In the latest CF Benchmarks live X Space, recorded June 11, 2026, Head of Research Gabe Selby, CFA is joined by Research Analyst Mark Pilipczuk, Kraken Chief Economist Thomas Perfumo, CFA, and CF Benchmarks CEO Sui Chung, with special guest Ishmael Asad, Research Analyst at Bitwise, for a wide-ranging roundtable across macro, markets, and crypto fundamentals.

With long-end yields at multi-year highs, a hot CPI and PPI print, and a new Fed chair stepping in the panel works through the following question: when do a string of "one-off" shocks cement into a structural regime? From there the conversation turns to where capital is actually flowing, contrasting a discounted crypto market, Hyperliquid's fundamentals-driven ascent and entry into the CF Large Cap, and a record-breaking SpaceX IPO drawing in a wave of retail demand.

Chapters: 00:00 – Intro, Team Welcome & Guest Introduction

02:06 – The Macro Setup: Multi-Year-High Yields, Hot CPI & PPI

04:27 – A 1970s Redux? Oil, Iran & the Incoming Warsh Fed

06:50 – How Long Can "One-Off" Inflation Shocks Continue?

09:11 – Hot Labor Data, Rate-Hike Odds & a Global Liquidity Squeeze

14:08 – A View From London: Political Shocks & Stagflation Risk

17:10 – When Good News Is Bad News: Labor Market Cracks & Capital Rotation

19:58 – Spotlight on Hyperliquid: Inside CFB's New Valuation Framework

21:25 – HYPE's Economics: ~$1B Revenue, an 83% Margin & a 61x TTM Multiple

24:20 – Why a Scalable 24/7 Model Commands a Premium

26:13 – HYPE's Institutional Bid: ETF Flows & the Coinbase Deal

28:38 – HYPE Joins the CF Large Cap at Number Five

32:29 – Index Inclusion Explained: Why SpaceX Can't Join the S&P 500 Yet

37:14 – The Bear Case: Token Unlocks & Supply Overhang

39:55 – Hyperliquid's Competition & the Perps Landscape

44:33 – The SpaceX IPO: What Are Investors Looking At?

47:54 – Orbital AI: The Interstellar Data Center Narrative

49:40 – Elon's Playbook: Narrative, Multiples & "Populist Liquidity"

53:16 – Rapid Fire: The Week Ahead