Bitcoin ETFs Bleed $1B as Capital Rotates Into HYPE, SOL, XRP

On this episode of CoinDesk's Public Keys from the New York Stock Exchange, host Jennifer Sanasie unpacks a busy weekend — SpaceX's S-1 revealing 18,712 BTC on the balance sheet, Kevin Warsh's first full week as Fed Chair, and the SEC pushing back its innovation exemption for tokenized stocks. Bitwise Asset Management Head of Research Ryan Rasmussen joins to break down the bull and bear case for Hyperliquid, how Bitwise is differentiating BHYPE with in-house staking and 10% of management fees reinvested into HYPE, and why wealth managers are finally moving beyond BTC and ETH. Hyperliquid Strategies CEO David Schamis lays the foundation on how crypto margin trading works and why leverage amplifies timing risk. Plus, Calamos Global Head of ETFs Matt Kaufman explains how the firm's protected Bitcoin ETFs are pulling in fresh capital as spot Bitcoin funds bleed $1.26 billion in a single week.

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This episode of Public Keys is brought to you by Kraken. For more: https://pro.kraken.com/

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Timecodes:

00:00 Welcome to Public Keys

00:30 BTC Bounces as US-Iran Peace Talks Cool Oil Prices

01:00 SpaceX S-1 Reveals 18,712 BTC on the Balance Sheet

01:45 SEC Delays Tokenized Stocks Innovation Exemption

02:05 Kevin Warsh's First Week as Fed Chair Begins

02:30 HYPE ETFs Pull $72M, Bitwise's Ryan Rasmussen Joins

06:30 The Bull and Bear Case for Hyperliquid

11:30 Wealth Managers Move Beyond BTC and ETH

14:30 Margin Trading 101 With David Schamis

17:00 Crypto Margin vs. Equities and the Timing Trap

19:30 Trading 24/7 and the Rise of AI Agents

23:30 BTC ETFs Bleed $1.26B, Capital Rotates Into HYPE/SOL/XRP

25:30 Calamos' Matt Kaufman on Protected Bitcoin ETFs

28:30 Advisors Rotate From Spot BTC Into Protected Wrappers

30:00 The Calamos ETF Roadmap

32:30 Fear & Greed Index Sits at 34

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This episode was hosted by Jennifer Sanasie.