Podcast: Is the Crypto Bull Market Over | Dan Tapiero and Dan Morehead

Dan Tapiero and Dan Morehead join “On the Margin” host Michael Ippolito to discuss crypto, its growing mainstream adoption and their outlooks for both the macro and crypto spaces

by Brianna Beckford /
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On this episode of “On the Margin,” Blockworks co-founder Michael Ippolito talks to Dan Morehead of Pantera Capital and Dan Tapiero of 10T. With more than 40 years in the hedge fund business at notable firms such as Tiger Management before pivoting to crypto in 2014, these two provide insight into the growth of the crypto industry and how big it could become over the next decade.

Dan and Dan share their macro outlook for 2022 and discuss the bursting of the US bond market. They also cover how crypto today compares with 2017 and what the next big picture macro trade will be.

They also cover:

  • Mainstream adoption of crypto
  • Bitcoin vs. gold
  • Secular inflation
  • And so much more

Watch the full episode below! 👇

“On the Margin” is a two-part show. Once a week, Mike interviews industry experts. At the end of the week, he is joined by a co-host 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.


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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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