Is the Bitcoin bear market over? Ft. Cory Klippsten

Summary

The episode begins with a news recap covering BitMEX's closure, US crypto legislation, bridge exploits, Circle's South Korean expansion, and a crypto exchange acquisition. The main interview features Swan Bitcoin CEO Cory Klippsten, who advocates holding at least 80-90% of Bitcoin exposure in self-custodied BTC while avoiding paper products like ETFs, discusses the troubled landscape of Bitcoin treasury companies, and frames Bitcoin adoption as a battle for monetary independence against fiat and stablecoins.

• BitMEX will permanently shut down in September 2025 after 11 years, ending the pioneering perpetual swap exchange.
• A Senate bill (Clarity Act) merging Banking and Agriculture committee drafts could reach the floor next week, with ethics provisions aimed at stopping officials from profiting on digital assets.
• Two bridge exploits hit Arbitrum (AFX protocol drained for $24M) and Verus Ethereum bridge (~$7.5M), both moving funds via tornado cash.
• Circle deepens its South Korean footprint through partnerships with Kakao and Toss Bank, building on earlier exchange agreements.
• Mir Asset completed its acquisition of Korean exchange Corbett, raising its stake to ~97%.
• Cory Klippsten recommends a 80-90% allocation to self-custodied Bitcoin, criticizing Bitcoin ETFs and leverage Bitcoin equity stocks as riskier paper products.
• He describes stablecoins as fiat extensions and urges a focus on onboarding 10 million Bitcoiners in the US to secure monetary independence.
• Klippsten remains neutral on BIP 110 due to its complexity, launching a daily café Bitcoin space that is BIP 110-free all summer.