Bitcoin is taking over Wall Street | Eric Balchunas, Bloomberg Intelligence

Full Signal

Phil Rosen

Investing, Business

4.8 • 18 Ratings

🗓️ 11 December 2025

⏱️ 42 minutes

🔗️ Recording | iTunes | RSS

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Summary

Eric Balchunas is a senior ETF analyst at Bloomberg Intelligence. He joined Phil Rosen on Full Signal to discuss the record year for ETFs, the rise of crypto and leveraged products, how bitcoin is taking over traditional finance, and the debate around passive investingThis episode is sponsored by Public: https://public.com/openingbellSubscribe to Opening Bell Daily: https://www.openingbelldailynews.com/subscribeFollow Phil on X: https://x.com/philrosennFollow Phil on LinkedIn: https://www.linkedin.com/in/philrosen/Timestamps:0:00 - Intro0:30 - Historic ETF boom3:32 - More ETFs than stocks7:00 - Leverage risks10:15 - Public & Generated Assets11:25 - New SEC and regulation16:37 - Bitcoin on Wall Street21:57 - Vanguard approves crypto ETFs24:44 - Magnificent 7 concentration31:20 - Mike Green’s passive investing views38:23 - Demographic risks of passive investingDisclosure: Brokerage services provided by Open to the Public Investing Inc, member FINRA & SIPC. Investing involves risk. Generated Assets is an interactive analysis tool by Public Advisors. Output is for informational purposes only and is not an investment recommendation or advice. See disclosures at public.com/disclosures/ga. See terms of Match Program at https://public.com/disclosures/matchprogram Matched funds must remain in your account for at least 5 years. Match rate and other terms are subject to change at any time.#podcast #investing #markets #macro #stocks #bitcoin #fed

Transcript

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0:00.0	Today's episode of Full Signal is with Eric Baltunis. He's an ETF analyst at Bloomberg
0:05.2	Intelligence and one of the most influential commentators and researchers in markets today.
0:11.1	In this conversation, we talk about the boom in ETFs this year, how Bitcoin is taking over
0:16.7	Wall Street, and why the magnificent 7 may not be the concentration risk you think it is.
0:22.3	This is a fantastic conversation. I learned a ton from Eric and I think you will too.
0:28.9	All right, Eric, this has been an unbelievable year for ETFs, but we're also seeing a huge boom
0:34.6	in leverage meme coin related ETFs. Can you walk us through sort of the lay
0:40.0	of land here? Yeah, I mean, the ETF business is a great place to be. It's a crossroads of everything.
0:45.3	And this year, I call the Triple Crown record launches, not just a little bit either by like 40%
0:51.8	breaking the record. Record flows by about 30% and record volume
0:56.3	by again about 30%. And a couple things driving that. The flows really drive most of it.
1:02.1	I would say this is where the fish are biting. So if you have a lot of people who prefer this
1:06.6	wrapper, this vehicle, you're going to get more people to actually put their stuff, their ideas,
1:12.1	their strategies into it. So now we're with 4,800 ETFs, 13 trillion in assets. And that is a big
1:19.2	tent. And I'm pretty libertarian. I'm happy that it's a big tent. There are spots where the tent has to
1:24.5	stop growing. Like the SEC just said, no more 3x and 5x. I think that's a good limit there. But for the most part, like he said, like we actually got a meme coin ETF, the Dogecoin ETF launched this year, although it was a little bit of a dud. All the rest of the spot crypto ETFs have been huge hits. Solana and XRP are the top two of day one volume ETFs of the thousand launch this year.
1:45.8	So that's pretty good.
1:46.8	But Dogecoin didn't really do much.
1:49.4	So I suppose there is not an unlimited appetite for crypto ETFs.
1:54.8	There is some choosiness.
1:56.9	And of course, none of those did as good as the Bitcoin ETF.
1:59.4	So, you know, when it comes to the meme coins, you know, our phrase is the further away you get from BTC, the less assets there will be. We've made a rhyme. They like rhymes and finance. So we made one for it. And as you get to Salana XRP, now you get, you know, go down to these less popular all coins and into meme coins, there are going to
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