Bitcoin’s Rally, DeFi Risk, and the Next AI Trade
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Alright. Welcome back to the Hive Mind podcast, the show where we share our unfiltered opinions on markets, crypto, AI, and the top happenings across the industry. Proud to announce quickly this is the first episode that is exclusively produced by Delphi Media. This is where the Delphi Hive Mind podcast will live going forward. Just like NVIDIA is not a car, this is not your average podcast. So strap in because we've got a ton to cover. Joining me as always, we've got Jan, cofounder and managing partner of Delphi Ventures, Jose, cofounder and head of Delphi Labs, Cederis, our head of research,
I guess, like, two weeks ago, was really cautious. I had, like, a lot of hedges on, and most of those hedges have been absolutely blasted. So, like yeah. I mean, looking at prices alone, like, it's it's hard not to be not to feel better about markets relative to where we were, you know, one or two weeks ago. I don't really think a lot of, like, the underlying, you know, fundamentals have really changed. Right? There's still, like, an energy shock that we'll see how that flows through to everything. Inflationary pressure's coming from it potentially. Right? But at the end of the day, right, mar
Yam, what about you?
Yeah. I mean, it's it's always easier to be more bullish in the market after it's done well. I'm I'm, yeah, I'm still constructive. Think it's it's pretty straightforward. In the near term, you have STRC. As long as that continues, it's hard to be bearish because, you know, it's not just the bid from that, but it's also the bid from everyone else that comes in because of the bid from that. I don't know what the, I guess, amplification, not to use the word. They use it basically, like, how much of an incremental bid is driven by every dollar of SCRC that comes in, but there's there's definitely
Jose, what's your take?
I don't think I have any anything particularly, like, value add to say here, honestly. I'm still still bullish, and I'm I'm haven't changed my positioning at all since last time. Still have a hedge on, which is which is down and but still mostly mostly pretty bullish. I think crypto has gotten so beat down that it's it's it's just like an interesting place to to bid here, especially in some of the sectors that that have product market fit. I also think private markets maybe this is something we we that's interesting. Private markets in crypto historically have been like, if you slap the token
Yeah. I definitely want to dig into that more. And last but not least, Cerus, how are you feeling right now?
Yeah. I mean, I don't know. Hard to be too bearish. Markets have looked good. Markets have kinda looked it seems like they've been forming a bottom at least in crypto for a while. You still have, like, strong pockets. You know, a bunch of the AI stuff is doing well. Monash still trades well. Stuff like Venice really, you know, has been trading really well. The, chip, USDA ITG today, and trading at, like, 1,000,000,000 fully diluted. So you're seeing, like, more and more of these good like, we haven't had a good TG in a while, and I don't know if this keeps up or not, but, like, a TG dart aroun
Yeah. I mean, I think one thing I definitely want to get into was and I I feel like it's a question that just it floats around every six months or so, but now it's almost more precedent than ever. Is, like, is the risk reward in DeFi worth it at this point? Just given, oh, let's say, exploits, especially the ones we've seen in the last three weeks. Kind of yeah. I'm sure you got takes on takes on it.
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