Tidemark Capital

Markets, investing & the human behind every trade 🎯 Sharing ideas, tools, fiction & books worth rereading 💡— for those who play the long game 🔥

[Tidemark Capital @EncodeAlphaEN]

https://t.co/m92A6TrBlQ

[Tidemark Capital @EncodeAlphaEN]

@TrendGPS Exactly

[Tidemark Capital @EncodeAlphaEN]

You’re better off buying $BTBT than $WYFI.

WhiteFiber is a subsidiary of Bit Digital ($BTBT).

The relationship is roughly as follows: BTBT started as a crypto mining and digital asset infrastructure company. It later spun out its AI infrastructure business into WhiteFiber and helped take it public. After WhiteFiber’s IPO, Bit Digital still owns approximately 71.5% of the company, making BTBT WhiteFiber’s controlling parent and largest shareholder.

In simple terms:

WhiteFiber = BTBT’s AI data center and GPU cloud platform
BTBT = WhiteFiber’s parent company and majority shareholder

At the same time, BTBT also holds 149,893 ETH, worth approximately $338.3 million as of April 30, 2026.

When you combine the value of BTBT’s crypto holdings with the value of its stake in WhiteFiber, the sum is close to—or potentially exceeds—BTBT’s entire market capitalization.

That’s why the investment case is straightforward:

If you’re bullish on WhiteFiber, buying BTBT may offer more upside. You get exposure to WhiteFiber through BTBT’s majority ownership while also receiving a large Ethereum treasury position. In other words, the market appears to be assigning little or no value to BTBT’s remaining businesses, suggesting that BTBT may be materially undervalued relative to its underlying assets.

[Tidemark Capital @EncodeAlphaEN]

You’re better off buying $BTBT than $WYFI.

WhiteFiber is a subsidiary of Bit Digital ($BTBT).

The relationship is roughly as follows: BTBT started as a crypto mining and digital asset infrastructure company. It later spun out its AI infrastructure business into WhiteFiber and helped take it public. After WhiteFiber’s IPO, Bit Digital still owns approximately 71.5% of the company, making BTBT WhiteFiber’s controlling parent and largest shareholder.

In simple terms:

WhiteFiber = BTBT’s AI data center and GPU cloud platform
BTBT = WhiteFiber’s parent company and majority shareholder

At the same time, BTBT also holds 149,893 ETH, worth approximately $338.3 million as of April 30, 2026.

When you combine the value of BTBT’s crypto holdings with the value of its stake in WhiteFiber, the sum is close to—or potentially exceeds—BTBT’s entire market capitalization.

That’s why the investment case is straightforward:

If you’re bullish on WhiteFiber, buying BTBT may offer more upside. You get exposure to WhiteFiber through BTBT’s majority ownership while also receiving a large Ethereum treasury position. In other words, the market appears to be assigning little or no value to BTBT’s remaining businesses, suggesting that BTBT may be materially undervalued relative to its underlying assets.

[Tidemark Capital @EncodeAlphaEN]

You’re better off buying $BTBT than $WYFI.

WhiteFiber is a subsidiary of Bit Digital ($BTBT).

The relationship is roughly as follows: BTBT started as a crypto mining and digital asset infrastructure company. It later spun out its AI infrastructure business into WhiteFiber and helped take it public. After WhiteFiber’s IPO, Bit Digital still owns approximately 71.5% of the company, making BTBT WhiteFiber’s controlling parent and largest shareholder.

In simple terms:

WhiteFiber = BTBT’s AI data center and GPU cloud platform
BTBT = WhiteFiber’s parent company and majority shareholder

At the same time, BTBT also holds 149,893 ETH, worth approximately $338.3 million as of April 30, 2026.

When you combine the value of BTBT’s crypto holdings with the value of its stake in WhiteFiber, the sum is close to—or potentially exceeds—BTBT’s entire market capitalization.

That’s why the investment case is straightforward:

If you’re bullish on WhiteFiber, buying BTBT may offer more upside. You get exposure to WhiteFiber through BTBT’s majority ownership while also receiving a large Ethereum treasury position. In other words, the market appears to be assigning little or no value to BTBT’s remaining businesses, suggesting that BTBT may be materially undervalued relative to its underlying assets.

