Bell Curve

Latest Episodes:

GPT-5, Trump’s Crypto Executive Order, and Ethereum’s Bullish Saga | Roundup Aug 08, 2025

Show notes

In this week’s Roundup, we discuss the release of GPT-5, Trump’s Fed Governor appointment and macro policy shifts, Trump’s executive order to ease the path for private assets and crypto to be included in 401(k)s, Ethereum's institutional momentum, and emerging DeFi yield structures.

Thanks for tuning in!

Katana is a DeFi-first chain built for deep liquidity and real yield, by redirecting chain revenue back to active DeFi users. The 1 billion KAT campaign is live. Bridge and deposit directly into vaults in one simple click and start earning immediately on your ETH, BTC, USDC, and more.

Go to app.katana.network to check it out.

EigenLayer just launched EigenCloud - the infrastructure powering crypto's "cloud era." Like AWS transformed the internet, EigenCloud gives any developer cloud-grade programmability with crypto-grade verifiability. EIGEN stakers earn from the entire verifiable economy flywheel. Follow @eigenlayer on X to learn more.

This is not financial advice. Investing in blockchain-based assets like the EIGEN token involves significant risk, including the potential loss of your entire investment. By participating, you are agreeing to EigenCloud’s terms and conditions apply.

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Timestamps:

(0:00) Introduction

(1:33) OpenAI Releases GBT-5

(12:47) Ads (Katana & Eigen)

(13:41) Trump Appoints Stephen Miran as Fed Governor

(19:48) Trump's 401k Executive Order

(32:44) Ads (Katana & Eigen)

(34:18) Tom Lee's Bullish Saga Continues

(45:41) DeFi Catalysts

Disclaimer: Nothing said on Bell Curve 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 solely our opinions, not financial advice. Mike, Jason, Michael, Vance and our guests may hold positions in the companies, funds, or projects discussed, and our guests may hold positions in the companies, funds, or projects discussed.

Empire Cross-Post: The Bull Case For GLXY With Duncan & Rittenhouse Research Aug 05, 2025

Show notes

Gm! This week, Duncan and Matt join Yano to dive into Galaxy’s unique business model and how it’s perfectly positioned for the AI, crypto and datacenter narratives as we move into the future.

Arkham is a crypto exchange and a blockchain analytics platform. Arkham allows crypto traders and investors to look inside the wallets of the best traders, largest funds and most influential players in crypto, and then act on that information.

Eligibility varies by jurisdiction. Users residing in certain jurisdictions will be excluded from onboarding.

Start your day with crypto news, analysis and data from Katherine Ross.

Subscribe to the Empire newsletter: https://blockworks.co/newsletter/empire?utm_source=podcasts

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Timestamps:

(0:00) Introduction

(2:33) Unpacking Galaxy

(6:37) Bitcoin Mining

(14:05) Crypto Business

(16:05) Arkham Ad

(16:30) Galaxy’s Products

(23:41) Goldman Sachs’ Valuation

(30:57) Data Center Business

(41:37) Arkham Ad

(42:18) Galaxy’s Business Evolution

(51:46) Economics Explored

(59:13) Data Center Developments

(1:11:12) Challenges

(1:24:01) GLXY Stock Analysis

Disclaimer: Nothing said on Empire 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 solely our opinions, not financial advice. Santiago, Jason, and our guests may hold positions in the companies, funds, or projects discussed.

Inside Crypto’s Credit Revival With Sid Powell | Roundup Aug 01, 2025

Show notes

In this episode, we’re joined by Maple Finance CEO and Co-Founder, Sid Powell, to discuss the evolving crypto credit landscape. We dive into the SEC’s Project Crypto initiative, institutional demand, structural shifts in DeFi lending post-Genesis, the rise of yield-bearing stablecoins, market indicators of leverage buildup, and the path toward DeFi 2.0 with improved transparency, regulation, and scalability.

Thanks for tuning in!

Go to app.katana.network to check it out.

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Join the Bell Curve Telegram group: https://t.me/+nzyxAvQ0Xxc3YTEx

Timestamps:

(0:00) Introduction

(2:23) SEC Launches Project Crypto

(7:20) Institutional Demand

(9:58) Ads (Katana & Eigen)

(10:52) The Lending Landscape Today

(17:58) Borrowing to Short

(21:03) Centralized Lenders

(23:15) What is DeFi 2.0?

