$350T+ in global debt, but onchain lending is still tiny. Instead of competing with Aave or Morpho for deposits, @Onlend_ is building no-code, white-label infra so fintechs, banks, and asset managers can launch lending markets. An infra bet I'm gonna watch as RWAs grow 💎 https://t.co/XGWhvHAgtO

SpaceX, Cerebras, Unitree, now Anthropic... Idk if ppl realize how big this is, private companies are getting priced on Hyperliquid weeks before they IPO, and the market has been scarily accurate so far. I find that pre-IPO perps are turning private companies into a crypto-native asset class 👇 🔹 The track record (per @tradexyz's SEC letter) 5 pre-IPO markets ran all the way to listing. in every one, the perp's last price landed within 0.44-7.23% of the actual opening print – Cerebras: perp started at $175, IPO priced at $185, perp was $342 right before the open, stock opened at $350. 2.24% off – Quantinuum: perp at $72.92 pre-open vs $68 open. 7.23% off, the worst miss, and the stock closed day 1 right back at its $60 IPO price – SpaceX: $215M+ OI + $2.2B volume pre-listing. perp $157.59 pre-open vs $150 open, 5.06% off – SK Hynix ADS: perp $169.26 vs $170 open, only 0.44% off. traditional pre-open estimates said ~$174, so the perp beat them – CXMT (Shanghai STAR): opened 472% above its offer price, and the perp was already ~5x the offer the day before In all 4 US IPOs, the perp traded 10.8-38.4% above the IPO price the day before. the perp showed the IPO was priced too low before the banks did. Unitree wasn't one of the 5, but it's another one listed on tradexyz pre-IPO. It opened +629% on Shanghai STAR, and its perp now has ~$28M OI tracking the listed stock. 🔹So what's live rn? – Anthropic io:ANTH by @entropyIO: ~$1.80T implied valuation, ~$78M OI, up to 15x. last private round was $965B, and the FT says investors expect $ 1.5-1.75T at IPO – Anthropic ANT on tradexyz: ~$40M OI, priced per share, converts to a normal stock perp at listing – OpenAI io:OAI: ~$6.6M OI, up to 6x. Last closed round was $852B, and a $1.25T round is still being raised – @Lighter_xyz and @Aster_DEX list both, but they're tiny (Lighter ANTH ~$2.2M OI, Aster ANTH ~$264k) and trade 1.5-4% off HL Total pre-IPO OI across venues: ~$129M, ~96% of it on Hyperliquid, and every market needs 500k $HYPE staked to deploy. I think this trend goes way beyond the perp trade. Crypto markets are pricing private companies before Wall Street even gets a look, and the track record says they're getting it right. The alpha is in the execution, oracle, and liquidity layer: OI growth, funding basis between HL, Lighter, and Aster 💎

LFG! Just claimed 1,109 $MET ($300+) 🎁 FYI: 0.6% of token supply (~$1.7M) went to CT. That's more than Kaito's base:0x5be75e3b0aff5d1a042a5363ae36acb1d6d755ea (0.25%) + $PRIM (0.3%) combined. I didn't even farm or post about @MeteoraAG, just joined X convos around $MET. Imagine $HYPE doing this 👀

GM! $BTC's holding ~$80K 📊 I went through the markets today and rounded up some notable macro headlines, so you don't have to 👇 - BTC sentiment is split into 3 camps. Arthur Hayes says he's sold everything and is waiting for clearer signals. Benjamin Cowen remains bearish unless BTC reclaims $83K. Meanwhile, Galaxy Research believes Bitcoin has already bottomed and entered an accumulation phase. → Short-term conviction is weakening, but long-term bulls haven't disappeared. - Strive just bought another 6,182 BTC, bringing their total holdings to 43,000 BTC. Strategy repurchased another $205M in STRC and still holds 848,517 BTC. → Price may be moving sideways, but corporate interest in BTC is still there. - The Fed meets on Oct 27–28, followed by preliminary Q3 GDP and September PCE data on Oct 29. → If inflation remains hot, risk assets, including BTC, could face more pressure. - Anthropic has filed for a Nasdaq IPO under the ticker ANT. SpaceX also secured a financing commitment of around $40B for GPUs and related equipment. → Capital is still pouring into compute, chips, and AI infra. - But #AI returns remain concentrated in Big Tech. Apollo sees little evidence of meaningful financial gains from AI across corporate America outside the major tech companies. → The hype is massive, but monetization remains limited. - AI is also putting pressure on employment. Microsoft just introduced a voluntary exit program for eligible employees. → AI isn't just a growth story. It's also about cost cutting, workforce restructuring, and operational efficiency. I find the market pricing in 2 different realities. On one side, Bitcoin is holding around $80K, with long-term buyers still accumulating. On the other, macro uncertainty remains high, while AI is attracting massive capital despite ongoing questions about valuations and actual returns. Are you bullish or bearish atm? 🤔

