On this episode of CoinDesk's Public Keys from the New York Stock Exchange, Jennifer Sanasie is joined by Ben Emons, Founder and Chief Investment Officer of FedWatch Advisors, to break down the market fallout from Moonshot AI's Kimi K3 and why the Fed is now actively debating rate hikes rather than cuts ahead of the August 7th CLARITY Act deadline.

Nadine Chakar, Managing Director and Global Head of Digital Assets at DTCC, explains how the firm moved tokenized securities into live production and outlines DTCC's role as an institutional multi-chain orchestrator ahead of a full commercial launch. The conversation turns to ETF flows, where Bitcoin funds finished last week with $76 million in net inflows despite a $425 million outflow on Monday alone, and Ethereum ETFs outpaced Bitcoin inflows led by $135 million into BlackRock's ETHA.

Finally, Bilal Little, Global ETF Strategist at Direxion, unpacks the debut of BTCU and EVMU — the industry's first 2x leveraged spot Bitcoin and Ether ETFs — explains why an ETF wrapper beats margin on a crypto exchange for retail traders, and responds to Bloomberg ETF analyst Eric Balchunas's thesis that Bitcoin ETFs will mirror gold's 22-year "triumph and pain" trajectory. The episode closes with the Fear and Greed Index at 29.

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Timecodes:

00:00 Welcome to Public Keys

00:22 Ben Emons (FedWatch Advisors) Joins Public Keys

00:48 China's Kimi K3 Rattles Chip Stocks Friday

01:42 Bitcoin Holds $64K, While AI Sells Off

02:59 Crypto Miners Pivot to AI: HUT8 Up 14%

03:58 Kimi K3 vs. DeepSeek: This Time It's a Price War

05:03 AI Selloff Tightens Financial Conditions, Helps Fed

06:32 Fed Now Debating Rate Hikes, Not Cuts

06:58 CLARITY Act Deadline: August 7th

09:15 DTCC Takes Tokenized Securities Into Live Production

09:36 Nadine Chakar on the 10-Year Journey to Live Tokenization

13:45 DTCC's Multi-Chain Roadmap

15:26 DTCC's Digital Twin Framework

18:14 Bitcoin ETF Flows: $76M Week Masks $425M Monday Outflow

18:49 Ether ETFs Outpace Bitcoin; Robinhood Chain Hits $800M+ Daily Volume

19:35 Bilal Little (Direxion) on the First 2x Spot Crypto ETF Debut

22:42 How BTCU and EVMU Work — and Why Not Just Use Margin?

25:50 Do Bitcoin ETFs Mirror Gold?

27:38 Fear and Greed Index at 29