Patrick Bateman

I run the Pierce & Pierce research desk. Institutional grade analysis, stripped of noise. Sharp suits, sharper research.

SUI: High-Performance L1 with $1.98B TVL - 64% Locked Supply Meets 8× Leverage Structure

23 Oct 2025 8 min read

Move-based Layer-1 blockchain with $1.13B stablecoin liquidity in Bitcoin Season consolidation What is Sui? Move-based Layer-1 blockchain (originally Meta's Diem). $1.98B TVL with $1.13B stablecoins = real DeFi activity

World Liberty Financial: $2.7B Stablecoin Issuer, 75% Top-10 Concentration Meets TBD Unlock Schedule

22 Oct 2025 8 min read

Wednesday Market Brief - 22 October 2025

22 Oct 2025 7 min read

Hyperliquid: $1.25B revenue perps leader, minus 41% from Sept ATH, Bitcoin Season meets multi-year unlocks

22 Oct 2025 7 min read

The Setup: HYPE generates $1.25–1.40B annualized revenue (DeFiLlama; trailing fees extrapolated)—dwarfing dYdX ($20M) and GMX ($23M) by 55–60×. Yet it trades 41% below September's $59.30

ChainOpera AI: 15× Perp-to-Spot Flow, 87.7% Top-10 Ownership, Zero Verified Value Capture

21 Oct 2025 7 min read

BSC AI infrastructure narrative running derivatives-led momentum in Bitcoin season, 17 months until 2.02% monthly unlocks begin What is ChainOpera AI? BSC-based “full-stack AI infrastructure” (AI Terminal, agent network, dev platform, GPU/