Andrew Lee

Investor, digital assets. Research first capital. Early-stage & infrastructure.
APAC markets | Views my own
@Panga_Ventures

[Andrew Lee @andrewlee_cap]

Liquidity signals matter more than regulatory noise.

The Treasury’s decision to double long-dated bond buybacks did more for Bitcoin than stalled legislation in Congress. That specific move supported broader market liquidity, allowing risk assets like miners and treasury firms to surge while the CLARITY Act remains stuck in committee.

Canaan and Strive posting double-digit gains reflects this macro easing, not just crypto-native demand. When the government injects liquidity into the backend of the financial system, it eventually finds its way to the highest beta assets on the balance sheet.

Cash sits idle until policy forces it to move. This was a liquidity event, not a fundamental re-rating.

#Bitcoin #Liquidity

[Andrew Lee @andrewlee_cap]

ENA’s forty-eight percent jump is a specific bid, not a market signal.

The move follows a one billion dollar facility with FalconX. That is balance sheet utility for a synthetic dollar protocol, not retail euphoria. Capital rotates into infrastructure that clears trades, ignoring the rest of the altcoin complex.

Bitcoin dominance remains flat because liquidity is selective. Investors are paying for settlement reliability, not narrative breadth. This is a trade for counterparties who need leverage, not a tide that lifts every boat.

Opportunity cost here is high if you mistake institutional plumbing for broad risk-on appetite. Wait for volume to spread before chasing the leader.

#Ethena #MarketStructure #Liquidity

[Mike Solana @micsolana]

AI messaging has been absolute dog shit, but i've never met a single person in the real world who knows the name "dario." i've heard aesthetic concerns, noise concerns, property value concerns. these are legit, and need to be addressed. everything else is a distraction.

[nic carter @nic_carter]

“The old Google datacenters were way different from the new Google datacenters. Back in my day, datacenters were clean as a whistle and didn’t make noise or use all the water. But these new AI ones are somehow much worse. Old ones good new ones bad”

[Chris Burniske @cburniske]

While I'm not an equities specialist, I do think the spell has been broken, and am viewing these violent rebounds as deadcats, with the expectation that crypto will catch shrapnel early, but also bottom earlier than equities do.

[Tibo @thsottiaux]

The banked reset will be there by 8pm PST. For all paid users of ChatGPT Work and Codex. Do with this information what you may.

[Andrew Lee @andrewlee_cap]

Liquidations are mechanical, not fundamental.

The market just cleared $1.2 billion in short positions to push Bitcoin higher. This is a transfer of wealth from overleveraged skeptics to patient holders, driven by forced buying rather than new capital allocation. It cleans the board but does not change the asset's intrinsic yield or utility.

I care about where fresh dollars go after the dust settles. If the next leg up relies on another squeeze rather than institutional mandate fit, the opportunity cost of holding becomes severe. Volatility is not a thesis.

#Bitcoin #CapitalAllocation

[Nate Geraci @NateGeraci]

Franklin Templeton set to add tokenized money market fund to ETFs & mutual funds…

You read that right.

Tokenized asset held within tradfi investments.

Line b/w tradfi & defi continues to merge.

This is just another step along that path.

via @VildanaHajric @olgakharif

[nic carter @nic_carter]

Guy who makes a living from YouTube is against datacenters now

What are we even doing here man

[Tarik @tarikbell]

im thrilled to announce im now head of engineering @MorphoLabs 🦋

ive spent most the last 7 years in defi (fun fact - my first startup was built on @compoundfinance) and im as bullish on morpho as i am @Uniswap.

why morpho is inevitable and what i’ll be focused on 🧵

[Omid Malekan @malekanoms]

Says a lot about how archaic TradFi is when you need an "innovation exemption" to not shut down at 4pm.

[Andrew Lee @andrewlee_cap]

Apple is outsourcing its China AI stack to Alibaba.

