The Wolf Of All Streets – Episode Summary

Episode Title: Bitcoin Rips Toward $75K! Most Confusing Market In History?
Host: Scott Melker
Date: April 14, 2026
Guests: Andrew Tillman, Josh Frank (The Tie), additional panelists

Episode Overview

This episode dives into the current state of the crypto markets as Bitcoin surges toward $75,000 in what many are calling the "most confusing market in history." With Ethereum outpacing Bitcoin in gains and legacy financial institutions rapidly moving into the space, Scott Melker and his guests dissect the narratives, opportunities, and underlying shifts driving crypto's new era. The discussion blends analysis of capital flows, the impact of institutional participation, the evolving utility of altcoins, and the convergence of traditional finance and crypto markets. There’s also lively debate around market structure, tokenization, the fate of exchanges, and what’s next for both retail and institutional investors.

Key Discussion Points & Insights

1. Bitcoin and Ethereum’s Rally: What’s Really Driving the Market?

• BTC Ripping, ETH Outperforming: Bitcoin was approaching $74,573, but the real surprise was Ethereum’s 13% surge in 24 hours, which is notable given ETH generally lags in such movements.
  • Scott Melker: “Ethereum actually outperforming up pretty big. That’s not something we often see...” (01:07)
• Narratives and News: News ranging from geopolitical tensions (Trump bluffing on Iran), monetary policy (Fed rate cuts), and rumors about countries like Iran demanding Bitcoin, all fuel the market—but the hosts warn against over-indexing on single narratives.
• Institutional Flows As Key Driver: Major ETF inflows (almost a billion dollars last week), launch of Morgan Stanley’s ETF, Michael Saylor’s billion-dollar BTC purchase, and more are pushing prices higher (03:57).
  • Panelist: “It’s always a combination of things that’s going to move the market.” (04:19)

2. Shifts in Holder Base and Market Structure

• Institutionalization & Seller Dynamics: ETFs and new on-ramps are bringing fresh capital. Early “OG” holders, including founders and companies needing to raise cash, are selling—but their BTC is now soaked up by Wall Street’s deep pockets.
  • Panelist: “It’s literally getting soaked up as fast as it can get soaked up by Wall Street and... those folks have a lot more liquidity.” (05:18)
• On-Chain Innovation & Tokenization: Exchanges like Kraken are rolling out tokenized equities for 24/7 markets, and legacy finance is “buying crypto direct” (08:44). The guests discuss the practical impacts and caution that just because tokenization happens doesn’t mean token prices rise, especially as most institutional tokenization isn’t on Bitcoin rails.

3. Legacy Finance: From Skepticism to Strategic Partnership

• Traditional Institutions Move In: BlackRock, Nasdaq, NYSE, and Deutsche Borse are pouring into crypto, often by investing in or partnering with native companies—sometimes acquiring them.
  • Panelist: “Everybody is getting their hands into...crypto because there’s money to be made here.” (09:15)
• Tokenization ≠ Price Accretion: The panel emphasizes that the trend toward tokenization does not automatically benefit L1/L2 tokens or retail holders, but rather the infrastructure and platforms institutions choose.

4. Crypto Market Structure: Who Wins As Utility Emerges?

• The 'Fat Protocol' Thesis Revisited: Value might not accrue to L1s (protocol tokens) as once thought, but to actual revenue-generating applications and platforms.
  • Josh Frank: “I think we’re starting to see a shift... The applications that are actually generating revenue are the projects that are thriving and growing.” (13:52)
• Utility & User Experience: The age of trading hype for utility is maturing; Dapps and infrastructure providers with real use cases and good UX are beginning to thrive (15:08).
• Disruption Among Exchanges: Examples like Pump Fun and Hyperliquid show that innovations with strong product-market fit accumulate significant volume/revenue, even before partnering with TradFi.
  • Josh Frank: “Hyperliquid is doing 700 million in annualized profit... with 11 people. Take a step back to appreciate how fucking ridiculous that is.” (36:06)

5. The Mechanics of Volume, Revenue, and Institutional Participation

• Volumes Can Be Misleading: Not always correlated with sustainable business; revenue and active users are more important indicators.
• Who Can Actually Use Bleeding Edge Platforms?
  • Josh Frank: “The general rule...if you’re a prop trading firm, you can do it. The more it’s your own capital, the more flexibility you have.” (23:06)
• Liquidity Is King: The big ETFs and indexed products are limited by the liquidity of underlying assets. Most capital will flow into BTC/ETH and “aggregate” ETFs.

6. How Retail Benefits – Or Doesn’t

• ETF Reality for Most: The panel is blunt that most meaningful retail/institutional money will access the space via ETFs:
  • “90% of people that are going to put meaningful capital...are the kind of folks that invest in ETFs...and that’s how they’ll participate.” (27:36)
• Picking Winners is (Still) Hard:
  • Josh Frank: “Cryptocurrencies are generally pre seed and seed startups that are trading as public equities.” (28:20)
  • Copycatting is easy in crypto, moats are weak, and only a few projects will be true long-term winners—so indexing makes sense for most. Liquidity also limits what is investible via big ETF products (30:14).

