How Financialization Broke Markets & Hollowed Out America | Weekly Roundup

This week, joined by Hunter Hopcroft to unpack the era of hyper-financialization and how credit creation, passive investing, and globalization have reshaped capitalism and market structure. We also dive into current volatility spikes, liquidity distortions, gold’s surge, and the setup for a year-end rally. Enjoy! — Follow Hunter: https://www.lewisenterprises.blog/ Follow Tyler: https://x.com/Tyler_Neville_ Follow Quinn: https://x.com/qthomp Follow Felix: https://twitter.com/fejau_inc Follow Forward Guidance: https://twitter.com/ForwardGuidance Follow Blockworks: https://twitter.com/Blockworks_ Forward Guidance Telegram: https://t.me/+CAoZQpC-i6BjYTEx Forward Guidance Newsletter: https://blockworks.co/newsletter/forwardguidance __ Weekly Roundup Charts: https://drive.google.com/file/d/1t3LM4r8zRfHUIQxNqoPwrd7SFXsbqZo8/view?usp=sharing — Timestamps: (00:00) Introduction (01:05) Hunter Hopcroft (03:57) The Old Market Structure (07:39) The Line Between Debt & Equity (09:53) The Financialization Model (18:15) Crowding Out the Private Sector (23:23) Signal from Credit Spreads (27:38) The Effect of Passive & Private Credit (29:57) Market Structure Endgame (34:04) The Government & Markets (39:07) Learn More About Hunter (39:47) Hunter Takeaways (43:18) Quant Corner (50:17) Plumbing Breakdown (53:31) Gold’s Parabolic Run (55:02) Markets After OI Blowouts (57:02) Reasons to be Bullish (59:55) Crypto & US-China Meeting (1:04:09) Boomer Retirement Complex (1:06:22) Something Has to Change — 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. #Macro #Investing #Markets #ForwardGuidance

In this episode, CIO of Bitwise Matt Hougan joins us live from DAS London to discuss the surging institutional demand for crypto, the accelerating growth of crypto ETFs, the impact of SEC rule changes, the rise of perpetuals and stablecoins, and how allocations from major institutions are expanding rapidly. Matt highlights why crypto is becoming mainstream in traditional finance and why the ETF landscape is only just beginning. Enjoy! __ Follow Matt: https://x.com/Matt_Hougan Follow Quinn: https://x.com/qthomp Follow Felix: https://x.com/fejau_inc Follow Forward Guidance: https://twitter.com/ForwardGuidance Follow Blockworks: https://twitter.com/Blockworks_ Forward Guidance Telegram: https://t.me/+CAoZQpC-i6BjYTEx Forward Guidance Newsletter: https://blockworks.co/newsletter/forwardguidance — Timestamps: (00:00) Introduction (01:42) Institutional Demand for Crypto (02:10) Why 2025 ETF Flows Will Beat 2024 (03:10) Market Impact of ETFs (05:37) SEC Authorizing In-Kind ETF (06:52) Crypto Crash Stress Test (08:05) Expedited SEC Approval (09:42) The Future of Crypto ETFs (12:08) Market Perp-ification & Stablecoin TAM (17:10) Exotic ETF Structures & Retail Access (19:15) ETF Tail Risks (20:53) Options & the Expanding ETF Landscape (24:05) What Excites Institutions? (26:34) The Future of Crypto Allocations (30:30) Final Thoughts __ 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. #Macro #Investing #Markets #ForwardGuidance

This week, we’re joined by Michael Howell of CrossBorder Capital live from DAS London to break down the global liquidity cycle, the hidden recession and re-acceleration in the U.S., the impact of monetary debasement on gold and Bitcoin, China’s liquidity surge and stablecoin risks, and Europe’s structural challenges. We close with why today’s environment is truly unique in 4,000 years of monetary history. Enjoy! — Follow Michael: https://x.com/crossbordercap Follow Quinn: https://x.com/qthomp Follow Felix: https://twitter.com/fejau_inc Follow Forward Guidance: https://twitter.com/ForwardGuidance Follow Blockworks: https://twitter.com/Blockworks_ Forward Guidance Telegram: https://t.me/+CAoZQpC-i6BjYTEx Forward Guidance Newsletter: https://blockworks.co/newsletter/forwardguidance — Timestamps: (00:00) Introduction (01:51) Where Are We in the Global Liquidity Cycle? (05:26) Main St. Recession & Economic Rebound (08:49) GDP vs Liquidity Cycles (10:33) QE, Liquidity & Gold vs BTC (15:44) No 4-Year Cycle But Still Bullish (20:05) Stablecoins & China (27:01) Europe’s Economic Struggles (29:15) Developed Nation Decline (34:55) How Unique is this Moment? — 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. #Macro #Investing #Markets #ForwardGuidance

