Jessica Ellerm

Today we shipped @ThemeliaApp, crypto's first custom index builder. Building Themelia revealed something not many people in the space talk about: how un-investable a large portion of crypto has become, compared to $BTC.

52 Million Tokens, One Sensible Portfolio x.com/i/broadcasts/1…

Solid recap on how perpetual futures are reshaping global markets. Test directional perpetual strategies directly on @ThemeliaApp. We believe some of the most interesting crypto trades right now are long/short perp index pairs.

Founder Wisdom Podcast with Charles Cormier x.com/i/broadcasts/1…

Our founders, @JessicaEllerm and @kent_gro joined @AndyPickeringNZ from @bravenewcoin's The Crypto Conversation to discuss all things crypto indexing. Tune into the podcast to learn more on: 👉 why most crypto index products end up buying failure at scale, and what’s structurally broken about them 👉 how dynamic, filter-based indexing can adapt to narratives and surface higher-quality tokens earlier 👉 why crypto still lacks the core infrastructure that made indexing dominant in traditional finance - and what needs to change youtube.com/watch?v=5-YFkG…

🎙️On the Crypto Conversation podcast, we're with @JessicaEllerm and Kent, co-founders @ThemeliaApp, a platform building the next infrastructure layer for crypto investment through custom indexes. Listen! 🎧 bravenewcoin.com/insights/theme…

@OpheliaBSnyder I would love to host you on our podcast about the future of money! Breaking down these ideas for those that aren't crypto native is so important. You can watch our first episode here > youtu.be/QDfPqR9Tx5Q?si…

Bitcoin is often judged by the wrong criteria. It wasn’t designed to be fast or convenient. It was designed to be reliable. Its purpose wasn’t replacing payment rails. It was removing the need for centralized trust. When you understand what Bitcoin was built for, the design choices make sense.

Is Bitcoin a lab experiment that got out of control? What can the history of money teach us about what comes next? In our first episode of Long Story Short, we sit down with @dgwbirch, author of Before Babylon, Beyond Bitcoin, to explore the long arc of money, and where it may be heading. Watch on Youtube or listen on Spotify or Apple Podcasts. youtu.be/QDfPqR9Tx5Q?si…

@HaveMoreFi × @ThemeliaApp Excited to be partnering with @ThemeliaApp. Some partnerships don’t start with a product or a launch. They start with shared direction. @ThemeliaApp is bringing clarity to digital assets through custom indexing, turning noise into structure and helping investors focus on what actually matters. As we explore how partnership vaults and onchain infrastructure can work together, we’re aligned on creating meaningful, compounding value for customers over time by combining indexing logic with onchain vault execution. More people, having more, building toward something that’s truly meaningful. #Onchain #DigitalAssets #DeFiInfrastructure #Partnerships

If you were building your dream crypto investment advisory team, what type of thinkers would be in it? - token selectors (short and long) - market timers - ?

@DavidDuong Agree - and what makes this space super compelling is the ability for projects to now launch their own perps using standards like HIP-3 on hyperliquid. Now I can theoretically build long/short index strategy perps through one instrument, and avoid high spot trading costs.

I think perps are going to be a major theme in 2026, with the potential to become a key financial primitive, as evidenced by the scaling of perp DEXs & rise of equity perps. Starting today, I'll break down one key theme from our Crypto Market Outlook 2026 each day until Jan 1 👇 Composability of Crypto Derivatives: 🔹Perp DEXs are surging, with monthly trading volumes exceeding $1T for the second straight month in late 2025, according to onchain data. One compelling theory for this boom: without a traditional altcoin season, traders have pivoted to perps for outsized returns. 🔹The extreme leverage lets users amplify exposure with minimal capital, especially appealing amid stagnant spot markets over the past year. 🔹Our systematic leverage ratio peaked at nearly 10% speculative exposure (pure directional bets, excluding hedges) in mid-2025, before October's liquidation cascade dropped it to 4%. 🔹But perps are evolving far beyond high-leverage bets—they're becoming core, composable DeFi primitives. Integrations with lending protocols, for instance, could unlock massive capital efficiency. 🔹Imagine using perps as dynamic hedges for liquidity pools, bases for interest rate swaps, or collateral in variable-risk lending. The composability fosters strategies where traders hedge risks while earning yields, pushing DeFi toward more sophisticated, interconnected markets. 🔹Equity perps are going to be huge. I think these are set to disrupt retail trading on a global scale. As retail participation in U.S. equity markets rises, tokenized stocks via perps offer 24/7 access, censorship resistance, and superior efficiency. 🔹I can see a world where retail users leverage exposure to S&P 500 giants like Apple or Tesla without owning shares, all on crypto rails. This could onboard millions of retail traders worldwide, blending CeFi and DeFi to transform after-hours and weekend trading. In short, perps are shifting from crypto's edges to DeFi's heart, while paving the way for massive retail inflows into traditional assets via innovative derivatives. For more, read our latest Crypto Market Outlook 2026 - available to Coinbase One subscribers in the U.S. - check your emails now.

