The Hivemind

US equities just lost $2 trillion. Is the worst behind us?Kevin, Jason, José, Yan and Ceteris split on it. Yan says the bull market is intact and the setup for a short squeeze is there; Jason's macro models say wait. Then the Nvidia CEO spy story and why the affair is the least of it, José on why he won't sell assets in the singularity, AI stocks back at COVID-low valuations with Nvidia at 12 times forward earnings, and Meta's AI business priced at zero. The Anthropic IPO: junk status, how it could trade, and whether Anthropic wipes out its SPV buyers. Plus the mystery seller who hits Bitcoin at 10:30 most mornings, Grayscale's Zcash ad in the Wall Street Journal, why stocks on chain stalled, whether Elysium avoids Robinhood chain's fate, Vitalik's store of value post, and MegaETH's pivot to AI inference.TIMESTAMPS00:00 Intro00:45 Is the Worst Behind Us?07:48 Why the Macro Models Say Wait10:25 The Nvidia Spy Scandal16:11 Never Sell the Singularity19:23 AI Stocks at COVID Low Valuations24:33 Meta's AI Bet Is Priced at Zero28:01 How the Anthropic IPO Could Trade34:00 Will Anthropic Wipe Out SPV Buyers?38:04 The Mystery 10:30 Seller39:42 ZEC in the Wall Street Journal41:14 Why Stocks On-Chain Stalled44:28 Can Elysium Avoid Robinhood's Fate?50:48 Is ETH's Store of Value a Hail Mary?56:14 MegaETH Pivots to AI Inference🧠 Follow the Alpha▸ Ceteris: https://x.com/ceterispar1bus▸ Jason: https://x.com/3xliquidated▸ Yan: https://x.com/YanLiberman▸ Kevin: https://x.com/Kevin_Kelly_II▸ Jose: https://x.com/ZeMariaMacedo🎧 Listen herehttps://thehivemind.buzzsprout.com📺 More from Delphi Media▸ Convergence with Jordi Visser: https://coinistpodcast.libsyn.com/why-everyone-is-giving-up-on-crypto-at-exactly-the-wrong-time-ai-agents-jordi-visser▸ The Delphi Podcast with Paavan Gami: https://www.buzzsprout.com/2609274/episodes/20067645🔗 Connect with Delphi🌐 Delphi Digital: https://delphi.link/hivepod🐦 Twitter: https://x.com/delphi_digital💼 LinkedIn: https://www.linkedin.com/company/delphi-digital/DisclaimerHivemind is produced by DELPHI MEDIA, LLC, a member of the DELPHI DIGITAL family of companies. This content is solely for educational and informational purposes and is not, and should not be construed as, legal, tax, investment, or financial advice. Delphi is not a financial, tax, or legal advisor. You are expressly advised to consult with a professional advisor before making any investment decisions. Also, the views expressed by Podcast are solely those of hosts and guests do not necessarily reflect those of Delphi Media.

