John Nash Cutrone, CFA

allocator, buildor, trador, unit-01, nfa, imho, dyor, low iq

chief intern @temple_ny, strategery @orderx, ex @bnyglobal, @lumidawealth

[John Nash Cutrone, CFA @NashRate]

@monarq_mgmt agree

[John Nash Cutrone, CFA @NashRate]

@Mringz @orderx looks like it

[John Nash Cutrone, CFA @NashRate]

@alex_markl @orderx eek

[Dean Thomas @DThomasStealth]

If you've been following me for a while you know that I've been about as vocal a $hype bull as there has been for years. A few things have changed, however, that makes the no-brainer long no longer so obvious for me.

1. If Saylor kills btc with his mstr ponzi and the rest of crypto dies with it, this is a huge blow to hyperliquid trading volumes. Majority of hype volume is still crypto. If crypto degens mass migrate to trading stocks, hype is then forced to compete with tradfi brokers for trading volume. It can do this, but it's a much tougher game. The norm for places like Schwab and Robinhood is zero fees. Hype the way it currently is structured is an order of magnitude more expensive. Fees will have to come in or volumes will come down. Sure the gray money that can't kyc will be forced to trade there but folks who can migrate and actually track their trading costs will migrate.

2. Perps are now legal in the US. All the tradfi brokers will now be competing for a slice of the perp pie - not to mention the other crypto players like Kalshi and Polymarket. The incumbents are also cozy with regulators. Hype will be the outsider in this politics game and the pre-ipo product will definitely come under scrutiny.

3. Hype FDV is now trading basically at Robinhood's market capitalization. The risk-reward at $75 is very different than when it was trading around $10 during the JellyJelly attack.

If one has a bullish view on crypto in general, $hype is the obvious asset to long in my opinion - replacing btc and eth in prior cycles. If one does not have a bullish view on crypto, however, I don't think it's the obvious buy it once was now that etfs are live and it's trading at the valuation it is.

[John Nash Cutrone, CFA @NashRate]

2017: blockchain not btc

2026: blockchain not eth

[John Nash Cutrone, CFA @NashRate]

@awettermann @unusual_whales heroic

[John Nash Cutrone, CFA @NashRate]

@coopernicus01 open to: nothing

[John Nash Cutrone, CFA @NashRate]

@TrustlessState 2017: blockchain not btc

2026: blockchain not eth

[John Nash Cutrone, CFA @NashRate]

@jdorman81 down more than pepe 🙃

[John Nash Cutrone, CFA @NashRate]

now we crab here all summer

set bids and go to the beach

[John Nash Cutrone, CFA @NashRate]

seems the crypto bear rally was simply btfd, squeeze, and strc

not a new cycle

btc now battling through resistance at 79-85k

with a bearish macro backdrop

don't think a taco in the east can offset

good time to hide out in gold and wait for 60s in 2H

[John Nash Cutrone, CFA @NashRate]

@orderx wdyt @volmexfinance

[Operation Epic CMS @cmsholdings]

Not a huge fan that vcs can now jack a stock up to nosebleed vals and force the entire american public to buy it after via indexes

[John Nash Cutrone, CFA @NashRate]

crypto: a network. a tool for coordination.

ai: a computer. a tool for acceleration.

[John Nash Cutrone, CFA @NashRate]

@ThinkingUSD @orderx wdyt?

[anime saul goodman @hedgehogsdlemma]

every complex character ever.. including you, the person reading this.. is shinji ikari

[John Nash Cutrone, CFA @NashRate]

@alex_markl Make retail is here after all. In strc, polymarket, and weekend oil perps.

[John Nash Cutrone, CFA @NashRate]

spot is more important than perp for rwas

perp dexs need a spot venue to let users post spot as margin

unlocks basis traders who buy spot, short perp, earn the funding rate

keeping funding rates in check at the same time

[John Nash Cutrone, CFA @NashRate]

@alex_markl not cultured enough. also requires dubs

[John Nash Cutrone, CFA @NashRate]

@Globalflows well played

[John Nash Cutrone, CFA @NashRate]

@alex_markl agree, the risk of consensus is that it's priced in. theses things are trading yet lol