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If interest rate volatility is structurally lower going forward, on-chain lending primitives have less upside reflexivity than they used to. On-chain lending multiples haven't expanded even with borrow activity continuing to scale rapidly. Seems like we're headed for <10x sales

ft.com/content/70834a…

I’m sorry but dunking on your competitor during what probably is their worst day in history is not it Bottom feeder behavior

*BIG BANKS EXPLORE JOINT STABLECOIN VENTURE: WSJ *JPMORGAN, BOFA, CITI, WELLS FARGO AMONG BANKS IN TALKS: WSJ

Prices must go down before the bad takes can end.

I’m sure the dollar is going to be just fine 🫡

A few examples from Grok of Bessent talking about joining government to reduce the deficit, which he believes poses existential risk to the country, is crowding out private sector activity, and making housing unaffordable Guess he just gave up on it entirely

The only tokens I track that are up on the year are SYRUP, EUL, HYPE, FARTCOIN, MKR, BTC Each one of these had a large idiosyncratic driver that wasn't easily priced in 1. SYRUP: launch of lstbtc, spark deposit, large influx of borrow demand, annual revenue ramp to $10mm+ 2.

we're approaching a market cap where HYPE going up requires other things to go down. market is healing

Have always had a negative view of Frax. This certainly doesn't help.

It was great joining Tyler Evans Yano 🟪 on the Empire 🟪 as we discuss the emergence of public BTC treasury plays and the Cambrian explosion of crypto assets x public vehicles. Crypto has transitioned to a whole new phase of capital markets… 👇

As much as it's reasonable to be bullish on crypto, price going up shouldn't reaffirm those views. Price continues to force cognitive dissonance amongst crypto traders/investors. Sure, the industry is fundamentally progressing. That doesn't mean your shitcoins are.

When a levered SOL vehicle says you can get more Solana with less risk in their investor presentation, you should probably ask how that's possible? Bonus: when exec comp is tied to SOL / share over a 1 year period but is funded with term debt (w/ plans to issue more debt), you

GBTC peaked at ~620k BTC. MSTR is at 576k, and with the rest of the public treasury strategies, we're easily past peak GBTC.

"Institutional On-Chain Asset Management"

Taking another Twitter hiatus for the time being. Getting pretty fed up with the human capital problem within liquid crypto, and level of discourse has degraded to idiocy. Only way the market improves is for capital to be reallocated into the right hands.

Quick break from hiatus: I highly encourage everyone to watch this 25min video breaking down the structural issues in token markets.