This week on Bits + Bips, the panel tackles the biggest themes driving crypto: Circle’s triumphant IPO, ETH’s institutional tailwinds, and the fast-shrinking Bitcoin supply on exchanges. Plus, what Gemini’s IPO ambitions tell us about the state of exchanges, and whether Ram’s call for a BTC breakout is about to hit.

Also on the docket:

Is Circle really worth its sky-high valuation?
Why exchange fees are stuck in the 1970s
ETH: the quiet trade that might be heating up

Oh, and yes, they talk about the Trump–Elon feud too 😅

Sponsors:

Bitwise

James Seyffart, Research Analyst at Bloomberg Intelligence
Ram Ahluwalia, CFA, CEO and Founder of Lumida
Steve Ehrlich, Executive Editor at Unchained

Guest:

Sal Ternullo, Managing Partner at A100x Ventures

The Conversation: The blow-up between Elon Musk and Donald Trump has been entertaining, but how did things go so bad, so fast?
Unchained:

Stablecoin Giant Circle Raises $1.1 Billion in Its IPO
Early Circle Backer Slams IPO in Expletive-Filled Letter
BlackRock’s IBIT Becomes Fastest-Ever ETF to Top $70B

Blockworks: Gemini files confidential S-1 with SEC in road to IPO
The Block:

Cointelegraph: Bitcoin supply shock? Percentage of BTC on exchanges nears 2018 levels
CoinDesk:

Bloomberg: Metaplanet’s shares surged 22% after unveiling a record-setting $5.4 billion stock rights program aimed at growing its bitcoin holdings.

Timestamps:

👋 0:00 Intro
🧠 1:28 Why the market is ignoring the Trump-Elon “break up”
📈 16:47 Is there a reason for Circle’s eye-watering valuation? (And what it means for crypto VC)
🏦 30:25 Why Circle may struggle to compete with traditional banks
🚀 38:34 Why exchanges should rush to go public
🌐 46:40 Why Ram thinks that the market is immune from more bad news
🔥 57:16 The secret signs of a coming bitcoin supply shock
🧾 1:03:58 What’s behind the bitcoin and ether ETFs’ recent momentum and if it will last

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