₿ Conviction
Weekly deep-dive research, timely market commentary, and a tracked model crypto portfolio. Independent analysis with calibrated conviction — not direction calls.
Hyperliquid Dominates Perps While Its Valuation Runs Hot
Our Quarterly Altcoin Spotlight examines Hyperliquid's third-quarter performance. The exchange now commands roughly 80% of decentralized perps open interest and is buying back tokens with 82% of its fees, yet trades at a fully diluted price-to-sales multiple near 99x. We break down the growth engines, the unlock overhang, and the fast-rising challenger shipping with Robinhood distribution.
Read full deep dive →Hyperliquid Dominates Perps While Its Valuation Runs Hot
Our Quarterly Altcoin Spotlight examines Hyperliquid's third-quarter performance. The exchange now commands roughly 80% of decentralized perps open interest and is buying back tokens with 82% of its fees, yet trades at a fully diluted price-to-sales multiple near 99x. We break down the growth engines, the unlock overhang, and the fast-rising challenger shipping with Robinhood distribution.
Read full commentary →The ₿ Conviction model portfolio — current allocation and positioning, updated alongside each Weekly Deep Dive.
This week's institutional update reaffirmed a risk-on stance with no position changes. The reference portfolio stands at +85.62% total unrealized P&L since inception (July 2025), with non-BTC positions up 132% against a BTC benchmark that is down 35.49% over the same window -- 121.11% of alpha versus Bitcoin.
Ready for Calibrated Conviction?
Try any plan free for 7 days. Forecasts, conviction scores, and market commentary.
Start Free Trial →