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

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

Market views

Bullish

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

Not investment advice.