Jordi Alexander 6.3 15 ideas

Jordy states that decentralized exchanges like Hyperliquid and Lighter are sometimes "trading higher volume than the centralized exchanges on these products." This indicates a structural shift in market share from CEX to DEX, specifically for perpetuals and niche markets. High volume is the precursor to liquidity network effects. LONG the leading perp DEXs as they capture institutional volume. Regulatory crackdowns on DeFi interfaces or smart contract exploits.

Jordy notes that recently, "the amount of trading that was happening on silver was insane... it was Bitcoin and then silver and then ETH." When a specific commodity sees volume rivaling the largest crypto assets on chain/derivatives platforms, it indicates a massive repricing or speculative interest event is underway. WATCH for breakout volatility in Silver due to anomalous volume spikes. Volume could be wash trading or temporary speculative mania that fades quickly.

Jordi notes that altcoins are "really depressed" and back to baseline prices. He explicitly names LayerZero and EigenLayer as examples of "super big names" that are now cheap. The market has indiscriminately sold off these assets due to the October 10th liquidation cascade and general nihilism. This is a "survival bet." If you believe these protocols will exist in 3 years, the current price represents deep distress value rather than fundamental valuation. LONG (Distressed Value). Buy the "fallen angels" that have real tech but broken charts. The project could actually go to zero if they fail to pivot to a revenue-generating product model.

Jordi states Hyperliquid is "probably the only thing... that's done tremendously well." Zaheer notes that trading (DEXs) is the only sector that actually feels "futuristic" and solves real problems. Hyperliquid is capturing the "Commodity Super Cycle" volume by allowing on-chain traders to trade Gold/Silver (XAU) with leverage. While the rest of crypto is boring, Hyperliquid is monetizing the volatility occurring in traditional assets. It has achieved Product-Market Fit where L1s have failed. LONG. It is the market leader in the only vertical (Perps/DEX) currently showing growth and revenue. Regulatory crackdowns on permissionless derivatives platforms.

"We're getting a bit of a commodity super cycle." Retail participation in China and global markets is driving massive volatility in precious metals. Crypto traders are volatility junkies. Currently, crypto is flat/down, but metals are volatile. Liquidity is flowing from Crypto -> Metals. The trade is to follow the volatility, even if it means leaving the crypto asset class temporarily (or trading metals via crypto rails). LONG. Mean reversion if the Dollar strengthens significantly or the "war premium" fades.

Jordi admits he is "a little bit more optimistic on Ethereum than I was last year." He notes the Foundation is finally "getting their act together" and posting reasonable roadmaps (e.g., AI agents). Ethereum sentiment reached maximum bearishness ("spiral to zero"). The reversal in management competence and the shift toward tangible utility (AI agents, privacy/Canton) suggests a mean-reversion trade. When sentiment is 9/10 bad, any positive structural change can trigger a rally. LONG (Contrarian Reversal). L2 fragmentation continues to cannibalize L1 revenue; "MegaETH" or Monad steals remaining thunder.

"We're getting a bit of a commodity super cycle... retail participants in China that are like lining up and bidding it up." Volatility is the lifeblood of traders. Crypto assets have become stagnant/correlated, while commodities are seeing massive geopolitical and retail-driven volatility. Traders will migrate to where the action is. Crypto is simply the *rail* (via Hyperliquid or tokenized assets) to express the trade, but the *asset* to own is the commodity itself. LONG. Bet on the asset class that has captured the "gambling/speculative" energy that used to belong to memecoins. Fed policy reversion (hawkishness) strengthens the USD and crushes commodity prices.

"Canton is one of the projects that is really kind of bringing some of the traditional Wall Street players together... we invested along with Goldman Sachs and Citadel." While retail crypto is depressed, institutional adoption is quietly accelerating (UBS hiring crypto heads, banks tokenizing assets). These institutions will not use public, permissionless chains for core settlement due to privacy/compliance needs. They will use "Cabal" chains like Canton. WATCH. This represents the "adult" table of crypto. It may not have a retail-pump token immediately, but it represents the infrastructure that survives the purge. Slow adoption cycle; "Corporate blockchains" have a history of failing to gain network effects.

Jordi states Hyperliquid is "probably the only thing that's really come out of recent times that's done tremendously well." Zaheer notes that "the second highest liquidation event was on XAU [Gold] on Hyperliquid." The market is suffering from "financial nihilism" and a lack of organic crypto use cases. However, the demand for leverage and trading remains constant. Hyperliquid has successfully captured the "Commodity Super Cycle" flow by allowing seamless on-chain trading of Gold/Silver/S&P500. It is effectively replacing the "casino" function of centralized exchanges with better UX. LONG. This is the clear winner of the "Product Era." It creates actual revenue and captures the volatility migrating from alts to commodities. Regulatory crackdown on permissionless derivatives; failure of the "HIPP3" permissionless market structure.