[Tidemark Capital @EncodeAlphaEN]

You’re better off buying $BTBT than $WYFI.

WhiteFiber is a subsidiary of Bit Digital ($BTBT).

The relationship is roughly as follows: BTBT started as a crypto mining and digital asset infrastructure company. It later spun out its AI infrastructure business into WhiteFiber and helped take it public. After WhiteFiber’s IPO, Bit Digital still owns approximately 71.5% of the company, making BTBT WhiteFiber’s controlling parent and largest shareholder.

In simple terms:

WhiteFiber = BTBT’s AI data center and GPU cloud platform
BTBT = WhiteFiber’s parent company and majority shareholder

At the same time, BTBT also holds 149,893 ETH, worth approximately $338.3 million as of April 30, 2026.

When you combine the value of BTBT’s crypto holdings with the value of its stake in WhiteFiber, the sum is close to—or potentially exceeds—BTBT’s entire market capitalization.

That’s why the investment case is straightforward:

If you’re bullish on WhiteFiber, buying BTBT may offer more upside. You get exposure to WhiteFiber through BTBT’s majority ownership while also receiving a large Ethereum treasury position. In other words, the market appears to be assigning little or no value to BTBT’s remaining businesses, suggesting that BTBT may be materially undervalued relative to its underlying assets.

[Tidemark Capital @EncodeAlphaEN]

You’re better off buying $BTBT than $WYFI.

WhiteFiber is a subsidiary of Bit Digital ($BTBT).

The relationship is roughly as follows: BTBT started as a crypto mining and digital asset infrastructure company. It later spun out its AI infrastructure business into WhiteFiber and helped take it public. After WhiteFiber’s IPO, Bit Digital still owns approximately 71.5% of the company, making BTBT WhiteFiber’s controlling parent and largest shareholder.

In simple terms:

* WhiteFiber = BTBT’s AI data center and GPU cloud platform
* BTBT = WhiteFiber’s parent company and majority shareholder

At the same time, BTBT also holds 149,893 ETH, worth approximately $338.3 million as of April 30, 2026.

When you combine the value of BTBT’s crypto holdings with the value of its stake in WhiteFiber, the sum is close to—or potentially exceeds—BTBT’s entire market capitalization.

That’s why the investment case is straightforward:

If you’re bullish on WhiteFiber, buying BTBT may offer more upside. You get exposure to WhiteFiber through BTBT’s majority ownership while also receiving a large Ethereum treasury position. In other words, the market appears to be assigning little or no value to BTBT’s remaining businesses, suggesting that BTBT may be materially undervalued relative to its underlying assets.

[Tidemark Capital @EncodeAlphaEN]

Why HyperLiquid ($HYPE) Has Surged During a Crypto Market Downturn

The key reason HyperLiquid/$HYPE has rallied so strongly during a weak crypto market is not that it has somehow become immune to broader market conditions. Rather, it operates with a fundamentally different cash flow → buyback mechanism than most crypto tokens.

First, HyperLiquid is one of the few on-chain projects generating substantial real revenue. According to DefiLlama, HyperLiquid generated approximately $215 million in gross protocol revenue in Q1 2026, with another $119 million in Q2 so far, primarily from perpetual futures trading fees. During bear markets or range-bound conditions, spot prices may stagnate, but volatility and leveraged trading activity often increase. As a result, exchange revenue does not necessarily decline.

Second, HYPE benefits from a built-in source of persistent demand. Multiple reports and data sources indicate that HyperLiquid’s Assistance Fund allocates roughly 97%–99% of trading fee revenue to purchasing HYPE on the open market. As Forbes noted, this mechanism may explain the token’s performance better than ETF-related narratives. In simple terms: the more revenue the platform generates, the more consistent buy pressure is created for HYPE.

Third, the market is increasingly valuing HyperLiquid as an “on-chain Binance/CME.” HyperLiquid has become the leading perpetual futures DEX, with industry data providers reporting approximately $172.6 billion in 30-day perpetual trading volume and over $9 billion in open interest in 2026. Investors are therefore not simply buying another Layer 1 story; they are buying exposure to a combination of a high-revenue exchange, a blockchain, and perpetual trading infrastructure.

