Wes 🇺🇸

@TXMCtrades Also maybe the best bond movie imo

This will be the first Hyperliquid ETF to be launched, and this will be a major inflection point for both the HYPE token and $PURR My thoughts on this: First, this is a major development in the ecosystem. Hyperliquid has always been focused on creating value as opposed to just getting in front of flows. This will continue to distinguish the protocol from other tokens that are just trying to pump the price at the expense of long term holders. I explained this entire mechanism here: x.com/Globalflows/st… Second, watching the volume on the ETF and how many tokens it can accumulate will be critical moving forward. IF it aggregates a significant position relative to the float, then it will begin to move markets a lot more. Third, how does this impact my largest position, PURR? I have been long PURR since it was trading sub 3.50 and we are now up 100%. PURR has been THE primary way to get exposure to the HYPE token in traditional markets and this is now changing. When PURR is the primary way to get exposure, it is possible for it to trade at a premium at discount as larger players have to move the market to adjust their positioning. When we have an ETF come out, traders will begin arbing the ETF against PURR to create much tigher ranges on the upside and downside for the PURR price relative to the underlying NAV. If you want to see my entire thesis for valuing and mapping the price relative to NAV, read this: capitalflowsresearch.com/p/my-large-mac… The question will be, does this change the entire thesis and value proposition for PURR? My answer is that it will depend on the leadership of PURR and how they provide value. At the end of the day, a treasury company has a function in markets that is different than ETFs. The actions of a treasury company is them providing returns ABOVE the underlying. The ETFs create more access so the probability of a premium to NAV occurring due to access issues has decreased. HOWEVER, the entire question is how can PURR provide value for shareholders ABOVE what a simple ETF can provide. The answer? Several fold: 1) The PURR treasury company has the ability to still issue shares and buy back shares when the price trades at a premium or discount to NAV. @dschamis and @rediamondjr have done a great job at this execution thus far. This has allowed PURR to outperform HYPE and be a significant advantage to shareholders. 2) PURR has access to a credit facility that an ETF does not have. This will allow the PURR leadership to continue to execute its strategy of issuing shares at a premium and buying them back at a discount. Fundamentally, PURR has a significant advantage in the market since they buy back shares. This is very different than other popular treasury companies who only dilute their shares at the expense of shareholders. an ETF does not have this ability to take advantage of market volatility. 3) PURR has the ability to take out credit and buy HYPE, thereby leveraging its balance sheet like any hedge fund type vehicle that is trying to increase its exposure. If this happens, this creates optionality for PURR over an ETF. 4) PURR has the ability to generate yield on its HYPE holdings that can allow excess returns relative to HYPE spot. Similar to any hedge fund type vehicle, PURR has many different ways of generating yield through market dislocations, extracting returns from premiums in markets and partnering with the Hyperliquid team to create a stronger bridge between Hyperliquid and the traditional financial system. 5) The most significant opportunity for PURR leadership will be functioning as a beacon in the decentralized Hyperliquid space to create bridges that would otherwise not exist. Because Hyperliquid has gone about building value in a manner that doesnt have the typical institutional conflicts, many bifurcations exist in the industry that PURR leadership can help bridge. There will be so many opportunities that happen ON TOP OF the Hyperliquid blockchain that need a centralized rallying point that people can acnhor to in order to build partnerships so that the whole is greater than the sum of the parts. PURR has a unique opportunity to function as the rallying point for decentralized players such as the Hyperliquid team, centralized players that enter the space after the work of @HyperliquidPC, the entire ecosystem of traders who actively move large size in the perps market, and the entire crypto industry. PURR has a unique opportunity to connect all of these players to create a whole that is greater than the sum of the parts around the newest financial instrument of perpetuals. If PURR sits at the middle of these relationships and actively facilitates them to further take stakes in other projects built on Hyperliquid or receiving various types of residuals as they build a whole that is greater than the sum of the parts, then they have an opportunity that no ETF can possibly even imagine. Remember, Hyperliquid is a platform that is designed to actually produce cash flow, generate value, and have that value creation directly flow to shareholders in a systematic fashion. This is dramatically different than any other crypto project and the track record of success for Hyperliquid is already clear. As we embark on this next stage of Hyperliquid ETFs, PURR leadership in the system, and integration on the regulatory side through the hard work of @HyperliquidPC, aligning yourself with people who are creating these types of systems will be THE key thing to watch for. opportunity This is a significant opportunity for PURR to provide value that no ETF could provide and this is why I continue to hold my shares in PURR and why I think they have the potential to do significantly more than the market can even imagine. I will continue to share my views in reports on my website and I will explain all of this even more in the livestream tomorrow morning at 8:30am MST. All the links and research for this will be sent out today here: capitalflowsresearch.com/subscribe HYPERLIQUID

