The Wolf Of All Streets - Hyperliquid Just Priced China's Biggest IPO 6X Above Wall Street

Episode Date: July 15, 2026

Hyperliquid is back in the spotlight after listing China's biggest AI chip IPO ahead of its public debut, showcasing how crypto markets are increasingly driving price discovery before Wall Street. We also cover the launch of EthSystems, a new institutional privacy initiative from Ethereum Foundation researchers, and why Japan, South Korea, and the UK are accelerating crypto-friendly regulation to attract digital asset innovation. Plus, we break down why soft inflation data and strong bank earnings pushed the odds of the Fed holding rates steady above 90%, the regulatory risks facing AI infrastructure after New York paused new data center permits Learn more about your ad choices. Visit megaphone.fm/adchoices

Hyper Liquid just priced China's biggest IPO 6x above Wall Street, the pre-IPO market on chain, still going absolutely wild. In the meantime, Bitcoin backed above $65,000 American dollars. We got a lot to talk about today and nobody to talk about it with except for myself because we failed to book a guest on accident. Let's have some fun. Good morning, everybody. And welcome to the show. show here we are in my city battle station you can't see it on screen right now but there is a stringless a i get generated guitar back there uh i love playing guitars with those strings a i still messes up but it's actually kind of funny you remember when you used to do an a i image you'd have like 12

fingers and will smith with the spaghetti and all that it actually is pretty impressive how far we've come i remember those early days of a i when it was like we can only give you factual information up to 2021. Very useful. So yeah, my stringless guitar and I are going to attempt to do a show right now. We thought that we had a guest today, but he's next week. Anyways, let's start with the start. Here it is. Crypto market offers pre-IPO bets on Chinese chipmaker CXMT. So CXMT is kind of the SK. Heinex, you know, Samsung in Korea that we've talked about in the past. massive AI offerings. Well, this is the big IPO that's coming from China,

of their effectively, they're equivalent. And we're pricing it really, really high here on Hyperliquid, which, once again, we're seeing price discovery on crypto rails and decentralized exchanges before you can get that actual price discovery or an accurate picture of what's coming in the market on actual exchanges, because it's pre-IPO, obviously. So basically, the synthetic contract values the company at roughly $535 billion more than 6x right now. It's official IPO valuation, highlighting both intense investor enthusiasm for AI memory

and the growing role of crypto markets and price discovery for real world assets. They're pricing this at $85.5 billion for the actual IPO. and we're trading here at a 526% premium. There's some takes on this before we get into the deeper crypto side. So obviously, looking IPO, blah, blah, blah, buzz. I don't care about that one. It's honestly disgusting how openly retail gets farmed here.

I'm not bearish these companies. I just think the valuations U.S. retail gets handed on day one are ridiculous. All the reasonable entry upside already happened in private, walled off from us. True. By the time we're allowed in, the tag reads, yeah, you can see. So listen, basically the argument here is that in China, Chinese retail gets in at much lower valuations than we do when we get rinsed on IPOs. And we know that only accredited investors in the United States are actually allowed to participate in any of this. And things are already at 100x or in the stratosphere, as it says, by the time we even get the chance to participate, dare I say that China is doing

this better than us. But in theory, what hyperliquid and other decentralized exchanges that offer these pre-IPO valuations, I think you probably have the, I don't think you have CXMT, but we've had a lot of these even on Coinbase, Robin Hood, and elsewhere, is the opportunity to participate and bet on what happens at the IPO. That said, that means China would be valuing this at a 6x reduction to what we believe here on hyperliquid that it's worth in our markets. But this is an interesting take here. An army of traders in China. Billions of people.

That'd that be crazy. They're about to learn about Hyperliquid for the first time. Expect CXMT to be another big splash for Trade XYZ, which is the RDBUA platform here that's offering this on Hyper Liquid, which just made new all-time highs of $5.3 billion in daily volume. We're entering a new era of finance where anyone anywhere can trade anything anytime. So, yes, listen, I don't think that your average person is going to make money trading these things. Trading's hard and you all stink at it, especially you.