Fourth, weak market conditions have actually strengthened capital concentration. During bear markets, capital tends to flow away from high-inflation, low-revenue altcoins and toward a small number of assets that offer real revenue, buybacks, and growth. Because HYPE has a revenue-driven buyback loop, it has emerged as a relative outperformer.

Fifth, regulatory and institutional narratives have provided additional support. The United States has recently begun approving or advancing products related to perpetual futures markets. Media coverage has linked these developments to HyperLiquid’s rapid growth, reinforcing expectations that perpetual futures markets (“perps”) could become part of mainstream finance.

That said, investors should also be aware of the risks. HYPE has already appreciated significantly, and its buyback mechanism depends heavily on trading volume and fee generation. If trading activity slows, competition intensifies, regulations become more restrictive, or token unlocks create additional selling pressure, the valuation could become vulnerable. According to Tokenomics data, approximately 14.18 million HYPE tokens are scheduled to unlock on June 29, 2026, representing about 1.4% of total supply.

In one sentence: HYPE’s rally is fundamentally a story of the market re-rating an asset with real fee revenue, continuous buybacks, and dominant positioning in the perpetual futures DEX sector—especially at a time when most crypto assets lack those characteristics.

[Tidemark Capital @EncodeAlphaEN]

Why HyperLiquid ($HYPE) Has Surged During a Crypto Market Downturn

The key reason HyperLiquid/$HYPE has rallied so strongly during a weak crypto market is not that it has somehow become immune to broader market conditions. Rather, it operates with a fundamentally different cash flow → buyback mechanism than most crypto tokens.

First, HyperLiquid is one of the few on-chain projects generating substantial real revenue. According to DefiLlama, HyperLiquid generated approximately $215 million in gross protocol revenue in Q1 2026, with another $119 million in Q2 so far, primarily from perpetual futures trading fees. During bear markets or range-bound conditions, spot prices may stagnate, but volatility and leveraged trading activity often increase. As a result, exchange revenue does not necessarily decline.

Second, HYPE benefits from a built-in source of persistent demand. Multiple reports and data sources indicate that HyperLiquid’s Assistance Fund allocates roughly 97%–99% of trading fee revenue to purchasing HYPE on the open market. As Forbes noted, this mechanism may explain the token’s performance better than ETF-related narratives. In simple terms: the more revenue the platform generates, the more consistent buy pressure is created for HYPE.

Third, the market is increasingly valuing HyperLiquid as an “on-chain Binance/CME.” HyperLiquid has become the leading perpetual futures DEX, with industry data providers reporting approximately $172.6 billion in 30-day perpetual trading volume and over $9 billion in open interest in 2026. Investors are therefore not simply buying another Layer 1 story; they are buying exposure to a combination of a high-revenue exchange, a blockchain, and perpetual trading infrastructure.

Fourth, weak market conditions have actually strengthened capital concentration. During bear markets, capital tends to flow away from high-inflation, low-revenue altcoins and toward a small number of assets that offer real revenue, buybacks, and growth. Because HYPE has a revenue-driven buyback loop, it has emerged as a relative outperformer.

Fifth, regulatory and institutional narratives have provided additional support. The United States has recently begun approving or advancing products related to perpetual futures markets. Media coverage has linked these developments to HyperLiquid’s rapid growth, reinforcing expectations that perpetual futures markets (“perps”) could become part of mainstream finance.

That said, investors should also be aware of the risks. HYPE has already appreciated significantly, and its buyback mechanism depends heavily on trading volume and fee generation. If trading activity slows, competition intensifies, regulations become more restrictive, or token unlocks create additional selling pressure, the valuation could become vulnerable. According to Tokenomics data, approximately 14.18 million HYPE tokens are scheduled to unlock on June 29, 2026, representing about 1.4% of total supply.

In one sentence: HYPE’s rally is fundamentally a story of the market re-rating an asset with real fee revenue, continuous buybacks, and dominant positioning in the perpetual futures DEX sector—especially at a time when most crypto assets lack those characteristics.

[Tidemark Capital @EncodeAlphaEN]

Why HyperLiquid ( $HYPE ) Has Surged During a Crypto Market Downturn

The key reason HyperLiquid/$HYPE has rallied so strongly during a weak crypto market is not that it has somehow become immune to broader market conditions. Rather, it operates with a fundamentally different cash flow → buyback mechanism than most crypto tokens.

