Bits + Bips: Elon vs. Trump, Bitcoin Supply Shock Brewing, Circle’s Wild Valuation - Ep. 849
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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:

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Is Circle really worth its sky-high valuation?

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Why exchange fees are stuck in the 1970s

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ETH: the quiet trade that might be heating up

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

Sponsors:

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Bitwise)

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James Seyffart), Research Analyst at Bloomberg Intelligence

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Ram Ahluwalia), CFA, CEO and Founder of Lumida

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Steve Ehrlich), Executive Editor at Unchained

Guest:

- Sal Ternullo), Managing Partner at A100x Ventures

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

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Unchained:

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Stablecoin Giant Circle Raises $1.1 Billion in Its IPO)

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__Early Circle Backer Slams IPO in Expletive-Filled Letter __)

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__BlackRock’s IBIT Becomes Fastest-Ever ETF to Top $70B __)

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

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The Block: 

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Trump’s Truth Social files S-1 with SEC for Bitcoin ETF)

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15-day streak brings Ethereum ETFs to record high cumulative inflow value)

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Metaplanet unveils $5.4B equity raise plan to accelerate bitcoin accumulation)

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

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CoinDesk: 

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MSTR Boosts Stack Again)

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Strategy to Raise Nearly $1B With STRD Preferred Stock Offering to Accumulate BTC)

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

Timestamps:

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👋 0:00 Intro

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🧠 1:28 Why the market is ignoring the Trump-Elon “break up” 

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📈 16:47 Is there a reason for Circle’s eye-watering valuation? (And what it means for  crypto VC)

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🏦 30:25 Why Circle may struggle to compete with traditional banks

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🚀 38:34 Why exchanges should rush to go public

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🌐 46:40 Why Ram thinks that the market is immune from more bad news

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🔥 57:16 The secret signs of a coming bitcoin supply shock

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🧾 1:03:58 What’s behind the bitcoin and ether ETFs’ recent momentum and if it will last

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