Jordi Alexander

1. THE FACT: Saylor is slowing down BTC buys after "top blasting" and MSTR stock tanking. The speaker suggests it "Might be just the time for me to have @SeliniCapital start a proper BTC collection for the balance sheet." 2. THE BRIDGE: If a major institutional buyer like Saylor is slowing down after a period of aggressive buying and a stock decline, it could indicate a potential market bottom or a more attractive entry point for new institutional accumulation. The speaker's intent to start a BTC collection for their balance sheet reinforces this belief. 3. THE VERDICT: Bullish on BTC as a potential accumulation opportunity, especially if major buyers are pausing after a downturn.

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.

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.

"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.

SpaceX tokenized equity on Binance mirrors crypto dynamics: large upcoming unlock schedules, KOL narratives, and predictable passive index fund flows (e.g., NASDAQ inclusion). These mechanical flows create alpha opportunities for traders who front-run the passive buying and sell after the forced inflows, a playbook learned in crypto.

The death-spiral narrative around MicroStrategy's Stretch (STRC) is overblown because Bitcoin is scarce and cannot be printed like Luna. Saylor's new digital credit framework, large cash cushion for 18-month dividend coverage, and stated willingness to defend Stretch give confidence that the instrument will survive. He bought STRC below 80 and expects to hold into the high 80s.

After a strong rally, SpaceX has become a low-float meme-like asset with looming unlocks and overvaluation; they are flattening longs and preparing to short.

Zcash at current prices (low 400s) is a good hedge as a potential alternative monetary instrument; they are actively buying more.

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.

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 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.