Regulatory friction makes local hosting non-negotiable for foreign tech giants. By partnering with a domestic incumbent, Apple sidesteps the data sovereignty hurdles that have frozen other Western models. This is not a technical choice but a compliance tax paid to keep the hardware selling.

The opportunity cost here is control. Apple trades model ownership for market access, accepting that its intelligence layer will be fragmented by geography.

Investors should watch who captures the value in these walled gardens. The platform holder wins distribution, but the local partner owns the user data. That dynamic rarely reverses.

#Apple #China

[Georgios Konstantopoulos @gakonst]

The legacy of Binius will continue on - as people retreat to hash-based systems which are the only ones seemingly safe from future quantum attackers, proof systems over binary fields built for proving traditional hashes will be the new standard.

@benediamond & @jimpo_potamus were way ahead of this.

[Ripple @Ripple]

“Regulatory clarity is the foundation of institutional trust.”

Last month, Ripple received full EU authorization for a MiCA Crypto Asset Service Provider (CASP) license from Luxembourg’s CSSF. 🇪🇺

With our EU EMI license, institutions across all 30 EEA nations can now collect, exchange, and pay out via Ripple Payments in a single regulated relationship.

Regulation-first, ready to scale. https://t.co/lesANFtmhQ

[Tibo @thsottiaux]

If you have a company and still use Opus instead of Sol, why so? Does price not matter to you? What's something that would convince you to switch?

[Omid Malekan @malekanoms]

Congrats to the entire FT Digital team on this, it's a big breakthrough and a major accomplishment. The sky is the limit for tokenized MMFs being using across capital markets as the cash leg.

If you zoom out, the buy side (AKA asset managers like FT) are doing pioneering tokenization work in production. Meanwhile the sell side (AKA the big banks) is lobbying against sensible laws while putting out press releases about what is clearly vaporware to anyone who is not a Suit Simp.

There is a very good explanation for this dichotemy.

[Nate Geraci @NateGeraci]

New filing for NHL futures ETFs…

Just the beginning.

ETF issuers & sportsbooks are now competing for the same customer.

Major brokerages like Charles Schwab will slowly morph into DraftKings & DraftKings will slowly morph into Charles Schwab.

Which leads to my prediction:

Major brokerage will acquire major sportsbook in next few years.

Line b/w investing & gambling has completely blurred.

[Aaron Levie @levie]

Awesome day in terms of new model releases from both Deepseek and Grok. Both of these new model updates represent huge jumps in capability at insanely low costs.

This is truly Jevons paradox for AI playing out. By bringing down the cost of AI, demand will continue to accelerate. When I talk to enterprises, they have vastly more use-cases for what they’d like agents to handle than generally what they’re able to budget for today.

They want agents to scan their codebases for security issues. They want agents to review all their documents. They want agents to process information in a large portion of their workflows. And so on. When we bring down the cost of AI or drive up capability levels, it opens up all new use cases in the enterprises, which drives even greater demand.

This is also great for the applied AI layer. The more choice of models - especially those tuned for different types (or costs) of work - the more value there is in being at the layer that can route and optimize based on the task. Great for the entire stack right now.

[Aaron Levie @levie]

The elimination of engineers was one of the wilder hypotheses out there. Just like absurdly wrong. We just gave engineers a power tool that can accelerate the development of whatever we want.

Of course their value not only remains critical in that world, but actually goes up in many domains because we can apply engineering to far more work than before.

If you’re trying to automate drug discovery, you need engineers. If you’re trying to automate manufacturing, you need engineers. If you’re taking on larger and larger software projects, you need engineers.

This will happen in domains beyond engineering too. AI causes companies to take on way more work than before, which leads to needing more experts to oversee the work.

Even as models get better and better, they can be better utilized by the experts in those fields than the novices. Great time to be an expert.

[Georgios Konstantopoulos @gakonst]

https://t.co/QTx1SpPosd