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This was the highest volume day on $IBIT, ever, by a factor of nearly 2x, trading $10.7B today. Additionally, roughly $900M in options premiums were traded today, also the highest ever for IBIT. Given these facts and the way $BTC and $SOL traded down in lockstep today (normally SOL trades with beta) + the relatively lower liquidations on CeFi exchanges, this leads me to believe that the nexus of the problem lies with a large IBIT holder. IBIT has become the #1 venue for BTC options trading, so my guess is that a hedge fund trading IBIT options is the culprit. If you look at the 13F filings for IBIT (I like whalewisdom dot com), you'll find a number of interesting names that have the majority of their fund in IBIT. In fact, there are a few in there (not naming names) that have 100% of their fund in IBIT, which likely means no cross margin. In fact, the biggest reason to set up a fund to hold a single asset would be to isolate margin, so that if the trade blew up, the brokers wouldn't have claim to any other assets. Interestingly, most of these giant, single asset funds are based in HK. We know that Asian traders, particularly in China, have been deeply involved in the Silver and Gold trade. Silver was down 20% today, which was the 2nd largest 1 day move in a very long time (largest on Jan 30). We also know that the JPY carry trade has been unwinding at an increasingly rapid pace. This leads me to think that the culprit for the IBIT blowup today was 1 or more HK-based non-crypto hedge funds. As @FranklinBi pointed out, the fund(s) being non-crypto would explain why no one sniffed them out. They would likely have few/no crypto counterparties, meaning complete isolation from CT. The last small piece of evidence I have is that I personally know a number of HK-based hedge funds that are holders of $DFDV, which had the worst single down day ever, with a meaningful mNAV decline. The mNAV had been holding steady surprisingly well throughout this pull back until today. One of these fund(s) could have been connected to the IBIT culprit, as I highly doubt a fund taking that large of a position in IBIT and using a single entity structure would only have the one fund. Now, I could easily see how the fund(s) could have been running a levered options trade on IBIT (think way OTM calls = ultra high gamma) with borrowed capital in JPY. Oct 10th could very well have blown a hole in their balance sheet, that they tried to win back by adding leverage waiting for the "obvious" rebound. As that led to increased losses, coupled with increased funding costs in JPY, I could see how the fund(s) would have gotten more desperate and hopped on the Silver trade. When that blew up, things got dire and this last push in BTC finished them off. I have no hard evidence here, just some hunches and bread crumbs, but it does seem very plausible. Let's see if some more concrete evidence floats to the surface here soon. The smoking gun will be a large fund fitting this profile filing a 13F showing a giant IBIT holding going to zero. Unfortunately, if a fund had their IBIT position liquidated today, they wouldn't have to disclose the position change until 45 days after the quarter end, so we'd be looking at mid May for the smoking gun from 13F filings most likely. Hopefully some of you out there with too much time on your hands this weekend can snoop around more. My guess is that word will start to get out, because something of this size is just too hard to hide. Additionally, if the broker was not able to liquidate the fund in time, the broker may have a hole in their balance sheet, which would be even more difficult to hide.

We just onboarded a multi-billion-dollar crypto asset manager to deploy an institutional-grade lending market. @Bitwise is now curating an @ethena market on Jupiter Lend. A turning point for on-chain lending 👇