A research-driven firm dedicated to making crypto happen sooner and better than it would without us.
đ
Joined September 2018
- Tweets12.6K
- Following1K
- Followers1.6M
- Likes9.7K
Delphi Digital retweeted
Our new report âKinetiq: Building the Hyperliquid Economyâ is live!
Trading on Hyperliquid has grown faster than the block space its apps run on. Kinetiq is building Elysium to give those apps 100 times the capacity.
Read the report here.
delphi.link/Kinetiq
Delphi Digital retweeted
A conversation with @jvisserlabs on why everyone giving up on crypto is doing so at exactly the wrong time.
We discuss the dot-com bubble comparisons, why Bitcoin is not a simple liquidity trade anymore, using China's ghost cities as a model, how the crypto & Ai trade are linked, and what this next phase will look like...
00:00 Intro
00:43 When Believers Give Up
03:07 Wall Street Calling
04:41 Bitcoinâs 7 Sigma Reversal
06:23 When Sellers Run Out
07:47 Price Moves Before Stories
09:17 Biggest Move Loading
12:01 Beyond the Money-Printing Trade
14:32 Ghost Cities
15:43 Does the Fed Still Matter?
19:39 Markets Shrug Off Bad News
21:23 Sponsored by Kraken
22:12 Agents As Economic Players
23:30 AIâs Acceleration Point
27:39 Why Agents Choose Crypto
32:06 Missing the Move
35:56 Who Profits From AI Agents?
38:06 Trapped Wealth vs Money
41:05 Robinhood's Role
48:44 Unpacking Tokenization
51:17 AI x Crypto Link
Delphi Digital retweeted
I've been looking for confirmation from market price signals for the recent hard roll over in our global growth leading indicator; AUDJPY is a pretty good cyclical barometer given it pairs a commodity + China sensitive currency versus a more 'safe haven' + primary funding currency for carry trades.
Historically AUDJPY been a good cyclical indicator in its own right (buy at lows and selling at highs has been a good trade) (first chart).
But when your overlay it with our Global Growth Leading Indicator, moments when the AUDJPY starts to roll over after a period of material strength AND our growth LEI is materially rolling over, this has been a pretty decent sell / de-risking signal (second chart).
Delphi Digital retweeted
Many of the power plants being built for AI do not show up in official data.
Official energy statistics only track plants tied to the grid, so much of what AI campuses build on site goes uncounted.
Plants like these are expected to power more than half of the new U.S. data center capacity coming online in 2028.
Builders are bringing their own power because the grid cannot connect new load fast enough. One off-grid campus in Texas alone plans more than 500 gas engines.
Engine makersâ order books show the buildout more clearly than the official data does. INNIO booked $6.1 billion of orders in the first nine months of 2026, nearly double a year earlier.
Caterpillarâs backlog of large engines has more than tripled since early 2024, and Wärtsiläâs energy orders have more than doubled since early 2025.
These plants are likely to stay after the grid arrives. Some providers now build and run them for data centers under contracts that last up to 18 years, including extensions.
A growing share of AIâs power now comes from plants beside the grid, many of them outside the official numbers.
Delphi Digital retweeted
A new episode of Hivemind is live!
This week the team is joined by @0xOmnia to discuss whatâs behind the AI selloff, the uncertain future of self custody, why Hyperliquid needs an L2, and more.
Timestamps:
00:00 Intro
00:39 The Midterm Cycle That Always Repeats
03:31 Why Privacy Helps Security
05:44 Does Gridlock Kill the AI Trade?
15:38 The Biggest Hedge Fund Deleveraging in Years
19:12 Is the Selloff Overdone?
22:47 Will Democrats Come for Trumpâs Crypto?
25:39 Prediction Markets Turn on JD Vance
32:17 How Binance Got Hacked
36:08 Is Self Custody Dead?
41:24 Why Hyperliquid Needs an L2
49:57 What Launches on Day One
Delphi Digital retweeted
Can AI replace good analysts?
