David Duong

The launch of ERC-8004 on Ethereum saw 22,000+ subscriptions in 3 days. This standard enables "machine-to-machine" economy verification. AI Agents need a trustless, permissionless way to transact and verify "credit scores" (FICO for AI). Ethereum is positioning itself not just as a ledger for humans, but as the transactional currency for the AI economy. Long Ethereum (via ETF proxy) as the primary currency for the emerging Agentic Economy. Other L1 chains capturing the AI agent market share due to lower gas fees.

Bitcoin has shown resilience by tracking the dollar higher and holding steady amid market instability, with sellers likely exhausted after recent months, making it attractive for institutions to park cash as a narrative shift supports crypto as a more stable asset class compared to others.

The AI trade is not over; it is experiencing narrative digestion rather than a genuine rotation or cool-off. Multiples on many AI names are compressing while earnings rise, keeping valuations reasonable and far from euphoria levels. The AI transformation is comparable to the industrial revolution in its productivity impact, and the current pullback provides a good opportunity to build or add to AI positions.

Apollo (APO) announced a deal to acquire Morpho tokens, and BlackRock (BLK) is integrating with Uniswap for institutional trading. This marks the transition to "DATs 2.0" (Digital Asset Treasuries). Institutions are no longer just buying spot Bitcoin to hold; they are actively entering DeFi to trade "block space" and yield-bearing protocols. These firms are building the rails for T+0 settlement and higher loan-to-value ratios. Long the infrastructure giants that are legitimizing and financializing DeFi protocols. Regulatory pushback or failure of the specific protocols (Uniswap/Morpho) to scale institutionally.

Apollo (APO) announced a deal to acquire Morpho tokens, and BlackRock (BLK) is integrating with Uniswap for institutional trading. This marks the transition to "DATs 2.0" (Digital Asset Treasuries). Institutions are no longer just buying spot Bitcoin to hold; they are actively entering DeFi to trade "block space" and yield-bearing protocols. These firms are building the rails for T+0 settlement and higher loan-to-value ratios. Long the infrastructure giants that are legitimizing and financializing DeFi protocols. Regulatory pushback or failure of the specific protocols (Uniswap/Morpho) to scale institutionally.