rick ⛩️

不撓不屈
Head of Markets @laevitas1
Prev: JPM, Orca Global, Presto

[rick ⛩️ @scopicview]

vibes for today

gm

[s @sershokunin]

Trade anything, anytime @tradexyz

[rick ⛩️ @scopicview]

I think the lesson is that no matter how bullish a narrative, things can change very very quickly.

Nothing is impossible.

Take profit when you can.

zcash:native

[Laevitas @laevitas1]

6/ HYPERLIQUID

Hyperliquid: the HIP-3 book is effectively one venue. @tradexyz holds 96% of network HIP-3 open interest - $2,971MM of a $3,081MM total - with every other builder DEX combined under $111MM (dreamcash $41MM, HyENA $28MM, Ventuals $19MM).

The builder-perp experiment is live and growing, but concentration is total: one deployer is the market.

[rick ⛩️ @scopicview]

The most unbelievable part of this story is that someone who works at Anthropic is hiring a CPA instead of maxing out Claude’s capabilities to create a tax strategy.

But maybe they just move in a different tax bracket to me.

[Nathan Resnick @naterez94]

I spoke with a member of the technical staff at Anthropic yesterday who is about to make $17 million.

He's been there less than 2.5 years and is blown away by his equity value. His biggest worry now is tax strategy.

His CPA told him to "max out his 401(k) and consider a donor-advised fund."

While that's a great starting point, here's what makes even more sense:

He's acquiring a 48 unit apartment complex in Phoenix for $14.5 million.

We're running a cost segregation study to reclassify approximately 30% of the depreciable basis into 5, 7, and 15 year property.

Here's the math:
• $14.5M purchase price
• ~$12.3M depreciable basis (excluding land)
• ~$3.7M reclassified to short-life assets via cost seg
• 100% bonus depreciation under OBBBA = $3.7M accelerated to Year 1
Plus standard Year 1 depreciation on the remaining basis adds another ~$315K.

Total Year 1 deduction: approximately 4M.

His wife is qualifying as a real estate professional 750+ hours, more time than any other activity. The loss is no longer passive. It offsets ordinary income.

At a 37% federal bracket plus 13.3% California, that's a combined rate just over 50%.

$4M × 50% = 2M+ in tax savings. Year 1.

Layer in operating expenses, loan interest, and startup costs on the property, the total offset against his Anthropic income crosses $3 million.
Not deferred. Not spread over 27.5 years.

Meanwhile, the property cash flows. He's converted concentrated tech stock into a real asset producing monthly income. And he's done it all before he files the return on his equity windfall.

This is what real tax planning looks like for tech liquidity.

If you're an engineer, exec, or early employee sitting on a meaningful equity position and your CPA hasn't mentioned cost segregation, bonus depreciation, or REPS qualification, you're probably leaving seven figures on the table.

[Laevitas @laevitas1]

1/ Midweek Crypto Derivatives Report

bitcoin:native's vol curve has snapped into front-end backwardation. 30d ATM IV firmed 11.3 vols on the week to 46.0, with the front of the curve leading the move - short-dated IV up near ~63 (est) - while the 90d belly sits as the cheapest point on the surface around ~42.6 (est).

And front-end realised is waking up to meet it: 7d RV at 46.7 now sits level with 30d implied, even as 30d realised lags at 35.3. Implied still leads - paying up ahead of a tape that is only just starting to move - but this is not a calm market, it is a quickening one.

(i) Key Themes
(ii) Positioning
(iii) Hyperliquid

[rick ⛩️ @scopicview]

quote goes hard: "Passive mfers, they always wait for life to happen to them. Instead of ever taking ownership & taking control"

dont wait for life to happen - take ownership and take control

[Puru Saxena @saxena_puru]

Moral of the story - do NOT chase hot IPOs

Year-1 average drawdown = 55%
Year-1 median drawdown = 54%

Table: Truist

[rick ⛩️ @scopicview]

@DegenBrachio @laevitas1

[Laevitas @laevitas1]

https://t.co/MEhDsenoZl

[rick ⛩️ @scopicview]

@0xintforbitcoin Pls shill

[rick ⛩️ @scopicview]

Good luck ethereum:native holders.

If $EWY did it, why not ETH?

[Ben Carlson @awealthofcs]

South Korea has now outperformed the S&P 500 over the past 10 years

All of the outperformance has come in the past year

Nuts

[Laevitas @laevitas1]

1/ Midweek Crypto Derivatives Report

The vol curve came in this week and the front did the work. bitcoin:native 30d ATM IV softened 3.9 vols to 33.9 (from ~37.8 last Wednesday); ethereum:native 30d slid ~50 to ~46. The shape stays in contango - so this is a parallel-down move, not a regime flip - but the front compressed roughly twice as fast as the back. Lay realised over today's IV and the surface stops looking rich at the front and starts looking distinctly cheap at the back.

(i) Key Themes
(ii) Positioning
(iii) Hyperliquid

[rick ⛩️ @scopicview]

Lfg

[Laevitas @laevitas1]

We're pleased to welcome @scopicview as our new Head of Markets.

Bringing deep experience across crypto derivatives and trading, Rick will lead our markets analysis - options flow, vol, term structure and positioning - and building out what we deliver to readers.

More to come!

[Paul Graham @paulg]

Warren's war on crypto was a pure own-goal by the Democrats. It achieved nothing, and it cost them enormously by alienating a large fraction of a powerful group who'd previously supported them. Look at the change from 2020 to 2024.

[Laevitas @laevitas1]

https://t.co/zylpJH8sXn

[rick ⛩️ @scopicview]

Today I learnt that ‘Inner Mongolia’ is outside Mongolia

[rick ⛩️ @scopicview]

@DegenBrachio 고마워, 동생아 ㅎㅎ

[rick ⛩️ @scopicview]

ハイパーリキッド

[celon @notcelon]

"So you just buy Hyperliquid tokens whenever you think it looks cheap and spend the entire day posting “Hyperliquid” on x dot com?"

"Yes, Dave."

"and this is profitable for you?"

"Correct, Dave."

[山口志穂 オカマの日本史 @bpgmuLo9tdWI83J]

聖書がなかったからです。

[rick ⛩️ @scopicview]

知らねーよ

ハイパーリキッド

[Charles Hoskinson @IOHK_Charles]

一部の日本のdRepが私たちの研究提案に反対票を投じたことに、深い悲しみを覚えています。
もしこの提案が可決されなければ、カルダノ（Cardano）はその科学者たちを失い、私たちのラボは閉鎖に追い込まれるということを、日本のコミュニティ全体に再認識していただきたいと考えています。私たちは10年以上の歳月をかけて努力と成長を積み重ね、暗号資産分野において世界最強の研究グループを築き上げてきました。
一部の断片的な資金援助だけで、この成果をバラバラに崩壊させるわけにはいきません。私たちの科学者たちは、より確実性と敬意のある場所へと去ってしまうでしょう。
どうか、カルダノの研究アジェンダを支持するdRepへの委任をお願いいたします。