Hyperliquid Thesis Unchanged

Discussed in today’s video:

• Liquidations: The crypto market was hit with $1.5B in long liquidations as thin weekend liquidity and stretched positioning drove a sharp deleveraging. While short-term weakness may persist, our Q4 outlook remains intact.
• Nvidia–OpenAI partnership: Nvidia’s $100B investment into OpenAI underscores the durability of the AI CapEx cycle. This is a direct tailwind for miners and hybrid crypto equities reallocating infrastructure toward AI/HPC compute, with Galaxy and others well-positioned to benefit from growing hyperscaler demand.
• Hyperliquid’s leadership position: Despite buzz around new entrants (Aster, Lighter), Hyperliquid continues to dominate decentralized perps. User churn is non-existent, daily volumes and open interest remain multiples above peers, and its UX is stronger. Builder-code integrations (Axiom, Phantom, etc.) and growth avenues such as spot markets, HIP-3 (builder-deployed markets), and HIP-4 (prediction markets) further extend its edge.

Tickers in this video: BTC -2.29% HYPE -6.65%