Hivemind: Crypto's Leverage Hangover, Hyperliquid's Resurgance & What's Next for Markets?
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Hello, everybody, and welcome to another edition of the Hive Mind podcast. Jose is not here today, so I'm doing the intro. I am Seteris, Head of Research at Delphi. We've got Jason, Head of Markets. We've got Jan, Ventures Partner, and we've got Duncan Duncan, venture scout. So I guess we'll just start off with markets. It's been kind of a weird couple weeks. There's been a few random stuff happening, but we got like FOMC today. So yeah, I don't know how maybe Jason, how are you feeling overall? I guess since like the October 10 per ADL massacre, it's been like nineteen days since that now. So
Yeah. I don't know. Like, I usually, after you get such a massive, like, extinction event for trench warriors and crypto. Right? Like, bidding things that aren't Bitcoin, Eth, you know, things that don't have an institutional bid or don't have, like, a structural bid from them from, you know, revenues or whatever. Like, when you get an extinction level event like you got on the tenth, like, I got I got wrecked. Right? Like, I got I got hit pretty good on on a bunch of, leverage positions I had on that were, like, you know, super, super low leverage. I mean, yeah, relative to crypto standards t
find out if any, like, mark making firm or exchange got
I haven't seen anything. Maybe
There's been I think there's been, like, some decent sized ones, but nobody, like, systemic.
And no one I mean, it's it's hard to be systemic at this point from a market making perspective. But it looks like everyone just took a hit, but no one is insolvent or at least not yet. You saw a winter mute come out and all the the kind of the documentation. It seems like it was market making firms and just, you know, individual traders that got that took the brunt of it. Yeah. There some charts got shared around on Twitter where people just did kind of historical analysis of of events based on, like, you know, degree of OI wipe, and and I I hear you on on the time. I think that makes a lot o
Yeah. You've still had these like pockets of something's doing really well, like Zcash has done insane over the past month. You've had some of the on chain stuff, some in like MetaDAO, Clanker, other stuff in the base ecosystem. You have some like robotics plays, which I don't know how legit these are, but they have had like this narrative with the X402 thing. So you still had these pockets of speculation where some assets have done very well with like it's kind of yeah, there's kind of like three. It's like the majors mostly recovered back, then you've had these different like niche assets th
I mean, like, the way, like, at least, like, the way the market feels to me. Right? And, like, I'm kind of, like, I'm gonna look more into this. Right? But, like, I've just been, like, kind of thinking about, like, at what point, like, over the last several years, was, the market feel feel like. Right? And, like, it's not, like, a very scientific term. But, like, to me, from, like, I don't know, like, July until like now, it feel like where we were just kind of, you know, been chopping sideways above like a 110 k or whatever for like three months. It feels a lot like the summer of last year wh
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