Unchained
Unchained
Laura Shin
Bits + Bips: Why Investors Are Looking at the Jobs Data All Wrong - Ep. 882
1 hour 26 minutes Posted Aug 6, 2025 at 11:00 am.
Intro
Why Noelle thinks we’re looking at the job numbers all wrong
Whether the BLS revision is actually a nothing burger
How investors are managing to shrug off all the macro noise
What surprised Ben about corporate bitcoin adoption and how earnings are shifting the narrative
Why Strategy is raising capital at sky-high premiums
How Robinhood and Coinbase stack up by the numbers
What new signals reveal about the U.S. rewriting financial rules
How “super apps” are changing the game for crypto and TradFi
Where the panel sees markets heading next
What it might take for governments to start holding crypto
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Show notes
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Last week’s macroeconomic data came with a twist: a massive job downward revision from the Bureau of Labor Statistics. But is it a recession signal, or just statistical noise?
In this episode of Bits + Bips, Ben Werkman, chief investment officer at Swan Bitcoin, joins hosts Ram Ahluwalia, Noelle Acheson, and Steve Ehrlich to examine why markets shrugged off the data, and what it means for crypto. The panel also discusses:
Whether markets are mispricing macro risk
How Strategy’s latest capital raise may reflect rising treasury company risk
The future of tokenized equity and how Coinbase could unlock private market value
New regulatory signals suggesting the U.S. may allow banks to hold crypto
The rise of “super apps” blending payments, trading, and custody
Thank you to our sponsor!
Mantle
Hosts:
Ram Ahluwalia, CFA, CEO and Founder of Lumida
Noelle Acheson, Author of the “Crypto Is Macro Now” Newsletter 
Steve Ehrlich, Executive Editor at Unchained
Guest:
Ben Werkman, Chief Investment Officer at Swan Bitcoin
Links:
Macro
BLS Drama
CNN: Trump says the Bureau of Labor Statistics orchestrated a ‘scam.’ Here’s how the jobs report really works
NYT: Big Downward Jobs Revisions Could Be a Warning Sign for the Economy
CNBC: 
'The revisions are hard evidence': White House struggles to justify firing of BLS chief over weak jobs numbers
Trump fires commissioner of labor statistics after weaker-than-expected jobs figures slam markets
 PCE
Reuters: US inflation warms up in June as tariffs boost some goods prices
Tariffs 
NYT: Trump’s Tariffs Are Making Money. That May Make Them Hard to Quit.
FT: Donald Trump to raise tariffs on India over Russian oil purchases
CNBC: EU will delay planned U.S. tariffs for six months to allow for trade talks
Crypto earnings season
Coverage of $COIN and $MSRT on Bits + Bips: 
Strategy Had a Massive Quarter: Impressive Numbers, But Are They Sustainable?
Coinbase Missed Earnings, But the Bull Case Is Still Intact, Analyst Says
Unchained articles:
Coinbase Veered From Its Neutral Stance With Base. Could That Bet Go Wrong?
How Michael Saylor Plans to Ensure Strategy Keeps Its Bitcoin Forever
Coinbase Expands Into Tokenized Stocks and Prediction Markets
How Robinhood's New Crypto Strategy Could Help Its TradFi Ambitions
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