DonBoqueron

Aping internet magic coins.
#Cryptocurrency #Bitcoin #Ethereum #altcoins #NFTs

[Tushar Jain @tushar_jain]

1/ Multicoin published a full analysis & valuation of Hyperliquid (HYPE).

HYPE is now one of the largest positions in our liquid hedge fund. We've been accumulating aggressively since February.

Here's why we believe HYPE will be one of the best performers over the next cycle:

[Alex B 👾 @bergealex4]

holy fucking shit ahahhahaha

[amit @amitisinvesting]

Why is this so bullish?

From Google’s press release:

“AI is driving an expansionary moment for Alphabet. The company is experiencing strong demand for its AI solutions and services from enterprises and consumers, at levels that are exceeding the company’s available supply.”

I’m not gonna lie, this is the single biggest piece of AI related news we have gotten all year.

It is making me question certain names in my portfolio that have nothing to do with the AI thematic and making me wonder why I own them.

If Google is ready to sell $80B of their own attack to continue funding capex because of unprecedented demand, maybe that warrants selling some losers in your own portfolio to double down on the AI beneficiaries.

This is a complete shift in the paradigm of how we think of megacaps. It has me questioning many things tonight.

[CryptoCondom @crypto_condom]

-CLARITY now unlikely to pass next month
-Iran deal isnt real
-Saylor is selling with STRC + MSTR below nav and Saylor's $2b cash buffer is 70% gone on buy backs
-Coinbase premium is grossly negative
-Equities will continue to absorb liquidity from crypto markets as AI/robotics/Space are more exciting than crypto atm

[Aylo @alpha_pls]

This is one of the strongest TradFi legitimisation signals Hyperliquid has had on record. ICE owns NYSE. Sprecher is one of the most influential people in global market infrastructure.

This is personal validation from the top of TradFi.

He's met the team in person multiple times.

He's framing HL as a venue that does real price discovery for assets that matter to TradFi, and explicitly says the SpaceX derivative on HL could be "bigger than the IPO" itself.

TradFi is adapting to HL, not the other way. ICE is opening Friday late and Monday early to narrow the weekend window where flow has been going to Hyperliquid.

Expects regulators to either create a new category for perpetual futures or fold them into existing frameworks.

The CEO who runs NYSE calling HL bigger than NASDAQ. 11 people.

Just insane.

Hyperliquid.

[Aylo @alpha_pls]

Out of all of the people I told irl to buy hyperliquid:native on day 1 of TGE I am the only one that held the majority of their stack from that purchase.

How did I manage to hold?

Best fundamentals (product, revenue, growth, team) tokenomics combination I've ever seen in crypto.

I truly believe this is an historically unique asset due to the programmatic buying back of finite supply with 99% of protocol fees. This is unprecedented.

After so many years in logging into this place I couldn't let myself sell this asset, despite knowing we were in a bear market.

We only have a handful of examples where diamond handed holders were rewarded over multiple cycles. I continue to believe HYPE is going to take its place in history, as another one of those examples.

Optimistic delusion is an important trait of the most successful traders/investors.

Don't be afraid to dream a little bigger ($800 per point).

Hyperliquid.

[Ryan Watkins @RyanWatkins_]

If you’re wondering why $HYPE is making new ATHs today, this is your best resource to understand the thesis.

@defi_monk and I spent an enormous amount of timing detailing the evolution of Hyperliquid and quantifying how big the opportunity could be, potentially reaching $300B+ in the coming years.

The job is far from finished.

[shaunda devens @shaundadevens]

HYPE >$50. Some thoughts:

Asset prices reflect the last trade in a market’s continuous auction. While this is often treated as “fair value,” only a small share of supply actually changes hands. As a result, price usually reflects the most aggressive buyers and sellers, and the premium or discount they are willing to accept relative to the recent price range. Still, over time, slower-moving supply and demand respond, and the market starts to re-equilibrate.

