The Breakdown

40 Episodes
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By: Blockworks

The Breakdown dives into the deepest topics in crypto, blockchain, and the macro forces shaping markets and power structures. Each episode breaks down complex ideas into clear, grounded analysis — separating signal from noise across crypto, finance, and geopolitics. Hosted by David Canellis, The Breakdown features explainers, interviews, and conversations with the people building, regulating, and challenging the financial system. A Blockworks podcast. Subscribe to The Breakdown newsletter: https://the-breakdown.carrd.co/

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When Bitcoin’s Bear Market Might End
Last Friday at 12:58 PM

David maps the current Bitcoin bear market against every prior one — where we are, how much longer it could run, and where the bottom could land.


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DISCLAIMER

As always, remember this podcast is for informational...


A Google Engineer Made $1.2M Insider Trading on Polymarket
Last Thursday at 2:03 PM

A Google engineer allegedly profited $1.2 million on Polymarket betting that d4vd would be Google's most-searched person of 2025 — using Google's own internal data. Plus: Blockworks' new Token Transparency Alliance, and an OpenZeppelin co-founder telling friends and family to exit DeFi.


TIMESTAMPS:

(00:00) Intro

(01:03) Polymarket Insider Trading

(10:39) Transparency Alliance

(21:56) DeFi Unsafe?


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Is This $250M AI Company Fake?
Last Tuesday at 2:13 PM

Polsia (AI Slop spelled backwards) just announced a $30M raise at a $250M valuation with one human employee. David thinks it's less a company, more performance art. Plus: Uber, Microsoft and NVIDIA all admit AI compute is too expensive, and Tether is launching what looks like a CBDC with the government of Georgia. Enjoy!


TIMESTAMPS:

(00:00) Intro

(01:28) Polsia

(06:22) Nexo Ad

(06:57) Polsia (Cont.)

(16:10) Nexo Ad

(17:04) Polsia (Cont.)

(18:29) AI Compute Costs

(27:15) Tether



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Hyperliquid Hits ATH, XRP ETF Flows, and a $1B Pitch to Save Ethereum | The Breakdown
05/22/2026

It's Bitcoin Pizza Day, and David runs through three Friday stories: Hyperliquid breaking all-time high (and why the buyback isn't really the driver), the XRP wallet and ETF flow narrative vs. what the data actually says, and Dankrad Feist's $1B proposal to "save Ethereum." Enjoy!


TIMESTAMPS:

(00:00) Intro

(01:35) HYPE All-Time High

(06:48) Nexo Ad

(07:22) HYPE All-Time High (Cont.)

(12:25) XRP ETF Flows

(15:20) Nexo Ad

(16:25) XRP ETF Flows (Cont.)

(23:29) ETH Troubles


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OpenAI Digs A Moat, Ethereum Foundation Loses Talent, And Polymarket’s UMA Problem | The Breakdown
05/20/2026

David unpacks the Ethereum Foundation exits, the Polymarket / UMA Oracle dispute mess revealed by the WSJ, and OpenAI's push to sell guaranteed compute on 1–3 year commits. Enjoy!


TIMESTAMPS:

(00:00) Intro

(01:23) ETH Foundation Departures

(17:00) Polymarket Dispute Judges

(27:11) OpenAI Guaranteed Compute


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The Messy State of Crypto Governance with Jito Foundation's Nick Almond | The Breakdown
05/18/2026

Nick Almond of the Jito Foundation joins David to walk through why DAO governance is a mess, what “pragmatic decentralization” looks like in practice, and how the CLARITY Act will reshape governance going forward. Enjoy!


TIMESTAMPS:

(00:00) Intro

(01:22) Why Governance Matters

(03:43) Token Voting

(05:12) Delegates and Multisigs

(08:56) Nexo Ad

(09:30) Sub-DAOs and Specialization

(11:33) Governance Tokens Origins

(15:47) Pragmatic Decentralization

(18:22) Cosmetic Votes and Value

(20:37) Nexo Ad

(21:35) Arbitrum Governance

(25:59) Regulation and CLARITY

(29:11) Bitcoin Governance Less...


