Haseeb

So I've seen a lot of people saying like, oh, well, you know, this is how hyperliquid is doing now.

Just imagine how they're going to do when Bitcoin is at 100K plus.

Right.

And it may well be that actually people are pricing hyperliquid on revenues.

And if they're pricing hyperliquid on revenues, if the revenues don't, I mean, you know, it's not that likely that revenues are going to double just because the Bitcoin price goes up because so much of their revenue is coming from RWAs.

So if that is true, may not be true, TBD, let's see.

But if that is true, then what you may see is that actually the crypto beta really is actually sort of cordoned off to these assets that are more crypto native and the less crypto native assets that really have identifiable revenues and sort of growth engines that aren't tied to the fundamental Bitcoin price.

They just don't capture as much crypto beta on the way up either.

Did you just call a hype BTC top, Asif?

I did not.

I did not call a hype BTC top.

Just pointing out that markets are complicated.

Just pointing out that markets are complicated.

I might be in the minority here.

I'm actually somewhat skeptical on the domestic perp story.

So a few things, I think.

One, retail's not here.

And when retail's not here, it's kind of like, okay, well, if retail's not trading this stuff, then what does it really matter that we offer perps domestically?

It's not like people are dying to find leveraged ways to trade crypto right now.

Yes, yes.