Ideas
Ethereum still has room to run
Ethereum has outperformed Bitcoin sharply and still has room to run. Justin remains bullish into all-time highs, though he plans to sell 5% of everything each day after ETH makes new all-time highs to avoid roundtripping gains.
Wall Street adoption drives Ethereum
Ethereum's turnaround requires Wall Street adoption, and ETH is well positioned because it is neutral and cheap enough to be bought in large size. The market is now treating ETH as the Wall Street token versus Solana as the Silicon Valley token, with treasury companies and ETFs only beginning to drive flows.
Gold likely gets new leg
Gold is not expensive after being flat for months following its 25% run-up. Jordi expects a new leg higher and would add gold exposure.
Bitcoin inevitably higher; buy exposure
Bitcoin is inevitable higher and still feels early. Even if selling other alts, investors should get some Bitcoin exposure.
XRP benefits from institutional activation
XRP has appetite from ETF/futures trading and an older demographic that makes it a plausible retirement-account activation channel. The Trump administration's pro-crypto stance and XRP's political reflexivity make it a cleaner institutional-integration bet than many coins.
Institutional coins benefit from political shift
The Trump administration wants crypto to thrive in the U.S., creating a political-reflexivity and institutional-integration basket. Coins hated by the prior administration, such as HBAR and XLM, are under-owned and forgotten, while DeFi is another permutation of the same institutional adoption theme.
Bitcoin for post-crisis banking mess
Bitcoin is not the cleanest expression of the current political-reflexivity trade because lots of leveraged capital is involved. However, it is well suited for what happens after the financial mess, particularly if the banking sector blows up, so it is worth monitoring/owning for that post-crisis phase.
Low-quality altcoins outperform in reflexivity
As the financial-reflexivity trade rotates down the quality stack, lower-quality and less liquid coins can perform better than Bitcoin. ETH treasury companies, for example, should drive ETH more than Bitcoin treasury vehicles drive Bitcoin because ETH is less liquid.
Select memecoins have attention flywheels
Alex is not calling a broad memecoin supercycle, but selective memecoins with attention flywheels, such as the Trump memecoin and Murad's narrowed basket, can keep capturing speculative flow. Inheritance money from wealthy kids flowing into speculative markets also supports this category.
AI-backed stablecoins benefit from GPU tax
AI-backed stablecoins are an attractive crypto x AI category because the Big Beautiful Bill makes GPU expenditures tax-deductible, improving yield economics for financing GPUs. Crypto can bring these GPU/RWA yield products on-chain, and money may chase yield by buying GPUs through stablecoin structures.
AI proof-of-work mining thesis
Proof of work is the cleanest representation of crypto, and AI inference can secure a proof-of-work chain. Alex has a position in his brother's proof-of-logits protocol, which uses AI inference to mine and validate blocks in a Merkle tree similar to Bitcoin.
Post Fiat fixes DAO governance
DAOs are poorly administered with centralized actors making unauditable decisions. Post Fiat aims to make governance deterministic and verifiable by using LLM mode-collapse properties to allocate rewards and select validators objectively; Alex is excited about this coin.
Crypto asset class grows 10x
Crypto as an asset class can 10x to roughly $40 trillion in 10 years. Investors should not overintellectualize short-term moves because crypto trades like a levered NASDAQ and is driven by liquidity/flows.
Solana/ETH ratio continues higher
Solana's ~$100B FDV versus Ethereum's ~$430B is mispriced. Over a three-year period, the SOL/ETH ratio should continue higher as Solana remains the most retail-friendly chain, even though it needs to diversify beyond memecoins and faces Hyperliquid competition.
Pump undervalued, can hit 10B
Santiago participated in the Pump ICO and is long the perp. He thinks Pump is undervalued near $4.4B FDV and can reach $10B, possibly $40B, before the cycle cracks because it has massive mindshare, activity, an ambitious team, and a buyback mechanism, though heavy profit-taking and discretionary buybacks create volatility.
Pump long near ICO price
Justin is long Pump and considering adding because it trades near the ICO price around $4.4B FDV, where there was clearly more demand than supply. He views it as an attractive position to hold.
Avoid crypto treasury companies
Santiago is very negative on crypto treasury companies because most operators are low-quality and incompetent, and the strategy only works at MicroStrategy's level of sophistication. The premium is not sustainable, can unwind quickly, and can go negative, making the structure a game of musical chairs where the sponsor can trade against buyers.
MicroStrategy premium unsustainable
MicroStrategy has been surprisingly successful and sophisticated enough to avoid liquidation, but the premium cannot be justified over a prolonged period. When it unwinds, the structure can go negative, so the premium is a significant risk.
UPXI small fresh-dollar position
Santiago disclosed a small position in UPEXi/UPXI using fresh dollars rather than locked tokens. He notes the volume and that Big Brain Holdings is adding $150 million more SOL to it, but he remains generally cautious on treasury companies.
Retail flows favor legacy coins
Retail normie flows concentrate in legacy, high-mindshare coins such as XRP, Cardano, Dogecoin, and Fartcoin rather than newer infra tokens. Santiago expects the normie buying Ripple to outperform crypto natives in the trenches, and he does not expect the top-10 composition to change dramatically.
Retail flows favor legacy coins
Retail normie flows concentrate in legacy, high-mindshare coins such as XRP, Cardano, Dogecoin, and Fartcoin rather than newer infra tokens. Santiago expects the normie buying Ripple to outperform crypto natives in the trenches, and he does not expect the top-10 composition to change dramatically.
Bitcoin offers best asymmetric return
Santiago now thinks a 50% Bitcoin allocation makes sense. Bitcoin has become less risky, is the ultimate meme, and offers the most compelling asymmetric return per unit of incremental risk; he expects Bitcoin to touch $1 million in 10 years.
This Steady Lads Podcast video, published July 19, 2025,
features Justin Bram, Jordi Alexander, Alexander Good, Santiago R. Santos
discussing ETH, GLD, BTC, XRP, HBAR, XLM, DEFI, Low-quality altcoins, MEMECOINS, AI-backed stablecoins, Proof of Logits, Post Fiat, Crypto Market, SOL/ETH ratio, PUMP, Crypto treasury companies, MSTR, UPXI, ADA, DOGE, FARTCOIN.
22 trade ideas extracted by AI with direction and confidence scoring.
Speakers:
Justin Bram,
Jordi Alexander,
Alexander Good,
Santiago R. Santos
· Tickers:
ETH,
GLD,
BTC,
XRP,
HBAR,
XLM,
DEFI,
Low-quality altcoins,
MEMECOINS,
AI-backed stablecoins,
Proof of Logits,
Post Fiat,
Crypto Market,
SOL/ETH ratio,
PUMP,
Crypto treasury companies,
MSTR,
UPXI,
ADA,
DOGE,
FARTCOIN
