hyperliquid just restructured its entire revenue model. circle deploys $5b USDC treasury, 90% of yield flows to HYPE buybacks. that's ~$180m/year in structural buy pressure before counting $150m in trading revenue. circle and coinbase each staked $20m as validators. they sunset USDH to make it happen. traded ecosystem sovereignty for $330m combined annual revenue at a 31x P/S. dydx, gmx, vertex have no path to replicating this. the perps war just became a two-tier market and the second tier doesn't have reg ...

因为聊到了 $RKLB 展开说下 Frank 老师这个观点，核心在于十年期国债收益率持续处于高位的时候市场会倾向于避险，届时影响的也不止是还没完全获得巨大盈利的梦想股票，而是整体的估值重构和流动性挤兑而这类盈利弱的公司之所以走出了非常良好的表现，就是因为容易吸引资金，在二级市场的情绪太好加上六月的 SpaceX IPO 的强烈预期催化（预计 6/12，预期兑现最快就是一个月）。太空概念本身是押注未来，是一种左侧交易，也即在趋势尚未明确确认时就提前布局，核心是赌未来商业航空 + 太空会不会有更大的应用场景之前财报的反响之所以这么大，公司明明没赚多少却被市场视为利好，就是因为这一营收被认为是左侧向上抬升的一种需求信号，一种未来会兑现（技术突破、航天订单落地等）的乐观预期。这就高度依赖市场情绪，我也比较把 RKLB 当成情绪指标在看从短线上如果下周按 Frank 老师说的宏观上有避险情绪，那么这种无盈利成长股受到冲击有巨大的回调还是很正常的，但成长叙事驱动的梦想股票虽然风险高，但也意味着潜在收益大，6 月前如果宏观环境好起来这类股票还是有机会冲高的。正好特朗普访华结束整体计划就是止盈走向，我主要是财报前就买了，目前 ...

INSIGHT: $HYPE surges 19.2% following a Coinbase–Circle USDC partnership announcement.The deal is expected to route $USDC treasury yield revenue directly to Hyperliquid, potentially supporting an estimated $146M in annual HYPE buybacks. https://t.co/hoXGyG9f92 ...

🚨 NOW: The US 30-Year Treasury yield has climbed to 5.03%, just 8 basis points away from a new 19-year high per Bianco Research. https://t.co/3v49JPuK0g ...