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

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4.7 • 698 Ratings

🗓️ 26 May 2026

⏱️ 33 minutes

🔗️ Recording | iTunes | RSS

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Summary

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

Transcript

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0:00.0	On today's public keys at the New York Stock Exchange, it's day one for Fed Chair Kevin Warsh.
0:04.9	Investors are pulling out of Bitcoin and ether ETFs and rotating into hype, Solana and XRP,
0:10.5	and we break down margin trading and downside protection inside a Bitcoin ETF.
0:15.2	I'm Jen Sanasi. Let's get into it.
0:24.6	Happy Tuesday, everyone. Today's episode is brought to you by Cracken Pro, regulated spot margin trading.
0:28.6	It's finally available to U.S. traders, size your trades to match your conviction, trade
0:33.2	margin on Crack and Pro.
0:35.1	All right, a lot happened over the long weekend. Let's get into it. Bitcoin is
0:39.3	trading at around $78,000 this morning above where it closed out last week, but well-off session
0:45.5	lows from the weekend when it briefly dipped below $75,000. The balance has been helped along by some geopolitical
0:52.3	relief. U.S. and Iran negotiators are signaling progress
0:55.3	towards a peace deal, which sent oil prices sliding around 5% on Monday. Less energy pressure
1:01.3	means some breathing room on inflation. Now, the headline story that everyone is talking about
1:06.9	is SpaceX. Elon Musk's company officially filed its S-1 with the SEC last week,
1:12.2	and buried in that paperwork were 18,712 Bitcoin on the balance sheet worth about $1.43 billion
1:19.3	at current value. The company bought an average cost of around $35,000 per coin, meaning it's
1:25.3	sitting on a tidy unrealized gain. SpaceX is targeting a June 11th pricing date for its NASDAQ debut under the ticker SPCX.
1:33.3	That's a massive IPO to watch, not just because it could be the biggest IPO ever, but for what it signals about corporate
1:39.3	Bitcoin adoption as a mainstream treasury strategy.
1:42.3	Meanwhile, the SEC pumped the brakes on something a lot of people in this industry were watching closely.
1:46.0	The agency was expected to release an innovation exemption last week,
1:50.0	a framework that would have let US crypto firms trade tokenized stocks.
	...

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