He said what's happening in macro is 'fucking war': the administration announcing it controls the long end, the Treasury fading the entire intervention move nearly instantly, and yields retrace over the attempt on the 30-year. He'd spent the night watching charts print a pattern and said 'it's not gonna go down.' The guest macro segment was moved late for a guest coming on at 10:45 EST, so most of the afternoon stayed on the coins; his guest's read, quoted as spoken, was 'equals the basement' on intervention, with the more the chart goes up the more the government has to buy. As-transcribed: Besson.
Trump mentioned Hyperliquid — he quote-tweeted the moment he saw it, at 3:12. Threadguy, who's been in crypto since November 2020 through every euphoric cycle, called Trump mentioning Hyperliquid possibly the most euphoric individual tweet of his life. He said the administration is working with the CFTC, which met today, to bring Hyperliquid into the United States 'in a fully compliant and legal fashion,' and called yesterday 'the Hyperliquid moment' that put coins in a class of their own.
He did the math on the platform: $5.1 million in fees yesterday, with open interest at its highest since October 10 — and OI stepping higher since June, before that since February, before that November. He argued the OI-to-fees ratio flatters the number because most of it is equity perps on growth mode making roughly a tenth of what they should. If earnings scale the way he projects, into the many billions through 2027 and beyond, he said the coin 'is cheap if you're thinking about how earnings will scale' — and he personally thinks Hyperliquid will get there.
Before showing the numbers he asked chat to name a sol coin — as-transcribed: soul coin — that launched yesterday and went over a million; nobody could. Then the platform's printout: a $1.1 million buyback of its own coin, 48 percent of a topper that went from $1.5–2 million to 3 million. He said the last time Pump.fun bought back anywhere near this much was January 31, 2026, when the Penguin coin as-transcribed hit $120 million and fees topped $2 million in a day — so yesterday they did double the April-era buyback with nothing happening. Revenue was up 200 percent, the coin was up 200 percent off the bottom from a month and a half ago, and the mobile apps were already printing all-time-high metrics.
He listed the movers as spoken: Solana up 3 percent, Sui up 2, Aave up 2, and the small caps he named — Grass and Tau as-transcribed — up 2 percent each. He said the rally had been 'happening under the surface' for three months, that the things doing good before were 'about to do retardedly good,' and that if Bitcoin keeps going — he floated the run to 75/80 — the old metrics get ugly fast. Bitcoin ETFs saw $500 million of flow.
The Moderna thing — his words: 'that was insane' — put a stock worth $368 billion on the board, up roughly 180 percent off the move, and he framed it as biotech behaving exactly like crypto: equities getting tokenized become the new altcoins, handing back weekly 10x-or-down-90 percent price action. His read, spoken, was that passive index funds won because convenience made investing radically easier, record valuations and concentration meant a new cohort buying the S&P often gets zero or negative real returns over a decade, and tokenization does the same thing for active investing — the same buyer who pulls the bull on the platform can buy the Moderna headline the same day.
Anthropic's IPO, he said, is coming 'maybe in the next two, three weeks' — Polymarket had it at roughly 74 percent by October 31 and 87 percent by December, so 'it's coming ASAP' at a weird time for the market. OpenAI's announcement was that it goes public in 2027 or sooner, reportedly to help retention. His prior guest's lit trade was the SpaceX short off the pre-IPO top, which he said he roundchipped the whole thing; both events are 'coming out the gates' relatively soon.
Banter territory with a real point: sports teams are now so expensive they're being bought by funds 'that don't actually exist,' everyone is one bad financial moment from disaster, and it's probably going to look like margin calls on sports teams. He read it against Mark Walter's piece — as-transcribed — arguing the private-credit Ponzi game is ending, people finally admitting AI doesn't drive productivity or GDP growth, and one AI founder's last-ditch claim that he could solve cancer arriving the same week cancer might have just gotten solved.