They say that in the Altcoin season, it is important not how much you earn, but the amount of what you will provide. While others are chasing the following big PAMP, the most intelligent merchant focuses on the danger and leaders of the current session. This leadership reveals a special approach: a neutral strategy in the market aims to obtain a pure alpha through the use of basic contradictions. The aim is to isolate alpha, and open long sites on strong assets mainly with clear stimuli and short positions on their re -evaluating or vulnerable analogues in a structural standpoint.
- Strategy No. 1: Amended cost. $ Hype / Short $ sui. This bet on a protocol installed with positive Cash flow And a strong mechanism for recovering the opposite symbols against the project supported by investors, who struggle to find it The suitability of the product market It suffers from the long -term inflation of symbols compared to other L1 protocols.
- Strategy No. 2: Discover Stebcoin models. Long $ Ena / short $ CRCL (circle). This is a bet on the code of Stablecoin with the unprecedented structural demand by buyers against the model associated with traditional financial resources (Trafi), which the main income source relies heavily on third -party distribution channels, unstable support, and is exposed to the direct threat of total and competing economic transformers.
Strategy No. 1: Long noise $, $ SUI
In our opinion, this strategy uses an amazing contradiction in the evaluation: while $ SUI and $ Hype have similar market value, the noise shows $ excellent correspondence for the product to the market (The suitability of the product market) With a huge income on the network and a prosperous environmental system belonging to society. On the other hand, $ SUI faces difficulties in sharing users and faces great obstacles due to strong dependence on subsidies and canceling the symbols of the project investors.
Hijjah for a long good: Hyperique ($ Ymer)
- Large and real income: Hyperlique is a car to generate money. Only in August 2025, it recorded a record income of $ 106 million, which is more than 23 % for July. Its annual income is expected to be more than $ 1.25 billion.
- “The noise” – One of the main theses. The protocol automatically uses 97 % of all trading commissions to purchase the distinctive noise codes in the open market. This creates an incomplete structural pressure on the purchase, which is directly related to the successful platform. The fund, which has already participated in this, collected approximately 30 million dollars, with a value of more than $ 1.5 billion.
- A strong competitive feature: Hyperlique is not just a player. This is the market pioneer, which occupies 70-75 % of total non-central non-central contracts. This creates a strong competitive advantage.
- The closest motivation (Usdh Stabelcoin): The platform has announced the launch of Stablecoin $ USDH. Stabiblcoins are fighting for the right to manage the future product, and that promising proposals stipulate that 95 % of the reserves will go to the noise ransom. This is added by another powerful jet engine to the budget noise.
- Popular support against investment capital: Hyperlique did not have adventure financing – focus on creating a loyal community through generous AirRods for the first users. This raises incentives perfectly, unlike projects with the great participation of adventure investors.
The arguments for short pants: sui ($ sui)
- Investors pressure: Sui attracted $ 336 million of investors such as A16z, Binance Labs and FTX projects that are not now. This has created a great surplus offer.
- Planned rest periods: The next main scatter will be held on October 1, 2025, when SUI will enter $ 187 million to the market. Historically, $ SUI price showed twice on the eve of these events, as it decreased by 8 % after a break in February 2024.
- Increenable costs: Unlike the direct ransom of the noise, the cost of SUI holders indirectly accumulates through gas commissions and bonuses to stay. This is a much weaker and differential mechanism, especially in combating continuous corrosion of the proposal.
- Problems with ecosyste and popular systems: Sui faces the lack of popularity of the project, as well as security problems. The DEX CETUS penetration of more than $ 200 million in May 2025 led to the seriousness of institutional investors’ confidence, but most importantly, the project is fighting on an increasingly crowded L1 scene. New competitors, including plasma, Stripe, RobinHood and others, attract the attention of users who contemplated SUI, making its way to general recognition more and more.
Strategy No. 2: LONG $ Ena, short $ CRCL (circuit)
This is the confrontation of David and Galot: an innovator of encryption against a giant of the traditional financial affairs world, which has many problems.
Arguments in favor of Long: Ethina ($ Ena)
- Structural demand for the distinctive symbol: This is the main event. The box dedicated to purchasing symbols (DAT) is rare, but providing transparency according to price levels and purchase from the open market is a scarcity. Stablecoinx is integrated with SPAC to include on the Nasdak: USDE. It attracted $ 890 million in amazing dollars under the financing of personal protection equipment from leading institutions, such as Bardan Howard and the Binance Founder. Its only task is to assemble the symbols $ Ena.
- Soon, $ Ena holders will start getting income: Ethena “operates” commissions, which means that part of the huge profit for the project will go directly to those who do $ ENA. The project already fulfills good funds (more than $ 61 million in August), and almost all conditions are fulfilled for this. After that, $ Ena will not be just a vote icon, but it is one of the assets that bring real money.
- Parabox’s growth: ETHNA, $ USDE, is the fastest growing history in history, and has grown to $ 12.6 billion in less than 10 months. This shows the amazing correspondence of the product to the market
- Business model working inside the encryption: Unlike Circle, which depends on traditional financial affairs, ETHNA earns ETHENA class and commissions within the network. This makes it more resistant to problems in the global economy
The arguments in favor of short pants: Circle ($ CRCL)
- Dependence on interest rates: Employment C.IRCLE OneBok. In 2024, more than 99 % of its income represents the benefits received from its reserves. In the second quarter of 2025, this indicator was still more than 96 %. This makes her entire business model very vulnerable to the policy of the federal reserve system.
- The main problem: Analysts expect a rapid decrease in interest rates, which will be a strong blow to the circle. The rate rate of only 1 % can cost the company $ 618 million for annual income – this minus 23 %.
- The lack of real competitive advantages: The upcoming HyperleIIID plan to launch StabelCoin $ USDH is a direct attack on the circle. Currently, hyperlique owns about $ 5.4 billion in USD, which is about 8 % of the total trading offer. The successful deportation of this security will lead to US dollars, according to estimates, to lose the annual income circle of 100 to 220 million dollars – a 10 % potential blow to its work from one competitor’s step.
- Many expenses for partners: Circle has expensive agreements to divide the income with partners. She gives everyone The profit is the benefit it achieves on USDC stored on the platform and 50 % to store it outside the platform. These payments seriously limit their ability to expand profitability.
Conclusions and reminding risks
The above strategies are designed to achieve additional profit (“” Alpha “) through the use of basic contradictions in the market.
$ Hype/$ sui This is a bet on the distinctive symbols that depend on symbols, which will go beyond Blockchain, with the support of investors, with no real users.
$ Ena/$ CRCL This is a bet on a large encryption model with a great structural demand against the inherited form associated with traditional financial resources, which face clear threats to its main business.
Risk Warning: The articles of this article are not a financial advice. Fair trade is a complex and risk -free strategy for experienced traders. All trade is associated with a great risk of loss. The main risks include, but not limited to: market fluctuations that violate the connections, the exploits of smart contracts in long centers (noise $, $ ENA), organizational changes that affect any of the transaction parties, and the risk of implementation, such as high liquidation of places. Always perform your comprehensive analysis before entering any treatment.
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