In this episode, CIO of ProCap Jeff Park unpacks the recent crypto market meltdown, the dangers of over-leveraging in perpetual futures, and why Bitcoin could now front-run altcoins. He also gives insights into ProCap’s work as a Bitcoin treasury company, the future of DATs, and reframes the “debasement trade” as a “purification trade” in today’s distorted macro environment. Enjoy! __ Follow Jeff: https://x.com/dgt10011 Follow Felix: https://x.com/fejau_inc Follow Forward Guidance: https://twitter.com/ForwardGuidance Follow Blockworks: https://twitter.com/Blockworks_ Forward Guidance Telegram: https://t.me/+CAoZQpC-i6BjYTEx Forward Guidance Newsletter: https://blockworks.co/newsletter/forwardguidance — Timestamps: (00:00) Introduction (02:01) Crypto Meltdown Post-Mortem (07:09) Where Do Markets Go From Here? (08:26) Evolving DAT Strategy (16:17) Debasement vs. Purification Trade (21:25) What’s Different this Time? (26:31) The Cost of Years of Debasement (31:42) Final Thoughts __ 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. #Macro #Investing #Markets #ForwardGuidance

This week, we discuss the government shutdown and market melt-up, Paul Tudor Jones’ blow off bull market call, an update to the gold trade, the AI CapEx boom and its circular financing, and Quinn’s ETH bull thesis. Enjoy! — Follow Tyler: https://x.com/Tyler_Neville_ Follow Quinn: https://x.com/qthomp Follow Felix: https://twitter.com/fejau_inc Follow Forward Guidance: https://twitter.com/ForwardGuidance Follow Blockworks: https://twitter.com/Blockworks_ Forward Guidance Telegram: https://t.me/+CAoZQpC-i6BjYTEx Forward Guidance Newsletter: https://blockworks.co/newsletter/forwardguidance — Join us at Digital Asset Summit in London October 13-15. Use code FORWARD200 for £200 OFF https://blockworks.co/event/digital-asset-summit-2025-london __ Weekly Roundup Charts: https://drive.google.com/file/d/1Quf3Gf0AY0s6xyHJMmAGZeaZr-quBame/view?usp=sharing — This Forward Guidance episode is brought to you by VanEck. Learn more about the VanEck Semiconductor ETF (SMH): http://vaneck.com/SMHFelix Learn more about the VanEck Fabless Semiconductor ETF (SMHX): vaneck.com/SMHXFelix — Timestamps: (00:00) Introduction (03:43) Government Shutdown (05:45) Realized Vol Tailwinds (08:43) Gearing Up for Earnings Season (11:12) Navigating the Melt Up (12:57) VanEck Ad (13:42) It’s Okay to Change Your Mind (21:27) Markets Are Political (26:44) The Gold Trade (34:43) VanEck Ad (35:23) The Gold Trade (36:36) AI is the Market (43:53) The ETH Thesis (51:48) Retail Market Evolution (56:41) Final Thoughts — 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. #Macro #Investing #Markets #ForwardGuidance

