Good evening everyone. Slow down. Read a book. Indulge in a hobby. Take a fall afternoon nap. And have a great weekend.

Hyperliquid’s endgame may be much bigger than crypto perps. @elindinga thinks it has a shot at becoming the #2 crypto asset after Bitcoin, and potentially the “Google of price discovery” for 24/7 global markets. The bet isn’t on a DEX. It’s on an everything exchange. FT @BitcoinJesusETH ⏱ TIME POINTS ⏱ 00:00 - Intro 01:04 - Why Is Bitcoin So Bullish? 05:16 - PRO 05:36 - 100+ Crypto ETFs Incoming? 08:49 - New Money or Split Capital? 11:23 - How Much Upside for Hyperliquid? 15:19 - Can Hyperliquid Beat the Competition? 20:02 - Sponsor: Nexo 20:37 - Who’s Winning the Layer 1 Wars? 27:04 - 21Shares’ Biggest Crypto Takeaways 34:20 - What Comes Next for Bitcoin?

Bitwise Research Lair coin of this week ethereum:0x232ce3bd40fcd6f80f3d55a522d03f25df784ee2 Inspired by @trevor_flipper on @milkroaddaily today

Perps aren't just a crypto trend. They might be the second fastest-growing vertical in all of tech. "I believe perps were the fastest-growing vertical in crypto outside of stablecoins. And now I would argue it's growing faster than stablecoins." "I think it's the second fastest-growing vertical in tech outside of AI." That's the bet Trevor King left Delphi to make full-time. FT @BitcoinJesusETH @trevor_flipper @Nexo.

T minus 7

Buy the dip szn.

DAE! 🚀🚀 A reminder that ETH not dead. To state the obvious. RWAs and Stables largely reside on ETH.

I think the weekly Bitcoin close will lay the groundwork for what Q4 will look like. If Bitcoin accepts above the May high, that will improve the bull case substantially. Acceptance back below would just look like a massive fakeout before typical Q4 weakness (but not necessarily to a new low). You don't have to predict what happens, I think reacting is better in this case.

Hyperliquid’s endgame may be much bigger than crypto perps. @elindinga thinks it has a shot at becoming the #2 crypto asset after Bitcoin, and potentially the “Google of price discovery” for 24/7 global markets. The bet isn’t on a DEX. It’s on an everything exchange. FT @BitcoinJesusETH ⏱ TIME POINTS ⏱ 00:00 - Intro 01:04 - Why Is Bitcoin So Bullish? 05:16 - PRO 05:36 - 100+ Crypto ETFs Incoming? 08:49 - New Money or Split Capital? 11:23 - How Much Upside for Hyperliquid? 15:19 - Can Hyperliquid Beat the Competition? 20:02 - Sponsor: Nexo 20:37 - Who’s Winning the Layer 1 Wars? 27:04 - 21Shares’ Biggest Crypto Takeaways 34:20 - What Comes Next for Bitcoin?

The perps war hasn’t even started. @trevor_flipper thinks the market could become 100X bigger as U.S. regulation opens the door to institutions, equities, commodities, and FX. The real battle won’t just be Lighter vs Hyperliquid. It’ll be crypto exchanges vs. Wall Street. FT @BitcoinJesusETH ⏱ TIME POINTS ⏱ 00:00 - Intro 01:14 - Why Lighter Could Be “Generational” 03:58 - What Zero-Fee ZK Trading Unlocks 06:26 - Lighter’s Partnership Strategy 07:41 - Inside the Robinhood Deal 09:26 - Can Distribution Beat Hyperliquid? 11:40 - Winning Institutional Distribution 13:13 - SEC, CFTC & Crypto Regulation 15:10 - Coinbase and Kraken Enter Perps 16:27 - How Big Can Perps Get? 18:39 - Why Lighter Is Expanding Beyond Perps 20:19 - Who Are Options Really For? 23:56 - Lighter’s AI Agent Strategy 26:17 - LIT Buybacks and Token Value 27:52 - Giving Token Holders Real Rights 29:31 - When Lighter Says No to Partners 30:48 - Lighter Is Knocking on Doors 32:31 - Will LIT Staking Rewards Last? 33:07 - Can Zero Fees Last Forever? 36:09 - When Partners Become Competitors 37:01 - Lighter’s Next Big Announcement 38:13 - Where to Follow Trevor and Lighter

