Market Cap

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Market Cap is the show for serious capital in crypto. Stefano hosts allocators, market makers, and institutional operators to unpack the flows, structures, and mechanics shaping the asset class. Conversations focus on market structure, liquidity, the bridge between TradFi and crypto, and the questions allocators are actually asking. Built for professionals who treat crypto as a market, not a meme.

  1. 4d ago

    Bitwise, Michael Howe | STRC $70 Depeg, Covered Calls ETF $100M AUM, Zero Institutions Sold in Bear

    On this Market Cap episode, Michael Howe, Head of Strategy at Bitwise Europe, joins our Director of Institutional Partnerships, Stefano Sanabria. We review the introduction of preferred equity vehicles, covered calls ETFs, and other yield-oriented structured products such as SMAs, and assess how they fared. Further we discuss their Lighter ETP, define the primary categories for such products, and outline the many counterparties involved in bringing them to market. And finally we consider whether their vaults will rival ETPs, how to get those "institution-ready", and their intricate linkage to RWA products. Chapters 02:53 Insights from EBC05:52 Institutional Adoption of Crypto08:53 The Search for Yield in Digital Assets11:57 Emerging Yield-Oriented Products14:49 The Evolution of DeFi and Yield Solutions17:56 Innovations in Structured Digital Asset Products20:50 The Future of Investments and Market Dynamics29:08 Democratizing Investment Access30:39 Innovations in Financial Products32:46 Evaluating Investment Opportunities36:01 Navigating Regulatory Landscapes38:43 The Future of Vaults and RWAs42:33 Institutional Readiness of Vaults45:12 The Evolution of Financial Products50:35 The Role of AI in Investing53:57 Upcoming ETP Launches— On Market Cap we speak with firms and individuals to explore the thinking that guides them, the patterns they observe, and other forces moving the markets. 🎥 Watch the video version: https://x.com/AleaResearch/status/2105601053773218002

  2. Sep 17

    Bitvavo, Ramin Kader | 50% of Global EUR Volume, Only 20% Get a MiCA License, Circumventing FX

    On this Market Cap episode, Ramin Kader, Director of Institutions & Markets at Bitvavo, joins our Director of Institutional Partnerships Stefano Sanabria. Ramin explains how Bitvavo built 50% of global EUR-denominated crypto spot volume, how retail demand helped create a liquidity flywheel, and why EUR liquidity matters to institutions that don't want to take unnecessary FX exposure. He also discusses MiCA’s impact on the European exchange landscape, why only a fraction of previously active firms obtained authorization, what institutions actually require from an exchange, and why some now want T+1/T+2 settlement despite crypto’s ability to settle instantly. Chapters 02:13 From ING to neobanking05:39 The rise of crypto neobanks08:05 Stablecoins and the future of payments13:36 Bitvavo’s rise to 50% of EUR volume15:46 The exchange liquidity flywheel22:31 Why EUR liquidity matters to institutions25:05 MiCA and Europe’s push for local liquidity29:23 Bitvavo’s regulatory pre-positioning35:58 Bitvavo’s shift toward institutions40:31 Why institutions want T+1/T+2 settlement— On Market Cap we speak with firms and individuals to explore the thinking that guides them, the patterns they observe, and other forces moving the markets. 🎥 Watch the video version: https://x.com/AleaResearch/status/2100592706708033839

  3. Sep 11

    EY Parthenon, Igor Mikhalev | Europe's 1% Share, Yield-Bearing Deposits, $1M Licenses to Innovate

