Ideas
Bitcoin flat, alts leading; hold risk.
The crypto market is playing out as desired: spot ETF flows have been consistent, leverage has not built excessively, on-chain risk appetite is returning, and Bitcoin has stayed flat while alts take pole position. He is holding the leverage and trades put on after the Treasury announcement and only considering taking profits in things that have run too far.
Hold core crypto bags, cautious new money.
He is holding the same core crypto bags that have led the cycle—Zcash, ENA, HYPE, and Lighter—even though crypto is still a minority of his liquid portfolio and outperforming his stocks. He is cautious that most of the money is sidelined investors buying back rather than new money, but he is not abandoning the core winners.
Hated Zcash: privacy debasement store of value.
Zcash has been a hated trade this year due to the Naval/cabal narrative and a bug that shook people out, which allowed it to outperform. It is a speculative store of value and debasement/privacy trade with theoretical upside, and sidelined crypto capital is buying it even without obvious new money; he is positive though uncertain where it goes from here.
BTC grinds higher; alts outperform.
Bitcoin can continue to run on momentum and positioning even without large new capital inflows, likely reaching the 80s or 90s; a massive breakout would require more stimulus or easing, but alts can do very well while BTC chops or grinds higher.
Aerodrome catch-up on emissions and TVL.
Aerodrome is a fundamentals-driven catch-up trade: it has not run as much as other alts, and an emissions change should shift it from supply-dominant to demand-dominant, creating positive flows even without new money. Additional TVL, fees, new business lines without emission offsets, and moves in ETH/on-chain activity could drive it higher.
On-chain stocks are the cycle meta.
Tokenized/on-chain stocks are becoming the big meta of the cycle. Robinhood Chain and Solana stock tokens are drawing activity, and builders will create liquidity and apps around real fundamental assets rather than purely self-referential crypto. The current memecoin pairing phase may be frothy, but on-chain stocks should be a major theme over the next one to two years.
Stonks fees pay yield, burns supply.
He owns and is heavily exposed to the Stonks ecosystem. Stonks takes a 3% transfer fee and pays it out as yield/dividends in the paired stock or crypto asset, while burning supply; the model is working and attracting trading, though it is highly speculative and reflexive.
Pump.fun has resources to respond.
Pump.fun has been sidelined while FOMO and tokenized-stock launchpads have taken the spotlight, but it remains dominant on Solana and has large resources. Whatever Pump does to compete in social/tokenized-stock metas could be a major catalyst to watch.
Social crypto meta; watch FOMO.
Social crypto is the other main meta of the cycle. FOMO has onboarded many new users, generated enormous trading volume, and become the dominant social trading app; however, leaderboards and unrealized P&L can be misleading, so the setup is worth watching rather than chasing blindly.
ETH unattractive; avoid versus other alts.
Even if a debasement cycle or tokenization wave could help ETH, he cannot get himself to buy it and holds the least majors he has ever held. ETH's upside does not look compelling relative to other assets, while its downside is not much better, so he prefers other crypto expressions.
Lighter is higher-beta tokenization than ETH.
Lighter is another higher-beta way to express the RWA/tokenization wave than ETH; it should capture the same underlying thesis with better relative value. He is holding Lighter, though trimming some after the run.
HYPE benefits more than ETH from tokenization.
Hyperliquid's HYPE has substantial upside, potentially a couple hundred dollars per token over the next couple years. RWA/tokenization mania benefits HYPE more than ETH because of USDC fee reflexivity, durable revenues, buybacks, on-chain money growth, HIP-3/HIP-4 market expansion, and optionality from Hyper EVM.
MetaDAO launchpad waits for sentiment rotation.
MetaDAO-style launchpads are more legitimate and have real ownership/protection features, but they have been out of the spotlight while memecoin launchpads dominate. He expects sentiment to rotate back eventually; the key is scaling launch activity and getting a breakout app.
Long VVV on private-inference fundamentals.
Venice (VVV) is a private-inference play with strong fundamentals: subscriber growth, monthly all-time-high token burns, and falling emissions. The OpenAI math controversy made private inference a mainstream narrative, which should bring more attention to the token, so he is long both fundamentally and narratively.
Still long VVV on privacy narrative.
He remains long VVV. The OpenAI math drama and allegations around data usage highlight the need for private inference, even if the facts are disputed; VVV is a way to express that privacy narrative. He lists it among his main crypto positions.
This Delphi Digital video, published September 10, 2026,
features Jason Calacanis, Jose, Yan
discussing ALTCOINS, ZEC, HYPE, ENA, LIT, BTC, AERODROME, TOKENIZED STOCKS, STONKS, PUMP, FOMO, ETH, METADAO, VVV.
15 trade ideas extracted by AI with direction and confidence scoring.
Speakers:
Jason Calacanis,
Jose,
Yan
· Tickers:
ALTCOINS,
ZEC,
HYPE,
ENA,
LIT,
BTC,
AERODROME,
TOKENIZED STOCKS,
STONKS,
PUMP,
FOMO,
ETH,
METADAO,
VVV
