In this special double-feature episode of Bits + Bips, Unchained executive editor Steve Ehrlich brings listeners two of the clearest investor perspectives on where the crypto markets may be headed next.

First, Owen Lau, Managing Director at Clear Street, breaks down why crypto equities remain so tightly correlated to Bitcoin—and what might finally cause that link to break. He unpacks the growing role of stablecoin revenue, Coinbase and Circle’s evolving business models, and why a market structure bill in 2026 could reshape the sector.

Then, in the second half, Bob Diamond and David Schamis of Hyperliquid Strategies explain why they believe Hyperliquid and its HYPE token represent one of the most compelling opportunities in digital assets. They walk through the rationale for their DAT, Hyperliquid’s performance during extreme market volatility, and the broader ecosystem being built through HIP-3 and beyond.

Host:
Steve Ehrlich, Executive Editor at Unchained
Guests:
Owen Lau, Managing Director at Clear Street
Bob Diamond, Founding Partner and CEO of Atlas Merchant Capital
David Schamis, Founding Partner and CIO of Atlas Merchant Capital