X @mert | helius.dev

The largest source of systemic risk in crypto is not in cryptobut crypto will suffer the most because it is the most connected system of value, meaning most prone to contagionthe biggest risk is the downstream effects of what I will call the Larry Ellison trade:> Be Oracle (cloud company)> Sign 300B GPU deal w OpenAI> Oracle stock goes up> OpenAI raises round> Oracle CEO Larry invests handsome since stock up from the above GPU deal> OpenAI now has the money to pay the above GPU deal> Oracle stock up again ...