founder @therollupco
Joined October 2018
- Tweets 76,201
- Following 5,820
- Followers 76,219
- Likes 286,303
5,879 Photos and videos
Two things can be true at once:
1.) There is no bid right now for tokens with little PMF, low runway, lack of institutional adoption, low / no revenues, and a terrible unlock schedule.
2.) There is and will continue to be an extremely concentrated bid on tokens with strong PMF, clear institutional backing & products (ETFs, ETPs, partnerships), generating significant revenue or a clear path to, past the unlocks or not a significant amount left, and are focusing on making the token holder a first-class citizen.
This consolidation will continue to happen until the market evens out some of the inefficiencies its been dealing with for many years now.
Those who adjust will be on the right side of history.
Stay optimistic.
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Andy retweeted
Vladimir Novakovski on why Lighter's escape hatch is the detail regulators care most about:
"Regulators and institutions: what does worst case look like?"
"Even if Lighter fails, protocol doesn't work, proofs not generated, after a certain amount of time, every participant gets out through Ethereum."
"Over a decade of Ethereum stability. $100B locked. No one loses their assets in the worst case. That creates confidence."
The Bull Thesis For @lighter_xyz in 2026 with @vnovakovski
Timestamps
00:00 Intro
01:37 Perp Market Awareness Today
03:26 Pitching Institutions On Lighter
05:28 Ethereum Security And Escape Hatch
07:54 How Market Makers Stay Comfortable
11:17 How Lighter Bootstraps Liquidity
12:35 Pre-IPO Perp Durability
15:37 Build In-House Or Composable
19:29 US Regulatory Path For Perps
23:29 CFTC Innovation Council Insights
26:39 Questions For Commissioner Hester Peirce
28:07 Team Culture And Miami Office
32:26 Founder Decision Making Framework
34:46 AI Agents And Lighter's Stack
37:30 Perps Market Structure Long View
41:21 Power Law Or Distributed Market?
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Andy retweeted
Thanks for those who responded. Is the bull case then basically perps on chain market will grow rapidly and will steal substantial market share from tradfi and other on chain venues?
Jun 12
Okay. I'll bite who has the most even handed evaluation of the business case for the hyperliquid exchange and the hyperliquid coin. Free/not behind a pay wall. Is it possible that someone out there is able to consider both the bull and bear case?
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People calling the largest IPO in the entire history of humanity being a low-float, high FDV shitcoin is just hilarious to me man 😂
Jun 13
Crypto PTSD tells me $SPCX will end up as crypto hyped low-float/high-FDV token launches.
Tradfi is at the 'High-FDV is a meme' stage crypto was 2 years ago.
But $SPCS can't do 10x at current valuations, especially as unlocks start. Meaning all upside to IPO was taken by insiders. Retail is exit liquidity.
Exactly, the set up that Cobie criticized within crypto high-FDV launches.
Crypto's mission is to fix this by giving access to retail at lower valuations.
But pre-IPOs aren't it. Anyone who bought the pre-ipo perps at 1x-like leverage are underwater. At least we can easily short it.
Worse, PreStocks trades at 41% DISCOUNT and 'early' retail crypto degens got rekt.
So, crypto x Tradfi merge means that crypto investors are exit liquidity to hyped IPOs.
To fix this we still need native crypto assets to do well, those like are born onchain with broad distribution like mining, fair launches or airdrops.
When we return to this key crypto value proposition and we start winning, retail will come back to crypto.
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Andy retweeted
The Bull Thesis For @lighter_xyz in 2026 with @vnovakovski
Timestamps
00:00 Intro
01:37 Perp Market Awareness Today
03:26 Pitching Institutions On Lighter
05:28 Ethereum Security And Escape Hatch
07:54 How Market Makers Stay Comfortable
11:17 How Lighter Bootstraps Liquidity
12:35 Pre-IPO Perp Durability
15:37 Build In-House Or Composable
19:29 US Regulatory Path For Perps
23:29 CFTC Innovation Council Insights
26:39 Questions For Commissioner Hester Peirce
28:07 Team Culture And Miami Office
32:26 Founder Decision Making Framework
34:46 AI Agents And Lighter's Stack
37:30 Perps Market Structure Long View
41:21 Power Law Or Distributed Market?
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We're firmly in the bust phase, but those of us who have been around now what's coming at the end of this...
A massive bull run is coming. It will be bigger, more insane, and with way more institutional firepower than we've ever seen before.
There will be billions of dollars of stablecoins minted on a single day. We will see multi-billion dollar TWAPs on majors in a given day.
Hyperliquid will trade $150-250, Bitcoin will trade $180,000-250,000...and more.
Stay patient my friends.
Jun 12
Jason Yanowitz on why crypto right now looks exactly like Facebook in the bust:
"Facebook couldn't raise after social media busted. Never pivot to mobile. Never monetize. Never get profitable. That was the narrative."
"Crypto now: will never have apps, infrastructure won't scale, tokens won't go mainstream."
"Same pattern. Everything will be a token in five years. The technology wins. Amazing businesses do well in bear markets."
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Jun 12
The Hyperliquid SpaceX moment that proves the price discovery thesis:
"Hyperliquid predicted SpaceX's exact $171 opening price one minute before the announcement."
"Bybit and Binance couldn't deliver shares to their users."
"HYPE is the best way to express bullishness on every IPO coming."
Hyperliquid (Tradexyz) traders predicted the exact opening price of SpaceX.
