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Seth retweeted
In specificity, these are some benefits the partnership between tradexyz and ICE will give birth to:
- will onshore popular offshore/DeFi style perps under US rules, potentially capturing volume currently going to unregulated venues.
- combines Hyperliquid’s performance (high-speed order book, continuous trading) with traditional safeguards.
- positive signal for Hyperliquid ( $HYPE token rose on the news) and TradFi-DeFi convergence.
- Opens a large new retail TAM for ICE which is almost 100% institutional: retail traders will now gain regulated 24/7 access to leveraged exposure across asset classes via familiar brokers/platforms.
- Capital, distribution, and institutional validation of tradexyz (ICE investment + figures like @standuquesne). Supports the vision of a “universal exchange” where innovation and US regulatory protections are not a trade-off. Existing non-US HIP-3 markets continue in parallel.
The is indeed a generational partnership for crypto.
Intercontinental Exchange (ICE) and trade[XYZ] have announced their plan to use Hyperliquid as the infrastructure layer to deploy perpetual futures markets for US traders across crypto, equities, commodities, foreign exchange, and other real-world assets, subject to regulatory approvals. ICE operates NYSE and some of the largest exchanges and clearing houses globally.
In this structure:
+ Hyperliquid serves as the underlying technology infrastructure via HIP-3*
+ trade[XYZ] designs and implements the markets
+ ICE operates the regulated market and clearing structure
Existing trade[XYZ] HIP-3 markets will remain unchanged.
Hyperliquid is a neutral infrastructure layer with the goal of supporting large parts of the financial system. As with HIP-3, HIP-3* deployers are independent operators who use Hyperliquid as the onchain infrastructure layer for their own markets, while retaining control and responsibility over their deployment.
Seth retweeted
The @galaxyhq team was onsite last week at Money 20/20 meeting with clients and partners.
Some key themes heard on the ground:
1. Banks are leaning into crypto-collateralized lending. Institutions are exploring how to participate, whether by partnering with specialized lenders or by considering BTC as collateral for their traditional finance clients.
2. Remittance companies are becoming financial platforms. Cross-border players are expanding into tokenized investment exchanges and offering credit to their clients.
3. Stablecoin infrastructure is getting competitive. Providers are pushing hard for market share, with a key lever being sharing most of the reserve yield with issuers.
4. Payments rails are going onchain. Visa announced stablecoin payouts through Visa Direct, and Mesh will let users spend crypto and stablecoins at Visa merchants. Card programs, both traditional and crypto-based, keep multiplying, and agentic payments is emerging as an integral capability to these platforms.
The common thread here is convergence. Money movement, credit, and collateral are starting to run on the same rails. Onchain finance is past the pilot phase, and the question now is how institutions compete once those lines disappear.
In specificity, these are some benefits the partnership between tradexyz and ICE will give birth to:
- will onshore popular offshore/DeFi style perps under US rules, potentially capturing volume currently going to unregulated venues.
- combines Hyperliquid’s performance (high-speed order book, continuous trading) with traditional safeguards.
- positive signal for Hyperliquid ( $HYPE token rose on the news) and TradFi-DeFi convergence.
- Opens a large new retail TAM for ICE which is almost 100% institutional: retail traders will now gain regulated 24/7 access to leveraged exposure across asset classes via familiar brokers/platforms.
- Capital, distribution, and institutional validation of tradexyz (ICE investment + figures like @standuquesne). Supports the vision of a “universal exchange” where innovation and US regulatory protections are not a trade-off. Existing non-US HIP-3 markets continue in parallel.
The is indeed a generational partnership for crypto.
Intercontinental Exchange (ICE) and trade[XYZ] have announced their plan to use Hyperliquid as the infrastructure layer to deploy perpetual futures markets for US traders across crypto, equities, commodities, foreign exchange, and other real-world assets, subject to regulatory approvals. ICE operates NYSE and some of the largest exchanges and clearing houses globally.
In this structure:
+ Hyperliquid serves as the underlying technology infrastructure via HIP-3*
+ trade[XYZ] designs and implements the markets
+ ICE operates the regulated market and clearing structure
Existing trade[XYZ] HIP-3 markets will remain unchanged.
Hyperliquid is a neutral infrastructure layer with the goal of supporting large parts of the financial system. As with HIP-3, HIP-3* deployers are independent operators who use Hyperliquid as the onchain infrastructure layer for their own markets, while retaining control and responsibility over their deployment.
