Jason Pagoulatos

"Volatility is super mispriced... we're thinking it should be trading much higher than it is probably like mid-20s upper 20s versus 17-18." The market is complacent at all-time highs with thinning momentum and accelerating geopolitical rumors (Iran). A "V-spike" (capitulation event) is statistically overdue and necessary to reset valuations for a safe entry. Long volatility as a hedge or speculative play on a market correction. Continued market apathy/grind-up (theta decay on volatility products).

Bitcoin has corrected to $74k. There are major technical levels (200-week moving average) and psychological support at $60k. The US administration has an incentive to stimulate the economy ("run it hot") leading into the midterm elections. This liquidity injection will eventually lift risk assets. The $60k-$74k zone represents a long-term accumulation area for strategic buyers. Buy spot BTC in the $60k-$74k range, anticipating a liquidity-driven rally later in the year. Equities market collapse (S&P 500 puking) would drag BTC lower; Quantum computing FUD (fear, uncertainty, doubt) causing structural selling.

Hyperliquid is trading at $33.70 and showing relative strength while the rest of the market (BTC/ETH/SOL) is selling off aggressively. It is generating significant revenue and volume (over $1 billion on silver perps). In market downturns, assets that show relative strength tend to lead the recovery ("the fastest horse"). Hyperliquid is decoupling from the broader crypto beta because it is a revenue-generating business shipping products users need now (HIP-3, Spot, EVM), rather than promising future tech. Long HYPE as the primary "flight to quality" within crypto. Regulatory crackdown on decentralized exchanges; valuation concerns if the broader market capitulates further.

Solana has dropped under $100, a psychological and technical support level. While the "L1 premium" is fading, Solana is viewed as a functional business compared to Ethereum. Even if L1s re-rate lower, Solana is significantly undervalued relative to Ethereum at these levels. The speaker explicitly states they "don't see how you can hold ETH over SOL" and would rather ride SOL to zero than hold ETH. Accumulate SOL in the $90s as a high-beta play for when risk appetite returns. Continued apathy toward L1s; further market-wide liquidation cascades.