Delphi Digital

Jason explains why riding the trend matters more than catching the bottom. “Buying the lows and selling the highs, those are more like ego things than anything… Just ride the trends. Buy it when the trend is confirmed.”

Watch the full episode here. delphi.link/JulyHivemind

José explains why he remains bullish on AI infrastructure. “The market reacts very strongly to things like Meta announcing they’re selling compute... I don’t think it’s very rational. I still think owning land and having power is going to be incredibly valuable going forward.”

Read the full analysis from @scotttfreeman here. delphi.link/Positioning

The economy remains healthy, but rising leverage has left the market increasingly fragile. With growth holding up and recession risk still low, our cyclical macro regime remains firmly risk-on. The fundamental backdrop still supports equities even as speculative positioning becomes more stretched. Leveraged ETF assets have reached a record of roughly $218B after rising around 60% since the end of March. Retail options activity is also breaking records, with nearly half of retail options volume now concentrated in 0DTE contracts. Meanwhile, demand for downside protection has faded. That combination makes the market vulnerable to a sharp volatility event. If momentum breaks, leveraged products would be forced to rebalance and crowded portfolios could begin cutting exposure. An ordinary pullback could become self reinforcing even if the outlook hasn't changed. This is the volatility event we continue to expect in 2026. If growth holds and credit continues to flow, the selloff would clear excess leverage from an otherwise healthy cycle.

Watch the full Market Matters episode here. delphi.link/JulyMarket

Watch the full Market Matters episode here. delphi.link/JulyMarket

Scott notes that Bitcoin speculative activity has fallen below 2022 levels. “Speculators have pretty much exited and are no longer driving price action… I think we’ve gotten the washout in positioning now.”

JTX aims to turn Jito’s infrastructure knowledge into something traders can experience. Signing a trade does not guarantee good execution. Prices can move and market-maker updates can arrive too late, leaving traders with worse fills. Jito already influences how Solana transactions are processed through its validator client and Block Engine. BAM is the next generation ordering layer pushing this further by keeping transactions private until execution. Its first Maker Priority plugin already helps prop AMMs update quotes earlier in BAM blocks so trades are less likely to hit stale prices. For spot trading, JTX also utilizes DFlow for its just-in-time routing to deliver the best price on every trade. If it succeeds, Jito’s reach will extend from Solana’s underlying infrastructure to the interface traders use to access its markets.

Watch the full episode here. delphi.link/JulyHivemind

José argues most crypto startups shouldn’t spend all their revenue on token buybacks. “Most startups should not be using all their revenue to buy their own token... They’re all reinvesting in growth and in crypto markets that doesn’t really get priced or valued.”

Watch the original episode here. delphi.link/Emerging

Jordan Nel explains why founder taste matters when evaluating a GP. “Sometimes if somebody says, ‘This is the best founder I’ve met this year,’ that’s a ton of signal and you just back up the truck. But knowing when it’s signal and when it’s not is hard.”

Watch the full episode here. delphi.link/JulyHivemind

Ceteris explains why blockchains need better assets. “Your job as an ecosystem is to get the best assets, then build products around them... It doesn’t matter what applications you build if there aren’t good assets to use.”

Watch the full episode here. delphi.link/JulyHivemind

José explains why crypto projects need a clearer link between tokens and equity. "I think what we found is the vast majority of valuable crypto projects need an equity company... We need to figure out a structure for where the token can have some kind of programmatic or contractual value capture.”