LIVE | Market Crash: What Happened and What’s Next

This week, the Hivemind team breaks down Friday’s insane crypto crash, the auto-deleveraging across exchanges, USDe’s sudden depeg, and the biggest post-crash winners and losers. -- Start your day with crypto news, analysis and data from Katherine Ross and David Canellis. Subscribe to the Empire newsletter: https://blockworks.co/newsletter/empire  -- Follow Ceteris: https://x.com/ceterispar1bus  Follow Jose: https://x.com/ZeMariaMacedo  Follow Jason: https://x.com/3xliquidated  Follow Flip: https://x.com/trevor_flipper  Follow Empire: https://x.com/theempirepod  Subscribe on YouTube: https://bit.ly/4jYEkBx  Subscribe on Apple: https://bit.ly/3ECSmJ3  Subscribe on Spotify: https://bit.ly/4hzy9lH  -- Get top market insights and the latest in crypto news. Subscribe to Blockworks Daily Newsletter: https://blockworks.co/newsletter/  -- Timestamps: (0:00) Introduction (1:42) Friday’s Insane Liquidations (16:45) Auto-Deleveraging (26:50) Ethena & USDe Post-Mortem (36:41) Post-Crash Winners & Losers (54:40) Still Bullish? (58:26) Exchange Tickers & Listings (1:02:15) Impact of EVM Chains -- Disclaimer: Nothing said on Empire 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 solely our opinions, not financial advice. Santiago, Jason, the Hivemind team, and our guests may hold positions in the companies, funds, or projects discussed.

This week, Tarek Mansour Co-founder & CEO of Kalshi joins the show to discuss the next chapter for one of the fastest growing start ups in the U.S. We deep dive into the Kalshi origin story, how media and markets are evolving, the opportunity for prediction markets, advice for founders and more. Enjoy! -- Follow Tarek: https://x.com/mansourtarek_ Follow Jason: https://x.com/JasonYanowitz Follow Empire: https://twitter.com/theempirepod -- Join the Empire Telegram: https://t.me/+CaCYvTOB4Eg1OWJh Start your day with crypto news, analysis and data from David Canellis. Subscribe to the Empire newsletter: https://blockworks.co/newsletter/empire?utm_source=podcasts -- Crypto’s premiere institutional conference returns to London in October 2025. Use code EMPIRE200 for £200 off at checkout: https://blockworks.co/event/digital-asset-summit-2025-london -- Crypto-native institutions and developers demand institutional-grade infrastructure with regulatory clarity and full asset control. Blockdaemon's Earn Stack is a non-custodial platform combining high-performance staking rewards and seamless DeFi integration with no intermediate smart contract or vaults. Programmatically access leading Ethereum & Solana staking rewards, plus DeFi opportunities across lending protocols, DEXs, and AMMs. Book a Demo! -- peaq, the Machine Economy Computer, proudly sponsors the Empire podcast. peaq is home to 60+ apps across 20+ industries and millions of devices, machines, and onchain robots. It powers the world’s first tokenized robo-farm, launching soon in Hong Kong, and has launched the Machine Economy Free Zone in Dubai as a Web3 x Robotics x AI innovation hub. For more about peaq, check out www.peaq.xyz -- Katana is a DeFi-first chain built for deep liquidity and high yield. No empty emissions, just real yield and sequencer fees routed back to DeFi users. Pre-deposit now: Earn high APRs with Turtle Club [https://app.turtle.club/campaigns/katana] or spin the wheel with Katana Krates [https://app.katana.network/krates] -- Mantle is pioneering ""Blockchain for Banking"" as a revolutionary new category that sits at the intersection of TradFi and web3. Key elements for Mantle as the ""Blockchain for Banking"": - Transactions posted to the blockchain - Compatibility with TradFi rails - Integrated DeFi features Mantle Network, the access layer — transforms Mantle Network into a purpose-built vertical platform — the blockchain for banking — that enables financial services on-chain. Mantle leads the establishment of Blockchain for Banking as the next frontier. Follow Mantle on X (@Mantle_Official) for the latest updates on Mantle as the 'Blockchain for Banking'. -- Timestamps: (00:00) Introduction (02:28) The Kalshi Origin Story (19:29) Raising Money From Sequoia (21:46) Ads (Blockdaemon, Peaq) (22:58) Why The Election Was Kalshi's Breakthrough Moment (33:37) Becoming The Fastest Growing Start Up (37:40) Ads (Blockdaemon, Peaq) (38:52) Why Prediction Markets Are The Superior Model (43:40) Integrating With Crypto (50:20) Ads (Katana, Mantle) (51:57) Partnering With Robinhood (54:39) The Future of Prediction Markets & Media (01:00:11) The Perps Opportunity (01:03:19) Competing With Polymarket (01:09:40) Advice For Founders -- Disclaimer: Nothing said on Empire 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 solely our opinions, not financial advice. Santiago, Jason, and our guests may hold positions in the companies, funds, or projects discussed.

