Scott Melker sits down with Dragonfly's Rob Hadick to break down what actually wins in the next cycle.
Key Points
Key Highlights:
- Retail who got wrecked by leverage in 2025, the Trump meme coin, Terra tantrum, and October 10th liquidations, aren't coming back the same way, so the next wave of volatility likely comes from new products, not the same old altcoin gambling
- Volatility is expected to rotate between crypto and equities, HIP3 real-world asset markets already make up 40% of Hyperliquid's daily volume as traders hunt for edge wherever they can find it
- Unlike 2021 when everything pumped together, the next cycle likely sees far more dispersion, tokens with actual revenue and product market fit separating hard from ones with none
Takeaway Winning next cycle means picking real businesses with revenue, not riding a wave where everything moves together. Dispersion is coming, and being selective will matter more than ever.
