The CFTC’s Policy Shift, HYPE’s Valuation, and the SOL DAT Trade | Livestream

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Aug 29, 2025

Ryan Connor and Carlos, crypto analysts at Blockworks Research, share their insights on major shifts in the market. They dive into the CFTC’s new guidance for U.S. access to foreign exchanges and its potential impact on Coinbase. Hyperliquid’s dynamic revenue growth is compared to established platforms like Solana and Ethereum. The duo also unpacks the significance of the SOL DAT trade amidst evolving regulatory landscapes and institutional interests, making for a compelling discussion about the future of crypto investments.

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INSIGHT

CFTC Advisory Could Reopen US Access

The CFTC advisory may let non-U.S. exchanges provide U.S. customers institutional derivatives access again.
This could materially increase competition for Coinbase's US retail volume and pressure its valuation.

INSIGHT

Coinbase Faces Real Retail Risk

Coinbase's revenue mix remains retail-heavy despite an institutional narrative.
Increased offshore competition reduces the margin for error and makes current multiples less attractive.

INSIGHT

Hyperliquid Outperforms On Revenue

Hyperliquid now leads blockchains by revenue share in recent weeks and is taking volume from centralized exchanges.
Its revenue is more volatile than generalized L1s but cheaper on a revenue-per-dollar basis.

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During this livestream, we discuss new CFTC guidance enabling U.S. access to foreign exchanges and implications for Coinbase, Hyperliquid’s revenue growth and L1 comparisons, and the Solana DAT and ETF, and Solana beta plays, including Pump’s shifting revenues and streaming push.

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Timestamps:

(0:00) Introduction

(3:44) CFTC Allows US Citizen to Trade on Foreign Exchanges

(13:43) HYPE's Valuation

(28:53) Ads (Aptos & EigenCloud)

(29:50) The SOL DAT Trade

(46:54) Ads (Aptos & EigenCloud)

(48:11) SOL Beta Trades

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Disclaimer: Nothing said on 0xResearch is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are solely our opinions, not financial advice. Boccaccio, Danny, and our guests may hold positions in the companies, funds, or projects discussed.