DoveyWan

Bankers running the PIPE carry, politicians running the narrative. While we’re out here degen looping and memeing…They’re the ones who actually made it.

GG this cycle, I guess (last bearish post of May i promise)

🤯 HIBOR just nuked -40%, Hong Kong’s interbank rate is officially trading like a meme coin.

HKD is a synthetic dollar, and HKMA’s about to go full printer mode to defend the peg. Watching closely

Even tho #Bitcoin itself is not productive, but starting 2020 all Bitcoiners have been in these lucrative trades

- GBTC premium arb
- Bitcoin L2 TVL farm
- Bitcoin SPAC wrappers NAV arb

if ETF can be used as collat in tradfi that will further the liquidity effectively make bitcoin productive

PIPEs are tradfi meme coins trade, ATM mech design is boomer's ponzinomics

iykyk

Had 3 PIPE calls in 2 days, honestly this is quite toppy

Metaplanet surpassed Nippon telegraph in daily volume is also another top-ish signal together with the bank stablecoin consortium news

Pro tip for pre-traction founders when pitching: Crypto’s saturated with ideas. What’s rare: execution under constraint. “Why this matters”is table stake. The “how we are doing it already” and “what we've tried to validate and invalidate our assumptions" are making the real diff

Caught up w/ some professional LP allocator friends 👀 Sequoia’s new growth fund just cut mgmt fees to 1.75% is a big signal for how VC is doing as a financial product. many brand names are not even shipping positive IRR for their latest funds..

VC is in a weird spot: Overallocated, AUM-bloated, underwhelming returns

In a 5%+ rate world, capital’s not dumb anymore. Private credit is eating lunch (it's blooming for past 4 years). Bluechip tech VCs are all trying the fee-lite RIA & soft P/E play, buy out legacy biz and slap AI on it

Crypto VC is a small subset of this asset class is also facing immense fundraising pressure. another interesting fact they've mentioned is they dont see there is "asset specific GP play" in the long run 🤔

Tether's move with 21Cap might be a 1 stone N birds strat

- Offload BTC from their reserve in prep for GENIUS
- Park it offbalance sheet but still in reach in the future (rehypothecation)
- Raise fresh $$$ via 21Cap as the premium farming wrapper in capital market

They still have secured loan, corp bond, and gold on the balancesheet so will see how the offload those 👀