Where to Invest in Crypto When 90% of Projects Are Uninvestable w/ Ryan Connor

Watch on YouTube ↗  |  January 30, 2026 at 19:45  |  35:32  |  Milk Road Daily
Speakers
Ryan Connor — Head of Research, Blockworks Research

Summary

Ryan Connor of Blockworks Research joins the Milk Road Show to argue crypto is broadly bullish but no longer a buy-everything market, with the marginal buyer now sophisticated and focused on real revenue and tokenholder protections. He highlights equity perpetuals, Hyperliquid, Solana, Pendle, ICOs, and differentiated on-chain yields. He also frames macro risk appetite as supported by AI and crypto deregulation, while warning that regulatory arbitrage can close and perp traders are mercenary.

  • Crypto is maturing; Ryan favors selective high-quality tokens over equal-weighted baskets.
  • Macro backdrop lacks slowdown, with AI animal spirits and US crypto deregulation supporting risk assets.
  • Equity perpetuals are framed as a new product, with Hyperliquid and Solana positioned to compete.
  • Pendle is highlighted as best positioned for stablecoin and perpetual growth.
  • ICOs are discussed as returning for micro founders, with MetaDAO-style protections.
  • Differentiated on-chain yields include reinsurance and high-grade AAA CLOs.
  • Risks include closing regulatory arbitrage, mercenary perp traders, and TradFi competition.
Ideas
Ryan Connor Head of Research, Blockworks Research 0:00
Equity perps are a new asset.
Equity perpetuals are a new asset with real product-market fit because they offer unique leveraged exposure that cannot be replicated in TradFi spot markets, creating a regulatory arbitrage opportunity and room for a large winning ecosystem. Teams on Hyperliquid, Solana, and elsewhere are racing to execute on this vision.
On-chain equity perpetuals HIGH
Ryan Connor Head of Research, Blockworks Research 5:15
Bullish crypto, but must pick spots.
Ryan is broadly bullish on crypto because macro risk appetite is supported by AI animal spirits and no apparent macro slowdown, while U.S. crypto deregulation is unlocking TradFi participation, RWA issuance, DEX volumes, and product experimentation. However, he stresses that the market has matured, so investors must pick spots and avoid equal-weighted baskets, favoring tokens with real teams, real revenue, and TradFi-oriented product-market fit.
High-quality crypto tokens HIGH
Ryan Connor Head of Research, Blockworks Research 11:52
HYPE is obvious liquid portfolio holding.
Hyperliquid is one of the best tokens and teams in crypto; Ryan says HYPE is an obvious holding for a liquid portfolio and that it is here to stay due to equity perp product-market fit and regulatory arbitrage, with the HIP-3 upgrade bringing traders back. Risks include mercenary perp traders, a closing regulatory gap, and competition from CME/Robinhood and Solana.
HYPE HIGH
Ryan Connor Head of Research, Blockworks Research 12:35
Solana well positioned for tokenized equities.
Solana is well positioned in the tokenized-equity and equity-perp race because it uniquely has on-chain equity spot assets doing about $130 million in weekly volume and growing, and sub-one-second settlement lets market makers hedge and move money seamlessly, unlike hedging on TradFi venues when market making on Hyperliquid over weekends. It also has high-quality founders building in its ecosystem.
SOL MED
Ryan Connor Head of Research, Blockworks Research 23:30
Pendle best positioned in stablecoin/perp boom.
Pendle is Ryan's 2026 thesis because it is the only place asset issuers can bootstrap TVL by splitting yield-bearing stablecoins and other assets into PT and YT, with 25-30x the TVL of its next competitor, and its Boros product lets traders hedge the perp funding-rate risk that otherwise cannot be hedged in crypto. The new incentive model lowers emissions and derisks the token for sophisticated capital, while value accrues from YT trading volume and Boros OI, and Pendle has shown pricing power.
PENDLE HIGH
Ryan Connor Head of Research, Blockworks Research 31:41
Add uncorrelated yields: reinsurance, AAA CLOs.
Ryan sees differentiated on-chain yields as a major 2026 trend because most crypto yields are correlated to crypto and fall when risk assets fall. Adding uncorrelated yield assets such as reinsurance and high-grade AAA CLOs, which institutions like BlackRock and Janus issue, can provide stable yield, balance in down markets, and good collateral for leveraged positions.
Reinsurance JAAA MED
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This Milk Road Daily video, published January 30, 2026, features Ryan Connor discussing On-chain equity perpetuals, High-quality crypto tokens, HYPE, SOL, PENDLE, Reinsurance, JAAA. 6 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Ryan Connor  · Tickers: On-chain equity perpetuals, High-quality crypto tokens, HYPE, SOL, PENDLE, Reinsurance, JAAA