Two years of gridlock just started, and the crew thinks that's good for crypto.Kevin, Jason, José, Yan and Ceteris are joined by Omnia, co-founder of Kinetiq, the day after the midterms. Yan explains why chop into the midterms and higher after happens every cycle, and José calls it cope. The crew works out what a split Congress means for the AI build-out, why stocks almost always rise in the six months after midterms, the biggest hedge fund deleveraging in years, and whether it's time to get long. Then the Binance hack: signing keys on a work laptop, the FBI naming THORChain, traders bragging about selling ETH to North Korea, Circle's freeze number, and why self custody still sucks. Omnia explains Elysium, the Hyperliquid L2 that launches November 9: why Hyperliquid needs another chain at all, a $100 swap on HyperEVM, and what's live on day one.TIMESTAMPS00:00 Intro00:39 The Midterm Cycle That Always Repeats03:31 Why ZEC Is the Privacy Trade05:44 Does Gridlock Kill the AI Trade?15:38 The Biggest Hedge Fund Deleveraging in Years19:12 Is It Time to Get Long?22:47 Will Democrats Come for Trump's Crypto?25:39 Prediction Markets Turn on JD Vance32:17 How Binance Got Hacked36:08 Is Self Custody Dead?41:24 Why Hyperliquid Needs an L249:57 What Launches on Day One🧠 Follow the Alpha▸ Ceteris: https://x.com/ceterispar1bus▸ Jason: https://x.com/3xliquidated▸ Yan: https://x.com/YanLiberman▸ Kevin: https://x.com/Kevin_Kelly_II▸ Jose: https://x.com/ZeMariaMacedo▸ Omnia: https://x.com/0xOmnia🎧 Listen herehttps://thehivemind.buzzsprout.com📺 More from Delphi Media▸ Convergence with John D'Agostino of Coinbase: https://coinistpodcast.libsyn.com/the-trend-that-could-take-bitcoin-crypto-higher-than-ever-john-dagostino▸ The Delphi Podcast with Alex Wilson: https://www.buzzsprout.com/2609274/episodes/20059162🔗 Connect with Delphi🌐 Delphi Digital: https://delphi.link/hivepod🐦 Twitter: https://x.com/delphi_digital💼 LinkedIn: https://www.linkedin.com/company/delphi-digital/DisclaimerHivemind is produced by DELPHI MEDIA, LLC, a member of the DELPHI DIGITAL family of companies. This content is solely for educational and informational purposes and is not, and should not be construed as, legal, tax, investment, or financial advice. Delphi is not a financial, tax, or legal advisor. You are expressly advised to consult with a professional advisor before making any investment decisions. Also, the views expressed by Podcast are solely those of hosts and guests do not necessarily reflect those of Delphi Media.

What happens when a cyber attack costs a thousandth of what it used to?Kevin, Jason, José, Yan and Ceteris are joined by Jake Sylvestre, founder of Hypercall, the options protocol from Synapse built on Hyperliquid. Jake explains why the cost of cyber attacks is down a hundred to a thousand fold, how one compromised certificate authority leaves every unpatched device open, and why attackers keep the edge over defenders. The crew reads Anthropic's S-1, asks whether efficiency gains could nuke the neoclouds, and argues over who could ever cash out Satoshi's coins if quantum arrives. Plus, why Synapse went from bridging to options, what onchain options do better than Robinhood, the biggest liquidity drain in public market history, why early stage venture looks best, Elon coming for the neoclouds, and Kessler syndrome.TIMESTAMPS00:00 Intro00:45 Fed Day and No Read on the Market03:50 Chop Until the Midterms05:48 AI Stocks Bounce on Anthropic's S-109:33 Can Efficiency Nuke the Neoclouds?10:32 Why SpaceX Wins the Compute Market13:09 What if AI Gets 10x Cheaper?17:09 Is the Internet Broken?19:44 How One Hack Spreads Down the Chain21:06 Why Attackers Have the Edge23:17 Could You Cash Out Satoshi's Coins?27:16 Is Quantum Theft Really Consensus?28:01 Satoshi's Windows XP Laptop35:30 What Led Synapse to Options?42:55 What Onchain Options Do Better46:40 Who Wins Options Distribution?48:36 Is Robinhood the Real Competitor?51:18 Credit Is the Next Frontier53:29 Ceteris Confesses to Buying SYN55:09 Would You Buy the Anthropic IPO?57:37 The Biggest Liquidity Drain in History?58:36 Why Early Stage Venture Looks Best1:02:07 The $100M ARR Retention Problem1:03:21 Elon Comes for the Neoclouds1:07:17 Kessler Syndrome and SpaceX1:08:54 What Are You Underexposed To?1:11:26 Why Zcash Pays for the Boring Years🧠 Follow the Alpha▸ Jake Sylvestre: https://x.com/trajan0x▸ Ceteris: https://x.com/ceterispar1bus▸ Jason: https://x.com/3xliquidated▸ Yan: https://x.com/YanLiberman▸ Kevin: https://x.com/Kevin_Kelly_II▸ Jose: https://x.com/ZeMariaMacedo🎧 Listen herehttps://thehivemind.buzzsprout.com📺 More from Delphi Media▸ Convergence with Ryan Watkins: https://coinistpodcast.libsyn.com/how-a-100m-crypto-investor-is-positioned-for-next-bull-cycle-ryan-watkins▸ The Delphi Podcast with Tarun Chitra of Gauntlet: https://www.buzzsprout.com/2609274/episodes/20020789🔗 Connect with Delphi🌐 Portal: https://delphi.link/hivepod🐦 Twitter: https://x.com/delphi_digital💼 LinkedIn: https://www.linkedin.com/company/delphi-digital/DisclaimerHivemind is produced by DELPHI MEDIA, LLC, a member of the DELPHI DIGITAL family of companies. This content is solely for educational and informational purposes and is not, and should not be construed as, legal, tax, investment, or financial advice. Delphi is not a financial, tax, or legal advisor. You are expressly advised to consult with a professional advisor before making any investment decisions. Also, the views expressed by Podcast are solely those of hosts and guests do not necessarily reflect those of Delphi Media.

