only $2b of $6b frozen so far, which is 2-3x size of next biggest hack (bybit) yeah, ppl will prob get comped for it but now trifecta of onchain defi, cold wallets, and centralized crypto venues all stained by hacks wall of worry not climbed

The bottom on the AI trade happened following the hysteria around Anth's "underwhelming" revenue but before the S-1 came out since then, have seen capital flow back into semis, and now memory with the blowout SKHY earnings last night however, ambiguous spot for risk with FOMC later today, midterms under way, and fairly imminent Anth IPO which likely siphons some capital out of more speculative end of AI segments; and may to a lesser extent cap flows near-term to semis, memory, mag7 as mutual/hedge funds, retail, indices rebalance exposure to accomodate a trillion+ company on the crypto side, most alts have retraced quite a bit last week or two; but tbh no real appetite for them here as capital seems to have shifted back to AI segments (semis, memory, neos, etc); and in general, think that the recent bout of crypto risk-on needs a period of retracement/settling; BTC isn't helping either as alts need it to show strength (or at least stability) which is not happening > $80k; any trades i take in crypto near-term will likely be event driven regarding onchain, idk tbh; seeing bullishness on the timeline simply because vlad mentioned RH's onchain business (very much in passing tbh) which led to a bit of relief in cashcat, pons, ai and a few onchain low caps; at the moment, i don't see why this should lead to a prolonged influx of capital back onchain; onchain data flows/volumes/txs don't suggest any type of capital rotation returning but will listen to the data if things change

Pretty much. As of the past few weeks, debt markets have almost entirely shut off access to money for any company that doesn’t have substantial revenue independent of AI data centers. SpaceX closed $40B of debt for GPUs, but we’re investment grade and have Starlink & launch revenue. That means the 200+ neoclouds are going to see guppy-level death and consolidation. Some will make it through, but not many.

Update: It's turning into internet destruction like the world has never seen. And it isn't even getting started/major financial institutions and companies ARE NOT EVEN RESPONDING or taking it seriously.