In this episode, we discuss Bitcoin’s underperformance relative to equities and select crypto assets, the rise of Hyperliquid amid strong ETF and institutional flows, Morpho’s new fixed-rate lending initiative and valuation debate, evolving dynamics in DeFi lending markets, and Ethena’s shifting yield strategy, reserve allocation, and diversification efforts.
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As always, remember this podcast is for informational purposes only, and any views expressed by anyone on the show are solely their opinions, not financial advice.

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Timestamps:

(0:00) Introduction

(1:34) Bitcoin Lags Equities

(4:14) Don’t Hide in BTC?

(7:47) Hyperliquid’s Flow Story

(16:02) Morpho’s Fixed-Rate Bet

(24:33) Morpho’s Valuation Problem

(33:49) Ethena Becomes Asset Manager

(43:53) Can Ethena Diversify?

(48:10) Analyst of the Week

(48:51) Closing Comments

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Resources:

Sam Schubert - Solana Spreads: The Black Hole Begins

https://x.com/minnus/status/2059730629319680352?s=20

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Disclaimer: Nothing said on 0xResearch is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are solely our opinions, not financial advice. Boccaccio, Danny, and our guests may hold positions in the companies, funds, or projects discussed.