Pinned Tweet
Invest accordingly as @defidad says: Assume total crypto market cap grows at an annual rate of 60% like BTC has over the last 5 years, ~9.5X growth over 5 years, meaning we arrive at a $36T-$40T total crypto mcap in 2030.
Assume total crypto market cap grows at an annual rate of 60% like BTC has over the last 5 years, ~9.5X growth over 5 years, meaning we arrive at a $36T-$40T total crypto mcap in 2030.
Given BTC+ETH combined market caps dominate 68-70% total crypto mcap today, let’s assume the top 2 cryptos maintain at least 50% dominance or more in 5 years to be safe. Probably higher given what we know about BTC’s staying power and what we might anticipate for Wall St’s new favorite token ETH.
At a $40T total crypto mcap, 50% is $20T in just BTC + ETH.
As ETH plays catch up with the massive Wall St bid and as the ETH/BTC recovers to a future new high, I would anticipate ETH growing to own a larger portion of that 50% market dominance, at least doubling its relative ownership to BTC, so now ETH has 25% of all crypto mcap at $10T in a $40T mcap world.
Ethereum will maintain a ~1% inflation worst case, but I think it will get closer to 0% as thousands of L2s thrive, maybe deflationary.
Whether this is 5 years or longer, the total mcap of Ethereum reaches $10T, 20x the price of ETH today, meaning $80k ETH.
For now, we have time to accumulate ETH.
Ethereum 🚀
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Charles Sabatier retweeted
Transitioning from crypto to TradFi?
@LSDinmycoffee gave a member advice on either focusing on a specific asset or focusing on narrative and trend when going into TradFi.
@LSDinmycoffee gave a member advice on either focusing on a specific asset or focusing on narrative and trend when going into TradFi.
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Charles Sabatier retweeted
The 13-month long bear market is over.
Digital assets are in the beginning stages of a multi-year long adoption cycle. Zoom out, it's coming together.
Perps, tokenization, stablecoins, privacy, and AI x blockchain are blossoming categories with real PMF, revenues, and massive TAMs.
This is not a fad. This is not a meme supercycle.
This is institutional adoption at a global scale of onchain finance.
Higher.
Digital assets are in the beginning stages of a multi-year long adoption cycle. Zoom out, it's coming together.
Perps, tokenization, stablecoins, privacy, and AI x blockchain are blossoming categories with real PMF, revenues, and massive TAMs.
This is not a fad. This is not a meme supercycle.
This is institutional adoption at a global scale of onchain finance.
Higher.
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Charles Sabatier retweeted
$BTC The break above the bull market support band and Weekly 200MA/EMA doesn't always go smooth at the start.
Last cycle Bitcoin broke out and sat around these for a while before continuing higher.
Right now we are retesting the bull market support band for the first time since this Summer. This will be a key level to watch with the weekly closes.
Last cycle Bitcoin broke out and sat around these for a while before continuing higher.
Right now we are retesting the bull market support band for the first time since this Summer. This will be a key level to watch with the weekly closes.
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Charles Sabatier retweeted
ZCash $ZEC has been one of the biggest W's in crypto over the last two years...
From a cycle low of $16.08 on July 5th, 2024...
It has done a 77x to today's price of $1,239.78...
And has massively outperformed $BTC and $ETH on every timeline imaginable during that span...
But n it?
And how much higher could it go???
- @Nomaticcap and @DeFi_Dad discuss this question with @zmanian and @sudo_ml
From a cycle low of $16.08 on July 5th, 2024...
It has done a 77x to today's price of $1,239.78...
And has massively outperformed $BTC and $ETH on every timeline imaginable during that span...
But n it?
And how much higher could it go???
- @Nomaticcap and @DeFi_Dad discuss this question with @zmanian and @sudo_ml
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Charles Sabatier retweeted
Market Thoughts for the Upcoming Week 👇
As always, could absolutely be wrong. NFA, just my own thoughts:
1. Sunday night -ugly Asia, bottom 76k btc holds for now
2. Monday - Mean reversion that peters out toward NY afternoon session, end day near flat
3 Tuesday - midterms and markets start declining the more exit polls favor Dems. Semi earnings are good but stocks still fall.