In this bonus live interview, Doug Colkitt joins the stream to unpack the crypto market's most severe wave of liquidations on record. We'll get into what fueled the crash, how auto-deleveraging works, and what it means for the rest of the cycle. Follow Jason: https://x.com/JasonYanowitz Follow Empire: https://x.com/theempirepod Follow Doug: https://x.com/0xdoug -- Join the Empire Telegram: https://t.me/+CaCYvTOB4Eg1OWJh Start your day with crypto news, analysis and data from David Canellis. Subscribe to the Empire newsletter: https://blockworks.co/newsletter/empire?utm_source=podcasts& -- Disclaimer: Nothing said on Empire 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 solely our opinions, not financial advice. Santiago, Jason, and our guests may hold positions in the companies, funds, or projects discussed.

This week we discuss Polymarket's $2B deal with ICE and how it impacts the future of prediction markets. We then deep dive into the stablecoin duopoly, advice for founders, is it BNB season, crypto's next breakout consumer app & more. Enjoy! -- Follow Rob: https://x.com/HadickM Follow Santi: https://x.com/santiagoroel Follow Jason: https://x.com/JasonYanowitz Follow Empire: https://twitter.com/theempirepod -- Join the Empire Telegram: https://t.me/+CaCYvTOB4Eg1OWJh Start your day with crypto news, analysis and data from David Canellis. Subscribe to the Empire newsletter: https://blockworks.co/newsletter/empire?utm_source=podcasts -- Crypto’s premiere institutional conference returns to London in October 2025. Use code EMPIRE200 for £200 off at checkout: https://blockworks.co/event/digital-asset-summit-2025-london -- Crypto-native institutions and developers demand institutional-grade infrastructure with regulatory clarity and full asset control. Blockdaemon's Earn Stack is a non-custodial platform combining high-performance staking rewards and seamless DeFi integration with no intermediate smart contract or vaults. Programmatically access leading Ethereum & Solana staking rewards, plus DeFi opportunities across lending protocols, DEXs, and AMMs. Book a Demo! -- peaq, the Machine Economy Computer, proudly sponsors the Empire podcast. peaq is home to 60+ apps across 20+ industries and millions of devices, machines, and onchain robots. It powers the world’s first tokenized robo-farm, launching soon in Hong Kong, and has launched the Machine Economy Free Zone in Dubai as a Web3 x Robotics x AI innovation hub. For more about peaq, check out www.peaq.xyz -- Katana is a DeFi-first chain built for deep liquidity and high yield. No empty emissions, just real yield and sequencer fees routed back to DeFi users. Pre-deposit now: Earn high APRs with Turtle Club [https://app.turtle.club/campaigns/katana] or spin the wheel with Katana Krates [https://app.katana.network/krates] -- GEODNET is the world’s largest RTK network, delivering real-time, centimeter-level precision for drones, robots, farmers, and first responders. Recognized by the U.S. Congress, this blockchain-powered network supports mission-critical applications across a wide range of industries. Discover how GEODNET is changing the world: [https://geodnet.com] -- Timestamps: (00:00) Intro (04:04) ICE Invests $2b In Polymarket (14:32) Ads (Blockdaemon, Peaq) (15:43) Advice For Founders (22:50) How Does Polymarket’s $2b Raise Impact Kalshi? (27:53) Ads (Blockdaemon, Peaq) (29:04) The Stablecoin Duopoly Is Ending (44:16) Ad (Katana Geodnet) (45:42) Is It BNB Season? (55:06) Privacy Coins (57:13) Finding The Next Breakout Consumer App (01:02:25) The Government Shutdown (01:04:31) Content of The Week -- Disclaimer: Nothing said on Empire 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 solely our opinions, not financial advice. Santiago, Jason, and our guests may hold positions in the companies, funds, or projects discussed.