âThe idea of a partner who disagrees with me on something and then argues with me about it for a week to get to truth, the AIs are too sycophantic to do that.â
New Emerging Managers episode with Paavan Gami (@hiro_sugimoto_) of Raas Partners is live, our first with a public equities fund manager
Before starting Raas, Paavan spent 5 years at Greenoaks, where he was part of the now legendary Carvana trade (if you read Colossusâ Neil Mehta profile, you know the one). They sold before the crash in â21, bought back in after a 90% drop, then kept buying through another 75% drawdown while LPs told Neil the company was going bankrupt. They ended up owning ~4% of Carvana, a stake worth $1B+ by 2025, and the stock went on to 100x off its 2022 low
His line on how you get comfortable doing that stuck with me: âitâs very hard to run into a burning building if you donât know the structure of that building already.â
Then he left one of the best seats in investing to make a 20-year bet on India. Beyond the macro case everyone knows (1.5B people, half under 30, 6%+ real growth a year for 25 years), his bigger thesis is that stock picking in India has far more alpha than in the US, for structural reasons:
- Private capital is thin, so the best companies go public early. That means you can basically do Series B/C-style growth investing in public markets
- The index is mostly state-owned companies, metals, mining, oil and gas (only 1 internet company in the top 50), so the market still doesnât know how to price tech
- Most consumer categories are still ~90% mom-and-pops, so the leader at 5% share can compound to 30-40%
We get into all of it, plus whether AI breaks the India story (Iâm more worried than he is), the two businesses heâs âmarriedâ (Eternal and Meesho), and how he uses AI agents in his process
(Disclosure: Iâm an LP in Raas Partners)
Delphi Digital retweeted
Institutions want Ethereum's shared settlement and liquidity. What holds them back is the open execution path.
@Delphi_Digital's report on ETHGas examines why and what could change that.
Delphi Digital retweeted
How big will the AI bailout get?
Arthur Hayes: âThey raise debt, they raise equity. They essentially have an implicit government backstop from the US government, and thatâs allowed them to continue wasting money.
And so now that pretty much everyone has recognized this, I think that everyoneâs trading now on how big is the bailout gonna be.
The bigger the AI bubble grows, the bigger the bailout will be. The money is being printed. The bailout is coming.â
Delphi Digital retweeted
delphi year ahead preview
I donât have a ton of predictions for 2027 aside from one main thesis which is that âcryptocurrenciesâ are fucking back. And iâm not the only one feeling that
Not crypto. Not blockchain. Not âcrypto enabledâ or whatever bs. Cold ass cryptocurrenciesâ¨â¨It means that weâre prob entering a new phase where itâs worth taking a shot at Bitcoin. The king isnât untouchable anymore, not in the sense that it will fade away but the alternative SoV pie will grow tremendously to insure against itâs weaknesses â¨â¨Tbh nothing else matters to me in 2027. Shorten your watchlist. Back to the roots. â¨â¨If you want me to be more specific i believe that $XMR flips $HYPE and $ZEC flips $XRPâ¨â¨LGW
Delphi Digital retweeted
Kevin breaks down whatâs driving the AI selloff.
âThe equity market has now become very top-heavy when it comes to AI or AI-adjacent revenue and earnings drivers. When you look at whatâs happened with big tech earnings this quarter, a lot of these stocks are getting crushed.â
A new episode of Hivemind is live!
This week the team is joined by @0xOmnia to discuss whatâs behind the AI selloff, the uncertain future of self custody, why Hyperliquid needs an L2, and more.
Timestamps:
00:00 Intro
00:39 The Midterm Cycle That Always Repeats
03:31 Why Privacy Helps Security
05:44 Does Gridlock Kill the AI Trade?
15:38 The Biggest Hedge Fund Deleveraging in Years
19:12 Is the Selloff Overdone?
22:47 Will Democrats Come for Trumpâs Crypto?
25:39 Prediction Markets Turn on JD Vance
32:17 How Binance Got Hacked
36:08 Is Self Custody Dead?
41:24 Why Hyperliquid Needs an L2
49:57 What Launches on Day One
Delphi Digital retweeted
The seven most-traded HYPE options contracts are all on Derive.
Together they did $5.45M in notional over the last 24 hours, about 43% of HYPE options volume across Derive and Deribit.
The top four are all puts expiring in November.
⢠$2.20M in the Nov 20 $75 put
⢠$1.11M in the Nov 13 $80 put
⢠$621K in the Nov 6 $84 put
⢠$450K in the Nov 27 $85 put
Delphi Digital retweeted
Weâre bringing Power Perps to Hyperliquid, starting with HYPE².