4 Wednesday - circuit breakers on AI names, continued NQ and SPX decline
5 Wednesday - Iran attack on or around this day to distract the public from dem sweep and do a “show of force” for trump to try to stay relavent
6 Thursday - more down as oil goes up on conflict causing more risk off. Majority of market oversold. Metal prob bottom.
7 Friday - some mean reversion again with unemployment data flat until a Dec 4th shock
- Metals prob bottom this week on dem sweep as a harbinger of inflation. gold maybe final dump to 3600 on margin calls amid a tech + mag7 flush then up
- I think weed stocks are some of the few stocks that will do well in a dem sweep. $CRON is 1.2x book value and derisked after the canadler M&A. I will add more this week.
👉I’m gonna buy tech at NQ 27 - 27.2 if we get there…and then get drunk
As always, could absolutely be wrong. NFA, just my own thoughts:
1. Sunday night -ugly Asia, bottom 76k btc holds for now
2. Monday - Mean reversion that peters out toward NY afternoon session, end day near flat
3 Tuesday - midterms and markets start declining the more exit polls favor Dems. Semi earnings are good but stocks still fall.
4 Wednesday - circuit breakers on AI names, continued NQ and SPX decline
5 Wednesday - Iran attack on or around this day to distract the public from dem sweep and do a “show of force” for trump to try to stay relavent
6 Thursday - more down as oil goes up on conflict causing more risk off. Majority of market oversold. Metal prob bottom.
7 Friday - some mean reversion again with unemployment data flat until a Dec 4th shock
- Metals prob bottom this week on dem sweep as a harbinger of inflation. gold maybe final dump to 3600 on margin calls amid a tech + mag7 flush then up
- I think weed stocks are some of the few stocks that will do well in a dem sweep. $CRON is 1.2x book value and derisked after the canadler M&A. I will add more this week.
👉I’m gonna buy tech at NQ 27 - 27.2 if we get there…and then get drunk
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$HYPE retested 86 after the local highs of 96.92 on fears of the partnership with traditional finance not being real. Even after everyone in the chain commented on the partnership from Jeff at Hyperliquid, Trade.xyz team, ICE/NYSE social, and legendary investor Stan for Hyperliquid. Tokenization is coming and it couldn’t be more clear.
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ICE the owner of the NYSE removed their original post about the Hyperliquid/TradeXYZ partnerships.
But ICE has now posted an update to the original post with a little more information about the details and a brief amount of fake FUD for $HYPE is over again.
x.com/ice_markets/st…
x.com/eleanorterrett…
But ICE has now posted an update to the original post with a little more information about the details and a brief amount of fake FUD for $HYPE is over again.
x.com/ice_markets/st…
x.com/eleanorterrett…
ICE and Trade[XYZ] plan to bring Hyperliquid-based perps to the U.S.
Subject to regulatory approvals, ICE will operate U.S. regulated versions of Trade[XYZ]’s markets, leveraging their expertise as the leading deployer of real-world-asset perps on Hyperliquid.
The new venue to ICE’s institutional futures franchise and offer a trading experience designed for retail participation.
Once live, U.S. traders will be able to trade 24/7 across a range of assets spanning the macro complex including:
*Crypto
*Equities
*Indices
*Commodities
*Forex
Read more: spr.ly/6010BHq9X8
Users will access the platform through U.S.-regulated FCMs performing KYC/AML screening, including ICE's joint venture with OKX.
ICE and Trade[XYZ] will seek approvals to launch a new market built on Hyperliquid to operate KYC-compliant perp markets, including regulatory approvals to support leveraged trading.
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Charles Sabatier retweeted
Big level to hold for $SOL. Sitting right at the previous range high and wicked below. Bulls need to get this back above $98 ideally.
Solana breakpoint in ~2 weeks.
Solana breakpoint in ~2 weeks.
