Unchained
Unchained
Laura Shin
Bits + Bips: Why Crypto's Next Step Is Perps, Tokenized Stocks and Altcoin ETFs - Ep. 861
1 hour 16 minutes Posted Jul 2, 2025 at 11:00 am.
Intro
Tom’s path from Jane Street to crypto
Why Jito’s yield model works + the importance of market makers
Whether tokenized U.S. stocks actually solve anything for investors
Why Tom says “perps are going to eat the world”
How perps could sneak their way into traditional finance
Whether perps are a better instrument than futures
Why James thinks we’re heading into an altcoin ETF summer
How liquid staking is critical in the context of ETFs with staking
Why the S&P 500 keeps hitting all-time highs
Ram lays out the risks of 1% interest rates
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Show notes
Crypto is bleeding into traditional finance faster than anyone expected.
In this episode of Bits + Bips, the hosts dig into Robinhood’s move into tokenized stocks and perps, what’s actually holding back tokenized equities, and why perps might “eat the world.” 
Plus, they talk crypto ETFs, altcoin summer, and whether staking in ETFs is the next big unlock.
Sponsors:
Bitwise
Hosts: James Seyffart, Research Analyst at Bloomberg Intelligence
Ram Ahluwalia, CFA, CEO and Founder of Lumida
Noelle Acheson, Author of the “Crypto Is Macro Now” Newsletter 
Guest:
Thomas Uhm, Chief Commercial Officer at the Jito Foundation
Timestamps
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