YashasEdu

Hyperliquid is about to launch prediction markets called HIP-4.

There is no second best perp ecosystem atm. Even if HIP-4 captured 100% of Polymarket's volume, the line item would add just ~5% to HL revenue.

This will contribute to $HYPE growth.

$26K emissions. $2M in fees captured.

$YB during volatility is a different beast. While most protocols bleed during chop, this one's hitting ATH efficiency.

The fees-to-emissions ratio right now is almost absurd.

The mcap of stablecoins surpassed $300B

Leading issuers after Tether and Circle are:
$SKY : USDS
$ENA : USDe
$WLFI : USD1

Just one word. Hyperliquid

$HYPE

The market placed a massive bet on crypto integrating smoothly with the existing financial and political system.

That bet failed. The unwind has been brutal.

➢ No nation-state hedge
➢ TradFi building private rails, not paying for public chains
➢ Trump narrative fading
➢ AI x Crypto linkage still unproven

But underneath the wreckage, the real thesis is intact.

Individual sovereignty. Privacy as a moat. AI lowering the cost of building everything. Look out for onchain businesses generating real revenue outside traditional frameworks. Here are some examples👇

$HYPE $SYRUP $PENDLE $AERO $ENA

Crypto's forward case isn't system integration. It's system exit.

$RIVER had to downfall cuz it was a sham

ISM just hit 52.6, which is the first expansion in 12 months🔥

Why does this matter?

- July 2020, ISM flipped above 50
- Gold was ripping, $BTC was lagging
- Few months later, gold topped out
- Then BTC went 6x while gold bled

We're not there yet. IMO gold still has room to run as uncertainties at global levels are at a high. History says watch for the rotation. BTC’ already shaking out weak hands.

The setup is forming as the conditions are aligning.

Patience

$BTC is going through the largest deleveraging in its history.

Over $5B in crypto liquidations recorded in the past four days, the largest liquidation wave since October 10th.

OI is now half of what it was at the October ATH.

That’s a −50% drop in less than 4 months. Across all exchanges, OI keeps falling showing institutional exit and traders closing positions out of fear of liquidations.

What happened in DeFi last week (26/1/26 - 1/2/26)👇

‣ $PENDLE cuts emissions by ~30% to control inflation
‣ $MEGA mainnet to be launched on Feb 9th
‣ $HYPE hits ATH on OI + volume
‣ Aave x Kraken launches DeFi earn (onchain yields are going mainstream)
‣ SEC chair opens $12.5T 401k market to crypto
‣ Tether launches $USAT (US regulated stablecoin)
‣ Robinhood announces 24/7 tokenized stock trading
‣ Ethereum foundation forms post quantum team
‣ DeFiLlama drops (token rights) dashboard

Crypto is dumping atm but DeFi's maturing as we get institutional rails + more regulatory clarity.

Projects with solid foundations and longterm vision will lead the next cycle. Expect more of this. The yield farming ONLY era will slowly fade.

Today is the TOP10 IN of the biggest liquidation scale ever

- Crash on 10/10/25: $19.1B
- COVID crash: $1.2B
- FTX crash: $1.6B
- Today: $2.51B

$BTC $ETH $SOL

$ASTER launches a strategic reserve buyback fund, using daily platform fees for targeted buybacks to support longterm value.

Will it pump $ASTER ???

My thoughts on $HYPE at 30$

➢ It looks expensive if you're just staring at the chart
➢ It looks cheap if you understand where we are in the cycle

Same asset. Same price. Completely different conclusions.

This is why two smart people can look at identical data and make opposite bets. Look at the difference in OI.

Most of trading isn't analysis. It's figuring out which framework actually fits the moment.

$MEGA traded for 3 months at a $2B+ FDV on Hyperliquid.

Binance listed the pre-market yesterday and FDV instantly dropped to $1.31B. But I'm still bullish on MegaETH. I still believe its a ~$2B project and will do well as 53% of the MEGA token supply only as the protocol hits concrete performance and growth milestones.

Rather than following a fixed timeline, unlocks are gated by measurable KPIs:
• Ecosystem Growth (TVL of MegaETH, USDM supply)
• MegaETH Decentralization ( Longterm goal of becoming "stage 2 with alt-DA")
• MegaETH Performance (increase bandwith reduce latency)
• Ethereum Decentralization (strongest edge imo)

$BTC and $ETH have lagged other risk assets as crypto markets near the end of a deleveraging cycle.

With retail dominance, thin liquidity and market microstructure amplifying downside moves.

Over longer horizons, both assets still outperform, suggesting current weakness reflects rotation and mean reversion, not broken fundamentals.

h/t to GarrettBullish' article from X for the infographics

Institutional RWA tokenization is quietly accelerating toward a $20B market in early 2026, with $ONDO $CC $ETH leading!

RWA holders have grown ~10x over the past year, now nearing 800K

Public equities (294K) and commodities (206K) make up most holders, even though their combined $ value represents only 25% of the total RWA market.

At this pace, RWA holders could surpass 1 million within months.

DeFi continued its march toward maturity in 2025🔥

As institutional adoption of RWAs accelerated, perpDEXs hit record volumes and onchain credit rebounded in H2 with $AAVE $MORPHO $SYRUP leading lending growth.

2025 highlighted a more durable DeFi equilibrium, where maturing primitives and deeper institutional alignment drove scale, while composability risks underscored the need for stronger systemic guardrails.

Most P/S ratios in crypto are lying to you.

P/S = Market Cap ÷ Revenue

It tells you how much you're paying for every $1 of revenue.

1. Low P/S (2x) = paying $2 per $1 revenue. Cheaper.
2. High P/S (20x) = paying $20 per $1 revenue. Pricier.

But in crypto, this breaks down:
- Not all tokens receive revenue
- Not all revenue goes to holders
- Circulating supply ≠ eligible supply

A protocol can print $100M in fees while token holders see nothing.

Effective Revenue Multiplier is the fix here:
→ Only count supply that actually receives cashflow
→ Only count cashflow that actually reaches holders

$PUMP $JUP $AERO are the ones with biggest mcap.

Here are the tokens with the strongest ERM👇

(A lower ERM indicates a more efficient valuation from a token holder's cash flow perspective)

$BTC in on track for 4 red monthly candles in a row

That would be the first time in since 2018.

$BTC falls below $82,000 as $750M of levered longs are liquidated in 60 minutes.

$1.75B worth of levered crypto longs have been liquidated today.

We just witnessed a $9T+ market cap swing and a massive reversal in just 6.5H.

Gold erased nearly $3T as US markets opened, then added back almost $2T by close.

Silver wiped out $750B, then staged a strong reversal, adding back $500B.

The S&P 500 erased $780B intraday, then recovered $530B by the close.

Nasdaq wiped out $760B, then added back $580B by close.

Combined US equities erased $1.15T intraday and recovered $1.07T by the close.

The top 10 alts now make up ~82% of altcoin market cap, up from ~70% in recent years.

Liquidity is concentrating in a handful of majors, leaving smaller tokens exposed to shorter narrative bursts

$ETH $BNB $SOL are the leaders here!!!