Why Pandl Calls Gold and Bitcoin Buys Here

Zach Pandl, Head of Research at Grayscale Investments, argues that speculative retail flows, not geopolitical fundamentals, drove the recent gold and Bitcoin selloffs. His read: momentum chasing built gold from $4,000 to well above $5,000, then rotated out to chips and pre-IPO trades. The underlying deficit-and-debt case for both assets hasn't changed, and he's calling the dip a buy for longer-horizon investors.

He closes with Grayscale's H2 DeFi revenue thesis. Hyperliquid is the clearest proof of concept: a protocol with a clear use case, real revenue, and value returned to token holders. Grayscale applied a discounted cash flow model to Aave and published a price target on the token.

Host:

• Steven Ehrlich, Host of Bits + Bips: The Interview and Head of Research at Sharplink - https://x.com/Steven_Ehrlich

Guest:

• Zach Pandl - Head of Research at Grayscale Investments - https://x.com/LowBeta

This clip is from a longer conversation on the Fed's hawkish pivot, the SpaceX IPO, crypto winter, and Strategy's preferred equity. Full episode here: https://www.youtube.com/live/WIlLtRQidQg?si=ONIIkcPElZFgpa8l 

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Chapters

🔍 00:00 Steve on gold and Bitcoin's worst quarter - what happened during the Iran war

📊 00:57 Why Pandl argues speculation, not fundamentals, drove both the run-up and the selloff

🥇 02:42 The buy case - Pandl on what to do when speculative excess washes out

💡 03:25 Steve asks about second-half assets and Standard Chartered's Uniswap call

💰 03:50 Why Hyperliquid and Aave anchor Grayscale's H2 DeFi revenue thesis

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