Market Sell Off, State of Crypto VC & Why Your Coin Isn't Pumping

Bullish:

• $STABLES - Stablecoins are becoming central to strategic planning across fintech, banking, and technology companies, indicating massive adoption potential

  • “It is becoming increasingly clear to me that stablecoins are part of every single strategic conversation at every single company. You know, whether it's fintech, whether it's banking, whether it's technology, they're all thinking about what stablecoins are gonna do for their business.”

    Rob·1:38
• $BTC - Bitcoin succeeds as a 'perfect meme' and monetary asset without needing to justify tech fundamentals, unlike other L1s trading at extreme revenue multiples

  • “Bitcoin's a perfect meme. It doesn't pretend to be a tech stock. Ethereum, Solana, Hyperliquid, they pretend to be a world supercomputer... you can't make a rational argument around memes and social constructs, but you can make a fundamental case as to why you should be paying 200 times revenue.”

    Santi·16:31

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

  • “The value capture of something like Ethereum is fundamentally broken in the L1 and L2 construct. Even if you see exponential increase in activity at the L2s, it will never trickle down to the L1, the way Ethereum is designed today.”

    Santi·11:00
• $HYPE - Hyperliquid's current revenue run rate is unsustainable and will collapse in bear markets, making current valuations unjustifiable

  • “Hyperliquid's cranking out what like two over the last ninety days, the total revenue of hyperliquid is $2.62... the annualization, the run rating could be, you just know it's not going to be there in the bear market.”

    Santi·8:27
• $SOL - Solana trades at an unjustifiable 60-400x revenue multiple despite generating similar revenue to Ethereum, making it fundamentally overvalued

  • “Ethereum will crank out roughly the same as Solana, anywhere between one and 2,000,000,000... Solana at a $75,000,000,000 valuation. Make the case as to why these networks are worth valued at sixty, seventy, 200, 400 times revenue.”

    Santi·5:39
• $CRYPTOVC - Crypto VCs are experiencing disbelief and pivoting to AI/fintech as they struggle to find backable opportunities in crypto

  • “I think there's a lot of disbelief right now. When I go talk to the VC investors, I'm seeing that a lot of them are now they think they're AI investors or they think they're fintech investors... the crypto VCs are looking around and saying, I don't know what I can back in crypto anymore.”

    Rob·18:54
• $COIN - Coinbase's launch pad strategy is poorly suited for their mass market user base who lack awareness of crypto-native products

  • “I just don't think like launch pads are good businesses for exchanges that are going after mass market... the vast majority of Coinbase users probably have no idea what Monad is yet.”

    Rob·56:10