SplitCapital

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.