Ideas
Hyperliquid wins from 24/7 non-crypto trading
Hyperliquid is a major winner from the rise of 24/7 crypto-native trading venues for non-crypto assets such as oil. HYPE has hit all-time highs relative to BTC, ETH, and SOL, and HIP-3 markets for non-crypto assets are exciting and positive for crypto.
AI disruption makes software risky
Public software and SaaS companies are being sold off hard as AI threatens their business models. Even an insuretech provider was down 60% largely because AI is coming for them, making the sector dangerous to own.
Figma cheap versus private AI peers
Figma is a public software name down sharply from its IPO or peak even though it has about $4B ARR, 45% revenue growth, decent gross margins, and AI leverage. It trades around 3x revenue versus private AI-native Lovable at roughly 20x, creating a public/private valuation mismatch and a bull case if Figma can transition to AI-native.
Crypto protocols may take tokens private
Across Protocol proposed taking its token to equity in a take-private style transaction at a premium, and the token then traded about 40% above that proposed price. This suggests beaten-down crypto and public assets may prefer private structure to avoid structured selling and public-market pressure, and more protocols may follow this route.
STRC offers tax-advantaged Bitcoin-backed yield
Strategy's STRC is an attractive perpetual preferred: it pays 11.5%, sits ahead of common equity, is backstopped by Bitcoin if BTC stays above $10k, has 2.5 years of cash for payments, trades near $100 par on Nasdaq, and has deferred return-of-capital tax treatment for US investors. Strategy can raise cash at 11.5% and buy Bitcoin if BTC returns exceed that, making it accretive and a crypto green shoot.
Crypto AI could lead next narrative
One potential positive crypto narrative is a crypto-AI product taking off, such as decentralized model-running or compute networks, that establishes crypto as fundamentally connected to the booming AI space. It is a category to watch for the next recovery narrative.
Onchain capital markets show better setup
Onchain capital markets and DeFi are another potential recovery narrative. Sky TVL is at all-time highs, more capital is moving in from stablecoins, and stablecoin TVL onchain is flat versus a 40% decline in the last bear market, suggesting a fundamentally better setup.
Stay bullish on Bitcoin and Ethereum
Remain bullish on Bitcoin and Ethereum. There is dry powder, DAT buying, and ETF flows; any sustained recovery could be chased by shorts or hedged DATs. A marginal cooling of the AI trade and lower rates would help, though a Fed cut is uncertain.
Bitcoin miners are AI data-center plays
Data centers are a core public-market way to play AI. Bitcoin miners have a unique advantage because they already have approved grid-connected power, land, and shells, while new grid hookups can take five years. They can finance GPUs using Bitcoin and pivot from mining to higher-value AI data-center workloads; compute and inference demand should grow and triple capacity, making the sector attractive without picking model winners. Core Scientific is a notable turnaround example.
Revenue-generating crypto tokens should outperform
As crypto bottoms, the assets that will come back beyond BTC, ETH, and SOL are those with real businesses and revenue. Tokens producing revenue in excess of costs and buying back their token should outperform, with HYPE, Pump, Sky, Syrup, and Drive cited as examples of this revenue-meta cohort.
This Bell Curve video, published March 13, 2026,
features Michael, Vance
discussing HYPE, Software/SaaS, FIGMA, ACX, STRC, AI-SECTOR, DEFI, BTC, ETH, AI data centers / Bitcoin miners, CORZ, SKY.
10 trade ideas extracted by AI with direction and confidence scoring.
Speakers:
Michael,
Vance
· Tickers:
HYPE,
Software/SaaS,
FIGMA,
ACX,
STRC,
AI-SECTOR,
DEFI,
BTC,
ETH,
AI data centers / Bitcoin miners,
CORZ,
SKY
