“A billion and a half of outflows over the last couple of weeks is pretty significant.” – 02:22

Remy welcomes Andy Baehr, Head of Product and Research at Coindesk Indices, to provide expert insights into the factors influencing the market’s current softness. Andy explains that the market is experiencing a “tender” phase, which has led to a sense of vulnerability among investors. He discusses various reasons for this softness, including lower liquidity, profit-taking by long-term Bitcoin holders, and the effects of external economic factors such as Federal Reserve policies and government shutdowns.

The conversation shifts to the importance of liquidity in the market, with Andy emphasizing that a significant amount of money is currently flowing out of ETFs. He notes that while some of these outflows may be related to arbitrage positions, the overall trend indicates a cautious sentiment among investors. Remy and Andy also explore the distinction between “fast money” and “slow money,” with Andy reassuring listeners that long-term investment interest in the crypto space remains robust.

As the episode progresses, Remy and Andy discuss the broader implications of recent market volatility, not only in cryptocurrencies but also in equity markets and other asset classes. Andy shares insights from the Ripple Swell event, where he observed notable advancements in mergers and acquisitions, as well as significant fundraising efforts that could shape the future of the industry. He emphasizes the importance of viewing the crypto landscape as a long-term technological evolution rather than getting caught up in short-term market fluctuations.

The discussion also touches on the political landscape, particularly the implications of local elections in New York and the ongoing U.S. government shutdown. Andy expresses hope that the regulatory environment for digital assets will not become more complicated with additional municipal regulations. He advocates for a balanced approach to consumer protection and regulation that can help maintain New York’s status as a leading hub for cryptocurrency.

Stephen Mackintosh, Co-Founder and General Partner at Karatage, joins Remy Blaire at the New York Stock Exchange. The segment begins with an overview of a significant partnership between Swigroup Holdings and Sui Network, which enables users to deposit Sui-native USDC and Sui tokens directly. This collaboration aims to simplify the funding process for users and bridge the gap between regulated finance and blockchain technology.

Stephen elaborates on the recent launch of two new stablecoins backed by BlackRock’s tokenized money market fund: SUI-USDE, a yield-bearing stablecoin, and USDI, which is compliant with regulatory standards. He highlights the strategic importance of these stablecoins in enhancing the DeFi ecosystem on the Sui platform, noting that they are designed to keep fees and yields within the network, ultimately benefiting the community. Stephen explains how Karatage has white-labeled the Athena engine to facilitate this initiative, which has already seen substantial growth in total value locked across various DeFi platforms.

The discussion then shifts to the intersection of artificial intelligence and blockchain, particularly in light of Sui Network’s partnership with Google. Stephen shares his background in AI, having previously run an AI business that was sold to a New York Stock Exchange-listed company. He describes Sui’s object-oriented blockchain model, contrasting it with traditional account-based models and emphasizing its scalability and potential for agentic payments. Stephen outlines how the infrastructure built by the Sui team, including decentralized programmable storage and verifiable off-chain compute, is essential for enabling autonomous and verifiable transactions.

Remy Blaire engages in a detailed discussion with Jonathan Corpina, Senior Managing Partner at Meridian Equity Partners, about the current state of the U.S. stock market and the various factors influencing its performance.

The segment opens with Remy highlighting that U.S. stock futures are showing positive movement, despite recent volatility in global markets. She notes that investors are increasingly concerned about a potential AI bubble and the uncertainty surrounding U.S. interest rates. Jonathan provides context by reflecting on the significant upward movement in the market over the past six months, while also addressing the ongoing debates regarding interest rates and trade wars.

As the conversation progresses, Jonathan emphasizes the impact of the government shutdown, which has now reached its 36th day. He discusses the implications of this shutdown on economic data and market sentiment, pointing out that the lack of substantial headlines from trade negotiations and geopolitical risks adds to the uncertainty. He mentions the ripple effects of the shutdown, particularly in sectors like air traffic control and logistics, referencing recent news about UPS.

Remy and Jonathan then shift their focus to the upcoming earnings reports from key tech companies, including NVIDIA, which are anticipated to be pivotal for market direction. Jonathan underscores the importance of the AI conversation, particularly regarding companies like NVIDIA and AMD, and how these discussions could influence market trends.

The dialogue also touches on the anticipated “Big Beautiful Bill” from the government and its potential effects on the market. Jonathan expresses that while the market has experienced double-digit gains this year, a measured pullback could be healthy, providing opportunities for investors to acquire equities at lower prices.