Podcast: Wages Jump, Inflation and Signs of Stress

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

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In the weekly roundup episode of Blockworks’ podcast “On the Margin,” Mike and Mark dig deep into retirees leaving the workforce at an accelerated rate, and look at the jump in wages in the banking sector.

They also take a look at high yield spreads in China, emerging market funding stress and a comprehensive index called the OFR Financial Index, which tracks a broad range of categories (credit, funding, equity valuations, volatility, etc…).

Finally, they review the 20-day moving average of call options traded, which is spiking, and discuss their own personal experience in crypto and what has made some investors successful and others not so.

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 can’t 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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Memecoin market cap is down 81% from its January 2025 peak, and the market has priced Pump.fun as if its business fell with it. However, Pump earns almost all of its revenue in the first day of a token's life, and activity at that stage is back at a record in SOL. The token trades at 2.8x sales against a peer median of 12x, with a programmatic buyback retiring roughly 17% of circulating supply a year. We attribute the discount to two errors: the market prices the memecoin index rather than Pump's revenue, and it overweights an alignment risk that buybacks cover for the life of the contract. We are constructive on PUMP, with the recent launchpad share loss to Pons and StonkFun as the risk to watch.

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