In this episode, George Robertson returns to break down why he’s turned bearish. He explains why he thinks massive fiscal tightening from tariffs and job cuts, corporate profits rolling over, and the flow-of-funds are signaling recession even as markets sit at all-time highs. He walks through employment indicators, withholding data, and the widening gap between S&P levels and actual earnings, arguing the downturn has already begun. Enjoy! __ Follow George: https://x.com/BickerinBrattle Follow Felix: https://x.com/fejau_inc Follow Forward Guidance: https://twitter.com/ForwardGuidance Follow Blockworks: https://twitter.com/Blockworks_ Forward Guidance Telegram: https://t.me/+CAoZQpC-i6BjYTEx Forward Guidance Newsletter: https://blockworks.co/newsletter/forwardguidance __ Join us at Digital Asset Summit in London October 13-15. Use code FORWARD200 for £200 OFF https://blockworks.co/event/digital-asset-summit-2025-london __ This Forward Guidance episode is brought to you by VanEck. Learn more about the VanEck Semiconductor ETF (SMH): http://vaneck.com/SMHFelix Learn more about the VanEck Fabless Semiconductor ETF (SMHX): vaneck.com/SMHXFelix — Timestamps: (00:00) Introduction (02:39) George’s Market Outlook (05:38) Where the Money’s Moving? (06:57) Trump’s Economic Ripple Effects (08:56) How the Fed Shapes the Cycle (15:12) VanEck Ad (15:56) COVID Spending & Fiscal Fallout (23:20) Are We in a Recession? (32:09) VanEck Ad (32:50) Jobs Data & FICA Withholding (38:29) Taxes, Tariffs & Shorting the Market (44:15) Supreme Court and Constitutional Risk (48:59) When Does the Music Stop? (54:50) Final Thoughts __ 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. #Macro #Investing #Markets #ForwardGuidance

This week, we dig into the government shutdown, weakening labor markets, AI’s role in productivity, Michael Howell’s demographic analysis, and how fiscal and market structure dynamics set the stage for a potential risk-asset melt-up. Enjoy! — Follow Tyler: https://x.com/Tyler_Neville_ Follow Quinn: https://x.com/qthomp Follow Felix: https://twitter.com/fejau_inc Follow Forward Guidance: https://twitter.com/ForwardGuidance Follow Blockworks: https://twitter.com/Blockworks_ Forward Guidance Telegram: https://t.me/+CAoZQpC-i6BjYTEx Forward Guidance Newsletter: https://blockworks.co/newsletter/forwardguidance — Join us at Digital Asset Summit in London October 13-15. Use code FORWARD200 for £200 OFF https://blockworks.co/event/digital-asset-summit-2025-london __ Weekly Roundup Charts: https://drive.google.com/file/d/1qHbnslxFOFZXswRiw0yv1JCyplgm8haE/view?usp=sharing — This Forward Guidance episode is brought to you by VanEck. Learn more about the VanEck Semiconductor ETF (SMH): http://vaneck.com/SMHFelix Learn more about the VanEck Fabless Semiconductor ETF (SMHX): vaneck.com/SMHXFelix — Timestamps: (00:00) Introduction (03:09) DAS London! (04:06) Government Shutdown (06:42) Labor Weakness Continues (13:45) VanEck Ad (14:31) Demographic Decay of Advanced Economies (17:18) Are You Ready for Negative Real Yields? (19:20) The Macro Stars Are Aligning (24:40) Is it a Bubble or Not? (29:53) VanEck Ad (30:33) Is it a Bubble or Not? (31:40) Gaming Out Trump Admin Policy (38:06) Is there a Bear Case? (41:27) Strong USD, Strong Economy (43:52) Does the Bull Market Have Legs? (51:14) Best Bear Case (53:16) Final Thoughts — 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. #Macro #Investing #Markets #ForwardGuidance

Live from the Origin Summit, hosted by Story and Blockworks, Morgan Stanley’s Head of Emerging Markets Equity Amy Oldenburg explains how her journey from tech to emerging markets led her to crypto, why mobile-first nations are fertile ground for stablecoins, how governments and banks are wrestling with this shift, and where she sees the next big opportunities across EM and innovation. Enjoy! __ Follow Amy: https://www.linkedin.com/in/amyoldenburg/ Follow Felix: https://x.com/fejau_inc Follow Forward Guidance: https://twitter.com/ForwardGuidance Follow Blockworks: https://twitter.com/Blockworks_ Forward Guidance Telegram: https://t.me/+CAoZQpC-i6BjYTEx Forward Guidance Newsletter: https://blockworks.co/newsletter/forwardguidance __ Join us at Digital Asset Summit in London October 13-15. Use code FORWARD100 for £100 OFF https://blockworks.co/event/digital-asset-summit-2025-london __ This Forward Guidance episode is brought to you by VanEck. Learn more about the VanEck Semiconductor ETF (SMH): http://vaneck.com/SMHFelix Learn more about the VanEck Fabless Semiconductor ETF (SMHX): vaneck.com/SMHXFelix — Timestamps: (00:00) Introduction (04:06) How Emerging Markets Are Embracing Crypto (06:34) Stablecoins Transforming Emerging Economies (10:30) VanEck Ad (11:13) Banks vs Stablecoins (13:28) Hottest Trends Across EMs (17:00) Innovation 3.0 in China & EMs (17:39) VanEck Ad (18:19) Innovation 3.0 in China & EMs (20:41) Final Thoughts __ 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. #Macro #Investing #Markets #ForwardGuidance

