$STABLES - Stablecoins are becoming central to strategic planning across fintech, banking, and technology companies, indicating massive adoption potential
$BTC - Bitcoin succeeds as a 'perfect meme' and monetary asset without needing to justify tech fundamentals, unlike other L1s trading at extreme revenue multiples
Bearish:
$ETH - Ethereum's value capture mechanism is fundamentally broken - increased L2 activity will never properly flow back to the L1 due to structural design flaws
$HYPE - Hyperliquid's current revenue run rate is unsustainable and will collapse in bear markets, making current valuations unjustifiable
$SOL - Solana trades at an unjustifiable 60-400x revenue multiple despite generating similar revenue to Ethereum, making it fundamentally overvalued
$CRYPTOVC - Crypto VCs are experiencing disbelief and pivoting to AI/fintech as they struggle to find backable opportunities in crypto
$COIN - Coinbase's launch pad strategy is poorly suited for their mass market user base who lack awareness of crypto-native products