    On this Market Cap episode, Igor Mikhalev, Partner Digital Asset & Market Infrastructure Strategy at EY Parthenon, joins our Director of Institutional Partnerships Stefano Sanabria. He explains how traditional consulting firms approach blockchain and digital assets, what prevents them from placing larger strategic bets, and how EY-Parthenon works across both incumbent and crypto-native businesses. He also illustrates Europe’s position in digital finance, the constraints created by regulation, the role of stablecoins and tokenized deposits, and what could allow European financial markets to remain competitive. Chapters 02:36 The early blockchain boom05:20 Innovation needs strategic thinking07:29 What firms ask strategy consultants10:46 Bridging crypto and traditional firms15:54 How consulting firms approach digital assets18:44 Open data and open innovation24:02 Europe’s digital finance position27:22 What Europe can do to compete30:57 Competition and the monetary order34:15 Why euro stablecoins face a challenge38:13 The case for tokenized deposits42:26 EY-Parthenon’s stablecoin tracker— On Market Cap we speak with firms and individuals to explore the thinking that guides them, the patterns they observe, and other forces moving the markets. 🎥 Watch the video version: https://x.com/AleaResearch/status/2098074691198193874

  4. Sep 3

    Fundstrat, Sean Farrell | Impact of RIAs, Liquidity vs. Earnings Led Markets, BTC Non Safe-Haven

    On this Market Cap episode, Sean Farrell, Head of Digital Asset Strategy at Fundstrat, joins our Director of Institutional Partnerships, Stefano Sanabria. We discuss how Fundstrat’s client base has evolved, with more traditional hedge funds, asset managers and RIAs moving in with Bitcoin ETFs, regulatory developments and high-profile IPOs. The marginal investor increasingly manages Bitcoin alongside equities, commodities and currencies, with ETFs expanding the investor base and crypto becoming integrated into investor benchmarks. Chapters 01:07 Sean Farrell’s Background in Finance03:41 How Sean Entered Digital Assets07:58 Fundstrat’s Digital Asset Research13:31 Why RIAs Are Looking at Digital Assets17:01 Fundstrat’s Macro Approach to Digital Assets20:35 Data and Fundamental Analysis in Digital Assets24:27 Liquidity, Earnings and Bitcoin27:31 The Liquidity-Earnings Dynamic28:06 Token Value Accrual and Hyperliquid32:23 Why Digital Assets Track Broader Markets Now34:31 AI and Capital Flows From Crypto39:45 Bitcoin and the Safe-Haven Question— On Market Cap we speak with firms and individuals to explore the thinking that guides them, the patterns they observe, and other forces moving the markets. 🎥 Watch the video version: https://x.com/AleaResearch/status/2095523344426680807

  5. Aug 27

    FalconX, Joshua Lim | Opening Access to Private and Fragmented Markets

    On this Market Cap episode, Joshua Lim, Global Co-Head of Markets at FalconX, joins our Director of Institutional Partnerships, Stefano Sanabria. Joshua explains how crypto’s investor base has shifted toward professional asset managers, increasing demand for options and other limited-loss structures while moving Bitcoin ownership toward ETFs, digital asset treasuries, and managed accounts. We also examine how crypto-native market structure is expanding into equities, commodities and prediction markets, while traditional finance adopts 24/7 markets, perpetuals and tokenized collateral. Chapters 03:56 Capital Rotates From Crypto Into AI09:41 ETF Options Overtake Crypto-Native Venues12:19 The Changing Guard of Crypto Investors18:03 Why 24/7 Markets Change Risk Management19:47 Crypto Perps Open Access to Global Equities22:11 Prediction Markets Are Really Risk Transfer25:08 Turning Private Risk Into Tradable Markets29:13 Regulation Creates Trade-Offs for Market Access32:07 Access Is Really a Network Problem39:28 Crypto and TradFi Are Converging Both Ways43:34 Why Most Altcoins Still Lack Long-Term Value50:31 FalconX’s New Synthetic Linear Instruments— On Market Cap we speak with firms and individuals to explore the thinking that guides them, the patterns they observe, and other forces moving the markets. 🎥 Watch the video version: https://x.com/AleaResearch/status/2092980530199269564

