Alex E

Capital is rotating out of BTC and ETH ETFs and flowing into HYPE, SOL, and XRP. On this week's Public Keys from CoinDesk at the NYSE, Bitwise's Ryan Rasmussen makes the bullish case for HYPE. David Schamis breaks down how leverage works in crypto trading, and Matt Kaufman from Calamos explains how protected Bitcoin ETFs help investors avoid downside. All hosted by Jenn Sanasie. Here's the full breakdown: 00:00 Welcome to Public Keys 00:30 BTC bounces as US-Iran peace talks ease oil prices 01:00 SpaceX S-1 reveals 18,712 BTC on its balance sheet 01:45 SEC delays exemption for tokenized stock innovation 02:05 Kevin Warsh's first week as Fed Chair begins 02:30 HYPE ETF sees $72M outflow, Bitwise's Ryan Rasmussen joins 06:30 Bull and bear case for Hyperliquid 11:30 Asset managers rotate beyond BTC and ETH 14:30 Margin trading 101 with David Schamis 17:00 Crypto margin vs equities and time traps 19:30 24/7 trading and the rise of AI agents 23:30 BTC ETFs lose $1.26B, capital shifts to HYPE, SOL, XRP 25:30 Calamos' Matt Kaufman on protected Bitcoin ETFs 28:30 Advisors moving from spot BTC to protected products 30:00 Calamos ETF roadmap 32:30 Fear & Greed Index sits at 34 Big thanks to our sponsor Kraken. The narrative is shifting. Smart money is looking beyond the big two. Are you paying attention?

RWA is getting hotter, but the crypto market is getting colder. CEXs are all racing into the US stock market now, and honestly, I don't think it's just because of Hyperliquid pressure. The real reason? Their core business is slowing down, so they're forced to pivot. Even DCA into Bitcoin or chasing the next big hype? Right now, I wouldn't recommend any of it. The best move is to step back, return to real life, rest well, and keep a healthy distance from the market. The reality is, most people can't even handle the discipline of DCAing into BTC over time. Time is a brutal test, and it's way tougher than most imagine. Stay close, but stay far. That's the only edge right now.

It turns out that the average .ETH holder has stronger conviction than some of the biggest names in the space. Now we have a clear picture of who's selling. Not Vitalik. Not the Ethereum Foundation. It's early investors who lost faith in the broader crypto narrative, opportunists who never believed in the first place, and over-leveraged believers forced to deleverage. And honestly, I can't blame someone for lacking deep conviction in Ethereum when other crypto projects have outperformed, and worse, when markets like AI have completely crushed the entire crypto sector. There's a disconnect between crypto's core story and the industry's reality. A big piece is still missing, and everyone quietly feels it, even if they can't articulate it. The final form of crypto hasn't been reached yet. Absolute digital scarcity isn't it. Programmability isn't it. Scalability isn't it. More sophisticated DeFi isn't it. And privacy isn't it. Each of these is a real step forward, and the work behind them is critical. But none alone is enough. Each sparked a new wave of speculation and hope of crossing the chasm to mass adoption. Each failed to deliver. Privacy will fail too. Most mainstream users and institutions in regulated economies will never embrace a system where a typo can lose funds forever, where scams and hacks drain accounts permanently, and where no one answers when something goes wrong. Until that's fixed, mass adoption won't happen. The good news is a solution exists. The final puzzle piece is achievable, but it will require an honest reframing of what decentralization can do for the future of money and finance, and what it will never do. I remain bullish on Ethereum because, despite all the noise, it is still the best-positioned network and framework to become the new foundation for finance. And that will be essential. That view will pave the way for ETH to accumulate monetary value. The same network properties that make Ethereum a financial...

Ethereum maxis spent 3 years telling us they don't care about price. They were all about the tech, the vision, the long game. But now that ETH is getting crushed, the same loud voices are quietly exiting stage left. Turns out, they did care about price all along. We're seeing people who built their entire online persona around being "all in on Ethereum" now flexing that they sold or have minimal exposure. Davey Soy Hoffman. Eric. Sassal. The list goes on. They all left. So the real question isn't whether they believed. It's whether anyone actually does when the charts turn red. And here's what keeps me up at night: What happens to all the Bitcoin maxis when BTC dominance inevitably starts to crumble? My prediction? They won't HODL through the pain. They'll rotate into alts faster than you can say "number go up." The cycle never changes. Only the narratives do. ETH is currently trading around $1,850. Keep your eyes open.

BTC dipped again, but two days ago it touched 74,588 and bounced back to 78,000. That level is worth watching for a potential retest. We placed a short on ETH at 2,063 before bed, and it auto-closed in profit. For BTC, near-term support sits at 74,588, with extreme downside around 72,188. On the upside, 77,588 has been tested twice and rejected hard each time. The extreme resistance at 79,388 remains untouched. For ETH, short-term support at 2,018 hasn't been retested yet. The extreme support at 1,838 is where I'd consider going all-in for a quick scalp. Upside resistance at 2,188 hasn't been tested either. Key zones to watch closely. Stay sharp.

