sersabr.hl retweeted
Mike Novogratz: "I think a lot of the people that needed to sell it (BTC), sold it."
"It's not gonna explode up until there's either a crisis in the long end... or the economy slows... and the Fed says, I need to stop hiking rates. I need to cut them."
$BTC has held in the low to mid $80Ks even with rates backing up.
Novogratz' wildcard is Treasury Secretary Bessent.
Novogratz says Bessent could use the end-of-month Treasury funding announcement to lean harder on long rates. He doesn't think Bessent will, but in his words, "I think if he does that, Bitcoin's gonna go for a run."
Every catalyst he names runs through the bond market, so the Treasury announcement is worth more attention right now than any price target.
What breaks first, the long end or the Fed?
FT @novogratz @Scaramucci
sersabr.hl retweeted
MAYBE I WAS WRONG ABOUT BLOCKCHAIN TECHNOLOGY
I wrote about how I always used to make fun of the guys who said things like "Bitcoin is speculative, but the underlying blockchain technology is interesting." And now I think maybe they kinda had a point.
This + HLP is what made hyperliquid, liquid. And that in turn made a lot of people liquid.
hyperliquid.medium.com/laten…
OKX’s @okx founder highlighted something interesting about Hyperliquid’s design
A market maker can show you millions in liquidity and still disappear the moment the market moves.
That’s one of the problems Hyperliquid’s matching engine is designed to address.
On a traditional order book, market makers risk getting caught with stale quotes when prices move quickly. Traders can hit those quotes before the market maker cancels them.
Hyperliquid does something interesting here.
Its matching logic prioritizes cancellations ahead of aggressive orders within a block, giving market makers a chance to pull outdated quotes before those orders are processed.
OKX founder Star Xu recently highlighted this design on the New Era Finance podcast, suggesting it helps explain the depth seen on Hyperliquid’s order books.
Thought of a bigger question here.
How do you build an exchange where market makers feel safe enough to provide liquidity, without making execution worse for the traders who need it?
Check it out though 👇
sersabr.hl retweeted
There are a couple of universal patterns that show up across fields that you should apply to pretty much anything:
- Use a written process because memory isn't reliable (see aviation checklists, surgery, mise en place, SOPs...)
- Stop early when something is wrong (Andon cord, feature flags, turnaround time, error budgets...)
- Leave a buffer (Margin of safety, safety stock, taper, defense in depth...)
- Fix the system rather than blame people (Blameless post-mortems, poka-yoke, Swiss cheese model...)
- Get feedback fast (OODA, kaizen, canary releases, after-action reviews...)
- Hand over with a fixed format (SBAR, BLUF, commander's intent...)
- Ramp up gradually (10% rule, canary releases, position sizing....)
sersabr.hl retweeted
Yesterday we closed the book on XBTUSD — the contract that started it all.
Launched on 13 May 2016, it was the longest-running perpetual swap contract in crypto. And until we are told otherwise, the longest running derivatives contract of any kind, given TradFi still trades on contracts that expire.
Let's take a trip down memory lane one last time 💔
sersabr.hl retweeted
This paragraph from Lee Kuan Yew shows why Munger admires him so much...may as well have been written by Munger himself:
"We learned on the job and learned quickly. If there was one formula for our success, it was that we were constantly studying how to make things work, or how to make them work better. I was never a prisoner of any theory. What guided me were reason and reality. The acid test I applied to every theory or scheme was, would it work? This was the golden thread that ran through my years in office. If it did not work, or the results were poor, I did not waste more time and resources on it. I almost never made the same mistake twice, and I tried to learn from the mistakes others had made. I discovered early in office that there were few problems confronting me in government that other governments had not met and solved. So I made a practice of finding out who else had met the problem we faced, how they had tackled it, and how successful they had been. Whether it was to build a new airport or to change our teaching methods, I would send a team of officers to visit and study those countries that had done it well. I preferred to climb on the shoulders of others who had gone before us."
sersabr.hl retweeted
the way @HyperliquidX is franchising out their product is just brilliant.
I was at @Kalshi, which is a CFTC-regulated DCM exchange, when we did our first integrations with FCM brokers like @WeBull, @RobinhoodApp and others. these integrations were painful processes of business development, regulatory hurdles, and technical lifts.
the fact that literally any app can just permissionlessly onboard hyperliquid perps is incredible. the next 10 million users of hyperliquid will not be using app.hl.xyz.