Is the bottom in for crypto?Kevin, Jason, José, Yan and Ceteris break down a market that just shook off weeks of selling, from the 10:30 AM seller who finally ran out of coins to the year-end unlocks and what the midterms could mean for crypto. The crew digs into the AI debt bubble fears around CoreWeave and the labs, the math behind $4 trillion of AI capex, and why this cycle looks nothing like 2000. Plus, who ends up with Satoshi's coins when quantum arrives, why quantum fear is lifting Zcash and Pearl, Paper Trade's token problem, Kinetiq and the HyperEVM bet, and the rise of anti-social trading.TIMESTAMPS00:00 Intro00:44 Has Crypto Bottomed?03:05 BTC's 10:30 AM Seller Is Gone04:32 Token Unlocks Into Year End07:14 Do the Midterms Matter?09:23 Is AI a Debt Bubble?10:40 The $4 Trillion AI Capex Math15:53 Anthropic's Revenue Is Exploding19:10 The Reflexive AI Demand Risk25:00 Why This Isn't 200033:51 Crypto's Goldilocks Case36:01 Who Gets Satoshi's Coins?37:59 Quantum Fear Lifts ZEC and Pearl41:49 Has Quantum Changed Your BTC Bet?48:13 Two Big Themes for Next Year50:12 Paper Trade's Token Problem59:11 Kinetiq and the HyperEVM Bet1:09:31 Why Hyperliquid Users Stay Loyal1:12:30 PUMP vs FOMO1:16:29 The Rise of Anti-Social Trading1:19:11 Tokens Still Higher a Year From Now🧠 Follow the Alpha▸ Ceteris: https://x.com/ceterispar1bus▸ Jason: https://x.com/3xliquidated▸ Yan: https://x.com/YanLiberman▸ Kevin: https://x.com/Kevin_Kelly_II▸ Jose: https://x.com/ZeMariaMacedo🎧 Listen herehttps://thehivemind.buzzsprout.com📺 More from Delphi Media▸ Convergence with Alex Colville: https://www.youtube.com/watch?v=HT-vBRKB3hs▸ The Delphi Podcast with Andrej Radonjic of Grass: https://www.youtube.com/watch?v=QT7adhMLMI4🔗 Connect with Delphi🌐 Portal: https://delphi.link/hivepod🐦 Twitter: https://x.com/delphi_digital💼 LinkedIn: https://www.linkedin.com/company/delphi-digital/DisclaimerHivemind is produced by DELPHI MEDIA, LLC, a member of the DELPHI DIGITAL family of companies. This content is solely for educational and informational purposes and is not, and should not be construed as, legal, tax, investment, or financial advice. Delphi is not a financial, tax, or legal advisor. You are expressly advised to consult with a professional advisor before making any investment decisions. Also, the views expressed by Podcast are solely those of hosts and guests do not necessarily reflect those of Delphi Media.