  6. Aug 19

    Entropy Advisors, Tom Wan | Why Robinhood Chain Is Growing So Fast

    On this Market Cap episode, Tom Wan, Head of Data at Entropy Advisors, joins our Director of Institutional Partnerships, Stefano Sanabria. They discuss how proprietary onchain data can power everything from incentive design and treasury management to risk monitoring, and why Entropy’s deeply embedded approach can create an edge for clients. They also explore Robinhood Chain’s rapid growth, its path from memecoin activity toward tokenized assets and institutional users, and how Arbitrum is building diversified revenue streams. Chapters 2:28 From Bank Research To Onchain Data Intelligence6:50 Why Public Blockchain Data Still Needs Decoding12:29 Why Crypto Is Moving Toward Private Data14:24 Data Is The Engine Behind Entropy's Services16:45 Why Embedded Advisors Are Hard To Replace25:12 Why Robinhood Chain Has A Distribution Moat30:12 Robinhood Chain Reaches $1B TVL In Two Months36:56 Why Memecoins Can Bootstrap A New Chain44:26 Why Prediction Markets Need Deep Liquidity47:38 Arbitrum Building Multiple Revenue Streams— On Market Cap we speak with firms and individuals to explore the thinking that guides them, the patterns they observe, and other forces moving the markets. 🎥 Watch the video version: https://x.com/AleaResearch/status/2090102366901301250

  7. Aug 12

    Tempo, Borja Neira | Why Liquidity Gets Trapped

    On this Market Cap episode, Borja Neira, Institutional Market Structure & Product Strategy at Tempo, joins our Director of Institutional Partnerships, Stefano Sanabria. They discuss why stablecoins have solved only part of the payments stack, and why fragmented settlement rails remain a major source of friction for institutions. They also explore how tokenized money-market funds and more mobile liquidity could reshape institutional cash management and onchain settlement. Chapters 2:34 Why Money's Plumbing Matters More Than Trading6:57 Why Legacy Firms Don't Need New Financial Rails10:28 Why Stablecoins Haven't Solved Payments15:43 Remittance Firms Feel Settlement Friction First21:45 Stablecoins, MTOs And Correspondent Banks25:52 Why General-Purpose Chains Still Matter32:22 Why Money Market Funds Are Financial Plumbing35:30 How Tokenization Makes Idle Cash More Mobile40:35 Liquidity Isn't Useful If It's Trapped45:17 Execution And Settlement Should Be Separated— On Market Cap we speak with firms and individuals to explore the thinking that guides them, the patterns they observe, and other forces moving the markets. 🎥 Watch the video version: https://x.com/AleaResearch/status/2087555426216972346

  8. Aug 5

    Market Cap w/ Andy Ross from Kalshi

    🎥 Watch the video version: https://www.youtube.com/watch?v=JjEKCOK4ZgE On this Market Cap episode, our Director of Institutional Partnerships, Stefano Sanabria speaks with Andy Ross, Head of Institutional at Kalshi. Kalshi enables investors to trade on almost anything with economic relevance, broadening the historical definition of what a commodity derivative is and paving the way for the futures market to catch up to the novel risks facing the economy today. Kalshi is the first CFTC regulated exchange dedicated to trading on the outcome of future events and is backed by Sequoia, Henry Kravis, Charles Schwab, and Y Combinator. Chapters 2:37 Why Prediction Markets Beat Algorithms At Truth9:02 Why Retail Experts Make Institutions Smarter13:35 Turning One Stock Into Tradable Risk Factors17:19 From Ice Cream Shops To ARK Invest Hedges23:24 Why Markets Reward Accuracy Over Consensus27:27 Regulated Markets Win On Trust, Not Hype39:03 How The World Cup Became A Hedging Market46:21 Why Prediction Markets Are A Public Good49:47 Arbitraging Fed Odds Across Kalshi And CME54:09 Becoming Core Infrastructure For Trading Firms— On Market Cap we feature firms and funds to explore the thinking that guides them, the patterns they observe, and other forces moving the markets.

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About

Market Cap is the show for serious capital in crypto. Stefano hosts allocators, market makers, and institutional operators to unpack the flows, structures, and mechanics shaping the asset class. Conversations focus on market structure, liquidity, the bridge between TradFi and crypto, and the questions allocators are actually asking. Built for professionals who treat crypto as a market, not a meme.

Information

  • Creator
    Alea Research
  • Years Active
    2026
  • Episodes
    26
  • Rating
    Clean
  • Copyright
    © 2026 Alea Research Group
  • Show Website
    Market Cap