Lock Out Rally Continues. Crypto Bears Are Done. Perps Drama, Markets, Portfolio Updates

Transcript

[music] [music] [music] [music] 17 [music] >> [music] >> We'll see you around the timeline.

Feels good to be back. >> I think The Rollup is one of the most [music] premier media brands in crypto and Andy and Robbie are great experts at everything they talk about and it's my [music] favorite podcast. >> Adding it to my library every week. potentially multi-chain deployments. We are at Dev [music] Connect day one here. I'm guessing from Bas. [music] [music] [music] Heat. Heat. N.

[music] >> [music] [music] [music] >> Heat. Heat.

JP Morgan, Black Rockck, DTCC, Fidelity, the entire thing was just institutions. It's just it's next level. This industry is going to the next level. And guys, I I don't know what else to say. I'm bullish. >> He said it. He finally said it. I'm so bullish. >> It is bullish. I'm bullish. We're bullish. Heat. Heat. [music] [music]

Heat. [music] [music] [music] Heat. Heat. Heat. [music] [music] [music]

>> [music] >> Roll up [music] is headed to the top. If we're not already at the top, we're going to the top. >> Roll up is my favorite. >> People from all walks of life, all over the world, all over this industry come together for the rollup. >> [music] [music] [music] [music]

[music] >> Zoom Now, the institutions aren't coming. They're simply here. [music] It's the golden age of crypto, guys. Get right. Let's go. >> Welcome to the nest. See you on the show. We are live. We are so live. September 21st live from the Roll Up. We're back at the Rollup headquarters. We just had a week in New York City where not only did we interview Hunter Biden, we also interviewed Kevin Oolir and he was also wearing an 11 million one of one show Otani card around his neck. Also, since we were live in New York City just three or four days ago, uh the market the

market the market is absolutely exploding. Lockout rally continues and I wouldn't want to be anywhere except for digital assets. Guys, welcome to the rollup live from South Florida Rollup HQ here in South Florida September 21st. We're going to have a good show, but not a long show here today. We're going to get you guys up to speed with beef, hyperlid, Zcash, Near. I mean, all the things that we've been talking about on the show for the last six months. We're going to keep talking about those because that's exactly what you guys want to hear about. It's the things that we've been talking about this entire time. I mean, I mean, where do you want to start? You want to talk talk about the AI slowdown and the reason that everyone's rotating from AI over to crypto as the real store of value here or you want to talk about the macro

accommodative monetary policy with Bessant pumping even more money into the bond market printing printing printing and doing so with an even greater increase in buybacks as of today or do you want to talk about the legitimization of the industry and how there are specific onchain businesses benefiting from the tokenization exemption and the CFTC exemption around perpetuals. So you guys just let me know where you want to start. You just let me know where you want to start. Let's hit today's topics. As always, guys, shout out to our sponsors. We could not do it without you guys.

Yes. Yes. We've got a fantastic show. We're going to get into in just a moment. But first, let me give a big big shout out to our sponsors and all the guests that are coming on today. You guys notice I'm missing a co-host. We're going to deal with that in just a moment. But of course, Zama near I mean guys absolutely leading the charge. Not only are Zama and Near leading the charge in the real technical bull market that is happening underneath what we're seeing in the market. Zama obviously on the privacy and the FHE front. I think their tokens up 120% in the last week. I I don't know if I'm euphoric enough. I don't know if I am bullish enough, but obviously you guys can hear it. You can see it. Mir obviously leading the charge

on unlocking the Zcash ecosystem and unlocking AI onchain, making sure that we do have credibly neutral and private alternatives for a confidential AI system and we're not ran into the ground by flot cameras and AI surveillance state. And of course, shout out Plume were hosting us last week at the tokenization tower. That's where we did Hunter Biden. That's where we had some of the greatest interviews of the year and it's only September and we've got a tremendous conference circuit coming up and then as always aligned 1-in fracks guys we couldn't do it without you couldn't do it without all of our sponsors all the guests over the last week in person and all of you watching at home the entire

team h helping out behind the scenes and of course our lovely lovely audience members give us a big big dub in the chat give us a like give us a subscribe give us a repost wherever you're watching Let us know. Let us know in the comments where you're coming from. Let us know questions that you want to talk about. Let us know what you are invested in and what you guys want to hear about with respect to the markets today. Let's get into today's topics. As always, big show for you guys. We're going to get a big call in. Little Miss Gun, I see you in the chat. We're going to get markets and weather live. Not from NYC. We're going to get it live from South Florida. And then we're going to have Hyper Meat call in our little beef update. Little filetman yan. We

upgraded the burger to a filt. We're going to get a big macro update. Haven't really been uh studying in the macro trenches since we've seen the markets explode on the heels of the Bessin buyback announcement. But we are seeing around the world the repatriation of capital. We're seeing the Japan yen, the Japanese yen and the US dollar carry trade unwind and the Japanese public and central bank bring capital back to the homeland. We're seeing the same thing happen in Europe. We're seeing the same thing happen in Asia. We're seeing the same thing happen in the US. They are repatriating capital. And that is why we're seeing this absolute onslaught of US treasuries onto the market. They need to finance buyers for those treasuries.

Politicians are not going to stop spending money. They spend the money of the US taxpayer. And we need someone to foot the bill. Who's going to foot the bill? It's going to be the money printer. It's going to be the stable coin companies that are buying the bills to reserve the stable coins that are being issued on the heels of the upswing in the crypto markets. And we are seeing it play out right in front of ourselves, right in front of our eyes. Also, right in front of our eyes, we're going to get a big update from my co-host in just a few minutes. But we are going to be back in New York City later this week where Trump and President of China, she are going to meet. This is the first meeting that they are going to have in such a long time. No surprise we're seeing

tensions in the geopolitical controversy in the Middle East heat up both Ukraine and Russia, both Iran and the US, uh Saudi Arabia and the Houthies and Ye Ye Ye Ye Ye Ye Ye Ye Ye Ye Ye Ye Ye Ye Ye Ye Ye Ye Ye Ye Ye Ye Ye Ye Ye Ye Ye Ye Ye Ye Ye Ye Ye Ye Ye Ye Ye Ye Ye Ye Yemen I mean we are we are at war over there and uh war tends to pump the economy and so we don't like to play with people's lives at stake here. It's obviously a very serious situation, but I think it is no surprise that we're seeing tensions flare going into not only the Trump and she summit, but also the UN General Assembly that my Uber driver leaving New York City on the way to LaGuardia was telling me about.

That's why First Avenue is closed. That's why there is insanity and delirium happening in the streets of New York City is because they have leaders from the United Nations flying in from all over the world meeting up to discuss the state of affairs in none other than New York City. And we are going to see Trump and she meet in Washington DC a little bit later this week and we anticipate trade talks. We anticipate Iran and we anticipate artificial intelligence being at the heart of those conversations. you know, it's a little bit rough and a little bit rocky going in. And so, we anticipate volatility coming out of that summit and that meeting. It's first time they've met in a long, long time. We're going to be bringing to you guys everything that you need to know and everything coming out

of those conversations. We're watching with a keen eye. Let's hope hop over to weather. I can look out my window. It is going to storm uh and we are going to get a uh a weather update. But I'll I'll tell you right now, the weather is uh a little bit rough. Guys, we're going to hit a quick quick standby and then we're going to be we're going to be we're going to we're going to keep going. I got people talking to me behind the scenes. These guys are a little bit, you know, when the when the bull market gets starts get going, people start acting a little more volatile. I'll tell you that. You know, there's things involved here, there, everywhere. People don't really know how to react when things are mild mannered and calm and it's apathetic. Things are just easy and going. We're just business as usual.

Sometimes people don't know how to deal with green and red candles. And I'll tell you, there's a little bit of uh there's a little bit of psychological volatility here at the rollup, but we're dealing with it each day in and day out. We are going to continue absolutely cruising, guys. If we have weather, we can go to weather. If not, we can just continue with the updates. Big shout out to our tokenized equities partner. First, let me tell you guys about some of the things that we've had done last week. SEC tokenization exemption. We had Gabe from Dinari come on and say this was absolutely written to a tea exactly the way it should be.

