What Will Outperform In 2025?

Watch on YouTube ↗  |  April 23, 2025 at 12:24  |  3:11  |  1000x Podcast
Speakers
Avi Felman — Principal, GoldenTree Asset Management

Summary

Speaker discusses where crypto could outperform in 2025, focusing on selective alt beta if Bitcoin rallies. He details a bullish Hyperliquid thesis based on exchange fee buybacks and volatility, suggests IBIT calls as a low-IV way to play a Bitcoin rally, and frames a relative trade long Pendle/Hype/Tao versus short ETH. He also briefly notes Tao's technical setup and dismisses Solana as only a maybe.

  • Selective alt season expected only if Bitcoin rallies
  • Hyperliquid favored for fee buybacks and exchange economics
  • IBIT calls suggested to express Bitcoin upside with low IV
  • Pendle, Hype, and Tao cited for option-like upside
  • Short ETH / long select alts framed as six-month trade
  • Tao technical setup described as looking good
  • Solana mentioned only tentatively
Ideas
Avi Felman Principal, GoldenTree Asset Management 0:00
Selective alt season if Bitcoin rips
He expects a selective alt season if Bitcoin starts to rip, where most altcoins will not outperform Bitcoin but a small number of altcoins will drastically outperform. He is looking for optionality in alt beta rather than broad alt exposure.
Select altcoins MED
Avi Felman Principal, GoldenTree Asset Management 0:29
Buy Hyperliquid's buyback-funded exchange token
He bought Hyperliquid (HYPE) and views it as a quality business where 95%+ of fee profits are returned to users via token buybacks, similar to or better than owning equity in a great company. The best crypto business is an exchange, and Hyperliquid is anti-fragile and benefits from volatility; if Bitcoin makes a volatile move above $100K, trading fees could surge and the reflexive buyback mechanism should help the token. It has also shown relative strength to Bitcoin.
HYPE HIGH
Avi Felman Principal, GoldenTree Asset Management 1:56
Buy IBIT calls for Bitcoin rally
One way to play a Bitcoin rally is to buy IBIT calls or call spreads, and he would probably use just calls because implied volatility is low. This is tied to his expectation of a volatile Bitcoin move up past $100K.
IBIT MED
Avi Felman Principal, GoldenTree Asset Management 2:42
Long HYPE, PENDLE, TAO; short ETH
He is looking at Pendle, Hype, and Tao and thinks they may offer option-like upside. He frames the right trade as short ETH and long these alts for six months, with potential to be up 100%, implying ETH should underperform these higher-beta crypto assets.
PENDLE TAO MED
Avi Felman Principal, GoldenTree Asset Management 2:42
Long HYPE, PENDLE, TAO; short ETH
He is looking at Pendle, Hype, and Tao and thinks they may offer option-like upside. He frames the right trade as short ETH and long these alts for six months, with potential to be up 100%, implying ETH should underperform these higher-beta crypto assets.
ETH MED
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This 1000x Podcast video, published April 23, 2025, features Avi Felman discussing Select altcoins, HYPE, IBIT, PENDLE, TAO, ETH. 5 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Avi Felman  · Tickers: Select altcoins, HYPE, IBIT, PENDLE, TAO, ETH