Unbiased: Where Crypto Meets Data | By CryptoQuant

CryptoQuant
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Data-driven conversations on crypto markets, cutting through narratives with on-chain insights. We break down what’s really happening beneath price action—clearly, objectively, and without noise.

Episodes

  1. Sep 4

    Bitcoin's Bottom, Quantum Risk & On-Chain Demand w/ David Puell (ARK Invest) | Unbiased Ep. 4

    Is the Bitcoin bottom already in, or is there one more leg down? On this episode of Unbiased, hosts Ben Sizelove and Julio Moreno sit down with David Puell — creator of the Puell Multiple and MVRV Ratio, now Research Associate at ARK Invest — to break down the recent short-squeeze rally, whether it fits the pattern of past Bitcoin cycle bottoms, and what on-chain data says about where the market goes from here. David explains why this cycle's bottom looked atypical — a shallower drawdown and no full reversion to realized price — the on-chain markers that did confirm capitulation (SOPR, supply in loss vs. profit), and why September's historical seasonality could still mean one more correction before the next leg up. The conversation moves into how spot Bitcoin ETFs have reshaped on-chain analysis, why long-term holder supply metrics still hold up despite the new investor base, and Julio's framework for estimating Bitcoin demand — a side of on-chain research most people ignore. The back half covers Bitcoin's biggest emerging tail risk: quantum computing. David unpacks the first post-quantum Bitcoin transaction, the new "Shrinks" BIP proposal, and Blockstream's move into lattice-based cryptography — plus the unresolved debate over Satoshi's ~1.1–2.6M dormant coins and what happens to them (the "hourglass" vs. Nick Carter's "salvage" solution). They close on macro's role in Bitcoin's price, ARK's long-term Bitcoin valuation framework, and David's advice for new investors trying to make sense of on-chain data. In this episode: Why this Bitcoin bottom didn't follow the historical playbookOn-chain markers confirming seller capitulation (SOPR, realized price, supply in loss)September seasonality and the case for one more correctionHow spot Bitcoin ETFs changed on-chain analysis and long-term holder metricsEstimating Bitcoin demand, not just supplyThe first post-quantum Bitcoin transaction and the Shrinks BIP proposalBlockstream's lattice-based cryptography researchSatoshi's dormant coins: the hourglass vs. salvage debateMacro's role in Bitcoin's price and ARK's long-term valuation frameworkDavid's advice for new on-chain investorsGuest: David Puell, Research Analyst, ARK Invest — creator of the Puell Multiple and MVRV Ratio Hosts: Ben Sizelove & Julio Moreno, CryptoQuant 📊 Bitcoin Demand Dashboard (CryptoQuant): https://cryptoquant.com/community/dashboard/66c366531dad4a62a5d42c79 Links: CryptoQuant: https://cryptoquant.com CryptoQuant on X: https://x.com/cryptoquant_com David Puell on X: https://x.com/dpuellARK ARK Invest: https://ark-invest.com #Bitcoin #OnChainAnalysis #CryptoQuant #ARKInvest #BitcoinCycle #QuantumComputing #BTC

    Bitcoin's Bottom, Quantum Risk & On-Chain Demand w/ David Puell (ARK Invest) | Unbiased Ep. 4

  2. Jul 10

    Unbiased Ep. 3 | Charles Edwards: Bitcoin's Quantum Threat, DAT Leverage & Why This Cycle Is Different

    In the third episode of the CryptoQuant Unbiased podcast, host Ben Sizelove and Julio Moreno sit down with Charles Edwards, founder of Capriole Investments, for a data-driven breakdown of where Bitcoin stands right now — and why this cycle looks nothing like the last one. Charles argues Bitcoin is carrying two structural drags that didn't exist in prior bear markets: an unpriced quantum computing threat he estimates at a 30% discount to fair value, and 200+ digital asset treasuries (DATs) building leverage on an unsustainable model. Combined with the AI trade pulling capital out of risk markets, it explains why Bitcoin's "value zone" today isn't the obvious buy that 2022 was. They get into why the four-year cycle may be coincidence this time rather than a driver, how institutional flows from ETFs and treasuries replaced miners as the real supply and demand signal, and why classic on-chain tops like MVRV and the Mayer Multiple never triggered this cycle. Charles also breaks down MicroStrategy's 12% guaranteed yield and why he sees the DAT model heading for consolidation the way the 1929 investment trusts did — plus the quantum roadmap catalyst that could reprice Bitcoin 20–30% overnight, and his framework for the average investor. Follow the guests:  Charles Edwards — x.com/caprioleio | capriole.com Julio Moreno — x.com/jjcmoreno Ben Sizelove — x.com/BenSizelove CryptoQuant: cryptoquant.com Research & Reports: cryptoquant.com/research

