Podcast: Why Investors are Running Away from Stocks

Get your macro fix with Blockworks’ own Mike Ippolito and video journalist, Jack Farley.

by Brianna Beckford /
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Today’s episode of On the Margin Weekly Roundup with Mike Ippolito and Mark Yusko has a special guest — Blockworks’ own video journalist Jack Farley.

With bond yields plummeting and tech stocks selling off hard, Mike and Jack make sense of the recent bout of market volatility. They also discuss market anomalies such as stay-at-home darlings like Zoom ($ZM) failing to serve as a hedge against bad Covid-19 news, and the tremendous surge in the VIX despite the fact that the S&P 500 is only a few points below its all-time high.

They also talk about yield curve flattening, inflation’s threat to the 60/40 portfolio, and why bitcoin’s dominance might fade over time in the crypto universe.

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.


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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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