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

Onchain gacha platforms sold $284.3 million of digital card packs in July 2026, and Collector Crypt accounted for more than half of that activity. However, it buys back 92.9% of what it sells, which leaves it with a third of the category's revenue on more than half of its volume, and a quarter of its activity arrives through partner apps whose users it does not own. Courtyard runs the opposite model, a consumer app selling smaller packs to thousands of retail buyers who resell the cards to each other, and it took 59.7% of category revenue while growing through a month the category spent contracting. This report compares the five largest platforms on gross activity, buyback intensity, revenue after buybacks, consumer composition, marketplace liquidity, and distribution ownership, and finds Courtyard the strongest performer as of July 2026, with the qualification that none of the five discloses inventory costs or resale proceeds, so no platform in the category can yet be shown to be profitable.

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