Austin Federa, co-founder of DoubleZero, told Scott Melker on The Wolf Of All Streets that within six months it will hardly matter which exchange or broker a trader uses, because AI agents will be the interface.
The episode opened on price, with Galaxy saying the bear market bottomed in June and Bernstein cutting its targets for Coinbase and Circle. Austin spent more of his time on the machinery underneath: how orders reach a venue, how fast and how reliably.
"We have to decide if these markets are real or if these markets are toys. And I think they're real. I think we should treat them like they're real. But it requires a much more commitment to high-performance infrastructure."
Austin builds that infrastructure. DoubleZero runs dedicated high-performance fiber, the kind Wall Street firms have used for two decades, to carry market data and trades for venues from the NYSE to Hyperliquid.
The full episode is covered here so you can skip it. 57 minutes of audio, 9 minutes of reading.
Here are the 8 arguments that matter.
The Wolf Of All Streets · Oct 27, 2026 · 57m · 48m saved
With Austin Federa, Co-Founder of DoubleZero · Andrew Parish, Arch Public · Tillman Holloway, Arch Public
Key Takeaways
Wall Street is split on whether crypto's bear market is over, and Austin is in the camp that says it bottomed in June
DoubleZero now carries Kalshi and Hyperliquid, and its new Edge for Builders lets any venue publish a data feed over its fiber
AI agents will replace the trading screen, Austin says, picking whichever venue gives the best price
Some people now feel the market "isn't real" and are choosing to opt out of it altogether
Crypto still can't guarantee how transactions are ordered or whether they land, a bigger problem for institutions than for retail
Meme coins are entertainment, not a financial asset class, and the mistake was ever treating them as one
1. Split Verdict on the Bottom
Scott opened on the disagreement between two of the larger voices on crypto.
Galaxy says the bear market bottomed, while Bernstein is cutting price targets on crypto stocks
"Bitcoin's bear market ended months ago... Galaxy thinks that the bear market bottom was in and that we're heading into a bull market, but Bernstein is cutting their prices for Coinbase, Circle and others because they do not want to take for granted any more bullish price action." — Scott Melker
Galaxy's Alex Thorne argued the low came in June. Austin is in the same camp, but he described markets broadly, not only crypto, as unusually confused.
Investors are bullish and braced for a crash at the same time, Austin said
"The market continues to be extremely confused... everyone I talk to is simultaneously bullish and so hair-trigger... they're just begging for a market crash. It feels like everyone wants it, or at least there's so much expectation of one that when things go pretty normally, people get concerned." — Austin Federa
