Why Pandl Calls Gold and Bitcoin Buys Here
Unchained | Jun 19 2026 | 00:07:21
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=ONIIkcPElZFgpa8lĀ
We go live every Thursday at 12:00pm ET - subscribe to catch it live.
Sponsors
Cape: Your biggest crypto vulnerability isn't your wallet, it's your phone number. Cape is America's privacy-first mobile carrier that rotates your SIM identity daily and blocks SIM swaps before they happen. Get 33% off your first six months at https://cape.co/unchained (use code: UNCHAINED).
Chapters
š 00:00 Steve on gold and Bitcoin's worst quarter - what happened during the Iran war
š 00:57 Why Pandl argues speculation, not fundamentals, drove both the run-up and the selloff
š„ 02:42 The buy case - Pandl on what to do when speculative excess washes out
š” 03:25 Steve asks about second-half assets and Standard Chartered's Uniswap call
š° 03:50 Why Hyperliquid and Aave anchor Grayscale's H2 DeFi revenue thesis
Learn more about your ad choices. Visit megaphone.fm/adchoices
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=ONIIkcPElZFgpa8lĀ
We go live every Thursday at 12:00pm ET - subscribe to catch it live.
Sponsors
Cape: Your biggest crypto vulnerability isn't your wallet, it's your phone number. Cape is America's privacy-first mobile carrier that rotates your SIM identity daily and blocks SIM swaps before they happen. Get 33% off your first six months at https://cape.co/unchained (use code: UNCHAINED).
Chapters
š 00:00 Steve on gold and Bitcoin's worst quarter - what happened during the Iran war
š 00:57 Why Pandl argues speculation, not fundamentals, drove both the run-up and the selloff
š„ 02:42 The buy case - Pandl on what to do when speculative excess washes out
š” 03:25 Steve asks about second-half assets and Standard Chartered's Uniswap call
š° 03:50 Why Hyperliquid and Aave anchor Grayscale's H2 DeFi revenue thesis
Learn more about your ad choices. Visit megaphone.fm/adchoices