This episode unpacks last week’s historic crypto surge — Bitcoin’s $14,000 weekly jump and nearly $2 billion in spot ETF inflows — and shows how U.S. Treasury buybacks and official signals pushed institutional capital out the risk curve. We examine competing narratives: Arthur Hayes’ thesis that yield curve control and AI-driven abundance make Bitcoin a scarce hedge, Benjamin Cowan’s warning that Ethereum still trades like a leveraged tech bet tied to equities, and the real-world fragility revealed by a governance flash-loan exploit and a collapsed mining project. The show closes by weighing rapid layer-one innovations and regulatory moves (like Grayscale’s push for privacy-coin ETFs) against the bigger question: could future crypto cycles be driven by autonomous AI agents and new native currencies for compute? Subscribe to our free newsletter https://crypto.report/

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