MARKET OPEN: onchain is HOT, Korean Stocks CRASHING Still, Kevin Warsh was a Mistake...
Speakers
Thread Guy
— Crypto influencer, independent
Mando
— Professional Trader / Macro Analyst
Summary
Thread Guy covers the dramatic unwinding of Leopold Ashen Brenner's AI hedge fund after a margin call, its forced sale of all public equities, and the subsequent violent snapback rally in semiconductor names. He and guest Mando discuss the implications for AI/memory stocks and the rotation into onchain crypto, highlighting Uniswap V4 hooks, Marscoin, FWA, and Pump.fun as key trades. The stream also touches on South Korea's market intervention and a conspiracy theory about Citadel orchestrating the liquidation.
- Leopold's Situation Awareness fund gets margin called, forced to sell entire public book to a single buyer.
- AI and memory stocks crash, then rip higher as forced selling ends.
- Thread Guy positions for a DeFi/onchain revival, buying Uniswap, Marscoin, FWA, and Pump.fun.
- Mando goes long SK Hynix and Micron, calling a bottom in the memory trade after forced liquidation.
- Mando still bullish on Eli Lilly and Palantir but closed positions to rotate into memory.
- South Korean stock market down 40% in a month, government promises stabilization measures.
- Speculation that Citadel's public call for rate hikes aimed to trigger Leopold's margin call and pick up the block.
- Uniswap V4 hooks described as programmable liquidity enabling new onchain experiments.
Ideas
V4 hooks ignite DeFi summer rally.
Uniswap V4 introduces programmable hooks that enable novel DeFi experiments, reminiscent of the DeFi summer era. Onchain activity is reviving, and the UNI chart shows a bullish breakout setup, prompting a long position via 2026 futures.
Binance listing holds, animal spirits return.
Marscoin's Binance Alpha listing triggered a two-legged rally without a full retrace—a rare event signaling strong buyer demand and returning risk appetite for onchain meme tokens.
FWA uses V4 hooks for gacha flywheel.
FWA leverages Uniswap V4 hooks to create a gamified tokenomics flywheel (gacha), making it a standout onchain experiment with strong narrative appeal.
Record fees and buybacks on Pump.fun.
Pump.fun is generating record fees and conducting large buybacks, reflecting extremely high speculative onchain activity and directly benefiting the PUMP token.
Memory trade bottom after forced liquidation.
The memory trade is bottoming after forced liquidation of Leopold's fund and Korean retail panic. Fundamentals remain strong, forward valuations are cheap, and the Korean government may step in, making SK Hynix and Micron attractive buys.
AI pharma leader, eventual top-3 company.
Eli Lilly's AI-powered drug discovery model is best-in-class, positioning it to lead in curing major diseases and potentially become a top-3 global company. He closed the position to rotate into memory but still holds a bullish outlook.
