Could cheaper AI be bad news for the neoclouds? @trajan0x: “I think SanDisk is coming out with high bandwidth flash as kind of a replacement to high bandwidth memory, which is something that can drive down memory a lot. And there’s other advancements across fiber, other pieces of the AI stack that could really, really nuke the value out of these neoclouds.”
Altcoins had a tough month. Nearly 9 out of 10 altcoins on our sector dashboard finished in the red. Worst Performing Sectors • AI (-26.0%) • Launchpads (-25.2%) • Layer 1s (-20.7%) • ETH DeFi (-19.8%) • Memecoins (-18.4%) https://t.co/5kIQewMMlj
Gauntlet founder @tarunchitra on why Crypto’s AI agents fell short. “We started to see the first versions of trading agents and early AI agents. Those things were a little bit just meme coins with more steps.” https://t.co/FY6MLvQfQF
Grass Founder @0xdrej says their infrastructure can’t keep up with AI demand. “We had a very tight deadline to deliver a lot of data to a major AI lab. We were short on compute and we had a bunch of servers sitting in a warehouse. Our CTO flew into Ashburn and pulled an all-nighter, kind of slept on the floor, assembled the servers.”
Hyperliquid is going after markets far bigger than crypto. What traders want to trade keeps changing. Last cycle that was crypto. Today much of the new activity is in prediction markets. Venues that offer all of it from one account keep those traders when the mood shifts. Hyperliquid is building that onchain. Outside teams already list oil, gold and stocks next to its crypto perps. Since August anyone can also launch a prediction market about almost anything, and those markets trade from the same balance as perps. Options look like the next step. Hyperliquid’s fees still rise and fall with crypto, averaging about $109M a month in the second half of 2025 and about $71M a month so far this year. A wider range of markets should keep traders active when crypto cools.
Who will end up with Satoshi’s Bitcoin when quantum arrives? Ceteris: “It’ll either be China or the US who gets Satoshi’s coins and all the old coins. I know some people think it’s bearish if China gets it and bullish if the US gets it, but I don’t really know if that’s true. Just because China doesn’t let their citizens own Bitcoin doesn’t mean they don’t want to own a bunch of it. The size of it is so big that regardless of which one of them gets it, you can’t really sell it.”
Nearly half of tracked SOL options volume is in contracts expiring within 24 hours. Share of 24h volume on Delphi’s cross-venue dashboard: • SOL: 47.5% • ETH: 30.1% • BTC: 24.2% Those expiries generated ~$1.1B in combined notional volume across the three assets. https://t.co/eTIEjgaXVx
José on why the AI trade is different from past bubbles. “I think 2000 is very different because there was just no revenue on any of these things. Whereas here, no one believes the revenue. All these things are trading so cheap that you have to just not believe that there’s going to be any growth.”
Speculation has always had two engines. New technology makes the future look bigger than the present. Britain’s railways in the 1840s and the internet in the 1990s both ran on that engine. Political and monetary strain pushes people toward long shots by making the ordinary path to wealth feel out of reach. In 1720 the public piled into South Sea Company shares that had been swapped for Britain’s war debt. In the 2000s the bet was a home bought with an easy mortgage. The famous bubbles mostly ran on one engine at a time. Today both are running hard together. AI is driving the largest private build in decades. The four biggest hyperscalers guided to $720B to $745B of capex for 2026. Meanwhile, the social contract has been broken. A strained political and monetary order has culminated in a deficit that sits near 6% of GDP with no recession, and a home costs 3.5x the income of a household under 40. The bets followed. Legal US sports betting grew about 25x from 2018 to 2025. Kalshi and Polymarket’s monthly volume matched that in a single year. The things being bet on will keep changing names. The crowd will keep needing somewhere to bet.
Ethena founder @gdog97_ explains why DEXs keep taking market share from centralized exchanges. “At a structural level, DEXs are just in a much more powerful position from the way that you can run your business and how efficiently you can do that versus a centralized exchange.” https://t.co/VN3iK4eeVC
