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Avi Felman × Jonah Van Bourg

A sovereign-authorized USDT oil purchase, despite a failed $230M Venezuelan deal, signals stablecoins entering commodity settlement while the underlying failure reflected diligence, not crypto.AI-driven copper scarcity and Meta’s frontier push sharpen the competitive map, but model prices at 1–10% of frontier offerings and a roughly two-year superintelligence timeline leave unresolved disruption risk.

Avi Felman × Jonah Van Bourg

Global crude could hit operational tank bottoms by September: inelastic demand and an 8mbd supply loss could keep oil above $100, though Avi says $200 would force resolution within two months.A 50% chance of a December rate hike and Kevin Warsh’s possible real-time CPI rebase create an underpriced catalyst for equities and an even harsher risk for crypto, while Jonah argues AI’s marginal dollar remains far from exhausted.

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

Bitcoin at 78K sits in Avi’s original 71–77 buy zone after a 40% drawdown, with a proposed stop below 74 and take-profit near 90, though Jonah sees a broken four-year cycle and no momentum.Metals remain a falling-knife risk as CTA selling may be only 25% complete, while Hyperliquid’s HIP-3 has exceeded $1B in RWA volume and makes HYPE the panel’s conviction long.

Avi Felman × Jonah Van Bourg

Precious metals have entered a retail-driven alt season: CTA buying, sovereign demand and panic pushed silver nearly 300% since breakout, despite limited geopolitical or national-security support.Both expect a violent reversal; longer-term attention shifts to rare earth miners (REMX, USR), uranium and copper, with possible US investment within 6-12 months, while Jonah prefers Bitcoin at 88 over gold at 5,000.

Jeff Park × Avi Felman × Jonah Van Bourg

Jeff Park argues Bitcoin needs implied and realized volatility to rise together, because asymmetric volatility—not steady appreciation—drives its reflexivity and competes for capital against gold, AI, and major risk assets.Gold currently owns the debasement trade through structural reserve demand, while Bitcoin faces OG selling, concentrated wallets, and community and quantum risks; 2026 catalysts include higher volatility, $100B+ prediction-market volume, and renewed ZK privacy.

Avi Felman × Jonah Van Bourg

Bitcoin’s move above $107k as the S&P posts two losing sessions signals crypto-specific demand, while a Cambrian wave of products from Nakamoto, MicroStrategy, Republic, and Coinbase points to latent institutional appetite.Alt season may be short-lived: Launchcoin reached $270M FDV with $15M in weekly fees and a P/E “like four,” while 40% Deribit funding and $3B of new BTC open interest flag leverage risk.

Avi Felman × Jonah Van Bourg

Bitcoin remains in a high-volatility range after holding 75K twice, with Avi favoring partial profit-taking and cash while Jonah sees the market in a new range and watches IBIT/SPY for renewed inflows.The sharper crypto thesis favors tokens with revenue-funded buybacks, while Avi’s 3–6 month RWA basket trade, China tariff risk, and gold’s six-to-12-month outlook define the catalysts and unresolved macro fork.

Avi Felman × Jonah Van Bourg

Election uncertainty makes Bitcoin dominance the cleanest trade: BTC could survive either administration, while altcoins face a binary regulatory outcome.Near $57,900, widened price increments, $200 gaps, and five-day outflows point to broken liquidity, so Avi prefers selling rallies and buying $52K-$53K.Professional alt mandates amplify losses, while Helium and Aave offer conditional upside with unresolved token-value capture and crowded positioning.