Digital collectibles are not a new behavior. They are the next evolution of an existing one. The opportunity is significant because the category remains largely undefined. As culture becomes increasingly digital, collectibles inevitably become digital as well. The principles remain the same: ownership, provenance, permanence, community, and story. What changes is the technology through which those principles are expressed.

People often tell me: “There are so many exciting things to invest in other than crypto.” I strongly disagree. There are many more exciting things, but you’re late to those if trying to invest today. The premise is inherently wrong.

Head testing

My June public newsletter is now available: lynalden.com/june-2026-newsl… The issue focuses on defining and planning for the more multipolar and volatile world we have moved into.

The biggest crypto story of the year. First to break it. We just relay what we pick up, you form your own take. Posted on Credo Wire first ↓

Only some thrive when volatility becomes the game.

Austin Barack (@AustinBarack) on Why Venice, Grass, and NEAR Are The Most Undervalued AI Plays Timestamps 00:00 Venice Grass NEAR AI Thesis Intro 01:30 Venice Privacy Overview 02:03 AI Uses 100x More Data 05:14 Three Million Users 05:14 VVE And DM Token Flywheel 08:48 DM Priced Like A Corporate Bond 09:35 $20 Venice Undervalued 11:45 How Grass Makes Money 12:35 Grass Triple Digit Growth 14:16 Grass At $400M Too Cheap 14:49 NEAR Cross-Chain Swap 17:43 Akash GPU Marketplace Update 19:36 AI Stack Breakdown 21:10 Net Token Value Flows Framework 22:11 Buy And Burn Only Works Sometimes 25:56 Two Cohorts In Digital Assets Now

BTC losing $66k here is not something I want to fade easily. For a while, BTC showed relative strength versus gold and had a chance to inherit part of the "digital gold" narrative after gold's vertical move. When the Iran conflict first broke out, BTC held above ~$62.5k. At the time, it felt like sellers were exhausted and that crypto might finally start trading independently from macro fear. But that never happened. Even with progress on the Clarity Act, BTC failed to break and hold above $82k and has now round-tripped all the way back here. What's concerning is that BTC traded around these levels when oil was $115. Today, we're back at similar prices with CPI next week and equity traders likely looking to de-risk into the print. If equities weaken from here, BTC could easily get dragged lower as well. If we don't reclaim these levels quickly, I think crypto liquidity stays dead until Q4. As for alts, it's difficult to see meaningful capital rotation returning while the majors still haven't established a clear bottom. (cuz as a sector we are still treated as expensive) Until BTC stabilizes, I don't expect broad alt participation to come back. My focus for now is less about finding the next crypto narrative and more about identifying a few high-quality names — similar to how you would approach stock picking in equities. Crypto feels different this cycle. For the first time, we're seeing certain tokens behave more like individual equities than beta plays on crypto market. Some have dramatically outperformed the majors for extended periods. That tells me the market structure has changed. Capital is becoming more selective. At the same time, I still think majors need to feel genuinely cheap before large pools of capital step in aggressively again. That's why I think it's reasonable to focus more on equities over the next few months while crypto goes through another quiet period. Even ZEC , VVV, HYPE's inflows came during a period when BTC refused to break down despite the Iran conflict. The market believed sectors were cheap, sellers were exhausted, and there was still hope for crypto as a whole. Today, HYPE trades more like a standalone tech stock than a typical crypto asset thanks to its revenue profile and 24/7 market structure. ZEC as privacy asset that tradfi dosnt provide , VVV with actual usage , rev But the broader crypto sector is struggling to find a major narrative. And without a strong narrative, it's difficult to see meaningful capital flowing back into the space anytime soon if price is only thing that will bring cuz its cheap. Especially when so much of the current volume is driven by algos, HFT firms, and short-term flows rather than long-term conviction capital.

Rare divergence. Flow has been heavy since Saylor's first small $BTC sale: the majors led down from Monday's open ($BTC -10.6% $ETH -9% $BNB -12% $SOL -11%), one of the largest BTC liquidation events in 3 years , and Strategy's STRC preferred sank near $95 vs its $100 peg. Selective alt outperformance. - $ENA after Coinbase became its custodian and perps venue. - $ZEC fine after a fake "outage" (outdated explorer nodes, chain never halted). - $ZORA on an announcement of an announcement. - $ONDO firm into its June 9 RWA perps launch. Full brief below.

Ok think we got front ran on most of sell pressure early in the month unlike other last 2 month should marked bottom at here 66k

FUDs of the past 3 days… 1. Binance rolling out stock trading, “capital rotating out of crypto” 2. Saylor selling 3. ETFs posting record outflows 4. MtGox distributions incoming

No matter your thoughts on Hyperliquid, the entire industry should be rooting for $HYPE to decouple from $BTC rn. For the future of the asset class, it would be much cleaner if we can express bullish views on individual top 50 tokens without needing $BTC to oblige.

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Vibe coding a submarine game - Using PortalsJS - fish models by @BigYellowFishes, published on @_portals_ marketplace - built and playable in the browser

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alpha 💯🎯