Economist Robert Shiller made a well-known argument in Irrational Exuberance: stock prices are driven by sentiment. But the sentiment that pushes a stock market higher does not always have to be optimism. Under certain circumstances, fear and pessimism can also drive prices up. The resulting stock-market boom might be better described as a “tragic boom.”
Get weekly research updates, market signals, and listing intelligence — follow along on Telegram or X.
Hyperliquid has real trading revenue, a composable order book, and HYPE purchases and burns. Yet user growth has not produced faster revenue growth on the same basis. Business expansion merits conditional optimism; an infrastructure valuation premium still needs incremental developer demand and net token capture.
The market is repairing the tail end of a crypto winter rather than confirming a new trend. ETF flows, regulated infrastructure, and privacy are improving, while leverage, liquidity quality, regulatory transition, and exchange security remain key fault lines.
BlackRock provides model allocations while Ondo carries issuance, rebalancing, and liability. The durable value depends on whether Ondo can turn onchain portfolio issuance into shared infrastructure for multiple asset managers, not on one brand endorsement.