    Unbiased Ep. 3 | Charles Edwards: Bitcoin's Quantum Threat, DAT Leverage & Why This Cycle Is Different

  3. Jun 19

    Unbiased Ep. 2 | TXMC Trades: K-Shaped Macro, BTC Bottom Signals, Treasury Company Risks & The ETH Value Accrual Problem

    Episode 2 of Unbiased brings on TXMC Trades — analyst, trader, and creator behind the Alpha Beta Soup YouTube channel — for a wide-ranging conversation on where macro and crypto markets actually stand. TXMC has been in markets long enough to call his own recession prediction wrong and update his framework accordingly. That intellectual honesty runs through the whole conversation: he's buying Bitcoin at current levels not because he knows where the bottom is, but because the Mayer Multiple and realized price proximity put the risk/reward firmly in his favor. He's not calling a vertical recovery either — he expects a long base to form. We push on the four-year cycle (he finds it amusing more than predictive), treasury companies (structurally skeptical — every one he's looked at has negative operating income), and Ethereum (the stablecoin market cap crossover is the chart he can't shake). His final take for new investors: understand Bitcoin properly before touching anything else. Not because altcoins can't move — but because without understanding what makes Bitcoin distinct, everything else looks like a cheaper version of the same thing. It isn't. Honest takes, no pumping, no agenda. That's the show. Subscribe wherever you listen. Links: TXMC on X: https://x.com/txmctrades Alpha Beta Soup (YouTube): https://www.youtube.com/@AlphaBetaSoup Julio Moreno on X: https://x.com/jjcmoreno Ben Sizelove on X: https://x.com/BenSizelove CryptoQuant: https://cryptoquant.com CryptoQuant Research: https://cryptoquant.com/insights/research

    Unbiased Ep. 2 | TXMC Trades: K-Shaped Macro, BTC Bottom Signals, Treasury Company Risks & The ETH Value Accrual Problem

  4. Apr 29

    Macro View of the Crypto Market | Unbiased Ep. 1 ft. Jamie Coutts

    In the debut episode of the CryptoQuant Unbiased podcast, host Ben Sizelove brings together Julio Moreno (Head of Research, CryptoQuant) and Jamie Coutts (Chief Crypto Analyst, Real Vision) for a wide-ranging macro and on-chain breakdown of where Bitcoin and the broader crypto market stand today. Topics include why global liquidity is expanding but Bitcoin has still underperformed, how the transmission mechanism has shifted from central banks to the Treasury, and what drove the depth and speed of the Q4 2024 drawdown. Jamie and Julio break down why the M2/Bitcoin correlation broke down, whether the February 2025 low was a genuine capitulation, and what on-chain metrics like MVRV Z-score and SOPR say about current positioning. They also get into ETF and MicroStrategy demand as structural market changes, the four-year cycle, weekly RSI divergences, the altcoin landscape, and practical advice for sizing a crypto portfolio. Follow the guests:  Jamie Coutts — x.com/Jamie1Coutts | realvision.com  Julio Moreno — x.com/jjcmoreno  Ben Sizelove — x.com/BenSizelove CryptoQuant: cryptoquant.com  Research & Reports: cryptoquant.com/research  CryptoQuant MCP: mcp.cryptoquant.com

  • 4 Episodes

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Data-driven conversations on crypto markets, cutting through narratives with on-chain insights. We break down what’s really happening beneath price action—clearly, objectively, and without noise.

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