CT is extremely depressed. Meanwhile, it has never been more clear to me that crypto will become a legitimate asset class and that the institutional tailwinds are very real. The old tricks simply don’t work anymore and many are currently incorrectly positioned.

Things are starting to show signs of life again.

Scared of the huge SOL unlock coming in March? I am of the belief a decent chunk of it is already priced in. Big desks and lenders were asking for large SOL amounts to borrow weeks ago at a decent lending rate. I took them up on it with size. It made sense for me as I had no

Spot majors like BTC, ETH, SOL account for ~70% of volumes on centralized exchanges like Binance. Starting today Hyperliquid can capture this opportunity onchain. Expect Unit to drive an additional 9 figures of fees to Hyperliquid in the next year from spot majors alone.

People are capitulating on $SOL right now. This is undoubtedly still the leading chain this cycle and think Solana ETF comes much sooner than people expect. Buy when others are fearful, amazing R/R here for those willing to play few months out.

Retail did better last cycle speculating on projects with credible narratives and investing on a longer time frame. Instead they gambled on garbage + got farmed by their favorite memecoin traders / KOLs this cycle and are now down horrendously. Lessons in there.

People always think its over, and then its not

I’ve seen this movie too many times. People wish for lower prices. When they get them, they lose faith and find new reasons to doubt. Then it rips. By the time they convince themselves to buy, it’s already at new ATHs. Losers wait for confirmation while winners act before it.

Still remain excited about the next 6 to 12 months.

Imagine selling all your SOL right before the SOL strategic reserve.

Crypto x AI still seems to be the fastest horse on Solana. Pretty clear at this point what names to long here.

I hear talk about people capitulating all over these days. Other people capitulating is your opportunity. At none of crypto's pivotal moments was it easy. At bottoms, there was always talk of lower. During forks there was always talk of chain destruction. We now find ourselves in

Hyperliquid Thesis Syncracy believes $HYPE possesses a unique revenue engine, combining an exchange and smart contract platform, that positions it to become the highest earning blockchain in the world. Our thesis on Hyperliquid’s "financial aggregator” opportunity. 1/

Ryan Watkins (Ryan Watkins) is one of the most successful crypto investors. Today we talked with him on Decypher about why: • the app layer can flip L1s • the 4-year cycle is over • he doesn't care about the US crypto reserve • he's still bullish. Link below:

Impacts of the Strategic Bitcoin Reserve 1) Dramatically reduces the likelihood the US government will some day "ban" bitcoin; 2) Dramatically increases the likelihood that other nations will establish strategic bitcoin reserves; 3) Accelerates the speed at which other nations