It's like the guy in the mirror. You're a good trader. It's like a meme. But this is a new era where crypto rails are allowing everybody to participate here in advance. And listen, I mean, there's a lot of people in China, so I can say it's only good news if they are given access to crypto rails and figure out that they can actually trade this stuff in advance. Seems like there would be a massive arbitrage opportunity here. I highly doubt that this thing IPO is at a 6X the offering. That would be pretty unprecedented, but very possible.

In meantime, I use the wrong thing, this one. Hyperliquid Policy Center and Trade.XYZ met with SEC's Crypto Task Force to address crypto. regulation website. Can you imagine if the hyper-liquid people had rolled in with Gary Gensler? Like, what's up, bro? We have an idea. They'd be getting sued like 15 times over already. It really shows you just how different the new regime is and how unprecedented what we're seeing at the United States government right now is for how all of this is being treated. So in the meantime, in case we're wondering, also on Hyperliquid is Hyperliquid's top traders are more aggressively long Bitcoin than during its run to 83K, last node says. So I guess you can see this kind of here in the green.

But I guess the positive take there is that people are really optimistic. The negative take is usually when you see huge stacking on one side, you get rinsed. But that can happen for a while because obviously then you get the squeeze and somebody takes advantage of the funding and of the open interest being unidirectional and they go the other way. But you can see, I mean, you know, this was all like heavily shorted clearly and price went down pretty massively. And actually price went down after the massive spikes. So I guess that would indicate that price could go up after the massive spikes here. Although it hasn't really happened. If I'm looking at this green chart, Spike here, praise me.

Spike here, praise it. Spike here, who's going to go up? That's what it's got to. Because otherwise, we have to have fun staying poor. Which is no fun. Okay. But let me, you know, this will give me an opportunity to talk a little bit about Bitcoin because I have a chart here and whatever.

I'd just like to show you that I know there's a lot of still negative sentiment. Things are going to go down. but here we are on the daily chart. I was never an MA guy, but moving averages, but it does give us information as to like kind of mean reversion. Well, you'll see that we have not been above the 50 MA on the daily since May, and we just broke above it really strongly yesterday and moving now above. So that would give us a target at least of the 200 MA here up in the low 70s.

Go to the weekly. See what the weekly's got to say. I've showed you this many times before. go back in history. I don't know if these are all circled or not, because I haven't looked at this chart in a while, but you can see all the times that we've tested the 200 MAA on the weekly. Besides FTX, when we stayed below,

this has always been sort of market bottomy support. And right now, as we zoom on into that, you can see we broke it for a week, strongly came back, now flipping it to support. So that gives you the 50 MAA above is at least, you know, in the mid-80s. So that's optimism. Doesn't mean we're going new all-time highs,

but every single time frame right now. Look at the 50 MA on the monthly. Look at that. Right? So listen, I'm not saying that the bottom is in. I feel that way. But I'm saying that there's a lot of evidence in the face of very emotional, angry people

that we could be bottoming. Bottoming. Not that, you know, bottom in and bottoming. I don't know. We could stay here for many months, chopped from the 50s up to the 60s, up to the 70s or 80s. Temple Moose is the best.

This one almost tastes like something. Most of them tastes like nothing or Pledge. You ever drink Pledge? I guess it would be like so that you don't think I drink cleaners. It probably gets you high. It tastes like Pledge smells.

And then I can be nonspecific so that you don't think that I'm like huffing floor cleaner. Hey, the Ethereum Foundation trying to get their shit together. Therium Foundation's privacy spin-out target to bank confidentiality gap. This is actually really interesting. I think we're publishing on Saturday. I did a podcast with Rand from Zama. And they are dominating right now in the institutional privacy protocol space.

and obviously a lot of these chains seeing the success there and of Canton and others realize that institutions are not going to participate in crypto unless privacy is a given. Privacy or we could even call it confidentiality in this case, like developing confidential transfers. I mean, think of it this way. Like you're BlackRock and you send J.P. Morgan money from one bank to count to another, in theory, would you want everything? everybody to be able to see that. I want to see that. But they don't want me to see that. Right. And the problem with public blockchains is that, yeah, you may not know it's my bank account

and your bank account, but everybody can see where some money was sent and with any decent on-chain analysis probably tie that to you. Institutions can't do that. Right? The largest institutions on the planet need to know that their banking, that their transactions are completely confidential. and Ethereum here launching ETH systems. It's the Ethereum Foundation researchers launching an institutional grade privacy systems called ETH systems. So they're basically developing confidential transfers,

private bond issuance, privacy preserving identity, and confidential settlement systems designed specifically for institutional users. Now, listen, I haven't even looked at the chart. I should look. I bet, guys, I've been so out to lunch. be honest with you on what's happening in like the market specifically.

