DISCUSSED IN TODAY'S VIDEO:HIP-3 builder-deployed perpetuals are structurally expanding Hyperliquid’s addressable market. Rapid growth in non-crypto, exogenous assets, particularly commodities, points to an evolution beyond a pure crypto venue toward broader on-chain market infrastructure.Recent price action likely reflects some degree of re-rating. As capital rotates into metals and other macro-sensitive assets, investors appear to be reassessing HYPE as exposure to cross-asset speculation rather than solely as a high-beta crypto proxy.Dollar weakness is notable but has yet to be validated through...

DISCUSSED IN TODAY'S VIDEO:The January tactical setup was valid and initially confirmed, with BTC breaking key resistance in a spot-led move supported by improving liquidity, constructive credit, and early flow stabilizationUpside momentum stalled at the point where follow-through mattered most, as even large, price-insensitive spot buying failed to extend the rally, signaling weakening market structureMacro and liquidity conditions shifted from tailwinds to constraints, with rising rate expectations, renewed JGB volatility, and speculation around yen intervention, tightening global liquidity at the...

PORTFOLIOS Source: Bloomberg, Fundstrat Source: Artemis, Fundstrat _Note: Changes to both portfolios are discussed at the end of this note._ THE BREAKDOWN Entering January, my view on crypto remained measured from a medium-term perspective but tactically constructive. In my January 6th strategy note, I argued that while the broader setup for 2026 still pointed to a choppier first half and a more compelling accumulation opportunity later in the year, the near-term risk-reward had begun to skew favorably. The key drivers...