Therefore, while there are many ways to value an asset, the best way to contextualize its current value is:

1) What do short-term flows and asymmetries look like?
2) Where are longer-term buyers and sellers likely to step in?

For HYPE, short-term aggressive flows are clearly asymmetric to the upside. ETF access has started ($14.1M volume on May 19th), DATs are buying (Hyperliquid Strategies has $100M left), and the Assistance Fund continues to purchase $10M–$15M a week. On the market side, we are seeing tons of positive catalysts: Circle / Coinbase likely bringing in >$100M of stablecoin-related revenue for Hyperliquid, pre-IPO markets like SpaceX and potentially OpenAI from TradeXYZ bringing outsized TradFi attention, RWA open interest at $2.6B (up 2x from two months ago), and most recently regulatory momentum around tokenized stocks.

This leads to the second question: where do longer-term holders sell into this demand? HYPE spent nearly a year auctioning between $20 and $40, rotating supply into a new holder base. My bias is that much of this supply now sits with less price-sensitive holders: Deployers, the Assistance Fund, DATs, and stakers. If motivated sellers already had repeated exits around $38–$40, how much is left to sell above $50? Instead, we may see a reflexive dynamic where investors waiting for lower (e.g HYPE’s $8 Solana moment) are forced to rotate in.

My view is that flows and demand have already pushed many TradFi equities into extremely stretched valuations, while HYPE, despite being crypto’s clear winner, has remained relatively anchored to fundamentals. This break above the prior range, along with clear improvements in fundamentals (regulation, diversified revenue, 0-1 pre-IPO / 24/7 markets) and access (ETFs and DATs), could create an environment where price discovery turns reflexive and HYPE grinds much higher, detaching from traditional valuation anchors in the same way many high-growth L1s have in past cycles.

Hyperliquid

[Michael Nadeau | The DeFi Report @JustDeauIt]

If you want to make an argument that the low is in for BTC, the Realized Cap is a good place to start.

It measures the amount of capital invested into the network from inception (currently $1.08 trillion).

When it rises, it indicates that BTC is experiencing capital inflows.

When it falls, we can think of capital being destroyed or flowing out of the network.

Below we can see that the Realized Cap *might have bottomed* on April 3rd, 3.8% off its peak.

Since that time, the Realized Cap is up $3.6b (capital inflows).

----

If it is, in fact, the low, this would be the earliest it's ever occurred during a bear market.

Per reader request, this week we put on the "bull goggles" and shared the data that points to the cycle low potentially being in.

We also shared an update on market structure, the macro setup, and portfolio mgmt.

If you'd like to access the latest research, see the link below 👇

[based16z @based16z]

$HYPE

- Stablecoin revenue bump
- US reg push
- pre IPOs going viral on trade xyz
- ETF launches last week

Feels like perfect storm for lockout move Solana 24 style here. Target $88

[🐧 @Pentosh1]

Let's say that regulation is imposed on $hype

The consensus so far is that it's bearish bc SOME of retail would flee. Only the left tail risk has been largely discussed, but not the right tail.

Revenues could even 5-10x. Right now, institutions can't touch Hyperliquid in the US. No KYC means no hedge funds and asset managers. There's compliance around using unregulated offshore derivatives.

If we get a compliant path in the US which is likely. Then sure, you might lose some small retail traders, but you're going to end up with billions more from institutions, hedge funds, prop desks, asset managers on chain. Hedging exposure, putting on delta neutral trades, 24/7 trading etc. Lower fees than CME.

I think the bull case, is bigger than the bear case with regulation. Jeff is already working on this, there is no doubt about that.

[Coinbase 🛡️ @coinbase]

Today we’re expanding our support for @HyperliquidX by becoming the platform’s official treasury deployer of USDC.

Onchain markets operate 24/7 and require collateral that is always available, instantly transferable, and deeply liquid - USDC delivers exactly that.

Alongside this, we’ve also significantly increased our position of staked HYPE.

