The Crypto Beat

In episode 58 of The Crypto Beat Wintermute's Head of OTC Trading Jake Ostrovskis and Kaiko Senior Researcher Adam McCarthy join Kelvin and Tim to discuss why crypto feels like a bear market — compressed basis, dead retail, and Bitcoin stuck between risk asset and digital gold narratives. The conversation pivots to Hyperliquid's HIP3 and HIP4 as rare bright spots, the challenges of pricing RWAs and prediction markets on-chain, and what the Clarity Act and regulatory momentum could mean for a 2026 recovery.

OUTLINE

00:00 - Introduction
03:11 - Market Malaise
09:38 - The 10/10 Flash Crash
14:41 - Bodies & Leverage
19:24 - HIP3 & RWA Perps
29:03 - HIP4 & Prediction Markets
36:20 - Valuing Hyperliquid
39:17 - 2026 Crystal Ball
44:57 - What Is Bitcoin?
47:19 - Treasury Companies

Guest links:

Adam McCarthy - https://x.com/AdMcMarkets

Jake Ostrovskis - https://x.com/JO_wintermute

Tim Copeland - ⁠⁠https://x.com/timccopeland⁠⁠

Kelvin Sparks - https://x.com/imyoungsparks

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Show Notes

In episode 58 of The Crypto Beat Wintermute's Head of OTC Trading Jake Ostrovskis and Kaiko Senior Researcher Adam McCarthy join Kelvin and Tim to discuss why crypto feels like a bear market — compressed basis, dead retail, and Bitcoin stuck between risk asset and digital gold narratives. The conversation pivots to Hyperliquid's HIP3 and HIP4 as rare bright spots, the challenges of pricing RWAs and prediction markets on-chain, and what the Clarity Act and regulatory momentum could mean for a 2026 recovery.


OUTLINE

00:00 - Introduction 03:11 - Market Malaise 09:38 - The 10/10 Flash Crash 14:41 - Bodies & Leverage 19:24 - HIP3 & RWA Perps 29:03 - HIP4 & Prediction Markets 36:20 - Valuing Hyperliquid 39:17 - 2026 Crystal Ball 44:57 - What Is Bitcoin? 47:19 - Treasury Companies


Guest links:

Adam McCarthy - https://x.com/AdMcMarkets

Jake Ostrovskis - https://x.com/JO_wintermute

Tim Copeland - ⁠⁠https://x.com/timccopeland⁠⁠

Kelvin Sparks - https://x.com/imyoungsparks

---------------------------------------------------------------------------------


Subscribe to The Block's Newsletters!

🚨 Breaking News

👨‍🔬 Expert Analysis

📈 Market Insights


Subscribe now 👉⁠⁠⁠⁠⁠⁠⁠ https://www.theblock.co/newsletters⁠⁠⁠⁠⁠⁠⁠


---------------------------------------------------------------------------------


Hiring in crypto?

🧠 Find top talent fast with Campus, powered by The Block!

✅ Challenge candidates with our Crypto Assessment Test

⚡ Hire faster, build stronger teams


Start your free trial today 👉 ⁠⁠⁠⁠⁠⁠⁠https://theblock.co/campus

What is The Crypto Beat?

The Crypto Beat is a live streaming podcast focused on topical crypto news events. The podcast will feature multiple guests who are deep in the crypto industry sharing their views on the topic of the day. It will be available across X, Twitch and YouTube and made available afterwards on popular audio platforms.