The Hyperliquid SpaceX perp was trading at 171 just 1 minute before they announced the starting price of $171 per share.
app.hyperliquid.xyz/trade/xy…
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Andy retweeted
Jun 10
The Decentralized AI Bull Thesis in 2026 (Massive TAM) with @jbrukh, Founder & CEO at @coinfund
Timestamps
00:00 AI Meets Decentralization Thesis
02:44 Thesis Before ChatGPT Existed
03:44 Consumer Devices Train Models
04:29 100B Parameters Consumer Hardware
06:45 Rise Of Authentic Swarms
09:15 Swarms Outpaced Google Fast
12:53 Inference Drives All Revenue
13:13 $1T Inference Market 2031
14:53 Crypto Subsidizes AI Inference
17:02 Win Training Win Inference
20:47 Decentralized Training Now Cheaper
22:49 Kirkland $500M Own Model
28:39 Harnesses Collect Trace Data
31:24 Co-Own Model Donate Traces
33:10 Different From Past Web3
40:11 2.4B Monthly AI Users
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Jun 12
The lads give @dschamis a @HypeStrat engraved box, bottle of wine inside, personalized flask with his name engraved.
David: "I own a couple flasks. Haven't used them in a while. It's too nice to drink."
Andy: "Thank you for fighting the good fight out there."
David, Wall Street instincts fully intact: "I absolutely appreciate it. First rule of Wall Street, there's no such thing as a free lunch."
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I’m aligned.
Jun 13
Gabriel Otte's boldest prediction: NASDAQ and NYSE become less important:
"The guardrails in capital markets today exist for good reasons, fraud prevention. But they were built on fundamentally inferior technology."
"My boldest prediction: day one, everywhere, you can start owning these stocks. NASDAQ and NYSE take less of an important role."
"SpaceX issues shares onchain, available everywhere. Why go through specific markets? Why list on one, then another, then another? That friction disappears."
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Hard to see it right now but we will have 100s of digital assets “born” public companies.
This industry will grow orders of magnitude larger than what it is now.
Jun 12
Jason Yanowitz says the Blockworks IPO is inevitable:
"Onchain businesses scale 100x. Traditional capital markets go on-chain, BlackRock, Robinhood, Stripe. Both become Blockworks customers."
"Two-sided platform: issuers provide info, asset managers consume it. AI agentic workflows on top, disclosures, IR, compliance, security. Full enterprise platform. Blockworks goes public. Vision changed when we chose to consolidate."
Onchain native. TradFi migrating. Both customers. IPO destination.
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Andy retweeted
Jun 12
Total call open interest continues to rise on $PURR as volume compresses for the next move
I still believe we will see a gamma squeeze in $PURR because it's the only way to buy calls in size on Hyperliquid
This stacks on top of the Hyperliquid thesis I have been laying out
The best part about it is that we just had a small pull back where everyone lost all belief. We took out all of the weak hands and now setting the stage for a larger rally in my view
I make no apologies for my conviction. When you map flows and positioning, conviction is research based and has ZERO to do with sentiment or vibes. This is pure flows
Welcome to global macro
See full thread below
May 30
Hyperliquid Strategies ($PURR ) will have a gamma squeeze in the next 60 trading days (similar to GameStop)🧵👇
$PURR just had its largest day of trading volume, indicating how aggressively investors are establishing positions into the regulatory change for Hyperliquid
On top of this, call open interest for $PURR is surging, as traders buy the OTM tails. Watch very closely because once more OTM calls get listed, it will almost certainly cause a gamma squeeze. Right now, $PURR is the only liquid location to buy OTM calls on Hyperliquid, squeezing into the regulatory acceptance.
There is a massive problem with the calls right now, though. The strikes aren't listed very high. I'll explain this in the next tweet below for you.
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Andy retweeted
Jun 12
The eight-year rivalry that turned into an acquisition, @jasonyanowitz explains:
"Launched 90 days apart. Same quarter as Delphi. Selkis published his launch post and I remember it clearly, same mission as @Blockworks."
"Eight years: won and lost deals against each other. Hired from each other. Massive respect throughout."
"Match made in heaven when we started talking. They have enterprise customers, fintechs, payment providers, AI agents. We didn't. Now we do."
Jun 12
1/ Blockworks has acquired Messari.
We’re bringing together crypto’s two largest data and market intelligence platforms.
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I can attest that @therollupco livestreams are not using a virtual background!
Thanks to @plumenetwork and @andyyy for the invite!
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Cracking a beer to celebrate with @JasonYanowitz to and talk the Messari acquisition now!
Jun 12
🚨LIVE: SpaceX IPO Launch?! PURR & HYPE Up. Blockworks Acquires Messari! Yano & Dinari Call In x.com/i/broadcasts/1vJpPPqPP…
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Andy retweeted
Jun 12
Happy Friday from the Tokenization Tower.
SpaceX IPO day. Unreal. Elon's a trillionaire.
Hyperliquid traders called the exact opening price. Onchain called it before Wall Street did.
This is the story of the industry right now. Binance, Variational, Lighter also on top of the game.
ByBit & Binance fumbled the IPO launch though due to xStocks lack of ability to get the underlying shares.
Ethena committed $250M to tokenized CLOs on Solana. Saylor declared "confidence in Ethereum has collapsed."
Yano bought Messari.
A lot of show to get through today.
Today's lineup:
1:30PM ET @jasonyanowitz - @Blockworks
2:00PM ET @GabeOtte - @DinariGlobal
See you on the show.
Jun 12
🚨LIVE: SpaceX IPO Launch?! PURR & HYPE Up. Blockworks Acquires Messari! Yano & Dinari Call In x.com/i/broadcasts/1vJpPPqPP…
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