This report reflects the discussions and views shared during our RA meeting. These are personal opinions of the team members and should not be interpreted as financial or trading advice. Readers should conduct their own research and consult with financial advisors before making any investment decisions.

Executive Summary

🔵 Overall Stance: Across the board, the team is neutral to bearish in the short term and neutral to bullish in the long term. Many indicators show general weakness in the market: our risk metrics have turned risk-off, BTC broke key support levels, and many altcoins have completely retraced the Trump move.

📉 Market Pullback & Positioning Shifts: With prices coming down significantly in the short term, the team’s positioning falls into three categories:

1. Stable Farms
2. Bidding key levels of support across majors (long-term holds)
3. Short-term perp trading

💰 Crypto Positioning: Primarily farming stablecoins and holding the majors. Preference is to buy higher on confirmation of a breakout or slowly DCA without attempting to time the bottom. Token positions held by team members over $10k:

• BTC, ETH, SOL, HYPE, TIA, USDC, USDE, USR, USDS, PEPE

Quick Market Snapshot

Analyst Views and Positioning

Aurelie

🔹 Positioning: Neutral - Nansen Risk Barometer turned risk-off after having been neutral since mid-November last year.

🔹 Fundamentals: The positives remain in pro-crypto regulatory frameworks, most notably in the US. However, the negatives are tariff noise and uncertainty on the US economic and corporate earnings growth trajectory in Q1 2025.

🔹 Technical: While certain price levels appear attractive, the sharp downward movements (e.g., ETH/USD breaking the $2.7K key level, SOL/BTC exiting its trading range held since last November) make waiting for consolidation and stabilization the preferred strategy before adding to tokens with recent price momentum (XRP, BNB, BTC, COIN, SOL).

🔹 Action: Waiting for price consolidation and stabilization before adding. Additionally, tariff policy uncertainty and US growth data should be monitored before reallocating to risk assets.

🔹 Project/Reports/Trade Setups [Updates]:

• BTC Price Breakdown
• Option Strategies for a Range-bound Market

Niklas

🔹 Positioning: Neutral - Primarily farming stables and slowly bidding key levels on majors that appear undervalued. Maintains a high timeframe outlook with dry powder reserved for entry into BTC, SOL, and HYPE as core holdings. As for stables, the breakdown is as follows:

• 30% AO (~24% currently, holding tokens for price appreciation)
• 15% USR PT (targeting airdrop before emission drops)
• 15% eUSDE (points farming)
• 15% eUSDE PT (~19% for 3-month hold as long-term strategy)
• 25% HLP (historically resilient in market downturns)

🔹 Fundamentals: Views farming stables as one of the most productive strategies in the current market environment. Maintains neutral short-term views but optimistic long-term outlook.

🔹 Action: Continues to farm Pendle and other stable strategies while reducing exposure to Resolv YT in favor of PT holdings. Exploring Ethereal farming opportunity (stable strategy on Ethena) while gradually bidding majors.

🔹 Project/Reports/Trade Setups [Updates]:

• MegaETH
  • Monitoring, but no strong financial consideration yet.
• USR YT
  • Reduced point emission; shifting focus to USR PT.

Nicolai

🔹 Positioning: Neutral - Looking to scale into interesting alt-coins with a large position of current stable holdings. Still expecting some bleed and will not be entering quickly so as to not get burned further. Not dca’ing into BTC as I wait for it to find support levels.

🔹 Fundamentals: Recent negative news have plagued the market with negative price action despite positive crypto news and regulations. External factors seemingly also playing into the negative sentiment. Following key levels across crypto.

🔹 Action: Averaging into select ALTs such as IO as the play at demand for compute power, SYNT for data infra and real time data streaming and playing the RSI with perps trading while farming XP on Paradex.

🔹 Project/Reports/Trade Setups [Updates]:

• AI Hackathon Projects
  • Following FXN and NEUR but have not yet entered. Also following AI Agents (DEFAI) outside of Solana. Regardless, as FXN has recently joined the Nvidia Inception program I will be looking to enter around $4 million marketcap.
• IO.net
  • Fundamentals remain strong with growing revenue and GPU compute demand.
• Long HYPE / Short DIME (Paradex)
  • Actively trading on Paradex for token exposure while maintaining short positions.
• ETH Derivative
  • Possible volatility strategies and hedging due to relatively cheap downside protection.

Jake

🔹 Positioning: Neutral - Overweight stablecoins, slowly accumulating BTC/SOL/TIA/HYPE. As for farms, the breakdown is as follows:

• Pendle USR PT
• HLP Vault
• eUSDE PT
• Sky Savings Account
• Tbills / Coinbase USDC

🔹 Fundamentals: Many tokens fully retraced the election run-up and may take time to recover. I am bearish/neutral in the short term and cautiously optimistic in the long term so farming with stables and building core positions seems like a strong way to both survive and live to fight another day.

🔹 Technical:

• BTC: Scaling in down to $75K.
• SOL: Scaling in down to $120.
• HYPE: Looking to buy at $15.
• TIA: DCA over months, no specific price levels.

🔹 Action: DCA into core holdings over the next few months, while avoiding over-exposure in current market volatility.

🔹 Project/Reports/Trade Setups [Updates]:

• Pendle
  • Boros/v3 thesis remains valid but on hold due to market weakness.
• BTC LSTs on Pendle
  • Continues to farm, mainly Lombard LSTs for yield.
• TIA
  • Increasing exposure over time.
• HYPE
  • Reflexive to market volumes. Waiting for better entry but still long term bullish.
• Eclipse
  • Farming idle ETH via tETH for staking yield + Eclipse exposure.