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Charles Sabatier retweeted
This isn’t a coincidence. Europe is beginning to coalesce around a scheme to tax foreign AI firms in an effort to recoup a fiscal shortfall brought on by AI. It probably won’t work, but it makes sense:
- AI tilts the factor share of income away from labor towards capital. Not the whole way, it’s just not 70/30 any more (70 being labor). Maybe it’s 60/40. This should be obvious. This doesn’t mean output falls. Probably output and productivity rise, it’s just that capital captures a larger share.
- this fundamentally challenges the way developed states collect tax which is mainly on labor and wages. European nations in particular rely on personal income, payroll taxes and social contributions to fund grossly engorged welfare states. States must make up the lost payroll taxes by capturing the gains accruing to capital. But wait! Capital is a foreign AI firm. The AI firm disrupting domestic labor is probably not domestic in origin (for Europe). So there’s nothing left to tax.
- European nations are mainly consumers rather than producers of AI. A producer nation has a similar problem - it must tax capital more aggressively to make up for lost labor income, but this is tractable - but a consumer nation has a much worse problem. Europe will face the substitution of domestic labor for foreign inference which benefits the owners of a largely foreign AI supply chain. When a French professional services firm gets disrupted and loses 70% of its staff due to AI productivity gain, the French government can’t tax Anthropic over in California to make up for the lost payroll and personal income taxes. The laid off French workers will also spend less reducing consumption tax receipts domestically.
Some savings will remain in France as consumer surplus via lower prices but that’s not easily taxable. The French firm itself might be more profitable after it replaces staff with AI, and that is captured but that doesn’t make up the shortfall.
- Europe has a few options. They will attempt all of them. They can a) regulate away AI disruption by banning AI use in professional fields. They can b) try and capture the tilt towards capital by fostering their own domestic industry of AI firms. They can c) try and extract rents from the foreign AI firms that are disrupting them.
A) is the obvious move, make it illegal for an AI model to provide medical, legal, or accounting advice (etc). This will be very unpopular in the end but it will definitely be attempted. This is already underway. It will make these countries less productive and less competitive in the global market. And it wont work. People will find ways to use frontier AI. Diffusion will be slower but not inhibited. This will worsen Europe's fiscal situation overall by making it a worse place to do business and putting a drag on growth.
B) is another obvious move – if Anthropic is disrupting French white collar labor, ban Anthropic and support a domestic competitor - the Le Gros Chaton model or whatever. The only problem is that Europe appears incapable of creating a frontier model. They have the talent but not the right regulatory model or incentive to form capital locally. AI could have been invented in Europe, and many of its component parts and researchers are European, but the winning AI firms were largely not capitalized there, because of the exact thing we're talking about - an engorged welfare state and a high tax burden required to support it. Also, Europe has engaged in suicidal deindustrialization so it isn't competitive when it comes to the more fundamental inputs to AI like power and data centers. Thus, Europe will mainly be an importer and consumer of inference rather than a seller. Structurally, Europe will not be able to marshal capital locally which it could then shift the fiscal burden onto. European firms will continue to consume foreign inference.
C) is where we land, and this explains Europe's behavior with these new exotic taxes on internet use and AI. Europe will have to contrive a way to try and recoup lost labor taxes by taxing foreign capital. American tech companies tolerate this for now as a nuisance cost of doing business in Europe, but this will eventually reach a fever pitch as Europe continues to raise the stakes. Want access to the European market? Pay us $10b/year in "fines" (taxes). Now pay us $100b a year. At some point, Europe will exhaust American tech companies' ability to pay and they will exit the market. Moreover, this is only a partial measure and depends on a benevolent America tolerating ankle-biting without taking punitive measures. The US has already begun applying pressure to Europe to stop coattail-riding via NATO and this will only accelerate, so Europe will have a very limited ability to extract fines. This won't work in the end, but expect to hear a lot about it in the coming years.
In the end, Europe will benefit from AI as productivity gains diffuse throughout society, but AI will further deteriorate its already tenuous fiscal situation. Europe cannot cope with a situation in which domestic labor is outsourced to foreign inference, and it has an extremely limited ability to deal with this. I don't expect total collapse, but a continued erosion in standards of living and relevance, especially if they don't make the hard choices of slashing immigration, massive welfare states, and spending on the elderly.
