SplitCapital

Bitcoin ETFs gets a couple hundred million dollars of daily inflows and literally no one cares anymore.

$IBIT now 8th largest iShares product for @BlackRock

There's a reflexive reality now for assets that are value accretive like HYPE & AAVE whereby investors have to keep increasing allocation over time because the decay function for other alts is so egregious.

This reinforces the idea that top-blasting is worth it.

We must find and focus group every buyer of CRCL and figure out how to convince them to buy our bags instead.

Crypto V2 is fully underway and a big part of that is the big fund massacre.

Crypto funds are a dying breed and we are very much past the beginning period.

I wish you, all, good fortune in the wars to come.

Hyperliquid now solidly ranked number 8 in FDV terms.

At $61+, assuming no change to USDC, Hyperliquid would get to number 7.

All things considered insanely good distribution of holders for @PlasmaFDN at $500m total size of deposit.

Seeing a ton of folks with smaller amounts on here and only one entity with $50m in a wallet.

Well done.

https://intel.arkm.com/explorer/address/0xd1074E0AE85610dDBA0147e29eBe0D8E5873a000

Massive delta on USDT <> USDC market for borrow and supply APY

Rate to borrow dollars is expanding rapidly.

cc: @saliencexbt

A lot of people conflate Hyperliquid’s success with the airdrop to users instead of focusing on the fact that Hyperliquid was one of the highest revenue generating applications in crypto in the first place.

The airdrop only mattered because the project was immediately valuable.

Nobody wants to admit this but the era of offshore CEXs topped in 2024.

CME + Robinhood + Coinbase + HyperLiquid is a tough stack to compete against.

Investors will pile into themes that have mass appeal like stablecoins and exchanges and then start funding the worst of the space in order to say they have skin in the game.

Life is top heavy. Only buy the best.

If you hate the MSTR clones recall that this is a direct consequence of the Gary Gensler era SEC.

This is what happens when we have bad governance and procedure when it comes to regulation.

Early ETF approval would've solved this.

The dumbest thing our space did was convincing founders that giving up double 10%+ of the network, for free, was a good idea.

I spent a few hours this week writing a piece on stablecoin value and I realized it's just better to wait for the vision to come true.

There are 2 categories that make outsized money in crypto:

1) Exchange : Hyperliquid
2) Stablecoins : Plasma

Green assets.

JM.

We're entering a new era.

There are a few criteria in crypto markets that cannot easily be faked. Open Interest reigns supreme.

Hyperliquid has transcended the universe of Perp DEXs and has retained its spot in the world of centralized exchanges.

Quite possibly one of the most embarrassing aspects of crypto today is that it's still very difficult to get basic information on volume / price / orderbook liquidity.

Instead we have a myriad of scam exchanges with high trust scores or no sorting by quality stats.

At any given moment today, meaningful edge in crypto trading is rare.

The sooner we internalize this, the sooner we eliminate unforced errors.

Every Summer someone tells me it’s going to be like DeFi Summer and then every Summer it’s the opposite of DeFi Summer.

American Foreign Policy is absolutely flying at the moment in the Middle East.

Still a lot of work to be done but these last few weeks have been insane and deserves a lot of writing.

There’s a big crypto + stablecoin angle in all of this.

IBIT flips GLD (gold ETF) on year to date flows even after gold’s unreal performance.

Wall Street can’t get enough of Bitcoin.

Stablecoins to bank deposit is a huge moment