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