- AI tilts the factor share of income away from labor towards capital. Not the whole way, it’s just not 70/30 any more (70 being labor). Maybe it’s 60/40. This should be obvious. This doesn’t mean output falls. Probably output and productivity rise, it’s just that capital captures a larger share.
- this fundamentally challenges the way developed states collect tax which is mainly on labor and wages. European nations in particular rely on personal income, payroll taxes and social contributions to fund grossly engorged welfare states. States must make up the lost payroll taxes by capturing the gains accruing to capital. But wait! Capital is a foreign AI firm. The AI firm disrupting domestic labor is probably not domestic in origin (for Europe). So there’s nothing left to tax.
- European nations are mainly consumers rather than producers of AI. A producer nation has a similar problem - it must tax capital more aggressively to make up for lost labor income, but this is tractable - but a consumer nation has a much worse problem. Europe will face the substitution of domestic labor for foreign inference which benefits the owners of a largely foreign AI supply chain. When a French professional services firm gets disrupted and loses 70% of its staff due to AI productivity gain, the French government can’t tax Anthropic over in California to make up for the lost payroll and personal income taxes. The laid off French workers will also spend less reducing consumption tax receipts domestically.
Some savings will remain in France as consumer surplus via lower prices but that’s not easily taxable. The French firm itself might be more profitable after it replaces staff with AI, and that is captured but that doesn’t make up the shortfall.
- Europe has a few options. They will attempt all of them. They can a) regulate away AI disruption by banning AI use in professional fields. They can b) try and capture the tilt towards capital by fostering their own domestic industry of AI firms. They can c) try and extract rents from the foreign AI firms that are disrupting them.
A) is the obvious move, make it illegal for an AI model to provide medical, legal, or accounting advice (etc). This will be very unpopular in the end but it will definitely be attempted. This is already underway. It will make these countries less productive and less competitive in the global market. And it wont work. People will find ways to use frontier AI. Diffusion will be slower but not inhibited. This will worsen Europe's fiscal situation overall by making it a worse place to do business and putting a drag on growth.
B) is another obvious move – if Anthropic is disrupting French white collar labor, ban Anthropic and support a domestic competitor - the Le Gros Chaton model or whatever. The only problem is that Europe appears incapable of creating a frontier model. They have the talent but not the right regulatory model or incentive to form capital locally. AI could have been invented in Europe, and many of its component parts and researchers are European, but the winning AI firms were largely not capitalized there, because of the exact thing we're talking about - an engorged welfare state and a high tax burden required to support it. Also, Europe has engaged in suicidal deindustrialization so it isn't competitive when it comes to the more fundamental inputs to AI like power and data centers. Thus, Europe will mainly be an importer and consumer of inference rather than a seller. Structurally, Europe will not be able to marshal capital locally which it could then shift the fiscal burden onto. European firms will continue to consume foreign inference.
C) is where we land, and this explains Europe's behavior with these new exotic taxes on internet use and AI. Europe will have to contrive a way to try and recoup lost labor taxes by taxing foreign capital. American tech companies tolerate this for now as a nuisance cost of doing business in Europe, but this will eventually reach a fever pitch as Europe continues to raise the stakes. Want access to the European market? Pay us $10b/year in "fines" (taxes). Now pay us $100b a year. At some point, Europe will exhaust American tech companies' ability to pay and they will exit the market. Moreover, this is only a partial measure and depends on a benevolent America tolerating ankle-biting without taking punitive measures. The US has already begun applying pressure to Europe to stop coattail-riding via NATO and this will only accelerate, so Europe will have a very limited ability to extract fines. This won't work in the end, but expect to hear a lot about it in the coming years.
In the end, Europe will benefit from AI as productivity gains diffuse throughout society, but AI will further deteriorate its already tenuous fiscal situation. Europe cannot cope with a situation in which domestic labor is outsourced to foreign inference, and it has an extremely limited ability to deal with this. I don't expect total collapse, but a continued erosion in standards of living and relevance, especially if they don't make the hard choices of slashing immigration, massive welfare states, and spending on the elderly.
