Analyzing the Crypto Majors: From ETF Inflows to Solana REV
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Was interesting to me is, like, you know, double clicking on the treasury course. Let's look at micro strategy. Like, people you know, you know, we even on this part, we've talked about how much leverage is coming in because of these treasury course And, you know, when is the ball going to drop? And then I look at the number one no shot here. I look at the number one, you know, this the the the person who started it all, Michael Siller. And based on their enterprise value, which is just market cap plus debt, and if you look at how much debt that they've issued to purchase this this Bitcoin and
quick shout out to today's sponsor, Katana. We'll hear more about Katana and their ongoing predeposit campaign later today. But for now, let's get into the episode.
Nothing said on Xerox Research is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are solely our opinions, not financial advice. Boccaccio, Ryan, and our guests may hold positions in the company's funds or projects discussed.
Alright. Welcome back to another episode of Xerox Research, guys. Today, I'm joined by Carlos and Mark Arjun. Bit of a research team special today. Boccaccio could not make it. He he felt he didn't have any strong enough takes to share on the podcast this week, which is unfortunate, but, glad to have Carlos and Mark on. How are you guys doing today? All
good. How about you guys? Yeah.
All good on my end. Can't complain. I
think could be doing better. You know, the pump the pump sale and the activities there leave are leaving a little bit of a bad taste in my mouth. Certain exchanges, I think, dropped the ball there. But that's okay. We move on. I think in other news, the market has really been, like, I guess, at least hot for a few assets. Bitcoin has just been, like, trudging up to new highs. I think what touched a 123 k, I wanna say, if not a little higher. And I guess the other big one is hype. That's really the only other alt unless you guys think of some others, that's really been, like, outperforming as o
Yeah. I think the other sector that has been outperforming as of late, like, not necessarily the past week, but, like, in the past months has been landing. Just, looking at Maple, Euler, some of the big out performers. I think one of the characteristics that's interesting from both of these protocols is that they are not, like, launches of this cycle, but they were launched, in the previous cycle. And they they they just, like, fix their old model, grind it up, like and then recover back their TBL, their borrows, and now they're back at all time highs. So I just think it speaks to the resilien
Yeah. For me, it's more like same old same old. BTC keeps going up. Everything else is experiencing some division. I feel like BTC hitting all time highs is has been getting less and less exciting every time it does it. It just almost become like the new norm, which, in my opinion, is kind of a good thing. It's maybe a sign of a maturing a maturing asset, especially with all, you know, with the institutions and ETFs and whatnot. And then again, hype. I mean, you know, probably hype and pump probably two most popular ops in the space right now. You know, you gotta love it. And hype is just I me
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