Despite having deep roots in the Solana ecosystem, @phantom chose Hyperliquid for its perps product.
@alvinhsia explains how the decision came down to the numbers: liquidity, usage, volume, battle-tested infrastructure, and an integration model built for distribution.
sersabr.hl retweeted
. @jvisserlabs reveals he'd rather his kids never own real estate
"I would be extremely happy if my kids would never own a home. I just believe mobility is an option you always want to have, and I don't think it's ever been more important than it is today"
"You don't know what you're going to think. You might visit a city and be like, oh my gosh, it's nice here. Work can be done really anywhere, and with artificial intelligence, my goal is to spend a third, a third, a third broken up between Maine, Utah and Brooklyn"
"I would rather have people enjoy the ability to be young and travel when you have the chance rather than focus on planting yourself in one place and buying a house"
Podcast out this week!
sersabr.hl retweeted
Hyperliquid Canada will host the HL Montréal Soirée on Thursday, August 20th.
An invite-only evening bringing together Montréal’s Hyperliquid community.
Brought to you by @HLglobal_
sersabr.hl retweeted
For someone who doesn't believe product management is real, @nikitabier showed us what world-class product management looks.
Congrats on the legendary run Nikita.
Who want to see Nikita back on the podcast to hear what he learned from this experience?
Ladies and gentlemen, it's time to pass the torch and demote myself to my natural state: a poster. I'll be stepping back from leading product for 𝕏 and will continue on as an advisor.
Serving the X community has been the privilege of a lifetime. X is, and will remain, the most important communication technology in history. But running this app is a 24/7 job and it's now time for me to take a breather.
The app is seeing unprecedented growth in new users & engagement. We continue to break records every month. We've climbed 70 spots in the App Store since this time last year.
And in the last 400 days, we rebuilt almost every aspect of X: the Timeline, the Android app, onboarding, notifications, chat and more.
We also launched nearly 30 new products while protecting the integrity of the town square: becoming the first app to show Country-of-Origin on profiles and mounting defenses against AI bots. There's certainly much more work to be done, but our foundation is stronger than ever.
None of this would have been possible without the incredible team here. The next leaders will take X to even greater heights with @benjitaylor on design, @singhai on core product engineering and @dinkin_flickaa on mobile engineering -- among many other great people.
Thank you to Elon and the X team for welcoming me into the company. See you on the Timeline.
sersabr.hl retweeted
Grateful to sit down with Collins & Xulian to discuss the rise of HIP-3.
Both HL Labs and Trade[XYZ] are relentless in their execution. It was insightful to learn about the philosophies driving their organizations and what it takes everyday to excel at one's craft.
Hyperliquid
Nine months since HIP-3 went live, builder deployed perps account for nearly $4 billion in open interest on Hyperliquid and Trade[XYZ] recently reached a new all-time high of $9 billion in 24h volume.
@collins_belton of @tradexyz and @xulian_hl of @HyperliquidX joined @sunnydece of @HLglobal_ to explain the rise of RWAs on @HyperliquidX.
2:07 Institutions are watching the SpaceX market
5:02 HIP-3 called the IPO price first
10:11 Perps will price everything
12:51 Trade[XYZ] runs over 95% of HIP-3 volume
17:05 Unexplored markets to be built
18:47 Listing Sandisk before the AI rally
22:49 One account for every market
26:26 “Speak softly, carry a big stick”
28:30 Markets for Korea and China
sersabr.hl retweeted
To Do
Buy Japanese Yen on TradeXYZ
$5-10 bil
A notepad in front of U.S. Secretary of the Treasury Scott Bessent reads "To Do Buy Japanese Yen $5-10 bil" as he participates in a cabinet meeting at Camp David.
The note, photographed at 11:33 EDT, came after Reuters earlier reported the Treasury had put banks on alert for a possible U.S. intervention in the market for Japan's currency.
📸REUTERS/Daniel Heuer
sersabr.hl retweeted
"There's no reason to leave."
For anyone seeking financial markets exposure, @HyperliquidX has everything you need: crypto assets, RWAs, and outcome markets, backed by 24/7 trading, deep liquidity, best-in-class execution, and robust security.
@collins_belton from @tradexyz speaking at the Hyperliquid Summit 2026.