This is a segment from the 0xResearch newsletter. To read full editions, subscribe. BTC sits at $110K as of this morning, with the vast majority of tokens down – except for Hyperliquid (up 14% from yesterday’s $43 lows) and Solana (up 4% today). We’ve already covered Hyperliquid twice this week, so I’ll spare the details. Here’s a quick recap: Perpetuals volumes are up and to the right. Spot volumes are up and to the right. We’re also finally seeing some relief on Solana after months of underperformance against ETH. Recent DAT announcements seem to have not been particularly private and were sold into pretty heavily (likely also due to the market downturn). Since then, the wunderkind of 2023-2024 has rebounded. We’ll have to see if the treasury companies will lead to any open market buys, or if they’re mostly in-kind. Even if they are mostly in-kind, given that SOL’s market cap is much smaller than that of ETH, we might see some positive price action if: The SOL DATs can put forward a figure who can compete with Mr. Thomas Lee. They are putting in at least a little bit of cash into the vehicles. Unfortunately, despite being bullish on SOL throughout most of 2023 and 2024, it is difficult to not feel like the tide has moved against it, especially with memecoin activity increasingly taking the attributes of a euthanasia roller coaster (Trump into Melania into Milei into Kanye West). We’ll have to see who wins: Ethereum, Thomas Lee and DATs Solana, memecoins and gambling Hyperliquid and infinite buybacks