Yesterday France announced tax of €0.055 per GB on internet traffic
Today Germany is considering taxing all AI-generated revenue
You will see European countries keep clawing more and more money from foreign companies as they are slowly running out of money themselves to pay for their pensions and welfare state
Add to this the planned wealth taxes and exit taxes on any European who will try to leave (already active in many EU countries)
Europe is running out of moneyCommunity noteThe post inaccurately claims France "announced" a data tax; it was a narrow 11-10 vote on a budget amendment in a near-empty chamber, opposed by the government and far from law. German AI tax ideas remain unadopted ministerial discussions without formal proposals.
stephanelarue.com/taxe-au-gigaoc…
tagesschau.de/inland/ministe…
davemanuel.com/2026/10/30/wha…
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Charles Sabatier retweeted
We have about four years.
Four years to get yourself sorted before the economy starts to work in ways none of us are used to... youll still be able to invest after that, but the rules will be different.
Everyone can feel it. Everything costs more, its harder to get ahead... the nd scarce assets.
I wrote The Everything Code to help as many people as possible see whats coming and get ahead of it.
From my chat with @KevinWSHPod.
Four years to get yourself sorted before the economy starts to work in ways none of us are used to... youll still be able to invest after that, but the rules will be different.
Everyone can feel it. Everything costs more, its harder to get ahead... the nd scarce assets.
I wrote The Everything Code to help as many people as possible see whats coming and get ahead of it.
From my chat with @KevinWSHPod.
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Charles Sabatier retweeted
"You compare Bitcoin to Mag seven securities today and its volatility is lower."
Eric Yakes (@ericyakes), founder of Epoch Ventures, on why Bitcoin isn't as risky as its reputation says.
His view: Bitcoin is seen as high risk because of its historical volatility, but that .
Eric Yakes (@ericyakes), founder of Epoch Ventures, on why Bitcoin isn't as risky as its reputation says.
His view: Bitcoin is seen as high risk because of its historical volatility, but that .
🚨 UPDATE: Bitcoin volatility has dropped back to summer 2023 levels, mirroring that year’s pattern of a rally, a meme and altcoin frenzy, then a quiet market, per @glassnode.
Is a big breakout coming next? 👀
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Charles Sabatier retweeted
People look at you like you’re a madman if you say we’re in a bull market, meanwhile the weekly and monthly charts both look like tiny dips in a recent uptrend, and we just got hit by a behemoth amount of FUD.
Yeah, bears are literally braindead.
Much higher by EOY.
Yeah, bears are literally braindead.
Much higher by EOY.
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Charles Sabatier retweeted
prior to the past 2 years, i had not properly gamed out AI utterly destroying private computing
not just from shared resource demand (RAM, storage, etc.)
but from AI providers who view your private compute as a threat to their business model
i have been conditioned for decades to believe compute would only get cheaper and become more accessible
fuck
not just from shared resource demand (RAM, storage, etc.)
but from AI providers who view your private compute as a threat to their business model
i have been conditioned for decades to believe compute would only get cheaper and become more accessible
fuck
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Charles Sabatier retweeted
The current base case increasingly seems to be nuking Iran, cancelled elections, Skynet going online, dotcom bubble style crash, plague, famine, and rate hikes...
Think the Binance hack delays the wall of worry climb a bit so I'm pushing out some options expiries, but hard to be overly bearish when the consensus is basically apocalypse.
That said every time I look at bidding $BTC, other stuff just looks way more attractive.
The greatest investor of all time just bullposted an altcoin. For better or worse, you better believe some more institutional eyes are looking for the "next $HYPE" and willing to dive a little deeper into the crypto rabbit hole now.
$BTC dominance down (possibly down only 👀), equities chop, select alts up massively through end of Q1 27', all our puts expire worthless... Who says no?
Think the Binance hack delays the wall of worry climb a bit so I'm pushing out some options expiries, but hard to be overly bearish when the consensus is basically apocalypse.
That said every time I look at bidding $BTC, other stuff just looks way more attractive.
The greatest investor of all time just bullposted an altcoin. For better or worse, you better believe some more institutional eyes are looking for the "next $HYPE" and willing to dive a little deeper into the crypto rabbit hole now.
