Arthur Hayes’ Massive Bitcoin Warning - This Week on Unchained

Good Sunday!

Two stories this week point to the same bigger question: what actually drives the next crypto bull market?

Arthur Hayes thinks the answer may start with a crash.

In his latest conversation with Laura, Hayes argues that the AI bubble bursting could trigger a 2008-style panic, forcing governments and central banks back into money-printing mode. Add war spending, pressure on the petrodollar system, and oil-market stress, and Hayes says the path ultimately points to Bitcoin much higher.

Hayes explains why he’s buying into “maximum disillusionment,” why Bitcoin could benefit from an AI bust, and why his highest-conviction bets now include Hyperliquid, Zcash, and NEAR.

And speaking of Hyperliquid, Coinbase may have just handed the platform a major revenue unlock.

Coinbase is now the official USDC treasury deployer on Hyperliquid, a deal Artemis’ Alex Weseley says could boost Hyperliquid’s annual revenue by 25%. He joins Laura to break down the $150 million opportunity, the HYPE price move, and why Coinbase’s stablecoin ambitions may be much bigger than most people realize.

Weseley explains how the deal works, why it matters for Hyperliquid, and whether the Circle-Coinbase relationship is heading toward a breakup.

Here’s more on what we unpacked this week on Unchained:

• 🏦 The $16 Trillion Repo Market Is Finally Coming Onchain
  Repo is the hidden market plumbing that keeps global finance moving, but DeFi has had no real equivalent until now. FalconX’s Craig Burchell and Pareto’s Matteo Pandolfi explain why onchain repo could unlock deeper RWA liquidity, improve stablecoin market structure, and potentially grow into a trillion-dollar market.

• ⚖️ OpenAI, Anthropic & the Secondary Market Crackdown
  Anthropic and OpenAI are trying to void private secondary trades as fraud spreads through pre-IPO markets. On Uneasy Money, Kain, Tay and Luca breaks down synthetic perpetual markets for private equity, AI-powered malware attacks, Circle’s Arc token strategy, and the latest twists in the Aave/Kelp recovery battle.

• 🏛️ Will the CLARITY Act Finally Become Law?
  DEX in the City unpacks the newest CLARITY Act draft, the developer protection language that matters most, and why the SEC appears increasingly aligned with Congress on crypto and onchain financial infrastructure.

• 🤖 Circle’s Arc, Coinbase’s Struggles & the Exploding AI Trade
  Circle raised $222 million through its Arc token presale while Coinbase posted losses, layoffs, and outages. The Bits + Bips crew debates whether AI enthusiasm is creating a real economic shift or inflating the next major bubble.

All these episodes are available on Apple Podcasts, Spotify, Fountain, Podcast Addict, Pocket Casts, Amazon Music, or on your favorite podcast platform.

In Case You Missed It 👀

Bitcoin’s Price Has Been Outperforming the S&P 500 in Times of War. Here’s Why

Bitcoin has outperformed stocks and gold 75 days into the U.S.-Iran war, which can be explained by this theory.

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