Bitcoin is breaking down, AI is attracting all the capital, and crypto may be entering an entirely new market regime.

This week on The Hivemind, the team debates where Bitcoin is headed, why assets like HYPE, Venice, and Lighter are outperforming despite BTC weakness, the future of Hyperliquid, Ethena's Coinbase partnership, and whether crypto is finally becoming a market driven by fundamentals instead of Bitcoin alone.

TIMESTAMPS

00:00:00 Introduction & Is Bitcoin Cooked?

00:05:44 Saylor, Bitcoin Liquidity & Market Structure

00:12:28 Why Crypto Is Finally Detaching From Bitcoin

00:19:06 The New Altcoin Market & Capital Rotation

00:22:35 Why HYPE's Outperformance Matters

00:26:22 Zcash, Value Investing & Crypto Fundamentals

00:31:57 Hyperliquid, Lighter & Crypto's First Compounders

00:33:47 Can Crypto Thrive While Bitcoin Stagnates?

00:38:32 Why Retail Left Crypto For AI & Stocks

00:40:46 BlackBerry, Equities & Staying In Your Circle Of Competence

00:47:54 Lighter Deep Dive

00:53:16 Kalshi, Perpetual Futures & Regulatory Tailwinds

00:55:03 Polymarket's UMA Problem

01:07:09 Ethena x Coinbase Explained

01:16:43 Bitcoin To $49K? Jason's Bear Case

01:19:43 Can HYPE Keep Going Higher?

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