Anthony Scaramucci & The Wizard of Soho: Inside the New Age of On-Chain Leverage
Speakers
Summary
- The "New Age of Leverage" is defined by on-chain transparency. Unlike TradFi, where risk is opaque, on-chain analytics allow participants to see exactly where leverage is concentrated and when liquidations are occurring.
- Scaramucci compares current TradFi resistance (specifically citing Jamie Dimon/JPM) to "horse and carriage owners" resisting the automobile. He posits that institutional adoption is inevitable, not because incumbents want it, but because the technology is superior.
- A key structural advantage of crypto is 24/7 liquidity. Patak argues crypto is actually "safer" than TradFi because traders can hedge exogenous risks immediately (e.g., Sunday night), whereas TradFi participants are trapped until market open.
- The ultimate "win" condition for the sector is identified as the moment money center banks offer Bitcoin custody and yield.
Trade Ideas
Scaramucci references the tension between Jamie Dimon (JPM) and Brian Armstrong (COIN), stating that banks are like "horse and carriage owners" who have "no bid" for the future. He explicitly states, "He [the crypto native] is going to win." The friction between TradFi and Crypto is not a sign of failure but of disruption. The "horseless carriage" analogy implies that despite current resistance, the superior technology (crypto rails) will eventually displace or force the evolution of legacy systems. Coinbase is positioned as the winner in this transition until banks capitulate. Long the disruptors (Bitcoin and Coinbase) as they capture market share from legacy institutions. Continued regulatory hostility ("Chokepoint 2.0") delaying institutional entry.
Joy Pathak
Wizard of Soho (crypto analyst)
Patak explicitly mentions "Dexes like Hyperlid [Hyperliquid]" have "completely changed the game" by offering institutional-type leverage to retail traders with full on-chain visibility. In traditional finance (TradFi), leverage is opaque; in DeFi, it is transparent. As traders demand better risk management tools and 24/7 liquidity to hedge against exogenous shocks, volume and liquidity will migrate from opaque legacy systems to high-performance decentralized exchanges (DEXs). Long next-generation DEX infrastructure that enables transparent leverage. Regulatory crackdowns on high-leverage platforms or smart contract exploits.
Anthony Scaramucci
Founder and Managing Partner, SkyBridge Capital
Scaramucci notes that the industry "will be winning" when you can "custody your Bitcoin at a money center bank and even possibly get yield." While currently antagonistic (Jamie Dimon stance), the endgame for banks is capitulation and integration. The "Actionable Trade" here is to watch for the regulatory pivot (Clarity Act) that allows banks to hold crypto assets. Once they do, they become a buy as they monetize the asset class they previously fought. Watch for the shift from "enemy" to "custodian." Banks may be too slow to pivot and lose a generation of customers to crypto-native firms.
Up Next
This CoinDesk video, published February 20, 2026, features Anthony Scaramucci, Joy Pathak discussing COIN, BTC, HYPE, JPM. 3 trade ideas extracted by AI with direction and confidence scoring.
Speakers: Anthony Scaramucci, Joy Pathak · Tickers: COIN, BTC, HYPE, JPM