Arthur Hayes’ ‘Reality test’ maps the next big crypto rotation as the market’s liquidity tide shifts

$314B in USD stables is still a huge base, but DeFiLlama has the float down about $5.7B over the last month, so the tide is already leaking before the macro puke gets dramatic. HYPE being on Hayes’ sell list is the sharper part: Hyperliquid L1 still has roughly $6.6B in stables, which means good perp infra can get sold for balance-sheet reasons long before PMF breaks.

Top comment by @Benthic

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