Took my time to go through $GOOG's yesterday earnings in detail
the results are materially stronger than the shock I see from headline news. The EPS miss was driven by non-operating losses on the company's investment portfolio (Space x particularly), not by their underlying business.
Core company operations remain robust, with Cloud revenue up more than 100% YoY, an exceptional growth rate at the scale of the business.
The -$9B free cash flow print was what drew many investors attention, but I believe it's consistent with the scale of capex the company has been guiding to. It shouldn't have been a surprise.
It a buy for me at this 10% discount
Seth retweeted
Bitcoin is better positioned today than at any point in its past. We're boosting our 10-year bitcoin target from $1.3m to $1.6m.
Our “2027 Bitcoin Long-Term Capital Market Assumptions” report is live.
Ten-year forecasts for bitcoin’s return, volatility, and correlation to stocks.
Base case: BTC to $1.6 million by 2036.
bitwiseinvestments.com/crypt…
Seth retweeted
The major drawbacks in AI equities remains their financial concerns on buildout.
Hyperscalers are on track to spend over $7 trillion on data centers and AI between 2025 and 2030. While free cash flow is expected to stay negative into next year, so they are spending more than they earn.
Their funding is also getting harder to read; guarantees, off-balance-sheet deals and circular arrangements with "neocloud" providers can hide liabilities and blur who is carrying the risk. Nobody even knows when, or how much, this spending will pay back.
Markets repricing is already in play.
Seth retweeted
This isn't surprising. The incentive for issuers to consent to tokenization of their stock under the SEC's Innovation Exemption are weak –– they may get 24/7 trading, but that trading occurs on US venues rather than in new global markets, so there's no net new demand.
But issuer objections aren't going to stop this train. There are many legal pathways to bring securities onchain that don't require consent and that aren't subject to the SEC's jurisdiction. Someone could even build a permissionless protocol that does so.
So, if the SEC wants to maintain oversight of US securities markets, it needs to create an approach for tokenization that delivers the full benefits of onchain markets –– atomic settlement, 24/7 trading, global liquidity, etc.
Supporting permissionless trading of securities through DeFi systems would accomplish that goal, and doing so would create the incentives for issuers that the innovation exemption lacks.
xitter.gq/EleanorTerrett/status/…
🚨UPDATE: Four more issuers have objected to @okx/@ICE_Markets tokenizing their shares under the SEC’s innovation exemption: IBM, Oracle, Intel and IonQ. That brings the total to 26.
The major drawbacks in AI equities remains their financial concerns on buildout.
Hyperscalers are on track to spend over $7 trillion on data centers and AI between 2025 and 2030. While free cash flow is expected to stay negative into next year, so they are spending more than they earn.
Their funding is also getting harder to read; guarantees, off-balance-sheet deals and circular arrangements with "neocloud" providers can hide liabilities and blur who is carrying the risk. Nobody even knows when, or how much, this spending will pay back.
Markets repricing is already in play.
Seth retweeted
A lot of noise about us not caring about retail. A few thoughts:
1. We definitely need to do more for the community. I’ve gotten good ideas on how to encourage more community-based activity and reward that.
