The Bitcoin Treasuries Podcast – Roundtable with Dan Hillery, James Seyffart, & Chase Palmieri

Date: February 10, 2026
Host: Tim Kotzman with co-host Ed Juleen
Guests: James Seyffart (Bloomberg Intelligence), Dan Hillery, Chase Palmieri

Episode Overview

This roundtable episode of The Bitcoin Treasuries Podcast dissects the recent trading activity, flows, and market sentiment surrounding Bitcoin—particularly from the lens of treasury adoption, institutional investment, ETF developments, and correlations with broader financial markets. Key voices from analytics, corporate bitcoin strategy, and financial media share insights on the new market landscape, institutional buying patterns, and the evolving role of Bitcoin in global finance.

Key Discussion Points & Insights

1. ETF Flows & Market Dynamics

Speaker: James Seyffart [00:39]

• Recent outflows from Bitcoin ETFs have been significant—$8 billion since October 10—but context matters: prior to this, there was a net inflow of $63 billion.
  • "Yes, it’s a lot of money, but in the grand scheme of things most people are staying put." – James Seyffart [00:54]
• Bitcoin ETFs reached a trading volume record, approaching $15 billion in one day, indicating heightened volatility and liquidity.
• Cites the resilience of ETF investors; drawdowns aren’t provoking mass exits.
• OG Bitcoin holders still drive price; ETF flows are just a part of the market.
• The options market (with reference to IBIT options) is increasingly significant and turbulent.

2. Institutional Strategy & ‘Permanent Capital’

Speaker: Dan Hillery [02:45]

• Corporate treasury sentiment remains positive; price pullbacks are not dissuading most institutions.
  • "Institutions have a much longer time horizon… have taken years to get onboarded to the bitcoin fundamentals." – Dan Hillery [03:20]
• Highlighted the role of permanent capital: public companies continually allocating bitcoin, thus reducing effective float.
  • "If strategy continues to stow away bitcoin… the outstanding float… will decrease… which means exponential capital flowing in should… be an exponential rise in price." – Dan Hillery [04:08]
• Long-term vision: steady exponential growth possible, though not at unsustainable rates like 50% per year.

3. Corporate Treasury Perspective & Cash Flow Importance

Speaker: Chase Palmieri [05:23]

• Differentiates between overleveraged and cash-flow-positive companies during drawdowns.
• Companies with healthy cash flow and an established Bitcoin treasury policy can now buy at a "discount".
  • "If you're a sustainable, profitable company... this is a really opportune time… you basically just get to take whatever those free cash flows were… now you’re buying a whole Bitcoin." – Chase Palmieri [06:07]
• Stresses the importance of maintaining operational health to capitalize on market dips.

4. Bitcoin's Maturation & Comparative Asset Flows

Discussion led by Ed Juleen, James Seyffart [06:40–10:46]

• Bitcoin’s integration into global finance signals its increasing maturity, even as some market participants remain confused or uncertain.
  • Quote from industry insider: "We're sitting around all day and we have no idea what's going on." [07:36]
• Comparison to gold and precious metals: Gold ETFs saw significant inflows recently, outpacing Bitcoin ETFs.
  • "Bitcoin is lagging rather severely because it's seen net outflows and its price has gone down." – James Seyffart [09:28]
• Notably, Bitcoin has exhibited high correlation with software/tech stocks, not with traditional "hard money" like gold.
  • "Bitcoin is acting a lot more like software than it is like hard money and gold." – James Seyffart [10:22]

5. The Rise of Structured/Preferred Products & Ecosystem Innovation

Speaker: Dan Hillery [10:57]

• The multi-layered structure of new financial products (e.g., Buck Token, STRC allocations, “permanent capital”), though complex, will likely lead to long-term positive price impact through ongoing accumulation.
  • "It’s going to take a lot of time to see the effects of the preferred market reflected in Bitcoin’s price… it’s one of those things where you just have to be confident in the trajectory." – Dan Hillery [11:02]
• Steady institutional accumulation persists, even if price appreciation is not immediate.

6. Bear Market Sentiment vs. Underlying Progress

Speaker: Chase Palmieri [12:07]

• Despite a lackluster year price-wise (2025), fundamental advances—regulatory clarity, FASB updates, nation-state progress, corporate adoption—set the stage for future bullish moves.
  • "There is too many wins from 2025 to list. The only thing that we didn’t win on was seemingly price." – Chase Palmieri [12:19]
• Predicts that eventual liquidity influx will ignite a powerful upside move.
  • "The foundation though that was laid in 2025 to me screams massively bullish upside." – Chase Palmieri [12:39]
• Institutions are now the "ultimate diamond hands," poised to outlast retail during downturns.

Notable Quotes & Memorable Moments

• ETFs Perspective:
  • "The OG bitcoin holders… are really moving the market… [ETFs] are a piece, not the whole market." – James Seyffart [01:41]
• Institutional Patience:
  • “Institutions have a much longer time horizon… much more onboarded to the fundamentals.” – Dan Hillery [03:20]
• On Market Uncertainty:
  • "We're sitting around all day and we have no idea what's going on… I'm going to go play in traffic now, because you're the one that's supposed to know." – Anecdote relayed by Ed Juleen [07:38]
• Volatility and Narrative:
  • "The narrative of this bear market… would change 15k higher from here. If we get to 85, 90k again in a week… everything is just narrative in retail." – Chase Palmieri [13:22]
• Ultimate Diamond Hands:
  • "It’s really institutional capital that… will be the ultimate diamond hands and they will outlast most of the retail that are seemingly capitulating right now." – Chase Palmieri [13:53]

Timestamps for Key Segments

• [00:39] – James Seyffart on ETF flows and market resilience
• [02:45] – Dan Hillery on strategy earnings call, long-term institutional adoption
• [05:23] – Chase Palmieri on corporate treasury strategies and cash flow
• [06:45] – Ed Juleen raises macro/global asset class competition
• [08:44] – James Seyffart compares Bitcoin, gold, and software correlations
• [10:57] – Dan Hillery on preferred products and structural liquidity
• [12:07] – Chase Palmieri on optimism for Bitcoin's future uptake and the institutional “HODL” mentality

Panelist Socials (For Further Resources)

• James Seyffart: X/Twitter: @JSeyff, Bloomberg Terminal, LinkedIn [14:11]
• Dan Hillery: X/Twitter: @Hillery_Dan, Buck.io [14:37]
• Chase Palmieri: X/Twitter: @ChasePalmieri, LinkedIn [14:51]

Summary Takeaways

• Short-term volatility and outflows haven’t dampened the commitment of institutional holders.
• Structural advances (corporate treasury policies, new financial instruments, regulatory wins) lay the groundwork for future price and adoption.
• The narrative and psychological cycle for Bitcoin are still driven by price, but “diamond hand” institutions are changing market behavior.
• Bitcoin’s correlation with tech stocks is notable and a possible concern for hedging strategies.
• Liquidity, not fundamentals, is the main brake on price; the groundwork laid in the past year positions Bitcoin for substantial long-term upside.

This roundtable delivers a measured, data-driven, and often candid snapshot of where the Bitcoin treasury and institutional adoption story stands at the start of 2026.