Is Hyperliquid The Wild West? Has The Market Topped?! w/ Dim Selk

Yeah, I mean, I'll tell you exactly.

And, you know, there's this guy, Avi Feldman, who's a great portfolio manager.

He used to work with a golden tree and he's now a great friend who has this framework for allocation of capital, which is, you know, when people buy crypto, they're allocating to either momentum or value.

And your job as a trader is to basically allocate.

like know who's in the driver's seat and trade accordingly.

So if we take this framework to the current context and to the context a couple of weeks ago and ask that important question of like who's in the driver's seat, that's a useful kind of framework to kind of make that decision.

So, okay, let's answer that question, right? Is it value buyers? I would say that Bitcoin was and kind of is along with alts kind of overvalued here.

I don't think, you know, allocators that are here for value and have deep pockets are buying coins for the long term.

So I'd say the answer is kind of no.

I would also say that allocators that are here for value get, and that's a key area for people.

But here, no, I don't really, I still don't regard it as much value around 110K.

So I actually think that that price of 110 is kind of an unstable price.

So let's say that's off the table.

Now, in terms of momentum, right, which is the second part in an obvious framework, do I think that we're in a strong momentum regime? What I think about momentum is we just went through a really strong momentum time and that momentum is clearly deteriorating, right? You still have treasury companies that Uh, are, are, are, are buying, but their, their MNAs are kind of compressing.

Taylor is kind of tapped out.

So can you buy here betting on momentum or could you buy like a couple of weeks ago betting on momentum? I don't think so.

So that was roughly my, my, my, my line of thinking and still kind of goes.

But I guess speaking of momentum, uh, you know, Justin pointed out that Tom Lee is on vacation, uh, for the next 10 days or so.

Uh, so, you know, if you, if you share my screen, he's in here on

vacation in Korea, I think.

So maybe he's buying an update.

It's kind of like this meme where like each BDC is like teetering on the edge.

Maybe we've topped and then Tom Lee's on vacation and like the ants can't hold up the the little beach ball here.

And I think ETF inflows have become, it's gone negative as well.

So it seems like the momentum buyers have also kind of been tapped out.