Market Cap

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…

Show Notes

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 Finance
03:41 How Sean Entered Digital Assets
07:58 Fundstrat’s Digital Asset Research
13:31 Why RIAs Are Looking at Digital Assets
17:01 Fundstrat’s Macro Approach to Digital Assets
20:35 Data and Fundamental Analysis in Digital Assets
24:27 Liquidity, Earnings and Bitcoin
27:31 The Liquidity-Earnings Dynamic
28:06 Token Value Accrual and Hyperliquid
32:23 Why Digital Assets Track Broader Markets Now
34:31 AI and Capital Flows From Crypto
39:45 Bitcoin and the Safe-Haven Question
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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

What is Market Cap?

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.