Bitcoin sitting at 75k, Ethereum at 2000, and the ETH/BTC ratio stuck at 0.027. The macro picture is getting interesting. Trump calls it early: even if Iran fully surrenders, the fake news media will spin it as a brilliant victory for Tehran. Classic narrative warfare. Peter Schiff is back at it, taking shots at Michael Saylor. Says Saylor is running out of cash and asks what he will sell next to keep the wheels on. Meanwhile, Vivek Ramaswamy's Strive just scooped up 1,109 Bitcoin for 85 million dollars. Someone is buying the dip. Ferrari dropped 5% after unveiling their first EV. The market is not impressed. SpaceX lands a 2.29 billion dollar contract from the US Space Force to build a military data network in orbit. The space race is real. Mastercard and Chainlink are opening the gates for 3.5 billion cardholders to buy digital assets directly on-chain. The super stablecoin cycle is here. NASA is going permanent on the Moon with Artemis, building a station near the South Pole. Elon says it is time for a big base up there. Deep state roadmap has been ready for this. American Airlines is putting Starlink Wi-Fi on over 500 planes starting 2027. Stock jumped 7%. Micron surged 20%, hitting a 1 trillion dollar market cap. Arthur Hayes is loading up on Zcash as his second biggest bag. He says privacy with money will be essential as big tech, governments, and AI expand surveillance. Dont fall for the PsyOp from the scammers. Stay sharp out there.

The real issue with Ethereum? Nobody actually wants to use, invest in, or support anything built on it anymore. Except the DeFi protocols that are too big to fail. And that's a problem. Vitalik, the EF, the big ETH influencers... they all just hold, stake for that 2.5% yield, and debate infrastructure. Then they wonder why price doesn't move. The irony is thick. They've become exactly what they mocked Bitcoin maximalists for being. Static. Unengaged. Just sitting on a productive asset. ETH has layers of value, and real value comes from productivity. When that stalls, everything suffers. The DeFi and NFT boom should have taught us one thing: applications and financial innovation are where tokens get consumed. That's the demand driver for the asset. We need to get back to on-chain games, to real utility. That's the only feedback I have for the entire Ethereum ecosystem. I've been saying this for four years. And I'll keep saying it. Clouted.

Tom Lee remains unwavering in his bullish outlook on crypto's next phase. He believes the market is approaching a new supercycle, and the core asset that stands to benefit most? Ethereum. In his view, two major trends are becoming increasingly clear. First, asset tokenization driven by Wall Street. Second, the surge in on-chain demand fueled by AI agents. Tokenization, in particular, is a game changer. With the continued growth of ETFs, stablecoins, tokenized US stocks, and RWA, more traditional financial assets are migrating on-chain. And the platform best positioned to capture this value? Likely the Ethereum ecosystem. Tom Lee even suggests that ETH's major correction was actually a healthy market restructuring opportunity. Here's a key data point worth noting: total ETH staked has now surpassed 39.2 million ETH, roughly 32% of the total supply. That means more ETH is being locked up long-term. Supply is shrinking, while institutions keep adding positions. Just last week, Bitmine bought another 111,942 ETH, bringing their holdings to nearly 4.47% of Ethereum's total supply. Many in the market are still debating why ETH is moving slowly. But maybe the real question is this: when Wall Street starts putting real-world assets on-chain, is there any other public chain that can carry that kind of financial trust like Ethereum can?

The big question right now: is Garrett Bullish about to go all in on HYPE? We already know he holds 184,000 HYPE, worth around 11.27 million USD at current prices. But the real story isn t how much he bought, it s whether he ll keep buying. Let me break down the on-chain data from AiCoin. His biggest positions are actually elsewhere. First, BTC. He opened a massive long position on May 20, buying 504.402 BTC within a single hour at an average price of roughly 77,394 USD. That s nearly 39 million USD. And since then, he has barely touched it. Then there s ZEC. Starting May 22, he began methodically opening short positions, splitting them into small hourly orders. Many hours saw around 2,410 ZEC sold short. In total, he built up 57,000 ZEC at an average price of about 626.47 USD, worth roughly 35.5 million USD. Add in seven deposits over the last 30 days totaling about 40,001,100 USDC. His current account value sits around 63.6 million USD. So here s the real question: if Garrett truly believes in HYPE, will he rotate his BTC long, his ZEC short, and his available cash into more HYPE? Optimists see his current 184,000 HYPE as just the beginning. It s a signal that HYPE is already in his portfolio. If he keeps converting other positions, the market will read it as a massive vote of confidence. And he s not the only one paying attention. Bitwise just added another 162,400 HYPE, worth about 10.1 million USD. As of May 21, Bitwise holds 723,400 HYPE, valued at around 40.4 million USD. It s easy to connect the dots: is Garrett loading up? Is Bitwise increasing its position? Are big funds starting to see HYPE as the next major trend? But skeptics have a point too. His BTC long and ZEC short are both significant. The way he split the ZEC shorts suggests a carefully managed strategy, not just spare cash waiting to be deployed into HYPE. These could be core portfolio positions, not exit liquidity. The real tension isn t whether Garrett bought HYPE. He already d...

Floki isn't just showing up to the 2026 World Cup for the vibes. He's coming to take over the entire tournament. Viking spirit. Meme coin aggression. Full degen mode under the stadium lights. That's the energy. Every match feels like a final when the Floki army rolls in. We sweep. We win. We never disconnect. The world is watching, and the pack is ready.