Hyperliquid Fundamentals Remain Intact Despite Noise, Oracle Margin Pressures Highlight the Advantage of Cheap Energy from Bitcoin Miners

Discussed in today’s video:

• Risk-off driven by AI margin concerns: Broader market weakness followed reports of Oracle’s thin AI cloud margins, rather than crypto-specific factors or changes in Fed expectations.
• Bitcoin miners show relative strength: Power cost sensitivity in AI infrastructure highlights the leverage of energy-efficient compute providers. Bitcoin miners such as WULF, CIFR, IREN, HIVE, BITF, and GLXY outperformed.
• Gold-to-Bitcoin rotation thesis intact: Gold’s rally toward $4,000 reinforces Bitcoin’s long-term “digital gold” narrative. Each re-rating higher in gold raises Bitcoin’s potential store-of-value ceiling.
• Hyperliquid fundamentals resilient: Despite noisy market-share data and unlock concerns, key metrics, including spot volumes, daily users, and tokenholder yields, remain strong. The upcoming SONN merger/official launch could catalyze renewed interest in the fourth quarter.

Tickers in this video: BTC -4.53% HYPE -2.05%