The Crypto Market Only Trusts One Token Right Now
Speakers
Hassan
— Veteran Derivatives Trader
Summary
Hassan, a veteran derivatives trader, discusses client positioning and his outlook on Ethereum, Hyperliquid, and Pump. He explains why Ethereum options risk reversals around $1,400 support are attractive, why Hyperliquid’s token has strong market trust and significant upside to $100, and why Pump remains undervalued but plagued by trust issues that may resolve after upcoming unlocks and airdrop. The conversation highlights a broader crypto market focused on transparency and trust.
- Clients are using Ethereum risk reversals (sell $1,400 put, buy $1,800 call) to position for violent rallies from historical support.
- Hyperliquid’s token (HYPE) is defended by its team, has low effective float due to buybacks, and benefits from upcoming IPOs; institutional call overwriting points to a $100 target.
- Pump (PUMP) is fundamentally cheap with programmatic buybacks, but market distrust from a larger raise, buyback reduction, no airdrop, and mid-year unlocks has capped the price.
- Altcoin trading remains challenging, with brief explosive moves followed by givebacks, demanding precise timing and size management.
- Trust dynamics are shifting in crypto, with markets rewarding transparent, token-aligned projects like Hyperliquid.
- Hassan expects volatile ETH moves and sees upside for HYPE, while Pump requires a clearance of overhangs before a potential re-rating.
Ideas
ETH bounce from $1,400 support likely.
Ethereum has historically strong support at $1,400, and when it moves, it does so violently. Clients are putting on risk reversals selling $1,400 puts and buying $1,800 calls, anticipating a sharp rally from oversold levels. The market can absorb hundreds of millions of dollars of ETH without issue.
HYPE to break $100 on strong demand.
Hyperliquid's core team actively defends the token by preventing competing ecosystem tokens from siphoning value. The market deeply trusts Jeff and the team to do what's best for the token. Only ~40% of supply is issued and buybacks have reduced effective float, so true market cap is far below the widely cited FDV. Massive demand from users, upcoming IPOs like SpaceX, Anthropic, OpenAI attracting speculation, and institutional call overwriting that still leaves room for upside above $100. The token is poised to keep running and break $100.
PUMP to rally once overhangs clear.
Pump is fundamentally cheap with strong buybacks, but market distrust from a larger-than-expected raise, reduction in buyback percentage, absence of airdrop, and upcoming unlock near mid-June/July have capped the price. The trust issue is the key overhang. However, after the unlock and airdrop finally happen, selling pressure should clear, allowing a fresh phase of trust rebuilding and price appreciation. The token is misunderstood and could do well once these overhangs are removed.
Up Next
This Milk Road Macro video, published June 28, 2026, features Hassan discussing ETH, HYPE, PUMP. 3 trade ideas extracted by AI with direction and confidence scoring.