Imagine spending billions buying GPUs to capture the AI boom, only to find out the Bitcoin miners sitting on cheap power might have the better business 🙂 The neocloud meltdown is making that possibility look a lot less ridiculous. NVIDIA just reported $89B in quarterly data center revenue, up 117% YoY. Meanwhile, Elon warned that 200+ neoclouds could face consolidation, and Gartner expects over 80% of providers to lose their independence by 2030. But if a neocloud goes bust, the GPUs don't just vanish. Someone eventually buys the hardware, restructures the debt, or puts that capacity back to work. Maybe the next big opportunity is figuring out who can actually bring paying customers to that compute. Think Airbnb for GPUs, except the supply is fragmented compute capacity and the customers are developers who don't wanna pay hyperscaler prices. That's where I5've started getting bullish on #DePIN again. > @akashnet / $AKT already offers H100s around $2.73/hr, compared with roughly $6.16/hr for CoreWeave in its pricing survey. > @AethirCloud / $ATH has ~433K GPU containers, 2.4B+ compute hours, ~$45.5M ARR and $191M in cumulative network revenue. > @ionet / solana:BZLbGTNCSFfoth2GYDtwr7e4imWzpR5jqcUuGEwr646K showed ~1,305 GPUs in a sampled October epoch, including 640 H100s. > @nosana_ai / solana:nosXBVoaCTtYdLvKY6Csb4AC8JCdQKKAaWYtx2ZMoo7 has a more direct payment mechanism where compute purchases get converted into NOS before providers are paid. > @rendernetwork / solana:rndrizKT3MK1iimdxRdWabcF7Zg7AR5T4nud4EkHBof has ~82.6M lifetime frames rendered and ~1.59M tokens burned, although its existing business is more rendering-focused than generic AI cloud. There's another second-order effect here that got me thinking about AI agents again. Agents are basically continuous consumers of inference. Every reasoning step, API call, browser action and retry costs money. If compute gets cheaper or easier to access, suddenly a lot of agent workflows that were too expensive to run might start making economic sense. > @virtuals_io / $VIRTUAL is building its own agent commerce layer where agents can hire and pay each other for work, so it's always on my watchlist if paid agent activity really starts accelerating. But maybe the most unexpected winners of this whole mess are actually Bitcoin miners. > @Hut8Corp has 949MW of contracted AI capacity worth ~$26.6B in base-term contracts. > @TeraWulfInc has a ~$19B Anthropic lease. > @CipherInc has contracted around 600MW of HPC capacity. > @IREN_Ltd, @Core_Scientific and others are also moving toward AI hosting, but their exposure to GPU financing and customer credit can be very different. GPUs get outdated every few years. Power connections, energized sites and long-term customers are a lot harder to replace. Which makes me think this whole meltdown could create 3 different rotations. TradFi starts repricing scarce power, DePIN gets a shot at aggregating fragmented compute, and AI agents benefit if inference becomes cheap enough to actually make money. Every time capital gets destroyed somewhere, value tends to migrate somewhere else. Got a gut feeling we're gonna see some of that play out here.

OpenAI hasn't even IPO'd, but you can already trade its perp 24/7 on Ondo Perps 👀 FYI, @OndoPerps now has 2 separate markets for OpenAI exposure: → OPAIPon (Spot): Tokenized exposure to OpenAI, no perp funding. → OPENAI (Perps): Long/short with up to 3x leverage. Just checked the OPENAI perp market: - Price: ~$1,419, down ~11.3% from its $1,600 launch level - Implied valuation: ~$1.42T, vs. $1.6T initially - OI: ~$285.5K | 24H Volume: ~$18.1K - Bid-ask spread: ~0.22% What caught my attention is that traders are already pricing a private company without a public stock price to anchor to. Still early tho. Volume is thin, and the perp price doesn't necessarily reflect OpenAI's actual valuation. But I find this shift interesting: > Pre-IPO exposure is moving beyond tokenization into its own derivatives market. Curious to see how liquidity and adoption develop from here.

