Bits + Bips: Why Gold Price Discovery Happened on Hyperliquid

Unchained

Laura Shin

Tech News, Business News, News

4.6 • 1.3K Ratings

🗓️ 4 February 2026

⏱️ 61 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Listen to the episode on Apple Podcasts, Spotify, Fountain, Podcast Addict, Pocket Casts, Amazon Music, or on your favorite podcast platform. --- If you want expert help with crypto taxes — without guessing or DIY spreadsheets — Crypto Tax Girl is offering $100 off their crypto tax services for Unchained listeners. They provide personalized support for everything from complex transactions to full tax returns. Get $100 off --- In this episode of Bits + Bips, Austin Campbell and Chris Perkins sit down with Cosmo Jiang to unpack what gold’s volatility shock revealed about market structure, why onchain venues like Hyperliquid are increasingly where price discovery happens, and how digital asset treasuries are being blamed for stress they did not create. The conversation also turns to Kevin Warsh’s nomination as Fed chair and why it represents a deeper shift in institutional power, not just personnel. Hosts: Austin Campbell, NYU Stern professor and founder and managing partner of Zero Knowledge Consulting Christopher Perkins, Managing Partner and President of CoinFund Guest: Cosmo Jiang, General Partner at Pantera Capital Links: Crypto at a Crossroads: Winter Fatigue Meets the Risk of Lower Lows Weekend Drama Rekindles Debate Over What Really Caused the October 10 Crash Crypto’s Weekend Washout Tests Conviction After a Brutal Week Bitcoin Sinks as Markets Price In a More Hawkish Fed Why HYPE Is Up While Every Other Crypto, Including Bitcoin, Is Down Hyperliquid Prepares Prediction-Style Markets With HIP-4 Upgrade Hyperliquid Sees Record Trading as Commodities Drive New Interest Crypto Market Structure Bill Clears Senate Committee — But the Hard Part Is Still Ahead Silver and gold extend losses after last week's historic plunge Gold Volatility Tops Bitcoin in Wildest Price Swings Since 2008 Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	I think the crypto markets in particular have been a little bit harsh on the worst nomination.
0:05.0	In finance, just wait is not something that most people promulgate as a strategy,
0:10.0	but if you really have long-term conviction in an asset, sometimes your answer is, just wait.
0:15.0	Clearly, the price discovery is actually happening on internet capital markets now, which is truly, truly incredible and
0:21.5	exciting.
0:27.0	All right, everybody.
0:29.0	Remember, nothing we say here is investment advice.
0:32.3	Check unchained crypto.com slash bits and bips for more disclosures.
0:36.6	And before we begin, a quick word from one of our
0:39.7	sponsors today. If crypto taxes feel overwhelming, you are not alone. That's why Crypto Tax Girl,
0:47.1	a team that's been helping crypto investors since 2017, is offering $100 off on one-on-one
0:53.0	crypto tax help. To get $100 off your crypto-on-one crypto tax help.
0:57.3	To get $100 off your crypto tax services... Could AI help you do more of what you love?
1:00.3	Workday is the next-gen ERP powered by AI
1:03.4	that actually knows your business.
1:05.7	We help you handle the have-to-dos
1:07.3	so you can focus on the can't-wait-to-dos.
1:10.4	It's a new workday.
1:12.6	Go to Cryptotaxgirl.com slash unchained. Again, that's Cryptotaxgirl.com slash unchained.
1:21.5	All right. So today we're going to start with the market. There's a couple of small things happening.
1:27.0	As people have probably noticed, spot gold fell nearly 10% on Friday, 5% more on Monday, trading
1:35.0	down to 4,700 per ounce after peaking near 5,600 earlier this week.
	...

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