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From Bitcoin to Hyperliquid: Crypto's Next Phase Is Already Here
In this episode, John speaks with Eliezer Ndinga, Head of Research at 21Shares, about the changing crypto market, Bitcoin's evolving role as a global macro asset, and why Hyperliquid could become one of the industry's most important financial platforms.
Published:
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What happened
In this episode, John speaks with Eliezer Ndinga, Head of Research at 21Shares, about the changing crypto market, Bitcoin's evolving role as a global macro asset, and why Hyperliquid could become one of the industry's most important financial platforms.
Confirmed
Global impact / market context
If Hyperliquid becomes a top platform, more trading could move to 24/7 markets, which means buying and selling happens all day without closing. That could pull trading activity and fees away from traditional exchanges and crypto rivals, changing where investor money and crypto prices are set.
Analyst inference
Bitcoin is described as a global macro asset, meaning it trades alongside worldwide economic forces rather than just crypto news. Hyperliquid is framed as a challenger using always-open markets and deep liquidity, which means enough buyers and sellers to trade easily without big price moves.
Analyst inference
What to watch
- 21Shares' Head of Research Eliezer Ndinga believes Hyperliquid has the potential to become the second-largest crypto asset after Bitcoin, according to the episode description. Confirmed
- Watch whether trading activity shifts to 24/7 venues; if volume grows, exchanges that close may lose revenue, while Hyperliquid could gain fees and investor attention. Analyst inference
- Watch whether Hyperliquid's liquidity advantage, meaning its ability to handle large trades smoothly, attracts more users than both crypto-native and traditional competitors. Analyst inference
Affected assets
- HYPE — Hyperliquid
- BTC — Bitcoin