Haseeb

And for Hyperliquid, now Hyperliquid is exposed to the Bitcoin price because, you know, they make money trading crypto.

But more and more of their volume is actually coming from TradeXYZ, which is trading RWAs.

And so if more of your narrative, the reason why people are bullish on you is RWA trading, then who cares if Bitcoin's down?

Everything else is volatile and everything else is going up.

And so it's kind of like you're not that exposed to the underlying Bitcoin price.

Same thing is true for Venice, for example.

So Venice is a crypto AI project, more AI than crypto, let's say.

And for Venice, they're...

Their price largely moves in comparison to demand for tokens on their platform.

Tokens not being crypto tokens, but AI tokens.

AI tokens, yeah, tokens.

As demand for AI tokens goes up, Venice's revenues increase and Venice goes up.

So I think there's a...

What you're seeing is that there's more and more tokens that are actually materially diversified out of the crypto market itself, which means that, you know, it's not just that, oh, well, these are all memes and they go up and down together because it's all part of the big crypto meme.

What you see instead is that, no, no, no, this market really is quite variegated with respect to what these things have exposure to.

Now, WorldCoin, I don't know that I can explain to you what's going on there.

It seems like...

OpenAI IPO anticipation.

That seems to be what people are claiming is causing this.

So maybe there's a little bit of meme coin-ness going on with the WorldCoin rally.