Prepare for a choppy market by accumulating quality assets during dips, with a potential buying opportunity around a mid-year liquidity surge. Bitcoin (BTC) is positioned as a core macro holding, with a potential year-end price target approaching $150K. Consider building a basket of revenue-generating altcoins that have sold off, such as Hyperliquid (around $20), Meteora, Jupiter (JUP), and Ethena (ENA). A major long-term theme to watch is tokenized real-world businesses (RWAs), which represent higher quality assets with sustainable revenue. Finally, LayerZero (ZRO) is viewed as a "dark horse" pick that is gaining traction in the cross-chain sector.

General Market Outlook & Strategy

• The speaker, Jordi Alexander, expects the market in 2026 to be choppy, similar to the previous year, with significant upward movements followed by crashes.
• His mental model is to find specific assets that are worth accumulating during market dips.
• He believes a liquidity surge may occur around the mid-year due to political actions (e.g., Trump administration trying to "juice things"), which could present a buying opportunity.
• The main risk to the crypto market is a potential collapse in traditional markets like equities.
• The current market feels very "PVP" (Player vs. Player), meaning it's a difficult environment where traders are competing against each other rather than benefiting from a broad market uptrend.

Takeaways

• Investors should be prepared for volatility and not expect a smooth ride up.
• The strategy proposed is to accumulate quality assets during dips rather than chasing pumps.
• Be mindful of the broader macroeconomic environment, as a downturn in traditional stocks could negatively impact crypto.
• The speaker's current positioning is long, primarily in Bitcoin and a select basket of altcoins that have sold off significantly but have real revenue.

Investment Theme: Tokenizing Real Businesses (RWAs / "Neo Finance")

• Jordi is very bullish on the theme of taking traditional, profitable companies and "cryptifying" them by bringing them on-chain, using stablecoin rails, and issuing a token that captures the business's value.
• He believes the general quality of crypto-native assets is low ("shit") and that tokenized real businesses will represent higher quality assets with long-term sustainability.
• The "sweet spot" is a globally recognizable brand with real revenue that issues a token. He hints at a major, unannounced deal in this space that he is "incredibly bullish" on.
• This trend includes Real World Assets (RWAs) like private credit, reinsurance, and data center real estate tokenization.
• Protocols like Figure HELOC (tokenizing home equity loans) are cited as an early example of this "stockification" of crypto.

Takeaways

• This is presented as a major upcoming narrative. Investors should look for projects that are tokenizing real-world, revenue-generating businesses.
• These assets are seen as potentially more sustainable and higher quality than many existing crypto-native tokens.
• The value proposition is clearer: you are investing in a piece of a real business, not just a speculative utility token.
• Pay attention to announcements of major brands entering the space with a token, as this could be a significant catalyst.

Investment Theme: Revenue-Generating Protocols & Buybacks

• A key discussion point is the effectiveness of token buybacks. Jordi argues they "fucking work" and are a standard way to return value to holders, similar to stock buybacks in traditional finance.
• He criticizes programmatic buybacks that buy tokens every day regardless of price, as this can push prices too high during bull markets and doesn't absorb enough supply during downturns.
• He prefers a more strategic approach, where a project's board or foundation buys back tokens when they believe the price is cheap (e.g., when trading below a long-term moving average).
• Jordi's fund (Selini) holds a basket of revenue-generating altcoins that have sold off to what he considers reasonable prices.

