Why RWAs Just Out-Traded Crypto on Hyperliquid for the First Time

Lorenzo Valente of ARK Invest joins Austin, Ram, and Chris on why real-world assets just out-traded crypto on Hyperliquid for the first time — plus what Jensen Huang's first-ever post on X started. Jensen Huang had never posted on X. His first post ever was an open letter arguing that open AI models are a national asset — and by the end of the week, 50 companies had signed it. Anthropic and Amazon still haven't. Lorenzo Valente, director of research at ARK Invest, joins Austin Campbell, Ram Ahluwalia, and Chris Perkins to work out who actually wins that fight, and what it costs. Then Lorenzo brings the stat he found himself: for the first time, Hyperliquid traded more real-world assets than crypto in a single week. Individual stocks are now 61% of that flow. His read is that owning Bitcoin, Ethereum, and Solana volume may matter far less than everyone assumes — which Ram calls "cute" and "a toy." The conversation covers the Clarity Act's collapsing Senate math, Google's first negative free cash flow in 22 years as a public company, the real price of cheap Chinese models, why markets shrugged off the Ukraine-Iran escalation, and the public split between Multicoin and its co-founder. Hosts Austin Campbell - Host of Bits + Bips, Founder of Zero Knowledge Group, and Adjunct Professor at NYU Stern Ram Ahluwalia - Co-host of Bits + Bips and CEO of Lumida Chris Perkins - Co-host of Bits + Bips and Head of Franklin Crypto Guest Lorenzo Valente - Director of Research at ARK Invest Sponsor Cape: Your biggest crypto vulnerability isn't your wallet, it's your phone number. Cape is America's privacy-first mobile carrier that rotates your SIM identity daily and blocks SIM swaps before they happen. Get 33% off your first six months at https://cape.co/unchained   (use code: UNCHAINED). Subscribe to Bits + Bips 👉 Heads up! If you haven't yet, be sure to subscribe to Bits + Bips on its dedicated channels. Follow us on Apple Podcasts, YouTube, Spotify, X, Unchained and wherever you get your podcasts. 🔥 Apple Podcasts - https://podcasts.apple.com/us/podcast/bits-bips/id1827931786 🔥 YouTube - https://www.youtube.com/channel/UCuKiSkbYrUOOEEiYQEVPniQ 🔥 Spotify - https://open.spotify.com/show/6aSBMrOyi33aVDCULJ9mjN?si=NTLk-jl5QGeytA6-2kxMVQ&nd=1&dlsi=42f0b13dd53c4ba0 🔥 X - https://x.com/bitsandbips 🔥 Unchained - https://unchainedcrypto.com/bitsandbips/ Timestamps: 💙 00:41 Cape: Get 33% off your first six months of privacy first mobile service at https://cape.co/unchained 🏛️ 02:09 Why Chris says Clarity's Senate math still doesn't add up to 60 votes 🤖 10:46 Why Ram bought Google's post earnings sell off, calling it near the bottom 🔓 21:33 Jensen Huang's first ever X post reignites the open versus closed weight AI fight 💰 26:40 Lorenzo on why DeepSeek and Moonshot AI's reported raises expose open models' real costs 🌍 34:42 Why Ram and Chris think markets have already priced in the Ukraine-Iran escalation 📊 41:43 Lorenzo's stat: RWAs now out trade crypto on Hyperliquid 🥊 50:21 The Multicoin and Kyle Samani split, and Ram's line that crypto has no main character 🏦 54:13 Do all the real-world assets end up on one venue, or fragment like traditional markets?