This week Christian Angermayer joins the show to discuss the future of crypto, AI & psychedelics. We deep dive into Christian's past during the European debt crisis, why AI & robotics will completely reshape the labor force, Christian's 5 key investment themes, the controversial enhanced games & more. Enjoy! -- Follow Christian: https://x.com/C_Angermayer Follow Santi: https://x.com/santiagoroel Follow Jason: https://x.com/JasonYanowitz Follow Empire: https://twitter.com/theempirepod -- Join the Empire Telegram: https://t.me/+CaCYvTOB4Eg1OWJh Start your day with crypto news, analysis and data from David Canellis. Subscribe to the Empire newsletter: https://blockworks.co/newsletter/empire?utm_source=podcasts -- Crypto’s premiere institutional conference returns to London in October 2025. Use code EMPIRE200 for £200 off at checkout: https://blockworks.co/event/digital-asset-summit-2025-london -- Crypto-native institutions and developers demand institutional-grade infrastructure with regulatory clarity and full asset control. Blockdaemon's Earn Stack is a non-custodial platform combining high-performance staking rewards and seamless DeFi integration with no intermediate smart contract or vaults. Programmatically access leading Ethereum & Solana staking rewards, plus DeFi opportunities across lending protocols, DEXs, and AMMs. Book a Demo! -- peaq, the Machine Economy Computer, proudly sponsors the Empire podcast. peaq is home to 60+ apps across 20+ industries and millions of devices, machines, and onchain robots. It powers the world’s first tokenized robo-farm, launching soon in Hong Kong, and has launched the Machine Economy Free Zone in Dubai as a Web3 x Robotics x AI innovation hub. For more about peaq, check out www.peaq.xyz -- Katana is a DeFi-first chain built for deep liquidity and high yield. No empty emissions, just real yield and sequencer fees routed back to DeFi users. Pre-deposit now: Earn high APRs with Turtle Club [https://app.turtle.club/campaigns/katana] or spin the wheel with Katana Krates [https://app.katana.network/krates] -- Mantle is pioneering ""Blockchain for Banking"" as a revolutionary new category that sits at the intersection of TradFi and web3. Key elements for Mantle as the ""Blockchain for Banking"": - Transactions posted to the blockchain - Compatibility with TradFi rails - Integrated DeFi features Mantle Network, the access layer — transforms Mantle Network into a purpose-built vertical platform — the blockchain for banking — that enables financial services on-chain. Mantle leads the establishment of Blockchain for Banking as the next frontier. Follow Mantle on X (@Mantle_Official) for the latest updates on Mantle as the 'Blockchain for Banking'. -- (00:00) Intro (03:08) Christian's Origin Story (07:10) The European Sovereign Debt Crisis (12:15) Why The U.S Will Continue To Dominate (20:54) Ads (Blockdaemon, Peaq) (22:06) Christian's AI & Robotics Thesis (39:36) Ads (Blockdaemon, Peaq) (40:48) Why Christian Is All In On Psychedelics (58:00) Ads (Katana, Mantle) (59:37) Christian's 5 Key Investing Themes (01:15:19) Why Life Expectancy Will Increase (01:18:48) The Enhanced Games (01:33:55) Building Friendships & Partnerships -- Disclaimer: Nothing said on Empire 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 solely our opinions, not financial advice. Santiago, Jason, and our guests may hold positions in the companies, funds, or projects discussed.

This week Mike Dudas joins the show to discuss why he thinks this cycle is still just getting started. We deep dive into Mike's thesis when it comes to investing in crypto, his biggest winners this cycle, Flying Tulip's new model for raising capital, stablecoins, NFTs & more. Enjoy! -- Follow Mike: https://x.com/mdudas Follow Santi: https://x.com/santiagoroel Follow Jason: https://x.com/JasonYanowitz Follow Empire: https://twitter.com/theempirepod -- Join the Empire Telegram: https://t.me/+CaCYvTOB4Eg1OWJh Start your day with crypto news, analysis and data from David Canellis. Subscribe to the Empire newsletter: https://blockworks.co/newsletter/empire?utm_source=podcasts -- Crypto’s premiere institutional conference returns to London in October 2025. Use code EMPIRE200 for £200 off at checkout: https://blockworks.co/event/digital-asset-summit-2025-london -- Crypto-native institutions and developers demand institutional-grade infrastructure with regulatory clarity and full asset control. Blockdaemon's Earn Stack is a non-custodial platform combining high-performance staking rewards and seamless DeFi integration with no intermediate smart contract or vaults. Programmatically access leading Ethereum & Solana staking rewards, plus DeFi opportunities across lending protocols, DEXs, and AMMs. Book a Demo! -- peaq, the Machine Economy Computer, proudly sponsors the Empire podcast. peaq is home to 60+ apps across 20+ industries and millions of devices, machines, and onchain robots. It powers the world’s first tokenized robo-farm, launching soon in Hong Kong, and has launched the Machine Economy Free Zone in Dubai as a Web3 x Robotics x AI innovation hub. For more about peaq, check out www.peaq.xyz -- Timestamps: (00:00) Intro (03:39) 6MV's Investment Thesis (07:15) Pump Fun (15:18) Finding Big Winners This Cycle (23:27) Ads (Blockdaemon, Peaq) (24:36) Why We Haven’t Topped (29:03) How Will Crypto Returns Look Over The Next 5 Years? (36:02) Prediction Markets (39:23) What Did Solana Get Wrong? (45:50) Ads (Blockdaemon, Peaq) (46:58) Are Crypto TGEs Broken? (50:30) Flying Tulip Raises $200m: A New Vehicle For Fundraising? (57:46) Does Every Project Need A Token? (01:00:05) Why Mike Is Still Bullish NFTs (01:02:47) Stablecoins (01:06:23) Content Of The Week -- Disclaimer: Nothing said on Empire 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 solely our opinions, not financial advice. Santiago, Jason, and our guests may hold positions in the companies, funds, or projects discussed.