I'm on top of the news, obviously. But I know, you know, ETH has been outperforming. I have not looked at an ETH BTC chart in forever. I'm just going to YOLO wing it over here and see what we're seeing. Yeah, I mean, no surprise. But there's a weekly chart. And for the past, you know, three weeks, ETH has been outperforming Bitcoin.

I mean, let's do some things. We can do things. I used to do these things. this is what my streams used to be. Not hard to see if you pull this idea. Oh, yeah. Guys, Heath is that, that, I can't remember the last time I was like, hey, Heath looks great.

Heath looks great. It looks great. Right? I mean, you're going back all the way into, what is that, 2024? I'm still blind. 25. Yeah. 25.

That looks good. My screen's over there. I'm over here. Shut up. Yeah. I mean, Ethereum, it looks like it's poised to outperform here at least all the way up to this area, you know, and probably higher. So, yeah, there's a lot of tailwinds, actually, you know, after Vitalik kind of came out with his capitulatory messaging on the Heath Foundation and were just another node. Obviously, you've got Bitmine out there and Tom Lee and all these guys.

And I think Heath is catching a real tailwind here. And listen, I mean, let's be honest. You can be bearish on ETH all you want, but Robin Hood Chain is a layer two on Eith. And Robin Hood Chain, like, I think people are probably discounting how important Robin Hood Chain is. And they have tens of millions of users who now can just click a button not really know they're doing crypto stuff and do crypto stuff. Right. And meme coins exploding there again as predicted. And I think it's going to probably become one of the major competitors.

I have no idea how to use it. don't really know what a blockchain is, to be honest. I've been talking about it. What's a blockchain? Layer two. I remember having a conversation with Sandeep from Madik in, it was Austin, I think, years ago. It was one of those conversations.

You look back, you're like, yeah, that didn't happen. And it was all about how we were going to get to, like, layer fives and six and sevens with billion users. Turns out we just got a bunch of more layer twos that are kind of better. and competitive layer ones. Things we got wrong in the past. So I was gone yesterday and Warsh said stuff, which apparently is important and you care about.

Worst says the Fed will not tolerate persistently high inflation. Guys, hair. So good. Where are my memes? That's great. We'll just call him Dark Helmet. I don't need to show it. But to Kevin Dark Helmet Warsh here,

he reiterates in Congress, is his commitment to bring price growth back to the 2.2% target. Good luck. I mean, kind of interesting here because, you know, if he wants inflation to come down, you would think that he would check notes raise rates. Does anybody think that they're going to raise rates? So dumb people were betting on that and smart people. I've been telling you, this guy, he didn't come in to raise rates.

right like is Trump doesn't have his hand up his butt doing the little sock puppet thing so that he can raise rates and make things worse at the midterms like I think they may stay steady but if they cut inflation will rise so that's kind of an interesting nuance but let's see what Kalshi is saying here Fed decision

95% chance that the Fed maintains and this blue one right here this was hike went from I wish I could see things Anybody see that number? 20-ish, 19-something, down to 19.8? Thank you for reading for me.

John, ladies and gentlemen. What are we at now? 6.2%. I have, I wear a thing. See these? This is where I get all my ideas. It's actually the first time I think you've ever talked to me in the show to help me.

Can you guys hear him? No, I think you can't hear him. You should be able to hear him. He giggles a lot. He said he could turn it on. Hold for now, buddy. Not sure we need a laugh track on my show. Do you guys say laugh?

Do you remember the show? Like sitcoms from the 80s? Totally real laugh. His is real, though. It's good. Nice laugh. Keep him around. Here's a stupid story.