We had other people come on and say, "Hey, maybe there should be some changes. Remember SEC tokenization exemption is huge. It is a proposed change. It is in an open comment period. We are going to see it take effect." I saw mainstream headlines over the weekend that are now talking about the New York Stock Exchange and major major exchanges in the US going 235. That means market hours are going to be operating 23 hours a day. That is a huge change. It is only possible with tokenization. This is now a one-way train. It is non-stop. It is a runaway train on track for tokenization on chain 247. You guys know where 235 goes. It goes 247 and then you guys know where these permission systems go. You can't

keep capital trapped. Capital wants to be free. Let's go solo. Capital wants to be free. I'll tell you about the tokenization exemption. Okay, it's hot in Florida. And also what is hot? Tokenized assets. Tokenized assets are on such a tear right now. They are going absolutely parabolic. And the reason is because we have institutional FOMO at the highest levels of finance. Incumbents that have been in the market hundreds of years, quite literally since the United States of America founded. That's how long the New York Stock Exchange has been in operation. 250 years of business. They are evolving their market operations to a modern system of blockchain and

tokenized assets that is going to unveil 24/7. First, it's going to be 235. >> First, we're going to get regulatory clearance and and clarity. And then, we're going to see this thing operate at a 24/7 juggernaut pace. And that is only possible on chain. And what I want everyone to remember is that when you're looking at the SEC tokenization exemption, you probably noticed there was a very key word in the proposed exemption, which was permissioned. That is a very important word because it shows where we're at today. And I'll tell you a little bit about where we're going. Where we are right now is that the SEC is giving the green light to permissioned walled garden ecosystems of tokenized assets on chain. That means we're going

to have a siloed alternative trading system for New York Stock Exchange. Another siloed system for the NASDAQ. Another siloed system for the London Stock Exchange. These things are going to start popping up, but they're going to pop up in isolation. You all know that you can't keep capital pinned down. Capital wants to be free and it wants to be liquid and it wants to be composable. And how do you do that? You do that by connecting these disperate systems. This is ultimately healthy for price discovery. It's healthy for capital formation. It's healthy for orderly markets. And it's healthy for consumer protections. And I'll give you a key insight into what I was discussing with one of our special government employees that likes to

discuss what they're seeing at the SEC with the rollup. The ro the SEC has a mandate and it's a threepronged mandate. It is consumer protection to make sure that people are not taken advantage of and there's proper disclosure so that people know what they're buying. Then orderly markets. The call sheet stuff is a whole another debacle, right? orderly markets, no wash trading, no market manipulation, no pump and dumps, orderly liquid markets. And then the third prong of the SEC mandate is capital formation. And when we talk about capital formation and price discovery, what we're seeing unfold in both the 247 phenomenon and the tokenized asset phenomenon is that these

things will ultimately reach a point where they are siloed and they need to become composable in order to flourish in terms of capital formation. And that is what we are going to see with tokenized equities. That is the stepping stone in the path that the SEC has put us on. And we're also seeing the CFTC take a parallel approach and ultimately modernize and upgrade their regulatory guidance to adapt for prediction markets and perpetuals. And that's why we're seeing Hyperlid partner with Kraken and Payword to come into the United States.

That's why lighter is also making a break into the United States and perpetuals platforms and prediction markets worldwide are starting to increase their business activities for better for worse. Guys, we are just about ready to get into today's show. Before we get our first guest up, I've got a co-host to bring up. And actually, this is going to be some breaking news. You guys know my co-host Andy, right? He has the rumor mill at his disposal. He likes to go on site at multiple locations around the globe in order to bring you exactly what you guys need to know about from the ground floor so that you hear it from the horse's mouth. Well, I'll tell you guys, we're going to hear it directly from the horse's mouth. Today we've got Andy who's going to be calling in. Uh

our local bull market euphoria commentator Andy is going to be calling in. Guys, this is breaking news. Let's get into it. [music] [music] >> [music] [music] [music] >> We get we get deep know

we get deep know we get deep know we get deep we get deep know we get deep know we get deep know we get deep [music] know we get deep we Get deep. You know we get deep. [music] We get we get deep. We get deep. We get [music] we get deep. You know we get deep.

[music] [music] Know we get deep. [music] We get deep. We get deep. You know we get deep. [music] We get deep. We get deep. You know we get deep. [music] >> [music] [music]

[music] [music] [music] >> We get deep. We get deep. You know we get deep. We get deep. [music] We get deep. You know we get deep. [music] You know we get deep. We get deep. You know we get deep. You [music] know we get deep we get deep know we get deep [music] know we get deep we get deep know we get deep

we get we get deep we [music] get deep we get >> yo yo yo what's going on guys this is itan with the rollup we're going to be patrolling the streets of New York City getting answers to the questions that you guys have most what are people trading what are people investing And how much do people actually budget? We're going to have people from all over, all different investment classes, people who are dead broke, people who are dead whales, people who are just loaded. There won't be a mayor or politician to stop us on the streets.

We're going to go everywhere. All five burrows. We're taking over the 212. [music] >> [music] [music] [music] [music] [music] [music]

[music] [music] >> We get deep. We get deep. You know, we get deep. We get deep. >> [music] >> We get deep. You know we get deep know we get [music] deep. We get deep know we get deep know we get [music] deep we get deep know we get deep know we get deep [music] we get deep know we get deep we get we get deep we get deep we get [music]

we get deep know we get >> [music] [music] >> We get deeper. We [music] get deep, you know. We get deep. We get deep. [music] We get deep, you know. We get deep. We get deep. [music] We get deep. You know we get deep.

[music] [music] [music] >> [music] [music] >> Heat. Hey. Hey. Hey. [music] We get deep. We get know we get deep.

We get we get deep know we get deep know we get deep we get deep know we get deep know we get deep we get deep know we get deep [music] know we get deep we get deep know we get deep [music] we get we get deep we get deep we >> [music] >> We get people. You know we get >> Oh my god.

>> Calling in from the tokenization tower of Palm Beach, Florida. >> Where are you right now, Andy? I'm at the Ritz in the beach here, Fort L. Just did a bachelor party for my best friend. I was the best man this weekend. That's why my voice a little horse. I think we did a little bit too much yelling at the day club at the casino here. >> I got quite a few stories to tell. Funny times, but goodness gracious, this market. Oh my god. >> This is water. This is water. It's a Monday, guys. Everyone take it easy.

What else you got? >> What else you got there? >> I just did my first pinina colada. Everything's okay. Everything's going to be okay, guys. There's no reason to be upset. >> Do you stay at the risk bull market >> or is this just like a cycle? >> The the third cycle bull markets hit different, bro. I don't know what it is. That's fourth cycle. 2017, 2021, 2020. They said like, "Oh, the third bull market is when you make it." I did not make it. The third bull market. I think this fourth bull market though, I think we're gonna make it. I'm I I just want to be comfy in eight figure hell. Eight fig hell, please. You know, >> it is kind of funny the way that you describe that cuz you you know, you describe that as far as four cycles, but

like you know, classically four years, you got 2017, you got 2021, you got 2024, five, six. Those are same. Are we in the same cycle as 24? >> Right. Like that that that's why I'm like what the hell? Like my third cycle was a big letown. >> All right, so you're at the Carl. We had a big week last week. We interviewed Kevin Olir. We interviewed Hunter Biden. I mean, we were all over the place. We did two events in one day. And then you flew to Miami or Fort Lauderdale or wherever you are, Palm Trees, Palm Beach to do a bachelor party. We all know what that means. And uh and the market was absolutely exploding the whole time on the weekend.

>> We're at like we're at the Hard Rock. Why don't why don't we show the markets real quick just to get just to get an idea cuz now we've got a good markets widget here. You guys are going to love this. So 7-day change here. Let's go ahead and cut to it. 7day changes on some of these coins is absolutely >> ridiculous 60%. Zcash is up 30%. >> Dude, the whole market just realized that N's co-founder is like the inventor of the LLM. Like what, dude? Dude, the market they was so was sleeping on Ilia. Dude, our sponsors, our Zama and Near sponsors right here are putting up for the team like no other.

I mean, they are straight cooking. I know Freedom Guy is somewhere in the chat and he bought all the sponsor tokens. Freedom guy, I saw you in the chat. I bet you're flying on Zama and and near, bro. Zama's up 100% in like dude two days. It's not even on here. We got to get Zama on here. That thing is flying, dude. Ripping. >> Yeah, >> Venice. Last I looked at Venice was like 34. >> Dude, we had Eric Vorhees on the show in February. It was $2.

