Evernorth CEO Asheesh Birla (@ashgoblue) joined The Crypto Tape to discuss DATs and why he thinks comparisons to the ICO era miss the mark.
“You were around during the ICO phase. I think the same thing happened with DATs. Does that mean DATs do not provide any value? I disagree.”
A fresh take on DATs from one of Ripple's earliest employees:
Opportunities are not the same as solutions to problems. Only a few people are going to invest in opportunities ahead of there being a problem to solve. Right now, most in trad-fi are doing fine and don't see the point of investing in crypto. Don't wait until they do. - @tomyoungjr
"Bitcoin is a risk asset; it gets scared easily - and we threw it into an amusement park with roller coasters (war, tariffs, record setting IPOs - max fear). All it needs is a straight away (peace, rate cuts, regulatory clarity) and we will hit the gas." - @last_to_crypto
🚨🤯 A New Financial System Is Being Built On Blockchain For China, Russia and the U.S. To Trade Directly
Russian FM Lavrov just confessed that they need an independent cross-border system that is not controlled by any party and can also absorb external shocks, which the “dollar system” is significantly failing at.
He also added that Russia and China were never against trade with the U.S. but the Dollar and SWIFT system were weaponized against them.
China, Russia, India, Middle East partners, Japan, and beyond are actively exploring deeper financial integration: a neutral, decentralized system powered by blockchain technology, that can trade oil and commerce without any restrictions.
They said, “Stablecoins will not be used.”
Why? Recent events highlight the risks: Over $1B in USDT was frozen due to alleged Iran, Russia and China links, showing even stablecoins can face sudden restrictions. BRICS nations are seeking a truly neutral settlement asset, one that can connect economies East and West without single-point control.
Meanwhile, China just approved fresh trades with the U.S.
Russia has stated it has no issue trading with America.
Everyone wants commerce to flow but history shows payment rails can become tools in geopolitical tensions.
What BRICS said: A multipolar, blockchain-enabled neutral infrastructure could be the bridge that binds global trade in the 21st century.
The pieces are moving. The future of settlement is being written in code.
What truly decentralized asset or blockchain comes to your mind?👇
🚨🤯 Russia Just Confirmed A New Payment Infrastructure System To Pivot Away From Dollars And Euros
At International Economic Forum today, Putin says, “Any country can at any moment be deprived of access to its legitimate assets, which are placed in dollars or euros, as well as to Western financial payment infrastructure.“
Russia is FULLY accelerating BRICS blockchain adoption while Putin (echoing their FM) drops truth: “We were NEVER against the U.S. trade or dollar… but sanctions & SWIFT system got weaponized like a financial nuke against ANYONE they don’t like.”
Translation?
They STILL want to trade with America… but only in a NEUTRAL, decentralized currency NO ONE can freeze or control.
Guess which blockchain BRICS is working with?👀
I made an app called https://t.co/CGM26plQJY
This is an educational app that helps people learn about the various options for passive income generation, focusing on XRP as a base asset. Its a calculator that depends on your assumptions.
Today, we’re publishing a new XRP Ledger Standard for AMM v2.
New pool curves StableSwap & Concentrated Liquidity increase capital efficiency and stabilize pricing for stablecoins, FX markets, RWAs and beyond on the XRPL DEX.
Details:
https://t.co/jU9CrXA1tH
I have finished and published my book on XRP: https://t.co/eiZvxkrFm0 If you are ever in doubt about why I invested so heavily into only this, read the book at your leisure. Feel free to share this link with friends and family and anyone else you know who is on the fence about XRP.
So here’s the issue you get influencers like this guy have a quarter million followers and they claim they don’t know why it is declining… it’s because they don’t understand basic mechanics of price discovery.
They don’t understand that the marginal buyers or the float determines price they think the onchain bitcoin is that is the price discovery
Well, it was once upon a time but now..
Once you can synthetically manufacture the supply, the asset is no longer scarce and once scarcity is gone, price becomes a derivatives game, not a supply-and-demand market.
This is exactly what has happened to Bitcoin.
