Why Cross-Border Flows Matter More Than Rate Cuts | Capital Flows

In this episode, Capital Flows joins the show to break down how credit growth, falling real rates, and strong cross-border flows fueled the rally from April through summer, and why the Fed’s recent hawkish shift has introduced short-term volatility without meaningfully raising recession risk. We also cover auto-loan stress, the real drivers behind AI-linked equity moves, why geopolitics now shapes liquidity more than the Fed, and more. Enjoy! __ Follow Capital Flows: https://x.com/Globalflows 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 __ Grayscale offers more than 30 different crypto investment products. Explore the full suite at grayscale.com. Invest in your share of the future. Investing involves risk and possible loss of principal. https://www.grayscale.com/?utm_source=blockworks&utm_medium=paid-other&utm_campaign=brand&utm_id=&utm_term=&utm_content=audio-forwardguidance — Timestamps: (00:00) Introduction (01:44) Macro & the Credit Cycle (05:22) Quantifying Credit Growth (09:43) Grayscale Ad (10:24) Impact of Fed’s Hawkish Pivot (13:41) Recession Odds (16:38) Auto Loan Stress & Markets vs Economy (20:28) Market Dispersion & Mag7 (21:22) Mag7: Capex, Financial Engineering, Politics (25:59) Geopolitics & Cross-Border Flows (29:28) Grayscale Ad (30:16) Geopolitics & Cross-Border Flows (Con’t) (35:08) U.S.-China Trade Constraints (40:29) Bitcoin & Neutral Assets (47:21) View on U.S. Equities (50:57) 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 markets wobbling as a pointless government shutdown, delayed data releases, and a hawkish Fed collide with rising credit stress, over-levered AI giants, and widening inequality. 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 __ Weekly Roundup Charts: https://drive.google.com/file/d/1drPbriNOF50E3o6qdKikbqIYQy4qAuc6/view?usp=sharing — Grayscale offers more than 30 different crypto investment products. Explore the full suite at grayscale.com. Invest in your share of the future. Investing involves risk and possible loss of principal. https://www.grayscale.com/?utm_source=blockworks&utm_medium=paid-other&utm_campaign=brand&utm_id=&utm_term=&utm_content=audio-forwardguidance — Timestamps: (00:00) Introduction (01:31) Shutdown Fallout (03:59) Hawkish Fed Speeches (07:52) AI Boom Meets Credit Stress (12:14) Grayscale Ad (12:53) AI Boom Meets Credit Stress (Con’t) (15:51) Warning Signs for Society (18:58) Hawkish Fed Pivot (21:32) Tech Bubble & Societal Risks (28:14) Grayscale Ad (29:02) Tech Bubble & Societal Risks (Con’t) (31:04) Policy Missteps & Persistent Inflation (32:00) Bitcoin, Decentralization & the Future of Money (33:10) The 2026 Acceleration Playbook (36:15) Widening Inequality & Generational Divide (44:11) Centralization, Fragility, & Systemic Risks (49:24) 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, founder of Elm Wealth and co-founder of LTCM Victor Haghani shares lessons from Long-Term Capital Management and contrasts today’s highly levered hedge-fund world with LTCM’s era. He also explains Elm’s Dynamic Index Investing framework and why simplicity and discipline outperform complexity and return-chasing over time. Enjoy! __ Follow Victor: https://x.com/ElmWealth 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 __ Grayscale offers more than 30 different crypto investment products. Explore the full suite at grayscale.com. Invest in your share of the future. Investing involves risk and possible loss of principal. https://www.grayscale.com/?utm_source=blockworks&utm_medium=paid-other&utm_campaign=brand&utm_id=&utm_term=&utm_content=audio-forwardguidance — Timestamps: (00:00) Introduction (01:04) Insights from Victor’s Storied Career (09:22) Today’s Market vs the 90s (16:32) Grayscale Ad (17:11) Fat Tails & Return Chasing (28:41) Grayscale Ad (29:29) Is Discretionary Macro a Fool’s Game? (37:42) Portfolio Construction & Managing Risk (44:33) Balancing Risk, Sizing, & Expected Returns (50:15) What is Good Diversification? (55:55) Exotic Forms of Diversification (59:52) 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 America’s decaying two-tier economy, with Main Street stuck in a silent recession, the Fed trapped between fiscal dominance and market structure rot, and younger generations turning to crypto and speculation as their only escape from a rigged system. 