>> $2. >> Hold on. Give me just one second. >> Yeah. Throw some headphones on. Let's go. Uh, let's go quick solo. [laughter] Um, >> wow. We're getting [laughter] wow, you know, you know. [laughter] >> Wow. >> We've got a lot we got a lot to cover. We have someone in the chat saying, "Guys, let's address the elephant in the room. There's a conversation all the time about wash trading. What is your opinion?" Let's [laughter] >> Hold on. And he's got a call. Let's listen in.

>> I gotta call my quant. I gotta call my quant. He's he he's uh he's busy. He's busy. >> Let me see what I can do here. >> Uh I do want to talk about the washing stuff, but it's quite sensitive and I'd rather just be positive and not have to go into all like the negativity. >> No, no. Make your call. Let's see what kind of call. Let's listen in. >> Yeah. Know the quant. It's my quant. This is painful. Hey, how are you? Um, I'm doing great. Yeah, I'm up. Um, I just would like a pinina colada, please.

Yeah, that that would be great. Yeah. [snorts] Yeah, that Yeah, that's right. You sent the first one, but uh I put it down quick. No, you guys are the best. Thank you so much. We're ordering live stream starting to sound like something not one not two. [laughter] >> Yeah, that is perfect. Thank you so much.

>> Wow. >> Wow. >> Incredible happening. >> All right, just got off the phone with my quant. I don't know if there's echo. I'll put headphones in if it's going to change it. Sorry about that, guys. Um and Quant said we're going higher. He said one more peanina and we're good to go. >> Um, phenomenal. >> Let me know if this is better, guys. >> Guys, um, are we having fun yet? >> Sorry about the echo. I don't know what what's going on there. >> Yeah, it should be better now, guys. Um, >> yikes. >> Let's quick stand by, guys, please. >> No, no, no. We're good. We're good. You know, couple pina coladas and the bull market gets to your head and then all of a sudden it's like bang.

>> Okay, now let's get into it. Where are we seeing outperformance? Andy, tell us about your team, your your experience in uh Palm Beach. Said you were there for a Bachelor weekend. You had a couple stories to tell us. Go ahead. Tell us what happened. >> Can I just get a a checkin, guys, from the chat? Is the audio better? Audio better. Luca Flexis, the echo's gone. Okay, the echo's gone. All good. Fernando, thank you guys. Appreciate y'all. What up, Sam? Good to see you, brother. Haven't seen you in the chat ever. Glad you're [ __ ] here, man. Um, all right. So, I'm in the hot tub yesterday and my flight's delayed and it's terrible. Let's go solo on this here. Um, so I'm in the hot tub. My

flight's delayed. Um, and you know, I'm I'm kind of just like pretty tired, hung over. You know, it's been a long weekend and I'm in the hot tub and there's two guys talking about commodities. They're talking about Medicare. They're talking about insurance. And, you know, I kind of sit in they're like, "How like, how are you doing?" I'm like, "I've been better." you know, I just did a whole weekend w with a for a bachelor party and my flight just was, you know, cancelled for after four hours of a delay. Had to come here stay at night. Um, you know, whatever. And so they're talking and they're talking and this guy's name is Andy.

This guy's name is also Andy. I'm like, "All right." and he's telling me that he does energy trading and commodities brokering at scale for the AI boom. So, he sells uh metals like anything on the periodic table that contributes to chips, semiconductors, hardware, and their business has been exploding. So, you know, I would assume Andy's net worth probably like 10 to 25 mil. [snorts] And so I'm like, "All right, well, I'm gonna take this chance to shill him on Zcash.

Why not?" So I just tell him that there is this new token. This is like the left curve thing, which is why I think Zcash could legit hit like 20K. I'm like, "There's this new token called Zcash. It's like Bitcoin, but it's fully private. It's a Swiss bank account in your pocket, and the chart is absolutely booming." And he instantly got it. He instantly understood asset freezers and scrutinies and privacy and liability and the value of having a private digital store of value. I got his number. I sent him information. We have a call scheduled next week and we're I'm going to talk to him and maybe his partner or

somebody and we're just going to just straight make sure that him and his wealthy buddies get into Zcash and shield their tokens and join join the future of finance. Rob, so that was that was my hot tub story. Rob, similar story. Uh I think you know I was at a wedding recently. It was a family member. It's a close family member that was getting married, someone that I had uh hadn't seen for a little while. Uh this was when Zcash was around 500. They said "Hey >> you know, a wealthy older guy, someone I've been friends with for a while. You know, they're they're like, "Hey, we know you're the crypto guy. What is the crypto to buy?" I said, "H I don't

really like to, you know, recommend things, give calls. I don't want, you know, someone calling me up when the thing goes down or whatnot, but Zcash is at 500. This is in pure apathy mode. I had just finished accumulating and I said, "Hey, there's this thing called Zcash. It's basically like Bitcoin. It's basically the same fixed supply, 21 million, right? Can't ever create more inflation hedge digital things, whatever. But it's private. They can't take it from you. It is everything that Bitcoin set out to be when it was early. But now Bitcoin has been institutionalized and it has been taken over by the incumbents and the elites.

And now Zcash is filling that void. And so that's what we're seeing. We're seeing Zcash actually fulfill the promise of what cipher punks were attempting to do with Bitcoin. It is quantum resistant. It's private. And all the threats that people think are going to make Bitcoin basically non-investable. Zcash has already gone and fixed and Bitcoin is caught behind the eightball. So I think it is significant. it is actually taking flows away from Bitcoin. Plus, there is general flows coming into the ecosystem and it's a rising tide and that's what we're seeing. I think it is uh very very uh it resonates with a lot of people especially the people that you know they

go they make some they make some money they take some wealth and then they're not really sure what to do with it and they say hey I pay a ton of taxes on this I want to protect it from that I want to protect my capital base and they're looking at Zcash I don't know I haven't followed up >> but you you got to text them >> I mean Zcash is up it's I mean now's the time This is what I texted this guy, uh, Andy, um, who also has a a last name that's a very famous last name. There's a chance he might be I don't know if he's the son of a very famous entrepreneur. He may be, but I don't think he is.

>> Andy, >> I was like, uh, crypto is very volatile. Bitcoin is where you start, but Zcash is the private version of Bitcoin, which I think for a wealthy gentleman like yourself could be very appealing considering the nature of asset freezes. scrutinies and lawsuits. Even young guys like me like to hold our money in it because it's like a Swiss bank in your pocket. Thanks for hearing me out. And look, I don't obviously hold all my Zcash in shielded pools. I don't think you have to do that, but I think once you do use Zottle, I don't know if you guys have the Zuttle app. Once you do use Zottle, you kind of realize the value of what Zcash is doing. Like when you shield your first Zcash, you're like, "Wow." Anyway, enough about Zack.

How about Hyperlid? >> Hyperlid is knocking on the door of $100. Um I mean look, Zcash and Hyperlid are the two front runners for our barbell thesis. >> Yes. >> Let's talk about the barbell thesis for a moment, right? >> Yeah. Go off. >> I I mean the hard money the hard money fixed supply assets. Bitcoin. Bitcoin is getting >> You were right. You called that. You were like, "Bro, I think thinking about portfolio structure, you were like, I think we had this kind of outperformance of the revenue producing businesses for like the last couple weeks and then as soon as Bessant hits that buyback this morning." I mean, you can tell us more about that. I don't really know what

happened. You're the macro genius guru. Uh, Mr. Markets guru over here, take a brain math and philosophy degree, two degrees. I have zero. Um, maybe that makes us equal. Um, and so you know, as soon as Bessin hits that, right, Rob, it's like 5% candle in Bitcoin. So, you were so right on that where it's like the hard money macro stuff is responding very well to these like basically quantitative easing. >> Yeah. I mean, that's basically what it is. You can call it quantitative easing, you can call it yield curve control, you can call it Fed money printer. I found it astounding honestly that the fact that we raised Kevin Worsh raised rates yet the market flew because you and I were predicting that but we weren't

predicting to happen immediately after them raising rates. >> We figured >> we figured look maybe we would get one of two clarity act or right >> them holding rates. We got neither of those, but we also predicted that we were going to fly as a result of all of these negative catalysts just getting removed from the docket, which is exactly what happened. And it happened sooner than I think anyone anticipated. And so, you're absolutely right that our barbell thesis outperformed. The hard money side of the barbell is what outperformed. And then, you know, the revenue meta side of the barbell thesis did particularly well. Obviously, Hyperl is up 15% this week. it is underperforming Zcash which is up 30%.

