There are really only 4 types of crypto investments worth owning today. 1) Publicly traded equities that provide traditional equity exposure to the growth of digital assets -- we like $GLXY and $SECZ but there are others. 2) Existing tokens with real revenues and strong tokenomics - the obvious ones we've been writing about all year -- hyperliquid:native solana:pumpCmXqMfrsAkQ5r49WcJnRayYRqmXz6ae8H7H9Dfn ethereum:0x643c4e15d7d62ad0abec4a9bd4b001aa3ef52d66 base:0x940181a94a35a4569e4529a3cdfb74e38fd98631 etc 3) New tokens designed correctly from day one where tokens serve a genuine economic purpose rather than existing solely for speculation (i.e. base:0xacfe6019ed1a7dc6f7b508c02d1b04ec88cc21bf ) 4) Old tokens attached to successful businesses that can finally be fixed (i.e. ethereum:0x0d8775f648430679a709e98d2b0cb6250d2887ef #4# is the most overlooked -- Great businesses with terrible tokens that can finally be fixed. We’ve been writing about this opportunity since 2020. Six years later, it’s finally happening. This week’s Two Satoshis 👇

Every FOMC decision is a 50/50 toss up now that the Fed doesn't explicitly tell you what they're going to do, but 60% odds of a hike seem wrong. Treating Warsh’s lack of guidance as inherently hawkish is a mistake. There is a higher variance around outcomes now, but that doesn't mean a higher probabilty of a new outcome.

hyperliquid:native gained $2.2 bn today in outstanding market cap today (570mm tokens of outstanding supply x $4 gain). That's 15x the add'l ~$150mm of earnings HYPE will earn via the new USDC / Coinbase / Circle deal. The market is assigning a 15x multiple to the new income stream for HYPE, yet the business as a whole trades at 27x ($22 bn on $800mm revenue), and $CRCL somehow trades at 30x earnings, even though they are losing $150mm of earnings from this since they keep paying it all to Coinbase and now Hyperliquid. Wild stuff