Name: Is Hyperliquid The Wild West? Has The Market Topped?! w/ Dim Selk
Uploaded: 2025-08-30T18:13:04+00:00
Duration: 3868 s

Speakers

Dim Selk — Co-host, Steady Lads

Jordi Alexander — Founder & CEO, Selini Capital

Justin Bram — Reporter, The Block

Summary

The hosts and Dim Selk discuss a rough crypto market week, with Bitcoin around $110k, weakening momentum, and renewed ETH sell-pressure concerns. Much of the episode focuses on a Hyperliquid pre-market XPL liquidation incident, market-structure risks, and whether Hyperliquid can police manipulation. They also cover BNB and exchange tokens, gold strength, ETH staking exit queues, DAT NAVs, and fading memecoin narratives.

Bitcoin and major crypto assets are described as having deteriorating momentum.
Dim Selk argues Bitcoin is overvalued near $110k while gold remains in a long-term uptrend.
The Hyperliquid XPL pre-market liquidation is debated as a market-manipulation and DEX design problem.
Justin favors taking profits on crypto majors and remains constructive on BNB.
Mantle is discussed positively for Bybit fee integration, while CRO is flagged as a Trump-driven momentum watch.
ETH faces concerns over staking exit queues, weak ETF flows, DAT NAV pressure, and whale concentration.
Solana memecoins and Polkadot are viewed skeptically, with the pasta segment including XRP and celebrity crypto anecdotes.

Ideas

Dim Selk Co-host, Steady Lads 2:27

Bitcoin overvalued; momentum buyers tapped out.

Bitcoin and alts look overvalued around $110k. Value buyers are not stepping in, momentum is deteriorating, treasury-company MNAVs are compressing, and Saylor is tapped out, making $110k an unstable price.

Justin Bram Reporter, The Block 4:19

Take profit on crypto majors.

Most of the move has already been captured in BTC, ETH, Solana, and the majors. Upside before a major correction is limited, risk/reward has diminished, and he has started taking profit and will continue selling over time.

Jordi Alexander Founder & CEO, Selini Capital 6:47

Gold strength and rate cuts lift Bitcoin.

Despite a gloomy market, he remains bullish on BTC because gold is outperforming stocks and expected rate cuts lower the cost of capital. Bitcoin has similar monetary properties and can take leadership back when gold leads.

Jordi Alexander Founder & CEO, Selini Capital 7:02

Gold stays uptrend in debt cycle.

Gold will remain in a long-term uptrend as long as Bitcoin has not replaced it. Gold tends to do nothing and then jump, and this behavior fits the ongoing monetary and debt cycle.

Dim Selk Co-host, Steady Lads 31:32

Avoid Hyperliquid pre-market perps.

Hyperliquid's self-referential oracle and lack of custody let a large buyer push prices and force liquidations without a sheriff. Pre-market perps on Hyperliquid are dangerous and should be avoided unless using a centralized exchange with enough collateral.

Justin Bram Reporter, The Block 42:16

BNB best exchange token value accrual.

Binance has been the best at driving value to its token. BNB has performed well versus BTC and ETH with fewer drawdowns, and potential US access, staking products, and a possible Binance IPO could keep value accruing.

Jordi Alexander Founder & CEO, Selini Capital 43:12

Mantle gains from Bybit fee use.

Mantle is getting more integrated into Bybit and is being used for fees, which has helped it perform well. Exchange tokens with real revenue are among the few altcoins that work.

Jordi Alexander Founder & CEO, Selini Capital 43:30

CRO Trump-driven pump may not last.

CRO skyrocketed after a Trump association and heavy Korean buying, trading above XRP in volume, but he is unsure whether the move can last. It is more of a developing exchange-token momentum setup.

Dim Selk Co-host, Steady Lads 45:34

ETH ETF and DAT momentum deteriorating.

ETH ETF inflows have dropped sharply and Bitcoin is getting more flows than ETH again. Combined with the ETH unstaking queue, DAT NAVs below 1, and BMR nearing 1, ETH momentum is deteriorating.

Dim Selk Co-host, Steady Lads 46:24

BMR NAV near one is warning.

BMR's NAV is getting close to or below 1, and ETH DAT equity holders may face a choice between buying ETH or pumping the stock. This creates warning signs for the ETH treasury-company structure.

Justin Bram Reporter, The Block 48:40

Avoid Solana memecoin meta now.

Daily DEX user data shows Solana and celebrity memecoin hype is dwindling. Solana's biggest headwind is pivoting away from that narrative, and most traders should avoid the Solana memecoin internet-capital-markets meta.

Jordi Alexander Founder & CEO, Selini Capital 52:27

ETH valuation needs store-of-value revival.

ETH's current valuation is not justified by revenue or cultural games. It only makes sense if ETH re-establishes a store-of-value or ultrasound-money narrative, and he is not ready to go down that road again.

Justin Bram Reporter, The Block 61:10

Polkadot still has no real usage.

Polkadot has no visible live chain, apps, DeFi activity, or meme activity and has never done anything. If investors are still holding Polkadot, they should move on.

Is Hyperliquid The Wild West? Has The Market Topped?! w/ Dim Selk

Summary

Ideas

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