The Last Trade E048: Navigating the ETF Era with Hong Kim of Bitwise

Hong Kim of Bitwise joins The Last Trade to break down what is really happening in the Bitcoin ETF era, covering the mechanics behind record inflows, who is actually buying, and how public market liquidity access has fundamentally changed Bitcoin's trajectory. Hong argues that spot ETF approval is a historic state change comparable to the moment gold became accessible in ETF form, putting Bitcoin on an even playing field with real estate and gold for the first time. The conversation explores why Bitwise competes on Bitcoin values and ethos rather than just fees against giants like BlackRock and Fidelity, and why that approach matters for the long-term health of the ecosystem. The episode also touches on political threats to Bitcoin at the state level and why the community is better positioned to defend itself than at any prior point.