This is when American markets open.

RT @inversebrah: on a roll

Post-mortem on $PUMP: - Was very bullish at 4bn and moderately bullish at 6.5bn. Was looking to size X% at 4 and about 0.6X at 6.5--this was mostly fine IMHO given the extent of demand during the ICO. - Existence of pre-market perps changed the dynamics quite a bit. It became hard to differentiate "true" ICO demand vs. hedging demand--how much of the buying/oversubscription was looking to hedge vs outright long. I overindexed on the demand and thought the pre-market price was actually somewhat suppressed given hedging flows were pushing it down. This was very wrong--sustained positive funding on HL pre-launch and all perps post-launch indicated otherwise. - Believed most of the spot longs that weren't long-term holders would've hedged out around 6-7bn given favourable funding + extent of time it traded up there + closeness to most people's targets. This was wrong--tough to know a priori. - As a corollary, this trade became incredibly crowded. Every participant was long with the same target (8bn ez). Crowded/consensus trades are fine to take as long as further flows are coming (beneficial if those additional flows are exogenous to the cohort that is crowding). Smart-ish and regular money had already allocated to PUMP via perps even after ICO and there was no chance outside dollars were going to come into this product. @AlwaysBeThinkin about your exit liquidity. - My price targets were looking to derisk between 7-8 given the memetic consensus around 8. This was too aggressive and that 7-7.2bn rough resistance level from pre-market was a good level to take some off. - Risk-on markets are good for beta, but SOL was locally lagging and ETH chadding double digit percentages per day sucks attention and liquidity further away from a new launch that had to work through substantial ICO supply. I am 90+% out of the position now. Think it has legs to run but opportunity cost of holding this is too high in this environment. I averaged in around low 6s and closed most around mid-4s. Took a big drawdown on this; was able to cover it and more given the current environment but put a sizable dent in the book. h/t @0x_Leo_ - he wrote some very good reflections that inspired me to share mine. Onwards and upwards.

biggest change in solana history private encrypted mempool (no sandwiching) app-specific sequencing (build onchain CLOBs) verifiable ordering (institutions can build without worry of MEV) better txn landing LETS GOOOO

SBET 5bn ATM, Pantera 1bn raise

Just seen @Awawat_Trades in a hotel in London. I asked if he was coming back online. He laughed and winked at me, then grabbed me by the hair and dragged me into a toilet and fingered me while whispering 'APG Capital baby' over and over in my ear. Make of that what you will.

wholesome race-neutral price action

alon and pasternak fighting over my last sol

me and alon was on a crashing plane but there was only 1 parachute alon immediately took the parachute, and jumped, immediately, the plane regained altitude, as the weight of pump bags left the plane

Perps the best pmf in all of crypto… In 1992, Robert Shiller proposed perpetual futures, alongside a method for generating asset-price indices using hedonic regression, accounting for unmeasured qualities by adding dummy variables that represent elements of the index, indicating the unique quality of each element, a form of repeated measures design. This was intended to permit the creation of derivatives markets for illiquid, infrequently-priced assets, such as single-family homes, as well as untraded indices and flows of income, such as labour costs or the consumer price index.