Core Insights - The Hyperliquid team released 1.75 million HYPE tokens to developers and core contributors, valued at over $60.4 million, marking the first anniversary of its significant airdrop [1] - The HYPE token price has decreased by more than 23% in the past month and nearly 5% in the last 24 hours [1] Token Unlocking and Historical Context - The recent unlocking of HYPE tokens is not considered unusual, as a previous event in November 2024 saw nearly 270 million tokens unlock, valued at approximately $9.5 billion [2] - Hyperliquid does not have any VC unlocks or investor vesting, indicating a community-focused approach [2] Token Distribution Details - The distribution of HYPE tokens included 170,619 to the founder-tier wallet, 1,049,986 to senior-tier wallets, and 99,998 to mid-tier wallets, totaling 1,745,746 HYPE [3] - Approximately 23.4% (609,100 HYPE) was sold OTC to Flowdesk, while around 9% was re-staked, and 35% remained untouched [4] Market Behavior and Projections - Restaking accounted for over 40% of core contributor allocations, with projections indicating that Hyperliquid may experience more buy-side flow than sell-side pressure by 2026 [5] - Modelled buy pressure is estimated to exceed $2.1 billion based on revenue, while potential sell pressure is around $598 million [5] Price Analysis - The HYPE token is currently within a falling wedge pattern, trading near its lower boundary and below the 200-day moving average [6] - A bullish breakout above the wedge's upper trendline could lead to a price increase towards the mid-$40 range, with key levels at $36 and $41 [6] - Conversely, a bearish scenario could occur if the price falls below the wedge support, potentially exposing the $30 zone [7]

Financial Performance - The company's valuation stands at 59.4x modified NAV [1] - A $300 million market cap requires $123 thousand daily fees at a 6.67x P/E ratio [1] - The company is currently generating $170 thousand to $800 thousand daily [1] - The company is generating $233 million in annual fees [1] Assets and Strategy - The treasury holds 22 CryptoPunks worth $5 million, but this is considered irrelevant to the core business [1] - Each new strategy launch adds 1% perpetual buy pressure [1] - Modified NAV remains elevated as long as degens continue trading [1]

Market Analysis & Projections - BMNR's future planned $20 billion ETH acquisition is not factored in, potentially driving ETH price above $8,000 [1] - BMNR currently holds approximately 1.15 million ETH, valued at around $5 billion, representing 1% of the total ETH supply [1] - Acquiring 5% of the total ETH supply would require approximately 6 million ETH [1] - Achieving 5% ETH ownership would necessitate 9-10x the buy pressure (BMNR added $2 billion) from the previous week's rally [1] Altcoin Market Dynamics - Altcoins like TAO, FET, and Hype have shown similar patterns, requiring less capital to accumulate 5% of their supply compared to ETH [2] - Cardano (ADA) experienced a 35% increase, suggesting potential DAT playbook application [2]

Market Analysis - Billions of dollars in buying pressure for ETH (Ethereum) [1] - Limited supply of ETH suggests potential price appreciation [1] - Industry considers anything under $4,000 for ETH to be undervalued [1]

Market Trends & Investment - $5 billion (50 亿美元) ETH (以太坊)购买压力即将到来，来自 Joe Lubin 和 SBET 团队 [1] - 现在做 ETH (以太坊)空头不是好时机 [1] Company News - SBET 股东已批准将授权股份从 1 亿股增加到 5 亿股的提案 [1]

Market Trend & Hype - $BONK is considered a re-run of the $HYPE trade, but is currently underestimated by many in the crypto community [1] - BonkFun has surpassed the Ethereum blockchain in 24-hour revenue for the first time [1] - BonkFun is the dominant launchpad by a wide margin [1] - There is a prediction that BonkFun will achieve an all-time high (ATH) in revenue and tokens launched on the platform [1] Tokenomics & Buy Pressure - 50% of all BonkFun fees are allocated to buying and burning $BONK [1] - 8% of fees are allocated to Strategic BONK Reserves and BonkRewards programs, contributing to added buy pressure [1] - Approximately 58% of fees contribute to increasing buy pressure on $BONK [1] Future Outlook - There is an expectation that BONK's journey to $10 billion+ has started and will continue [1]

Market Share & Revenue - BonkFun launchpad 过去一周平均占据 672% 的市场份额，并已连续 9 天保持领先地位 [1] - BonkFun 在过去一周持续占据 53% 到 75% 的市场份额 [1] - BonkFun 在同一时期平均每日费用收入为 120 万美元 [1] - 如果 BonkFun 保持当前势头，预计年化收入将达到 439 百万美元 [1] Tokenomics & Buy Pressure - BonkFun 费用的 50% 将用于购买和销毁 $BONK [1] - 另外 8% 的费用将用于为“战略 BONK 储备”和“BonkRewards”计划购买 BONK [1] - 预计每年将有 2546 百万美元用于购买 BONK，从而增加 BONK 的购买压力 [1] Market Dynamics & Potential - BONK 在所有主要中心化交易所 (CEX) 或零售交易平台上市，这将释放大量流动性 [2] - BONK 具有良好的单位偏见，一旦开始上涨，将显著提高其在零售中的传播速度 [2] - BONK 拥有 ETP 和 2 个 ETF 备案，预计很快获得批准，这将使机构和零售更容易以受监管的方式购买 [2] Mindshare & Market Cap - BONK 在过去 7 天和 30 天内拥有所有 memecoin 中最高的关注度 [3] - 行业分析师认为 BONK 达到 100 亿美元市值是保守估计 [3]