State of The Market, How to Value Hyperliquid & Tempo Launches Mainnet
Iran-energy shock pushed oil from $70 to $116–120, leaving only one Fed cut priced.S&P’s official Hyperliquid perps add institutional validation; at $40, roughly $37B FDV and $140M in 90-day revenue support exchange-multiple comparisons, though Secret City data is unchecked.Tempo’s $5B valuation depends on Stripe’s BD motion, while MPP and Visa support a payments thesis exposed to weak evidence for agentic commerce.
What's Driving Bitcoin Higher?
About $3B in weekly Bitcoin ETF inflows appear to be real spot demand: CME open interest rose only $1B while Binance BTC OI fell.MSTR copycats add bullish flow but create liquidation risk, as new SPVs lack Saylor’s non-recourse protection if Bitcoin drops 30–40%.Watch premium-to-book, liquidation levels, and whether cash-flowing DeFi and RWAs develop into the next durable growth trade.