Ethereum reminds him of Solana after FTX: sentiment is washed out and investors have capitulated, but the underlying fundamentals are improving. He sees Wall Street accelerating onchain, tokenized asset initiatives growing, and Ethereum's roadmap refocusing on L1 scaling, privacy, and quantum resistance. He believes Ethereum is under-owned, will become a credibly neutral settlement layer, and calls ETHBTC one of the best trades.
Hyperliquid's purpose-built, app-specific perpetuals chain won the onchain perpetuals race against general-purpose chains like Solana. He thinks of Hyperliquid as an application with a really good business and names it among fundamental crypto businesses he is looking at.