Empire Hivemind: Crypto's Leverage Hangover, Hyperliquid's Resurgance & What's Next for Markets?
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Oct 30, 2025 This week, the team dives into the crypto market's recovery from the October leverage unwind. They explore comparisons to the dot-com bubble and discuss Zcash's impressive performance. There's a look at Hyperliquid's resurgence, highlighting its trading advantages. The hosts also analyze new token sales and their impacts on liquidity, along with the market's shift towards revenue-generating tokens. Finally, insights on Galaxy's significant exchangeable note deal and ETHZilla's share buyback strategy round out a captivating conversation.
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Leverage Unwinds Cause Multiweek Consolidation
- Massive liquidation events force a prolonged consolidation as liquidity and risk appetite rebuild.
- Jason says markets oscillate sideways until books repopulate and new equilibrium forms after big wipes.
Prioritize Resilient Names Post-Wipe
- Focus on assets that showed strength through the liquidation event rather than rebuilding positions across the board.
- Jason recommends allocating to names that have demonstrated signs of life post-wipe.
Macro Flows Still Drive Crypto Momentum
- Macro strength and equities ripping matter more for crypto flow dynamics than isolated on-chain events.
- Jan highlights rotation from gold to BTC and that institutional flows remain a major tailwind.