On today's public keys at the New York Stock Exchange digital assets battle an unusual divergence from equity markets.

The U.S. gets its first B&B ETF, while Bitcoin ETFs bleed $1.7 billion.

And was there an overreaction to strategies Bitcoin sale?

I'm Jensen Assey here with Bloomberg Intelligence Senior Research Analyst James Safer.

Let's get into it. Happy Monday, everyone.

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It's finally available to US traders, size your trades to match your conviction, trade margin on Crack and Pro. All right, James, let's get into it. Monday morning, a lot went down over the last week and over the weekend. I like to start very broadly with my guests. What do you watch in this week? What's on your mind? I mean, obviously, I'm just watching what's going on with prices. I mean, we had the exploit or bug found in Zcash. Prices are down pretty bad. We went below 60K for Bitcoin. But honestly, the number one thing I'm watching this week isn't really crypto-related, but it might be impacting crypto prices. That's the SpaceX IPO. That's supposed to come this Friday. So that's probably the number one thing I'll be paying attention to. I don't do 100% crypto, so I'll have to be on top of that. Well, SpaceX IPO, I think everyone is watching that,

whether you're in crypto or not, but curious how you're looking at it, you think it's going to

take capital, take attention away from some of the crypto ETFs and then crypto even more broadly.

Yeah, I mean, there's no denying that anything related to AI or space is taking away interest from crypto.

And there's not really an easy way to look like this is how much dollars went that would have gone to

potentially Bitcoin or crypto and have gone to AI or space.

But right now, AI, anything, AI, anything, space, very hot.

And that overlap right now with data centers in space, it's all anyone is talking about in finance.

Yeah, I mean, we talk about not really knowing where capital is going to flow.

You heard me in my intro talk about the fourth consecutive week where we saw over a billion dollars and outflows in ETFs.

We're going to talk about ETFs a little bit later. but we got to unpack that $1.7 billion number. We had your colleague, Eric, on the show last year. He said everyone's kind of overreact. I'm not last year. Last week, he said everyone's overreacting to the outflows we're seeing in the Bitcoin ETFs, but what's your perspective? I think that this is mostly an overreaction. I mean, if you look at it, right,

from the bottom ETFs, but what's your perspective? I think that this is mostly an overreaction. I mean, if you look at it, right, from the bottom in spring of 2025 through October, we saw tens of billions of dollars go into the Bitcoin ETFs. A lot of money went into Ethereum ETFs. It was very strong, right? And then from a 10-10, that auto-de-levenging event, whatever you want to call it, through the end of February, we bottomed out for ETS. We had about nine billions that went out.

We almost got back to the flat line, if you look at cumulative flows in early May of this year.

We were very close, and then things just turned for the worse. And as of Friday, we're actually below that low

on cumulative flows that we hit at the end of February. So, I mean, ETFs, I'm sure I didn't watch the Eric episode, but I'm sure he said something along the lines of ETFs in this category. It's going to grow a couple steps forward and take steps back. And it's a good thing. This is how ETFs work. to give you one to one exposure and people are going to trade them and people are going to buy them long term.

But at the end of the day, for the most part, people have stayed put.

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