We unpack the latest cross asset price action in response to surging oil prices and what elevated energy prices could mean for inflation, the Fed, and broader risk sentiment. We then explore why AI agents may become one of the most important structural themes in crypto, as autonomous software increasingly needs wallets, payments, settlement, and coordination rails to transact at scale. We also discuss Ethereum’s evolving institutional story, including why activity and liquidity may be re-centering around Ethereum L1 as the fee gap versus L2s narrows and upcoming upgrades improve the base layer’s execution capacity. Finally, we look at crypto’s deeper move into household finance through products like crypto-backed mortgages and 401(k) access, and why that could mark an important next phase in the asset class’s institutionalization.

Key sections:

• (00:00 - 14:07) Iran, oil, and the macro backdrop: why the breakout above $100 in crude oil futures matters, how elevated energy prices are tightening financial conditions, and implications for risk assets.
• (14:07 - 20:08) Why AI agents matter for crypto: how the narrative has shifted from model training to inference, reasoning, and persistent agents, and why autonomous software may need crypto-native payments, wallets, and settlement rails to function as real economic actors.
• (20:08 - 27:48) Where value may accrue in the AI-agent stack: foundational rails, coordination layers, and integrity layers, plus how x402, Base, and tokens tied to agent coordination or decentralized intelligence fit into that framework.
• (27:48 - 37:43) Ethereum’s institutional moment and the L1/L2 narrative shift: why lower mainnet fees and upcoming upgrades may be helping activity, liquidity, stablecoins, and tokenized assets re-center around Ethereum L1.
• (37:43 - 42:17) Crypto-backed mortgages and 401(k)s: why crypto’s integration into core household financial products could be a meaningful next step for institutional adoption, even if the long-term structure still depends on greater regulatory clarity.
  
  Speakers:
  David Duong, CFA - Global Head of Investment Research (X: DavidDuong)
  Colin Basco - Research Associate (X: colin_basco)

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In this episode, we step back from the macro noise and focus on the biggest crypto stories of the week:

• (03:11 - 05:18) Why tokenization, stablecoins, AI agents, and onchain commerce are emerging as core crypto infrastructure themes. Plus, Coinbase Asset Management’s tokenized bitcoin yield fund on Base and what it says about institutional demand for compliant onchain products.
• (05:18 - 08:51) Why Hyperliquid’s launch of an S&P 500 perpetual matters beyond a single product: the significance of securing an official S&P license, why this helps validate Hyperliquid as more than a crypto-only venue, and how it could set a precedent for more licensed benchmark exposure to move onchain.
• (08:51 - 18:58) Breaking down the new SEC-CFTC digital commodity taxonomy: how it reduces legal ambiguity, why that matters for institutional allocation, and why it may benefit altcoins
• (18:58 - 26:21) Ethereum’s emerging supply sink: why BlackRock’s staked ETH ETF changes the demand story, how staking and treasury holdings are reducing ETH’s tradable float, and why that could become increasingly important for Ethereum’s long-run supply-demand profile
  
  Speakers:
  David Duong, CFA - Global Head of Investment Research (X: DavidDuong)
  Colin Basco - Research Associate (X: colin_basco)

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This week, we unpack some major crypto market themes:

• The Iran shock has turned oil from a background variable into an active transmission channel for inflation and volatility, complicating the Fed’s path to rate cuts just as labor data quietly weakens in the background. What will the Fed do at its FOMC meeting this week?
• Bitcoin has outperformed U.S. equities and large‑cap tech on a risk‑adjusted basis since the start of March, helped by prior deleveraging and a cleaner positioning backdrop, which supports the view that we may be moving past “peak pessimism” – though the confirmation signal is still pending.
• Altcoins are showing strong relative performance, signaling a return to risk appetite, with AI-related sectors breaking out and gaining momentum following events like the Nvidia conference. That includes tokens like BItTensor’s TAO as well as Venice’s VVV. Meanwhile, Meta’s acquisition of Moltbook (a social network for AI agents) highlights the growth of agentic commerce.
  
  Speakers:
  David Duong, CFA - Global Head of Investment Research (X: DavidDuong)
  Colin Basco - Research Associate (X: colin_basco)

Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.