Terror will fall 7% after New York orders one year pause on new data center. permits. Not stupid about Terwolf, but stupid because New York is stupid. New York consistently does a very good job of the full barbell of being worst and best at the same time with nothing in between. Like, you know, I went to New York City the night I was there the night, the Knicks won, and I was at the Tribeca Film Festival and Alicia Keys came out and performed with Nas and the whole city was going nuts. And Brazil had just played Morocco that same day in the World Cup and it was like there's no better place in this on earth

and then you read this stuff and you go full mom done you're like there's no worst place you know but this reek so so New York uh the the governor um she's saying that we're not going to get any more data center growth there she cites concerns about the environment all the same things and it's like literally we can just zoom back I'll never forget that when they said that like in Seneca Lake, one of the Finger Lakes, there was a mining, reined something, I'm trying to remember their name, I was there. And there was a mining facility that was right next to my friend's house on Seneca Lake. And I was swimming in that cold, ass, frigid bullshit you guys consider recreational water in the north. Come to Florida. The water's actually warm. Your lakes are beautiful, but they

suck for going in. And there was a report, like a story in like the New York Times or something. It came out. I was like, water temperatures by the mining plant are 20 degrees warmer than normal. And I was like, it's fucking freezing. I'm swimming right next to it completely coincidentally. And then they banned like Bitcoin mining in New York or like a moratorium like this. So the same like backward looking nonsense based on no evidence to make sure that the United States or New York specifically lag wildly behind. I mean, a statewide AI data center pause. How stupid is this when we're trying to compete? But the good news is like it's just going to not do. They'll just not do it in New York and we'll move on to better places for that. Guys, I don't know if you can tell. I just got a bunch of tabs and I'm

finding stuff out when you are. So the next big story that I've done a ton of research on, PayPal jumps 20% in pre-market on report of Stripe, Advent, $53 billion takeover offer. This is actually pretty interesting. I don't really see the crypto side of it being reported, which is that PayPal has P-Y-U-S-D, P-Y-U-S-D. You say that. You ever do those things, you know, like on the children's menu when they're like, scramble these letters. Come up with another word.

It's like spaghetti and it's all jumbled or burger and it's all jumbled. Unscramble, PY, U.S.D. You're going to get pretty close. You have no idea what I'm talking about. Piesti. So the Pistee coin that was launched

by PayPal and you may have seen that Stripe did a little acquisition of a company called Bridge, I think it was last year. It was a unicorn. and then announced OUSD, which is OpenUSD, which is a consortium of 140 companies that it's been widely reported, had no idea they were part of this consortium. That's fine.

Samsung was like, our logos on that. I don't know who you are. But anyways, that was, you know, Stripe MasterCard, Amex Visa. So you have the company that's launching this consortium and Bridge's CEO is running it with their stable coin trying to buy the biggest name in payments, which would also mean buying their stable coin. But more interestingly, this would take PayPal effectively private, right? That's why you're seeing this this big jump. It would be a 50-50 venture between Stripe and Advent, and each of them would effectively

own 50% of this. And their takeover offers at $60.50 per share, a 28% premium to its previous clothing price, closing price, but like, $53 billion. Checks notes in 2021, PayPal's worth $360 billion. There's no deal guaranteed here. This is some Richard Deere and Pretty Woman costal takeover shit. That's what his job was in that movie. It wasn't just marrying Hookers. Do you guys remember?

Like, is Pretty Woman a thing that you guys remember? Julia Roberts? Screw you guys. But yeah, Richard Gere was like a corporate raider. He was a private equity guy who would go in and buy companies and chop them up. And then he got a conscience because he met a prostitute in L.A., which happens probably in L.A. all the time. And so anyways, that's kind of what's happening here. PayPal's like, dude, we have no idea what you're talking about.

We're not entertaining this. But like they might have to entertain it if it's a good deal. I kind of remember, it seems like when Bask bought X, X was not answering his calls. and he seemed to get that done. So yeah, that's that story. That'll be interesting, I guess, for people who care about payments. Stuff.

So the next kind of bucket of stories we have here, looking at my notes provided by my amazing new team who give me notes and smart things to say that I forget to read. I actually can't, my contacts get so blurry. Japan, South Korea and UK continue global shift toward crypto-friendly regulation. So I guess maybe the bigger story

is that the Clarity Act ain't fucking happening. In the United States, we had like three more. I think they just released the new Clarity Act language. I think I read that. The merged bill that we were looking for doesn't even mention ethics. Which is like the whole thing. All the Democrats were like, guys, we can't do this.

