Raoul Pal welcomes Ed Chin, Founder & CEO of Parataxis Capital, and Tejas Nalval, Founder & CIO of Parataxis Capital, to chat about how crypto market structure is evolving, from ETF-driven flows and institutional adoption to shifting cycle dynamics beyond the traditional four-year narrative. They argue the next phase of crypto will be driven by liquidity, macro forces, and a massive expansion in adoption fueled by AI agents and new financial products. Recorded March 5, 2026.