[moon @MoonOverlord]

I thought hyperliquid would be similar to binance and that itll have a bybit and various other exchanges thatll do well along side it

but think it may become more of a robinhood that has 10 different verticals of revenue where they basically dominate everyone else to the point nobody can compete, what is the bybit to robinhood comparison? feels like it doesnt exist

we're already seeing this with wallets, basically every crypto wallet now has HL integrated as their default perp relayer / choice

theres probably another 20 startups that were supposed to do something with stocks onchain / stock perps and hip-3 finished off most of those

TradeXYZ just today added pre-ipo markets which basically takes out ventuals entire platform

and hip-4 (prediction markets) will polish off anyone not named polymarket and maybe kalshi

[Michael Nadeau | The DeFi Report @JustDeauIt]

BTC Short Term Holder Supply in Profit just hit a local peak and is now rolling over.

As we can see in the chart, this tends to precede a market correction.

Why?

It tends to happen in a down-trending bear market, when BTC rallies back to the short-term holder cost basis (currently $79k)

As the price converges into these areas, investors who entered the market in late '25/early '26 (who have seen their holdings go negative during this period) get a little relief.

In some cases, they get back to breakeven.

So they sell.

On the other side, exuberant "dip buyers" provide the liquidity.

---

It doesn't mean we have to drop from here.

But this activity, in conjuction with the fact that BTC recently went into "overbought" territory on the RSI, and has been unable to push through $80k (even with Saylor purchasing billions of BTC) means the current move *could* be nearing an end.

We shared a full update on market structure, macro, and portfolio strategy today with readers of @the_defi_report

If you'd like to access the latest research (currently offering one month free), see the link below 👇

[DonBoqueron @Cryptoqueron]

@GambleinternX Hypergamble all day long

[trade.xyz @tradexyz]

S&P Dow Jones Indices and trade[XYZ] have joined forces to launch the first official S&P 500 perpetual contract, available exclusively on Hyperliquid.

For 69 years, the S&P 500 has been a defining reference point for global finance. Until now, access to that benchmark has been shaped by market hours, intermediaries, and geography. Today, that changes.

The S&P 500 perp is now available 24/7/365, anchored by the official index data required for deep liquidity and institutional confidence at scale. 

SPDJI helped define modern indexing. They are stewards of an iconic benchmark, the standard against which portfolios across the globe are measured. We are honored to bring that legacy on-chain.

Trade[XYZ] is bringing the world's most iconic assets towards a future of global, continuous markets — a future powered by Hyperliquid.

[Ejaaz @cryptopunk7213]

wow Anthropic just published a crazy report on AI replacing your job and er... you might want to look at this:

- #1 most at-risk jobs are computer programmers, financial analysts (rip excel bros) and customer service

- most at-risk workers are female, white, older and higher paid.

- BUT high-risk jobs *aren't* firing employees... they've STOPPED HIRING. biggest victims: college graduates (4X more likely to be fucked)

- entry-level hiring has dropped 14% since chatgpt launched (for highest risk jobs)

- SAFEST jobs are... bartenders, dishwashers and lifeguards - any manual labour that AI can't automate (yet) this accounts for 30% of the job market.

- this was the scariest part: AI models are capable of automating most work TODAY but are prevented because of law and slow company adoption. so its not even a fucking skill issue its an ADOPTION issue.

- now its important to understand that the study is based on real world data but also 'theoretical' intelligence. so take it with a pinch of salt. some jobs (manual labor) didn't even meet min. data reqs

i applaud anthropic on being so damn transparent - they're literally the company behind claude who will be responsible for these impacts

studies like this will help us figure it the hell out. LOT of change coming this year.

[DarkLord_gr | DeFi Dojo @DarkLord_gr]

https://t.co/1FIkEFuW7N

[:) @smileycapital]

interesting relative strength

Hyperliquid.

[BR @somanyfigs]

Gold and Silver have done over $20B in volume on Hyperliquid over the last 10 days

It's also reached ~1% of COMEX's combined daily volume in the last 2 days

For context, this ratio was <0.1% just two weeks ago.

Slowly then all at once. Hyperliquid.