What happens when crypto’s trading infrastructure opens up to $150 trillion in traditional assets?Ethena founder Guy Young joins Hivemind to explore the next phase of on-chain finance from tokenized stocks and stablecoins to 24/7 markets for real-world assets. Guy explains why he thinks real-world-asset perpetuals could surpass crypto perps within two years, and what that shift could mean for Ethena, exchanges, and the broader DeFi ecosystem. The crew also debates whether it pays to own category leaders like Hyperliquid or bet on challengers, what’s holding back on-chain options, and how much stablecoin adoption still depends on speculation. Plus, Guy shares candid lessons on token launches, investor unlocks, and aligning incentives between founders and tokenholders.TIMESTAMPS00:00 Intro & Market Outlook10:25 Introducing Ethena Founder Guy Young12:55 Tokenization & Crypto’s $150 Trillion Opportunity23:55 DeFi Yields, Exchanges & the Perps Race43:00 Pump & the Memecoin Economy55:30 On-Chain Options59:05 Token Unlocks & Lessons From Building Ethena1:09:30 What’s Next for Stablecoins?🧠 Follow the Alpha▸ Ceteris: ⁠https://x.com/ceterispar1bus⁠▸ Jason: ⁠https://x.com/3xliquidated⁠▸ Yan: https://x.com/YanLiberman▸ Kevin: ⁠https://x.com/Kevin_Kelly_II▸ Jose: ⁠https://x.com/ZeMariaMacedo▸ Guy: ⁠https://x.com/gdog97_Watch here:http://www.youtube.com/@Delphi_Digital🔗 Connect with Delphi🌐 Portal: https://delphi.link/hivepod🐦 Twitter: https://x.com/delphi_digital💼 LinkedIn: https://www.linkedin.com/company/delphi-digital/DisclaimerThis podcast is strictly informational and educational and is not investment advice or a solicitation to buy or sell any tokens or securities or to make any financial decisions. Do not trade or invest in any project, tokens, or securities based upon this podcast episode. The host and members at Delphi Ventures may personally own tokens or art that are mentioned on the podcast. Our current show features paid sponsorships which may be featured at the start, middle, and/or the end of the episode. These sponsorships are for informational purposes only and are not a solicitation to use any product, service or token.

In this special in-person episode of Hivemind, Kevin joins Yan, Jose, Jason, and Ceteris to debate whether crypto is still the frontier or whether the biggest opportunities have shifted elsewhere.The team breaks down crypto’s move from experimentation to adoption, the rise of tokenization, and why onchain options could be the next major opportunity. They also explore AI’s investment cycle, the risks around data center expansion and frontier lab revenues, and the sectors they’re deliberately avoiding.TIMESTAMPS00:00 Intro & Market Surprises06:00 Tokenization, Zcash & Crypto’s Winners20:51 Onchain Options: The Next Big Opportunity?32:52 Is Crypto Still the Frontier?46:40 AI Labs, Infrastructure & Bubble Risks1:08:00 What We’re Avoiding1:20:34 Biggest Risks & What Comes Next🧠 Follow the Alpha▸ Ceteris: ⁠https://x.com/ceterispar1bus⁠▸ Jason: ⁠https://x.com/3xliquidated⁠▸ Yan: https://x.com/YanLiberman▸ Kevin: ⁠https://x.com/Kevin_Kelly_II▸ Jose: ⁠https://x.com/ZeMariaMacedoWatch on Youtube:https://www.youtube.com/@Delphi_Digital🔗 Connect with Delphi🌐 Portal: https://delphi.link/hivepod🐦 Twitter: https://x.com/delphi_digital💼 LinkedIn: https://www.linkedin.com/company/delphi-digital/DisclaimerThis podcast is strictly informational and educational and is not investment advice or a solicitation to buy or sell any tokens or securities or to make any financial decisions. Do not trade or invest in any project, tokens, or securities based upon this podcast episode. The host and members at Delphi Ventures may personally own tokens or art that are mentioned on the podcast. Our current show features paid sponsorships which may be featured at the start, middle, and/or the end of the episode. These sponsorships are for informational purposes only and are not a solicitation to use any product, service or token.