This week, we discuss the biggest risks to the economy, whether Mag7 is a bubble, surprisingly strong consumer data, the increasingly noisy housing and labor markets, risks around Fed policy and dollar liquidity, and why gold has been a cleaner macro hedge than Bitcoin. Enjoy! — Follow Tyler: https://x.com/Tyler_Neville_ Follow Quinn: https://x.com/qthomp Follow Felix: https://twitter.com/fejau_inc Follow Forward Guidance: https://twitter.com/ForwardGuidance Follow Blockworks: https://twitter.com/Blockworks_ Forward Guidance Telegram: https://t.me/+CAoZQpC-i6BjYTEx Forward Guidance Newsletter: https://blockworks.co/newsletter/forwardguidance — Join us at Digital Asset Summit in London October 13-15. Use code FORWARD100 for £100 OFF https://blockworks.co/event/digital-asset-summit-2025-london __ Weekly Roundup Charts: https://drive.google.com/file/d/1CN8SRsPqdupjrs27C0k1PDRfvGLf8kS6/view?usp=sharing — This Forward Guidance episode is brought to you by VanEck. Learn more about the VanEck Semiconductor ETF (SMH): http://vaneck.com/SMHFelix Learn more about the VanEck Fabless Semiconductor ETF (SMHX): vaneck.com/SMHXFelix — Timestamps: (00:00) Introduction (03:23) DAS London (04:29) Macro Outlook (06:17) Strong GDP Numbers (07:38) Understanding the New Economy (13:02) VanEck Ad (13:46) The Housing Market (19:25) Biggest Risks to the Economy (27:36) Market Structure Update (29:06) VanEck Ad (29:47) Market Structure Update (33:24) Is Mag7 a Bubble? (39:16) Inflation is the Plan & Problem (43:42) The Poison of Financialization (45:48) Breaking a Broken System (50:15) Gold Pump vs Crypto Slump (55:11) Protectionist Policies & the Dollar (01:05:50) Final Thoughts — 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. #Macro #Investing #Markets #ForwardGuidance

Live from the Origin Summit, hosted by Story and Blockworks, Co-Founder of BitMEX & CIO of Maelstrom Arthur Hayes shares his macro view on the erosion of Fed independence, inevitable money printing, and how these forces intersect with crypto markets. He covers Bitcoin’s performance versus gold and stocks, the political choices around AI’s productivity boom, and why DeFi, stablecoins, and new decentralized trading models are at the heart of the next cycle. Enjoy! __ Follow Arthur: https://x.com/CryptoHayes  Follow Felix: https://x.com/fejau_inc Follow Forward Guidance: https://twitter.com/ForwardGuidance  Follow Blockworks: https://twitter.com/Blockworks_  Origin Summit: https://www.originsummit.xyz/ Forward Guidance Telegram: https://t.me/+CAoZQpC-i6BjYTEx  Forward Guidance Newsletter: https://blockworks.co/newsletter/forwardguidance  __ Join us at Digital Asset Summit in London October 13-15. Use code FORWARD100 for £100 OFF https://blockworks.co/event/digital-asset-summit-2025-london  __ This Forward Guidance episode is brought to you by VanEck. Learn more about the VanEck Semiconductor ETF (SMH):  http://vaneck.com/SMHFelix Learn more about the VanEck Fabless Semiconductor ETF (SMHX):  vaneck.com/SMHXFelix — Timestamps: (00:00) Introduction (02:42) Money Printing & Yield Curve Control (05:33) What Does this Mean for Bitcoin? (08:38) VanEck Ad (09:22) AI & the Debt Doom Loop (13:19) Favorite Crypto Themes & Innovations (14:23) Perp DEXes & Hyperliquid (18:47) VanEck Ad (19:28) Stablecoin Winners & Losers (22:45) Stablecoin Systemic Risk (24:43) AI, Intellectual Property, and Blockchain (25:59) Western vs. Asian Crypto Markets __ 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. #Macro #Investing #Markets #ForwardGuidance