Jonah Van Bourg

Avi Felman × Jonah Van Bourg

Bitcoin’s failure to clear $80K has Jonah turning short-term bearish, with a “quite high” probability of falling below $70K.Stocks migrating onchain through Lighter and Hyperliquid could leave Nasdaq behind, while $LAPTOP’s fall from $1.5B to about $630M highlights political-token extraction risk.

Avi Felman × Jonah Van Bourg

MemeFi is rotating between stories rather than attracting a broad 2020–November 2021-style wave, while Robinhood Chain’s weekly volume rose from $500M to $1.5B.Jonah says value may accrue to FOMO, exchanges, Vlad Tenev, or underlying protocols rather than ordinary traders, leaving sub-1% sizing, multi-cycle durability, frontier-model productivity, and Iran’s Hormuz leverage as risks to monitor.

Avi Felman × Jonah Van Bourg × Santiago Santos

Santiago Santos is winding down Inversion’s crypto thesis after finding Remitly and Wise “not making money” with no pricing power, while stablecoins remain a real dollar-rail use case.The pivot favors mandated, recurring cash flow such as critical-power servicing, where fragmented markets, emergency pricing and AI-enabled efficiency may support returns, while Inversion’s holdco structure protects judgment and capital discipline.

Avi Felman × Jonah Van Bourg × Jordi Alexander

Retail has largely exited crypto altcoins as unlock-driven selling pushes flows toward equities, sports betting, and prediction markets, while Selini trades SpaceX across crypto venues and hedges in tradfi.Predictable passive rebalancing and crypto-native funding markets create opportunity, but October 10 showed how leverage and non-dollar collateral can turn rare volatility into permanent losses.

Avi Felman × Jonah Van Bourg

Oil’s fall from above $100 to the 80s, with energy accounting for 35-40% of recent CPI growth, gives Warsh room to avoid a disastrous pivot; Jonah’s closing call is that rate cuts are not dead.Markets barely sold off through full-blown war and a closed Strait of Hormuz, reinforcing the flows-over-fundamentals regime, while SpaceX’s 4% float makes its August/September unlocks a key risk window.

Avi Felman × Jonah Van Bourg × Kaledora Kiernan-Linn

Kaledora Kiernan-Linn argues that post-COVID volatility is pushing consumers toward second-order event trades and cross-asset exposure, making perps the instrument for “the perpification of everything.”Ostium is positioning as a broker layer that puts existing global markets on chain rather than rebuilding exchange infrastructure, while its traders’ early stagflation positioning highlights both signal quality and sharp P&L risk.

Avi Felman × Jonah Van Bourg

Hyperliquid is moving beyond crypto speculation as trade XYZ reached 2% of global crude volumes, while token dispersion makes revenue and growth more relevant than broad beta exposure.Perpetuals may attract flat-price commodity trading and 24/7 venues offer a claimed 35% revenue lift, but dated futures, institutional hedging, DeFi security, and Washington’s regulatory decisions remain key adoption constraints.

Avi Felman × Jonah Van Bourg

Avi sees Bitcoin’s failed breakdown and move above 74 as evidence that sellers are exhausted, with 69 as the failed-breakout risk level and 85 as the near-term target.The Iran shock may create a wall of worry rather than lasting contagion, while Hyperliquid’s weekend access and Sky’s buybacks offer differentiated stablecoin exposure as Circle faces high valuation and falling-yield risk.

Matt Hougan × David Lawant × Michael Marcantonio × Marc Arjoon × Jonah Van Bourg × Avi Felman × Matt Corva

Crypto is now institutional production infrastructure: BlackRock tokenized Treasuries, JPMorgan uses on-chain intraday repos, and ETF volume reached 30%-50% of BTC spot.DeFi’s speed and cost advantages face UX, AML-KYC, security, under-collateralized lending, and post-T+1 credit bottlenecks.Basis unwinds and covered calls pressured BTC despite long-horizon buying near $60K, leaving $80K, $100K, and the four-year cycle unresolved.

Santiago Roel Santos × Avi Felman × Jonah Van Bourg

Santi argues ex-Bitcoin crypto’s $1.5T valuation lacks support while active on-chain users remain around 40M, setting a 500 million-user threshold for taking the market seriously.The investable shift is from commodity blockspace to killer applications, with Inversion proposing to buy real businesses such as Western Union and route settlement flows through its own chain to solve crypto’s go-to-market problem.