Ideas
Constructive on Bitcoin as sentiment improves
Feel better about markets than two weeks ago because price action and positioning have improved: equities are at all-time highs, Bitcoin is near $80K, and STRC/MicroStrategy demand plus returning ETF flows are constructive, even though underlying fundamentals have not changed much.
STRC reflexivity supports Bitcoin and Strategy
The STRC bid is reflexive: as long as STRC demand continues, Strategy can issue more shares/STRC, buy more BTC, and then support more STRC; with another $5-10B of plausible deployment, it is hard to be bearish while the flywheel persists.
AI crypto tokens are a bright spot
Hard to be too bearish on crypto: it looks like it is forming a bottom, and AI-related crypto tokens are a strong pocket, with Venice trading well and USDAI's chip token launching strongly.
Aave token economics become less attractive
Aave's token economics become less interesting as DeFi shifts from cross-margin to isolated lending, which lowers revenue take-rate potential; the exploit and 40% TVL drop reinforce the poor risk/reward in pooled money markets.
Jose
Co-founder and Head of Delphi Labs
35:53
Still holds USDe, trusts Ethena security
Still holds a bunch of USDe and trusts Ethena because the team really cares about security, even though he generally finds DeFi lending risk/reward unattractive unless high rates or private farming opportunities compensate.
USDAI brings AI hardware yield on-chain
USDAI makes sense because it creates asset-backed loans against data-center hardware, allowing hardware buyers to borrow against collateral and scale capital efficiently; AI hardware has appreciated rather than depreciated, making lenders more comfortable and bringing real-world AI-infrastructure yield into crypto.
AI inference demand is up-only
Bullish on AI inference, which is likely up-only and will require many more chips and data centers; H100s trading above their launch prices on secondaries validates demand and the value of AI hardware.
Venice AI privacy VPN has strong growth
Venice is a VPN/private access layer for LLMs using decentralized compute for open-source models, with high-margin usage, strong user growth, recurring revenue, and a privacy narrative that strengthens as hacks/data risks rise; the token captures the business and he holds bags.
Bittensor economics weak despite cult following
Bittensor's economics remain unattractive: its top subnet left after farming emissions, the cult following and dedicated funds help but cannot offset massive emissions and structural selling, and the model has never made sense to him.
AI agents make software less necessary
AI coding agents make it easy to build tailored personal software, reducing the need for off-the-shelf software; while enterprise software still has a role, he is more bearish on software overall.
Still bullish on MetaDAO despite weak trading
Still bullish on MetaDAO despite recent poor trading and launches; it is a launchpad/vertical for legitimate non-meme projects and crypto-equity/token structures, and he remains interested in the model.
Zcash shielded pool benefits from DeFi fatigue
New Zcash thesis: as people get tired of DeFi risk after exploits, they may simply park funds in Zcash's shielded pool; the chart shows a large distribution after last year's pump and is at a key level.
BitMine STRC could boost ETH
If Tom Lee applies the STRC playbook to BitMine, ETH staking yield could fund a preferred dividend and subsidize roughly $4B of ETH purchases, creating reflexivity; this would be bullish for ETH and is a logical setup for BitMine given its clean capital stack.
BitMine STRC could boost ETH
If Tom Lee applies the STRC playbook to BitMine, ETH staking yield could fund a preferred dividend and subsidize roughly $4B of ETH purchases, creating reflexivity; this would be bullish for ETH and is a logical setup for BitMine given its clean capital stack.
Pump.fun can become legit launchpad
Still interested in Pump.fun as it evolves into a launchpad for non-meme/legitimate projects, evidenced by Pumpcade's raise and equity/token round; he still holds PUMP despite unlock concerns.
This Delphi Digital video, published April 23, 2026,
features Jason Calacanis, Yan Liberman, Ceteris, Jose
discussing BTC, STRC, AI-SECTOR, AAVE, USDE, USD.AI, AIQ, VVV, TAO, IGV, METADAO, ZEC, ETH, BITMINE, PUMP.
15 trade ideas extracted by AI with direction and confidence scoring.
Speakers:
Jason Calacanis,
Yan Liberman,
Ceteris,
Jose
· Tickers:
BTC,
STRC,
AI-SECTOR,
AAVE,
USDE,
USD.AI,
AIQ,
VVV,
TAO,
IGV,
METADAO,
ZEC,
ETH,
BITMINE,
PUMP
