Bitcoin’s OG investors may have just had their most profitable cycle ever, while the market now waits for the next wave of institutional capital. We break down Goldman Sachs’ $2.25B acquisition of NEOS and the growing demand for Bitcoin income products, Wintermute’s $1B push into AI and traditional markets, and Kalshi’s move toward Wall Street-grade trading infrastructure. We also look at Japan’s potential rate hike and what it could mean for global liquidity and crypto.

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Bitcoin remains resilient, but the key question is whether the current move has enough real spot demand to continue, with futures activity once again leading the rally. The show also looks at NVIDIA’s $500 billion AI financing push and what it means for the ongoing rotation of capital into AI, while CoreWeave’s strong earnings add to the momentum. On the macro side, Trump is considering major tax and housing policies ahead of the midterms, while the yen intervention appears to be losing its impact and could force the U.S. and Japan into another response. We also cover the CFTC stepping in to protect Kalshi as its regulatory battle with New York escalates.

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Bitcoin is at the center of a major capital rotation as Riot turns its power infrastructure toward AI with a massive Anthropic deal, while Unitree’s 8,000x oversubscribed IPO signals growing excitement around robotics. Meanwhile, Tom Lee slows ETH accumulation in favor of buybacks, and the SEC moves ahead with a new crypto token framework despite delays to the CLARITY Act.

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Bitcoin holds above $65K as investors return to ETFs ahead of a major week of inflation data. We cover the strongest Bitcoin ETF inflows since April, the collapse of BIP-110’s miner support, and why gold continues to outperform as major banks raise their price targets. We also look at Berkshire Hathaway putting billions back into stocks, and what the latest Iran and Strait of Hormuz developments mean for markets.

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Rob Hadick discusses how institutional adoption is accelerating even as retail activity remains weak. We cover the growth of prediction markets, stablecoins, and tokenization, what caused the October 10 liquidation event, and why the next crypto cycle could be more selective, with stronger fundamentals and institutional capital driving the winners.

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The panel discusses why institutional adoption is accelerating despite weak market sentiment, arguing that Wall Street is focused on long-term infrastructure rather than short-term price action. It explores the convergence of AI and blockchain, the rise of tokenization and real-world assets, and how crypto is evolving into the financial rails powering global markets—often without users even realizing they’re using blockchain technology.

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Institutional adoption is no longer a future narrative — it’s already underway. Chris Perkins explains why he joined Franklin Templeton to lead its digital asset business, arguing that crypto has entered a phase where fundamentals, regulation, and institutional capital matter more than hype. Despite bearish retail sentiment, he believes Wall Street is quietly positioning for the next cycle through tokenization, Bitcoin, and high-quality crypto projects.

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The discussion explores how the Coldcard hack has reignited the debate around self-custody, with participants questioning whether hardware wallets remain the best option as institutional custody solutions continue to mature. The conversation also examines how growing institutional adoption is reshaping Bitcoin ownership, why security and trust are becoming more important than ideology, and how the rise of agentic AI trading could transform markets by enabling autonomous systems to trade, manage capital, and interact with financial infrastructure in real time.

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Bitcoin starts the week holding firm as macro risks begin to ease, with oil plunging after President Trump once again pauses strikes on Iran and attention shifting back to economic data and the Federal Reserve. The show breaks down Scott Bessent’s comments on U.S.-Japan currency intervention, the $90 million Coldcard hardware wallet exploit and what it means for the self-custody debate, Trump’s new $100,000 Truth Social API for institutional traders, and why this week’s earnings from Palantir, AMD, and SpaceX could shape the next phase of the AI trade. It also covers Bithumb’s IPO plans and the key macro events to watch throughout the week.

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Chris Giancarlo explains why innovation in crypto won’t be stopped if Clarity Act doesn’t pass. He argues Ethics is an important issues but there can always be another excuse to stop the bill from passing. We also cover the ongoing legal battle between the prediction markets and state regulators. Chris makes the distinction between how prediction markets like Kalshi and Polymarket are a marketplace rather than a sportsbook or a casino. Despite the bear market struggles and delays in legal frameworks, Chris is optimistic about the outlook of the industry.

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