Crypto Fundamentals vs Macro Mayhem: When Will the Bulls Finally Win?

Host John Gillen and Blockworks’ Felix Javan examine how political gridlock, an oil-driven energy shock, and uncertainty around Federal Reserve policy are shaping risk markets. Javan argues that crypto wants to move higher, but heavy private and government issuance is competing for limited capital and preventing a durable liquidity-driven rally.

They explore whether a slowdown in AI investment could redirect capital toward digital assets, while cautioning that the Binance hack may prolong the industry’s reputational recovery. Improving token structures, stablecoin adoption, tokenized assets, and regulated perpetual markets strengthen the long-term case, but the near-term outlook remains defined by choppy trading and unresolved macro risks.

Javan also explains how Bitcoin’s larger market value, ETF ownership, and changing holder base have reduced its volatility. Looking ahead, he expects rotations and uncertainty to persist until markets have more clarity on growth, inflation, and whether expected rate hikes eventually give way to neutral policy or cuts.