Bits + Bips: Why Gold Price Discovery Happened on Hyperliquid

Listen to the episode on Apple Podcasts, Spotify, Fountain, Podcast Addict, Pocket Casts, Amazon Music, or on your favorite podcast platform.

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In this episode of Bits + Bips, Austin Campbell and Chris Perkins sit down with Cosmo Jiang to unpack what gold’s volatility shock revealed about market structure, why onchain venues like Hyperliquid are increasingly where price discovery happens, and how digital asset treasuries are being blamed for stress they did not create.

The conversation also turns to Kevin Warsh’s nomination as Fed chair and why it represents a deeper shift in institutional power, not just personnel.

Hosts:

• Austin Campbell, NYU Stern professor and founder and managing partner of Zero Knowledge Consulting

• Christopher Perkins, Managing Partner and President of CoinFund

Guest:

• Cosmo Jiang, General Partner at Pantera Capital

Links:

• Crypto at a Crossroads: Winter Fatigue Meets the Risk of Lower Lows
• Weekend Drama Rekindles Debate Over What Really Caused the October 10 Crash
• Crypto’s Weekend Washout Tests Conviction After a Brutal Week
• Bitcoin Sinks as Markets Price In a More Hawkish Fed
• Why HYPE Is Up While Every Other Crypto, Including Bitcoin, Is Down
• Hyperliquid Prepares Prediction-Style Markets With HIP-4 Upgrade
• Hyperliquid Sees Record Trading as Commodities Drive New Interest
• ​​Crypto Market Structure Bill Clears Senate Committee — But the Hard Part Is Still Ahead
• Silver and gold extend losses after last week's historic plunge
• Gold Volatility Tops Bitcoin in Wildest Price Swings Since 2008

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