The $70B AI IPO, Claude Cracks a Lost Wallet, and CLARITY Advances | The Breakdown
05/15/2026

Hyperliquid enabled early exposure to the biggest AI IPO of the year. Claude helped recover a Bitcoin wallet locked for 11 years. And CLARITY made it through markup. David runs through all three. Enjoy!


TIMESTAMPS:

00:00 Intro

01:05 Cerebras

12:42 Claude Rescues Wallet

19:17 CLARITY Markup Update


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Bhutan Times the Top, CLARITY Hits Markup, and the Onchain Pokemon Card Boom | The Breakdown
05/13/2026

Bhutan timed the Bitcoin top almost perfectly. The CLARITY Act may only let 10–20 chains qualify as “decentralized.” And onchain Pokémon cards are popping off. David runs through all three.


TIMESTAMPS:

(00:00) Intro

(01:31) Bhutan Sells

(06:37) Nexo Ad

(07:12) Bhutan Sells (Cont.)

(14:39) CLARITY Markup

(15:40) Nexo Ad

(16:31) CLARITY Markup (Cont.)

(25:30) Onchain Pokemon Card Boom


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Bored Apes Rally, Canton Raises at $2B and Saylor Raps the Bears | The Breakdown
05/11/2026

David covers three Monday stories: the NFT mini-revival (Bored Apes doubled in a month), Canton raising $300M at a $2B valuation, and Saylor's AI rap video defending Strategy from “Ponzi” accusations. Enjoy!


TIMESTAMPS:

(00:00) Intro

(01:15) Are NFTs Back?

(07:24) Nexo Ad

(07:59) Are NFTs Back? (Cont.)

(12:06) Canton

(16:52) Nexo Ad

(17:46) Canton (Cont.)

(23:27) Strategy Rap



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S...


Coinbase Down Again, HIP-4 vs Polymarket, and Dueling Big Tech Crypto Partnerships | The Breakdown
05/08/2026

David covers three Friday stories: Coinbase's hours-long outage on the back of an AWS cooling failure, the data on whether prediction markets are actually beating memecoins, and the dueling Solana + Google Cloud / AWS + Coinbase + Stripe agentic commerce announcements.


TIMESTAMPS:

(00:00) Intro

(01:23) Coinbase AWS Outage

(07:20) Nexo Ad

(07:55) Prediction Markets, Memecoins, and HIP-4

(15:58) Nexo Ad

(16:51) Prediction Markets, Memecoins, and HIP-4 (Cont.)

(19:15) Agentic Commerce Meta




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Coinbase's AI Layoffs, a16z's $2.2B Fund, and Strategy's $12.5B Loss | The Breakdown
05/06/2026

David covers three Wednesday stories: Coinbase laying off 14% of staff, a16z Crypto raising $2.2 billion, and Strategy losing $12.5 billion as CEO Phong Le floats selling bitcoin.

We also unpack the AI-first layoff narrative, the potential return of the infra supercycle ($6B+ raised across crypto VCs in 2026), and why a Cambrian explosion of DATs and ETFs might absorb whatever Saylor has to offload. Enjoy!

--


TIMESTAMPS:

(00:00) Intro

(01:17) Coinbase Layoffs

(07:15) Nexo Ad

(07:50) Coinbase Layoffs (Cont.)

(10:30) a16z Crypto Fund 5

(15:17) Nexo...


Clavicular x Polymarket, the CLARITY Act, and What MegaETH Tells Us About Retail | The Breakdown
05/04/2026

David runs through three Monday morning stories: the viral Clavicular clip with Polymarket’s CMO, the CLARITY Act’s compromise on stablecoin yield, and MegaETH’s adoption numbers a week into its points campaign.