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 __ Weekly Roundup Charts: https://drive.google.com/file/d/1f1h9636F5tXpNPX6R5KxLnSi6BUpBnFN/view?usp=sharing — Grayscale offers more than 30 different crypto investment products. Explore the full suite at grayscale.com. Invest in your share of the future. Investing involves risk and possible loss of principal. https://www.grayscale.com/?utm_source=blockworks&utm_medium=paid-other&utm_campaign=brand&utm_id=&utm_term=&utm_content=audio-forwardguidance — Timestamps: (00:00) Introduction (01:05) Fourth Turning Vibes (04:00) K-Shaped Economy Continues (07:43) The Market is Broken (10:57) Government Role in Markets (11:57) Grayscale Ad (12:34) Government Role in Markets (17:47) Market Structure Decay (21:16) The Death of Retail (25:21) Generational Release Valve (28:33) Labor Market vs Automation (31:28) Grayscale Ad (32:14) Political Pivot for 2026 (35:18) Government Shutdown Ending? (37:32) Is Bitcoin Finally Bottoming? (42:33) Sad Crypto Market Structure (45:19) Solving Crypto’s Problems (48:52) Giving Back to the System — 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 from the Empire podcast, we discuss why Blockworks decided to shut down its news room. We then dive into why 2025 marks the start of a new chapter for the crypto industry, why we're still in a bull market, MegaETH's ICO, recent IPOs, M&A and more. Enjoy! __ Follow Rob: https://x.com/HadickM Follow Santi: https://x.com/santiagoroel Follow Jason: https://x.com/JasonYanowitz Follow Empire: https://x.com/theempirepod Follow Forward Guidance: https://twitter.com/ForwardGuidance Follow Blockworks: https://twitter.com/Blockworks_ Forward Guidance Telegram: https://t.me/+CAoZQpC-i6BjYTEx __ Grayscale offers more than 30 different crypto investment products. Explore the full suite at grayscale.com. Invest in your share of the future. Investing involves risk and possible loss of principal. https://www.grayscale.com/?utm_source=blockworks&utm_medium=paid-other&utm_campaign=brand&utm_id=&utm_term=&utm_content=audio-forwardguidance — Timestamps: (00:00) Introduction (01:25) Why Blockworks Closed The News Division (13:32) Grayscale Ad (14:10) The Next Chapter For Blockworks (20:06) It’s Still A Bull Market (24:30) Securitize Plans To Go Public At a $1.25B Valuation (31:21) Grayscale Ad (32:44) Western Union Announces USDPT (50:07) Mastercard Looks To Acquire Zerohash (56:10) Will Stripe’s Tempo Be a Success? (1:04:01) The MegaETH ICO (1:07:29) Content Of The Week __ 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 Fed meeting, including the end of quantitative tightening and the impact of its balance sheet plans. We also dig into how market structure imbalances and political polarization are reshaping markets, the “financial Hunger Games” of meme-driven trading, rising CapEx from AI megacaps, and the centralization of wealth and power across institutions. 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 __ Weekly Roundup Charts: https://drive.google.com/file/d/1E5w8fmngVNuC4lyl-PCV5qAPewW_lyKm/view?usp=sharing — Grayscale offers more than 30 different crypto investment products. Explore the full suite at grayscale.com. Invest in your share of the future. Investing involves risk and possible loss of principal. https://www.grayscale.com/?utm_source=blockworks&utm_medium=paid-other&utm_campaign=brand&utm_id=&utm_term=&utm_content=audio-forwardguidance — Timestamps: (00:00) Introduction (02:05) Private-Public Market Divergence (05:08) Fed Meeting Takeaways (11:17) Grayscale Ad (11:56) Market Structure Rabbit Hole (17:26) The Bifurcating Economy (23:01) Fed Balance Sheet Changes (27:40) Impact on Markets (31:27) Grayscale Ad (32:15) High-Yield Earnings & Market Concentration (37:51) BigTech Capex Transition (42:19) The Dystopian AI Future (45:53) Why is Bitcoin Dumping? (48:37) The Market is a Casino (51:28) Realigning Market Incentives (55:06) 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, Lyn Alden joins the show to explain how tariffs “slow the train but don’t stop it,” why the Fed’s rate hikes are disconnected from the true inflation source, and how Fed balance sheet expansion is returning. We also discuss the labor cracks, the hidden redistribution of interest income to wealthy savers, and the next phase of the debasement trade. Enjoy! __ Follow Lyn: https://x.com/LynAldenContact 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 __ Grayscale offers more than 30 different crypto investment products. Explore the full suite at grayscale.com. Invest in your share of the future. Investing involves risk and possible loss of principal. https://www.grayscale.com/?utm_source=blockworks&utm_medium=paid-other&utm_campaign=brand&utm_id=&utm_term=&utm_content=audio-forwardguidance — Timestamps: (00:00) Introduction (01:35) Tariffs & the Fiscal Outlook (09:13) The Flow of Interest Payments (12:49) Grayscale Ad (13:27) Government Shutdown Impact (15:36) Fiscally-Dominant Economies (19:51) Measuring Economic Weakness (22:49) The State of the Labor Market (26:09) Grayscale Ad (26:56) Should the Fed Cut? (30:56) How We Fight Inflation (34:18) The Fed Balance Sheet (41:20) Past vs Present Funding Constraints (45:06) Fed Balance Sheet & Liquidity (48:43) Active Treasury Issuance (51:20) The Fed & Bank Liquidity (53:03) The Debasement Trade (57:54) 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, 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