On The Brink with Castle Island Felipe Montealegre and Noah Goldberg (Theia Capital) on Investing in Internet Capital Markets (EP.668)
Sep 22, 2025
Felipe Montealegre, a partner at Theia Capital specializing in liquid crypto investments, joins Noah Goldberg, a venture capitalist focusing on internet capital markets. They dive into what truly drives crypto market valuations—fundamentals or capital supply. The duo explores the venture and hedge fund dynamics shaping crypto markets, exceptional founder traits, and the innovative use of LLMs in investment strategies. They also share insights on futurarchy as a governance tool for token holders, highlighting exciting trends for the future.
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Market Regimes Drive Valuation Dispersion
- Crypto markets cycle through regimes rapidly, making many assets appear overvalued versus fundamentals.
- Thea keeps a constant underwriting box and buys more in depressed markets when value fits their models.
Flows Shape On‑Chain KPI Strength
- On-chain KPIs have improved, but flows into base assets (BTC, ETH, SOL) materially drive DeFi metrics.
- Those flows can be reflexive and risky if debt-driven buying pressure subsides.
Pick A Clear Investment Discipline
- Choose whether you trade flows or invest for long-term fundamentals and stick to it.
- Thea underwrites three-year models and prefers buy-and-hold fundamental investing over flow-driven trading.