This week, the Hivemind team discusses their current market outlook as crypto starts to recover after a large leverage flush last week. We deep dive into why are SOL DAT volumes so low, the Plasma token launch, Tether's $500B valuation, the perp DEX wars & more. Enjoy! -- Follow Ceteris: ⁠https://x.com/ceterispar1bus⁠ Follow Duncan: https://x.com/FloodCapital Follow Yan: ⁠https://x.com/YanLiberman⁠ Follow Jose: ⁠https://x.com/ZeMariaMacedo⁠ Follow Empire: ⁠https://x.com/theempirepod⁠ -- Subscribe on YouTube: ⁠https://bit.ly/4jYEkBx⁠ Subscribe on Apple: ⁠https://bit.ly/3ECSmJ3⁠ Subscribe on Spotify: ⁠https://bit.ly/4hzy9lH⁠ Get top market insights and the latest in crypto news. Subscribe to Blockworks Daily Newsletter: ⁠https://blockworks.co/newsletter/⁠ -- Timestamps: (00:00) Introduction (01:25) State Of The Market (07:42) Why Are SOL DAT Volumes So Low? (12:24) Tether Raising $20B At A $500B Valuation (19:46) Stablecoin Chains (24:42) Flying Tulip's $200m Seed Round (28:20) What Is DoubleZero? (36:46) The Perp DEX Wars (40:37) Hyperliquid (52:16) Tokenization -- Disclaimer: Nothing said on Empire 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 solely our opinions, not financial advice. Santiago, Jason, the Hivemind team, and our guests may hold positions in the companies, funds, or projects discussed.

This week Jordi Alexander joins the show live from the Origin Summit, hosted by Story and Blockworks alongside Forward Guidance host Felix Jauvin. We deep dive into where are we in the cycle, is DAT season over, finding opportunity as an investor & more. Enjoy! -- Follow Jordi: https://x.com/gametheorizing Follow Felix: https://x.com/fejau_inc Follow Jason: https://x.com/JasonYanowitz Follow Empire: https://twitter.com/theempirepod -- Join the Empire Telegram: https://t.me/+CaCYvTOB4Eg1OWJh Start your day with crypto news, analysis and data from David Canellis. Subscribe to the Empire newsletter: https://blockworks.co/newsletter/empire?utm_source=podcasts -- Timestamps: (0:00) Introduction (1:33) Where Are We In The Cycle? (4:40) Perp DEXs (8:49) What To Focus On As An Investor (11:06) Is DAT Season Over? (16:41) Final Thoughts -- Disclaimer: Nothing said on Empire 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 solely our opinions, not financial advice. Santiago, Jason, and our guests may hold positions in the companies, funds, or projects discussed.