This is the same structural break that occurred in gold, silver, oil, and eventually equities once they became derivatives-dominated.
The original premise that no longer exists
Bitcoin’s entire valuation logic was built on finite supply (21M) and inability to be rehypothecated.
That died the moment:
•Cash-settled futures
•Perpetual swaps
•Options
•ETFs
•Prime broker lending
•Wrapped BTC
•Total return swaps
were layered on top of the chain.
From that moment forward:
Bitcoin supply became theoretically infinite.
Not on-chain in price discovery.
The metric that explains the collapse
Synthetic Float Ratio (SFR)
Once you can synthetically manufacture the supply, the asset is no longer scarce — and once scarcity is gone, price becomes a derivatives game, not a supply-and-demand market.
That is exactly what has happened to Bitcoin.
This is the same structural break that occurred in gold, silver, oil, and eventually equities once they became derivatives-dominated.
Why Wall Street can now “trade against” Bitcoin
They do exactly what they’ve done in every commodity market:
1.Create unlimited paper BTC
2.Short into rallies
3.Force liquidations
4.Cover lower
5.Repeat
They are not “betting” — they are manufacturing inventory.
The same 1 BTC can now support:
•An ETF unit
•A futures contract
•A perpetual swap
•An options delta
•A broker loan
•A structured note
All at once.
That is six claims on one coin.
That is not a market.
That is a fractional reserve price system.
This is how XRP was used as a bridge asset in the last 24h.
477 auto-bridging events occurred.
EUROP / RLUSD - 124 events (most active)
RLUSD / BBRL ( Braza Bank Brazilian Real Stablecoin) - 67 events
USDC / RLUSD - 46 events
Interestingly, RLUSD appears in majority if auto-bridging event. Clearly the most actively traded currency against other currencies where XRP gets used as the bridge.
> Total of ~15,000 XRP was used to provide liquidity for better exchange rates.
> 92% of all trades are Token/XRP pairs
> 8% of all trades are Token/Token pairs
out of all Token/Token trades, 0.8% were auto-bridged.
For the BBRL events, those amounts were small trades but still enough to trigger auto bridging. The XRPL DEX is so efficient that you can trade tiny amounts without friction.
XRP loves tokenization - long tail of assets.
"One of the painful signs of years of dumbed-down education is how many people are unable to make a coherent argument. They can vent their emotions, question other people's motives, make bold assertions, repeat slogans—anything except reason."
— Thomas Sowell
THEY TOLD YOU ALTSEASON IS DEAD
They are asking the wrong question.
The crypto market you knew no longer exists.
In 2025, it quietly split into two completely separate games. Different rules. Different players. Different winners.
And almost no one noticed.
GAME ONE: INSTITUTIONAL CRYPTO
Bitcoin. Ethereum. ETF assets. Quarterly cycles. Pension funds and advisors setting prices. Volatility crushed from 84% to 43%. Time horizon: months.
GAME TWO: ATTENTION CRYPTO
37 million tokens. 36,000 new ones launching daily. 98.6% collapse below $1,000 liquidity. 75% dead within 24 hours. Survival rate: 1.4%. Time horizon: hours.
Here is what should terrify you:
Major altcoin/BTC ratios have returned to December 2020 levels.
Five years of building. Partnerships. Ecosystems. Narratives.
Zero progress against Bitcoin.
The transparency paradox destroyed everything. When every wallet, every transaction, every accumulation is visible instantly, information edge vanishes. Only speed remains. Milliseconds, not conviction. Algorithms, not analysis.
Capital no longer rotates from Bitcoin to alts.
It flows directly to whichever game the mandate specifies.
Traditional altseason probability: 10 to 15 percent.
Not because speculation died.
Because the unified market that altseason required has been structurally dismantled.
Your only choices now:
Play Institutional Crypto with patience and macro awareness.
Or play Attention Crypto with speed and infrastructure.
The middle ground, holding altcoins on thesis for months, is now the worst possible strategy.
You are not early to altseason.
You are waiting for a market structure that no longer exists.
Full thesis below.
https://t.co/ZO6TJx2247