Hyperliquid

I just dumped my entire $HYPE and $NEAR position, I will explain why in my essay "Reality Test" dropping next Tuesday. TLDR: - Higher energy prices due to Iran war and inventory restocking - 3 Mega AI IPOs between now and early Q3 - Prediction that Trump goes anti-AI to win mid-terms for Republicans - I think highs in mrkts will happen btw now and September - Time to take profit, and two-step in beefa without worrying about my positions

There’s a lot of ancient whales and family offices globally that are way too overweight ETH (and other L1s) and need to rebalance into $HYPE. Garret alone recently capitulated >$1B ETH and is just now beginning his twap. Enormous amount of firepower for new highs as these folks rotate.

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.

Massive Coinbase x Hyperliquid partnership that could bring $135M - $160M in revenue for $HYPE from USDC yield sharing. Big positive surprise to now have the largest U.S. regulated crypto business aligned with Hyperliquid.

@CryptoHayes joins @jennsanasie on Markets Outlook to respond to the HYPE selloff drama, break down the new Fed chair's first…

The last time I saw consensus, market conviction and price action on the same scale with Hype was with SOL (2023), BNB (2021) and ETH (2017). There is officially a new contender for the #2 spot behind BTC.

The more I think about this Coinbase partnership, the more I believe it is Hyperliquid’s biggest announcement all year. Stablecoin yield is the largest revenue source in the industry next to trading fees and Hyperliquid is now the first blockchain to internalize both. This is a fundamental transformation of Hyperliquid as a business. Yield sharing enables Hyperliquid’s revenue to scale more directly with deposits, rather than just trading volume. And because deposits tend to be stickier than volumes in downturns, this could make Hyperliquid’s buybacks more resilient across cycles. For example Hyperliquid stablecoin deposits are currently only down 15% from ATHs compared to monthly volumes down 55%. Zooming out, there’s currently ~$80B in stablecoins deposits on Binance, Okx, and Bybit compared to ~$5B on Hyperliquid. It doesn’t take crazy share gains or sector wide growth for the revenue numbers from yield sharing to get crazy for $HYPE. Think $300M - $500M in incremental run-rate revenue from yield sharing is achievable within next 12 months, and billions in the years beyond as the cryptoeconomy reaccelerates. Hyperliquid.

In January + February it was gold and silver. In March + April it was oil. In May it was semiconductor equities. In June it’s $SPCX. In the months ahead I’m sure it will be something else… Are you getting it now? You will trade everything on Hyperliquid and be happy. Long $HYPE and the financialization of everything.