Hyperliquid Just Had It's Breakout Moment

Watch on YouTube ↗  |  May 22, 2026 at 12:00  |  58:27  |  Empire
Speakers
Jason Yanowitz — Co-Founder, Blockworks
Rob Hadick — General Partner, Dragonfly
Santiago R. Santos — Co-Host, Empire / Founder, Inversion Capital

Summary

The hosts discuss Hyperliquid's breakout as a pre-IPO price discovery platform, with Jason and Rob bullish on HYPE. Santiago is bearish on Ethereum, calling it overvalued and a slow death. Jason recommends owning Bitcoin for broad crypto exposure. The episode also covers SpaceX IPO, institutional adoption, and the SEC's innovation exemption for tokenized stocks.

  • Hyperliquid is gaining mainstream attention by pricing hot IPOs like SpaceX and CoreWeave.
  • Jason Yanowitz is extremely long HYPE, comparing its moment to Polymarket's election success.
  • Rob Hadick is also long HYPE but views it as a venture bet on non-token market growth.
  • Santiago R. Santos argues Ethereum is overvalued and expects a slow death for ETH.
  • Jason Yanowitz recommends owning Bitcoin for institutional adoption and network effects.
  • The hosts debate Ethereum's talent exodus and the effectiveness of its rollup roadmap.
  • They discuss the SEC's potential innovation exemption for tokenized stocks and its implications.
  • The episode touches on AI, horror movies, and the new Drake album as content of the week.
Trade Ideas
Jason Yanowitz Co-Founder, Blockworks 2:25
HYPE best crypto bet, still early.
Hyperliquid's non-token markets (real-world assets like oil, commodities, stocks) continue to grow and crypto will rebound, making HYPE the best bet to express that view. The downside is limited relative to the rest of crypto.
HYPE HIGH
Santiago R. Santos Co-Host, Empire / Founder, Inversion Capital 38:32
Ethereum overvalued, slow death expected.
Ethereum is overvalued; the rollup roadmap is broken, value is being sucked away by L2s, talent is leaving, and the asset will not recover to its all-time high without a major shift. It is a slow death for ETH.
ETH HIGH
Jason Yanowitz Co-Founder, Blockworks 40:50
Own Bitcoin for crypto exposure.
If you want to be long crypto broadly, you should own Bitcoin for its institutional adoption and network effect. Bitcoin is a sensible holding.
BTC MED
Up Next
10:41
Betting markets insider trading probe: Rep. James Comer on launch of investigation
CNBC · May 22
3:19
Trump said he’d ‘remember’ companies that didn’t apply for tariff refunds. Many of them are anyway
CNBC · May 22
43:29
US Stocks Eye Longest Stretch of Weekly Gains Since 2023 | Bloomberg Brief 5/22/2026
Bloomberg Markets · May 22
26:53
[#RealMarket] Foreigners bought KOSDAQ for 6 consecutive days.. Is the KOSDAQ bull market finally starting? / If Samsung Electronics and SK Hynix 2x ETFs are listed, what is the market direction? | CEO Kim Dong-yeop
815 Money Talk (815머니톡) · May 22
4:30:01
[May 26, 2022 Afternoon Broadcast Full View] KOSDAQ 2 Consecutive Trading Days Buy Sidecar…Today it went even better than its older brother [Closing Bell Live]
3PRO TV (삼프로TV) · May 22

This Empire video, published May 22, 2026, features Jason Yanowitz, Santiago R. Santos discussing HYPE, ETH, BTC. 3 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Jason Yanowitz, Santiago R. Santos  · Tickers: HYPE, ETH, BTC