Podcast: Facebook is Meta, Investors Favor Stocks, Bond Sentiment Falls, Record Lows

Get your macro fix with Blockworks’ own Mike Ippolito and co-host, Mark Yusko.

by Brianna Beckford /
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In the weekly roundup episode of Blockworks’ podcast “On the Margin,” dive deep into investor preferences by first looking at a chart from Michael Batnick of the S&P since March of 09 annotated with mini investor panics.

Spoiler alert: the number goes up, and dips should always be bought.

Next they observe and explain investor sentiment on bonds. Consequently, aggregate capital allocation from households, mutual funds, pension funds and foreign investors is 52% allocated to stocks, even higher than it was at the peak of the dot com mania.

Both Mike and Mark take a deep look at structural growth through the lens of some fun charts, found courtesy of Raoul Pal at Global macro investor, and end with a look at the “Quarterly Earnings” of the Ethereum network.

They also discuss:

  • Eth
  • Facebook’s pivot to Meta
  • The debt crisis
  • and more!

Watch the full episode below! 👇

“On the Margin” is a two-part show. Once a week, Mike interviews industry experts, and then at the end of the week he is joined by co-host Mark Yusko where they break down the top crypto and macro stories. Episodes go live every Wednesday and Saturday morning.

Subscribe to “On the Margin” today on Apple or Spotify, or watch episodes on YouTube.

Are you a UK or EU reader that cant get enough investor-focused content on digital assets?Join us in London on November 15th and 16th for the Digital Asset Summit (DAS) London. Use code ARTICLE for £75 off your ticket. Buy it now.

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Research

We believe that few tokens at the application layer are diverging more from fundamentals than ZORA. Its fully-diluted P/S sits at 90x, pricing significant growth despite a consistent decline in weekly revenues since late July. We foresee an 80% decrease in protocol net margins due to a recent update to the fee structure that reduces trading fees from 3% to 1%, while boosting creators’ portion of the fee split. ZORA’s supply overhang also represents a near-term headwind, with 45% of ZORA’s supply (4.5B tokens or $350M at current prices) earmarked for the team & investors beginning to unlock on October 23, 2025 (36-month linear vesting schedule).

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