In episode 58 of The Crypto Beat Wintermute's Head of OTC Trading Jake Ostrovskis and Kaiko Senior Researcher Adam McCarthy join Kelvin and Tim to discuss why crypto feels like a bear market — compressed basis, dead retail, and Bitcoin stuck between risk asset and digital gold narratives. The conversation pivots to Hyperliquid's HIP3 and HIP4 as rare bright spots, the challenges of pricing RWAs and prediction markets on-chain, and what the Clarity Act and regulatory momentum could mean for a 2026 recovery.

OUTLINE

00:00 - Introduction

Guest links:

Adam McCarthy - https://x.com/AdMcMarkets

Jake Ostrovskis - https://x.com/JO_wintermute

Tim Copeland - ⁠⁠https://x.com/timccopeland⁠⁠

Kelvin Sparks - https://x.com/imyoungsparks

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