What’s fueling crypto’s market surge? 
This week on Bits + Bips, Ethereum’s rally has reignited market energy, triggering fresh questions about the return of alt season, and whether Bitcoin’s dominance will continue to fall.
With special guests Katalin Tischhauser from Sygnum Bank and Wintermute’s Jake Ostrovskis, we dive deep into how corporate treasuries, tokenized assets, and shifting ETF flows are reshaping crypto’s microstructure. 
Plus, we dissect the macro impact of rising tariffs, the Fed’s delicate dance with Trump, and whether tokenization could breathe new life into the US dollar.
Check out the sponsors who make this show possible!
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<a href="https://bitwiseinvestments.com/ciomemo">Bitwise</a>
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<a href="https://www.mantle.xyz/">Mantle</a>
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Hosts:
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<a href="https://x.com/steven_ehrlich">Steve Ehrlich</a>, Executive Editor at Unchained</li>
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</ul>
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<a href="https://x.com/ramahluwalia">Ram Ahluwalia</a>, CFA, CEO and Founder of Lumida
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</ul>
Guests:
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<a href="https://www.linkedin.com/in/katalin-tischhauser-b995b6b/?originalSubdomain=ch">Katalin Tischhauser</a>, Head of Research at Sygnum Bank
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<a href="https://x.com/JO_wintermute">Jake Ostrovskis</a>, Head of Sales Trading (OTC) at Wintermute
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</ul>
Links
Markets: 
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Unchained: <a href="https://unchainedcrypto.com/spot-ether-etfs-extend-16-day-inflow-streak-with-453-million/">Spot Ether ETFs Extend 16-Day Inflow Streak With $453 Million</a>
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</ul>
DATs:
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Cointelegraph: <a href="https://cointelegraph.com/news/tron-inc-1b-fundraise-trx-holdings-justin-sun-merger">Tron Inc. seeks $1B to grow TRX holdings as stock rallies</a>
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CoinDesk: <a href="https://www.coindesk.com/business/2025/07/21/crypto-treasury-fever-spreads-to-ethena-as-360m-spac-deal-targets-ena-accumulation">Crypto Treasury Fever Spreads to Ethena as $360M SPAC Deal Targets ENA Accumulation</a>
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CEA Industries Inc. Press Release: <a href="https://www.globenewswire.com/news-release/2025/07/28/3122430/0/en/CEA-Industries-and-10X-Capital-with-the-support-of-YZi-Labs-announce-500-Million-Private-Placement-to-Establish-Largest-Publicly-Listed-BNB-Treasury-Company-in-the-World-NASDAQ-VAP.html">CEA Industries and 10X Capital, with the support of YZi Labs, announce $500 Million Private Placement to Establish Largest Publicly-Listed $BNB Treasury Company in the World</a>
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The Block: <a href="https://www.theblock.co/post/364426/specialty-finance-company-mill-city-announces-450-million-offering-to-establish-corporate-sui-treasury?utm_source=twitter&utm_medium=social">Specialty finance company Mill City announces $450 million offering to establish corporate Sui treasury</a>
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Barron's: <a href="https://www.barrons.com/articles/microstrategy-bitcoin-preferred-stock-yield-6c46f52e">MicroStrategy to Offer Preferred Stock With a Twist That Could Yield 10%</a>
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Trump and Powell
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Fortune: <a href="https://fortune.com/2025/07/29/will-jerome-powell-cut-interest-rates-federal-reserve-trump/">Jerome Powell had a surprise visit from Trump. He's poised to leave interest rates unchanged anyway</a>
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CNBC: <a href="https://www.cnbc.com/2025/07/24/trump-powell-fed-visit.html">Trump spars with Powell over renovation costs during Fed visit, but backs off firing threats</a>
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</ul>

Timestamps:
🎬0:00 Intro
🔥 6:03 Why ETH’s comeback is reigniting crypto markets
🧠 11:23 Why Ram says “animal spirits are back”
💸 15:06 When tariffs could finally start pushing prices higher
📉 18:06 Whether BTC dominance is fading—and if alt season is finally here
🏭 22:27 How tariffs are already hurting some businesses
⚖️ 27:49 Whether Strategy’s new preferred share class adds risky complexity
🏚️ 32:32 Why many new treasury-backed projects might not survive
📊 38:29 Whether these digital asset treasuries (DATs) are trading at unsustainable premiums
🔮 51:28 What the real endgame is for all these DATs
⚔️ 59:00 How the Powell-Trump tension could shake up markets
🔗 1:12:44 Why tokenization is gaining momentum across finance
📈 1:18:55 Whether stablecoins could revive global demand for the US dollar Learn more about your ad choices. Visit <a href="https://megaphone.fm/adchoices">megaphone.fm/adchoices</a>

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