@zack_quant @TedPillows You should add @ThemeliaApp to your quant toolkit. It lets you build any crypto index strategy you want, back test over 3 years and compare impacts of different rebalancing frequencies; weekly, quarterly or monthly.

That pattern shows up in every crypto cycle, and the data backs your point. Since 2017, ETH has experienced 5 drawdowns greater than 60%, even while long-term trend remained up. The average peak-to-trough decline during hype phases has been ~65–70%, and in each cycle, the largest retail inflows occurred within 10–15% of local tops, not bottoms. On the flip side, disciplined approaches consistently outperform hype chasing. Backtests using simple rules — like monthly rebalancing, max position sizing under 10–15%, or trend-based exits — reduce drawdowns by 30–50% with only modest impact on long-term returns. That’s the difference between staying solvent and being forced to sell. Influencer-driven ATH calls tend to ignore volatility math. When an asset is already up 3–5x, expected forward returns compress while downside risk expands asymmetrically. That’s not opinion — it’s distribution. Wealth in crypto hasn’t been built by prediction accuracy, but by risk control, sizing, and survival across cycles. The market rewards patience and process far more reliably than conviction tweets.

Woke up to CT calling ATHs and $ETH at $80k again. Every cycle it’s the same: ATH calls, crazy predictions, zero risk management. CT hype doesn’t build wealth, it transfers it from young traders to smarter money. Block influencer moonboys. It will save you money.

@onchainmo Would you short a crypto index then?

For clarification, this does not mean that I’m bullish on crypto in 26/27. It’s no secret that I currently have close to zero exposure to crypto. My portfolio is still: - 70% equities - 6% silver - rest mostly in EUR/USD Anyone who thinks they’ll still get rich by holding crypto in 2026 is beyond help. “Life-changing gains” refers much more to airdrops and trading opportunities. Holding assets like ETH/SOL/HYPE is on a risk-adjusted basis, some of the dumbest things you can do.

The difference between crypto and stocks is there is way more dispersion in crypto. That means indexes won’t behave in exactly the same way. I think investors will want to be cautious of assuming crypto indexes are a path to a stable return, and crypto index product issuers need to study the dynamics of the market and adjust accordingly, not just lift and shift the concept.

Crypto index funds will be as large, if not larger, than crypto ETFs like @BlackRock’s $IBIT Here’s my thinking The introduction of crypto indices is a clear signal of crypto’s growing maturity and acceptance as an asset class @SPGlobal, @bitwise, @coinbase, and more have all launched crypto indices recently, often tracking a basket of the top 10 or top 50 coins, weighted by market cap These crypto indices will lead to crypto index funds, passive investment products that provide diversified exposure to the crypto industry Think: Crypto index == S&P 500 Crypto index fund == $VOO $SPY $IVV Why is it such a big deal when a company gets added to the S&P 500 index? Because there are trillions of dollars invested in index funds that track the S&P 500, with hundreds of billions of dollars invested passively each year A massive amount of capital has flooded into index funds in past few decades, they are the ultimate price-insensitive buyer Better yet, index funds are a good product; they outperform most actively managed funds, feature extremely low management fees, and reduce concentration risks We will see crypto index funds in both a traditional ETF format on exchanges as well as tokenized directly onchain in DeFi The biggest issuers will likely be the same names we see issuing single asset crypto ETFs and tokenized money market funds So yes, BlackRock wins either, fueled by institutional demand for crypto asset exposure But now evolving beyond single asset exposure to a diversified basket of crypto assets

@ThinkingUSD I can back this up with data. When you build an equal weight index of each exchange’s tokens on @ThemeliaApp you see those with fewer listed (which correlates usually with a harder listing process) outperform.

The best thing exchanges could do is delist all but 100 tokens, make it competitive to stay listed on the exchange and stop dividing the melting ice cube of retail capital across thousands of worthless assets.

Do you have any idea what your crypto portfolio returned this year? Exchanges don't make it that easy to figure out. Instead, ask Agent Theo over on @ThemeliaApp He's still in development, but right now you can tell him your crypto holdings, and he'll tell you what they returned, as an equal or cap weight index, over 5 different time frames. He'll also chart the return for you. 📹 Watch the video below to see him in action Let me know your thoughts or questions! #buildinpublic #crypto #promptengineering #investing

@_ericnomics That’s cool. We do the same but for crypto indexes over at @ThemeliaApp with our AI agent Theo

Public just changed the game by letting you create your own index with their new AI investing tool, Generated Assets. Whatever you can imagine can be made into a custom index with a single prompt no matter how easy or complex it is. I tried it with “chip companies with growing

@hthieblot Bringing clarity to crypto with custom indexes

Describe your product in one line. Make it understandable for a stranger in 3 seconds. Everyone else: please give feedback, clear or not? Try it.

@coinbureau Poor year all round. @base memecoin index is the least worst, followed by @ethereum then @solana.

🚨CryptoQuant CEO Ki Young Ju: "Memecoin markets are dead."

Track crypto market structure through indexes. This week: 7-day and 365-day performance of equal-weighted indexes: - $BTC vs the All Token Index, and - @base ecosystem tokens vs @solana ecosystem tokens