Founding member, Global Head of Research & Venture Partner @21shares. Down the crypto rabbit hole since 2014. Personal views only & no financial advice.
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I'm happy to share that I'm starting as Global Head of Research & Founding Venture Partner @21shares.
It's been an honor to build the research department from scratch and develop talented individuals over nearly 6 years as a founding team member of @21shares.
Excited to continue sharing contrarian insights, differentiated research, and investing in next-generation protocols and apps as a next challenge!
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Ξliézer Ndinga retweeted
The reason Bitcoin ETFs keep pulling in billions even in a rate-hike environment is more structural than people think.
"There is a structural difference now compared to the last three and a half years, thanks to the spot Bitcoin ETFs."
And surprisingly - AI-based hacking scares are driving people INTO ETFs so they don't have to hold private keys themselves.
Feat. @BitcoinJesusETH @elindinga @Nexo
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?
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Agree with this take on the data moat, as long as the data itself isn’t becoming a commodity and key to decision making or risk management.
This is a tough red line in digital assets.
Gokul (@gokulr) explains why utility-based software companies like Zendesk are more exposed to AI than systems of record like NetSuite, and why public markets aren't distinguishing between the two:
"The software companies that should be the most worried right now is where they are pricing the product based on utility. Zendesk is a good example.
Instead of paying for 50 Zendesk seats, you can pay for 20 and I can have 30 AI agents sitting next to Zendesk.
For these companies you need to change your pricing model to be based on outcome. It's going to be hard for them to stay public.
The companies that are less exposed are ones based on data that has been collected and captured over a period of time. ERP is a great example.
There is no compelling reason for someone to put their career at stake by ripping out NetSuite.
NetSuite has more time to build AI agents on top of it because they have the data, they can train the AI agent on top of it and bundle it.
I think the public markets do not distinguish between these two types of companies."
(Jan 2026)
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Ξliézer Ndinga retweeted
Hyperliquid open interest is at an all-time high, above $18B, according to 21Shares Head of Research @elindinga.
He expects copycats, the same way Bitcoin spawned Bitcoin Cash, Diamond, and Gold, but perps venues behave differently from L1s because liquidity attracts more liquidity, and when a geopolitical headline hits on a weekend with every other market closed, Hyperliquid is where the price gets discovered.
His analogy is Google, which was nowhere near the first search engine and still ended up owning internet search.
Feat. @BitcoinJesusETH @elindinga @Nexo
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?
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We at @21Shares called it, but there are reasons why some DATs did better or worse than others, and there are two groups IMO:
Group 1 (mostly have scale now): Launched before US crypto spot ETFs to offer an equity proxy to digital assets, such as Strategy and Hyperliquid Strategies. The only exception in that group that launched after US crypto ETFs with scale is BitMine.
Group 2: Launched after US crypto spot ETFs and have either shut down or struggled to raise fresh capital due to the AI-capex trade, with mNAV below 1.
Billions of dollars have been wiped off the value of companies that pivoted their business model to buying and holding bitcoin. Some are selling their tokens and returning to their original core businesses. What happened to the bitcoin treasury boom?
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Ξliézer Ndinga retweeted
🛡️ Privacy is back in the spotlight.
This time as the missing layer between where digital assets sit today and where the capital actually is.
Blockchains like bitcoin are open and public ledgers which makes them verifiable and trustless but this also makes them unusable for institutions.
Here's the good news: privacy doesn't have to be sacrificed for verifiability.
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🇨🇭 is leading the way after the 🇺🇸, where founders incorporate again!
Also not surprising to see the low adoption of AI payments by businesses in the EU vs the U.S.
Some data we recently assembled on entrepreneurship/compute in Europe: eudata.vercel.app.
We hope that one of the useful roles that Stripe can play is in collecting and publishing empirical data pertaining to entrepreneurship and industry in Europe. There's growing appetite to get Europe on a better footing, and cross-sectional comparisons can often shine light on where opportunities lie. If you're interested in this kind of thing, we publish more at stripeeconomics.substack.com.
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Interesting new paper on making private transfers on Bitcoin without a consensus change with a network of indexers. A bit à la Zama for ETH.
Could this create a censorship issue if this is adopted?
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Ξliézer Ndinga retweeted
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?
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Ξliézer Ndinga retweeted
DoubleZero Edge now carries data from @HyperliquidX.
Streams are entirely uncapped, every market, every order, the full L4 book including HIP-3.
Introducing the first-class path to Hyperliquid’s order book, and the fastest commercially available feed on the market.