TIMESTAMPS:

(00:00) Intro

(01:06) Clavicular and Polymarket CMO

(09:20) Nexo Ad

(09:57) CLARITY Act Update

(15:03) Nexo Ad

(15:54) MegaETH Performance



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<...


MegaETH, the DeFi United Bailout, Meta’s USDC Push, and Blockworks Reaches $192M Valuation | The Breakdown
04/30/2026

DeFi just raised $302 million to cover losses from the Kelp DAO hack. David calls it what it is: a bailout.

David runs through four stories from the week — MegaETH, DeFi United, Meta’s stablecoin payouts, and the Blockworks rebrand.

We unpack why MegaETH’s points campaign is the 2021 playbook in 2026, why stablecoin income doesn’t equal crypto adoption, and what happens when the house money runs out. Enjoy!


TIMESTAMPS:

(00:00) Introduction

(01:14 MegaETH)

(13:34 Nexo Ad)

(14:11 DeFi United)

(21:20 Nexo Ad)

(22:12 Meta Stableco...


How Crypto Is Fighting Back Against North Korea | The Breakdown
04/28/2026

North Korea has had IT workers embedded in DeFi protocols since DeFi Summer — and they’re pretty good devs.

Nick Bax, blockchain investigator and SEAL 911 incident responder, joins us to break down how crypto crime has evolved from SIM swaps to nation-state social engineering.

We unpack the Monero inflation bug, Arbitrum’s 9/12 multisig gold standard, how DPRK workers now use facilitators to rent real identities, and what it actually takes to break into onchain investigation. Enjoy!

TIMESTAMPS:


(00:00) Introduction

(02:01) DeFi is Under Attack

(03:11) Contagion Onchain

...


Mythos Leaks, Crypto in the Strait of Hormuz, and DoorDash Stablecoins | The Breakdown
04/23/2026

Someone guessed Anthropic’s Mythos URL, gained unauthorized access to the most hyped AI model in history, and used it to build websites.


David covers three stories from the week: the Mythos breach, a Tether scam in the Strait of Hormuz, and DoorDash’s stablecoin announcement.


We unpack why Project Glasswing looks like marketing by association, how scammers are demanding Bitcoin and Tether for Hormuz transit, and whether DoorDash + Tempo passes David’s three-prong crypto test. Enjoy!

__


TIMESTAMPS:

(00:00) Introduction

(01...


Can AI Actually Trade Crypto? | The Breakdown
04/21/2026

Crypto might be the world’s best test bed for AI trading — and Virtuals Protocol is running the experiment live.

Weekee Tiew, co-founder of Virtuals Protocol, joins us to explain Degen Claw, their AI Council judging system, and why agents will soon replace wallets.

We unpack why pure P&L is the wrong benchmark, how the trench agent concept could reshape portfolio management, and what crypto’s role is in the future of finance. Enjoy!


TIMESTAMPS:

(00:00) Introduction

(05:29) Nexo Ad

(06:03) Interview with WeeKee

(09:28) Bot St...


Crypto Fed Chair, Polymarket Bots, and the Faketoshi Movie
04/16/2026

Trump's Fed pick has 30-plus crypto investments — and that's just what he could disclose. David walks through Warsh's filing, a Polymarket bot built on the theory that nothing ever happens, and Hollywood's Craig Wright blockbuster.


TIMESTAMPS:

(00:00) Introduction

(00:21) Trying Something New

(02:47) Kevin Warsh

(08:58) Nexo Ad

(09:34) Nothing Ever Happens Polymarket Bot

(18:47) Nexo Ad

(19:38) Thoughts on Upcoming Craig Wright Bitcoin Thriller



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Kevin O’Leary on AI, Data Centers, and Why He Sold 27 Crypto Positions | The Breakdown
04/14/2026

AI is reprogramming the social fabric — and nobody can agree whether that’s a good thing.