Same APY, very different risks. I've seen people comparing liquidity vaults like HLP, JLP, and GLP purely based on yield. But how they generate returns, and the risks you take can be very different. Here's a quick breakdown: → @JupiterExchange JLP: Holds a basket of SOL, BTC, ETH, and stablecoins while earning trading fees. Your NAV is exposed to both underlying asset prices and trader PnL. → @HyperliquidX HLP: Runs market-making and liquidation strategies, earning a share of trading fees. Returns depend on strategy performance and risk management. → @GMX_IO GLV: Allocates liquidity across GM pools, earning trading and borrowing fees while remaining exposed to underlying assets and trader PnL. → @grvt_io GLP: Takes a different approach. It's a delta-neutral market-making strategy designed to capture spreads and funding while minimizing directional exposure. What caught my attention about ethereum:0xad29f2723fcdbcf665f210f25e06f97477e417cf is that GLP charges no management or performance fees. But there's a trade-off. Redemptions take 2–7 days, and even a delta-neutral strategy can lose money. Personally, if parking capital in a vault long term, I'd care more about risk-adjusted returns than headline APY. Where does the yield come from? What risks am I taking? And how easily can I get my capital back? That's what matters more to me than a few extra % in APY.

11% target yield sounds nice. But where does it actually come from? 🤔 With @grvt_io upgrading Grvt Earn in November, I took a closer look at its existing RWA strategies. 2 bundles worth looking at: → Balanced Bundle (~4.5% target APY): Primarily invested in BlackRock's AAA-rated CLO ETF, focusing on higher-quality credit exposure. → Opportunistic Bundle (~11% target APY): Primarily through BlackOpal LiquidStone II, offering exposure to Brazilian credit card receivables with FX hedging. Both offer #RWA yield, but with quite different risk profiles. The 4.5% strategy leans toward stability, while the 11% comes with higher credit risk. That's also why APY alone shouldn't be the deciding factor when evaluating a vault. With the upcoming Grvt Earn upgrade, the platform aims to expand access to fixed-income strategies, where yields come from interest, premiums, and invoices rather than relying solely on token incentives. Personally, I find this direction pretty interesting. But after launch, we'll still need to look closely at the underlying assets, redemption terms, and whether those yields can hold up as more capital flows in.

Happy weekend! $BTC’s $80K retest has my attention. I’m watching this level before getting more bullish. Glassnode puts the average cost basis of spot ETFs and Bitcoin treasury companies around $80K-$81.5K. Losing $80K would leave both groups underwater on average. Above that, $85K-$87.5K brings together 3 obstacles: → The cost basis of 6-12 month holders → Large spot sell orders → Futures liquidation clusters I’d take a daily close above $87.5K seriously, especially with stronger volume. The $653M ETF inflow on October 19 is encouraging. But trading volume remained weak. I want to see inflows repeat before calling this a sustained recovery in institutional demand. Also, we should be cautious about the leverage data. Altcoin funding has cooled sharply, yet open interest at constant prices is only around 5% below its October peak. Lower funding alone doesn’t convince me that leverage has reset. Most positions are still open. > 3 things I’m tracking next: - October 28: The Fed decision and what it changes about rate expectations - November 11: MSCI’s removal list, particularly whether Strategy is included - BTC’s reaction between $80K and $87.5K The question is whether buyers can sustain demand as price approaches resistance 🤔

Market's boring today, so I took a quick look at what's happening beyond the charts 👇 A few headlines that caught my attention: - AI stocks got hammered: Nasdaq dropped ~2.6%, while $BTC slipped back to ~$81K. Selling pressure is spreading across financial markets. - Meta reported $64.6B in Q3 revenue, beating expectations, yet the stock still sold off. Wall Street is starting to care more about the ROI on hundreds of billions being poured into AI. - AI debt is being compared to the 2008 subprime crisis. Building data centers costs a fortune, while their long-term profitability is still a big ? mark. - DeepSeek reportedly raised $15B at a valuation close to $69B. Nothing officially confirmed yet, but capital is clearly still flowing into Chinese AI. - China's CSI 300 entered a bear market, down ~20% from its June peak despite growth in AI and EVs. - 2 critical PHP vulnerabilities were discovered (CVSS 9.2). Several services, popular webs had to undergo emergency maintenance to deploy patches. - Marathon Fusion claims it can turn mercury into gold using nuclear fusion 👀 Sounds crazy, but there's still a huge gap between doing it in a lab and producing it at scale. - SpaceX and Tesla are still holding BTC, with roughly 17.7K and 11.5K BTC, respectively, according to the reported figures. Those are big numbers, imo. - eBay is cutting another 9% of its workforce despite solid business performance. AI and cost optimization are changing how companies operate. Looks like #AI is still the biggest story in the market rn, both for the opportunities and the risks. Anything else worth watching? And should I make this a daily series? 🤔