(27:17) Ads (Katana & Eigen)

(28:50) Crypto's Origination Landscape

(35:14) Lending Flow

(40:27) Regulatory Hurdles

(42:39) Growth Vectors

(50:21) Potential Market Convergence

(57:08) Where is Leverage Building Up?

(1:04:08) Checking Market Health

Forward Guidance: Threat to Fed Independence is Un-Anchoring Inflation Expectations | Jens Nordvig Jul 29, 2025

Show notes

In this episode, PhD Economist Jens Nordvig breaks down the evolving macro environment marked by waning Fed independence, shifting capital flows, and a weakening U.S. dollar. He explains how tariff shocks, long-end bond dynamics, and geopolitical tensions are reshaping global investment behavior and challenging the traditional safe-haven role of U.S. assets. Jens also outlines the structural phases of de-dollarization, central bank reserve diversification, and how these factors may signal a long-term dollar downtrend. Enjoy!

Go to app.katana.network to check it out.

Follow Jens: https://x.com/jnordvig

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Forward Guidance Telegram: https://t.me/+CAoZQpC-i6BjYTEx

Forward Guidance Newsletter: https://blockworks.co/newsletter/forwardguidance

Timestamps:

(0:00) Introduction

(3:21) Unpacking the Current Regime

(7:43) US Macro Overview

(8:18) Ads (Katana & Eigen)

(9:15) US Macro Overview

(13:44) FX & Dollar Hedging

(18:55) Tariff Impact on Capital Flows

(24:55) Diversifying Central Bank Reserves

(28:56) What’s Holding Up the Dollar?

(29:38) Ads (Katana & Eigen)

(31:12) What’s Holding Up the Dollar?

(36:02) Un-anchoring Inflation Expectations

(41:04) Bond Yields, Fiscal & the Fed

(48:10) US Growth & Investment

(50:03) Fed Cut Expectations

(51:58) Tariff Threat Overstated?

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.

Everything You Need to Know About Crypto Treasury Companies With Jeff Park | Roundup Jul 25, 2025

Show notes

In this episode, we’re joined by Bitwise’s Head of Alpha Strategies, Jeff Park! We explore the financial engineering behind Bitcoin treasury companies, focusing on Michael Saylor’s capital structure innovations. We discuss convertible debt, preferred equity, market demand dynamics, options chains, in-kind contributions, tax and regulatory implications, and the sustainability of these treasury vehicles. Thanks for tuning in!

Eligibility varies by jurisdiction. Users residing in certain jurisdictions will be excluded from onboarding.

Follow Jeff: https://x.com/dgt10011

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Subscribe on YouTube: https://bit.ly/3R1D1D9

Subscribe on Apple: https://apple.co/3pQTfmD

Subscribe on Spotify: https://spoti.fi/3cpKZXH

Get top market insights and the latest in crypto news. Subscribe to Blockworks Daily Newsletter: https://blockworks.co/newsletter/

Join the Bell Curve Telegram group: https://t.me/+nzyxAvQ0Xxc3YTEx

Timestamps:

(0:00) Introduction

(1:49) The Convertible Debt Market

(9:44) Preferred Shares vs Converts

(12:19) Ads (Arkham & Eigen)

(13:10) The Demand Side

(21:35) How is Saylor's Strategy Possible?

(30:47) Ads (Arkham & Eigen)

(32:24) What Is The Investment Bank's Role?

(37:45) Bitcoin Treasury Companies Abroad

(45:38) What Are Treasury Companies Allowed To Do Onchain?

(48:29) Treasury Company Financial Metrics

(51:44) The Best Path For Ethereum Treasury Companies

(56:56) Bitmine's Options Chain

(1:00:05) The Impact of In-kind Contributions

(1:03:56) The Doom Loop

(1:08:35) Comparing Treasury Vehicles and GBTC

(1:11:47) How Do Treasury Companies Impact Demand?

