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2/ Fundamentals x Short Opportunities
@gviverito of TAG Capital notes that valuations remain inflated in many parts of the market.
“We are big buyers of the ‘fundamentals’ meta, especially with TradFi as the marginal buyer. However, we are also seeing more dispersion than ever among alts, with the most offensive tokens underperforming the market YTD.
By and large, valuations are still extremely inflated and we have started to short the worst offenders. $TRUMP is our current favorite with a massive FDV, a never-ending supply of in-profit token unlocking, and no narrative catalyst in sight… but there are many such cases. It’s also a capital-efficient way to make profit when things feel frothy.”
3/ Ethereum DEX Landscape Shift
@10kcapital & @ApolloCryptoFM highlight new entrants like Fluid DEX and Ekubo capturing market share from Uniswap and Curve.
“In recent months we have seen the DEX landscape on Ethereum mainnet shift with entrants such as Fluid DEX and Ekubo capturing sizable market share from Uniswap and Curve.
The new entrants are currently winning router flows with their lower gas and fee structures; however, they are resultantly capturing less fees.”
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