The Talk | March 13th, 2026

In this edition of The Talk, the CoinShares Research department is reviewing the state of the digital assets landscape.

Are we in a bear market? The analysts see growing evidence that sentiment may be turning. That said, macro headwinds from sticky inflation and elevated tariffs temper any outright optimism.

From there, the conversation spans the Trump administration's mixed legacy for crypto — structurally positive through the Strategic Reserve, the Genius Act, and a newly cooperative SEC — but complicated by geopolitical volatility. The team also unpacks Ethereum's persistent underperformance and what it means for the asset's long-term investment thesis, before turning to one of the session's most animated debates: Hyperliquid's breakout weekend, when over $1.2 billion in tokenised commodities and equities traded on-chain while traditional markets sat closed.

The discussion closes on MicroStrategy's increasingly inventive approach to accumulating Bitcoin through bear markets — and what, if anything, can stop it.

Whether you're tracking market structure, regulatory momentum, or the emerging tokenisation landscape, this session covers the ground.