If HYPE doubles, the HYPE² index quadruples. Options-like payoffs. No strikes. No expiry.
Power Perps bring options flow to Hyperliquid by pooling demand for convexity in one order book.
This work builds on âPower Perpetualsâ by @danrobinson,
@_Dave__White_, @andrewjleone and their coauthors.
Delphi Digital retweeted
Why did Chinese labs beat crypto at training AI models?
âThereâs 10,000 possible tricks you can do, and you can only pick a hundred in your model... The Chinese ones, their hundred was just better. Thatâs why they got to building world-class models faster.â
Delphi Digital retweeted
A new episode of Hivemind is out now!
This week Hypercall founder @trajan0x joins the team to discuss what the Anthropic IPO means for markets, how cyberattacks are exposing the internetâs weak points, and whether onchain options can finally break out.
Timestamps
00:00 Intro
00:45 Patience Is a Position
03:49 Chop Until the Midterms
09:33 Can Efficiency Crush the Neoclouds?
13:10 What if Compute Gets 10x Cheaper?
17:09 Is the Internet Broken?
23:20 Could You Cash Out Satoshiâs Coins?
27:16 Is Quantum Theft Really Consensus?
35:31 What Led Synapse to Options?
42:54 What Onchain Options Do Better
46:41 Who Wins Options Distribution?
51:31 Credit Is the Next Frontier
55:09 Would You Buy the Anthropic IPO?
57:36 The Biggest Liquidity Drain in History?
58:35 Why Early Stage Venture Looks Best
1:03:22 Elon Comes for the Neoclouds
1:07:32 SpaceX and the Kessler Syndrome
1:08:53 What Are You Underexposed To?
Delphi Digital retweeted
America needs new power lines far faster than it can build them.
Department of Energy studies imply the U.S. needs about 5,000 miles of new high-capacity transmission a year. The country built fewer than 900 miles in 2024. Most new data centers need a connection to that grid, so the pace of grid construction will set the pace of AI this decade.
Money alone cannot close that gap. Record utility spending has not shortened the 5 to 15 years it takes to permit and build a high-voltage line. A journeyman lineworker still takes about four years to train however much the job pays.
Existing lines can carry much more in the meantime. Restringing old towers with advanced wire can raise a lineâs capacity by half or more within a few years. A Duke University study found todayâs grid could absorb 76 GW of new load if data centers cut back just 0.25% of the time.
Until new lines catch up, the fastest gains will come from getting more out of the grid that already exists.
Delphi Digital retweeted
New Delphi Podcast with Alex Wilson (@AlexWilsonTGB), co-founder of Cyclops and The Giving Block
He sold The Giving Block to Shift4 a year after raising. Now he's building stablecoin rails for payments companies
Shift4 is a customer and an investor. Out of stealth in March, Series A in July, more than 10 customers this year when they hoped for 3
His take: most of the world's 200 currencies won't make it. Fewer than 25 left in five to ten years
00:00 Intro
04:39 The Door-to-Door eBay Hustle
15:59 The $50M Anonymous Donation
17:41 Beating Coinbase by Going Narrow
19:55 Sold to Shift4 a Year Later
25:23 From Shift4 to NASA
27:31 Lessons From Jared
29:33 Hiring to Scare People Away
31:08 Why Start Cyclops
36:22 A Ticket to Space in Stablecoins
37:54 Who Stablecoins Cut Out
40:15 Agents Need New Checkouts
43:04 200 Currencies Down to 25
46:12 Seed to Series A in a Year
49:38 Swinging for a $10B Exit
Full episode
Delphi Digital retweeted
Why do second movers have an edge in AI?
@tarunchitra: âIn AI, thereâs a real thing to second mover advantage in that you learn a lot from the mistakes of the first mover.
You could argue that Claude getting a high uptake was because it was easier to use and it had more human-like touches, so that the average person whoâs not technical could kind of make a product with it...
But why did Anthropic have this opportunity? They learned from the lessons of OpenAI.â
Delphi Digital retweeted
Don't let another exchange hack shake you out of crypto as we enter the biggest trend we've ever seen: tradfi coming onchain.
