Empire Hivemind: State of The Market, Hyperliquid, Plasma & Tether's $500B Valuation
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Oct 2, 2025 Duncan from Flood Capital, an early-stage investor known for his keen insights, and Yan Liberman from Delphi Ventures, a macro market guru, dive into the recovering crypto landscape. They analyze the concerning low volumes in SOL DAT amidst leverage risks and discuss Tether's eye-popping $500B valuation. The duo explores the competitive DEX wars, Hyperliquid’s market position, and the implications of tokenizing real-world assets, all revealing the ongoing dynamic shifts in the crypto market. Grab insights as they dissect fundraising strategies and market hopes.
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Macro Setup Favors Crypto
- Yan Liberman and others see a strong macro setup that supports crypto through year-end and beyond.
- They highlight AI-driven CapEx and equity strength as reasons to remain bullish while acknowledging short-term pullbacks risk.
SOL DAT Volumes Look Fragile
- Ceteris warns SOL DAT volumes are extremely low despite high NAVs and heavy leverage, creating liquidation risk.
- He stresses unlocked pipe shares and options markets must arrive to sustain prices and volume.
Tether Valuation Faces Yield Risk
- The hosts question Tether's $500B valuation as it depends on sustaining outsized interest income.
- They note interest rates will decline and that makes a high multiple on current yields hard to rationalize.