http://vaneck.com/SMHFelix Learn more about the VanEck Fabless Semiconductor ETF (SMHX): vaneck.com/SMHXFelix — Timestamps: (00:00) Introduction (04:06) How Emerging Markets Are Embracing Crypto (06:34) Stablecoins Transforming Emerging Economies (10:30) VanEck Ad (11:13) Banks vs Stablecoins (13:28) Hottest Trends Across EMs (17:00) Innovation 3.0 in China & EMs (17:39) VanEck Ad (18:19) Innovation 3.0 in China & EMs (20:41) Final Thoughts __ Disclaimer: Nothing said on Forward Guidance is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are opinions, not financial advice. Hosts and guests may hold positions in the companies, funds, or projects discussed. #Macro #Investing #Markets #ForwardGuidance

This week, we discuss the biggest risks to the economy, whether Mag7 is a bubble, surprisingly strong consumer data, the increasingly noisy housing and labor markets, risks around Fed policy and dollar liquidity, and why gold has been a cleaner macro hedge than Bitcoin. Enjoy! — Follow Tyler: https://x.com/Tyler_Neville_ Follow Quinn: https://x.com/qthomp Follow Felix: https://twitter.com/fejau_inc Follow Forward Guidance: https://twitter.com/ForwardGuidance Follow Blockworks: https://twitter.com/Blockworks_ Forward Guidance Telegram: https://t.me/+CAoZQpC-i6BjYTEx Forward Guidance Newsletter: https://blockworks.co/newsletter/forwardguidance — Join us at Digital Asset Summit in London October 13-15. Use code FORWARD100 for £100 OFF https://blockworks.co/event/digital-asset-summit-2025-london __ Weekly Roundup Charts: https://drive.google.com/file/d/1CN8SRsPqdupjrs27C0k1PDRfvGLf8kS6/view?usp=sharing — This Forward Guidance episode is brought to you by VanEck. Learn more about the VanEck Semiconductor ETF (SMH): http://vaneck.com/SMHFelix Learn more about the VanEck Fabless Semiconductor ETF (SMHX): vaneck.com/SMHXFelix — Timestamps: (00:00) Introduction (03:23) DAS London (04:29) Macro Outlook (06:17) Strong GDP Numbers (07:38) Understanding the New Economy (13:02) VanEck Ad (13:46) The Housing Market (19:25) Biggest Risks to the Economy (27:36) Market Structure Update (29:06) VanEck Ad (29:47) Market Structure Update (33:24) Is Mag7 a Bubble? (39:16) Inflation is the Plan & Problem (43:42) The Poison of Financialization (45:48) Breaking a Broken System (50:15) Gold Pump vs Crypto Slump (55:11) Protectionist Policies & the Dollar (01:05:50) Final Thoughts — Disclaimer: Nothing said on Forward Guidance is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are opinions, not financial advice. Hosts and guests may hold positions in the companies, funds, or projects discussed. #Macro #Investing #Markets #ForwardGuidance

In this episode, Co-Founder of BitMEX & CIO of Maelstrom Arthur Hayes shares his macro view on the erosion of Fed independence, inevitable money printing, and how these forces intersect with crypto markets. He covers Bitcoin’s performance versus gold and stocks, the political choices around AI’s productivity boom, and why DeFi, stablecoins, and new decentralized trading models are at the heart of the next cycle. Enjoy! __ Follow Arthur: https://x.com/CryptoHayes  Follow Felix: https://x.com/fejau_inc Follow Forward Guidance: https://twitter.com/ForwardGuidance  Follow Blockworks: https://twitter.com/Blockworks_  Origin Summit: https://www.originsummit.xyz/ Forward Guidance Telegram: https://t.me/+CAoZQpC-i6BjYTEx  Forward Guidance Newsletter: https://blockworks.co/newsletter/forwardguidance  __ Join us at Digital Asset Summit in London October 13-15. Use code FORWARD100 for £100 OFF https://blockworks.co/event/digital-asset-summit-2025-london  __ This Forward Guidance episode is brought to you by VanEck. Learn more about the VanEck Semiconductor ETF (SMH):  http://vaneck.com/SMHFelix Learn more about the VanEck Fabless Semiconductor ETF (SMHX):  vaneck.com/SMHXFelix — Timestamps: (00:00) Introduction (02:42) Money Printing & Yield Curve Control (05:33) What Does this Mean for Bitcoin? (08:38) VanEck Ad (09:22) AI & the Debt Doom Loop (13:19) Favorite Crypto Themes & Innovations (14:23) Perp DEXes & Hyperliquid (18:47) VanEck Ad (19:28) Stablecoin Winners & Losers (22:45) Stablecoin Systemic Risk (24:43) AI, Intellectual Property, and Blockchain (25:59) Western vs. Asian Crypto Markets __ Disclaimer: Nothing said on Forward Guidance is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are opinions, not financial advice. Hosts and guests may hold positions in the companies, funds, or projects discussed. #Macro #Investing #Markets #ForwardGuidance