First, HyperLiquid is one of the few on-chain projects generating substantial real revenue. According to DefiLlama, HyperLiquid generated approximately $215 million in gross protocol revenue in Q1 2026, with another $119 million in Q2 so far, primarily from perpetual futures trading fees. During bear markets or range-bound conditions, spot prices may stagnate, but volatility and leveraged trading activity often increase. As a result, exchange revenue does not necessarily decline.

Second, HYPE benefits from a built-in source of persistent demand. Multiple reports and data sources indicate that HyperLiquid’s Assistance Fund allocates roughly 97%–99% of trading fee revenue to purchasing HYPE on the open market. As Forbes noted, this mechanism may explain the token’s performance better than ETF-related narratives. In simple terms: the more revenue the platform generates, the more consistent buy pressure is created for HYPE.

Third, the market is increasingly valuing HyperLiquid as an “on-chain Binance/CME.” HyperLiquid has become the leading perpetual futures DEX, with industry data providers reporting approximately $172.6 billion in 30-day perpetual trading volume and over $9 billion in open interest in 2026. Investors are therefore not simply buying another Layer 1 story; they are buying exposure to a combination of a high-revenue exchange, a blockchain, and perpetual trading infrastructure.

Fourth, weak market conditions have actually strengthened capital concentration. During bear markets, capital tends to flow away from high-inflation, low-revenue altcoins and toward a small number of assets that offer real revenue, buybacks, and growth. Because HYPE has a revenue-driven buyback loop, it has emerged as a relative outperformer.

Fifth, regulatory and institutional narratives have provided additional support. The United States has recently begun approving or advancing products related to perpetual futures markets. Media coverage has linked these developments to HyperLiquid’s rapid growth, reinforcing expectations that perpetual futures markets (“perps”) could become part of mainstream finance.

That said, investors should also be aware of the risks. HYPE has already appreciated significantly, and its buyback mechanism depends heavily on trading volume and fee generation. If trading activity slows, competition intensifies, regulations become more restrictive, or token unlocks create additional selling pressure, the valuation could become vulnerable. According to Tokenomics data, approximately 14.18 million HYPE tokens are scheduled to unlock on June 29, 2026, representing about 1.4% of total supply.

In one sentence: HYPE’s rally is fundamentally a story of the market re-rating an asset with real fee revenue, continuous buybacks, and dominant positioning in the perpetual futures DEX sector—especially at a time when most crypto assets lack those characteristics.

[Tidemark Capital @EncodeAlphaEN]

Why HyperLiquid ($HYPE) Has Surged During a Crypto Market Downturn

The key reason HyperLiquid/$HYPE has rallied so strongly during a weak crypto market is not that it has somehow become immune to broader market conditions. Rather, it operates with a fundamentally different cash flow → buyback mechanism than most crypto tokens.

First, HyperLiquid is one of the few on-chain projects generating substantial real revenue. According to DefiLlama, HyperLiquid generated approximately $215 million in gross protocol revenue in Q1 2026, with another $119 million in Q2 so far, primarily from perpetual futures trading fees. During bear markets or range-bound conditions, spot prices may stagnate, but volatility and leveraged trading activity often increase. As a result, exchange revenue does not necessarily decline.

Second, HYPE benefits from a built-in source of persistent demand. Multiple reports and data sources indicate that HyperLiquid’s Assistance Fund allocates roughly 97%–99% of trading fee revenue to purchasing HYPE on the open market. As Forbes noted, this mechanism may explain the token’s performance better than ETF-related narratives. In simple terms: the more revenue the platform generates, the more consistent buy pressure is created for HYPE.

Third, the market is increasingly valuing HyperLiquid as an “on-chain Binance/CME.” HyperLiquid has become the leading perpetual futures DEX, with industry data providers reporting approximately $172.6 billion in 30-day perpetual trading volume and over $9 billion in open interest in 2026. Investors are therefore not simply buying another Layer 1 story; they are buying exposure to a combination of a high-revenue exchange, a blockchain, and perpetual trading infrastructure.

Fourth, weak market conditions have actually strengthened capital concentration. During bear markets, capital tends to flow away from high-inflation, low-revenue altcoins and toward a small number of assets that offer real revenue, buybacks, and growth. Because HYPE has a revenue-driven buyback loop, it has emerged as a relative outperformer.