Kevin O’Leary, investor and entrepreneur, joins us to share his framework for navigating the AI era across investing, data centers, and crypto.


TIMESTAMPS:

(00:00) Introduction

(01:33) One Shot, One Opportunity

(03:20) Two Wolves

(06:02) Nexo Ad

(06:36) Interview with Kevin O’Leary

(08:56) Datacenters as a Political Issue

(12:13) How Kevin Uses AI

(14:39) Nexo Ad

(15:36) What Makes an AI Company Worth Investing In?

(17:39...


The Three Layers of AI Agent Commerce with Jordan Liu | The Breakdown
04/09/2026

x402 just got a lot bigger. The Linux Foundation is now backing it — and maybe Amazon, Google, Stripe, Mastercard, and American Express along with them.

In this episode, David sits down with Jordan Liu, co-founder of AIsa — one of earliest builders in the x402 ecosystem, with over 20 million microtransactions already processed.


TIMESTAMPS:

(00:00) Introduction

(01:42) What AISA Builds

(02:55) X40 Goes Linux

(07:30) Nexo Ad

(08:07) Adoption and Micropayments

(19:58) Nexo Ad and Blockworks IR Promo

(21:38) Adoption and Micropayments (Con’t)

(25:06) Protocols Roadbl...


Are AI Agents Actually Using Crypto? | The Breakdown
04/07/2026

AI agents are coming online fast — and the payment rails for that world are being built right now.

David breaks down the race between Coinbase’s x402 and Stripe’s Machine Payments Protocol, the rise of agentic commerce, and why crypto may have a natural edge, before sitting down with Jordan Liu of AIsa.

__


TIMESTAMPS:

(00:00) Intro

(01:30) Tool Time

(03:45) AI-doption

(05:48) Nexo Ad

(06:30) When in Doubt, Incentivize

(07:36) Interview with Jordan Liu

(12:24) Nexo Ad and Blockworks IR Promo

(14...


Fed Governor Miran on Why Inflation Fears Are Overstated | Forward Guidance
04/02/2026

While The Breakdown is between seasons, we’re bringing some of our favorite conversations from across Blockworks onto the feed.


In this episode of Forward Guidance, Felix Jauvin sits down with Fed Governor Stephen Miran at DAS to discuss why he believes inflation fears are overstated, why the Fed may still be too restrictive, and how AI, deregulation, and stablecoins could all shape the future of monetary policy.


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The Crypto-TradFi Convergence | Inflection Point
03/31/2026

While The Breakdown is between seasons, we’re sharing a panel from Digital Assets Summit featuring the team behind Inflection Point. The conversation explores how investors should think about crypto valuations, what gives L1s value, and why there’s still no shared framework for pricing blockchain networks.



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David: https://x.com/dlawant

Michael: https://x.com/marcryptonio

Marc: https...


Privacy & Institutional Crypto's [Redacted] Future | The Breakdown
03/26/2026

While The Breakdown is between seasons, we’re sharing a panel from Digital Asset Summit hosted by David. The discussion explores how institutions think about on-chain privacy, the tradeoffs involved, and what it takes to bring financial systems onto blockchain infrastructure.



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Investor Relations in the Onchain Era
03/24/2026

In this special episode, we introduce Blockworks’ new investor relations platform for onchain businesses.


As institutional capital continues to enter crypto markets, expectations around transparency, standardization, and professionalism are rising. But instead of replicating legacy systems, Blockworks IR takes a different approach, leveraging real-time, onchain data to create a more transparent, data-driven, and low-friction investor relations model.


The platform combines curated analytics, branded investor portals, and white-glove advisory support into a single solution, helping teams tell a clearer, more credible story while giving investors a more efficient way to ev...


Are We Measuring Crypto All Wrong? | Nick Almond
03/24/2026

While The Breakdown is between seasons, we’re sharing the full version of a past conversation with Nick Almond. The discussion explores how to think about crypto networks, why common metrics can be misleading, and what actually matters when evaluating activity and value.