7. Cycles, Rotation, and Exchange Business Models

• Dominance and Rotation: Every few years, the “bleeding edge” projects change—Pump Fun, OpenSea, Hyperliquid—but Coinbase and Binance remain at the top.
• Sustainable Exchange Revenue: Exchanges historically must expand revenue lines, as trading volume alone is not enough for generational profitability.
  • “Morgan Stanley is not just making a buck on...commissions. They’re doing a bunch of different things that make that entity valuable.” (35:00)
  • Panelist: “Access to early, new innovation is where the real money is made.” (36:30)

8. AI and The Next Evolution in Crypto Trading

• AI Tooling and Automation:
  • Panelist describes Arch Public’s innovation: “The tools that we've built at Arch Public are specifically geared to alleviate...and get your will represented in your trading strategies…It's only going to get bigger.” (44:15)
• 24/7 Markets Need Automation: As trading hours expand, manual management is no longer practical—automated, AI-driven strategies become crucial.

9. Industry Events and Culture

• Conferences and 'Brand Decay': General skepticism about traditional Bitcoin conferences; Consensus and others now feature notable figures like Eric Trump, reflecting the changing face of crypto events.
• Media Evolution: Short-form content and influencer journalism are replacing traditional “guys in suits” news reporting.

Notable Quotes & Memorable Moments

• “We have Ethereum outperforming Bitcoin by a pretty significant margin... as common as seeing unicorns mating in the Metaverse.”
  — Scott Melker (00:31)

• “It's always a combination of things that's going to move the market.”
  — Josh Frank (04:19)

• “Those folks (early BTC holders) have a lot more liquidity and a lot lower allocation percentage. The next wave, they're not going to be forced sellers like the folks that started the industry. There's too much money for them to go get right now and change their entire lives.”
  — Panelist (06:00)

• “Everybody is getting their hands into... crypto because there’s money to be made here.”
  — Panelist (09:15)

• “Tokenization is not happening on Bitcoin. So I think we need to be pragmatic and practical about what the actual impact of this stuff is going to be.”
  — Josh Frank (12:22)

• “I think we're finally at the age of utility... The user experience is what drives all of this.”
  — Guest Panelist (15:08)

• “You can still disrupt things that happen in traditional capital markets.”
  — Josh Frank (19:03)

• “Hyperliquid is doing 700 million in annualized profit...with 11 people. Take a step back to appreciate how fucking ridiculous that is.”
  — Josh Frank (36:06)

• “It may only deserve 3–5% of your financial allocation, but it deserves 25% of your educational [allocation], because it will lead you into kind of the new ways of finance.”
  — Andrew Tillman (56:49)

Timestamps for Key Segments

• 00:31 — Opening remarks, Bitcoin and Ethereum price action, panel introduction
• 03:57 — Major ETF inflows, Saylor buys, drivers of the crypto rally
• 05:50 — Institutionalization and changes in BTC holder dynamics
• 08:44 — Kraken, tokenized equities, and legacy institution adoption
• 11:04 — Kraken’s round, tokenization’s real-world impact
• 13:09 — The “Fat Protocol” thesis and value capture in crypto
• 15:08 — The era of utility and user-driven crypto product success
• 18:36 — Disruptive exchanges, the scale of Hyperliquid, and exchange business models
• 23:06 — Who can actually participate in bleeding-edge platforms?
• 27:36 — ETF reality for institutional and mainstream investors
• 36:06 — Hyperliquid’s profit and the changing nature of exchange businesses
• 44:15 — AI, automation, and next-gen trading tooling (Arch Public)
• 50:29 — Skepticism over legacy conferences and changing event culture
• 54:01 — Short-form content and the future of crypto media
• 56:49 — Educational value of crypto and Bitcoin allocation

Tone & Language

The episode maintains a blend of analytic rigor, skepticism toward hype-narratives, and playful banter reminiscent of industry insiders unafraid to “call it as they see it.” Sarcasm, bold predictions, and candid language keep the conversation lively and human. The speakers frequently reference crypto industry lore, inside jokes, and historical context, making the discussion accessible to seasoned crypto enthusiasts while still informative for new listeners.

Summary Takeaways

• Crypto has entered a new phase: institutional adoption is real, ETF and legacy financial flows dwarf early adoption cycles, but this also makes the market less predictable and potentially more “boring” for retail.
• Success in the new era will increasingly hinge on real utility, sustainable business models, and automation/AI—simply buying “the narrative” is less likely to lead to outperformance.
• Winners will be few, moats remain thin, and ETF indexation is expected to be the primary exposure for large capital—liquidity of underlying assets is the key limitation.
• Despite all the innovation and money flowing in, the cycle of business model rotation continues: the new winners now (e.g., Hyperliquid) may be replaced in two years as new bleeding-edge projects emerge.
• Crypto media and event culture are also shifting rapidly, mirroring larger changes in news/reporting and community engagement.

For further context and conversation highlights, check out the full episode or visit ArchPublic.com for the trading tools discussed on-air.