The AI boom and a renewed precious-metal rally stole the spotlight from Bitcoin. With investors' attention split, Bitcoin lacked the narrative firepower needed to sustain a higher price, while the "barbell" effect left both sovereign and retail demand muted.
View full episode →“Hype vehicles provide on‑chain exposure but often trade at a premium to NAV”
“Premiums can be arbitraged but require mechanisms that many hype vehicles lack”
“Crypto capital flows differ from public‑market flows, creating distinct liquidity dynamics”