Oil dominates. Commodities ripping from oil while dollar strengthening. Everything else red.
BTC lost 1.1% while SPY lost 7.9%, entering well into second bear market phase. That said, bitcoin held 7x better than equities in the same macro environment.
Gold down 13% is the surprise nobody expected. The traditional safe haven is underperforming the asset everyone calls "risky."
Q1 ends tomorrow. What are you watching going into Q2?
Before Ethereum even launched, a security researcher found a bug that let you send yourself unlimited ETH
All you had to do was send a negative payment
The code removed the amount you sent from your wallet but if the amount was negative, your holdings went up instead of down
Ethereum's own release coordinator called it "my favorite bug so far, an absolute gem: the ability to send a negative payment that moves value FROM the recipient TO the sender"
The bounty for finding it was 5 BTC and the exploit code is still live on GitHub right now
A $230 billion network almost launched with an infinite money glitch built into it
In traditional markets, the Price to Sales ratio is one of the most basic valuation benchmarks
The S&P 500 trades at roughly 2.5–3x revenue on average
High growth tech names routinely command 10 20x
A SaaS company growing 30%+ year over year at sub-1x P/S would have every fund manager on the planet reaching for their checkbook
Now look at crypto
$PUMP - $1.09B in protocol lifetime revenue.
Market cap: $622M. That’s a P/S ratio of ~0.57x. The bulk of this revenue was generated in the past year.
$JUP: $404M in revenue.
Market cap: $559M. P/S of ~1.38x. Better, but still a fraction of what any traditional business with this kind of throughput would command
$CAKE - $675M in revenue.
Market cap: $457M. P/S of ~0.68x. Again, trading below its own revenue
In any other asset class, a sub 1x P/S ratio signals either a dying business or a market that has completely mispriced it
These are neither. These are protocols that generated hundreds of millions to over a billion dollars and most of it recently
The outlier here is $HYPE
$1.06B in protocol revenue, $10.1B market cap
That’s roughly a 9.5x P/S ratio, the only one in this group that reflects how traditional markets would price a high growth, high revenue business. And even that doesn’t include chain revenue
The disconnect is hard to rationalize
These aren’t speculative pre product tokens
These are functioning businesses with real, verifiable, on chain cash flows trading at valuations that would make even the most bearish TradFi analyst pause
The market is either not paying attention or fundamentally does not know how to value revenue generating protocols yet