Why Bitcoin Is Down, Plus the Rare Bright Spot in Crypto: Hyperliquid

Joshua Lim, Global Co-Head of Markets at FalconX, joins Laura Shin to discuss the current state of the crypto market, addressing Bitcoin's price decline and its divergence from traditional risk assets like gold. Lim attributes the downward pressure to a flows-driven market dominated by central bank activity favoring established assets and concerns about quantum computing's potential impact on Bitcoin's security. He suggests the market is in a prolonged range-bound phase following a credit contraction, with reduced speculative fervor and dry powder. Lim also comments on the dilution of attention across numerous DATs, impacting their ability to attract inflows, and the potential effects of Kevin Warsh's appointment as Fed chair on risk assets. The conversation touches on Hyperliquid's success with real-world asset perps and the evolving dynamics between DeFi and centralized exchanges.