Ryan Watkins

Watkins highlights that Hyperliquid has seen "extraordinary" growth, doing billion-dollar volume days in equity and commodity perpetuals. There is clear Product-Market Fit (PMF) for trading real-world assets (stocks, commodities) with leverage directly on-chain. Unlike other sectors struggling for utility, users actively want this *now*. This sector is capturing volume from traditional brokers and centralized exchanges. High conviction Long. This is one of the few sectors with actual growing revenue and user demand in the current market. Regulatory crackdowns on offering unregistered derivatives/equities on-chain.

Watkins notes that wallets which haven't touched Bitcoin for 10-12 years are selling the most they ever have, capping price despite the debasement narrative. This selling is a one-time transfer of wealth from early adopters to new entrants, not a structural flaw in Bitcoin. The macro backdrop (Gold at all-time highs, dollar debasement) remains valid. Once this specific "OG" supply overhang is absorbed, the artificial price cap is removed. Long-term accumulation. The underperformance is flow-driven, not thesis-driven. The selling pressure from vintage wallets continues for another 6-12 months, delaying the breakout.

Watkins explicitly mentions Twitter/X announcing integrations with Solana (e.g., "hashtags," minting NFTs) and the potential for stablecoin payments on platforms like X or WhatsApp. As Web2 giants (Social Media, Fintech) finally integrate crypto rails after the 2025 regulatory clarity, they will choose high-throughput chains that are already leading. Solana is the named beneficiary of these specific Web2 integrations. Long. It benefits from the "inevitability" of stablecoin/payment adoption. Web2 companies might opt to build their own proprietary L2s or blockchains instead of using public chains like Solana.