Investable Crypto Is Shrinking w/ Noah Goldberg
Noah Goldberg explains brutal reality of the 2025 crypto market. Fund attrition, the shift toward fintech, the Hyperliquid valuation debate, and why the venture model is struggling with low DPI and massive token overhang post-listing.
The Gwart Show | Blockspace Media
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Show Notes
Noah Goldberg, Partner at Theia Research, talks about the shifting dynamics of the crypto market in 2025. We chat about why crypto funds are facing attrition, the "Spac-like" collapse of recent projects, and the pivot toward fintech rails. Noah breaks down the fundamentals of Hyperliquid, the reality of token overhang, and the challenges for venture capital in an environment of compressed returns.
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Notes:
→ Funds should be up 50% annualized in 2023-24
→ Binance TGE tokens down 80-90% after 90 days
→ Robinhood margin rates: Sofr plus 700
Timestamps:
00:00 Start
00:35 Market overview
03:50 Liquid vs equity funds
06:43 What edge does a crypto fund have now?
12:37 Venture fund revenue prospects
18:15 Thoughts on HYPE
22:42 Quality of earnings
28:46 Taking on Wall Street
39:23 ellipsis labs
40:11 Morpho
52:07 Figure
55:51 Collaterized lending is growing
59:32 Early stage financing
1:03:34 Avici
1:06:00 MetaDAO & futarcy
1:10:25 Prediction markets
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