$BTC dominance down (possibly down only 👀), equities chop, select alts up massively through end of Q1 27', all our puts expire worthless... Who says no?
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Charles Sabatier retweeted
MACRO HTF BIDS
$GOOG 267-244~
$NVDA 188~
Google: Berkshire avg is 310 and Abel adds on dips. If it hits 250's, it's trading near its cheapest valuation in a decade.
Nvidia: Whole industry needs it's chips. If it's AI panic into recovery, Nvidia will obviously perform.
$GOOG 267-244~
$NVDA 188~
Google: Berkshire avg is 310 and Abel adds on dips. If it hits 250's, it's trading near its cheapest valuation in a decade.
Nvidia: Whole industry needs it's chips. If it's AI panic into recovery, Nvidia will obviously perform.
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Charles Sabatier retweeted
Binance says it will cover the $6.3 billion loss.
Here's what we know about the attack, and what to watch before withdrawals reopen. x.com/i/article/2116…
Here's what we know about the attack, and what to watch before withdrawals reopen. x.com/i/article/2116…
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Charles Sabatier retweeted
I scanned 1,000+ Grok Bots to find the best.
These 10 are insane - and everyone should install at LEAST three.
Just tag your @bot to install the bots you need:
These 10 are insane - and everyone should install at LEAST three.
Just tag your @bot to install the bots you need:
These Grok Bot templates are cheat codes in disguise.
3 months ago, these workflows required full-stack engineering, marketing & product teams.
🧵: 10 Grok Bot templates you NEED to steal.👇
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Charles Sabatier retweeted
Crypto + Macro Stuff I'm Looking At Today
...
- Binance hack (by DPRK) dominating headlines today
- Tech stonks down bigly and existential angst over layoffs, economy, AI, etc all over the TL
- Intel $INTC down 30% today
- $COIN beats earnings for first time in 4 quarters he SEO-apocalypse that has destroyed tens of thousands of once profitable websites and online businesses has finally reached the furthest heights of the online economy, with Reddit $RDDT down 42%, with co-founder and CEO Steve Huffman stating on their earnings call that "People still want Reddit. It is just Google is not sending them to Reddit the way they used to."
- Total crypto market cap down to $2.69T (38.9% below ATH's)
- $QQQ down to $685 (10% below recent ATH's)
- Oil at $103.90
- Silver falls below $50/oz for first time in almost a year
- Multifamily real estate (ie apartments) increasingly looking like its sliding into crisis territory
- MEV bots apparently killed it over the last 24 hours, with TitanBuilder making $24.7M (h/t 0xngmi)
- CZ and Elon battle on the TL
- Jupiter has launched a new bridge aggregator
- Tragic crypto home invasion in France where a clerical error made a man's 0.66 $BTC look like 660 $BTC on his taxes, criminals invade home, assault family as a result (whole thing is sickening beyond estimation - need to write about this topic soon)
- Despite all the carnage lots of defi teams still doing well... $AERO been stacking W's... $ENA looking good... etc...
- About start using/LP'ing/etc on MetricXYZ, first new opportunity I've really been excited about since pre 10/10 as far as airdrops go
- Still accumulating as much $FXN as humanly possible and still geeking out hard on $TRUEO and $WALLET and some others
- Just sold a bit of my $QQQ and replaced with $TQQQ to add leverage
- Kamino now allowing borrowing against Backpack-tokenized stonks on Solana
- Polymarket suffered a small hack/exploit yesterday as well
- $UNI launches aggregator hooks
- PredictFun announces $PREDICT token + airdrop
- Top gainers among top 300 coins over last 24 hours include $BEAM at +33.0%, $Q at +16.1%, $HASH at +14.6%, $CAP at +5.7%, and $SOSO at +5.3%,
- Stanley Druckenmiller makes first ever Twitter/X post, on Hyperliquid and TradeXYZ
- Will Manidis mega-essay (145 pages apparently) 'The Commanding Heights' is generating a lot of discussion on here... is exceptionally well-written and worth a look for sure...