Near is kind of like so so so here actually near is a tremendous example of the point that I wanted to make >> and Andy I don't know if you're going to like to hear this. >> I'm I'm I'm I'm fired up. Let's go. >> I think the revenue meta is dead. I'm proclaiming it now. The revenue meta is dead. It was a crowded trade. It's played out. I think what we're going to see outperform now going forward is hard money. Fixed supply assets are still going to do quite well. Revenue meta is still going to do quite well. However, I think the revenue meta is dead. I think it is no longer the case that we need pure price toearnings, future cash flow

models in order for a structural bid on a token. And I think near is a tremendous example of this because yes, Near does have some very very strong fundamentals and that is why we saw a structural bid on Near during apathetic market conditions. But the fact that near is now exceedingly bullish upwards of 60% this week that is no longer based on fundamentals. That is now based on a future projection of total addressable market of the AI industry. Near is branding itself on AI money being AI money meaning the denomination currency to pay for compute and pay for resources in order to protract intelligence. You give near you get intelligence and it is

becoming a very key piece of AI and I think that is especially what we're seeing. It is no longer the case that is purely based on fundamentals. That was the case maybe during the summer. It caught a bid but it is no longer the case. And I think this is the beginning of a new transition where we're no longer going to see prices based on pure fundamentals and revenue. I think we're now going to see prices react to narratives and we're going to see a lot more momentumbased market movements, momentumbased market movements. You get a narrative, you break inertia and you generate momentum, then you catch a bid. I think that is now the market landscape that we

find ourselves in. And I think this is a fundamentally different market landscape than what we had been playing in over the last few few months. Right? While we had the barbell thesis, everyone poured in poured into the barbell poured into the revenue meta on one side, poured into hard money on the other side. I I do think now that we are in a momentumbased market landscape, meaning I think there are crowded trades that are going to continue to compound and outperform Zcash, Hyperlquid, Near, Venice, Pump is going to do well, although Pump isn't doing great right now. And I think that's again evidence that revenue is underperforming.

I'll tell you guys, the thing that I just keep getting more and more bullish on is ETH. Okay. The more bearish takes I hear about ETH, every dinner I went to last week in New York, every meeting that I've had so far today on Monday, everyone is saying that they just they are so bearish ETH. They're getting ready for Zcash to flip ETH. They're ready for ETH to be dethroned as the number two asset. I'm telling you, I am telling you that the trade and the portfolio thesis that we've talked about for the last six months has outperformed and it's and if you've been in this thesis, you've done exceedingly well and you've outperformed the market as have

we. However, it is now coming time where things are starting to shift. It is a paradigm shift and I believe the barbell is crowded and I believe it is time to look for places that can now outperform places where we will start to see capital rotate into and I think crypto in large is a place where capital is still starting to rotate into which is why I think we're still at the beginning of the structural trend right because capital is still it takes lots of time capital is flowing out of AI and it's flowing into digital assets but I do think I do think I'll just sum this up right here and I'll pass it back to you Andy.

>> Yeah, >> the barbell thesis, hard money on one side and the revenue met on the other side, it will do well in US dollar terms. But if we're looking for outperformance, which we are, I believe the barbell thesis is starting to become crowded and there are assets that are not crowded and contrarian and are poised for reflexive upside. And I believe Ethereum, the asset is ETH. I believe it is positioned in that contrarian uh contrarian. >> I mean, dude, you I mean I mean Okay, so that's where I was going with it. It's like I mean, are you really going to say the number two crypto market cap token is contrarian? I think that's a little bit of a >> We were on a call today, Andy. You were on this call. They said Zcash is going

to flip ETH. They said Near is going to flip E. They said Salon is going to flip E. >> I hear you. I hear you. Look, I'm not just Look, okay, aligned. aligned, but I think there's others far Zama. Zama is contrarian, underdiscovered, not talked about, doesn't really make money, whatever, and is one of those. What's your take on Zama, Rob? Do you think Zama could be one of the biggest performers? What's your read there? >> I think Zama is uh incredible technology. I mean, I I truly believe in the assessment of this industry that the casino funds the research lab. And I think Zama is an incredible example of the research lab. And I think if you

look at all of the prediction markets and you look at all the casinos and DeFi lottery tickets that have come before it, I think Zama is one of the few things that is building for the right reasons, building with decades long time horizons and institutions are coming on chain. that is part of the legitimization of the industry. It's coming with these tokenization exemptions. We're seeing it play out right before our eyes. And Zama's privacy technology, the way that they've been able to integrate FHE, fully homorphic encryption technology into digital assets is something that is in demand by institutions. So, I am absolutely bullish. Zama, I think they've done a tremendous job. I think Rand is a great leader of a company.

He's done this before. I think he's going to do it again. And I think Zama is absolutely undervalued and underdiscovered and I am planning on getting in heavier than I already am. And so I I'm big big fan of Zama and I think it's a great example because it sits at the convergence of this this this trend between Near and Zcash and and Hyperlquid and Zama privacy confidentiality are all reacting to the same things. I think there's a confluence of factors that is going to lead Zama into new highs. And I think you're absolutely right that it isn't really the revenue correlated asset.

>> What I mean, and not only that, it's not like, >> but it has momentum. It has momentum, >> dude. We're not buying a 200 uh billion 250 billion, 300 billion asset with ETH, which is great. I get it can be a bedrock of your portfolio. And by the way cheers. But like dude, we're not we're not talking about assets that are, you know, way bigger than um than you know, we're talking about small assets here. So what are some of those other ones, Rob? Like what are these other like Zama type plays that are like, you know, in the one to five billion range that are so small but big enough that you think could explode? What do you think are some of these other assets that you're looking at?

>> The one to five billion range. >> Yeah. Or that like 500 mil market cap to that five bill range, right? You got light lighter sits in there, but lighter has exploded, but I mean I think that's a good good position there. You got Venice sits in that category. I still think I mean look, we don't have Arbitum on the list here, but Arbitum is absolutely killing it. I mean guys, Arbitum is like the only L2 token that matters, right? Cuz based based I mean it's up 60% this week. >> Wow.

>> It is outperforming Venice. It is on par with Neo. up 60% this week. >> 61.1% this week. It's up 7% today. >> No way. >> There are some there are some DeFi gems that are in that 1 to5 billion range. There's also some hidden gems that are a little bit lower, but obviously that's going to come with more risk. I think there are some like pillars of DeFi that send in that range, right? So, if you're not looking at buying the majors, something in the top like 10 or 20, right? Obviously, Bitcoin, ETH, Zcash, we're bullish on Hyperlquid, but you want to ride that now. You know, they're kind of in that classification.

So, I would be looking. >> So, look, so I like where you're going with this. Uh, Leo, let's get the screen up if we can. >> Pillars of DeFi that I anticipate are going >> What we're talking about here is like what you're kind of talking about is not like the beta rotation game from like, oh, Zcash is great, so let me go buy Monero or the Nth privacy coin. what you're talking about is more of like strategic sectors that are like not that have narratives but like aren't bid and that's kind of where we're getting to in this bull cycle if you know what I mean >> right like um >> I love the thesising yes freedom guy we are up I can't believe you bought Zcash at $50 >> let me ask you a question nuts >> Andy let me ask you a question real

quick how are you thinking given and I I imagine a lot of our audience is probably thinking a similar way because they have also rode this train with us from July from June and July by the way >> from June from June and July when we started building these positions right a lot of people are on this train with us and they're thinking >> the lows too man we we we we crushed this man >> and so let's let's just take a moment and think about the rotation play >> okay so I'll tell you what I'm thinking about >> so so there's right because there's multiple ways to play this obviously I think there are strategic sectors that have underperformed but are positioned to rerate right >> and So, does it make sense to try to time the market and sell one sector and

buy the next and do those rotations or do you just ride and let let your winners ride? >> I don't know, man. I mean, look, I just am so um >> How do you play it, right? Don't make don't make advice for others, but like how how do you plan on playing it? >> I'm just telling you what what Yeah. So, look, guys, I am as bullish as the next guy. >> I'm as bullish as anybody is in this entire market. I've been very bullish from the lows. Want to see things happen. You know, I I I want to keep seeing us go higher. You know, these charts are insane. They look ready to just keep going across the board. So, like, I want to stick in the game. I'm definitely not trying to sell too early, get all bareold, but I know myself.