This week on Hivemind, the team breaks down the growing altcoin rally, why risk appetite is returning on-chain, and whether the current market can keep running without Bitcoin making a major move higher.They discuss the continued strength in HYPE, Zcash, Lighter and other winners, why this is becoming an alt-picker’s market, and how tokenized stocks are creating an entirely new speculative playground across Robinhood Chain and Solana.The conversation also covers FOMO and the rise of crypto-native social trading, the dangers of chasing increasingly speculative on-chain trades, whether ETH can benefit from the tokenization wave, and why taking profits may be the most important skill for surviving multiple crypto cycles.TIMESTAMPS00:00:00 Intro00:00:30 Bitcoin Flat, Alts Ripping00:06:00 Is New Money Entering Crypto?00:10:10 The Alt-Picker’s Market00:13:20 Tokenized Stocks & the New On-Chain Meta00:21:00 Can the On-Chain Mania Last?00:43:15 ETH, HYPE & the Tokenization Trade00:51:20 Taking Profits & Managing the Bull Market01:07:30 What Could Kill the Rally?01:16:30 VVV, OpenAI & Private Inference🧠 Follow the Alpha▸ Ceteris: ⁠https://x.com/ceterispar1bus⁠▸ Jason: ⁠https://x.com/3xliquidated⁠▸ Yan: https://x.com/YanLiberman▸ Kevin: ⁠https://x.com/Kevin_Kelly_II▸ Jose: ⁠https://x.com/ZeMariaMacedoWatch on Youtube:https://www.youtube.com/@Delphi_Digital🔗 Connect with Delphi🌐 Portal: https://delphi.link/hivepod🐦 Twitter: https://x.com/delphi_digital💼 LinkedIn: https://www.linkedin.com/company/delphi-digital/DisclaimerThis podcast is strictly informational and educational and is not investment advice or a solicitation to buy or sell any tokens or securities or to make any financial decisions. Do not trade or invest in any project, tokens, or securities based upon this podcast episode. The host and members at Delphi Ventures may personally own tokens or art that are mentioned on the podcast. Our current show features paid sponsorships which may be featured at the start, middle, and/or the end of the episode. These sponsorships are for informational purposes only and are not a solicitation to use any product, service or token.

This week on The Hivemind, the team breaks down why the latest rally may have real legs, how sidelined positioning and exhausted sellers helped fuel the move, and why the return of the debasement trade could mark a meaningful change in market regime.They discuss where to take risk if the bull market continues, whether consensus trades like HYPE and Zcash can keep outperforming, overlooked opportunities in Grass and Arrow, and why trying to get too clever with rotations can leave you behind.The conversation also covers Hyperliquid’s potential alt season, Zcash and Cypherpunk, whether NFTs could actually make a comeback, Robinhood Chain, and why the macro setup for Bitcoin may be the strongest it’s been in years.TIMESTAMPS00:00:00 Intro00:00:35 Is the Crypto Bull Market Back?00:08:55 HYPE & the Next Alt Season00:15:35 What Wins This Cycle?00:21:05 Consensus Trades vs. Hidden Alpha00:29:20 Zcash & the Next Rotation00:52:20 NFTs & Robinhood Chain01:04:35 Positioning for the Next Leg01:12:30 The Debasement Trade Is Back🧠 Follow the Alpha▸ Ceteris: ⁠https://x.com/ceterispar1bus⁠▸ Jason: ⁠https://x.com/3xliquidated⁠▸ Yan: https://x.com/YanLiberman▸ Kevin: ⁠https://x.com/Kevin_Kelly_IIWatch herehttps://www.youtube.com/@Delphi_Digital🔗 Connect with Delphi🌐 Portal: https://delphi.link/hivepod🐦 Twitter: https://x.com/delphi_digital💼 LinkedIn: https://www.linkedin.com/company/delphi-digital/DisclaimerThis podcast is strictly informational and educational and is not investment advice or a solicitation to buy or sell any tokens or securities or to make any financial decisions. Do not trade or invest in any project, tokens, or securities based upon this podcast episode. The host and members at Delphi Ventures may personally own tokens or art that are mentioned on the podcast. Our current show features paid sponsorships which may be featured at the start, middle, and/or the end of the episode. These sponsorships are for informational purposes only and are not a solicitation to use any product, service or token.