2. We need to do a better job responding to voices on X and not wait for some of the good responses you’ve made.
3. We are exploring staking models.
4. We are focused on creating a long-term foundational activity that exists nowhere, and that just takes time.
Seth retweeted
Solana has already proven it can attract users and trading activity at scale, but I think there's still a sizeable gap between how much activity its DeFi apps process and how much revenue they actually capture
Looking at the latest 7D data, the top 5 DeFi and trading apps generated roughly $1.06M in combined protocol revenue, with the figure expanding to around $1.25M across all tracked Solana DeFi apps
During that same period, the ecosystem recorded approximately 1.3M aggregate daily active users and processed over 182M transactions
That's a lot of activity relative to what the applications are retaining
Ethereum's DeFi markets generally monetize larger positions and higher-value financial activity, while Solana has built much of its usage around cheaper execution, retail trading and high transaction frequency
And imo that creates an interesting opportunity for @solana's application layer
The distribution is already there, but improving how much revenue each unit of activity generates could become another source of growth without needing the user base to expand at the same pace
there are already a few ways that could develop:
➥ dynamic fee structures that capture more value from higher-demand liquidity
➥ better execution and routing monetization across trading applications
➥ more lending, leverage and structured financial products that generate recurring fees from existing users
The economics become much more interesting when you consider how small improvements in revenue capture can compound across millions of transactions
Of course, raising fees too aggressively could push activity elsewhere, esp in an ecosystem where low execution costs are a major part of the appeal
But imo Solana's next opportunity is as much about monetizing the financial activity already happening across its applications as it is about attracting more users
The ecosystem has spent years scaling distribution and throughput. there's still plenty of room for the applications sitting on top to capture more economic value from that growth
h/t: @artemis for data
Seth retweeted
Every ambitious person needs to watch this clip twice
.@TomBrady on how to be great:
"If you wanna be great at something, you've gotta commit your life to it. Certainly in a competitive environment like a sport. Because you could be better than 80% of the people, but that doesn't mean you'll be a champion. If you want to be a champion, you better be better than 99% of the people, which requires another level of work. You could have a nice, long career and be successful, and everyone go, oh yeah, he was a nice player, working at 80%, but the level to get to the 99% and be better than them, well, that's another level of physical, mental, emotional growth.
Where do I need to be every day? How can I be better, like I said, in whatever area? For me, physically, I was behind. I was really good mentally. I knew the plays. I was a savant when it came to the playbook. You put the playbook in front of me, I looked at it. I saw the play, I saw the adjustments. Okay, flip the page. Okay, I say, yep, I got that. And it was just, in my mind, like I can remember plays. You call a play, I visualize it, I see everyone running. Tell me the coverage, I tell you all the holes.
That was the easy part for me. Like some guys can run really easily. And then the emotional part of bringing the competitiveness and the fire every day. That was easy for me."
Video Credit: @dc_mma
Citi: tokenization has moved beyond pilot programs into core financial infrastructure.
Yesterday Citi in their report, backed their former thesis on tokenized assets
with a projection of $5.5 trillion by 2030, and a bull case of $8.2 trillion. Trillions in institutional involvement needs legal structure, and the base case is that we would receive and see better regulations in US and crypto outside what SEC and CFTC covers today.
Seth retweeted
i talk to a lot of tradfi hfs and investment firms and when the convo of buybacks comes up it is hilariously different than ct. they hate that we use 100% of revs for buybacks. they say buybacks are what you do when you have run out of better ideas for growth and increasing revenue durability. most growth companies dont do buybacks, let alone aggressive buybacks. fwiw tesla has never done a buyback
obv crypto is different bc a token doesnt currently give token holders rights (hopefully this changes) so buybacks are an alignment/trust thing, but i just find it funny that the thing ct treats as the most bullish thing a project can do is the thing a tradfi growth investor reads as you are out of ideas and a bad use of company capital. honestly this also might just highlight how short term minded ct is vs tradfi, but i also get that we have had a lot of bad actors which has caused most of ct to be this way
Seth retweeted
Broadly 3 types of trades i think this market has converged to:
1) Narrative momentum trades. Usually a proxy for a broader metric, news or catalyst. You're trading the attention, not the project. Get in early, get out once you feel the news saturating to the least sophisticated actors.
2) Fundamentally mispriced projects that fit a hot meta. The market went risk-off and dumped everything, so good projects got thrown out with the rest. Risk comes back on, these reprice first. They can keep going until risk is on.
3) Good fundamentals, bad (or no) token accrual but everyone is looking for a tone shift. The business works, the token just doesn't capture it yet. Any hint will be a trigger in any market conditions. Best setups are where the numbers are too good to ignore.
—
They often roll into each other. A 2 that reprices usually becomes the sector's narrative play. Once that happens betas reprice as risk slides down.
1s are usually quick and tight, 2s and 3s you can sit in trading attention and flows.
Know why you're in. Most bad trades are a 1 that someone convinced themselves was a 3.
If you can't say which bucket a trade is in, you probably shouldn't be in it.
Seth retweeted
In under a year, @HastraFi has issued over $652M of assets onchain.
One of their many highlights include the recent fixed-rate markets on Kamino where 84% of the AUTO deposited is now backing fixed-rate borrows.
This is how their universe has expanded since April 👇
Now tracking: @HastraFi
Hastra has over $652M of PRIME and AUTO issued across Ethereum and Solana, and 69% of it now sits on Ethereum, almost all of it PRIME.
You can now find their issuance, leveraged positions and more on RWA-Markets.xyz
