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

Unchained

Laura Shin

News, Tech News, Business News

4.5 • 1.3K Ratings

🗓️ 11 June 2025

⏱️ 68 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

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: Is Circle really worth its sky-high valuation? Why exchange fees are stuck in the 1970s ETH: the quiet trade that might be heating up Oh, and yes, they talk about the Trump–Elon feud too 😅 Sponsors: Bitwise James Seyffart, Research Analyst at Bloomberg Intelligence Ram Ahluwalia, CFA, CEO and Founder of Lumida Steve Ehrlich, Executive Editor at Unchained Guest: Sal Ternullo, Managing Partner at A100x Ventures The Conversation: The blow-up between Elon Musk and Donald Trump has been entertaining, but how did things go so bad, so fast? Unchained: Stablecoin Giant Circle Raises $1.1 Billion in Its IPO Early Circle Backer Slams IPO in Expletive-Filled Letter BlackRock’s IBIT Becomes Fastest-Ever ETF to Top $70B Blockworks: Gemini files confidential S-1 with SEC in road to IPO The Block: Trump’s Truth Social files S-1 with SEC for Bitcoin ETF 15-day streak brings Ethereum ETFs to record high cumulative inflow value Metaplanet unveils $5.4B equity raise plan to accelerate bitcoin accumulation Cointelegraph: Bitcoin supply shock? Percentage of BTC on exchanges nears 2018 levels CoinDesk: MSTR Boosts Stack Again Strategy to Raise Nearly $1B With STRD Preferred Stock Offering to Accumulate BTC Bloomberg: Metaplanet’s shares surged 22% after unveiling a record-setting $5.4 billion stock rights program aimed at growing its bitcoin holdings. Timestamps: 👋 0:00 Intro 🧠 1:28 Why the market is ignoring the Trump-Elon “break up” 📈 16:47 Is there a reason for Circle’s eye-watering valuation? (And what it means for crypto VC) 🏦 30:25 Why Circle may struggle to compete with traditional banks 🚀 38:34 Why exchanges should rush to go public 🌐 46:40 Why Ram thinks that the market is immune from more bad news 🔥 57:16 The secret signs of a coming bitcoin supply shock 🧾 1:03:58 What’s behind the bitcoin and ether ETFs’ recent momentum and if it will last Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

Click on a timestamp to play from that location

0:00.0	I would be patient and stay long because I think the likelihood that we see a blowoff move
0:04.8	upwards is far higher than what we see on the downside and probably have a greater percentage
0:09.5	change in price.
0:11.7	Hi, everyone.
0:12.7	Welcome to bits and bips, exploring how crypto and macro collide one basis point at a time.
0:16.5	Today we're going to talk about a whole bunch of things, mainly the Trump and Musk blow up,
0:21.6	the Circle IPO, some macro topics, and again, Bitcoin Treasuries continues to be a hot topic.
0:27.6	But first, some quick intros.
0:28.6	I'm your host, James Safert, Tradfai Archmaster, Lord of Bloomberg's End, here with Rahmalaala,
0:33.6	Maister of Wealth, Leader of Lumida.
0:35.6	How's it going? Steve Erlich, high scribe of the Unchained Crypto, kingdom.
0:41.3	And then also joined by Sal Turnulo, first counsel of the Venture Court at A100X Ventures.
0:47.3	Good asking you, everyone.
0:49.3	We're here to discuss latest stories in the worlds of crypto and macro.
0:52.3	Just remember that nothing we say here is investment advice.
0:54.8	Please check unchaincrypto.com slash bits and bibs for more disclosures.
0:59.6	Before we begin, let's take a minute to hear from the sponsors who make this show possible.
1:04.6	Crypto moves fast.
1:06.1	It's why Bitwise launched the weekly CIO memo, a jargon-free summary of what's moving crypto markets,
1:12.5	written by one of the best in the business, CIO Matt Hogan.
1:16.2	Get up to speed in five minutes or less.
1:18.6	Check it out at bitwiseinvestments.com slash CIO memo.
	...

Transcript will be available on the free plan in 21 days. Upgrade to see the full transcript now.

Previous episode | Next episode

Disclaimer: The podcast and artwork embedded on this page are from Laura Shin, and are the property of its owner and not affiliated with or endorsed by Tapesearch.

Generated transcripts are the property of Laura Shin and are distributed freely under the Fair Use doctrine. Transcripts generated by Tapesearch are not guaranteed to be accurate.