I know my portfolio. I know my risk tolerances. And right now due to the massive upside that we've seen across I mean mostly hype lighter near and Zcash and then also PUR obviously and then VVV I mean those have been like my biggest gainers you know Zama's a small position chain link small position. >> All right I I've got another question for you. >> Hold on hold on let me finish. the allocation balance across my basket of assets right now has become so heavily tilted to crypto like 95% of net worth maybe when I start maybe in

June it was 80% net worth now we're like 95 plus why obviously because the value of crypto went you know has gone up so what do I need to do as an allocator I just need to make sure that I'm being you that I have my uh my you know idea of what I want my portfolio balance to be across different asset classes. And so what I'm personally going to do is once hype pass 100 which I think could easily happen tomorrow then Wednesday Thursday Friday I don't know once that I I see that my biggest position right now due to hype uh is basically hyperlid or like the per data of the combination. So, I'm extremely overweight hype in my crypto

portfolio. And then I'm overweight crypto in my broader portfolio. So, I'm going to be trimming some hype, long-term cap gains. Uh, and I also have shortterm capital losses that I can fill in this year. So, I can take that amount and get a tax-free withdrawal from my position, which I think is great. And I'm basically taking all of that hype sale and put going full poor SpaceX. I'm going to take that SpaceX into a separate brokerage account that I do not have access to really or I mean I got access to it but it's not like my trading account and I'm going to try to come back to that account when I have children and that'll be like my first big exit of the market for this cycle. I'll feel good about it. If what I think happens

happens then that's that that's it. So that's my exact plan, Rob, but I know that you wanted to kind of chime in here. Um, but yeah, I just want to get money out. So, you know, TLDDR, my my balance, my portfolio is imbalanced and I'm on [ __ ] I'm in Fort Lauderdale and I'm euphoric. I'm drinking pinina coladas. It's 3:00 on a Monday. Okay, let's be self-aware. Okay, what do we need to do? We need to reassess and rebalance back into something that's not crypto. even though I'm so bullish and I want to be bullish and I could even buy more Bitcoin. Honestly, it it's like it's like just like lowering of the risk, right, of that of that outsiz risk in the portfolio. Okay, realizing that win, right? Like I mean look at the

purge chart. I mean look at this thing. I mean like like I'm up almost 80% just on per, right? And that was a big that was the biggest position I've ever put on in my life, right? into in a single position. You know, I mean, this is this is my biggest single trade ever. And I don't even think the thesis has even came close to playing out. Like, we're still early on it. So, TLDDR, that's it. And I'll be allocating to SpaceX and I think SpaceX is going to be one of the biggest companies in the entire world.

So, that's my plan, guys. And I'm curious what you guys think about it in the chat. Uh, the Dan Healthy Exactly. Crypto on the beat. You heard the Dan held thesis. Um, derive crypto. Hearing it more frequently. Yes. Uh, derive is doing good. You you want to hold. Rotate could be dangerous. Look, I'm not rotating. I'm diversifying my risk due to outsiz portfolio gains. That's it. And so, look, you got things like this that are like hot that have been beaten to shreds. You know, maybe it could be worth a buy. But like, here's my take.

Like, forget all forget more crypto stuff. Even though I know we're still early, even though I know Bitcoin's going to 200K, SpaceX maybe hopefully gets a little pullback. Set some limits here. 150 down to 140, 135. This uh what is that? The 200 day SMA on it on the daily or on the 4hour chart. You know, maybe you zoom out a little bit. and you try to get the limits down to like 135. And I'm just going to ladder in some bids. And then honestly guys, like if I'm being serious on this without trying to sound too ridiculous,

I think this has the potential to I think this has the potential to do something like this like and this is the time frame, right, for the SpaceX position. It's not even like a It's not even like a oh, let me rotate to try to make gains. It's like a nah, like I've achieved enough portfolio size. Very blessed, very grateful. I'm appreciative of all my hard work and all my luck and all the team and all the smart people that have helped me and the mentors and all of that. Very grateful. Okay, what do we have? You have the advantage of time on your side, right? So, it's like, okay, then what do I want to do? How do

I outperform other smart people? Well, I leverage time on my side and so I think SpaceX could legitimately pull something like this over the over the time period like you know something like a I don't know like a 20x a 20x in like what I don't know like something crazy in 10 years like I think it could trade in like up there, right? Right. So, if I can just like ladder in some bids and just like keep making money in the business, zoom out, have this position, come back in 10 in 10 years hopefully, right? If I have the

ability to hold that long, which obviously is not easy, then I think this is the vibe. I think this is the play. Andy, send me some. Your future kids can have the rest. We're going higher. Bottom signal. No Louis No Louis Vuitton for for for the girlfriend. Just send me Zcash. compounding into long-term assets. Exactly. That is exactly what I'm doing. Um Sam says, "Rocket." Yes, sir. Yeah, dude. Sam, I think uh if if you're gonna go into the whole like finance field, dude, I'd be putting on Z um SpaceX positions as like my Nvidia 10 years ago. I mean, that's how I'm thinking about it. I think that could be like your big career defining play um early on if you can execute on that.

So guys, let me know what you get. Yeah. Yeah. Bitcoin is finally reacting. So that's a interesting scenario here, guys, in this specific bull market, right? And so look what you got on Bitcoin. If you really zoom it out, um, and I keep it really Oh, this chart is ugly. Look at that. I must have been using this chart since literally 2017. Oopsies.

So, like if you guys look, you know, Bitcoin has had these massive runs and then dumps and then massive runs and dumps and typically it starts the bull rock like it starts the broader crypto bull market, right? But that didn't happen this time. It actually took a while to bottom out. Like it bottomed out at 58. In hindsight, it was pretty obvious. But what you had, if you look in June of 2026, Bitcoin's trading 58 at its lows, 50% down from the highs, right? Pretty pretty easy bare market for the boys. Trust me. If any of you guys have been around since 2017, you

know that this sh this [ __ ] right here was a lot harder to to manage. 77% is a lot harder to manage on the mental than 52 and on the portfolio, right? Like I got I got killed in 2022. Absolutely obliterated from seven figs to low six figures. Smoked, right? And so um now it bottomed in June. You look at an asset like Hyperlquid, it bottomed in June, if you will, but only after it had already ran up from 21 to 80. bottomed or sorry from 21 to yeah to 80 and then bottoms in June here like it bar it that wasn't a bottom that

was just a little bit of consolidation so Hyperlid led the bull market but what really led the bull market was Zcash Zcash didn't even have like a it it had a dump but in June of 2026 this thing was just up at almost at alltime highs I mean this thing everything was in a bare market And this thing just went on a generational bolt and we think it continues. So there's new leaders, there's new sectors, the market's more sophisticated than before and it's not the same mental models that are going to work that are going to lead to outperformance that have in the past.

Fortunately for us, we allocated strong at the lows and like we feel pretty good about it. Um, but I just think Bitcoin is going to still suck the life out of the market like BTC. D uh is the Bitcoin dominance uh which means that like you know this is the percentage of the market cap of the total asset class that is just Bitcoin. It's kind of been sideways like you know Bitcoin dominance can still have these big spikes but like what we're seeing and what I actually expect is more of like this which would lead us to like a bigger alt season than we've seen in a while. Like we haven't had that big of a move on Bitcoin dominance since 21. Like this right

here, this move from Bitcoin, that is when we had altcoins ripping because the the amount of market cap grew so much more from Ethereum and altcoins than Bitcoin. And I think we could get something similar, which is why I think this cycle could be more like 2017 than uh 20 uh four. like it could be more explosive and parabolic than apathetic. So, let's get Rob back in the mix. My voice is sore. Um, yeah, you're here. Bitcoin went and up is in Andes at the beach. I am generational wealth mankin. Yes, sir.

