Seeing a lot of CT talk about rotating from crypto into stocks lately — and fair enough, stocks are where the real bid is in the past 3 months. But if we get the kind of “risk-on” environment many expect in 2H 2025, I’d bet on flows spillover into crypto. Just like 2020: the

Max pain is when you sell your lev ETH bcuz of Mercury retrograde, but it still went up 10% more. And it might go up even more bcuz of 500m ETF inflow a day during weekdays ... Just gotta keep reminding myself to stick to the plan and not chasing here, and pray for a ETH

On Hero Trades I've been investing full time in crypto since 2018, and am very fortunate to be in the right place at the right time a few times to get to a point that many investors aim for: trading/investing my own stack full time. Blessed to work with people smarter than me,

As I count down to the 5th anniversary of DeFiance Capital, the high-profile blow-up of a well-known liquid fund serves as a stark reminder of how challenging this business can be — and why there’s still plenty of room for improvement in our industry, both in serving clients and

The two CEX runners of the week are ENA and ZORA They are very different in nature (Stablecoin DeFi vs SocialFi) But they shared similarity - both half-beaten to death, but founders refused to give up and marshalled all resources to make the ultimate comeback When ZORA was

This is an email that I've sent all our backers #Hashed, The Spartan Group, Newman Capital DeFiance Capital Alex Svanevik 🐧 Nick Tong Xinshu We did exactly what I said we will do. Drafting a memo on what we are going to do in the next 30 days. Stay tuned.

Global perps open interest is at ATH already However this data seems to be excluding Hyperliquid's OI, which is 15-20% of all CEXs combined. That means the actual global OI is much higher, closer to $150b. How do you long this multi-year perps mega trend? I think you know the

Recently saw a great slide by 冰红茶bitRoy on 3 Hyperliquid anon traders who ran their books to 8-figures in the past few months… only to nuke it all back to zero (or negative) when their 20x leverages fail. The "big 3": 1. James Wynn (no intro needed) 2. Qwatio – dubbed the “US

Zeroxkyle strikes again The same guy who called ICM before anyone else… now early to prediction markets Stuff of legend

few people truly understand the scale of the prediction markets meta 1/ financialization metas always have much larger "belief" TAM than other tech - bc admittedly, we have trended to realizing the best use case is speculation. hence, Hyperliquid, Launchpads, DeFi all carry such

YZY was a very good litmus test as to where we are as a market (+) on one hand, it had a nice 2x. Clearly, there is SOME incremental liquidity (-) proceeded by a sell off. I don't believe this is a "max extract" scenario - but rather lethargy. there is no organic demand willing

Good Crypto IQ test. Arthur is happy with the result.

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as my very wise colleague Eugene 有劲 once said "there is no such thing as a quadruple top"

Early Weather is pretty nice too, although traffic is quite bad even on a Sunday morning Would love to chat with projects and fellow PM/analysts if anyone in town during KBW and Token2049!

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Excited to announce our lineup for DeFiance Capital's Pitch Day! Join us in hearing the best in the industry pitch, & a short roundtable afterwards! This is an invite-only gathering, but we have limited spots available - DM if interested.

It became quite clear that at least in the next few weeks, Asian crypto ecosystem like BNB and MNT will flourish - Asian retail is flushed with money after striking gold with Aster and all Chinese CEXs tokens making new ATH - you can tell with the level of Chinese wealth