Zach Pandl
@LowBeta
Head of Research @grayscale. Formerly economist and macro strategist @goldmansachs. Opinions are my own. Disclosure:
827 Following 8.5K Followers
What if I told you
Core DeFi assets are trading *below* June 2025 levels, when US Senate passed GENIUS Act
Crypto beta looking good here
$ETH $SOL $LINK
Grayscale welcomes the Senate Banking Committee’s advancement of the Clarity Act, an important milestone in the effort to modernize the regulatory framework for digital assets.
For investors and market participants, clear market structure rules can help reduce uncertainty, improve accountability, and support more durable participation in the asset class. Congratulations to all the Senators and staffers who have worked tirelessly to get to this critical milestone.
We appreciate the bipartisan work that helped bring the legislation to this point and look forward to continued progress toward a framework that gives digital assets a stronger foundation in U.S. markets.
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CLARITY moving forward ➡️➡️➡️
🇺🇸🇺🇸🇺🇸
Full vote on the CLARITY ACT advancing in the Senate Banking Committee by 15-9 margin:
Tim Scott (R) - Y
Mike Crapo (R) - Y
Mike Rounds (R) - Y
Thom Tillis (R) - Y
John Kennedy (R) - Y
Bill Hagerty (R) - Y
Cynthia Lummis (R) - Y
Katie Britt (R) - Y
Pete Ricketts (R) - Y
Jim Banks (R) - Y
Kevin Cramer (R) - Y
Bernie Moreno (R) - Y
Dave McCormick (R) - Y
Ruben Gallego (D) - Y
Angela Alsobrooks (D) - Y
Elizabeth Warren (D) - N
Jack Reed (D) - N
Mark Warner (D) - N
Chris Van Hollen (D) - N
Catherine Cortez Masto (D) - N
Tina Smith (D) - N
Raphael Warnock (D) - N
Andy Kim (D) - N
Lisa Blunt Rochester (D) - N
Final vote: 15-9
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Zcash is an idea whose time has come $ZEC
Proud of our impressive presence at @CoinDesk’s @consensus2026 Miami last week
The @Grayscale team spent time with the partners, protocols, and innovators actively building the digital asset economy
Coming together from across the ecosystem is what drives our industry forward
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Concise argument worth reading.
Particularly like the view of ETH as a commodity with functional utility.
imv this utility is composed of:
(1) Blockspace, which ETH buys.
(2) Value, which ETH stores.
High issuance for excess security is not conducive to either.
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The *market* sets the yield on variable rate preferreds issued by $BTC DATs (issuer must offer whatever yield brings price to par)
They offer high yields (like CCC credit) because investors perceive high risk
This whiteboard session does a good job explaining the risks ⬇️
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🚨Calling all STRC & SATA Experts🚨
There is a low probability, high risk event with STRC and similar instruments I can't get seem to solve.
Can any STRC experts assuage my concerns here?
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OK let's do this: we're weighing in on the contentious issue of $ETH's supply model
TLDR: We think a change is warranted and would be bullish for $ETH longer-term
The topic is a good litmus test for how people think about valuing crypto assets!
Our take ⬇️⬇️
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AI is a deflationary force, but one way or another the surplus will be routed back to the rest of society and turn up as more spending
Arthur Hayes ❤️ $NEAR
(Me too)
Arthur Hayes (@CryptoHayes) dropping strong conviction on $NEAR in his latest substack article.
“My next essay will explain our thesis on why the privacy narrative combined with NEAR Intents will create a positive cash flow situation for the protocol."
The pieces are coming together. Here are 28 reasons why 2026 belongs to NEAR ⬇️
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It was an absolute thrill to host the Upbit team (@Official_Upbit) in Miami
I had many great experiences with the Korean market as a Wall Street economist. Now it's time to deliver the crypto/blockchain vision.
🇺🇸 🇰🇷🚀
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Crypto speculators => there are other asset classes
Wall Street => crypto is an asset class
Ansem explains why you should be trading everything
“Crypto has lagged a ton… it’s pretty clear the best risk-on trade has been stocks adjacent to the AI boom rather than crypto”
“That doesn’t mean you shouldn’t be trading crypto… it just means you have to be a lot more selective with what you’re buying and holding long term”
“You should also be spending time looking at stocks and researching stocks. There’s no reason if you’re trading Bitcoin, ETH, Solana… you can’t trade Nvidia or Google or any of those things”
“You shouldn’t pigeonhole yourself into one asset class because you can miss out on a ton of things.”
Banks: “Trade everything baby”
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Crypto dadmaxxing
Thanks @giancarloMKTS
Tell me you’re at a $BTC dinner without telling me
Yesterday in Miami, @ethereumfndn and @everstake_pool hosted the Institutional Digital Asset Forum at Miami Beach Botanical Garden.
On the panels:
• @dlawant, Head of Research at @Anchorage
• @LowBeta, Head of Research at @Grayscale
• @gxselby, Head of Research at @CFBenchmarks
• @0xSimonJones, Co-Founder & CEO at @reya_xyz
• @Dmitrywirex, Co-Founder at @wirexapp
• @sergattic, CEO at @everstake_pool
• @maja0G, CEO at @FGNexusio
• @Kinitsky, CCDO at @everstake_pool
In the room:
→ @arche_capital
→ @jpmorgan
→ @satoshilabs
→ @WisdomTreeNews
→ @xapobankapp & more
The room said everything. Thank you to every organisation that showed up and made it what it was.
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Side conference hustle
@Joshua_Frank_ always puts on a good show
👍 The empanadas at @consensus2026 are delicious
👎 They do not take $BTC lightning payments
This is how dominos will fall for CLARITY Act imho
1. Trump takes offramp from Fed investigation
2. Senate Banking Committee confirms Kevin Warsh
3. Banking Committee moves ahead with CLARITY markup
Watch this space! 🇺🇸
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