In the latest CF Benchmarks live X Space, recorded June 25, 2026, Head of Research Gabe Selby is joined by a deep bench from across CF Benchmarks and Kraken: CEO Sui Chung, Head of Sales Peter Stern, Research Analyst Mark Pilipczuk, and Kraken Chief Economist Thomas Perfumo. The team is joined by special guest James Seyffart, Senior ETF Analyst at Bloomberg Intelligence, with a drop-in from Bitwise Head of Research Ryan Rasmussen.

With Bitcoin more than 50% off its all-time high, the panel takes on the question that's all over the headlines: is Strategy breaking the Bitcoin market? The conversation works through Strategy's preferred-share stress, its cash runway, an ETF holder base now underwater for the first time this cycle, the capital rotation into AI and the DRAM trade, and a hotter-than-expected May PCE print, before closing on what they're watching in the coming weeks.

Chapters: 00:00 – Intro & Welcome

03:58 – Is Strategy the Single Biggest Driver of Bitcoin?

06:36 – Dividend Cut or Sell Bitcoin? Pricing the Digital Credit Premium

10:57 – Reflexivity vs Past Cycles: The DAT & ETF Twin Poles

17:16 – ETF Holders Underwater followed by $10B in Outflows

18:30 – What Institutions Are Actually Saying During the Drawdown

23:35 – The Long-Term Bull Case for Crypto

27:36 – Tokenized Equities Overtake Memecoins on Solana

29:00 – The XRP ETF Demand

31:45 – Tracking the 13Fs: Who Currently Owns These ETFs?

33:28 – How Big a Deal Is a Billion-Dollar ETF Launch?

35:38 – Why Index Funds Win Over the Long Term

41:23 – The Elephant in the Room: AI & the DRAM ETF Story

47:44 – Making the Bull Case: Real Incomes & Peak Inflation

50:47 – The Week Ahead: What We're Watching