Lindsay Graham also, he died. May he rest in, I don't know where he's going to rest. I do not begrudge the dead, but in life, that guy sucked. I hope he's better in death. War-mongering, lunatic. But he was one of the Democrats who, may he rest in, who is for the Clarity Act. So he got kind of one less Democrat that's for it. Did we ever find out Harry Reid's alive? Mitch McConnell Rid's dead He's live McConnell

Mitch McConnell They showed a picture of him And people were like It's supposed to be him In a hospital bed But he's wearing jeans And he has 12 fingers And he's using a computer mouse

They're like bro It's like he's in a chair It's fine You're allowed to wear jeans in a chair So we don't know if he's alive But a lot of sort of A lot of concern That you're never going to get

enough Democrats on board For the Clarity Act It's not like people like me have been saying that for eight months. But apparently that's not the story we're supposed to be talking about today. The story we're talking about today is Japan, the UK and South Korea all doing positive things. Japan passes key bill recognizing crypto's financial product, lowering tax rate. This is good news. We've already reported on this quite a few times, but now it's actually officially happening.

So Japan's parliament passed legislation to regulate crypto under the same framework as securities, paving the way for lower taxes, crypto ETFs. and broader institutional participation. You'll remember that MetaPlanet was so popular as a Bitcoin treasury company in Japan because the tax burden on buying and selling Bitcoin was so great, like 50% or something, that having a wrapper to invest in Bitcoin with a securities law

instead of a Bitcoin law gave this massive tax arbitrage and advantage opportunity, and that's why MetaPlanet was so popular. Okay, well, that's not happening anymore. Now you can actually do it with Bitcoin. It's good news. UK, there's a whole lot of things going on on this screen. ads. Let's kill those. Later.

Did you know that Tyler Durdon wrote this? Guys, you might not know this, but in that movie, it's one guy. Plus my mind. I saw, there was, like, a photo was great. I think it was at the World Cup. There was a photo of, like, Ed Norton, like, giving Brad Pitt a high five, and it was, like, both of Tyler Durdon's personalities were in the same place, meeting himself.

Or something, I don't remember what the meme was. It was funny or whatever. I just said, but it was good. UK Adops, no game. no-lost tax treatment for crypto lending and liquidity pools. This is really smart. And the UK, like, they've been all over it. Crazy. Maybe it's because they're like doing good in the World Cup and remembering that they don't suck at everything, especially Revolutionary Wars. America. Yeah, UK removes a major defy tax hurdle beginning in 2027, moving crypto into eligible lending protocols where liquidity pools will no longer trigger an immediate capital gains tax event.

taxes will instead be deferred until assets are actually sold or withdrawn, making defy significantly more tax-efficient. They also had these crazy stable coin laws they were going to go for, and then they massively reduced that burden. The UK, actually, to their credit, moving in the right direction here on crypto. And arguably moving ahead of the good old U.N.S. and day. U.S. and day. South Korea to bring crypto under new state asset management law, rather than banning. or restricting crypto, leading financial hubs, are increasingly competing to attract digital asset,

businesses, clear regulations, better tax treatment, and institutional, friendly friends. To all the stories we pulled up for today, how you guys do it over there? His name is Robert Paulson. This is a good movie, man.

The pie club was a good movie, I think. I wish I could see your comments better. I do. Maybe I can make them bigger. fucking commies read that one what's that say I don't know

try to go to new comment bumblebees bumblebees she likes fight club card card red penalty red card whatever man

all right guys that is all I got for the 12 of you today that are still showing up in the summer to watch crypto content deeply appreciate you guys I will be back tomorrow with Nico Lechuga as my guest. He's awesome. That's all we got for you.

Today, I will check in on you guys tomorrow. Mental health check. See you guys then. Today's video is sponsored by Securitize. You've heard the word tokenization, putting assets like funds, bonds, treasuries, and stocks on chain. Securitize is the regulated infrastructure, the biggest names in finance build on.

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They just proved it, listing their own stock on the New York State. stock exchange and simultaneously tokenizing it on chain on Solana and Avalanche. They're the first and only public company built entirely for this. Their mission, tokenize the world. Learn more at securitize.io. This is a paid partnership, not investment advice.