Takeaways

• When evaluating a token, look for projects that have real revenue and a clear mechanism for returning that value to token holders, such as buybacks or dividends.
• Favor projects that conduct buybacks strategically (buying when the token is undervalued) over those that just buy programmatically every day.
• A potential strategy is to create a diversified basket of these revenue-generating tokens, especially after a market correction has brought their valuations down.
• Specific projects mentioned in this "basket" include:
  • Hyperliquid: Now seen as "interesting again" at a price around $20 (down from $60).
  • Meteora: Described as "very cheap on a revenue basis."
  • LIDAR
  • Jupiter (JUP)
  • Maple (MPL)
  • Ethena (ENA)

Bitcoin (BTC)

• Jordi's fund holds a lot more BTC than ETH, viewing it as a key macro asset relevant in today's world.
• He mentions the "quantum thing" – the fear that quantum computing could break Bitcoin's encryption. He sees the fact that mainstream finance shows (like CNBC) are discussing this as a positive "wall of worry" for the market to climb. As fears subside without incident, it could encourage more people to invest.
• End-of-year prediction: Close to, but likely below $150K.

Takeaways

• Bitcoin is positioned as a core, long-term holding for its macro properties, separate from the performance of altcoins.
• The narrative around risks like quantum computing is viewed as a potential contrary indicator; as the market overcomes these fears, it could strengthen Bitcoin's position.

Ethereum (ETH)

• The speaker's fund does not hold much Ether.
• He is skeptical of the strategy employed by some large holders (like DATs) of staking ETH into protocols like Eigenlayer, Linea, and EtherFi.
• He believes the yields from these activities are destined to compress as more capital flows in and that it's not a "tremendously profitable or interesting" long-term business model on its own.
• End-of-year prediction: He predicts ETH will be "definitely below" its all-time high.

Takeaways

• The sentiment towards ETH is less bullish than for Bitcoin, with concerns about the sustainability of yield-generating strategies built on top of it.
• Investors relying on staking and restaking yields should be aware of the risk of those yields decreasing over time.

Canton

• Jordi is bullish on Canton and is an investor.
• The thesis is based on the founder's ability to partner with and bring major TradFi institutions (mentions Citadel and other banks) on-chain.
• He likes Canton's focus on privacy and its infrastructure for issuing native securities (not just receipts for off-chain assets), which has been well-thought-out from a legal perspective.
• He contrasts this with other projects, placing Canton in a category of being "really good at showing up and doing partnerships."

Takeaways

• Canton is presented as a key player in the institutional/TradFi adoption theme.
• Its success hinges on its ability to create a network effect by bringing in large, traditional financial players. This is a project to watch for investors interested in the convergence of crypto and traditional finance.

LayerZero (ZRO)

• Jordi describes LayerZero as a "dark horse."
• He believes the project is "really starting to get some stuff together" and has "undoubtedly won the war" in certain categories like OFTs (Omnichain Fungible Tokens).

Takeaways

• This is a bullish, albeit brief, mention. LayerZero could be an under-the-radar pick that may perform well as its technology gains more adoption for cross-chain applications.

Decentralized Autonomous Trusts (DATs)

• Jordi was and remains very skeptical of the DAT model, especially for altcoins.
• He predicted they would trade under their Net Asset Value (NAV) because they represent a less liquid, worse version of simply owning the underlying tokens.
• He refers to the altcoin DATs as a "graveyard."
• However, he does not believe the major DATs holding quality assets, like MicroStrategy (MSTR) with Bitcoin or Tom Lee's fund with ETH, will "blow up." He thinks their aggressive buying has reduced but that "the game's not over" for them.

Takeaways

• Extreme caution is advised for investments in DATs, particularly those holding a basket of illiquid altcoins.
• The thesis that these entities would be a superior way to gain exposure has not played out, according to the speaker.
• The large, single-asset DATs holding BTC or ETH are viewed as more resilient.

Chainlink (LINK)

• Jordi expresses a neutral and somewhat uninformed stance on Chainlink.
• He has historically avoided it as an investment because it always seemed too expensive to justify a long position, but not flawed enough to be an obvious short.
• He questions its long-term dominance, noting that for financial oracles, many new projects are using competitors like Pyth.

Takeaways

• While Chainlink is a foundational piece of DeFi, its investment case is viewed as unclear.
• Investors should be aware of increasing competition in the oracle space, which could impact Chainlink's market share and token value accrual.