This week, we discuss the Fed rate cut and dovish pivot, exacerbating the K-shaped economy, why the dollar could be bottoming, and why gold helps Quinn sleep at night. We also dig into Bitcoin’s correlation to gold, the hollowing out of public markets by private credit, and more. Enjoy! — Follow Tyler: https://x.com/Tyler_Neville_ Follow Quinn: https://x.com/qthomp Follow Felix: https://twitter.com/fejau_inc Follow Forward Guidance: https://twitter.com/ForwardGuidance Follow Blockworks: https://twitter.com/Blockworks_ Forward Guidance Telegram: https://t.me/+CAoZQpC-i6BjYTEx Forward Guidance Newsletter: https://blockworks.co/newsletter/forwardguidance — Join us at Origin Summit https://www.originsummit.xyz/ Join us at Digital Asset Summit in London October 13-15. Use code FORWARD100 for £100 OFF https://blockworks.co/event/digital-asset-summit-2025-london __ Weekly Roundup Charts: https://drive.google.com/file/d/1BX16NXlhxAHHCXiWc9o1EJ2-S20K-sZF/view?usp=sharing — This Forward Guidance episode is brought to you by VanEck. Learn more about the VanEck Semiconductor ETF (SMH): http://vaneck.com/SMHFelix Learn more about the VanEck Fabless Semiconductor ETF (SMHX): vaneck.com/SMHXFelix — Timestamps: (00:00) Introduction (03:38) Origin Summit (04:18) Why Are We Cutting Again? (11:30) Cutting Into a Hot Economy? (13:06) VanEck Ad (13:50) Cutting Into a Hot Economy? (17:16) What’s Next for the Dollar? (21:39) Market Structure & Asset Allocation (26:47) Is the Gold Trade Still Alive? (28:28) VanEck Ad (29:13) Bitcoin vs Gold (33:52) Private vs Public Markets (48:22) Generational and Class Politics (50:50) Optimism for the Future — Disclaimer: Nothing said on Forward Guidance is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are opinions, not financial advice. Hosts and guests may hold positions in the companies, funds, or projects discussed. #Macro #Investing #Markets #ForwardGuidance

In this episode, Professor of Political Economy at Cambridge Helen Thompson joins the show to discuss how Trump’s trade war, China’s energy and rare earth dominance, the Western Hemisphere’s oil boom, and NATO’s fiscal squeeze are reshaping global power. Enjoy! __ Follow Helen: https://x.com/HelenHet20 Follow Felix: https://x.com/fejau_inc Follow Forward Guidance: https://twitter.com/ForwardGuidance Follow Blockworks: https://twitter.com/Blockworks_ Forward Guidance Telegram: https://t.me/+CAoZQpC-i6BjYTEx Forward Guidance Newsletter: https://blockworks.co/newsletter/forwardguidance __ Join us at Digital Asset Summit in London October 13-15. Use code FORWARD100 for £100 OFF https://blockworks.co/event/digital-asset-summit-2025-london __ This Forward Guidance episode is brought to you by VanEck. Learn more about the VanEck Semiconductor ETF (SMH): http://vaneck.com/SMHFelix Learn more about the VanEck Fabless Semiconductor ETF (SMHX): vaneck.com/SMHXFelix — Timestamps: (00:00) Introduction (02:35) Today’s Geopolitical Landscape (05:49) Parallels in History & China Difference (11:06) VanEck Ad (11:51) What are the Goals of Tariffs? (17:53) Fight Over Energy Commodities (27:45) VanEck Ad (28:25) How Will Energy Divide the World? (33:01) Balancing Debt with Defense Spending (38:43) Threat to Dollar as Reserve Currency (43:45) Final Thoughts __ Disclaimer: Nothing said on Forward Guidance is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are opinions, not financial advice. Hosts and guests may hold positions in the companies, funds, or projects discussed. #Macro #Investing #Markets #ForwardGuidance

