Powell Is Out, Warsh Is In: What It Means for Crypto
Speakers
Noelle Acheson
— Author, Crypto Is Macro Now
Summary
Noelle Acheson discusses the divergence between stocks and bonds, persistent inflation, and the Fed transition from Powell to Warsh. She highlights Hyperliquid as a top crypto asset and Ethereum as a beneficiary of potential Clarity Act passage, while noting Bitcoin lacks a near-term catalyst.
- Bond yields are climbing globally, signaling tightening financial conditions.
- Stock markets are driven by AI hype, while bond markets focus on macro headwinds.
- Inflation has not been declining; deglobalization and tariffs are structural drivers.
- New Fed chair Kevin Warsh is unlikely to cut rates or hike, leaving rates unchanged.
- Hyperliquid (HYPE) is identified as a key asset to own this cycle due to its decentralized exchange model.
- The Clarity Act could provide regulatory clarity for Ethereum, potentially boosting ETH price.
- Bitcoin's debasement hedge narrative remains but no immediate catalyst for a breakout.
- A widening gap between the S&P 500 and equal-weight index echoes the 1999 market top.
Trade Ideas
Hyperliquid is a top asset this cycle.
Hyperliquid is emerging as a decentralized trading venue and the strategic alignment with Coinbase validates its value. It is a key asset to own this cycle, with Coinbase installing itself as collateral manager capturing a major portion of the revenue.
ETH benefits from Clarity Act passage.
Passage of the Clarity Act would provide much-needed regulatory clarity for Ethereum, which currently lacks it, potentially boosting ETH price. While Bitcoin already has clarity, ETH could benefit more directly, and the overall crypto market could see a positive catalyst.
Up Next
This Unchained (Chopping Block) video, published May 22, 2026, features Rahm, Noelle Acheson discussing HYPE, ETH. 2 trade ideas extracted by AI with direction and confidence scoring.
Speakers: Rahm, Noelle Acheson · Tickers: HYPE, ETH