Austin Reid

"IBIT options are 50% of global crypto options volume... we've seen the ratio of spot to Bitcoin ETF volume flex to like 50%." Liquidity is rapidly consolidating into the BlackRock ETF (IBIT) and its derivatives. As institutions prefer regulated wrappers over raw spot Bitcoin, IBIT becomes the primary vehicle for price discovery and volume, commanding a liquidity premium over other vehicles. LONG IBIT as the "Kingmaker" of institutional flows. Regulatory reversal or high fees relative to holding spot directly (though institutions prioritize compliance over minor fee differences).

"People typically look at us and Galaxy and Coinbase in terms of having the largest loan books... We've seen a significant acceleration in global banks and asset managers setting up the pipes." FalconX (private) is seeing record demand for prime brokerage and credit. Since investors cannot buy FalconX, they must buy its public competitors/peers (Coinbase and Galaxy Digital) who share the same oligopoly on institutional crypto credit and prime services. LONG the "Picks and Shovels" of institutional onboarding. Fee compression as traditional banks (TradFi) eventually enter the market directly.

"Hyperliquid... like 20% of global silver volume in two months... vast majority to like maybe 100% of volume that's happening on nights and weekends." The tokenization of real-world assets (RWA) is creating a new, 24/7 liquidity venue for commodities. If crypto traders are aggressively trading gold and silver on weekends, this creates net new demand velocity for the underlying commodities. The "convergence" trade implies higher volatility and volume for the underlying ETFs (GLD/SLV) as arbitrageurs bridge the gap between DeFi and TradFi. LONG Commodities as they gain a 24/7 trading premium. Disconnect between paper claims (tokenized) and physical delivery could lead to de-pegging events that don't translate to ETF price action.

"People typically look at us and Galaxy and Coinbase in terms of having the largest loan books... We've seen a significant acceleration in global banks and asset managers setting up the pipes." FalconX (private) is seeing record demand for prime brokerage and credit. Since investors cannot buy FalconX, they must buy its public competitors/peers (Coinbase and Galaxy Digital) who share the same oligopoly on institutional crypto credit and prime services. LONG the "Picks and Shovels" of institutional onboarding. Fee compression as traditional banks (TradFi) eventually enter the market directly.

"Hyperliquid... like 20% of global silver volume in two months... vast majority to like maybe 100% of volume that's happening on nights and weekends." The tokenization of real-world assets (RWA) is creating a new, 24/7 liquidity venue for commodities. If crypto traders are aggressively trading gold and silver on weekends, this creates net new demand velocity for the underlying commodities. The "convergence" trade implies higher volatility and volume for the underlying ETFs (GLD/SLV) as arbitrageurs bridge the gap between DeFi and TradFi. LONG Commodities as they gain a 24/7 trading premium. Disconnect between paper claims (tokenized) and physical delivery could lead to de-pegging events that don't translate to ETF price action.