This week’s quote comes from Peter Lynch, one of the greatest fund managers of all time. He grew his fund from $20 million to $14 billion in 13 years: “Remember, things are never clear until it’s too late to recognize.”
That’s exactly how markets work. They never wait for anyone. Prices always try to move ahead of events, even on the smallest hint. If the market is wrong, it corrects. If it’s right, those who follow must buy at higher prices. And vice versa.
This quote also ties directly to how I approach investing: long-term thinking.
But long-term thinking doesn’t mean buying something and holding it for 5, 10, or even 20 years without question.
My approach is this: If the market is at point B, and the crowd is already FOMO-ing into B, try to see point C before the majority realizes it exists. That’s where Low Risk : High Return opportunities live. You’re looking for something that is still unclear to the crowd, but has the potential for a big move in the future.
This mindset helped me catch the AI, DeFAI, and Perpetual waves early, before Aster overheated the market recently. (Knock on wood.) I’ll write a separate piece soon to share more of my personal experience around this approach.
Back to crypto this week. It’s been a long time since I’ve seen a debate this interesting and Monad is the one that ignited it.
#MARKET | TL;DR
BITCOIN: This was the first green week after four consecutive down weeks. $BTC rebounded more than 12% from last week’s lows and is now trading around $90K. Bitcoin dominance did not spike and remains around 59%.
ALTCOIN: Altcoin generally recovered in line with BTC. The market remains cautious during this rebound, and no single sector has clearly outperformed the rest.
STOCK: $NVDA declined after Meta announced negotiations to use Google chips instead of Nvidia, thanks to Google’s TPU offering lower costs than Nvidia GPUs. Despite Nvidia being closely tied to AI bubble fears, the S&P 500 rebounded to 6,850, driven by macro factors.
MACRO: This week’s green came from several “dopamine shots”:
expectations that the Fed may cut rates in December, Trump stating he wants stock markets at record highs, the Fed preparing to end QT in early December, and Trump claiming he would “completely cut” income tax.
The market now has more things to hope for than to fear.
#OPINION
Monad Sparks an Interesting Controversy
I’ve already covered macro conditions and broader market context in detail in recent issues, and nothing materially new has emerged. You can revisit the last two IVY Newsletter editions for full context.
This week, I want to focus on a hot crypto topic that may genuinely influence how you invest.
After Tempo, MegaETH, and now Monad launched, instead of being welcomed — or at worst ignored like in 2021 — they’ve been met with outright hostility and toxicity.
Why has the market reacted this way?
How should we evaluate base-layer blockchains today?
You should read Haseeb’s full article to form your own opinion. At a high level, here are the key ideas:
The dominant market psychology in 2025 is “financial skepticism.” Investors believe blockchain has value, but think valuations are inflated and will soon be “corrected” by Wall Street.
As a result, many try to apply traditional valuation models such as P/E, revenue, profit, and discounted future cash flows to justify blockchain valuations.
The mistake is applying these linear-growth valuation models to a technology that operates globally, 24/7, and scales in fundamentally different ways.
A historical parallel is the Internet, with Amazon as the classic case. It took 22 years to generate profit, was mocked for over a decade, and then its price exploded exponentially once profits appeared.
Compared to that, chains like ETH or SOL are still extremely young.Blockchain valuation should not be based on current state, but on the probability of becoming the next ETH or SOL. Even a 1–5% chance can justify billion-dollar valuations - similar to how Biotech is priced.
→ Instead of viewing blockchain growth as linear, you should think of it as exponential growth.
#SPOTLIGHT
You Choose “YES” or “NO” ?!
For me, this is a difficult question — a million-dollar question.
Since $MON listed and the Monad network officially went live, it has only been one week. I’ve shared several perspectives on Monad around this question on X, which you can read in detail there.
In summary, here are my current views on Monad:
The Monad ecosystem currently has nothing particularly outstanding. Capital flowing into Monad over the past week has been mostly speculative, chasing meme and NFT activity.
Meme coin $CHOG, when I checked on Thursday, even had higher 24h volume than $MON itself.
None of this is surprising or disappointing. These are simply the early days of a new chain.
What stands out about Monad is its deliberately contrarian approach. They’ve chosen to do what is logically sound rather than what simply looks good on metrics or pleases everyone.
Examples include:
A controversial airdrop with aggressive filtering, preferring false negatives over false positives
No Binance listing, instead focusing on building strong on-chain liquidity
No early TVL incentives, avoiding “empty liquidity” that leaves once incentives end (as seen with Berachain, Unichain)
Unlocking 38.5% of $MON at TGE for ecosystem development
[38.5% unlocked at TGE] + [no forced TVL incentives] + [focus on real users]
→ These three points suggest Monad wants to play a long, durable game.
In today’s hyper-competitive environment, throwing money around to grab attention without retention is meaningless. Monad seems to prefer controlling 100% of its ecosystem development capital to remain flexible across market cycles, rather than waiting on monthly vesting schedules.
What have they calculated? What comes next?
That’s an open question — and one I’ll be watching closely. Only time will tell whether this strategy works.
#ALPHA
CUT THROUGH THE NOISE
Starting today, over $300M worth of HYPE will unlock monthly for the Hyperliquid team. The community is closely watching team wallets on-chain, while the team has not yet commented.
I previously mentioned the possibility of $HYPE entering a distribution phase, under certain conditions. You can revisit that analysis for details.
HyperEVM remains very early compared to Hyperliquid’s core product. The Hyper Foundation still holds billions to deploy for ecosystem growth.
At this stage, Hyperliquid likely needs to accelerate horizontal expansion, increase revenue, and use it for buybacks to absorb ongoing unlock pressure and maintain holder confidence.
I’ll write a dedicated piece soon on how to approach opportunities within HyperEVM.
Instead of wrapped tokens, Sunrise uses Wormhole’s Native Token Transfers (NTT) to bring assets directly onto Solana.
These assets can immediately be used across Solana DeFi, including Jupiter and other DEX. $MON is the first token bridged to Solana via Sunrise.
Notable data from MON’s first 24 hours on Solana:
149% higher spot DEX volume than Hyperliquid
Higher volume than KuCoin, Gate, Kraken, and Bitget
According to a Syndica thread on X:
Prop AMM continues to grow strongly, reaching new ATH in executed volume (HumidFi leads; $WET launching soon on Jupiter Launchpad)
Perpetual trading on Solana hit a new ATH of $65B in October, dominated by Pacifica, Jupiter, and Drift
Fusaka aims to scale Ethereum for global demand without sacrificing decentralization or permissionlessness.
In short, it aims to make Ether faster, cheaper, and better UX for users, rollups/L2, developers, and enterprises.
Upside recently highlighted early signs of Ethereum “waking up again.” You can read more there.
#AROUND_THE_MARKET
THIS WEEK’S HEADLINES
#WHAT_TO_READ
WORTH READIND THIS WEEK
A deep dive into the true nature of Hyperliquid’s HIP-3
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