This week Mike Novogratz joins the show to reflect on his path from a successful trading career to building and running Galaxy. We deep dive into the state of markets, what defines the most successful macro traders, Galaxy's AI data center opportunity, running a public company & more. Enjoy! -- Follow Mike: https://x.com/novogratz Follow Jason: https://x.com/JasonYanowitz Follow Empire: https://twitter.com/theempirepod -- Join the Empire Telegram: https://t.me/+CaCYvTOB4Eg1OWJh Start your day with crypto news, analysis and data from David Canellis. Subscribe to the Empire newsletter: https://blockworks.co/newsletter/empire?utm_source=podcasts -- Crypto-native institutions and developers demand institutional-grade infrastructure with regulatory clarity and full asset control. Blockdaemon's Earn Stack is a non-custodial platform combining high-performance staking rewards and seamless DeFi integration with no intermediate smart contract or vaults. Programmatically access leading Ethereum & Solana staking rewards, plus DeFi opportunities across lending protocols, DEXs, and AMMs. Book a Demo! -- peaq, the Machine Economy Computer, proudly sponsors the Empire podcast. peaq is home to 60+ apps across 20+ industries and millions of devices, machines, and onchain robots. It powers the world’s first tokenized robo-farm, launching soon in Hong Kong, and has launched the Machine Economy Free Zone in Dubai as a Web3 x Robotics x AI innovation hub. For more about peaq, check out www.peaq.xyz -- Mantle is pioneering ""Blockchain for Banking"" as a revolutionary new category that sits at the intersection of TradFi and web3. Key elements for Mantle as the ""Blockchain for Banking"": - Transactions posted to the blockchain - Compatibility with TradFi rails - Integrated DeFi features Mantle Network, the access layer — transforms Mantle Network into a purpose-built vertical platform — the blockchain for banking — that enables financial services on-chain. Mantle leads the establishment of Blockchain for Banking as the next frontier. Follow Mantle on X (@Mantle_Official) for the latest updates on Mantle as the 'Blockchain for Banking'. -- GEODNET is the world’s largest RTK network, delivering real-time, centimeter-level precision for drones, robots, farmers, and first responders. Recognized by the U.S. Congress, this blockchain-powered network supports mission-critical applications across a wide range of industries. Discover how GEODNET is changing the world: [https://geodnet.com] -- Timestamps: (00:00) Introduction (06:32) Mike's Outlook For Markets in 2025 (14:53) Are Markets Frothy, AI Capex & The Minsky Moment (24:26) Ads (Blockdaemon, Peaq) (25:36) What Will The Next Four Years For Crypto Look Like? (30:44) What Makes The Most Successful Macro Traders? (40:25) Ads (Blockdaemon, Peaq) (41:35) Hyperliquid (44:19) The AI Data Center Buildout (54:34) Ads (Mantle, Geodnet) (55:59) Galaxy's Crypto Business (59:06) Tokenizing Galaxy's Stock (01:03:14) Running A Public Company & The IPO Window (01:07:03) Final Thoughts -- Disclaimer: Nothing said on Empire 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 solely our opinions, not financial advice. Santiago, Jason, and our guests may hold positions in the companies, funds, or projects discussed.

This week we're back to discuss the top stories of the week. We deep dive into the state of markets, Tether looking to raise $20B at a $500B valuation, Aster vs Hyperliquid, crypto IPOs in 2025-26 & more. Enjoy! -- Follow Santi: https://x.com/santiagoroel Follow Jason: https://x.com/JasonYanowitz Follow Empire: https://twitter.com/theempirepod -- Join the Empire Telegram: https://t.me/+CaCYvTOB4Eg1OWJh Start your day with crypto news, analysis and data from David Canellis. Subscribe to the Empire newsletter: https://blockworks.co/newsletter/empire?utm_source=podcasts -- Ansem's outlook on markets: https://x.com/blknoiz06/status/1970107553079079341 -- Crypto’s premiere institutional conference returns to London in October 2025. Use code EMPIRE100 for £100 off at checkout: https://blockworks.co/event/digital-asset-summit-2025-london -- Crypto-native institutions and developers demand institutional-grade infrastructure with regulatory clarity and full asset control. Blockdaemon's Earn Stack is a non-custodial platform combining high-performance staking rewards and seamless DeFi integration with no intermediate smart contract or vaults. Programmatically access leading Ethereum & Solana staking rewards, plus DeFi opportunities across lending protocols, DEXs, and AMMs. Book a Demo! -- peaq, the Machine Economy Computer, proudly sponsors the Empire podcast. peaq is home to 60+ apps across 20+ industries and millions of devices, machines, and onchain robots. It powers the world’s first tokenized robo-farm, launching soon in Hong Kong, and has launched the Machine Economy Free Zone in Dubai as a Web3 x Robotics x AI innovation hub. For more about peaq, check out www.peaq.xyz -- Timestamps: (00:00) Introduction (02:32) Are Markets A Little Too Frothy? (06:43) The Stablecoin Thesis (10:43) Takeaways From The Origin Summit (13:53) Ansem’s Outlook On Markets (22:49) Tether Raising $20B at $500B Valuation (26:26) Ads (Blockdaemon, Peaq) (27:26) Aster vs Hyperliquid (39:23) BitGo Files Their S-1 (50:28) Ads (Blockdaemon, Peaq) (51:36) Crypto IPOs In 2026 (55:02) Cloudflare Issuing A Stablecoin (59:06) Zerohash Raises $100M At $1B Valuation (01:01:48) Content Of The Week -- Disclaimer: Nothing said on Empire 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 solely our opinions, not financial advice. Santiago, Jason, and our guests may hold positions in the companies, funds, or projects discussed.