Bitcoin Enters Global Rotation, Corporate Treasury Trend Accelerates | Token Narratives Ep. 45

This week on Token Narratives, Graham, David, and Sal unpack a pivotal shift in Bitcoin’s positioning amid evolving macro dynamics. As U.S. equities wobble, Bitcoin’s resilience sparks discussion about whether it’s beginning to decouple — becoming a beneficiary of global capital rotation. Graham outlines a bullish thesis rooted in geopolitical diversification, referencing insights from Le Shrub, while Sal highlights how crypto narratives vary drastically by geography — with Toncoin’s regional divergence as a case study.
The crew also breaks down the accelerating trend of public companies adding Bitcoin to their balance sheets. From MetaPlanet’s 23x stock pump to GameStop’s $1.3B raise, the MicroStrategy playbook is going global. But does this set up Bitcoin for long-term strength or systemic fragility?
In a deep dive on the Hyperliquid “Jelly Jelly” incident, David walks through the mechanics of a complex exploit attempt — and why Hyperliquid’s centralized intervention may have been necessary. The conversation explores what decentralization really means for high-performance crypto markets and whether full decentralization is even possible in perp DEXs.
Finally, in the trenches, the crew explores the fast rise — and inevitable fall — of $Ghibli, a meme coin fueled by AI-generated Studio Ghibli mashups and viral Twitter memes. Sal outlines how organic virality still drives huge pumps, but cautions about shorter attention cycles and faster exits.

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