A lot of people interpreted this post in many different ways. I did not realize it would be viewed almost 4M times and that it would end up being one of my most liked posts on this platform, so I wanted to expand on it a bit. If you watched any of my recent videos, all of what I'm about to say are things you have already heard. I think admitting when we are wrong about something is important, as it helps us grow as investors and hopefully allows us to make fewer mistakes in the future. It also communicates to those who choose to listen to our views that we recognize we are fallible. Pretending to be right about everything is silly, and gaslighting an audience by saying "exactly as predicted" about everything is exhausting and not representative of the truth. I also really appreciate all the support many of you showed. It genuinely means a lot. My goal in being on here has always been to help people navigate markets, so when I get something wrong, I think it is important to acknowledge it rather than pretend it did not happen. Since many people took the original post to mean different things, I wanted to clarify what I was actually admitting I was wrong about. Specifically, my post was about Bitcoin taking out the May high, which I had repeatedly said I did not think would happen. If I spend two months saying something is unlikely to happen, and then it happens, I cannot sit here and pretend like I was calling for it when I wasn't. Because of that, I felt I needed to acknowledge that I was wrong. I wish I had not been as deterministic, and that I had been more open-minded to the possibility of a higher high. I should hold myself accountable for my views by admitting when I get things wrong. But that is all my post was meant to convey. Some of the narratives that have developed from that post are not fully representative of my views. Bitcoin is still operating under a difficult macro backdrop that has caused it to underperform other markets for years. Until liquidity conditions improve, I think that relative underperformance could remain an issue. That does not mean Bitcoin cannot have rallies or bull markets, but it could mean that the gains are not as significant as they were during periods when liquidity was more free-flowing. Being wrong about the May high also does not automatically mean that I relinquish every other view I have expressed. I have discussed the possibility of Q4 2026 weakness since Q4 2025. With one week left before Q4 begins, I do not think Bitcoin making a higher high means I should suddenly pretend that view never existed. What it does mean is that I should be less deterministic about it and more willing to change my view as new information comes in. As long as Bitcoin remains above the May high, I have to respect the breakout. Continued acceptance above the range highs would increasingly challenge my broader bear market thesis, which I have honestly had a hard time letting go of. If Bitcoin instead closes a weekly candle back below the May high, then I think weakness into Q4 remains possible. Even then, the fact that Bitcoin already made a higher high could change what that weakness ultimately looks like. Q4 weakness would not necessarily require a new low. And importantly, if Bitcoin does show weakness in Q4, it does not change the fact that I was wrong about what Bitcoin already accomplished in Q3. I would rather use that experience to hopefully become a better investor than pretend it did not happen. The part I am still struggling to reconcile is the macro backdrop. Long-end yields have continued to rise, alongside the dollar and energy. I would normally expect that combination to eventually pressure long-duration assets like crypto. I do not fully understand Bitcoin's move to $87K from a macro perspective, but I can understand it from a technical analysis perspective (golden cross, RSI, etc.) That disconnect is part of why I have taken a step back and decided to be less deterministic. Continued acceptance above the range highs will force me to reconsider parts of my framework. A move back below them would make me more interested in the Q4 weakness thesis again. It is difficult for me to reconcile rising yields, DXY and energy with a sustained bullish Bitcoin move, especially going into Q4 of a midterm year, when Bitcoin has historically experienced significant weakness. But the market does not have to conform to my expectations. My goal going forward is to be more open to different outcomes, more critical of myself when communicating strongly held views, and more humble in my approach to markets. I am a student of the market, and I do not have a crystal ball. It's about time to see what Q4 has in store!

JUST IN: Cathie Wood's ARK Invest launches tokenized venture fund on Ethereum that trades 24/7.

Introducing Ondo Intelligent Portfolios, the first three portfolios powered by BlackRock. Ondo Intelligent Portfolios introduces a new onchain product category: curated investment portfolios delivered as single onchain transferable tokens. The first three portfolios are based on portfolio strategies developed by BlackRock for Ondo, marking the first time eligible onchain investors can access exposure to such strategies through a single token. 1. BLKHIon: Ondo High Income Powered by BlackRock 2. BLKDIGon: Ondo Diversified Growth Powered by BlackRock 3. BLKGRWon: Ondo High Growth Powered by BlackRock Diversified, professionally constructed strategies have historically required brokerage accounts and traditional fund structures. Now, delivered as peer-to-peer transferable tokens from Ondo, these onchain portfolios become accessible to eligible non-US investors in permitted jurisdictions through the wallets, exchanges, and DeFi applications they already use. “Tokenization creates new ways for portfolio strategies to be delivered through digital infrastructure. Diversified portfolio strategies can be incorporated into tokenized investment products, enabling eligible investors to access diversified allocations through a single instrument. It shows how established portfolio construction approaches can be delivered through new channels and technologies.” - Lisa O’Connor, Global Head of the Model Portfolio Solutions team and Co-CIO for Global Solutions within the Multi-Asset Strategies group at BlackRock Ondo Intelligent Portfolios can unlock novel capabilities: → Programmatic rebalancing → Full composability with DeFi → Complete transparency onchain → Multiple asset classes in a single token This is just the start for Ondo Intelligent Portfolios. The infrastructure is now in place for leading financial institutions to bring their asset allocation expertise onchain.