Empire Hivemind: Fed Cuts Rates, Crypto's Mag7 Moment & Why We're Still Bullish
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Sep 19, 2025 Jan Lieberman, managing partner at Delphi Ventures, joins to explore the recent Fed rate cut and its impact on crypto markets. The discussion dives into the potential of Solana DATs and whether they're bullish for DeFi. Lieberman shares insights on the 'Mag7' of crypto tokens, market dynamics, and positioning strategies for the year-end. The team also discusses new tokens like CZ's Aster and the implications for exchange tokens, highlighting exciting developments and market opportunities.
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DATs Turning Into On-Chain Yield Engines
- New Solana DATs (depositary receipts) are evolving into on-chain yield engines rather than plain BTC-buying funds.
- Jan warns they effectively juice on-chain metrics and can become quasi-hedge funds.
Prefer Primary DAT Pipes Near mNAV
- If you can access a DAT at or near mNAV, consider participating via a primary pipe rather than buying inflated public listings.
- Use position-sizing frameworks (e.g., Kelly) when downside is limited and upside is asymmetrical.
Anticipation Drives Multi-Coin Solana Moves
- When major investors deploy native assets on-chain, multi-coin Solana projects often outperformance anticipates the flows.
- Jason and others used long SOL exposure as a simple express trade.