My conversation with @johnjdagostino covers what he sees from the largest institutional investors, inside tokenized stocks, Hyperliquid & Coinbase, the Middle East's role, Brian Armstrong's big bet, regulatory update, and more...
John's story is so fascinating that Ben Mezrich made him the main character in one of his books. Previous works became best-selling movies The Social Network & Dumb Money.
Close the charts, let the dust settle, and enjoy.
00:00 Intro
00:35 What Coinbase Sees That You Don't
03:32 Why Crypto Moving to Abu Dhabi
05:27 Money Shift in Middle East
09:26 How Nations Are Buying Bitcoin
10:52 Trip That Changed Everything
12:15 The Story Behind Rigged
13:18 Onchain Finance
18:09 Real World Assets
19:23 Tokenized Stock Potential
21:52 Sponsored by Kraken
23:04 Wall Street Adoption
25:25 Biggest Crypto Fund
29:36 Brian Armstrong's Big Bet
31:29 When SEC Cut Off Coinbase
35:06 Crypto Bears
37:10 Regulation
39:34 Price Impact
40:50 The Rising Tide
43:56 Future of Investing
45:09 What Meme Coins Proved
47:48 Hyperliquid vs. Coinbase
49:36 Where We Go Next
Delphi Digital retweeted
Why canât Wall Street exchanges just build their own Hyperliquid?
@RyanWatkins_: âThey would need to re-architect their entire exchange stack because itâs built on the assumption that you needed to segment out all these different layers like brokerage and clearing and settlement and custody.
And here we kind of built these exchanges that assume this is all in one single integrated stack.
And you need that because how else are you going to be able to hold the margin on the exchange and liquidate it at a fraction of a second when you need to liquidate a position?
If this guy was that good, he would not be trying to do this at CME. Heâd be at Jeff.â
trade[XYZ] and ICE, owner of the New York Stock Exchange, are joining forces to bring 24/7 perpetual futures on Hyperliquid to the United States.
In just over a year, our markets on Hyperliquid have surpassed $650 billion in volume. They provide continuous price discovery for stocks, indices, and commodities, and have become trusted reference points for retail and institutions alike when traditional markets are closed. Much of the world trades them. Until now, Americans could only watch.
We intend to change that. Subject to CFTC approval, trade[XYZ] and ICE plan to establish a new, dedicated U.S. market, with novel exchange and clearing infrastructure built on Hyperliquid. Planned contracts span equities, indices, commodities, FX, and crypto, with access through participating brokers and platforms. Weâll share more on products, eligibility, and timing as approvals progress.
ICE brings more than 25 years of experience operating regulated markets, clearing, and managing risk. trade[XYZ] brings the product development, market design, and technology behind the most liquid and robust markets on Hyperliquid.
Innovation and the protections of U.S. regulation shouldnât be a trade-off. Together, we plan to prove it.
ICE is making a strategic investment in trade[XYZ] and joins us in building towards the future of Hyperliquid. A small group of market luminaries is joining as well, beginning with Stan Druckenmiller. For more than four decades, few investors have anticipated the great turns in markets as often as Stan. Weâre proud to have him with us for the next one.
Weâre building the U.S. market in parallel with our existing HIP-3 markets, which weâll continue to expand and innovate on. We expect both to flourish. They each have a long road map ahead, from new asset classes to new ways to trade them.
To the Hyperliquid community, whether you were here before us or came because of us, thank you. You took a chance on new markets and you made them matter. Youâll forever be a part of this story.
Anything. Anytime. On ICE[XYZ].
Delphi Digital retweeted
Institutions want their own rules inside Ethereum blocks.
A normal transaction on Ethereum is visible to everyone before it is included. That has pushed many institutions onto private chains with far less liquidity.
@ETHGasOfficial lets them book space in Ethereum blocks ahead of time. Transactions sent this way skip the public mempool and are screened against the institutionâs own sanctions rules first. Each institution stays in control of its transactions without leaving Ethereum.
Being seen early is expensive for a fund moving a large position. Traders watching the public mempool can spot the trade and buy first, which pushes up the price the fund pays. With reserved blockspace, the fund can buy a whole block and decide what goes ahead of its trade.
Institutions do not have to leave Ethereum for a private chain to set their own rules.