Crypto, Liquidity & the New Institutional Playbook: Gold, Bitcoin, and Onchain Markets
Episode 12: Crypto, Liquidity & the New Institutional Playbook: Gold, Bitcoin, and Onchain Markets
The latest episode of The House View features a wide-ranging conversation with Sam Gaer, CIO of Monarq Asset Management, on how macro liquidity, regulation, and market structure are reshaping crypto’s institutional narrative.
Gold vs. Bitcoin: a liquidity story, not a thesis failure:
Despite sharing a non-sovereign store-of-value narrative, gold and Bitcoin have recently diverged. Sam explains that institutions are favoring gold not because BTC’s thesis has weakened, but because regulatory uncertainty and delayed legislation (most notably the Clarity Act) have pushed risk committees toward “tried and true” assets.
Regulation and institutional hesitation:
The lack of a clear regulatory tailwind has created hesitation among allocators. Sam notes that delays and orthogonal political pressures raise doubts about near-term legislative progress, reinforcing institutional caution even as long-term conviction remains intact.
Why liquidity matters more than narratives:
Rather than focusing on speculative threats like quantum computing, Sam points to global liquidity, particularly movements in the Japanese bond market (as a far more relevant driver.) BTC, he argues, trades primarily on the price of money and liquidity conditions, not FUD.
High-conviction crypto infrastructure:
Sam outlines Monarq’s focus on durable, high-market-cap opportunities with real economic utility. Hyperliquid stands out as a revenue-generating, deflationary blockchain capturing meaningful derivatives open interest. Canton Networks represents another key pillar, with growing adoption in real-world asset tokenization and strong validation from institutional players, including DTCC – signaling momentum toward 24/7 onchain clearing.
Altcoins in a Bitcoin-dominant market:
The traditional “alt season” has compressed into short-lived cycles as BTC dominance rises and speculative capital faces more competition. Sam argues that only tokens with transparent, fundamentally sound tokenomics and clear product-market fit will endure.
Tune in to the full episode on Spotify or Apple Podcasts for a deeper look at how liquidity, regulation, and infrastructure are shaping the next phase of institutional crypto markets.
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