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Ξliézer Ndinga retweeted
Always a pleasure 😂
Always great to be on the @milkroaddaily to discuss markets
Thanks for having me @BitcoinJesusETH (what an X handle haha!) 😜
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Always great to be on the @milkroaddaily to discuss markets
Thanks for having me @BitcoinJesusETH (what an X handle haha!) 😜
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Ξliézer Ndinga retweeted
ZEC clears $1,600 following @21Shares' launch of a physically backed European ETP trading in Paris and Amsterdam.
On-chain data shows shielded ZEC comprises 29% of circulating supply.
Read more here:
thedefiant.io/news/markets/z…
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Ξliézer Ndinga retweeted
🔥 HUGE: 21Shares just launched a physically backed $ZEC ETP in Europe, giving investors direct Zcash exposure through a traditional exchange-traded product.
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Ξliézer Ndinga retweeted
21Shares just launched physically backed ZEC and ETHFI ETPs on Euronext Paris and Amsterdam.
Institutional access for privacy tech and DeFi staking continues to expand across Europe.
Probably nothing.
Privacy has a new ETP. 🛡️
The 21shares Zcash ETP ($ZCASH) is now live on @Euronext Amsterdam & Euronext Paris — the first Zcash ETP available to European investors.
Built on Bitcoin's foundational monetary architecture that fixes its supply cap at 21 million coins, Zcash introduces optionality through cryptographic shielded transactions, giving users control over transaction transparency.
Meet $ZCASH: No wallets. No seed phrases. Just physically-backed, exchange-traded exposure to $ZEC.
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AI and crypto are not a meme pairing IMO. They are two general-purpose technologies fixing each other’s constraints to some extent.
We identified 8 use cases as a map for allocators: 5 where AI needs crypto rails (trading, payments, asset management, private inference, storage) and 3 where crypto captures AI demand (compute, miner power, security).
If even a sliver of agentic commerce settles, stores, or computes onchain, the asset class inherits a tailwind most portfolios still don’t price.
Read the @21shares framework below.
NEW RESEARCH: While many investors view crypto and AI as competing portfolio allocations, we see them as two frontier technologies converging right before our eyes, a shift that remains largely unnoticed. Each technology solves the other's biggest weakness. AI needs 24/7 access to money, memory, and compute it can use effectively. Crypto needs something to do the hard part for users. Our @21shares research has identified 8 critical use cases at this intersection for asset allocators that we categorized in two themes:
1/ Established product-market fit: Global payments, FOREX and real-world-asset trading, and the transition of mining infrastructure into AI compute capacity.
Here is a non-exhaustive list of projects and companies that could benefit from this tailwind: @solana, @ethereum, @base, @HyperliquidX, @RobinhoodApp, @RiotPlatforms @Bitdeer, @SuiNetwork, @Core_Scientific
2/ Emerging opportunities: Overlooked frontier areas including private inference, decentralized data storage & compute, and cybersecurity. These are protocols and companies we identified that could benefit from this convergence: @ArweaveEco / @samecwilliams, @AskVenice, @bittensor, @_SEAL_Org, @akashnet
21shares.com/en-ch/insights/…
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Ξliézer Ndinga retweeted
Open interest reached an all-time high of $18B on Hyperliquid
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Ξliézer Ndinga retweeted
21Shares Launches Europe's First Zcash ETP Alongside ETHFI Product on Euronext
Asset manager 21Shares has launched the region’s first exchange-traded product tied to Zcash, listing the physically backed ETP on Euronext Paris and Amsterdam alongside a physically backed product tracking Etherfi's governance token, ETHFI. Both exchange-traded products carry an annual management fee of 2.5% and offer regulated exposure via traditional brokerage accounts without direct token custody. The European debut follows Grayscale's launch of its spot Zcash ETF on NYSE Arca in the United States.
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We finally have the world’s first Zcash ETP in Europe
Learn more about our privacy thesis here: 21shares.com/en-us/insights/…
Thanks for the shout out @coingecko!
$ZEC breaks past $1,600 for the first time since 2016 after 21shares launches Europe's first Zcash ETP on Euronext Paris and Amsterdam.
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This is what @shawmakesmagic and team envisioned 2–3 years ago with @elizaOS 👀
Quite ahead of their time in hindsight. Looking forward to apps that help older generations (>75y), although human touch is what they’d care about most as the least tech-savvy demographic.
Introducing Muse, your personal AI agent from Meta that gets things done across every part of life.
Download the Muse app and get started: Muse.ai
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