This week on the Hivemind, the team debates whether the market is on the cusp of a new on-chain boom or whether the lack of a major wealth-creation event in Bitcoin, ETH, or SOL will keep the upside limited.They break down the green shoots showing up across FWA, FOMO, MetaDAO and other pockets of the market, why small and mid caps may offer better opportunities than the majors, and whether exhausted sellers could be setting the stage for the next move higher.The conversation also covers Hyperliquid and tokenized stocks, the competition between crypto and AI for speculative capital, whether buy-and-hold still works, and why the next sustained rally may require a very different catalyst than previous cycles.TIMESTAMPS00:00:00 Intro00:00:50 Is On-Chain Finally Coming Back?00:09:05 Who Buys Bitcoin Next?00:21:55 Where Does Crypto Value Accrue?00:28:45 Majors vs. Small Caps00:35:30 Crypto vs. AI00:47:05 RWAs, HYPE & Tokenized Stocks00:55:55 The FWA Experiment🧠 Follow the Alpha▸ Ceteris: ⁠https://x.com/ceterispar1bus⁠▸ Jason: ⁠https://x.com/3xliquidated⁠▸ Yan: https://x.com/YanLiberman▸ Kevin: ⁠https://x.com/Kevin_Kelly_IIWatch herehttps://www.youtube.com/@Delphi_Digital🔗 Connect with Delphi🌐 Portal: https://delphidigital.io/🐦 Twitter: https://x.com/delphi_digital💼 LinkedIn: https://www.linkedin.com/company/delphi-digital/DisclaimerThis podcast is strictly informational and educational and is not investment advice or a solicitation to buy or sell any tokens or securities or to make any financial decisions. Do not trade or invest in any project, tokens, or securities based upon this podcast episode. The host and members at Delphi Ventures may personally own tokens or art that are mentioned on the podcast. Our current show features paid sponsorships which may be featured at the start, middle, and/or the end of the episode. These sponsorships are for informational purposes only and are not a solicitation to use any product, service or token.

This week on Hivemind, the team breaks down the sharp selloff across high-beta AI and memory stocks, whether the broader AI thesis is still intact, and what a sustained pullback could mean for Bitcoin and the rest of crypto.They also discuss where value may accrue across the AI stack, why infrastructure and NeoClouds may still have room to run, Hyperliquid and tokenized equities, the latest Zcash privacy upgrade, the Fed’s next move, and the growing risks around debt-financed AI infrastructure.TIMESTAMPS00:00:00 Intro & The AI Selloff00:15:35 Can Crypto Benefit?00:21:28 AI Infrastructure vs. Apps00:25:30 Hyperliquid & Tokenized Stocks00:41:52 Zcash & Ironwood00:46:55 The Fed & AI Debt01:00:00 FWA & Crypto Gambling🧠 Follow the Alpha▸ Ceteris: ⁠https://x.com/ceterispar1bus⁠▸ Jason: ⁠https://x.com/3xliquidated⁠▸ Jose: https://x.com/ZeMariaMacedo▸ Kevin: ⁠https://x.com/Kevin_Kelly_II📺 Watch here:https://www.youtube.com/@Delphi_Digital🔗 Connect with Delphi🌐 Portal: https://delphidigital.io/🐦 Twitter: https://x.com/delphi_digital💼 LinkedIn: https://www.linkedin.com/company/delphi-digital/DisclaimerThis podcast is strictly informational and educational and is not investment advice or a solicitation to buy or sell any tokens or securities or to make any financial decisions. Do not trade or invest in any project, tokens, or securities based upon this podcast episode. The host and members at Delphi Ventures may personally own tokens or art that are mentioned on the podcast. Our current show features paid sponsorships which may be featured at the start, middle, and/or the end of the episode. These sponsorships are for informational purposes only and are not a solicitation to use any product, service or token.