ZEC pumped to $750 on Hyperliquid spot today while it was only around $640 on Binance spot. Incredible for a multi-billion large-cap, ZEC had $14M daily volume. Books are razor thin Bullish

Got lucky on QQQ puts and hit the pico top in the week pre-SPCX IPO The framework is playing out: price leads narrative the market rolled over on new (expected) supply -> investors turned uncomfy -> narratives form to justify exiting (e.g. Kimi) xitter.cf/lukasruppert/status/20…

full presale experience xitter.cf/lukasruppert/status/20…

Hypercall ethereum:0x0f2d719407fdbeff09d87557abb7232601fd9f29 at $35M FDV is a long As Hyperliquid's options protocol, it was the first venue to offer 0DTE SpaceX options and it’ll be the only place to trade Anthropic options pre-IPO. A 1-of-1 shot at unlocking one of crypto's last great unbuilt primitives. Liquid with millions in daily volume. No VC overhang. Built where the hedges live. All at a seed round valuation Onchain options. Why now? - Liquidity: Options market making requires deep perps liquidity. With portfolio margin Hyperliquid kingmakes Hypercall - UX: Robinhood UX has solved options for retail. Hypercall brings that experience onchain - Assets: Retail trades stocks and altcoins. Via TradeXYZ, Hypercall lists options no other venue can - Alignment: Hypercall is deeply Hyperliquid aligned. Options will drive enormous hedging flow on Hyperliquid perps The product is being polished and the team hasn't started banging the drums yet. At these prices, any real traction reprices SYN violently. Fade at your own risk. My view; NFA; punting on the frontier is risky; DYOR

there is no 28.8M CARDS unlock - tokenomist data is WRONG there will be a regular pre-seed unlock, which has been happening for months throughout the whole run-up. visible onchain seed, team, and advisors remain 100% locked rare for a token to 10x and still have sentiment at the lows. bullish xitter.cf/nickplayscrypto/status…

The market is sleeping on Collector Crypt’s secondary market activity ramp-up. As gachas continue to pull inventory onchain we’re grinding towards a tipping point where CC liquidity will be competitive with eBay eBay charges 13%+ with massive overhead. CC is a game-changer: 2% fee, settles instantly, stores cards in insured custody, tradeable at a tap it’ll look obvious in hindsight

CARDS secondary volumes are overlooked, supply is ~40% tighter than FDV indicates, buybacks have started and liquid funds are sidelined Read this piece for a full breakdown

Send it xitter.cf/lukasruppert/status/20…

2026 could generate more exit value than the prior 10 years combined AI reminds me of previous private<>public reflexive flywheels like the EV SPAC complex and crypto low float high fdv - new era shiny category emerges (EVs, AI) - early winners deliver outstanding performance and form the center of gravity for the trend (TSLA, NVDA) - Herd mentality private investors snowball VC valuations (Rivian, Anthropic) - Liquid beta runs, further amplifying private valuations (Nio, Nebius) - A reflexive self-validating loop starts: liquidity concentrates in select private and public names - (private) valuations disconnect from liquidity; insiders see the signs on the wall - insiders rush to the exit with low-float launches at high valuations (EV SPAC complex, AI mega IPOs) - supply shock hits; private valuations get public market reality check - price action turns; euphoria evaporates. Reflexive unwind (or retest and up only) - pre-profit beta gets zeroed out (Nio, Rivian) and even the actual cycle winners suffer massive drawdowns (TSLA -75%) Fully diluted public market valuations are the ultimate reality check - the AI complex will have its in the coming months AI has significant revenues, which allows the bubble to be orders of magnitude larger; liquidity dynamics remain the same

~$800B in SpaceX Unlocks expected between Aug-Nov. Could be higher depending on "significant investor" unlocks Anthropic and OpenAI targeting the same window for >$60B IPO raises

Got a feeling those will print xitter.cf/lukasruppert/status/20…