The market does not care about Hormuz anymore. Liquidity risks are lurking...

feels like TradFi / equities sentiment is where we were Q2’25 above 100k

Everyone knows it’s peak delusion bull & things look bad 6-12M ahead but there’s money to be made LTF higher

Hyperliquid just made one of the most important microstructure upgrades and its so fucking bullish for HIP-3 and for the long-term.

Hormuz cut the nitrogen fertilizer supply by choking LNG and natural gas.

Now China is halting sulfuric acid exports from May. 50% of sulfuric acid goes to phosphate fertilizer.

That's both legs of the fertilizer market hit simultaneously — nitrogen from…

According to the report, Iran used small boats to lay mines in the Strait last month, leaving only a narrow safe corridor for vessels willing to pay a fee. The Islamic Revolutionary Guard Corps reportedly carried out the mining in a chaotic manner, and it…

U.S. Forces Start Mine Clearance Mission in Strait of Hormuz

No Margot Robbie in a bathtub today. Just a hedgehog who's been watching private credit for months and needs you to read this carefully.

🦔The biggest banks on Wall Street are launching a new tool next week to bet against private credit funds, the same $3…

You need to understand, Iran was always going to walk away from these talks a winner.

-We sent inexperienced negotiators.

-Up against a people with multiple martyrs.

-Who wanted to project strength.

Either they would come home with a deal, or the story…

I'm not sure why this is making $ENA catch a bid.

@ethena was a simple but brilliant regulatory arbitrage play at a time when DeFi lego blocks were just being built and composability was key to distribution.

Retail couldn't easily access deeply liquid…

Maybe retail just got sick of being absolutely fleeced by VC’s endlessly selling supply on their heads…?

Yes HYPE had revenues and that forced people to rewrite the sector based on a real multiple but the bigger thing was the combination of no VC overhang…

@fejau_inc Ok I wasn't gonna get into this because it'd be contrarian and unpopular but here we go.

First off - I'm not denying HYPE is 💯 one of the most impressive projects out there. None of the below is a comment on HYPE's fundamentals as a business.…