ROLLUP: Bitcoin to $57K? | Wall Street Bets on Hyperliquid | The Tokenization War | Zcash Drama

Jason Calcanis predicted Bitcoin would revisit its June low of $57,000 within 12 months, citing ETF outflows he expects to continue. He called Bitcoin unproductive beside cash-flow-generating AI assets and said it would never reach another all-time high; a host argued that such certainty could prove to be “famous last words.” Galaxy Digital’s Alex Thorn took the opposite view, saying the cycle bottom was confirmed and advising investors to add and hold. Hosts noted Bitcoin was 916 days into its halving cycle, past the point at which every previous cycle bottomed, but questioned whether the four-year pattern still applies.

The outlook also depends on whether Bitcoin adoption accelerates. Hosts said market penetration had grown more slowly than expected over the past two to three years and questioned who could propel the asset from a single-digit-trillion-dollar valuation to a double-digit-trillion one. Michael Saylor’s purchases fell from $140 million in the last week of September to $28 million, $21 million and $22 million, then zero for the week beginning October 19. Willie Woo’s 10,000 simulations put Bitcoin’s December 2028 28th-to-50th-percentile range at $240,000–$413,000, with outcomes from $116,000 to $1.4 million at the start of 2029; he stressed these were simulations, not his forecast. Bitwise’s Matt Hogan offered 2036 bear, base and bull scenarios of $130,000, $1.6 million and $3.6 million. Hosts also cited roughly $76,000 at the 50-week moving average as an early-bull-market indicator.

ICE, parent of the New York Stock Exchange, partnered with TradeXYZ to develop a U.S. venue for 24/7/365 Hyperliquid perpetual futures, subject to CFTC approval and using KYC. The contracts would offer synthetic price exposure, not tokenized assets. TradeXYZ, described as Hyperliquid’s largest HIP-3 deployer, already lists markets spanning stocks, oil, gold, commodities and pre-IPO assets. Hosts saw the deal as institutional endorsement of perpetuals and on-chain price discovery, with tokenization potentially following later. HYPE rose about 17% to roughly $96–$97, near its record in both dollar and Bitcoin terms. Stanley Druckenmiller endorsed Hyperliquid on X, and Elon Musk retweeted the post with “interesting,” though hosts questioned whether Druckenmiller had personally written or posted it. One speaker also called the development a win for Ethereum because Hyperliquid uses an EVM chain.

The tokenization debate intensified after ICE’s separate partnership with OKX earlier in the month targeted tokenized trading in 60 stocks; hosts said about 63 were listed and more than 30 issuers requested delisting. They described an SEC innovation exemption allowing listed companies 30 days to request delisting at no cost. A Wall Street Journal ad sponsored by the Common Sense Leadership Fund urged CEOs to use that window, but the hosts did not establish who funded the opposition. They disputed the ad’s characterization of the venues as unregulated, saying the exemption covers onshore trading on regulated venues with KYC-whitelisted wallets. One host viewed delisting requests as precautionary; another argued regulated tokenized trading could increase issuer exposure, holders and liquidity. Speakers said JP Morgan objected to the exemption, while Robinhood’s tokenized JP Morgan stock used an offshore structure outside that objection, which they warned could attract more investors and liquidity.

On-chain trading’s potential for after-hours price discovery remains contested. Hayden Adams cited Alphabet shares falling 10% on-chain while traditional markets were closed, but speakers disagreed about whether on-chain prices led or followed traditional after-hours trading and emphasized that current on-chain liquidity is too small to move traditional markets. They also noted that seven tokenized versions of Google traded at different prices across chains, illustrating fragmentation. Separately, the FOMC held rates steady in a 10–2 decision, with two members favoring a hike; following the decision and new inflation data, Polymarket priced an approximately 80% chance of a December increase. September PCE inflation was 3.6% year over year, after 3.3% and 3.4% in the prior two months, and oil was about $111 a barrel. A host raised renewed escalation in the Iran conflict after the midterms as a possible source of further oil and inflation pressure, not a certainty.

Zcash’s funding dispute centers on the 20% of each block reward allocated to grants and a lockbox: 8% goes to a five-person Zcash Community Grants committee, while 12% is subject to coinholder vote. A $550,000 grant to ZECC drew criticism because it supported several events, including five adult-industry events, but speakers said the larger dispute is over a fund that expanded as ZEC rose. They described the treasury as holding $125 million, spending about $6 million annually and receiving about $68 million a year through the 8% stream. Sean Bo and Axim Dasal supported ending that stream; Josh Swihart backed ending both allocations; and ZEC Hub proposed gradually winding them down to zero by 2036. Zcash’s proposed network sustainability mechanism would add ZEC to long-term tail emissions, while the future of the allocations remains under DAO debate.