DCA SpaceX, I love it. Yep. I'm setting bids. I mean, I'm waiting for hype. I'm waiting for hype to take a hundred out, you know. Uh, Rob, we we got you, right? You're here. Okay. Um, one sex. I'm waiting for hype to break out of 100. I think it's I mean, I still got this long-term target of uh like 250 by Q2 next year or something, but I'm looking for just like a like a 15% move.

One last final harrah. Like, woohoo, we're up. Hyperliquid's the future of finance. Clip some and then DCA SpaceX. That's my current plan. I hope it works. I hope we get the final harrah. I think we do feel like we're too close to not get it. ETH Bitcoin I think looks beautiful. This chart is also ugly. Let me go to a different one. And yeah, I mean, dude, I mean, I guys, this is going to outperform Bitcoin.

Like, so, so Rob, you know how I was saying that I think Bitcoin dominance is going to go down. >> Yeah, >> I think why is I think this gap is going to get filled. We're going to come touch the the uh 200 day here on the on on the weekly chart. It might take a little while, couple weeks, couple months even, but I think that is going to happen. >> I think so, too. >> So, I think that that that's my take on ETH Bitcoin.

>> Yeah, I think there's maybe been some early winners that are going to compound and continue to do well in ter in Bitcoin terms, but I think Bitcoin is going to have its day. And you're right, it's going to suck a lot of liquidity out of the market. And then that is what's really going to start the bull run for the rest of the market. That's going to be the rising tide that lifts all boats. >> And so we're going to get like alt season and then big Bitcoin breakout. Everything appreciates in the US dollar terms and then that is going to be the colloquial Bitcoin then flows into ETH, flows into majors, flows into everything else.

>> I love it, dude. I love it. All right, guys. I'm cooked. I I I love spending some time with y'all. Y'all are the best. Much love. Thank you to the chat. Thank you to Rob, to the team behind the scenes. Um, still sunny out today. I'm going to go for a swim in the ocean. Um, and I texted my quant, my mentor, and I told him I've been working my ass off on the business, and everything's going well. Market's doing well. And he was just like, "Yeah, keep working hard and let your portfolio work for you."

I'm entering my asset manager era, Rob. >> Yeah, let's before you go, let's talk for a minute or two because they're about to pull me up on uh with my PFP here live from ARC. And so what we uh what we what we are looking at I think it's like I think it's like buying the dips here. I think we're looking at like maybe trimming a little bit as we reach euphoria on this pre-bull phase. >> Exactly. But as we enter as we enter like the real bull phase which we haven't even entered yet.

>> You're chilling. You're chilling. Just want to chill. >> So you agree we're at like end of end of pre-bull beginning of bull. >> Yeah. But we're about to enter the early cycle exuberance in my opinion which is going to lead to a bit of a blowoff and then we're going to have to consolidate for a little while. >> Yeah. >> In my opinion. Could be wrong. Could just be max bullish. I think we blow off here. Bitcoin in 90s. People are like, "Holy shit." >> You think we get above 100? >> No, I don't. Not in not in September, October. In November, December. Yeah, >> definitely.

>> What do you think is going to be what do you think is going to be the catalyst that causes the pullback? >> Because it feels like momentum is on our on our side. >> Just leverage. >> Just wash out. Just classic wash out, you know? >> Okay. Yes, momentum is on our side, but all these people are to get all bowled up, levered up, all in basically, right? Think about how markets work. They're just meant they're just meant to literally screw you. >> Like markets are just meant to take your money. And so what is the most important thing in the markets is positioning, right? And so we have the fortunate benefit, Rob, of having the cojones to be positioned at the lows. And that is extremely valuable for a bull cycle to

endure and make the most of it. Honestly, more important than selling the top. You know what you really want to do in these cycles in crypto, in these bull markets is you want to be able to buy below the knees and sell below or sell above the chest. >> Yeah. Right. Buy low, sell high. Right. >> Buy below the knees. You don't got to get the toe is the perfect bottom. You don't got to sell the tip top of the head. Buy below the knees, wait, sell above the chest. This is like after years of getting wrecked in this market, I've learned, right? And so what we what we want to do is we want to just hold our positioning strong. But what's going

to happen, Rob, is people weren't like us in our chat here in our community. They didn't get in at the lows, >> right? And so they're going to FOMO in because they've been waiting for pullback or waiting for new lows. Like today Ben Cohen tweeted, "I was wrong." Right. Right. Like he was just like, "I was wrong." And it's like, "Okay, if Ben Cohen, a very intelligent YouTuber and successful person, is like, I'm wrong." Well, guess about all the people that aren't as smart as Ben Con or don't have nearly as much money. What are they about to be doing? They're going to be piling in like a horde of monkeys if Bitcoin breaks above 85 to 90

and stays. And that is enough for the large forces that be, which are just the whales who are positioned at the lows like us, but with a lot more money to just troll them a little bit because they're going to come in with leverage. They're going to come in. They're gonna think that they're going to make it quick. They're going to position all in. And the whales just seem like, "All right, let me take some fish's money for a couple weeks." We're up [ __ ] excuse my language, eight figures in the last six month six weeks. Nine figs in six weeks. What we'll do is we'll just throw some head shorts on and just put sell walls up and we won't let this thing go. And then as

soon as it starts cascading, we'll just slam shorts to to slam liquidations lower, close the shorts, let the market consolidate a bit, shake people out, freak them out, scare them, and then we'll slam it. We'll slam the bid. >> So, >> and that is just that I think that's what's about to happen. >> The last thing I got for you here is as you know, so three and a half cyclers. We we've been in this for three and a half cycles. >> Sure. you know, second cycle it's like, well, I made so much but I sold too late, right? Round roundt a lot and so the psychological reflexivity is to position opposite to that, right? Which would

mean that our our reaction is going to be to sell too early. So, how do we how do we avoid selling too early, right? Does it mean selling but then buying back in? I think that is something that we ought to just think about and consider for ourselves is, you know, as a second cyclinger who may have sold too late, how do I make sure that my reaction to that is not to swing the pendulum too far to the other side and to try not to sell too early? >> I don't know, dude. Just trim, man. I I want to hold less coins as the coins go higher, not more. I've reached I've reached a very similar conclusion. I

mean, I you know, >> just keep trimming. Just keep trimming. >> I think actually Yeah, I sold like 2% of my Zcash stack at like 1550, which I think is higher than where we are now. >> So, here's what So, here's So, yeah, actually yeah. >> And I think I sold like 5% of my near stack at like 365, which again is like maybe lower than where we are right now. But when the thing goes on an incredible like 24-hour run, I feel like taking a little bit of risk off the table is warranted. Even if I do plan on getting back in or I think the thing is going to go higher, it's almost like a psychological hedge.

>> Hear me out. Our quant would say you have you think about accumulating units in the bear and on the bull >> you think about raising cash and getting the best average exit price. So when your goal is to get the best average exit price, there's no such thing as selling too early because if the coins keep ripping and you sell more, you're raising your average exit every cell higher.

>> So your average exit on me is 3.65. Your average exit on Ze is 1,500 >> 1550. Exec goes to 2500 and you sell more, all of a sudden your average exit and you sell another 2%. All of a sudden your average exit is 2,000. So you've just brought your average exit price up $500 just because you sold a little more higher. Say Zach goes to 20,000, 10,000, 5,000 and and you sell 20% of your stack, then then your average exit really comes up, right? Right? Because right now your average exit is really is is low, but your your your notional sale value is really low as well.

