santos

researching / trading / fomoing

[The Kobeissi Letter @KobeissiLetter]

The market is experiencing historically high volatility:

The performance gap between the S&P 500’s best- and worst-performing sectors has exceeded 10% in 8 weeks so far in 2026, the highest count since the 2020 pandemic.

Half of these 8 episodes have occurred since late-May, even as the index itself has remained relatively unchanged.

The only 3 other times that this has happened at this point in the year: 2000, 2001, and 2009, all periods of severe market stress.

The full-year record was set in 2000 at 21 weeks, followed by the 2008 Financial Crisis with 15 weeks.

The market is showing severe volatility beneath the surface.

[The Kobeissi Letter @KobeissiLetter]

BREAKING: US oil prices are experiencing a sharp reversal, now up +8% in 60 minutes, as doubts grow over an Axios-reported potential deal to end the Iran War.

This comes as Iran has launched a new website called the "Persian Gulf Strait Authority."

[santos @0xblacksantos]

@Henrik_on_HL Is this reasoning proven? That people sell HYPE to cover their positions? Dont really buy it

It might’ve been the case for people selling PURR during season 1.5, or during the first HYPE run up + pullback, since those tokens were airdropped at no cost (free money), but not now?

[santos @0xblacksantos]

@CryptoTomYT https://t.co/2MfDgYlV5K

[santos @0xblacksantos]

Just off relative valuations, $ANIME is due for a repricing

Azuki is ~16% of Pudgy's collection mcap
Taking their tokens into context would mean that 16% of PENGU should be around $400m

ANIME is currently 120m

Anime is for sure underpriced

[santos @0xblacksantos]

Currently $4m daily vol on Hyperliquid

This trade definitely feels early

[santos @0xblacksantos]

Just off relative valuations, $ANIME is due for a repricing

Azuki is ~16% of Pudgy's collection mcap
Taking their tokens into context would mean that 16% of PENGU should be around $400m

ANIME is currently 120m

Anime is for sure underpriced

[santos @0xblacksantos]

Not to say that Pudgies don't deserve a premium because of institutional recognition, vaneck, etc

But less than 5% of PENGU seems unfair

At least 10% of PENGU makes sense, so I think a 2x from here sounds about right

[santos @0xblacksantos]

I think those who bought ICO should have capitulated after breaking down past 0.004, no one wants to lose money on a trade that was supposedly free money, their ego just won't let it happen

Seems like it's a good time to long now

[santos @0xblacksantos]

$pump seems like an easy short, back to ICO price seems inevitable, and will cascade past that to ~$0.0035, that's the time to buy

[vap0urised @vap0urised]

@layer3xyz 's Signal

On-Chain index to track how your fav protocol/ ecosystem rank among networks. All Data is verifiable and attributable.

Infofi at your finger tips, looking for the next coin with strong fundamentals to ape? We are here for you.

[santos @0xblacksantos]

$pump seems like an easy short, back to ICO price seems inevitable, and will cascade past that to ~$0.0035, that's the time to buy

[Cirrus @CirrusNFT]

Bonkfun lifetime buybacks: $20m

Pumpfun buybacks today: $30m

[santos @0xblacksantos]

@fattpillow @IncomeSharks @Rationalape1 Lmao what math are you using @IncomeSharks

[santos @0xblacksantos]

@cryptolawncare I respect your conviction despite the insane price swings

[santos @0xblacksantos]

@HyperliquidX Hyperliquid

[santos @0xblacksantos]

@HyperliquidX Hyperliquid

[santos @0xblacksantos]

What is there to believe in, if not this?

Hyperliquid

[santos @0xblacksantos]

@DegenTobes hl till i die

[jeff.hl @chameleon_jeff]

Execution

Extremely proud of the community and team for the smooth launch of the HyperEVM. The upgrade happened amidst billions of dollars of daily volume, where the majority of defi derivatives trade. There was no downtime, and no performance degradation after the launch.

The UX of trading is still so seamless that many users assume the HyperEVM is a separate chain! To be clear: the HyperEVM and the existing native Hyperliquid financial system are one composable state.

The safest way to upgrade this uniquely complex system is a gradual rollout. Precompiles and other L1 interactions will build upon the sturdy foundation of the initial HyperEVM release. This will unlock an entirely new class of performant defi applications, but more on that later.

Right now I want to focus on the execution of the launch. A bug in HyperEVM logic or an unoptimized code path would've crippled the entire blockchain, affecting hundreds of thousands of users and billions in open interest.

This was a massively challenging launch: a jet's engine was flawlessly changed mid-flight.

--

Philosophy

The HyperEVM launch stayed true to Hyperliquid’s “no insiders” principle. Hyperliquid has always embodied the original ethos of crypto: no investors, no paid market makers, no fees going to any company. The HyperEVM launch is yet another example that integrity and fairness are the pillars of Hyperliquid.

The tradeoff of a fair launch is that things are a bit messy to start. Tooling might not be there from day one. Builders need to familiarize themselves with the tech. But these short term obstacles are nothing compared to the long term value of fairness. No one had a head start or unfair advantages. I’m impressed that some teams deployed dapps, tooling, and analytics within hours of the HyperEVM release, a testament to the strength of the builders and community.

Hyperliquid will eventually be the credibly neutral infrastructure that houses all of finance. Looking back, the L1 launch, HYPE genesis, and HyperEVM launch will all be important milestones. Success is path dependent, and there can be no blemishes on the fair trajectory towards the final state.

The HyperEVM is a clean slate. The community is hungry for quality applications. Where else in the world is there such an imbalance between supply and demand for applications built? Fast, general purpose chains are nothing new. But on Hyperliquid, builders can plug into a mature, liquid, and performant onchain economy with real users.

I've noticed a pattern that builders, traders, and communities who "make it" on Hyperliquid are those who call Hyperliquid home. Legacy players don't win just because of their credentials. Newcomers have equal opportunity to win by challenging the status quo and seizing the opportunities. There are empires to be built on the HyperEVM, and the community welcomes builders with open arms.

Hyperliquid

[santos @0xblacksantos]

@ellie_nfts Count me in