Name: Are There Reasons To Be Optimistic? w/ Dim Selk
Uploaded: 2025-12-19T14:01:43+00:00
Duration: 3427 s

Speakers

Taiki Maeda — Founder, HFA Research

Jordi Alexander — Founder & CEO, Selini Capital

Dim Selk — Co-host, Steady Lads

Justin Bram — Reporter, The Block

Summary

The Steady Lads return after a break to discuss the post-10/10 crypto market wipeout with Dim Selk of Selini Capital. The conversation covers Bitcoin's failure to act as digital gold, the bearish case for ETH and alts, and where the hosts see opportunities in HYPE, tokenized equity perps, and unlock-hit tokens like Etherfi, Grass, and LayerZero. They also debate unlock/market-structure issues, sovereign wealth fund interest in crypto via IBIT, and timing a bottom into 2026.

Crypto market is weak after 10/10, with alts hit hardest and sentiment bearish.
Taiki remains short ETH but plans to buy Bitcoin after another leg lower.
Jordi is long Bitcoin, sees lows near $80.5K, and expects sovereign flows via IBIT.
Dim is bullish on tokenized equities/equity perps and names HYPE, Etherfi, Grass, and LayerZero as opportunities with caveats.
Unlocks and VC selling are a major structural overhang in crypto tokens.
HYPE is viewed as the best crypto project but near-term fee and unlock pressures keep some hosts waiting.
The group discusses tax-loss harvesting and macro timing for a possible crypto bottom in early 2026.
MSCI's potential delisting of MSTR is flagged as a near-term event risk.

Ideas

Taiki Maeda Founder, HFA Research 2:19

Long Bitcoin, short altcoins relative trade

Taiki describes a fund-manager friend's strategy of long spot Bitcoin and short alts against it, with an up-only equity curve. He began trying it in late September by shorting Plasma and Story Protocol, which went straight down, and after 10/10 he viewed broad alt weakness as a clear sign capital was leaving crypto and that ETH/Solana fundamentals would deteriorate.

Taiki Maeda Founder, HFA Research 2:19

Long Bitcoin, short altcoins relative trade

Taiki Maeda Founder, HFA Research 2:54

Short ETH for another leg lower

Taiki says he started shorting ETH in size after seeing alt liquidity leave on 10/10; ETH fundamentals are terrible as capital moves off-chain, and at around $4K ETH had a half-trillion valuation while funding was positive and perp DEX farming made the short attractive. He has been trading the short on the way down and still expects at least one more leg lower before covering.

Jordi Alexander Founder & CEO, Selini Capital 6:04

Bitcoin lows are in, buy dip

Jordi is not concerned by Bitcoin's weak price action and views it as a buying opportunity. He has bought a bunch, is comfortable with his longs, believes the lows are in around $80.5K, and argues that with gold and silver at highs, Bitcoin should eventually pick up absent an idiosyncratic tail risk.

Dim Selk Co-host, Steady Lads 15:20

Long Etherfi, Grass, LayerZero

Dim argues that some tokens with real product-market fit/protocol revenue and treasury buybacks are attractive but still have unlock overhangs; rather than buying into vests, foundations should fully unlock and let the market clear. He names Etherfi, Grass, and LayerZero as examples where Selini already has positions and is increasing size, limited mainly by remaining unlocks.

Jordi Alexander Founder & CEO, Selini Capital 22:28

Sovereigns buy Bitcoin via IBIT

Jordi says Middle Eastern sovereign wealth funds/family offices in Abu Dhabi are strategically pivoting toward new money and crypto; they have large check sizes, money earmarked for digital assets, and IBIT appears to be the chosen easy vehicle for Bitcoin exposure. He expects UAE and Saudi funds to keep buying over the long term.

Dim Selk Co-host, Steady Lads 25:30

Tokenized equity perps will grow

Dim is very bullish on tokenized equities and equity perps as a growth instrument for crypto into 2026. He thinks order-book based venues like Hyperliquid have pole position, with XYZ already showing decent volume/open interest in names like Nvidia and Tesla, and that FX/commodities perps show the model can expand beyond crypto. He expects money to flow into the category and sees it as a potential game-changer in 6-12 months.

Justin Bram Reporter, The Block 30:39

Waiting to buy HYPE on unlocks

Justin says HYPE is near the top of his shopping list but he does not own it yet; he is waiting because Hyperliquid's high fees likely have to come down amid zero-fee competition and because about $250M of monthly unlocks are being sold. Even so, he calls Hyperliquid clearly the best project in the space and says he would love to buy HYPE.

Dim Selk Co-host, Steady Lads 31:12

Own HYPE, buy around $20

Dim says Selini owns some HYPE and would find it interesting around $20 or after a liquidation event around $18. He acknowledges near-term negatives—fees likely have to come down, competitors offer zero fees, and roughly $250M of monthly unlocks are being sold—but still views Hyperliquid as clearly the best project in crypto and a core asset to step into on washout.

Justin Bram Reporter, The Block 46:25

MSCI MSTR delisting event watch

Justin flags that MicroStrategy could be delisted from MSCI indices on January 15th; if it is delisted, he thinks MSTR and related crypto beta could go lower, while if it is not, there may be reasons for a bottom or bounce. He suggests treading water until the decision.

Are There Reasons To Be Optimistic? w/ Dim Selk

Summary

Ideas

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