From Bitcoin to Hyperliquid: Crypto’s Next Phase Is Already Here

John Gillen speaks with 21Shares head of research Eliezer Ndinga about Bitcoin’s changing macro profile, crypto ETF demand and the shift toward evaluating digital assets through cash flow, users and developer activity. Ndinga argues that easier investment access and demand for portfolio diversification are helping Bitcoin behave more like a macro hedge than a purely speculative asset.

The discussion examines why Hyperliquid could become one of crypto’s most valuable platforms, particularly as regulated access, perpetual futures and round-the-clock price discovery expand its addressable market. Ndinga also weighs its competitive risks and explains why liquidity, product breadth and token economics matter as traditional and crypto-native exchanges enter the market.

Gillen and Ndinga assess the layer-one landscape through developer growth, user retention and stablecoin activity, with Ethereum, Solana and Robinhood’s infrastructure among the key areas to watch. They also explore prediction markets, consolidation among digital asset treasury companies, and the potential for AI agents to simplify onchain finance and support broader adoption.