Fifth, regulatory and institutional narratives have provided additional support. The United States has recently begun approving or advancing products related to perpetual futures markets. Media coverage has linked these developments to HyperLiquid’s rapid growth, reinforcing expectations that perpetual futures markets (“perps”) could become part of mainstream finance.

That said, investors should also be aware of the risks. HYPE has already appreciated significantly, and its buyback mechanism depends heavily on trading volume and fee generation. If trading activity slows, competition intensifies, regulations become more restrictive, or token unlocks create additional selling pressure, the valuation could become vulnerable. According to Tokenomics data, approximately 14.18 million HYPE tokens are scheduled to unlock on June 29, 2026, representing about 1.4% of total supply.

In one sentence: HYPE’s rally is fundamentally a story of the market re-rating an asset with real fee revenue, continuous buybacks, and dominant positioning in the perpetual futures DEX sector—especially at a time when most crypto assets lack those characteristics.

[Engineering Knowledge @DP0STS]

China always amazes us 🤯

[Tidemark Capital @EncodeAlphaEN]

@NaturalWorld515 Beijing

[Tidemark Capital @EncodeAlphaEN]

@DadTrader8 Haha forgive my math, but my point stands

[Tidemark Capital @EncodeAlphaEN]

You’d be better off buying $BTBT than $WYFI itself.

WhiteFiber is a subsidiary of Bit Digital (ticker: $BTBT).

Here’s the relationship in simple terms: BTBT originally started as a crypto mining / computing infrastructure company, then spun out its AI infrastructure business into WhiteFiber and took it public. After the WhiteFiber IPO, Bit Digital still owns about 71.5% of the company, making BTBT the controlling parent and major shareholder.

In short:

WhiteFiber = BTBT’s AI data center / GPU cloud platform
BTBT = the parent company and largest shareholder

At the same time, BTBT also holds 149,893 ETH worth approximately $338.3 million (as of 2026-04-30).

The value of BTBT’s crypto holdings plus its stake in WhiteFiber is close to — or even exceeds — BTBT’s entire market capitalization, which suggests BTBT may be undervalued.

[Tidemark Capital @EncodeAlphaEN]

分享刚看到的一句话，觉得对投资也很有用。

老子有云：“上士闻道，勤而行之；中士闻道，若存若亡；下士闻道，大笑之。不笑不足以为道。”

真正有悟性的人听到“道”，会立刻认真去实践；普通人听到“道”，半信半疑，时而觉得有道理，时而又忘了；浅薄的人听到“道”，会哈哈大笑，觉得荒谬。若不被浅薄者嘲笑，就还不够称为真正的“道”。

这里的重点不是贬低别人，而是说：真正深刻的道理，往往不合世俗常识，甚至看起来反直觉。比如“柔弱胜刚强”“无为而无不为”“大成若缺”。境界越浅的人，越容易用表面的聪明去嘲笑它；境界越深的人，越会把它落实到行动里。

简单说：真理常常不是人人一听就懂、人人一听就赞同的。能不能实行，比能不能辩论更重要。

[Tidemark Capital @EncodeAlphaEN]

DTCC, JPMorgan, Mastercard, and Ripple have all recently appeared in reports related to tokenized U.S. Treasuries and settlement infrastructure. Meanwhile, $ONDO is also participating in a cross-border tokenized Treasury redemption pilot. The timing is starting to look very interesting.

[Tidemark Capital @EncodeAlphaEN]

$ONDO Global Markets 最近宣布 tokenized 美股/ETF 平台 TVL 超过 10 亿美元，并称有 70%+ 市占率、180 亿美元累计交易量。这是很强的项目基本面催化。

[Tidemark Capital @EncodeAlphaEN]

https://t.co/IjAM2NTz6I

[Tidemark Capital @EncodeAlphaEN]

ATH $263, February low $49.90, 80% peak-to-trough. CRCL is a "narrative-dense" stock — valuation pulls it back to fundamentals, but sentiment decides the path. Patience matters more than direction.
$CRCL, #Volatility, #Compounders
https://t.co/L3a9nwkCA0

[Tidemark Capital @EncodeAlphaEN]

https://t.co/GJjDWei2at