In this week’s Bits + Bips, Austin Campbell, Ram Ahluwalia, and Chris Perkins dig into a macro environment that’s suddenly turning more supportive: QT ending, institutions stepping in, improving liquidity signals, and major catalysts across global markets. But while the setup may be bullish, one corner of crypto isn’t participating at all: DATs, which Ram calls “a death spiral.”
The hosts debate whether altcoins can recover, whether Strategy pushed its structure too far, if banks’ unrealized losses still matter, and why the return of ICO-style launches may say more about regulation than mania.
Show highlights:
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0:00 Intro
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3:16 Why Ram says we are still in goldilocks economy
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5:07 What is missing in the markets according to Chris and how retail is so hurt
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11:07 Why the dollar has been on an uptrend, contrary to what people think
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13:17 The importance of banks sitting on so much unrealized losses
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18:24 Nvidia’s earnings and whether we are in a buying opportunity
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22:21 Whether banks will be negatively affected by stablecoins growth or they are fine
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25:05 What Austin and Ram disagree on whether the 50-year mortgage is good
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28:25 Whether MSTR should be excluded from the MSCI index
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32:56 Why Ram is “very bearish on DATs” and the importance of their operating businesses
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45:19 Why Chris finds it fascinating the revival of the ICOs
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51:19 Whether there’s a new operations choke point going on in crypto
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</ul>
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Hosts:

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<a href="https://x.com/ramahluwalia">Ram Ahluwalia</a>, CFA, CEO and Founder of Lumida
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<a href="https://x.com/CampbellJAustin">Austin Campbell</a>, NYU Stern professor and founder and managing partner of Zero Knowledge Consulting
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<a href="https://x.com/perkinscr97">Christopher Perkins</a>, Managing Partner and President of CoinFund
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</ul>

Links:

<ul>
 <li>
Unchained: <a href="https://unchainedcrypto.com/mon-rallies-40-after-mainnet-launch/">MON Rallies 40% After Mainnet Launch</a>
</li>
 <li>
Fortune: <a href="https://fortune.com/2025/11/24/stocks-fed-interest-rate-cut-december/">Suddenly, the Fed interest rate cut in December looks like it is very much back on the table</a>
</li>
 <li>
<a href="https://finance.yahoo.com/news/nvidia-didn-t-save-market-140007853.html">Nvidia didn’t save the market. What’s next for the AI trade?</a>
</li>
 <li>
<a href="https://substack.com/home/post/p-179513833">The Index Exclusion That Ends an Era: How MicroStrategy’s Exile Redefines Corporate Finance</a>
</li>
 <li>
Saylor <a href="https://x.com/saylor/status/1991875241107222701?s=20">fights back</a>
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</ul>
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