$1B Poured Into Bitcoin in One Day (Why Now?)

The average Bitcoin ETF holder is back in profit for the first time since January, and the data says most of them held through the whole drawdown. Also on the clock: SpaceX, OpenAI and Anthropic out-valuing 45 years of US tech IPOs, Meta's Muse agent matching ChatGPT's launch, and wash trading allegations at Kalshi. Where's the signal, and where's the noise?

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CHAPTERS

00:00 - Intro

00:56 - Topic 1 - Bitcoin ETF Holders Are Back Above Their Cost Basis

08:01 - Topic 2 - SpaceX, OpenAI and Anthropic vs 45 Years of US Tech IPOs

13:34 - Topic 3 - Meta's Muse AI Agent Rivals the ChatGPT Launch

22:15 - Topic 4 - Kalshi Faces Wash Trading Allegations

27:35 - Wrap-Up & Lightning Round: AI Token Data from Vercel and OpenRouter

ABOUT THE SHOW

Signal vs Noise is a twice-weekly livestream and show unpacking the biggest stories across capital, markets, technology, and people, six minutes on the clock for each, with Jackson Mikalic, Michael Tanguma, Liam Nelson, and Brian Cubellis.

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Onramp does not provide financial, tax, or legal advice. Nothing here is a recommendation to buy or sell any asset. This episode is for entertainment purposes only.