A new episode of Hivemind is out now! This week the team discusses whether AI is a debt bubble, what quantum risk means for Bitcoin, what’s next for the Hyperliquid ecosystem and more. Timestamps 00:00 Intro 00:44 Has Crypto Bottomed? 03:05 BTC’s 10:30 AM Seller Is Gone 04:32 Token Unlocks Into Year End 07:14 Do the Midterms Matter? 09:23 Is AI a Debt Bubble? 10:40 The $4 Trillion AI Capex Math 15:53 Anthropic’s Revenue Is Exploding 19:10 The Reflexive AI Demand Risk 25:00 Why This Isn’t 2000 33:51 Crypto’s Goldilocks Case 36:01 Who Gets Satoshi’s Coins? 37:59 Quantum Fear Lifts ZEC and Pearl 41:49 Has Quantum Changed Your BTC Bet? 48:13 Two Big Themes for Next Year 50:12 Papertrade's Token Problem 59:11 Kinetiq and the HyperEVM Bet 1:09:31 Why Hyperliquid Users Stay Loyal 1:12:30 PUMP vs FOMO 1:16:29 The Rise of Anti-Social Trading 1:19:11 Tokens Still Higher a Year From Now