Empire Cross-Post: DC Crypto Week Takeaways With Rebecca Rettig & Alexander Grieve Jul 22, 2025

Show notes

Gm! This week, Rebecca Rettig and Alexander Grieve join Jason to unpack the successful crypto week and the 3 pieces of legislation that have passed and will now impact the way stablecoins and crypto move forward in the US landscape.

Go to app.katana.network to check it out.

Citrea is the first zero-knowledge rollup to enhance the capabilities of Bitcoin blockspace and enable Bitcoin applications (₿apps). Citrea is optimistically verified by Bitcoin, offering the most Bitcoin-secured and native way to extend BTC’s utility to DeFi.

Learn more about Citrea: https://citrea.xyz/?utm_source=bellcurve&utm_medium=podcast&utm_campaign=website_promo

Follow Citrea on X/Twitter for the latest on its journey to mainnet: https://x.com/citrea_xyz

Start your day with crypto news, analysis and data from Katherine Ross. Subscribe to the Empire newsletter: https://blockworks.co/newsletter/empire?utm_source=podcasts

Follow Alex: https://x.com/AlexanderGrieve

Follow Rebecca: https://x.com/RebeccaRettig1

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Join the Empire Telegram: https://t.me/+CaCYvTOB4Eg1OWJh

Timestamps:

(0:00) Introduction

(1:38) Crypto Week Breakdown

(6:01) GENIUS Act

(26:03) Ads (Katana & Eigen)

(26:57) CLARITY Act

(37:36) CLARITY Act + ICOs

(41:46) Ads (Katana & Eigen)

(43:20) CLARITY Act + DeFi

(54:01) Citrea Ad

(54:37) ANTI-CBDC Act

(58:11) Impacts Of These Bills

(1:01:19) Biggest Debates On Bills

Ethereum’s Comeback, PumpFun’s ICO, and Crypto’s Regulatory Shift | Roundup Jul 18, 2025

Show notes

In this episode, Mippo and Vance discuss Ethereum’s resurgence driven by institutional inflows, and stablecoin adoption. They also dive into the PUMP ICO, its market positioning, and consumer platform potential. Finally, they cover regulatory developments, including the CLARITY and GENIUS Acts, and Coinbase’s wallet rebrand. Enjoy!

Eligibility varies by jurisdiction. Users residing in certain jurisdictions will be excluded from onboarding.

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Subscribe on YouTube: https://bit.ly/3R1D1D9

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Subscribe on Spotify: https://spoti.fi/3cpKZXH

Get top market insights and the latest in crypto news. Subscribe to Blockworks Daily Newsletter: https://blockworks.co/newsletter/

Join the Bell Curve Telegram group: https://t.me/+nzyxAvQ0Xxc3YTEx

Timestamps:

(0:00) Introduction

(2:00) Ethereum's Massive Shift

(14:01) Ads (Arkham & Eigen)

(14:52) The PUMP ICO

(26:11) PumpFun's Buyback & Outlook

(34:26) Ads (Arkham & Eigen)

(36:03) The CLARITY Act Passes

(41:59) Coinbase's Rebrand and Next Steps

(54:56) The GENIUS Act Passes

(56:21) Robert Leshner's Treasury Company

Empire Cross-Post: The Crypto Treasury Playbook With Ben Forman & Josh Solesbury From ParaFi Capital Jul 15, 2025

Show notes

Gm! Ben Forman and Josh Solesbury from ParaFi Capital join Yano for this episode to dive into all the details, developments, the good and the bad and the future for publicly traded crypto vehicles!

Katana is a DeFi-first chain built for deep liquidity and high yield. No empty emissions, just real yield and sequencer fees routed back to DeFi users.