When you when when numbers get bigger and you sell more of your stack higher, the way averages work, you're a math guy, it'll just pull it up. You know what I mean? >> I I'm I understand. >> So, don't think about selling too early. Think about achieving the highest average exit price. But the beautiful thing about that, Rob, is it allows you to miss the top because you sell all the way up and it goes down and you just keep selling because you're like, I'm just thinking about my average. Yep. I love it. Andy, thank you so much for calling in. I uh we witnessed you drink one colada, called your quant, order another colada. Sounds like he gave you some market advice as well, and now and now you're uh you're making your way

through your second colada. appreciate you dialing in, giving us giving giving us your insights. Excited to get back to the nest. Excited for Singapore and uh excited to uh to continue to to chug along in this market with you. Boys are up. Everyone's winning. Hope you guys keep winning. Much love. Peace. >> Much love, brother. We're going to keep the show rolling, guys. Uh as you can see, I am uh testing out a new camera and so uh we've got a still photo on here, but that's okay because our next guest has a still photo as well. We're going to bring in Beef. Beef is our local Hyper Hyperlid bull. He is our local resident in the Hyperlquid ecosystem. We're going to bring him in and uh we're going to hear all of the updates on the Hyperlid side, of which

there are plenty. And let's go ahead. We're going to bring him in. He's got a he's got his weekly uh grill report that he's going to share with us and uh we're going to keep things rolling. Appreciate you guys rocking this in the chat. Appreciate. Yeah, little Miss Gun. It's a great photo. Took it last week. Thank you so much. We're going to keep things rolling. And uh your brain is the most complicated computer in the world. How many times have you kicked yourself for not acting on your first instinct? Incredible.

Absolutely incredible. Um and so we're going to bring up Beef. He's got his grill report live. Uh there he is. Beef, you're live on the show now. Thank you for your patience behind the scenes. Had a little bit of tech hiccups. As you can see, I'm also rocking a PFP audio only today. And so, uh, we're having fun though, man. We are certainly having fun. Uh, Hyperlid is, uh, tapping on the door of 100 bucks. How are you feeling? >> How am I feeling, man? Fantastic. Happy alltime high to those who celebrate.

>> Yes, sir. Oh, man. and we had you in the the all-time high waiting room there for a few minutes today. Appreciate the patience, but we absolutely uh we we did it. We achieved it and uh we have uh we have uh continuously knocked down more and more all-time highs. So, we're having fun. Seems like the market is just I mean, I want to get your reaction before we get into the grow report. give us a little bit more insight into just your general hyperlquid feelings as we continue into the end of the summer into the fall and uh we we chug along with the rest of this bull market.

>> Honestly, I'm feeling fantastic. Um you know, in the sea of worry of everything that's been happening macro macroscopically, um Hyperlid's been like the light in the darkness, it feel like. And now other people are joining the party. Uh we're really getting it started now. So this is super exciting to see. It feels like everything is just clicking, you know, kind of much like you guys. I got to shout you guys out. You've been on a tear with the guests that you've had on lately. So good job to you guys, man. That's fantastic work you guys are putting into.

>> But uh yeah, no, going into the fall, I feel like things are going to continue. Um, people have their theories about what early 2027 looks like, but I'm loving the vibes right now. And I mean, the charts are speaking for themselves, right? It's fantastic. >> I mean, you know, it it's it's a great feeling, you know, to to have some conviction in something at the lows and then to see the market, you know, validate that thesis. Um, because, you know, when things are, you know, when Hyperlid's going from 50 bucks back down to 20, it's like, whoa, what's going on here? And when it's going from, you know, the 70s back down to the 50s, it's like, oo, like, you know, things get a little spooky and, you know, you you feel like you're kind of out there on an island on your own. But ultimately, this

is uh this is when it pays off. So, let's get into the grill report. Tell us what you're seeing out there. We had a ton of news and uh I think you saw we were live from New York at a couple of conferences last week. Uh we had some news between uh Hyperlid and Kraken. We had some CFTC exemptions that were getting floated. And then obviously this is on the heels of uh President Trump himself saying that he's bringing Hyperlid into the US. Uh also heard I think Hyperlid like flipped NASDAQ in market cap. So we're we've got incredible things happening in the Hyperlid eco. Uh let's get into your report.

>> Oh yeah, man. Man, did you guys uh take a look at my slides because you you covered a lot that I'm gonna I'm gonna talk about. >> That's just the issue. We'll get we'll get into the nitty-gritty here. >> Yeah. So, obviously, we just hit all-time high. Great vibes all around. Pulled back a little bit today, but that's to be expected. You know, they're not going to make a hundred easy. Um, but in my opinion, not financial advice. It'll be like butter in good time. >> Absolutely. I uh I tend to agree with you. I think uh the fact that Hyperlid is reaching $100 before Bitcoin reabsorbs 100K is uh is pretty telling of the state of affairs right now.

>> Yeah. And then some some other quick data we can get into is TVL on the chain. uh hyper core, hyper EVM's all-time high today. Uh so that's super exciting to see. You know, nothing but growth, right? This is what we want. We want those metrics up. So, for sure, this is a good sign. Uh this is I've seen you guys talk about this quite a bit. So, the AQ AV2, sorry, it's a mouthful. Uh that first payment hits October 3rd. So it's looking like about $520,000 a day or about 15.5 million that the AF is going to get from the USDC yield kind of agreement that they had.

>> Wow. >> Um it's fantastic, right? And what do you think they're going to do there? Like when they get this lump sum like the 15.5 million, how are they going to deploy it? Like just the way that they've been doing it or what do you think? I think they're going to shove it into hype. >> Oh, okay. So, you think it's just going to be like a a one day boom kind of thing right? >> It's a good question. >> Yeah. I think if they're do if they're getting $500,000 a day from this activation, then I think they could spread it out over the course of 24 hours and it's just a structural bid on Hyperlid every single day because they know that

they're going to get another payment the next day. Downside to that would be maybe people would gify expecting this payment. So maybe they stretch it out then the entirety of 30 days. You know what I mean? Cuz then that way um you're not going to have people who are purposely going to wait for that day and then dump. You know what I mean? >> Right. But my understanding is that isn't this going to is this 500,000 every day? >> Yeah. Yeah. Every day from the yield that the USC just sitting there. So, even if you stretch this out over 30 days, because you have another 500,000 that is going to hit the following day and then that's going to stretch out

over the next 30 days, you're going to end up with the same average daily buy every day because over 30 over 30 days you're going to get 30 payments. >> So, you're going to end up on average buying 500,000 a day. >> Okay? if they choose to deploy all 500,000 of it. Now, I also think that as we draw a little bit closer, and we are getting pretty close, as you know, markets are forward looking, which means that the market is going to preemptively start to allocate into hyperlquid because they anticipate what is going to be done with this with this $500,000 every day. And if that's the case, then I think, you know, we could see this

start to move sooner rather than later, which it already is. But I think, you know, the reason why it's moved up until now is pretty much just been rising tide has lifted all boats. The fact that, you know, we're going to see $500,000 daily buys from the assistance fund starting on October 3rd. I think whether it be later in this week, next week, that is when the market is going to be a bit more forward-looking and start to preemptively anticipate and position into this market on anticipation of these entries. Yeah, I mean this is such a sweet setup, you know, like all of these passive like stable coins USDC just sitting there is adding to the daily revenue for Hyperlquid. So on that note, um let's

talk about one other quick fee thing. So not only do you have the the yield from the USDC, but then you also have it's not talked about as much the priority fees. You know, it did hit almost 10% of daily revenue the other day. So you're going to have this mechanism in place too that's also furthering that that revenue the AF the the buyback mechanism. So this is great to see. It looks like it's kind of consolidating around the six uh percent range of the daily revenue but this is again fantastic to see. >> Beautiful. Yeah, obviously that is very very important as well. And then NASDAQ.

>> Yeah, this is pretty cool. So Shondaanda Deans uh I believe he's going to be interviewing Jeff in Singapore or Das, I'm not sure. I forget which one, but he had to take and showed these charts. It took uh Hyperlquid 22 months to paint the same kind of chart as the NASDAQ and it took them 24 years. So if you're in the right assets, if you recognize what's happening, um the opportunities are there. So this is kind of, you know, a welcoming uh back to crypto. If you've been playing in equities, it's like, well, be more pointed with your convictions. Um, you know, develop those thesis, really figure out what's going on, and then you two can can ride a ride. Look at that. 22 months versus 24

years. >> Insanity, man. Absolutely insane. >> Yeah. And this is pretty sick, too. So, there's more USDC now on Hyperlid than on Solana. So McKenna talks about how again like id said before more and more stable coins we get on Hyperlquid uh the greater that revenue is going to be. The AF's going to have more funds to deploy and keep burning that hype, baby. So this is fantastic. This is cool. Um so portfolio margin was live. This is a little different. Now you can just manually borrow against your hype in your BTC. Uh this is cool.

