Below is the full recording and transcript of the Office Hours call our team did on Wednesday, April 13th, 2022.

<span data-mce-type="bookmark" style="display: inline-block; width: 0px; overflow: hidden; line-height: 0;" class="mce_SELRES_start"></span> Highlights included:

Macro (01:40)
Markets (04:47)
ETH Merge (07:44)
BTC Miami (09:37)
Flash Debate (10:54)
Q&A (15:20)

Delphi Office Hours
April 13, 2022

00:00 • Nick
Good morning, folks. Thanks for joining us. It’s April 13th, 2022, and this is Delphi’s Office Hours. We have a great agenda ready for you. We’re going to: talk on macro, touch on markets, tease of an upcoming report around the ETH merge, talk about what we saw on the ground at BTC Miami, I’m going to inject chaos with something new that I haven’t told the teammates about (but we’re going to do a little flash debate), and then we’ll finish with Q&A. As always, you can just jump in the Zoom chats and just ask your questions. We’ll try our best to get to them at the end. Without further ado, I’m going to turn things over to touch on the latest with macro. Also, I wanted to give a quick shout out to design for revamping our slide deck and some intro video, always upping our game. We are very thankful for their contribution here. With that, I’m going to turn things over to Jason.

00:57 • Nick
We are very thankful for their contribution here. With that, I’m going to turn things over to Jason.

01:07 • Jason
Thanks. Yeah, Kevin was going to talk on the dollar and then I was going to follow up with some Bitcoin and crypto market stuff.

01:16 • Kevin
Oh, good. I’ll jump in. Thanks, Nick. One of the biggest things we’re watching, and we’ve been watching for a while and warned that this might be coming several weeks ago, is the recent rise in the dollar. It just continues to trend higher. It’s important because the dollar rise is putting some serious pressure on asset prices – not just crypto, but risk assets more broadly. Part of this is driven by what’s going on here domestically in terms of monetary policy in the Fed’s latest outlook. Part of it also is weakness in other major currencies, especially developed currencies. If you look at the Euro and even the Japanese Yen, they’re both trading at vulnerable levels on a multi-decade basis. We’re looking at some big trends.

02:09 • Kevin
This chart we’re showing here is just the DXY monthly candles. You can see that there’s potentially a breakout that we’re currently watching on a longer-term trend basis, but we’re also watching other currencies that could propel the dollar higher, and that is weakness in the Euro and the Japanese Yen. If we think about again what really