This week, Quinn and Tyler cover lighter-than-expected PPI data, the Fed’s shifting focus from inflation to labor, deep labor-market revisions showing a “two-speed” U.S. economy, surging AI/data-center CapEx alongside weakening Main Street, and the concentration risks of mega-cap stocks and buybacks. Enjoy! — Follow Tyler: https://x.com/Tyler_Neville_ Follow Quinn: https://x.com/qthomp Follow Forward Guidance: https://twitter.com/ForwardGuidance Follow Blockworks: https://twitter.com/Blockworks_ Forward Guidance Telegram: https://t.me/+CAoZQpC-i6BjYTEx Forward Guidance Newsletter: https://blockworks.co/newsletter/forwardguidance — Join us at Digital Asset Summit in London October 13-15. Use code FORWARD100 for £100 OFF https://blockworks.co/event/digital-asset-summit-2025-london __ Weekly Roundup Charts: https://drive.google.com/file/d/1ogspUIuKxnHZh7REVA9tKpo7tyPCA52W/view?usp=sharing — This Forward Guidance episode is brought to you by VanEck. Learn more about the VanEck Semiconductor ETF (SMH): http://vaneck.com/SMHFelix Learn more about the VanEck Fabless Semiconductor ETF (SMHX): vaneck.com/SMHXFelix — Timestamps: (00:00) Introduction (02:40) DAS London (02:59) Inflation Update (08:15) No High-Yield Problem (12:11) Rate Cuts vs Inflation (13:40) VanEck Ad (14:24) Rate Cuts vs Inflation (15:40) Problems in the Labor Market (20:35) Small-Caps & Productivity Boom (23:05) Fiscal Dominance & Inflation (26:46) VanEck Ad (27:27) SPX Implied Vol & Market Structure (32:12) AI Boom & CapEx (38:24) Bipolar Market Outcomes (42:17) Centralization vs Diversification (49:11) What’s Next for Markets? (52:56) Final Thoughts — Disclaimer: Nothing said on Forward Guidance is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are opinions, not financial advice. Hosts and guests may hold positions in the companies, funds, or projects discussed. #Macro #Investing #Markets #ForwardGuidance

In this episode, Founders of Atlas Merchant Capital Bob Diamond and David Schamis discuss their journey from traditional finance to digital assets. They discuss Hyperliquid’s explosive growth, permissionless financial rails, and the innovation of perpetual swaps. We also cover the unique token model with daily buybacks, how Atlas is bringing access to U.S. investors through a new treasury vehicle, and the broader macro backdrop of debt, stablecoins, and institutional adoption of blockchain. Enjoy! __ Follow Bob: https://x.com/rediamondjr Follow David: https://x.com/dschamis Follow Felix: https://x.com/fejau_inc Follow Forward Guidance: https://twitter.com/ForwardGuidance Follow Blockworks: https://twitter.com/Blockworks_ Forward Guidance Telegram: https://t.me/+CAoZQpC-i6BjYTEx Forward Guidance Newsletter: https://blockworks.co/newsletter/forwardguidance __ Join us at Digital Asset Summit in London October 13-15. Use code FORWARD100 for £100 OFF https://blockworks.co/event/digital-asset-summit-2025-london __ This Forward Guidance episode is brought to you by VanEck. Learn more about the VanEck Semiconductor ETF (SMH): http://vaneck.com/SMHFelix Learn more about the VanEck Fabless Semiconductor ETF (SMHX): vaneck.com/SMHXFelix — Timestamps: (00:00) Introduction (02:54) Backgrounds: Skeptics to Believers (09:14) Hyperliquid Innovations (15:19) VanEck Ad (16:07) The Case for Perps (18:49) Blockchain Benefits (21:43) Public vs Private Blockchains (24:36) Atlas Value Proposition (33:06) VanEck Ad (33:47) Real Cash Flow & Valuation (36:37) Turning Point for Finance? (40:16) US Debt & Stablecoins (44:07) Final Thoughts __ Disclaimer: Nothing said on Forward Guidance is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are opinions, not financial advice. Hosts and guests may hold positions in the companies, funds, or projects discussed. #Macro #Investing #Markets #ForwardGuidance