I kind of got a theory. Maybe you can put your tinfoil hat on here in a minute here and we can talk about it. >> Um, you touched on this, but it was great to see uh Mr. Wonderful talk about if you're in the right assets, the people that are getting these onchain markets to the consumers uh in America specifically, um, that's going to be your like winner. And although Hyperlid might not be the first, um, I think that this is great to see. Uh, fantastic, you know, with the Kraken Payword combo they got going. What are your thoughts on this?

>> So, yeah, I mean, before we move off this, you know, there was speculation, especially around the time when Trump was talking about bringing Hyperlid into the US, that Hype would maybe buy their own centralized exchange, a regulated exchange. People were thinking that maybe Gemini fit the bill and they could actually buy Gemini. Gemini was looking for an acquisition and if Hyperlid had the money to buy Gemini and then they would, you know, take over this regulated entity and they could work towards, you know, regulatory path to become live in the United States legally. Um, that ended up not happening and it seems like they're taking this path where Payward is building a HIP 3 market specifically for the US.

Remember, Payword is looking to go public. That's Kraken's parent company and they're already working with the CFTC. And so, they've got the in Arjun, who is the co-founder CEO of Payword, was in the room with Trump and I believe part of the CFTC innovation advisory committee when Trump was talking about bringing hyperlquid to the US. So there are deep ties between Payword and the US regulatory bodies. They're working together closely and now by extension hyperlquid.

So I think this is certainly bullish. Now how this ultimately takes effect I think remains to be seen. But if if you remember you know we were talking about stars a while ago when they had this thing on testnet and how hyperl could ultimately implement this for regulated US pers trading. I think they're now in a position where they can work closely with a very strong partner in pay to bring this out about. I think hyperlquid ultimately the key thing here is that we get composable liquidity which is going to be a regulatory battle because the way this will probably initially be implemented is that the US market is going to be segmented away from the

broader hyperlquid market and then Kraken is going to handle KYC and AML and all these regulatory uh you know barriers on their end that's going to be handled by Kraken and Payword and then you'll have access to a US regulated hyperlquid environment, but that I'd imagine is not going to blend with the the the broader hyperlid liquidity. So, that is ultimately what we're going to try to overcome. We're going to need to work out what KYC and AML looks like, but that is the path that it looks like Hyperlquid and Payward are building together.

>> Amen, dude. I couldn't have said that better myself. I I think this is super bullish. Um I I thoroughly am in agreement. This is a fantastic move. So, as Jake Trovinsky says, too. It's like baby steps, right? We're not going to get it all at one time. We're going to need these these slow steps to make sure everything's working the way everyone's happy with. And that's that's fine with me as long as we're moving towards the end goal. [laughter] >> Yep. I think you got it. >> All right. So, put on your tin foil hats here. >> Oh, boy. So yeah, you kind of gotta you gotta listen to this.

>> Squint your eyes when you look at this one. >> Oh yeah. Sorry if it's small. >> No, I just gotta try to see the see the tea leaves. You got to read through the lines on this one. >> Oh yeah. So Andrew Lloyd um he is a dev who's developed on Hyper EVM. Uh super smart guy. A lot of people know him within the ecosystem. He's been actually trying to reverse engineer a node, okay, for Hyperlquid. and um he's been somewhat successful. So much so that he like kind of tries to look into after they do like maintenance to see kind of what looks different, what looks, you know, new. Uh so this isn't like official news. So again, take this with a grain of salt, but this is circulating

on CT, so it's not like I'm breaking it to you fresh. You know, team, don't get mad at me. This is out there. Um the portfolio margin caps just jumped to 25 million. Uh, that's like a million hype per user, the limit. It's interesting to see them do this shortly before the events in Singapore. So, I'm sure you can see what I'm what I'm the connection I'm trying to make here is potentially there could be uh situation, let's say S3, season 3, um where they do do some sort of airdrop and they're giving people the means to utilize that hype and not have to sell it. Between this and then the manual buying, you have two

different kinds of methods you could use here. And then not too long ago, we also did see a wallet um that was labeled for grants, which has about three million hype in it, um sent one test transaction to another wallet. So, you know, is there a season 3? Are there going to be grants? I don't know. But it's definitely interesting. Um if you buy into this. [laughter] >> Wow. So, you're saying that there are rumors of a a third hyperlid airdrop?

I mean, yeah, you've seen the energy all over the timeline. People are clamoring for it, speculating for sure. This though is interesting. If you buy into Andrew Lloyd, who I know is a legitimate dev doing what he says he did and seeing what he says he saw, then why would they increase the portfolio margin caps? Uh it's been like a week uh maybe a week and a half and the team hasn't said anything. So why is that? Are they purposely just preparing the pieces so then that way when season 3 goes live they can announce it all beforehand? I don't know. I don't know. It's interesting stuff. So I want you to make your own decision here and what you

think it means. [laughter] >> Wow. Fascinating stuff here. I mean announcing a hyperlquid airdrop live on stage at digital asset summit Asia where the rollup will be live. Jeff will be speaking and within the broader token 249 conference at the absolute inflection point of the bull market. Can you imagine? Can you imagine the smell, >> dude? And you know we've had two events in a row where there's been something.

The first time it was, you know, the fresh off the hyperlquid OG airdrop and then uh season two uh with the I guess it's not season two, but then the hypers got air dropped, right? So, is there going to be something else that comes? I I'm a believer. I believe in season 3, you know, and then there's there's this little tidbit, too. So, the hyper floor, I just want to remind everybody this is the official NFT of Hyperlid, and it did come with a disclaimer. Hyper NFTts may from time to time be associated with certain benefits, features, or entitlements, quotes, utility, but no utility is promised or guaranteed under these terms, blah blah blah blah blah.

What do you think that means? >> I think that means time to time, no guarantee, you might get an airdrop. >> Yeah, it's possible. You know, Jeff loves Bitcoin. You know, is he going to do like a a slow drip over time? Will hypers get them consistently every year? It's it's fun stuff to speculate on. And even if season 3 doesn't happen or just grants happen or or what have you, this is in my opinion, not financial advice, the best ecosystem to be in. Just the vision so clear. The team is so committed. It's fantastic, man.

>> Yeah, it really really is. It's uh it's very amazing to watch. Um Beef, we appreciate you, man. I mean, talk your talk. Tell us where our community can find more. Uh because I love listening to you. I know they love listening to we love hearing the update. The grill report said earlier before we had you on. It's like uh the burger turned to a filt this week. [laughter] Love it, dude. Thank you so much. Yeah. Uh you can catch me on X. Uh my latest um videos or interviews are always pinned. And then on X, I wish there was a better way, but you can go through my library by checking out the threads below the videos. Otherwise, um, HyperMeat on YouTube. And yeah, my next episode that comes out tomorrow is with

Hyperion, one of the, uh, other DATs that's kind of got a different take where they also invest in the ecosystem that's building in Hyperlid. So, be on the lookout for that. Um, shout out to the HL Media team, Demi and LMD. You guys are killing it, too. And I really appreciate you guys having me on, Robbie. You guys are great. I'm big fan of you guys. So, keep up the great work. Hyperlid. >> Hyperlid. Love it, man. Thank you so much for coming. Thanks for your patience behind the scenes and sorry it took so long to get you up today, but we're looking forward to doing it again.

We're going to have a special one when hype breaks 100. It's not if, it's when. It's just a matter of time. We'll see you there. >> Love it. Later, dude. >> Catch you later, guys. Amazing. Sorry for the no cam. Absolutely incredible. You can tell that we are very, very excited. We're having fun. And uh guys, we are going to see you again very, very soon. That's a wrap on today's show. Give us a like, give us a subscribe, repost it wherever you are. Give us a mention. Engage. We're going to be talking with you guys a lot. We're not going to do any tweets. We're not going to cover anything else. That is where we're going to wrap for today, but we are going to come back at you guys live same time tomorrow, and we're going to cover everything that we might have

missed today. And we're going to keep things absolutely cranking because we are going to be here every day. the bear, every day, the bull. As we go higher, we will be here to tell you guys exactly what you need to know. So, don't miss it. Give us a dub in the chat and we will see you again very, very soon. Much love. See you tomorrow. Peace. [music] [music]