Bankless ROLLUP: Bitcoin Dominance Hits 66% | Circle IPO 10x | Robinhood Flips Coin? | Kalshi vs Polymarket
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Jun 27, 2025 
Tom Schmidt from Dragonfly joins the discussion, sharing his expertise on the crypto market. They analyze Bitcoin's impressive 66% market dominance and its implications. The surprising surge of Circle’s 10x IPO and Robinhood's shifts towards crypto are key highlights. Competition between prediction markets Kalshi and Polymarket takes center stage, alongside the evolving conversation about mortgage practices involving cryptocurrencies. They also ponder the whimsical idea of meme coins being used as mortgage collateral, hinting at the exciting and unpredictable future of finance.
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Rising Bitcoin Dominance
- Bitcoin dominance is at 66%, the highest since December 2020, reflecting a crypto market dominated by Bitcoin.
- When Bitcoin dominance falls, it tends to happen rapidly and is driven by new market trends.
New Meta Drives Bitcoin Dominance
- Past market cycles lowering Bitcoin dominance were driven by new meta phenomena like ICOs and NFTs.
- The next Bitcoin dominance drop might be led by an unpredictable new phenomenon, possibly a resurgence of ICOs.
Shifting Signals on VC Raises
- Huge VC raises have shifted from bullish signals to anti-signals for retail investors.
- Retail now sees mega-raises as red flags, due to a few VCs repeatedly pushing high valuations early in a project’s life.