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Nexo is the premier digital wealth platform. Receive interest on your crypto, borrow against it without selling, and trad...


The Macro Chain Reaction of Oil Shocks | Forward Guidance
03/19/2026

While The Breakdown is between seasons, we’re sharing a recent episode of Forward Guidance.

Felix is joined by Bob Elliott to break down how oil shocks impact inflation, growth, and central bank policy—and why markets may be underestimating the risks.

As always, remember this podcast is for informational purposes only, and any views expressed by anyone on the show are solely their opinions, not financial advice.



Forward Guidance: https://www.youtube.com/@ForwardGuidanceBW

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Why I’m Hosting The Breakdown | David Canellis | The Breakdown
03/17/2026

As a new season of The Breakdown approaches, David takes a moment to introduce himself and explain how he thinks about Bitcoin, crypto culture, and the industry’s next phase.

Follow David: https://x.com/dcanellis


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


Timestamps:

(00:00) Introduction

(01:04) My Crypto Origin Story

(04:07) From Trading to Crypto Media

(08:47) What Crypto Means Now

(13:32) AI, Autonomy...


The Real Forces Moving Bitcoin Now | Marc Arjoon
03/12/2026

Marc Arjoon joins the show to discuss how institutional flows, ETF market structure, and the changing economics of Bitcoin mining are reshaping the market.


As always, remember this podcast is for informational purposes only, and any views expressed by anyone on the show are solely their opinions, not financial advice.


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Nexo is the premier digital wealth platform. Rece...


Bitcoin’s Halving Cycle Isn’t What You Think | The Breakdown
03/10/2026

From miners to institutional buyers, David breaks down why Bitcoin’s halving cycle may still shape the market — even if the supply shock itself is fading. Plus, a conversation with Marc Arjoon.


As always, remember this podcast is for informational purposes only, and any views expressed by anyone on the show are solely their opinions, not financial advice.

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Nexo is the prem...


AI Agents and the Next Wave of Crypto Demand | The Breakdown
03/05/2026

How should crypto tokens be valued? Haseeb Qureshi breaks down why cash-flow rights won’t “fix” prices, and how AI agents transacting on-chain could drive the next wave of demand.


As always, remember this podcast is for informational purposes only, and any views expressed by anyone on the show are solely their opinions, not financial advice.

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Nexo is the premier digital wealth platform. Receive in...


Introducing: Inflection Point | The Crypto-TradFi Convergence
03/05/2026

In this first episode of Inflection Point, we explore the accelerating convergence between traditional finance and crypto as institutional adoption begins reshaping the foundations of global financial infrastructure. The conversation examines ETFs, DeFi innovation, market structure shifts, institutional flows, and how evolving investor behavior is changing Bitcoin and digital asset markets. Along the way, we discuss regulation, credit markets, technology limitations, and the broader implications of finance moving onchain. Enjoy!

Inflection Point:

Apple 🎙️: https://bit.ly/3QKdX5a

Spotify 🎙️: https://bit.ly/3YhGJy3

YouTube 🎥: https://link.blockworks.co/46Cee2q

...


Crypto VC Is Not The Problem | The Breakdown
03/03/2026

Are retail investors just exit liquidity? We unpack the token premium, forced price discovery, and what Ethereum and Tron data reveals about when fundamentals actually matter. Featuring insights from Haseeb Qureshi of Dragonfly.


As always, remember this podcast is for informational purposes only, and any views expressed by anyone on the show are solely their opinions, not financial advice.

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Nexo is t...


Crypto VC Is Not The Problem | The Breakdown
03/03/2026

Are retail investors just exit liquidity? We unpack the token premium, forced price discovery, and what Ethereum and Tron data reveals about when fundamentals actually matter. Featuring insights from Haseeb Qureshi of Dragonfly.