Pre-deposit now: Earn high APRs with Turtle Club https://app.turtle.club/campaigns/katana or spin the wheel with Katana Krates https://app.katana.network/krates

Learn more about Citrea: https://citrea.xyz/?utm_source=bellcurve&utm_medium=podcast&utm_campaign=website_promo

Follow Citrea on X/Twitter for the latest on its journey to mainnet: https://x.com/citrea_xyz

Start your day with crypto news, analysis and data from Katherine Ross. Subscribe to the Empire newsletter: https://blockworks.co/newsletter/empire?utm_source=podcasts

Follow Josh: https://x.com/joshsolesbury

Follow Jason: https://x.com/JasonYanowitz

Follow Empire: https://twitter.com/theempirepod

Join the Empire Telegram: https://t.me/+CaCYvTOB4Eg1OWJh

Timestamps:

(0:00) Introduction

(1:53) Parafi Investor Letter

(2:41) Digital Asset Treasuries Overview Today

(10:03) Katana Ad

(10:24) Why Q2 + Q3 For Public Crypto

(15:36) Largest Convertible Issuer

(22:18) Scale of Public Crypto Treasury Vehicles

(23:49) Katana Ad

(24:22) Green Flags To Launch A Treasury Company

(37:10) Reputational Risks

(40:38) Why don't Treasury vehicles Impact native token price action

(48:35) Citrea Ad

(49:11) Crypto Treasury Vehicles For Top 50

(56:13) Low Capital Market Crypto Liquidity

(58:33) Top Signals

(1:05:20) The End Game

Robinhood’s L2, Pump’s TGE, and Suitgate | Roundup Jul 11, 2025

Show notes

In this episode, Mippo dives into Pump’s token launch and competitive pressures in the launchpad space, Robinhood’s onchain stock derivatives and Arbitrum-based L2 plans, and the prediction market controversy surrounding Zelensky’s attire.Thanks for tuning in!

Resources

Pump’s TGE & Launchpad Wars: https://x.com/_ryanrconnor/status/1943348190381543769

Eligibility varies by jurisdiction. Users residing in certain jurisdictions will be excluded from onboarding.

Follow Michael: https://twitter.com/im_manderson

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Subscribe on YouTube: https://bit.ly/3R1D1D9

Subscribe on Apple: https://apple.co/3pQTfmD

Subscribe on Spotify: https://spoti.fi/3cpKZXH

Get top market insights and the latest in crypto news. Subscribe to Blockworks Daily Newsletter: https://blockworks.co/newsletter/

Join the Bell Curve Telegram group: https://t.me/+nzyxAvQ0Xxc3YTEx

Timestamps:

(0:00) Introduction

(2:46) Pump's TGE & Launchpad Wars

(13:51) Ads (Arkham & Eigen)

(14:42) Robinhood's Onchain Stocks & Arbitrum L2

(25:17) Ads (Arkham & Eigen)

(26:53) Thoughts on Suitgate

Permissionless: America’s DeFi Renaissance | Eugene Chen & Merlin Egalite Jul 08, 2025

Show notes

In this episode, we went live from Permissionless with Eugene Chen, Co-founder and CEO of Ellipsis Labs, and Merlin Egalite, Co-founder of Morpho, to explore the resurgence of DeFi activity in the U.S. driven by emerging regulatory clarity around stablecoins and market structure. We also discuss U.S. dollar dominance in stablecoins, institutional adoption, the role of front-end regulation, real-world asset tokenization, and the potential for global financial systems to move onchain. Thanks for tuning in!

Katana is a DeFi-first chain built for deep liquidity and high yield. No empty emissions, just real yield and sequencer fees routed back to DeFi users.

Pre-deposit now: Earn high APRs with Turtle Club https://app.turtle.club/campaigns/katana or spin the wheel with Katana Krates https://app.katana.network/krates

Ledger, the global leader in digital asset security, proudly sponsors Bell Curve! As Ledger celebrates 10 years of securing 20% of global crypto, it remains the top choice for securing your assets. Buy a LEDGER™ device now, and build confidently, knowing your BTC, ETH, SOL, and more are safe.

Buy now on https://shop.ledger.com/?r=1da180a5de00.

Learn more about Citrea: https://citrea.xyz/?utm_source=bellcurve&utm_medium=podcast&utm_campaign=website_promo

Follow Citrea on X/Twitter for the latest on its journey to mainnet: https://x.com/citrea_xyz

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Subscribe on YouTube: https://bit.ly/3R1D1D9

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Get top market insights and the latest in crypto news. Subscribe to Blockworks Daily Newsletter: https://blockworks.co/newsletter/

Join the Bell Curve Telegram group: https://t.me/+nzyxAvQ0Xxc3YTEx