- Also the Venkatesh Rao essay from a couple days ago 'Cognitive Mercantilism' was extremely good as well
- US election coming on Tuesday, polls suggesting Democrats to do quite well, but some are skeptical of polling accuracy, we will see...
Conclusion
Is really a wild time lads...
Feel like this is the first point at which existential fears over AI and the future have really completely permeated the online discourse...
And for good reason too I think...
I definitely have immense empathy for the tech worker with a family and high fixed monthly expenses who is in the middle of losing his job...
Is gonna be bleak for a lot of people...
With that said I remain an eternal optimist and think most of us here in this corner of the internet will be net beneficiaries of all the changes coming...
As I said yesterday, think the key is just staying lean, keeping expenses low, and maintaing an attitude of excitement + curiosity vis a vis all the massive innovations happening...
So yeah, keep getting after it lads...
Make your ancestors and descendents proud ILY LFG 💪
...
- Binance hack (by DPRK) dominating headlines today
- Tech stonks down bigly and existential angst over layoffs, economy, AI, etc all over the TL
- Intel $INTC down 30% today
- $COIN beats earnings for first time in 4 quarters he SEO-apocalypse that has destroyed tens of thousands of once profitable websites and online businesses has finally reached the furthest heights of the online economy, with Reddit $RDDT down 42%, with co-founder and CEO Steve Huffman stating on their earnings call that "People still want Reddit. It is just Google is not sending them to Reddit the way they used to."
- Total crypto market cap down to $2.69T (38.9% below ATH's)
- $QQQ down to $685 (10% below recent ATH's)
- Oil at $103.90
- Silver falls below $50/oz for first time in almost a year
- Multifamily real estate (ie apartments) increasingly looking like its sliding into crisis territory
- MEV bots apparently killed it over the last 24 hours, with TitanBuilder making $24.7M (h/t 0xngmi)
- CZ and Elon battle on the TL
- Jupiter has launched a new bridge aggregator
- Tragic crypto home invasion in France where a clerical error made a man's 0.66 $BTC look like 660 $BTC on his taxes, criminals invade home, assault family as a result (whole thing is sickening beyond estimation - need to write about this topic soon)
- Despite all the carnage lots of defi teams still doing well... $AERO been stacking W's... $ENA looking good... etc...
- About start using/LP'ing/etc on MetricXYZ, first new opportunity I've really been excited about since pre 10/10 as far as airdrops go
- Still accumulating as much $FXN as humanly possible and still geeking out hard on $TRUEO and $WALLET and some others
- Just sold a bit of my $QQQ and replaced with $TQQQ to add leverage
- Kamino now allowing borrowing against Backpack-tokenized stonks on Solana
- Polymarket suffered a small hack/exploit yesterday as well
- $UNI launches aggregator hooks
- PredictFun announces $PREDICT token + airdrop
- Top gainers among top 300 coins over last 24 hours include $BEAM at +33.0%, $Q at +16.1%, $HASH at +14.6%, $CAP at +5.7%, and $SOSO at +5.3%,
- Stanley Druckenmiller makes first ever Twitter/X post, on Hyperliquid and TradeXYZ
- Will Manidis mega-essay (145 pages apparently) 'The Commanding Heights' is generating a lot of discussion on here... is exceptionally well-written and worth a look for sure...
- Also the Venkatesh Rao essay from a couple days ago 'Cognitive Mercantilism' was extremely good as well
- US election coming on Tuesday, polls suggesting Democrats to do quite well, but some are skeptical of polling accuracy, we will see...
Conclusion
Is really a wild time lads...
Feel like this is the first point at which existential fears over AI and the future have really completely permeated the online discourse...
And for good reason too I think...
I definitely have immense empathy for the tech worker with a family and high fixed monthly expenses who is in the middle of losing his job...
Is gonna be bleak for a lot of people...
With that said I remain an eternal optimist and think most of us here in this corner of the internet will be net beneficiaries of all the changes coming...
As I said yesterday, think the key is just staying lean, keeping expenses low, and maintaing an attitude of excitement + curiosity vis a vis all the massive innovations happening...
So yeah, keep getting after it lads...
Make your ancestors and descendents proud ILY LFG 💪
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