As always, remember this podcast is for informational purposes only, and any views expressed by anyone on the show are solely their opinions, not financial advice.

Follow Blockworks Research: https://x.com/blockworksres

Follow Haseeb: https://x.com/hosseeb

Follow David: https://x.com/dcanellis

Nexo is the premier digi...


Is Crypto Becoming Fintech? | Nick Almond
02/26/2026

Crypto and fintech are converging. But who captures the value? Nick Almond on stablecoins, DAOs, and the future of capital formation.


As always, remember this podcast is for informational purposes only, and any views expressed by anyone on the show are solely their opinions, not financial advice.

Follow Blockworks Research: https://x.com/blockworksres

Follow Nick: https://x.com/DrNickA

Follow David: https://x.com/dcanellis

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


Fintech Might Absorb Crypto | The Breakdown
02/24/2026

With no clear external enemy left, crypto may be facing its next antagonist: fintech. This episode explores whether crypto is winning — or being domesticated. Plus, a conversation with Nick Almond.


As always, remember this podcast is for informational purposes only, and any views expressed by anyone on the show are solely their opinions, not financial advice.

Follow Blockworks Research: https://x.com/blockworksres

Follow Nick: https://x.com/DrNickA

Follow David: https://x.com/dcanellis


Get top market insights and th...


Crypto Can Build The Agent Economy | The Breakdown
02/19/2026

Daniel Shapiro joins to break down why AI and crypto may be destined to converge — from agent payments and identity to privacy, data markets, and the next big investable primitive.


Thanks for tuning in!


As always, remember this podcast is for informational purposes only, and any views expressed by anyone on the show are solely their opinions, not financial advice.

Follow Blockworks Research: https://x.com/blockworksres

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...


Crypto, AI and the Permanent Underclass | The Breakdown
02/17/2026

Some worry that AI could create a permanent underclass. Can crypto’s next primitive change that — or will value accrue elsewhere? Plus, insight from Daniel Shapiro, Blockworks Research analyst Thanks for tuning in! As always, remember this podcast is for informational purposes only, and any views expressed by anyone on the show are solely their opinions, not financial advice. – Follow Blockworks Research: https://x.com/blockworksres Follow Daniel: https://x.com/_dshap Follow David: https://x.com/dcanellis — Get top market insights and the latest in crypto news. Subscribe to Blockworks Daily Newsletter: https://blockworks.co/newsletter/ —-- Timestamps: (00:00) Intro (01...


Crypto Can’t Accept That It’s a Subculture | The Breakdown | Full Interview
02/12/2026

Paul Dylan-Ennis joins David Canellis to discuss decentralization theater, public goods, and the growing tension between crypto’s ideological roots and market-driven reality.

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

—--

Timestamps:

(02:04) Token Economy and WEF Essay Comparison

(08:15) The Gap Between Usage and Price

(17:45) Public Goods an...


Crypto’s Ownership Problem | The Breakdown
02/10/2026

What does it actually mean to “own” a token? As regulation catches up, the token economy may be facing its biggest identity crisis yet. Plus, a conversation with Paul Dylan-Ennis.


Thanks for tuning in!


As always, remember this podcast is for informational purposes only, and any views expressed by anyone on the show are solely their opinions, not financial advice.

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The Myth of the “Most Used” Blockchain | The Breakdown
02/05/2026

The race to be the “most used blockchain” misses the point. This episode examines the metrics behind Solana vs Ethereum — and why usage, revenue, and adoption are being misunderstood — followed by a discussion with Nick Almond on where these networks are actually headed. Thanks for tuning in! As always, remember this podcast is for informational purposes only, and any views expressed by anyone on the show are solely their opinions, not financial advice. – Follow Blockworks Research: https://x.com/blockworksres Follow Nick: https://x.com/DrNickA Follow David: https://x.com/dcanellis — Get top market insights and the latest in crypto ne...